Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net income $ 12,323 $ 12,497
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 2,798 2,066
Provision for doubtful accounts 54 19
Deferred income tax benefit (383) (535)
Share-based compensation expense 4,148 1,897
Amortization of discount on accounts receivable (50) (109)
Amortization of right-of-use assets 366 426
Changes in operating assets and liabilities:    
Accounts receivable (29,621) (35,826)
Inventory 3,601 (2,751)
Prepaid expenses and other current assets (2,446) 1,025
Vendor prepayments 890 (230)
Accounts payable and accrued expenses 49,674 25,411
Lease liability, net (495) (503)
Other assets and liabilities 1,264 1,174
Net cash and cash equivalents provided by operating activities 42,123 4,561
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (4,989) (2,502)
Payment for acquisitions, net of cash acquired (12,678) (8,511)
Net cash and cash equivalents used in investing activities (17,667) (11,013)
Cash flows from financing activities    
Purchase of treasury stock (1,707) (655)
Borrowings under credit facilities 10,000  
Repayments of borrowings under credit facilities (13,074)  
Borrowings under term loan   2,148
Repayments of borrowings under term loan (520) (336)
Dividends paid (3,012) (2,989)
Payments of deferred financing costs (637)  
Net cash and cash equivalents used in financing activities (8,950) (1,832)
Effect of foreign exchange rate on cash and cash equivalents 544 (743)
Net increase (decrease) in cash and cash equivalents 16,050 (9,027)
Cash and cash equivalents at beginning of period 20,245 29,272
Cash and cash equivalents at end of period 36,295 20,245
Supplementary disclosure of cash flow information:    
Income taxes paid 5,434 4,278
Interest paid 180 50
Supplementary disclosure of non-cash investing and financing activities    
Contingent earn-out $ 2,227 $ 1,771