XML 22 R8.htm IDEA: XBRL DOCUMENT v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 6,815 $ 6,476
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $304 and $303 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 2,688 2,629
Adjustments to allowance for bad debt 222 (12)
Adjustments to inventory reserve 90 40
(Recovery) write-off of inventory (83) 293
Impairment of operating right-of-use asset 0 1,993
(Gain) loss, net, on disposal of property and equipment (17) 1
Amortization of loan fees (including $15 associated with variable interest entity for both the three months ended March 31, 2025 and 2024) 23 23
Accrued interest on certificates of deposit (including $0 and $38 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (48) (126)
Unrealized loss from investment in publicly-traded equity securities 46 0
Stock-based compensation 346 375
Amortization of operating right-of-use assets 2,253 1,466
Government grant income (including $8 and $0 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (18) 0
(Increase) decrease in operating assets    
Accounts receivable (5,887) (2,336)
Inventories (9,191) (8,077)
Prepaid expenses and other current assets (including $112 and $4 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 257 1,727
Other non-current assets (including $25 and $14 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (24) (190)
Increase (decrease) in operating liabilities    
Accounts payable (including $3 and $5 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 6,734 3,367
Accrued expenses (including $303 and $420 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 1,313 742
Related party payable 1,927 (6)
Income taxes payable (including $3 and $0 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 2,124 0
Deferred revenue 395 (507)
Operating lease liabilities (2,337) (1,474)
Other liabilities (including $59 and $0 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 98 155
Net cash provided by operating activities 7,726 6,559
Cash flows from investing activities    
Purchases of property and equipment (107) (163)
Proceeds from disposal of property and equipment 59 23
Deposits paid for property and equipment (989) (761)
Purchases of publicly-traded equity securities (212) 0
Proceeds from disposal of publicly-traded equity securities 191 0
Purchases of short-term investments (including $87 and $7,000 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (8,148) (12,190)
Redemption of short-term investments (including $7,678 and $0 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 12,739 5,144
Net cash provided by (used in) investing activities 3,533 (7,947)
Cash flows from financing activities    
Payment of long-term debt (including $295 and $278 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (295) (278)
Payments for lender fees (47) 0
Proceeds from exercise of common stock options 0 52
Dividends paid to shareholders (9,017) (5,992)
Payment of Global Wells noncontrolling-interest tax withholding (including $132 and $0 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (132) 0
Payment of Global Wells noncontrolling membership interest redemption (including $0 and $2,010 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) 0 (2,326)
Payment of Global Wells noncontrolling membership interest redemption gain tax withholding (including $879 and $0 associated with variable interest entity for the three months ended March 31, 2025 and 2024, respectively) (879) 0
Net cash used in financing activities (10,370) (8,544)
Net increase (decrease) in cash and cash equivalents 889 (9,932)
Cash and cash equivalents    
Beginning of period 31,584 23,076
End of period 32,473 13,144
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposits to property and equipment 853 1,148
Non-cash purchases of property and equipment 37 159
Supplemental disclosures of cash flow information:    
Income tax refund 0 13
Cash paid for interest $ 477 $ 502