Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net Income (Loss) $ (10,146) $ (69,780) $ 26,093
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation of property and equipment 7,602 7,626 5,985
Amortization of other intangible assets 12,748 15,326 9,834
Impairment of goodwill and indefinite-lived intangible assets 0 92,311 0
Amortization of debt issuance costs 928 824 505
Loss (gain) on disposition of property and equipment 54 (81) (63)
Noncash lease expense 3,741 3,081 2,384
Contingent consideration (benefit) expense (1,565) 451 (1,675)
Stock-based compensation 5,292 11,361 9,477
Deferred income taxes (6,348) (9,523) (14,423)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 6,078 (8,326) (6,464)
Inventories 13,211 (19,487) (34,071)
Prepaid and other assets 2,134 1,150 (3,560)
Accounts payable (4,940) 1,371 2,746
Accrued liabilities 540 (5,037) 2,935
Income taxes 2,595 (6,657) (7)
Net cash provided by (used in) operating activities 31,924 14,610 (304)
Cash Flows From Investing Activities:      
Purchase of businesses, net of cash acquired (5,648)   (160,988)
Proceeds from disposition of property and equipment 199 499 229
Purchase of intangible assets (250)    
Purchases of property and equipment (5,717) (8,250) (17,383)
Net cash used in investing activities (11,416) (7,751) (178,142)
Cash Flows From Financing Activities:      
Proceeds from revolving credit facilities 51,243 95,611 122,140
Repayments on revolving credit facilities (59,835) (96,064) (119,219)
Repayments on term loans (11,126) (126,810) (7,467)
Proceeds from issuance of term loans   125,000 109,157
Payment of debt issuance costs   (1,385) (985)
Purchase of treasury stock (222) (8,267) (651)
Proceeds from exercise of options 3,435 2,721 1,805
Cash dividends paid (3,750) (3,721) (3,335)
Payment of contingent consideration   (943)  
Proceeds from the sale of common stock     80,264
Common stock issuance costs     (1,032)
Net cash (used in) provided by financing activities (20,255) (13,858) 180,677
Effect of foreign exchange rates on cash (990) (405) (555)
Change in cash (737) (7,404) 1,676
Cash, beginning of year 12,061 19,465 17,789
Cash, end of period 11,324 12,061 19,465
Supplemental Disclosure of Cash Flow Information:      
Cash (received) paid for income taxes (758) 8,639 1,984
Cash paid for interest 10,398 6,586 2,252
Supplemental Disclosures of Non-Cash Investing and Financing Activities:      
Shares issued for business acquisitions 3,132 2,261 57,927
Deferred stock consideration for business acquisition     4,457
Contingent consideration for business acquisitions 121   5,209
Property and equipment purchased with accounts payable 145 541 269
Intangible assets purchased with accounts payable 250    
Lease liabilities arising from obtaining right of use assets $ 4,441 $ 1,405 6,517
Gain on transfer of entity under common control     $ 576