| Balance Sheet Components |
7. Balance Sheet Components The following tables present the components of certain balance sheet amounts (in thousands):
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September 30,
2024 |
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|
December 31,
2023 |
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|
|
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|
Cash |
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$ |
58,911 |
|
|
$ |
175,620 |
|
Restricted cash—short term |
|
|
2,450 |
|
|
|
2,705 |
|
Restricted cash—noncurrent |
|
|
245 |
|
|
|
239 |
|
Total cash and restricted cash |
|
$ |
61,606 |
|
|
$ |
178,564 |
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|
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September 30,
2024 |
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December 31,
2023 |
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|
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|
|
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Accounts receivable |
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$ |
178,659 |
|
|
$ |
254,433 |
|
Due from Factor |
|
|
— |
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|
|
283 |
|
Allowance for doubtful accounts |
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|
(557 |
) |
|
|
(1,448 |
) |
Accounts receivable, net (1) |
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$ |
178,102 |
|
|
$ |
253,268 |
|
(1)As of September 30, 2024, one customer represented 46.5% of our accounts receivable, net balance. As of December 31, 2023, two customers represented 42.9% and 18.5% of our accounts receivable, net balance, respectively.
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September 30,
2024 |
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December 31,
2023 |
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Raw materials |
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$ |
58,040 |
|
|
$ |
64,576 |
|
Work in progress |
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|
7,166 |
|
|
|
5,204 |
|
Finished goods |
|
|
227,799 |
|
|
|
170,392 |
|
Inventories |
|
$ |
293,005 |
|
|
$ |
240,172 |
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September 30,
2024 |
|
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December 31,
2023 |
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|
|
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|
|
|
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Manufacturing equipment |
|
$ |
33,253 |
|
|
$ |
28,168 |
|
Leasehold improvements |
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|
20,857 |
|
|
|
19,789 |
|
Computer equipment, software and office equipment |
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|
16,920 |
|
|
|
16,083 |
|
Furniture and fixtures |
|
|
5,881 |
|
|
|
3,825 |
|
Total property and equipment |
|
$ |
76,911 |
|
|
$ |
67,865 |
|
Less: Accumulated depreciation and amortization |
|
|
(44,786 |
) |
|
|
(35,653 |
) |
Property and equipment, net |
|
$ |
32,125 |
|
|
$ |
32,212 |
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September 30,
2024 |
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December 31,
2023 |
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Right-of-use assets |
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$ |
54,896 |
|
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$ |
36,324 |
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Deferred tax asset |
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|
5,569 |
|
|
|
27,749 |
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Other |
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|
5,371 |
|
|
|
6,636 |
|
Other assets |
|
$ |
65,836 |
|
|
$ |
70,709 |
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September 30,
2024 |
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December 31,
2023 |
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|
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Accrued reserves for customer incentive programs |
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$ |
35,503 |
|
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$ |
41,148 |
|
Accrued reserves for sales returns |
|
|
33,394 |
|
|
|
36,822 |
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Operating lease liabilities, current |
|
|
15,693 |
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|
|
9,721 |
|
Accrued payroll and related expenses |
|
|
11,179 |
|
|
|
17,989 |
|
Accrued freight expenses |
|
|
10,560 |
|
|
|
13,553 |
|
Accrued legal expense |
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|
7,112 |
|
|
|
1,014 |
|
Accrued warranty |
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|
7,040 |
|
|
|
7,155 |
|
Contract liabilities |
|
|
3,866 |
|
|
|
7,442 |
|
Other |
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|
33,954 |
|
|
|
31,496 |
|
Other liabilities and accrued expenses |
|
$ |
158,301 |
|
|
$ |
166,340 |
|
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September 30,
2024 |
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December 31,
2023 |
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Operating lease liabilities, noncurrent |
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$ |
50,544 |
|
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$ |
38,587 |
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Other |
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|
4,746 |
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|
|
3,008 |
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Other liabilities, noncurrent |
|
$ |
55,290 |
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|
$ |
41,595 |
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