Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 7,735 $ 5,751
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 1,362 1,177
Provision for doubtful accounts 17 33
Deferred income tax expense (292) 272
Share-based compensation expense 1,491 1,253
Amortization of discount on accounts receivable (43) (50)
Amortization of right-of-use assets 355 359
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (5,504) (4,493)
Inventory (102) 1,251
Prepaid expenses and other current assets 1,292 (327)
Vendor prepayments (752) 280
Accounts payable and accrued expenses 2,609 2,647
Lease liability, net (439) (434)
Other assets and liabilities 76 (251)
Net cash and cash equivalents provided by operating activities 7,805 7,468
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (1,479) (190)
Vendor advances   (2,994)
Payment for acquisitions, net of cash acquired (8,510)  
Net cash and cash equivalents used in investing activities (9,989) (3,184)
Cash flows from financing activities    
Purchase of treasury stock (520) (394)
Borrowings under term loan 2,148  
Repayments of borrowings under term loan (210)  
Dividends paid (2,240) (2,246)
Contingent consideration   (863)
Net cash and cash equivalents used in financing activities (822) (3,503)
Effect of foreign exchange rate on cash and cash equivalents (2,214) (195)
Net (decrease) increase in cash and cash equivalents (5,220) 586
Cash and cash equivalents at beginning of period 29,272 29,348
Cash and cash equivalents at end of period 24,052 29,934
Supplementary disclosure of cash flow information:    
Income taxes paid 3,095 1,917
Interest paid $ 39 $ 31