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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,517 $ 9,596
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,984 1,590
Amortization 1,078 695
Non-cash reserve charges (91) 65
Stock-based compensation 1,621 1,702
Non-cash lease expense 568 720
Benefit for deferred income taxes (1,473) (772)
Gain on change in fair value of contingent consideration (2,855)  
Gain on sale of fixed assets (39)  
Change in operating assets and liabilities:    
Short-term investments (114)  
Accounts receivable 1,775 282
Prepaid and other assets (826) (446)
Accounts payable and other accrued expenses 3,312 364
Inventory (2,071) (4,801)
Deposits 182 (6)
Net cash provided by operating activities 11,568 8,989
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (630) (332)
Purchase of short-term investments (9,810)  
Proceeds on sale of fixed assets 50  
Net cash used in investing activities (10,390) (332)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on finance lease obligations (95) (87)
Cash dividends paid (1) (3,613)
Purchase of treasury stock (24,402) (19,811)
Proceeds from issuance of convertible senior notes, net of issuance costs 57,018  
Proceeds from the issuance of common stock on stock-based awards 33 27
Principal payments on long-term debt (10,667) (4,000)
Taxes withheld and paid on employees' equity awards (691) (253)
Net cash provided by (used in) financing activities 21,195 (27,737)
Net increase (decrease) in cash 22,373 (19,080)
Cash at beginning of period 20,144 42,612
Cash at end of period 42,517 23,532
Supplemental disclosure of cash flow information:    
Cash received (paid) on interest, net 452 (317)
Cash paid for rent (2,522) (2,592)
Cash paid for income taxes (3,541) (5,028)
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities 4,214 211
Right-of-use assets obtained in exchange for new finance lease liabilities 464  
Lease incentive 1,400  
Vesting of restricted stock awards (3)  
Inventory transferred to property and equipment under lease 1,369 1,191
Capital expenditures not yet paid 101 $ 56
Non-cash dividend adjustment $ (1)