Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 21,330 $ 18,610 $ 12,323
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:      
Depreciation and amortization expense 7,728 4,269 2,798
Provision for expected credit losses 110 126 54
Deferred income tax benefit (105) (512) (383)
Share-based compensation expense 4,775 4,070 4,148
Gain on disposal of fixed assets (5)
Amortization of discount on accounts receivable (67) (34) (50)
Amortization of right-of-use assets 611 439 366
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease) 1,374 3,618 (0)
Accounts receivable 25,637 (123,965) (29,621)
Inventory 114 1,200 3,601
Prepaid expenses and other current assets (3,905) (428) (2,446)
Vendor prepayments 0 0 890
Accounts payable and accrued expenses (40,224) 126,855 49,674
Lease liability, net (697) (415) (495)
Other assets and liabilities (73) (102) 1,264
Net cash and cash equivalents provided by operating activities 16,604 33,743 42,123
Cash flows from investing activities      
Purchase of equipment and leasehold improvements (1,995) (5,470) (4,989)
Payment for acquisitions, net of cash acquired 0 (20,958) (12,678)
Net cash and cash equivalents used in investing activities (1,995) (26,428) (17,667)
Cash flows from financing activities      
Purchase of treasury stock (2,050) (1,585) (1,707)
Borrowings under credit facilities 0 0 10,000
Repayments of borrowings under credit facilities 0 (4,243) (13,074)
Repayments of borrowings under term loan (560) (540) (520)
Dividends paid (3,078) (3,038) (3,012)
Contingent consideration (3,374) (3,555) 0
Payments of deferred financing costs 0 0 (637)
Net cash and cash equivalents used in financing activities (9,062) (12,961) (8,950)
Net (decrease) increase in cash and cash equivalents 6,785 (6,517) 16,050
Cash and cash equivalents at beginning of period 29,778 36,295 20,245
Cash and cash equivalents at end of period 36,563 29,778 36,295
Effect of foreign exchange rate on cash and cash equivalents 1,238 (871) 544
Supplementary disclosure of cash flow information:      
Income taxes paid 9,939 4,070 5,434
Interest paid 142 212 180
Supplementary disclosure of non-cash investing and financing activities:      
Contingent earn-out $ 0 $ 1,725 $ 2,227