Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:      
Net income $ (69,780) $ 26,093 $ 5,545
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation of property and equipment 7,626 5,985 4,801
Amortization of other intangible assets 15,326 9,834 4,070
Impairment of goodwill and indefinite-lived intangible assets 92,311    
Amortization of debt issuance costs 824 505 311
Loss (gain) on disposition of property and equipment (81) (63) 104
Noncash lease expense 3,081 2,384 898
Contingent consideration expense 451 (1,675)  
Stock-based compensation 11,361 9,477 6,791
Deferred income taxes (9,523) (14,423) (3,201)
Changes in operating assets and liabilities:      
Accounts receivable (8,326) (6,464) (7,665)
Inventories (19,487) (34,071) 11,007
Prepaid and other assets 1,150 (3,560) (1,849)
Accounts payable 1,371 2,746 5,006
Accrued liabilities (5,037) 2,935 2,715
Income taxes (6,657) (7) 859
Net cash provided by (used in) operating activities 14,610 (304) 29,392
Cash Flows From Investing Activities:      
Purchase of business, net of cash received   (160,988) (30,498)
Proceeds from disposition of property and equipment 499 229 327
Purchases of property and equipment (8,250) (17,383) (5,411)
Net cash provided by (used in) investing activities (7,751) (178,142) (35,582)
Cash Flows From Financing Activities:      
Proceeds from revolving credit facilities 95,611 122,140 49,571
Repayments on revolving credit facilities (96,064) (119,219) (55,501)
Repayments on term loans (126,810) (7,467) (2,000)
Proceeds from issuance of term loans 125,000 109,157 20,000
Payment of debt issuance costs (1,385) (985) (79)
Purchase of treasury stock (8,267) (651) (1,520)
Proceeds from exercise of stock options 2,721 1,805 2,152
Cash dividends paid (3,721) (3,335) (1,520)
Payment of contingent consideration (943)    
Proceeds from the sale of common stock   80,264 11,476
Common stock issuance costs   (1,032) (325)
Net cash provided by (used in) financing activities (13,858) 180,677 22,254
Effect of foreign exchange rates on cash (405) (555) 22
Change in cash (7,404) 1,676 16,086
Cash, beginning of year 19,465 17,789 1,703
Cash, end of period 12,061 19,465 17,789
Supplemental Disclosure of Cash Flow Information:      
Cash paid income taxes 8,639 1,984 426
Cash paid for interest 6,586 2,252 970
Supplemental Disclosures of Non-Cash Investing and Financing Activities:      
Stock issued for business acquisitions 2,261 57,927  
Deferred stock consideration for business acquisition   4,457  
Contingent consideration for business acquisition   5,209  
Property and equipment purchased with accounts payable 541 269 173
Lease liabilities arising from obtaining right of use assets $ 1,405 6,517 622
Gain on transfer of entity under common control   $ 576  
Stock dividends     $ 1,533