XML 16 R7.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 10,914 $ 34,608
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Deferred income taxes (3,967) (4,445)
Depreciation expense 219 345
Noncash operating lease expense related to right-of-use assets 648 593
Amortization expense of intangible assets 10,921 2,197
Amortization of inventory step-up 736 0
Fair value adjustments on equity investment 193 3,230
Stock-based compensation expense 8,831 8,795
Convertible promissory note related credit losses 0 62
Amortization of debt issuance costs 226 236
Fair value adjustments related to derivative instruments (77) 620
Accretion of discount on convertible promissory note 0 (91)
Loss on foreign currency exchange rates 0 1,281
Changes in operating assets and liabilities which (used) provided cash:    
Accounts receivable (42,701) (44,312)
Inventories 4,576 (8,862)
Prepaid expenses and other current assets (1,074) (6)
Accounts payable (3,150) 2,931
Accrued expenses and other liabilities (19,178) 29,006
Other assets and other long-term liabilities, net (755) 193
Net cash (used in) provided by operating activities (33,638) 26,381
Cash flows from investing activities:    
Purchase of Acacia, net of cash acquired 0 (75,416)
Purchase of equity investment security (12,500) 0
Purchase of property and equipment (64) (168)
Net cash used in investing activities (12,564) (75,584)
Cash flows from financing activities:    
Proceeds from common stock option exercises 0 1,500
Proceeds from revolving credit facility 30,000 0
Repayment of existing revolving credit facility (20,000) 0
Employee withholding taxes related to stock-based awards (1,265) (1,341)
Payment of debt (2,500) (4,000)
Repurchases of common stock 0 (8,053)
Net cash provided by (used in) financing activities 6,235 (11,894)
Net decrease in cash and cash equivalents (39,967) (61,097)
Cash and cash equivalents at beginning of period 55,321 97,659
Cash and cash equivalents at end of period 15,354 36,562
Cash paid during the period for:    
Income taxes, net 19,357 10,570
Interest $ 2,859 $ 525