XML 20 R8.htm IDEA: XBRL DOCUMENT v3.22.4
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 $ 27,404 $ 18,587 $ 15,242
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property, plant and equipment and intangible assets 22,138 22,229 19,902
Loss on disposal of property, plant and equipment 268 194 119
Amortization of other long-term assets 3,573 3,943 3,947
Amortization and accretion of deferred loan fees and discounted liabilities 289 359 309
Provision for bad debts 1,171 649 1,002
Provision for inventory obsolescence 340 1,034 738
Loan principal and interest forgiveness 0 (672) 0
Fair value adjustment of contingent consideration 610 758 250
Decrease in environmental liability 0 (167) (1,155)
Stock-based compensation 5,684 6,880 6,561
Deferred income taxes (5,278) (2,090) 969
Changes in liabilities for uncertain tax positions or unrecognized tax benefits (1,441) (1,783) (2,092)
Change in equity investment fair value 732 790 (717)
Loss from equity method investment 0 388 125
Bargain purchase gain 0 (171) (4,657)
Non-cash lease expense 68 286 18
Foreign currency transaction (gains) losses (29) (225) 126
Changes in assets and liabilities associated with operations, net of business combinations:      
(Increase) decrease in net receivables (6,447) (24,347) 15,407
Decrease in inventories (29,560) 8,323 6,683
(Increase) decrease in income tax receivable, net (4,910) 6,051 (287)
(Increase) decrease in prepaid expenses and other assets (3,082) (4,581) 140
Increase (decrease) in accounts payable 1,704 8,783 (8,199)
Increase (decrease) in deferred revenue 47,551 19,280 36,803
(Decrease) Increase in accrued program costs (2,449) 17,877 (2,517)
Increase in other payables and accrued expenses 90 3,986 1,607
Payment of contingent consideration (1,321) 0 0
Net cash provided by operating activities 57,105 86,361 90,324
Cash flows from investing activities:      
Capital expenditures (13,261) (9,518) (11,249)
Proceeds from disposal of property, plant and equipment 84 0 0
Acquisitions of businesses and product lines 0 (10,000) (19,342)
Intangible assets (1,293) (524) (4,014)
Investment 0 0 (1,190)
Net cash used in investing activities (14,470) (20,042) (35,795)
Cash flows from financing activities:      
Payments under line of credit agreement (254,000) (186,569) (168,400)
Borrowings under line of credit agreement 253,000 131,000 126,776
Payment of contingent consideration (68) (1,301) (1,227)
Net receipt from the issuance of common stock under ESPP 837 743 721
Net receipt from the exercise of stock options 827 172 1,603
Net payment from common stock purchased for tax withholding (2,067) (2,955) (2,745)
Repurchase of common stock (34,002) (4,579) 0
Payment of cash dividends (2,787) (2,382) (1,168)
Net cash (used in) provided by financing activities (38,260) (65,871) (44,440)
Net increase in cash and cash equivalents 4,375 448 10,089
Effect of exchange rate changes on cash and cash equivalents (332) (86) (747)
Cash and cash equivalents at beginning of year 16,285 15,923 6,581
Cash and cash equivalents at end of year $ 20,328 $ 16,285 $ 15,923