v3.22.2.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 23,211 $ 1,766
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 19,277 18,996
Deferred taxes (779) (4,803)
Stock-based compensation 3,597 2,968
Inventory valuation adjustment 1,094 24,420
Loss on sale of PPE 0 (48)
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables (14,506) (9,321)
Unbilled receivables (12,202) (4,484)
Inventories (28,309) (66,518)
Other current assets and noncurrent assets 6,189 (18,912)
Accounts payable and deferred compensation (171) 17,955
Accrued expenses and other current and noncurrent liabilities (1,607) 7,458
Net cash used in operating activities (4,206) (30,523)
Cash flows from investing activities:    
Purchases of property and equipment (7,416) (7,606)
Proceeds from the sale of property and equipment 0 199
Proceeds from payments on notes receivable 4,235 1,550
Earn-out obligation payments 0 (750)
Cash paid for acquisitions, net of cash acquired 0 (53,232)
Net cash used in investing activities (3,181) (59,839)
Cash flows from financing activities:    
Borrowings on loan agreement 358,051 394,079
Repayments on loan agreement (345,554) (350,956)
Proceeds from issuance of common stock 486 52,017
Earn-out obligation payments (1,250) (808)
Payments of taxes for equity transactions (942) (681)
Dividends paid (3,832) (3,284)
Net cash provided by financing activities 6,959 90,367
Net (decrease) increase in cash and cash equivalents (428) 5
Cash and cash equivalents at beginning of period 518 378
Cash and cash equivalents at end of period 90 383
Supplemental disclosure of noncash investing and financing activities:    
Earn-out obligation in connection with acquisitions $ 0 $ (1,250)

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