Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 6,161 $ 4,705
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 1,736 1,317
Provision for doubtful accounts 77 24
Deferred income tax benefit (188) (91)
Share-based compensation expense 1,906 2,735
Amortization of discount on accounts receivable (17) (29)
Amortization of right-of-use assets 126 203
Changes in operating assets and liabilities:    
Accounts receivable 39,751 27,735
Inventory 2,070 1,541
Prepaid expenses and other current assets 1,093 (3,450)
Vendor prepayments 0 890
Accounts payable and accrued expenses (29,523) (6,482)
Lease liability, net (195) (266)
Other assets and liabilities (1,659) 788
Net cash and cash equivalents provided by operating activities 21,338 29,620
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (2,361) (3,025)
Net cash and cash equivalents used in investing activities (2,361) (3,025)
Cash flows from financing activities    
Purchase of treasury stock (715) (1,193)
Borrowings under credit facilities 0 10,000
Repayments of borrowings under credit facilities (4,219) (10,000)
Repayments of borrowings under term loan (267) (258)
Dividends paid (1,514) (1,503)
Contingent consideration paid (150) 0
Payments of deferred financing costs 0 (584)
Net cash and cash equivalents used in financing activities (6,865) (3,538)
Effect of foreign exchange rate on cash and cash equivalents (44) 567
Net increase in cash and cash equivalents 12,068 23,624
Cash and cash equivalents at beginning of period 36,295 20,245
Cash and cash equivalents at end of period 48,363 43,869
Supplementary disclosure of cash flow information:    
Income taxes paid 2,484 1,947
Interest paid $ 96 $ 22