Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income [1] $ 39,134 $ 28,059 $ 7,966
  Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization [1] 23,416 24,602 24,589
Amortization of debt issuance costs [1] 1,544 968 1,011
Deferred taxes [1] (1,979) (1,139) (4,356)
Stock-based compensation [1] 7,738 4,465 3,932
Provision for inventory [1] 742 1,094 24,420
Gain (loss) on sale of property and equipment [1] 0 122 (64)
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables [1] (25,923) (26,606) (9,413)
Contract assets [1] 5,148 (6,425) (5,542)
Inventories [1] (87,529) (59,099) (80,021)
Other current assets and other assets [1] (3,191) 2,563 (7,435)
Operating lease assets and liabilities, net (390) (486) (651)
Accounts payable and deferred compensation [1] 23,913 36,193 33,210
Accrued expenses and other current and noncurrent liabilities [1] (4,452) 3,740 (5,248)
Net cash (used in) provided by operating activities [1] (21,829) 8,051 (17,602)
Cash flows from investing activities:      
Purchases of property and equipment [1] (18,666) (11,212) (10,520)
Proceeds from the sale of property and equipment [1] 0 0 68
Proceeds from payments on notes receivable [1] 1,557 8,835 2,906
Earn-out obligation payments [1] 0 0 (750)
Cash paid for acquisitions, net of cash acquired [1] (218,581) 0 (53,336)
Net cash used in investing activities [1] (235,690) (2,377) (61,632)
Cash flows from financing activities:      
Borrowings on bank credit facilities [1] 844,262 520,223 491,567
Repayments on bank credit facilities [1] (699,872) (518,347) (458,294)
Proceeds from issuance of common stock [1] 130,020 899 52,017
Earn-out obligation payments [1] 0 (1,250) 0
Payment of debt financing costs [1] (2,890) (1,113) (808)
Payment of taxes for equity transactions [1] (1,113) (1,015) (681)
Dividends paid [1] (5,436) (5,111) (4,427)
Net cash provided by (used in) financing activities [1] 264,971 (5,714) 79,374
Net increase (decrease) in cash and cash equivalents [1] 7,452 (40) 140
Cash and cash equivalents, beginning of period [1] 478 518 378
Cash and cash equivalents, end of period [1] 7,930 478 518
Supplemental disclosures of cash flow information:      
Interest 35,039 16,423 12,146
Income taxes 13,944 10,332 7,536
Non-cash investing and financing activities:      
Earn-out obligation in connection with acquisitions $ 0 $ 0 $ 1,250
[1]
(a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.