Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 18 $ 1,420 $ 17,332
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for doubtful accounts 87 77 791
Depreciation 10,866 10,363 9,740
Loss on disposal of and reserve adjustments for medical equipment 1,933 1,029 418
Gain on sale of medical equipment (2,183) (2,545) (3,577)
Amortization of intangible assets 2,494 4,262 4,285
Amortization of deferred debt issuance costs 73 151 17
Stock-based compensation 3,825 6,404 2,610
Deferred income taxes 19 (153) (10,071)
Changes in assets - (increase)/decrease:      
Accounts receivable (1,153) 829 (2,631)
Inventories (882) (864) (102)
Other current assets (387) (133) (740)
Other assets (135) (161) (186)
Changes in liabilities - increase/(decrease):      
Accounts payable and other liabilities 2,942 (2,363) 2,394
NET CASH PROVIDED BY OPERATING ACTIVITIES 17,517 18,316 20,280
INVESTING ACTIVITIES      
Acquisition of business 0 (7,976) 0
Purchase of medical equipment (14,094) (15,676) (15,820)
Purchase of property and equipment (982) (980) (1,094)
Proceeds from sale of medical equipment, property and equipment 3,598 3,317 4,752
NET CASH USED IN INVESTING ACTIVITIES (11,478) (21,315) (12,162)
FINANCING ACTIVITIES      
Principal payments on long-term debt (42,035) (81,660) (37,180)
Cash proceeds from long-term debt 42,022 76,191 37,587
Debt issuance costs 0 (386) 0
Cash payment of contingent consideration (750) 0 0
Common stock repurchased as part of share repurchase program (5,459) (560) 0
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (1,193) (1,172) (1,714)
Cash proceeds from stock plans 1,355 1,124 190
NET CASH USED IN FINANCING ACTIVITIES (6,060) (6,463) (1,117)
Net change in cash and cash equivalents (21) (9,462) 7,001
Cash and cash equivalents, beginning of period 186 9,648 2,647
Cash and cash equivalents, end of period 165 186 9,648
SUPPLEMENTAL DISCLOSURES      
Cash paid for interest 1,310 1,113 1,214
Cash paid for income taxes 153 171 102
NON-CASH TRANSACTIONS      
Additions to medical equipment and property [1] 1,902 1,590 793
Additions to contingent consideration [2] 0 750 0
Additions to cash proceeds from stock plans [3] $ 0 $ 36 $ 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, 2022, 2021 and 2020, 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.