Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities:    
Net income $ 4,026 $ 13,319
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,664 12,134
Stock-based compensation 5,032 3,985
Amortization of debt issuance costs 745 373
Deferred taxes (2,434) (10)
Changes in operating assets and liabilities:    
Accounts receivable (2,056) (3,858)
Inventory (456) (1,813)
Other current assets 340 1,574
Security deposits (30) 5
Other assets (552) (1,169)
Accounts payable 2,911 886
Accrued expenses 1,608 (4,001)
Operating lease liabilities and right-of-use assets 5,880 2,805
Other liabilities 103 1,021
Net cash provided by operating activities 30,781 25,251
Investing activities:    
Purchase of property and equipment (53,550) (32,629)
Net cash used in investing activities (53,550) (32,629)
Financing activities:    
Borrowings of long-term debt   55,000
Repayments of long-term debt and financing lease liabilities (1,021) (5,551)
Debt issuance costs   (1,332)
Exercise of stock options and warrants 310 138
Tax-withholding obligation on stock-based compensation (2,655) (2,021)
Purchase of treasury stock (7,882) (7,132)
Net cash (used in) provided by financing activities (11,248) 39,102
Effect of exchange rate changes on cash (57) (217)
Net (decrease) increase in cash and cash equivalents (34,074) 31,507
Cash and cash equivalents, beginning of year 55,121 23,614
Cash and cash equivalents, end of year 21,047 55,121
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 5,313 1,556
Income taxes paid, net of refunds 720 789
Accrued purchases of property and equipment $ 12,575 $ 5,125