| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income | ||||||
35,667 | 30,638 | 5,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
3,952 | 2,867 | 2,849 | ||||
Equity-based compensation | ||||||
2,067 | 1,400 | 911 | ||||
Deferred income taxes | ||||||
-1,613 | -3,768 | 3,627 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
-586 | -361 | -489 | ||||
Inventories | ||||||
15,623 | 26,046 | 7,012 | ||||
Income taxes receivable | ||||||
761 | -3,708 | 3,372 | ||||
Prepaid expenses and other current assets | ||||||
-1,662 | 3,356 | 3,067 | ||||
Other assets | ||||||
-89 | 517 | 13 | ||||
Accounts payable | ||||||
9,594 | 2,365 | 751 | ||||
Income taxes payable | ||||||
-447 | 917 | - | ||||
Accrued expenses | ||||||
1,001 | 5,579 | 6,301 | ||||
Returns reserve | ||||||
5,920 | 10,179 | 5,807 | ||||
Other current liabilities | ||||||
3,963 | 2,328 | 4,208 | ||||
Net cash provided by operating activities | ||||||
46,057 | 26,655 | 16,479 | ||||
Investing activities: | ||||||
Purchases of property and equipment | ||||||
12,455 | 3,045 | 2,262 | ||||
Net cash used in investing activities | ||||||
-12,455 | -3,045 | -2,262 | ||||
Financing activities: | ||||||
Proceeds from initial public offering, net of underwriting discounts paid | ||||||
57,077 | - | - | ||||
Repurchase of Class B common stock upon corporate conversion | ||||||
40,816 | - | - | ||||
Repayment of line of credit | ||||||
- | 15,100 | 15,086 | ||||
Payment of deferred offering costs | ||||||
1,834 | 2,521 | - | ||||
Proceeds from the exercise of stock options, net | ||||||
752 | - | - | ||||
Net cash provided by (used in) financing activities | ||||||
15,179 | -17,621 | -15,086 | ||||
Effect of exchange rate changes on cash and cash equivalents | ||||||
268 | -208 | - | ||||
Net increase in cash and cash equivalents | ||||||
49,049 | 5,781 | -869 | ||||
Supplemental disclosure of cash flow information: | ||||||
Interest | ||||||
- | 87 | 668 | ||||
Income taxes, net of refund | ||||||
14,324 | 9,673 | 13,892 | ||||