v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 38,289,000 $ 34,558,000
Depreciation and amortization 15,327,000 13,297,000
Debt discount amortization 264,000 308,000
Unrealized foreign exchange losses 52,000 317,000
Non-cash lease expense 73,000 125,000
Share-based compensation 3,011,000 2,339,000
Realized and unrealized gains on short-term investments (86,000) 0
Deferred taxes 8,312,000 7,322,000
Change in operating assets and liabilities:    
Accounts receivable (21,167,000) (44,848,000)
Inventories (2,092,000) (7,054,000)
Prepaids and other current assets 5,092,000 3,735,000
Accounts payable and accrued expenses (23,016,000) 10,866,000
Customer trade allowances 3,869,000 10,561,000
Net cash provided by operating activities 27,928,000 31,526,000
Investing activities    
Purchases of property and equipment (23,463,000) (23,034,000)
Proceeds from maturity of short-term investments 18,000,000 0
Acquisition and development of software assets (964,000) (1,825,000)
Net cash used in investing activities (6,427,000) (24,859,000)
Financing activities    
Repayments of long-term debt and lease obligations 0 (2,792,000)
Repurchase of common stock (13,669,000) (9,680,000)
Tax payments related to issuance of shares to employees (5,461,000) (5,216,000)
Cash received from exercise of options and warrants 2,112,000 1,662,000
Payments on tax receivable agreement (1,358,000) (1,443,000)
Net cash used in financing activities (18,376,000) (17,469,000)
Effect of exchange rate changes on cash and cash equivalents (43,000) 74,000
Net increase (decrease) in cash and cash equivalents 3,082,000 (10,728,000)
Cash and cash equivalents at beginning of period 98,584,000 249,159,000
Cash and cash equivalents at end of period 101,666,000 238,431,000
Cash paid during the period for:    
Interest, net of amounts capitalized 10,096,000 9,678,000
Net taxes paid (refunded) 6,416,000 (514,000)
Supplemental disclosure of non-cash investing:    
Accrued capital expenditures $ 11,778,000 $ 5,433,000