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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 26,907 $ 21,220 $ 17,934
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,070 8,395 5,416
Stock-based compensation 3,479 3,022 2,642
Fair value adjustments to contingent consideration obligations (674) 182 171
Provision for doubtful accounts and allowances 263 293 388
Provision for inventory write-downs 3,779 1,523 747
Provision (benefit) for deferred income taxes 79 (328) 824
Gains on sale of building, acquisitions and divestitures 0 (470) 0
Foreign currency transaction gain 163 100 (57)
Changes in operating assets and liabilities:      
Accounts receivable (818) (939) (1,301)
Inventory and other deferred costs (5,485) (2,609) (11,335)
Prepaid expenses and other assets (1,927) 89 (654)
Accounts payable and other liabilities (1,734) 4,322 (596)
Net cash provided by operating activities 35,102 34,800 14,179
Investing activities      
Purchases of property and equipment (4,882) (2,982) (3,761)
Proceeds from sale of building 0 2,023 0
Payments related to acquisitions 0 (72,627) (21,240)
Purchases of short-term marketable securities (59,194) (2,205) (22,699)
Proceeds from sales of marketable securities 3,000 22,900 23,600
Net cash used in investing activities (61,076) (52,891) (24,100)
Financing activities      
Payment of deferred acquisition consideration (401) (2,800) (2,059)
Proceeds from revolving line of credit 0 25,000 0
Proceeds from issuance of long-term debt 0 40,000 0
Payments of revolving line of credit 0 (25,000) 0
Payments of long-term debt (39,000) (1,000) 0
Payment of deferred debt issuance costs 0 (1,751) 0
Proceeds from issuance of common stock 63,241 5,971 4,856
Purchase of treasury stock for net settlement of equity awards (802) (570) (683)
Common stock cash dividend paid (9,336) (7,695) (6,736)
Net cash provided by (used in) financing activities 13,702 32,155 (4,622)
Effect of exchange rate changes on cash and cash equivalents (637) 914 11
Net increase (decrease) in cash and cash equivalents (12,909) 14,978 (14,532)
Cash and cash equivalents at beginning of year 26,764 11,786 26,318
Cash and cash equivalents at end of year $ 13,855 $ 26,764 $ 11,786