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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows provided by Operating Activities:    
Net income $ 70,396 $ 47,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,000 9,165
Adjustments to credit losses reserve 2,658 1,704
Stock-based compensation expense 4,072 3,118
Loss on disposal of fixed assets 16 2
Changes in assets and liabilities:    
Accounts receivable (41,782) 22,437
Inventories (6,761) (34,507)
Prepaid expenses and other current assets (79) (360)
Other non-current assets 5 314
Accounts payable (23,268) (49,997)
Accrued expenses and other liabilities 1,432 9,437
Net cash provided by operating activities 15,689 8,834
Cash Flows used in Investing Activities:    
Purchases of equipment and capitalized software (6,975) (7,092)
Proceeds from life insurance   1,500
Net cash used in investing activities (6,975) (5,592)
Cash Flows used in Financing Activities:    
Proceeds from short-term borrowings 36,463  
Repayment of short-term borrowings (36,463)  
Dividend payments   (8,375)
Payments of payroll taxes on stock-based compensation through shares withheld (834) (794)
Net cash used in financing activities (834) (9,169)
Increase (decrease) in cash and cash equivalents 7,880 (5,927)
Cash and cash equivalents, beginning of year 108,310 95,655
Cash and cash equivalents, end of period 116,190 89,728
Non-cash Investing and Financing Activities:    
Accrued capital expenditures 362 394
Supplemental Cash Flow Information:    
Income taxes paid 30,759 $ 20,600
Interest paid $ 4