Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

v3.22.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
3 Months Ended
Mar. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES  
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

13. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The following table summarizes the Company’s components of accrued expenses and other current liabilities (in thousands):

    

March 31, 

December 31, 

    

2022

2021

Compensation and benefits related

$

12,153

$

17,124

Professional services

4,185

2,659

Warranty reserve

3,727

4,048

Franchise and royalty fees

2,108

2,035

Current portion of contingent consideration

2,944

1,471

Inventory purchases

 

2,440

 

1,072

Commissions

366

849

Income tax payable

171

233

Sales and use and franchise taxes

298

274

Other

 

3,223

 

4,064

Total accrued expenses and other current liabilities

$

31,615

$

33,829

As of March 31, 2022, and December 31, 2021, the Company has recorded $3.7 million and $4.0 million, respectively, of warranty reserve within accrued expenses and other current liabilities in the condensed consolidated balance sheets. Warranty reserve consisted of the following (in thousands):

    

March 31, 

December 31, 

2022

2021

Warranty reserve, at the beginning of the period

$

4,048

$

1,553

Warranty reserve assumed in acquisition

1,389

Additions to warranty reserve

 

28

 

2,576

Claims fulfilled

 

(349)

 

(1,470)

Warranty reserve, at the end of the period

$

3,727

$

4,048