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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 21,296 $ 16,461
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,752 7,477
Adjustments to accounts receivable reserves 1,112 0
Adjustments to inventory reserves 441 133
Gain on sale of asset (33) 0
Change in fair value of interest rate swap (2,159) (1,298)
Amortization of loan fees 28 9
Stock-based compensation 1,774 1,088
Gain on forgiveness of debt 0 (5,000)
(Increase) decrease in operating assets    
Accounts receivable (5,068) (9,438)
Inventories (15,255) (11,226)
Prepaid expenses and other current assets (2,264) 840
Deposits (143) (64)
Other assets 100 (238)
Increase (decrease) in operating liabilities    
Accounts payable 459 (1,041)
Accrued expenses 1,130 3,202
Related party payable 2,855 (2,427)
Income taxes payable 111 65
Customer deposits (29) 574
Other liabilities 150 0
Other payable 242 (363)
Net cash provided by (used in) operating activities 12,499 (1,246)
Cash flows from investing activities    
Purchases of property and equipment (2,007) (3,947)
Proceeds from disposal of property and equipment 76 0
Deposits paid for property and equipment (11,471) (3,792)
Deposits paid for joint venture investment (4,000) 0
Proceeds from settlement of interest rate swap 825 0
Acquisition of Pacific Cup, Inc., net of cash acquired 0 (900)
Net cash used in investing activities (16,577) (8,639)
Cash flows from financing activities    
Proceeds from line of credit 21,100 1,470
Payments on line of credit (21,100) (34,639)
Proceeds from long-term debt 27,477 15,997
Payments on long-term debt (21,338) (38,985)
Proceeds from exercise of stock options 51 67,592
Payments on capital lease obligations 0 (319)
Payments of noncontrolling interest tax withholding (1,064) 0
Net cash provided by financing activities 5,126 11,116
Net increase in cash and cash equivalents 1,048 1,231
Cash and cash equivalents    
Beginning of year 6,483 448
End of year 7,531 1,679
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposit to property and equipment 6,639 3,215
Acquisition price of Pacific Cup, Inc. included within deposits 0 100
Gain on forgiveness of debt 0 5,000
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 7,069 3,324
Cash paid for interest $ 1,541 $ 2,472