v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 21,941 $ 12,179
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 6,380 5,459
Amortization expense 2,588 2,041
Amortization of debt issuance costs 74 71
Asset impairments 0 233
Loss on extinguishment of debt 0 223
Deferred income taxes (1,227) (615)
Earn-out adjustments (7) 1,430
Payments on earn-out liabilities in excess of acquisition date fair value (662) (11)
Provision for (reduction of) losses on accounts receivable 782 (388)
Provision for losses on inventories 1,871 2,286
Loss (gain) on disposal of property, plant and equipment 31 (580)
Non-cash lease expense 322 373
Non-cash lease termination loss 0 5
Change in fair value of interest rate swap 0 (2)
Issuance of treasury stock for director fees 364 58
Stock-based compensation expense 961 695
Changes in operating assets and liabilities:    
Accounts receivable (6,249) (15,525)
Inventories (36,127) (15,539)
Other assets and liabilities (782) (1,443)
Accounts payable 11,774 15,118
Accounts payable - related parties (2) 2
Accrued expenses (1,594) 3,272
Accrued income taxes 555 6,844
Net cash provided by operating activities 993 16,186
Investing activities    
Purchases of property, plant and equipment (3,467) (761)
Proceeds from disposal of property, plant and equipment 5 1,054
Net cash (used in) provided by investing activities (3,462) 293
Financing activities    
Borrowings from long-term debt 352,513 41,648
Proceeds from note payable 967 0
Proceeds from exercise of stock options 175 0
Payments on long-term debt (350,311) (54,056)
Payments on note payable (387) 0
Principal payments on finance lease obligations (193) (31)
Payments on earn-out liabilities (1,292) (2,891)
Payments for termination of interest rate swap 0 (46)
Repurchase of common stock (492) 0
Payments of deferred financing costs 0 (165)
Net cash provided by (used in) financing activities 980 (15,541)
(Decrease) increase in cash and cash equivalents (1,489) 938
Cash and cash equivalents at beginning of period 2,021 236
Cash and cash equivalents at end of period 532 1,174
Supplemental Disclosure of Cash Flow Information    
Interest 1,176 994
Income taxes 4,248 649
Noncash Investing Activities:    
Capital expenditures, not yet paid $ 785 $ 0

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