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, 2022
Dec. 31, 2021
Operating activities:    
Net income $ 13,319 $ 31,948
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,134 10,790
Stock-based compensation 3,985 3,248
Loss on early debt extinguishment   600
Amortization of debt issuance costs 373 415
Deferred taxes (10) 913
Gain on CARES Act Loan Forgiveness   (18,529)
Changes in operating assets and liabilities:    
Accounts receivable (3,858) (5,615)
Inventory (1,813) (1,425)
Other current assets 1,574 (2,189)
Security deposits 5 46
Other assets (1,169) (417)
Accounts payable 886 3,462
Accrued expenses (4,001) 7,261
Operating lease liabilities and right-of-use assets 2,805 1,191
Deferred revenue 1,021 (733)
Net cash provided by operating activities 25,251 30,966
Investing activities:    
Purchase of property and equipment (32,629) (11,467)
Net cash used in investing activities (32,629) (11,467)
Financing activities:    
Repayments of long-term debt and financing lease liabilities (5,551) (22,758)
Debt issuance costs (1,332) (866)
Borrowings of term loan 55,000  
Exercise of stock options and warrants 138 3,615
Tax-withholding obligation on stock-based compensation (2,021) (154)
Purchase of treasury stock (7,132) (37)
Purchase of non-controlling interests   (75)
Net cash provided by (used in) financing activities 39,102 (20,275)
Effect of exchange rate changes on cash (217) 5
Net increase (decrease) in cash and cash equivalents 31,507 (771)
Cash and cash equivalents, beginning of year 23,614 24,385
Cash and cash equivalents, end of year 55,121 23,614
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 1,556 3,402
Income taxes paid 789 437
Non-cash CARES Act Loan Forgiveness   18,529
Non-cash capital expenditures $ 5,125 $ 854