XML 17 R5.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows provided by Operating Activities:    
Net income $ 21,792 $ 10,184
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,991 3,165
Adjustments to credit losses reserve 567 (70)
Stock-based compensation expense 1,382 1,066
Loss on disposal of fixed assets 10  
Changes in assets and liabilities:    
Accounts receivable (27,177) 54,895
Inventories (28,046) 333
Prepaid expenses and other current assets (4,572) (3,927)
Other non-current assets 32 (356)
Accounts payable (10,494) (60,862)
Accrued expenses and other liabilities 5,230 1,534
Net cash (used in) provided by operating activities (38,285) 5,962
Cash Flows used in Investing Activities:    
Purchases of equipment and capitalized software (2,451) (2,403)
Proceeds from life insurance   1,500
Net cash used in investing activities (2,451) (903)
Cash Flows used in Financing Activities:    
Proceeds from short-term borrowings 1,385  
Repayment of short-term borrowings (1,385)  
Dividend payments   (8,375)
Payments of payroll taxes on stock-based compensation through shares withheld (165) (82)
Net cash used in financing activities (165) (8,457)
Decrease in cash and cash equivalents (40,901) (3,398)
Cash and cash equivalents, beginning of year 108,310 95,655
Cash and cash equivalents, end of year 67,409 92,257
Non-cash Investing and Financing Activities:    
Accrued capital expenditures 266 714
Supplemental Cash Flow Information:    
Income taxes paid $ 287 $ 261