| 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):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Compensation and benefits related |
|
$ |
9,052 |
|
$ |
8,058 |
Warranty reserve |
|
|
4,602 |
|
|
4,301 |
Current portion of contingent consideration |
|
|
— |
|
|
2,587 |
Current portion of acquisition consideration |
|
|
358 |
|
|
1,750 |
Franchise and royalty fees |
|
|
2,267 |
|
|
1,448 |
Inventory purchases |
|
|
1,372 |
|
|
925 |
Professional services |
|
|
890 |
|
|
917 |
2027 Notes Interest |
|
|
882 |
|
|
901 |
Commissions |
|
|
816 |
|
|
897 |
Income tax payable |
|
|
1,316 |
|
|
761 |
Sales and use and franchise taxes |
|
|
573 |
|
|
286 |
Other |
|
|
4,957 |
|
|
3,892 |
Total accrued expenses and other current liabilities |
|
$ |
27,085 |
|
$ |
26,723 |
The Company recorded warranty reserve for the years ended December 31, 2023, 2022 and 2021, respectively, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Warranty reserve, at the beginning of the period |
|
$ |
4,301 |
|
$ |
4,048 |
|
$ |
1,553 |
Warranty reserve assumed in acquisition |
|
|
— |
|
|
— |
|
|
1,389 |
Additions to warranty reserve |
|
|
4,174 |
|
|
4,484 |
|
|
2,576 |
Claims fulfilled |
|
|
(3,873) |
|
|
(4,231) |
|
|
(1,470) |
Warranty reserve, at the end of the period |
|
$ |
4,602 |
|
$ |
4,301 |
|
$ |
4,048 |
|