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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 25,470 $ 24,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $911 and $910 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) 8,132 7,980
Adjustments to allowance for bad debt 87 212
Adjustments to inventory reserve (90) 370
Write-off of inventory 560 1,145
Impairment of operating right-of-use asset 0 1,993
(Gain) loss, net, on disposal of property and equipment (703) 505
Amortization of loan fees (including $47 and $46 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) 80 69
Accrued interest on certificates of deposit (including $40 and $49 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (40) (199)
Stock-based compensation 1,044 1,715
Amortization of operating right-of-use assets 7,559 5,474
Government grant income (including $24 and $0 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (53) 0
(Increase) decrease in operating assets    
Accounts receivable (11,219) (6,317)
Inventories (13,882) (905)
Prepaid expenses and other current assets (including $99 and $24 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (741) 1,401
Other non-current assets (including $21 and $12 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (16) (74)
Increase (decrease) in operating liabilities    
Accounts payable (including $81 and $4 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) 6,740 5,529
Accrued expenses (including $89 and $225 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) 2,655 2,175
Related party payable (10) (1,343)
Income taxes payable (65) 0
Deferred revenue 254 (430)
Operating lease liabilities (7,413) (4,487)
Other liabilities (including $64 and $0 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) 109 (46)
Net cash provided by operating activities 18,458 39,732
Cash flows from investing activities    
Purchases of property and equipment (520) (718)
Proceeds from disposal of property and equipment 602 117
Deposits paid for property and equipment (3,244) (2,590)
Deposits received for sale of property and equipment 120 0
Purchases of publicly-traded equity securities (451) 0
Proceeds from disposal of publicly-traded equity securities 503 0
Purchases of short-term investments (including $7,982 and $18,079 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (16,300) (33,591)
Redemption of short-term investments (including $11,215 and $7,000 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) 24,737 38,602
Net cash provided by investing activities 5,447 1,820
Cash flows from financing activities    
Payment of long-term debt (including $4,374 and $834 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (4,374) (834)
Payments for lender fees (87) 0
Proceeds from line of credit 4,500 0
Repayments on line of credit (3,500) 0
Proceeds from exercise of common stock options 299 441
Dividends paid to shareholders (27,091) (23,006)
Payment of Global Wells membership interest tax withholding (including $326 and $0 associated with variable interest entity for the nine months ended September 30, 2025 and 2024, respectively) (335) 0
Payment of Global Wells noncontrolling membership interest redemption (including $0 and $2,010 associated with variable interest entity for the nine months ended September 30, 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 nine months ended September 30, 2025 and 2024, respectively) (879) 0
Net cash used in financing activities (31,467) (25,725)
Net (decrease) increase in cash and cash equivalents (7,562) 15,827
Cash and cash equivalents    
Beginning of period 31,584 23,076
End of period 24,022 38,903
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposits to property and equipment 3,278 2,919
Non-cash purchases of property and equipment 948 124
Non-cash disposal of property and equipment 480 0
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 8,091 6,416
Cash paid for interest $ 1,475 $ 1,561