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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 6,674 $ 8,137
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,177 2,630
Stock-based compensation 1,582 1,440
Fair value adjustment to contingent consideration obligations 113 79
Provision for doubtful accounts 142 219
Provision for inventory write-downs 609 402
Foreign currency transaction loss 163 (63)
Changes in operating assets and liabilities:    
Accounts receivable 441 (62)
Inventory and other deferred costs (4,076) (5,288)
Prepaid expenses and other assets (197) 715
Accounts payable and other liabilities (2,092) (4,094)
Net cash provided by operating activities 6,536 4,115
Investing activities    
Purchases of property and equipment and other assets (1,174) (1,651)
Payments related to acquisitions (72,559) 0
Purchases of short-term marketable securities (2,178) (13,175)
Proceeds from sales of marketable securities 18,000 0
Net cash used in investing activities (57,911) (14,826)
Financing activities    
Payments of deferred acquisition consideration 0 (59)
Proceeds from revolving line of credit 25,000 0
Proceeds from issuance of long-term debt 40,000 0
Payment of deferred debt issuance costs (1,751) 0
Proceeds from issuance of common stock 276 1,008
Purchase of treasury stock (57) (23)
Common stock cash dividend paid (3,834) (3,344)
Net cash provided by (used in) financing activities 59,634 (2,418)
Effect of exchange rate changes on cash and cash equivalents (69) 75
Net increase in cash and cash equivalents 8,190 (13,054)
Cash and cash equivalents at beginning of period 11,786 26,318
Cash and cash equivalents at end of period $ 19,976 $ 13,264