v3.21.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 5,111 $ 3,332
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,944 6,475
Deferred taxes 1,457 1,592
Stock-based compensation 1,415 897
Loss on sale of a business entity and certain assets 0 7,536
Gain on sale of property and equipment 0 (1,127)
Earn-out obligation fair value adjustment 0 301
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables (2,787) (163)
Unbilled receivables (17,341) (2,041)
Inventories (28,910) (8,255)
Other current assets and noncurrent assets (10,306) 2,777
Accounts payable and deferred compensation 1,051 395
Accrued expenses and other current and noncurrent liabilities 7,999 (4,961)
Net cash (used in) provided by operating activities (36,367) 6,758
Cash flows from investing activities:    
Purchases of property and equipment (2,109) (724)
Proceeds from the sale of property and equipment 14 2,424
Proceeds from payments on notes receivable 412 427
Proceeds from the sale of a business entity and certain assets 0 20,700
Cash paid for acquisitions, net of cash acquired (14,785) 0
Net cash (used in) provided by investing activities (16,468) 22,827
Cash flows from financing activities:    
Borrowings on loan agreement 146,431 131,148
Repayments on loan agreement (144,257) (127,692)
Proceeds from issuance of common stock, net of underwriters' discounts and issuance costs 52,017 0
Earn-out obligation payments 0 (31,701)
Payments of taxes for equity transactions (390) (543)
Dividends paid (997) (988)
Net cash provided by (used in) financing activities 52,804 (29,776)
Net decrease in cash and cash equivalents (31) (191)
Cash and cash equivalents at beginning of period 378 734
Cash and cash equivalents at end of period 347 543
Supplemental disclosure of noncash investing and financing activities:    
Notes receivable from the sale of a business entity and certain assets $ 12,496 $ 7,461

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