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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 24,965 $ 29,003
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $910 associated with variable interest entity for both the nine months ended September 30, 2024 and 2023, respectively) 7,980 8,058
Adjustments to allowance for bad debt 212 (673)
Adjustments to inventory reserve 370 (27)
Write-off of inventory 1,145 3,225
Impairment of deposits 0 523
Impairment of operating right-of-use asset 1,993 0
Loss, net, on disposal of machinery and equipment 505 1,708
Amortization of loan fees (including $46 and $41 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 69 57
Accrued interest on certificates of deposit (including $49 and $0 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (199) (63)
Stock-based compensation 1,715 743
Amortization of operating right-of-use assets 5,474 3,617
(Increase) decrease in operating assets    
Accounts receivable (including $0 and $6 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (6,317) (3,399)
Inventories (905) (3,649)
Prepaid expenses and other current assets (including $24 and $22 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 1,401 431
Other non-current assets (including $12 and $34 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (74) (75)
Increase (decrease) in operating liabilities    
Accounts payable (including $4 and $57 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 5,529 1,701
Accrued expenses (including $225 and $163 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 2,175 (147)
Related party payable (1,343) (2,385)
Income taxes payable 0 8,010
Deferred revenue (including $0 and $49 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (430) (478)
Operating lease liabilities (4,487) (3,313)
Other liabilities (46) 221
Net cash provided by operating activities 39,732 43,088
Cash flows from investing activities    
Purchases of property and equipment (718) (2,870)
Proceeds from disposal of property and equipment 117 605
Payments for costs incurred from sale of machinery and equipment 0 (189)
Deposits paid for joint venture investment 0 (2,900)
Deposits refunded from joint venture investment 0 6,900
Deposit refund from cancelled property and equipment purchase 0 503
Deposits paid for property and equipment (2,590) (5,390)
Purchases of short-term investments (including $18,079 and $8,000 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (33,591) (28,000)
Redemption of short-term investments (including $7,000 and $0 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 38,602 10,000
Net cash provided by (used in) investing activities 1,820 (21,341)
Cash flows from financing activities    
Proceeds from long-term debt (including $0 and $8,000 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 0 8,000
Payments for lender fees 0 (61)
Payments on long-term debt (including $834 and $733 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (834) (733)
Tax withholding on vesting of restricted stock units 0 (18)
Proceeds from exercise of common stock options 441 103
Dividends paid to shareholders (23,006) (16,917)
Payment for Global Wells noncontrolling membership interest redemption (including $2,010 and $0 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (2,326) 0
Net cash used in financing activities (25,725) (9,626)
Net increase in cash and cash equivalents 15,827 12,121
Cash and cash equivalents    
Beginning of period 23,076 16,041
End of period 38,903 28,162
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposits to property and equipment 2,919 8,953
Non-cash purchases of property and equipment 124 71
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 6,416 309
Cash paid for interest $ 1,561 $ 1,493