v3.21.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 1,766 $ (11,184)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 18,996 18,213
Deferred taxes (4,803) (2,089)
Stock-based compensation 2,968 1,723
Inventory valuation adjustment 24,420 0
Loss on sale of a business entity and certain assets 0 8,214
Gain on sale of property and equipment (48) (928)
Goodwill and intangible asset impairment 0 33,734
Earn-out obligation fair value adjustment 0 (3,094)
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables (9,321) 4,068
Unbilled receivables (4,484) 15,099
Inventories (66,518) (27,566)
Other current assets and noncurrent assets (18,912) (2,119)
Accounts payable and deferred compensation 17,955 (3,290)
Accrued expenses and other current and noncurrent liabilities 7,458 4,454
Net cash (used in) provided by operating activities (30,523) 35,235
Cash flows from investing activities:    
Purchases of property and equipment (7,606) (2,956)
Proceeds from the sale of property and equipment 199 2,847
Proceeds from payments on notes receivable 1,550 838
Proceeds from the sale of a business entity and certain assets 0 19,915
Payment for Contingent Consideration Liability, Investing Activities (750) 0
Cash paid for acquisitions, net of cash acquired (53,232) 0
Net cash (used in) provided by investing activities (59,839) 20,644
Cash flows from financing activities:    
Borrowings on loan agreement 394,079 340,679
Repayments on loan agreement (350,956) (360,794)
Proceeds from issuance of common stock, net of underwriters' discounts and issuance costs 52,017 0
Earn-out obligation payments 0 (31,701)
Payment of debt financing costs (808) (636)
Payments of taxes for equity transactions (681) (635)
Dividends paid (3,284) (2,975)
Net cash provided by (used in) financing activities 90,367 (56,062)
Net increase (decrease) in cash and cash equivalents 5 (183)
Cash and cash equivalents at beginning of period 378 734
Cash and cash equivalents at end of period 383 551
Supplemental disclosure of noncash investing and financing activities:    
Notes receivable from the sale of a business entity and certain assets 0 13,129
Earn-out obligation in connection with acquisitions $ 1,250 $ 0

Source