v3.22.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 6,244 $ 5,111
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,547 5,944
Deferred taxes 1,177 1,457
Stock-based compensation 1,308 1,415
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables (7,371) (2,787)
Unbilled receivables 671 (17,341)
Inventories (9,321) (28,910)
Other current assets and noncurrent assets 6,158 (10,306)
Accounts payable and deferred compensation (20,997) 1,051
Accrued expenses and other current and noncurrent liabilities (2,590) 7,999
Net cash used in operating activities (18,174) (36,367)
Cash flows from investing activities:    
Purchases of property and equipment (1,269) (2,109)
Proceeds from the sale of property and equipment 0 14
Proceeds from payments on notes receivable 2,662 412
Cash paid for acquisitions, net of cash acquired 0 (14,785)
Net cash provided by (used in) investing activities 1,393 (16,468)
Cash flows from financing activities:    
Borrowings on loan agreement 112,071 146,431
Repayments on loan agreement (93,005) (144,257)
Proceeds from issuance of common stock, net of underwriters' discounts and issuance costs 0 52,017
Earn-out obligation payments (500) 0
Payments of taxes for equity transactions (530) (390)
Dividends paid (1,275) (997)
Net cash provided by financing activities 16,761 52,804
Net decreases in cash and cash equivalents (20) (31)
Cash and cash equivalents at beginning of period 518 378
Cash and cash equivalents at end of period $ 498 $ 347

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