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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 9,186 $ 7,943
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization (including $304 and $303 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 2,633 2,584
Adjustments to allowance for doubtful accounts (652) 500
Adjustments to inventory reserve 288 476
Write-off of inventory 216 0
Loss on disposal of fixed assets 82 0
Change in fair value of interest rate swap (including $0 and $1,313 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 0 (1,313)
Amortization of loan fees (including $16 and $9 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 17 9
Stock-based compensation 277 611
Amortization of operating right-of-use assets 997 650
(Increase) decrease in operating assets    
Accounts receivable (including $7 and $18 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (2,409) (11,061)
Inventories (207) (19,341)
Prepaid expenses and other current assets (including $52 and $108 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 1,023 (895)
Other assets (including $88 and $122 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 9 88
Increase (decrease) in operating liabilities    
Accounts payable (including $1 and $390 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (1,978) 5,526
Accrued expenses (including $415 and $136 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (1,127) 547
Related party payable 4,967 (743)
Income taxes payable 1,782 1,892
Customer deposits (including $17 and $7 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (326) 233
Operating lease liability (1,067) (667)
Other liabilities 22 0
Other payables 452 1,534
Net cash provided by (used in) operating activities 14,185 (11,427)
Cash flows from investing activities    
Purchases of property and equipment (1,042) (824)
Proceeds from disposal of property and equipment 25 0
Deposits paid for joint venture investment (1,718) (3,971)
Deposits refunded from joint venture investment (2,900) 0
Deposits paid for property and equipment 950 0
Purchase of short-term investments (10,000) 0
Net cash used in investing activities (14,685) (4,795)
Cash flows from financing activities    
Proceeds from line of credit 0 10,200
Proceeds from long-term debt (including $8,000 and $6,885 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 8,000 6,885
Payments for lender fees (61) 0
Payments on long-term debt (including $241 and $267 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (241) (267)
Tax withholding on vesting of restricted stock units (including $0 and $310 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (14) 0
Proceeds from exercise of common stock options 0 51
Payments of noncontrolling interest tax withholding 0 (310)
Net cash provided by financing activities 7,684 16,559
Net increase in cash and cash equivalents 7,184 337
Cash and cash equivalents    
Beginning of period 16,041 6,483
End of period 23,225 6,820
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposit to property and equipment 4,381 416
Non-cash purchases of property and equipment 1,159 0
Supplemental disclosures of cash flow information:    
Cash paid for income tax 0 200
Cash paid for interest $ 421 $ 440