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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 19,647 $ 9,099
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization (including amortization of debt issuance costs) 7,496 6,888
Bad debt expense 992 1,107
Impairments 0 441
Stock-based compensation 10,757 10,421
Deferred income tax (4,140) (3,311)
Non-cash lease expense 1,272 1,238
Unrealized foreign currency loss 605 636
Provision for inventory obsolescence 563 8,477
Other (739) (634)
Changes in operating assets and liabilities:    
Accounts receivable 32,011 44,416
Inventories 20,849 48,506
Prepaid expenses and other current assets 8,497 8,351
Other assets 259 (466)
Accounts payable (31,096) (24,192)
Accrued expenses and other current liabilities and other non-current liabilities (12,280) (17,573)
Operating lease liabilities (1,403) (1,353)
Deferred revenue 3,398 3,118
Net cash and cash equivalents provided by operating activities 56,688 95,169
Cash flows from investing activities:    
Purchases of marketable securities (25,442) 0
Proceeds from maturities of marketable securities 25,440 0
Purchases of property and equipment, including capitalized software development costs (5,117) (7,741)
Net cash and cash equivalents used in investing activities (5,119) (7,741)
Cash flows from financing activities:    
Repurchases of common stock (10,795) (3,244)
Proceeds from exercise of stock options 0 55
Employee tax withholding payments on stock-based awards (2,408) (1,358)
Cash dividend (1,439) (75,531)
Net cash and cash equivalents used in financing activities (14,642) (80,078)
Effect of exchange rate on changes on cash and cash equivalents (122) 28
Net increase in cash and cash equivalents 36,805 7,378
Cash and cash equivalents at beginning of period 142,187 224,943
Cash and cash equivalents at end of period 178,992 232,321
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 0 0
Cash paid during the period for income taxes 151 115
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment included in accounts payable and accrued expenses and other current liabilities 1,786 2,027
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities 367 190
Stock-based compensation capitalized for software development costs 330 430
Dividends declared but unpaid $ 831 $ 0