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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 $ 19,334 $ 7,838
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization of intangible assets and loan fees 19,769 17,660
Stock based compensation expense 5,208 6,666
Other non-cash activity (135) 48
Changes in assets and liabilities, net of business acquisition    
Accounts receivable (74,468) (54,969)
Inventories 2,901 (63,771)
Other assets (481) (409)
Accounts payable 40,320 26,481
Accrued wages payable 252 (2,359)
Other accrued expenses 1,703 (2,569)
Net cash provided by (used in) operating activities 14,403 (65,384)
Cash flows from investing activities    
Business acquisition (net of cash acquired) (27,634) 0
Purchase of property, plant, and equipment (4,128) (8,026)
Net cash used in investing activities (31,762) (8,026)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 35,000 44,000
Principal payments on long-term debt (38,800) (42,800)
Principal payments on finance lease obligations (801) (744)
Tax withholding payments on Restricted Stock Units (969) (865)
Exercise of options to purchase Class A common stock 0 115
Net cash used in financing activities (5,570) (294)
Net change in cash and cash equivalents (22,929) (73,704)
Effect of exchange rate changes on cash and cash equivalents 101 (306)
Cash and cash equivalents, beginning of period 101,265 79,406
Cash and cash equivalents, end of period 78,437 5,396
Supplemental cash flow information    
Interest paid 16,657 13,380
Net change in property, plant, and equipment acquired through accounts payable 52 595
Finance lease additions 0 59
Income taxes paid, net of refunds $ 326 $ 244