Six Months Ended

June 30, 2025

June 30, 2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(3,595

)

$

(7,369

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

2,191

2,084

Fair value step-up adjustment to acquired inventory

—

1,251

Amortization of intangible assets

4,033

2,698

Amortization of debt financing costs

553

348

Stock-based compensation

2,920

1,951

Deferred income taxes

231

(6,339

)

Change in sales returns reserve

2,962

(3,209

)

Provision for obsolete inventory

1,176

2,081

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

53,727

32,616

Inventories

(6,731

)

(11,238

)

Accounts payable

(990

)

11,281

Prepaid expenses and other assets

(681

)

(1,300

)

Income taxes payable

(3,367

)

192

Other liabilities

(15,126

)

(10,434

)

Net cash provided by operating activities

37,303

14,613

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(496

)

(1,967

)

Acquisition of a business, net of cash acquired

2,515

(77,294

)

Net cash provided by (used for) investing activities

2,019

(79,261

)

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings on revolving credit facilities

140,346

80,288

Repayment of revolving credit facilities

(169,819

)

(56,259

)

Proceeds from term loan

—

50,000

Repayment of term loan

(5,625

)

(417

)

Proceeds from exercise of stock options

112

2,941

Repurchase of common stock

(6,760

)

(15,207

)

Debt financing costs

—

(3,170

)

Net cash (used for) provided by financing activities

(41,746

)

58,176

Effect of exchange rate changes on cash and cash equivalents

1,134

208

Net decrease in cash and cash equivalents

(1,290

)

(6,264

)

Cash and cash equivalents - beginning of period

12,995

18,726

Cash and cash equivalents - end of period

$

11,705

$

12,462