Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 2,330 $ 3,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,656 2,715
Stock-based compensation 1,320 879
Amortization of debt issuance costs 186 93
Deferred taxes (3) (15)
Changes in operating assets and liabilities:    
Accounts receivable 4,638 3,086
Inventory 731 (1,100)
Other current assets (262) 1,183
Security deposits (2) 57
Other assets (246) (150)
Accounts payable (1,667) 244
Accrued expenses (4,160) (575)
Operating lease liabilities and right-of-use assets 611 283
Other liabilities (511) (398)
Net cash provided by operating activities 6,621 9,823
Investing activities:    
Purchase of property and equipment (11,852) (4,450)
Net cash used in investing activities (11,852) (4,450)
Financing activities:    
Repayments of long-term debt and financing lease liabilities (229) (125)
Tax-withholding obligation on stock-based compensation (156) (128)
Purchase of treasury stock (735)  
Net cash used in financing activities (1,120) (253)
Effect of exchange rate changes on cash (71) (90)
Net decrease in cash and cash equivalents (6,422) 5,030
Cash and cash equivalents, beginning of period 55,121 23,614
Cash and cash equivalents, end of period 48,699 28,644
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 1,969 402
Income taxes paid 15 86
Accrued purchases of property and equipment $ 4,235 $ 1,637