v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 11,620 $ 7,077
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 2,933 1,934
Provision for doubtful accounts 88 34
Deferred income tax benefit (163) (108)
Share-based compensation expense 2,810 3,422
Amortization of discount on accounts receivable (23) (41)
Amortization of right-of-use assets 307 304
Change in fair value of contingent earn-out consideration 1,152 (0)
Changes in operating assets and liabilities:    
Accounts receivable (24,145) 30,438
Inventory (690) 2,247
Prepaid expenses and other current assets 435 (882)
Vendor prepayments 0 890
Accounts payable and accrued expenses 25,407 (8,185)
Lease liability, net (361) (399)
Other assets and liabilities (1,608) 1,624
Net cash and cash equivalents provided by operating activities 17,762 38,355
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (3,592) (4,180)
Payment for acquisition (20,672) 0
Net cash and cash equivalents used in investing activities (24,264) (4,180)
Cash flows from financing activities    
Purchase of treasury stock (1,030) (1,441)
Borrowings under credit facilities 0 10,000
Repayments of borrowings under credit facilities (4,252) (10,000)
Repayments of borrowings under term loan (403) (388)
Dividends paid (2,275) (2,256)
Contingent consideration paid (152) 0
Payments of deferred financing costs 0 (638)
Net cash and cash equivalents used in financing activities (8,112) (4,723)
Effect of foreign exchange rate on cash and cash equivalents 458 81
Net increase in cash and cash equivalents (14,156) 29,533
Cash and cash equivalents at beginning of period 36,295 20,245
Cash and cash equivalents at end of period 22,139 49,778
Supplementary disclosure of cash flow information:    
Income taxes paid 2,867 4,126
Interest paid $ 177 $ 30

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