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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Net income $ 36,133 $ 38,641 $ 5,820
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 16,420 15,737 15,651
Amortization of original issue discount and debt issue costs 1,109 479 740
Amortization of inventory step-up 3,858   4,255
Deferred income taxes (2,064) (210) (1,087)
Stock-based compensation 8,369 9,368 31,858
Remeasurement of contingent consideration 1,185    
Provision for losses on accounts receivable 764 66 417
Unrealized foreign exchange transaction loss (gain) 1,880 (602) 1,517
Other loss (gain) 496 (381) (170)
Changes in operating assets and liabilities, net of impact of acquisitions:      
Accounts receivable (24,902) 6,602 (11,536)
Inventories 10,019 (10,223) 1,162
Prepaid expenses and other assets (5,866) (302) (7,711)
Accounts payable and other liabilities (15,624) 14,034 5,493
Net cash provided by operating activities 31,777 73,209 46,409
Cash Flows From Investing Activities:      
Purchase of property and equipment (5,668) (6,727) (4,494)
Proceeds from disposition of property and equipment 55 207 411
Business acquisitions, net of cash acquired (141,813)   (55,543)
Net cash used in investing activities (147,426) (6,520) (59,626)
Cash Flows From Financing Activities:      
Proceeds from revolving credit facilities 5,500   43,000
Principal payments on revolving credit facilities (5,500)   (43,000)
Proceeds from term loans 129,422    
Principal payments on term loans (43,334) (10,000) (10,116)
Proceeds from insurance premium financing   3,949 3,989
Principal payments on insurance premium financing (2,187) (3,973) (4,952)
Payments for debt issuance costs (3,105)    
Taxes paid in connection with employee stock transactions (5,311) (2,725) (6,300)
Proceeds from secondary offering, net of underwriter discounts 91,776   56,329
Deferred offering costs (683)   (2,953)
Dividends distributed (13,948) (12,006) (11,509)
Other 37 33 (25)
Net cash provided by (used in) financing activities 152,667 (24,722) 24,463
Effect of foreign exchange rates on cash and cash equivalents 224 438 183
Change in cash and cash equivalents 37,242 42,405 11,429
Cash and cash equivalents, beginning of period 87,691 45,286 33,857
Cash and cash equivalents, end of period 124,933 87,691 45,286
Supplemental Disclosure of Cash Flows Information:      
Cash paid for income taxes, net 24,207 8,729 1,395
Cash paid for interest 14,431 10,090 6,109
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Accruals and accounts payable for capital expenditures 176 $ 234 $ 172
Accruals and accounts payable for debt issuance costs $ 166    

Source

10-K PDF
XBRL