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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows provided by Operating Activities:    
Net income $ 47,190 $ 27,476
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,980 6,218
Adjustments to credit losses reserve 1,642 1,059
Stock-based compensation expense 2,790 2,092
Loss on disposal of fixed assets 13  
Changes in assets and liabilities:    
Accounts receivable (38,063) 26,806
Inventories (16,603) (26,212)
Prepaid expenses and other current assets (3,352) (2,151)
Other non-current assets 27 317
Accounts payable (3,445) (9,134)
Accrued expenses and other liabilities (4,574) 5,349
Net cash (used in) provided by operating activities (8,395) 31,820
Cash Flows used in Investing Activities:    
Purchases of equipment and capitalized software (4,565) (4,611)
Proceeds from life insurance   1,500
Net cash used in investing activities (4,565) (3,111)
Cash Flows used in Financing Activities:    
Proceeds from short-term borrowings 26,054  
Repayment of short-term borrowings (26,054)  
Dividend payments   (8,375)
Payments of payroll taxes on stock-based compensation through shares withheld (454) (324)
Net cash used in financing activities (454) (8,699)
(Decrease) increase in cash and cash equivalents (13,414) 20,010
Cash and cash equivalents, beginning of year 108,310 95,655
Cash and cash equivalents, end of period 94,896 115,665
Non-cash Investing and Financing Activities:    
Accrued capital expenditures 390 609
Supplemental Cash Flow Information:    
Income taxes paid 21,509 $ 13,141
Interest paid $ 3