Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net (loss) income $ (507) $ 8,338
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,894 8,571
Stock-based compensation 3,798 2,791
Amortization of debt issuance costs 558 279
Deferred taxes (997) 217
Changes in operating assets and liabilities:    
Accounts receivable 3,730 2,971
Inventory (195) (1,073)
Other current assets 56 1,380
Security deposits   48
Other assets (403) (494)
Accounts payable (1,720) (841)
Accrued expenses (2,067) (7,784)
Operating lease liabilities and right-of-use assets 2,840 2,607
Other liabilities (759) (674)
Net cash provided by operating activities 15,228 16,336
Investing activities:    
Purchase of property and equipment (38,411) (21,309)
Net cash used in investing activities (38,411) (21,309)
Financing activities:    
Borrowings of long-term debt   5,000
Repayments of long-term debt and financing lease liabilities (458) (375)
Exercise of stock options and warrants 301 28
Tax-withholding obligation on stock-based compensation (1,835) (1,953)
Purchase of treasury stock (7,689) (3,503)
Net cash used in financing activities (9,681) (803)
Effect of exchange rate changes on cash (120) (361)
Net decrease in cash and cash equivalents (32,984) (6,137)
Cash and cash equivalents, beginning of period 55,121 23,614
Cash and cash equivalents, end of period 22,137 17,477
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 5,051 1,056
Income taxes paid 312 293
Accrued purchases of property and equipment $ 8,684 $ 4,355

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