Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 2,731 $ 3,324
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 871 716
Provision for doubtful accounts 45 9
Deferred income tax benefit (77) 241
Share-based compensation expense 822 529
Amortization of discount on accounts receivable (6) (11)
Amortization of right-of-use assets 29 101
Changes in operating assets and liabilities:    
Accounts receivable 40,435 30,345
Inventory 1,824 703
Prepaid expenses and other current assets 115 (3,696)
Vendor prepayments   890
Accounts payable and accrued expenses (31,024) 9,994
Lease liability, net (63) (133)
Other assets and liabilities (1,655) 598
Net cash and cash equivalents provided by operating activities 14,047 43,610
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (1,180) (1,270)
Net cash and cash equivalents used in investing activities (1,180) (1,270)
Cash flows from financing activities    
Purchase of treasury stock (432) (214)
Borrowings under credit facilities   10,000
Repayments of borrowings under credit facilities (4,229) (10,000)
Repayments of borrowings under term loan (133) (128)
Dividends paid (756) (749)
Net cash and cash equivalents used in financing activities (5,550) (1,091)
Effect of foreign exchange rate on cash and cash equivalents (40) 247
Net increase in cash and cash equivalents 7,277 41,496
Cash and cash equivalents at beginning of period 36,295 20,245
Cash and cash equivalents at end of period 43,572 61,741
Supplementary disclosure of cash flow information:    
Income taxes paid 272 222
Interest paid $ 68 $ 22