Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 1,947 $ 4,764
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation and amortization expense 403 380
Provision for doubtful accounts 130  
Deferred income tax expense (53) 47
Share-based compensation expense 1,037 620
Amortization of discount on accounts receivable (136) (389)
Amortization of right-of-use assets 280 282
Change in fair value of contingent earn-out consideration 24  
Changes in operating assets and liabilities:    
Accounts receivable 36,608 (3,406)
Inventory (235) (881)
Prepaid expenses and other current assets (225) (231)
Vendor prepayments (2,896) 2,984
Accounts payable and accrued expenses (3,991) (6,341)
Lease liability, net (348) (260)
Other assets and liabilities (14) 67
Net cash and cash equivalents provided by (used in) operating activities 32,531 (2,364)
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (20) (92)
Payment for acquisition, net of cash acquired (1,141)  
Net cash and cash equivalents used in investing activities (1,161) (92)
Cash flows from financing activities    
Purchase of treasury stock (3,602) (66)
Borrowings under revolving credit facility 6,800  
Repayments of borrowings under revolving credit facility (6,800)  
Dividends paid (2,257) (2,301)
Payments of deferred financing costs (61)  
Net cash and cash equivalents used in financing activities (5,920) (2,367)
Effect of foreign exchange rate on cash and cash equivalents (138) 97
Net increase (decrease) in cash and cash equivalents 25,312 (4,726)
Cash and cash equivalents at beginning of period 14,984 14,883
Cash and cash equivalents at end of period 40,296 10,157
Supplementary disclosure of cash flow information:    
Income taxes paid $ 2,167 $ 1,982