Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 4,705 $ 5,503
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 1,317 802
Provision for doubtful accounts 24 11
Deferred income tax benefit (91) 14
Share-based compensation expense 2,735 714
Amortization of discount on accounts receivable (29) (10)
Amortization of right-of-use assets 203 220
Changes in operating assets and liabilities:    
Accounts receivable 27,735 5,929
Inventory 1,541 316
Prepaid expenses and other current assets (3,450) 1,851
Vendor prepayments 890 (263)
Accounts payable and accrued expenses (6,482) (13,585)
Lease liability, net (266) (276)
Other assets and liabilities 788 43
Net cash and cash equivalents provided by operating activities 29,620 1,269
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (3,025) (652)
Net cash and cash equivalents used in investing activities (3,025) (652)
Cash flows from financing activities    
Purchase of treasury stock (1,193) (394)
Borrowings under revolving credit facility 10,000  
Repayments of borrowings under revolving credit facility (10,000)  
Borrowings under revolving term loan   2,148
Repayments of borrowings under term loan (258) (83)
Dividends paid (1,503) (1,492)
Payments of deferred financing costs (584)  
Net cash and cash equivalents (used in) provided by financing activities (3,538) 179
Effect of foreign exchange rate on cash and cash equivalents 567 (753)
Net increase in cash and cash equivalents 23,624 43
Cash and cash equivalents at beginning of period 20,245 29,272
Cash and cash equivalents at end of period 43,869 29,315
Supplementary disclosure of cash flow information:    
Income taxes paid 1,947 1,520
Interest paid $ 22 $ 29