XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 14,392 $ 16,735
Net income (loss) from discontinued operations, net of tax 3,055 (1,932)
Net income from continuing operations 11,337 18,667
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 96 96
Impairment of assets 19
Provision for doubtful accounts receivable 574 392
Unrealized loss on marketable equity securities and investment 71 652
Stock-based compensation 899 814
Equity in the net income in equity method investees (195) (125)
Change in assets and liabilities:    
Trade accounts receivable (10,643) (2,368)
Inventory (3,631) (1,145)
Prepaid expenses (1,032) (1,904)
Other current assets and other assets 1,138 (5,638)
Trade accounts payable, accrued expenses and other liabilities (2,051) 2,589
Due to IDT Corporation, net (66) (391)
Income taxes payable 5,004 6,560
Net cash provided by operating activities of continuing operations 1,520 18,199
Net cash provided by operating activities of discontinued operations 9,714 141
Net cash provided by operating activities 11,234 18,340
Investing activities    
Capital expenditures (98) (59)
Proceeds from the sale of  marketable equity securities 343
Purchase of marketable equity securities and other investment (4,559) (200)
Proceeds from settlement of equity method investment 133
Investment in notes receivables with related party (1,388)
Repayment of notes receivable 19 19
Net cash used in investing activities of continuing operations (4,162) (1,628)
Net cash used in investing activities of discontinued operations (21,832)
Net cash used in investing activities (4,162) (23,460)
Financing activities    
Dividends paid (2,108) (2,304)
Repurchases of Class B common stock from employees (165) (71)
Redemption of preferred stock (1,000)
Net cash used in financing activities (3,273) (2,375)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (10) 27
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,789 (7,468)
Cash, cash equivalents, and restricted cash (including discontinued operations) at beginning of period 106,080 102,149
Cash, cash equivalents and restricted cash (including discontinued operations) at end of the period 109,869 94,681
Less: Cash of discontinued operations at end of period 858 1,726
Cash, cash equivalents, and restricted cash (excluding discontinued operations) at end of period $ 109,011 $ 92,955