Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 7,077 $ 7,735
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 1,934 1,362
Provision for doubtful accounts 34 17
Deferred income tax benefit (108) (292)
Share-based compensation expense 3,422 1,491
Amortization of discount on accounts receivable (41) (43)
Amortization of right-of-use assets 304 355
Changes in operating assets and liabilities:    
Accounts receivable 30,438 (5,504)
Inventory 2,247 (102)
Prepaid expenses and other current assets (882) 1,292
Vendor prepayments 890 (752)
Accounts payable and accrued expenses (8,185) 2,609
Lease liability, net (399) (439)
Other assets and liabilities 1,624 76
Net cash and cash equivalents provided by operating activities 38,355 7,805
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (4,180) (1,479)
Payment for acquisitions, net of cash acquired   (8,510)
Net cash and cash equivalents used in investing activities (4,180) (9,989)
Cash flows from financing activities    
Purchase of treasury stock (1,441) (520)
Borrowings under revolving credit facility 10,000  
Repayments of borrowings under revolving credit facility (10,000)  
Borrowings under term loan   2,148
Repayments of borrowings under term loan (388) (210)
Dividends paid (2,256) (2,240)
Payments of deferred financing costs (638)  
Net cash and cash equivalents used in financing activities (4,723) (822)
Effect of foreign exchange rate on cash and cash equivalents 81 (2,214)
Net increase (decrease) in cash and cash equivalents 29,533 (5,220)
Cash and cash equivalents at beginning of period 20,245 29,272
Cash and cash equivalents at end of period 49,778 24,052
Supplementary disclosure of cash flow information:    
Income taxes paid 4,126 3,095
Interest paid $ 30 $ 39