XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 865 $ 16,765
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of property, plant and equipment 4,322 4,077
Amortization of intangibles assets 6,707 6,927
Amortization of other long-term assets 1,117 1,739
Provision for bad debts 902 470
Fair value adjustment to contingent consideration 0 635
Stock-based compensation 2,541 2,836
Change in deferred income taxes (1,015) 109
Changes in liabilities for uncertain tax positions or unrecognized tax benefits 419 0
Change in fair value of equity investments 77 403
Other 117 412
Net foreign currency adjustments (382) (20)
Changes in assets and liabilities associated with operations:    
Decrease (increase) in net receivables 6,092 (18,645)
Increase in inventories (50,900) (27,774)
Increase in prepaid expenses and other assets (1,749) (3,652)
Change in income tax receivable/payable, net (3,510) (3,526)
Increase in net operating lease liability 132 (21)
Increase in accounts payable 9,105 19,439
Decrease in customer prepayments (83,225) (62,789)
Increase in accrued program costs 19,607 35,987
Increase in other payables and accrued expenses (7,824) (602)
Net cash used in operating activities (96,602) (27,230)
Cash flows from investing activities:    
Capital expenditures (6,498) (5,654)
Proceeds from disposal of property, plant and equipment 44 27
Intangible assets (718) (1,044)
Net cash used in investing activities (7,172) (6,671)
Cash flows from financing activities:    
Payments under line of credit agreement (54,050) (56,600)
Borrowings under line of credit agreement 162,500 105,000
Receipt from the issuance of common stock under ESPP 480 436
Net receipt from the exercise of stock options 32 765
Payment for tax withholding on stock-based compensation awards (1,948) (2,012)
Repurchase of common stock (7,226) (6,232)
Payment of cash dividends (1,702) (1,330)
Net cash provided by financing activities 98,086 40,027
Net (decrease) increase in cash and cash equivalents (5,688) 6,126
Effect of exchange rate changes on cash and cash equivalents (8) (354)
Cash and cash equivalents at beginning of period 20,328 16,285
Cash and cash equivalents at end of period $ 14,632 $ 22,057