Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 28,059,000 $ 7,966,000 $ (5,171,000)
  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 25,570,000 25,600,000 24,135,000
Deferred taxes (1,139,000) (4,356,000) 106,000
Stock-based compensation 4,465,000 3,932,000 2,858,000
Provision for inventory 1,094,000 24,420,000 0
Loss on sale of a business entity and certain assets 0 0 8,214,000
Loss (gain) on sale of property and equipment 122,000 (64,000) (1,051,000)
Goodwill and intangible asset impairment 0 0 33,734,000
Earn-out obligation fair value adjustment 0 0 (4,999,000)
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables (26,606,000) (9,413,000) 7,732,000
Unbilled receivables (6,425,000) (5,542,000) 19,694,000
Inventories (59,099,000) (80,021,000) (50,172,000)
Other current assets and noncurrent assets (4,522,000) (14,247,000) (1,722,000)
Accounts payable and deferred compensation 36,193,000 33,210,000 3,503,000
Accrued expenses and other current and noncurrent liabilities 10,339,000 913,000 (1,100,000)
Net cash provided by (used in) operating activities 8,051,000 (17,602,000) 35,761,000
Cash flows from investing activities:      
Purchases of property and equipment (11,212,000) (10,520,000) (4,427,000)
Proceeds from the sale of property and equipment 0 68,000 2,875,000
Proceeds from payments on notes receivable 8,835,000 2,906,000 1,856,000
Proceeds from sale of a business entity and certain assets 0 0 19,915,000
Earn-out obligation payments 0 (750,000)
Cash paid for acquisitions, net of cash acquired 0 (53,336,000) 0
Net cash (used in) provided by investing activities (2,377,000) (61,632,000) 20,219,000
Cash flows from financing activities:      
Borrowings on loan agreement 520,223,000 491,567,000 432,999,000
Repayments on loan agreement (518,347,000) (458,294,000) (452,338,000)
Proceeds from issuance of common stock 899,000 52,017,000 0
Earn-out obligation payments (1,250,000) 0 (31,701,000)
Payment of debt financing costs (1,113,000) (808,000) (636,000)
Payment of taxes for equity transactions (1,015,000) (681,000) (690,000)
Dividends paid (5,111,000) (4,427,000) (3,970,000)
Net cash (used in) provided by financing activities (5,714,000) 79,374,000 (56,336,000)
Net (decrease) increase in cash and cash equivalents (40,000) 140,000 (356,000)
Cash and cash equivalents at beginning of year 518,000 378,000 734,000
Cash and cash equivalents at end of year 478,000 518,000 378,000
Supplemental cash flow disclosures:      
Cash paid for interest 16,423,000 12,146,000 13,936,000
Cash paid for income taxes 10,332,000 7,536,000 4,759,000
Supplemental disclosure of noncash investing and financing activities:      
Notes receivable from the sale of a business entity and certain assets 0 0 12,852,000
Earn-out obligation in connection with acquisitions $ 0 $ 1,250,000 $ 0