v3.22.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 13,792 $ (7,255)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,850 12,267
Deferred taxes (790) (3,872)
Stock-based compensation 2,675 2,256
Inventory valuation adjustment 1,094 24,420
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables (25,607) (17,558)
Unbilled receivables (9,428) (4,378)
Inventories (16,145) (45,157)
Other current assets and noncurrent assets 8,884 (16,693)
Accounts payable and deferred compensation (4,848) (8,017)
Accrued expenses and other current and noncurrent liabilities (2,615) 10,019
Net cash used in operating activities (20,138) (53,968)
Cash flows from investing activities:    
Purchases of property and equipment (2,746) (5,158)
Proceeds from the sale of property and equipment 0 14
Proceeds from payments on notes receivable 3,073 1,138
Cash paid for acquisitions, net of cash acquired 0 (14,785)
Net cash provided by (used in) investing activities 327 (18,791)
Cash flows from financing activities:    
Borrowings on loan agreement 236,194 258,497
Repayments on loan agreement (212,572) (234,976)
Proceeds from issuance of common stock 486 52,017
Earn-out obligation payments (1,000) 0
Payments of taxes for equity transactions (892) (681)
Dividends paid (2,552) (2,139)
Net cash provided by financing activities 19,664 72,718
Net decreases in cash and cash equivalents (147) (41)
Cash and cash equivalents at beginning of period 518 378
Cash and cash equivalents at end of period $ 371 $ 337

Source