Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 2,746 $ 7,961
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,162 5,641
Stock-based compensation 2,554 1,790
Amortization of debt issuance costs 372 186
Deferred taxes 12 586
Changes in operating assets and liabilities:    
Accounts receivable 5,722 3,436
Inventory (37) (817)
Other current assets (253) 1,379
Security deposits 3 61
Other assets (257) (329)
Accounts payable (922) 273
Accrued expenses (4,943) (5,154)
Operating lease liabilities and right-of-use assets 1,735 464
Other liabilities (758) (535)
Net cash provided by operating activities 13,136 14,942
Investing activities:    
Purchase of property and equipment (23,896) (12,091)
Net cash used in investing activities (23,896) (12,091)
Financing activities:    
Repayments of long-term debt and financing lease liabilities (435) (250)
Exercise of stock options and warrants 226 28
Tax-withholding obligation on stock-based compensation (1,802) (1,556)
Purchase of treasury stock (4,153)  
Net cash used in financing activities (6,164) (1,778)
Effect of exchange rate changes on cash (19) (270)
Net (decrease) increase in cash and cash equivalents (16,943) 803
Cash and cash equivalents, beginning of period 55,121 23,614
Cash and cash equivalents, end of period 38,178 24,417
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 4,055 874
Income taxes paid 312 287
Accrued purchases of property and equipment $ 5,602 $ 2,415