Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 1,420 $ 17,332 $ 1,361
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for doubtful accounts 77 791 37
Depreciation 10,363 9,740 7,940
Loss on disposal of and reserve adjustments for medical equipment 1,029 418 638
Gain on sale of medical equipment (2,545) (3,577) (1,453)
Amortization of intangible assets 4,262 4,285 4,402
Amortization of deferred debt issuance costs 151 17 37
Stock-based compensation 6,404 2,610 997
Deferred income taxes (153) (10,071) 104
Changes in assets - decrease/(increase):      
Accounts receivable 829 (2,631) (1,560)
Inventories (864) (102) (645)
Other current assets (133) (740) (290)
Other assets (161) (186) (129)
Changes in liabilities - (decrease)/increase:      
Accounts payable and other liabilities (2,363) 2,394 2,436
NET CASH PROVIDED BY OPERATING ACTIVITIES 18,316 20,280 13,875
INVESTING ACTIVITIES      
Acquisitions of businesses (7,976) 0 0
Purchase of medical equipment (15,676) (15,820) (19,669)
Purchase of property and equipment (980) (1,094) (2,926)
Proceeds from sale of medical equipment, property and equipment 3,317 4,752 2,952
NET CASH USED IN INVESTING ACTIVITIES (21,315) (12,162) (19,643)
FINANCING ACTIVITIES      
Principal payments on long-term debt (81,660) (37,180) (4,868)
Cash proceeds from long-term debt 76,191 37,587 9,436
Debt issuance costs (386) 0 (6)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (1,172) (1,714) (717)
Common stock repurchased as part of share repurchase program (560) 0 0
Cash proceeds from stock plans 1,124 190 252
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (6,463) (1,117) 4,097
Net change in cash and cash equivalents (9,462) 7,001 (1,671)
Cash and cash equivalents, beginning of period 9,648 2,647 4,318
Cash and cash equivalents, end of period 186 9,648 2,647
SUPPLEMENTAL DISCLOSURES      
Cash paid for interest 1,113 1,214 1,705
Cash paid for income taxes 171 102 111
NON-CASH TRANSACTIONS      
Additions to medical equipment and property [1] 1,590 793 2,773
Additions to contingent consideration [2] 750 0 0
Additions to cash proceeds from stock plans [3] $ 36 $ 0 $ 0
[1] Amounts consist of current liabilities for medical equipment and property that have not been included in investing activities. These amounts have not been paid for as of December 31, 2021, 2020 and 2019, respectively, but will be included as a cash outflow from investing activities for purchases of medical equipment and property when paid.
[2] Amount consists of current liabilities for contingent consideration that have not been included in financing activities. These amounts have not been paid for as of December 31, 2021, but will be included as a cash outflow from financing activities for contingent consideration when paid.
[3] Amount consists of receivables for cash proceeds from stock plans that have not been included in financing activities. These amounts have not been received as of December 31, 2021, but will be included as a cash inflow from financing activities for cash proceeds from stock plans when received.