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, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 3,324 $ 2,712
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 716 357
Provision for doubtful accounts 9 4
Deferred income tax expense 241 210
Share-based compensation expense 529 369
Amortization of discount on accounts receivable (11) (3)
Amortization of right-of-use assets 101 110
Changes in operating assets and liabilities:    
Accounts receivable 30,345 8,059
Inventory 703 280
Prepaid expenses and other current assets (3,696) 489
Vendor prepayments 890 (99)
Accounts payable and accrued expenses 9,994 (3,183)
Lease liability, net (133) (138)
Other assets and liabilities 598 64
Net cash and cash equivalents provided by operating activities 43,610 9,231
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (1,270) (177)
Net cash and cash equivalents used in investing activities (1,270) (177)
Cash flows from financing activities    
Purchase of treasury stock (214) (216)
Borrowings under revolving credit facility 10,000  
Repayments of borrowings under revolving credit facility (10,000)  
Repayments of borrowings under term loan (128)  
Dividends paid (749) (746)
Net cash and cash equivalents used in financing activities (1,091) (962)
Effect of foreign exchange rate on cash and cash equivalents 247 (317)
Net increase in cash and cash equivalents 41,496 7,775
Cash and cash equivalents at beginning of period 20,245 29,272
Cash and cash equivalents at end of period 61,741 37,047
Supplementary disclosure of cash flow information:    
Income taxes paid 222 145
Interest paid $ 22 $ 10