Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net (loss) income [1] $ (6,611) $ 9,117
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization [1] 5,945 6,247
Amortization of debt issuance cost [1] 332 213
Deferred taxes [1] (3,763) 540
Stock-based compensation [1] 2,498 2,081
Impairment and loss on sale of business segment [1] 16,867 0
Loss on sale of property and equipment [1] 421 0
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables [1] (24,604) (9,801)
Contract assets [1] 7,823 2,423
Inventories [1] (19,911) (33,230)
Other current assets and other assets [1] (17,381) 1,409
Operating lease assets and liabilities, net [1] (166) 68
Accounts payable and deferred compensation [1] (25,676) (18,257)
Accrued expenses and other liabilities [1] (14,834) (9,484)
Net cash used in operating activities [1] (79,060) (48,674)
Cash flows from investing activities:    
Purchases of property and equipment [1] (7,729) (2,840)
Proceeds from the sale of business segment [1] 41,137 0
Cash paid for acquisitions, net of cash acquired [1] 0 (11,754)
Net cash provided (used) in investing activities [1] 33,408 (14,594)
Cash flows from financing activities:    
Borrowings on bank credit facilities [1] 211,082 176,751
Repayments on bank credit facilities [1] (159,135) (111,363)
Proceeds from issuance of common stock [1] 0 248
Payment of taxes for equity transactions [1] (2,079) (1,031)
Dividends paid [1] (1,577) (1,283)
Net cash provided by financing activities [1] 48,291 63,322
Net increase in cash and cash equivalents [1] 2,639 54
Cash and cash equivalents, beginning of period [1] 7,930 478
Cash and cash equivalents, end of period [1] $ 10,569 $ 532
[1]
(a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.