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, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,006 $ 1,729
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 17 31
Depreciation and amortization 2,602 2,496
Non-cash lease expense 1,270 1,394
Share-based compensation expense 394 230
Tax benefit from the exercise of stock awards 159 0
Loss on sale of property, plant and equipment 6 45
Deferred income taxes 249 258
Purchase of trading investment securities (11) (40)
Proceeds from sale of trading investment securities 73 76
Realized and unrealized gains on investments 96 (133)
Foreign exchange losses 2,400 64
Changes in assets and liabilities:    
Accounts receivable 1,318 (546)
Inventories 234 (1,038)
Prepaid expenses and other current assets 165 357
Other assets 31 117
Accounts payable 704 (281)
Accrued volume incentives and service fees 4,356 164
Accrued liabilities (2,206) (5,683)
Deferred revenue 406 35
Lease liabilities (1,187) (1,086)
Income taxes payable (335) (2,112)
Liability related to unrecognized tax benefits (73) (69)
Deferred compensation payable (158) 97
Net cash provided by (used in) operating activities 13,516 (3,895)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (1,209) (387)
Net cash used in investing activities (1,209) (387)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments of revolving credit facility 0 (1,517)
Proceeds from revolving credit facility 0 1,517
Tax benefit from stock awards (159) (189)
Net cash used in financing activities (159) (189)
Effect of exchange rates on cash and cash equivalents (1,632) (49)
Net increase (decrease) in cash and cash equivalents 10,516 (4,520)
Cash and cash equivalents at the beginning of the period 53,629 50,638
Cash and cash equivalents at the end of the period 64,145 46,118
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes, net of refunds 1,224 3,346
Cash paid for interest $ 3 $ 24