Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income $ 12,497 $ 9,198
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 2,066 1,534
Provision for doubtful accounts 19 26
Deferred income tax (benefit) expense (535) 228
Share-based compensation expense 1,897 1,546
Amortization of discount on accounts receivable (109) (55)
Amortization of right-of-use assets 426 468
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (35,826) (28,577)
Inventory (2,751) 2,914
Prepaid expenses and other current assets 1,025 (1,004)
Vendor prepayments (230) 574
Accounts payable and accrued expenses 25,411 18,616
Lease liability, net (503) (534)
Other assets and liabilities 1,174 (222)
Net cash and cash equivalents provided by operating activities 4,561 4,712
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (2,502) (258)
Payment for acquisitions, net of cash acquired (8,511)  
Net cash and cash equivalents used in investing activities (11,013) (258)
Cash flows from financing activities    
Purchase of treasury stock (655) (544)
Borrowings under term loan 2,148  
Repayments of borrowings under term loan (336)  
Dividends paid (2,989) (2,993)
Contingent consideration   (862)
Net cash and cash equivalents used in financing activities (1,832) (4,399)
Effect of foreign exchange rate on cash and cash equivalents (743) (131)
Net decrease in cash and cash equivalents (9,027) (76)
Cash and cash equivalents at beginning of period 29,272 29,348
Cash and cash equivalents at end of period 20,245 29,272
Supplementary disclosure of cash flow information:    
Income taxes paid 4,278 2,700
Interest paid $ 50 $ 43