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, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 872 $ 18 $ 1,420
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for doubtful accounts (261) 87 77
Depreciation 11,518 10,866 10,363
Loss on disposal of and reserve adjustments for medical equipment 1,726 1,933 1,029
Gain on sale of medical equipment (2,887) (2,183) (2,545)
Amortization of intangible assets 990 2,494 4,262
Amortization of deferred debt issuance costs 120 73 151
Stock-based compensation 4,074 3,825 6,404
Deferred income taxes 633 19 (153)
Changes in assets - (increase)/decrease:      
Accounts receivable (2,363) (1,153) 829
Inventories (1,581) (882) (864)
Other current assets (1,235) (387) (133)
Other assets (2,798) (135) (161)
Changes in liabilities - increase/(decrease):      
Accounts payable and other liabilities 2,415 2,942 (2,363)
NET CASH PROVIDED BY OPERATING ACTIVITIES 11,223 17,517 18,316
INVESTING ACTIVITIES      
Acquisition of business 0 0 (7,976)
Purchase of medical equipment (10,093) (14,094) (15,676)
Purchase of property and equipment (1,024) (982) (980)
Proceeds from sale of medical equipment, property and equipment 4,383 3,598 3,317
NET CASH USED IN INVESTING ACTIVITIES (6,734) (11,478) (21,315)
FINANCING ACTIVITIES      
Principal payments on long-term debt (55,499) (42,035) (81,660)
Cash proceeds from long-term debt 51,552 42,022 76,191
Debt issuance costs (229) 0 (386)
Cash payment of contingent consideration 0 (750) 0
Common stock repurchased as part of share repurchase program (153) (5,459) (560)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (1,158) (1,193) (1,172)
Cash proceeds from exercise of options and ESPP 1,064 1,355 1,124
NET CASH USED IN FINANCING ACTIVITIES (4,423) (6,060) (6,463)
Net change in cash and cash equivalents 66 (21) (9,462)
Cash and cash equivalents, beginning of period 165 186 9,648
Cash and cash equivalents, end of period 231 165 186
SUPPLEMENTAL DISCLOSURES      
Cash paid for interest 2,052 1,310 1,113
Cash paid for income taxes 213 153 171
NON-CASH TRANSACTIONS      
Additions to medical equipment and property [1] 249 1,902 1,590
Additions to contingent consideration [2] 0 0 750
Additions to cash proceeds from stock plans [3] $ 0 $ 0 $ 36
[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, 2023, 2022 and 2021, 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 was 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 was included as a cash inflow from financing activities for cash proceeds from stock plans when received.