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v3.22.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2022 | Mar. 31, 2021
OPERATING ACTIVITIES |  |
Net income | $ 380 | $ 3,067
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 4,899 | 5,958
Amortization of financing costs | 426 | 443
Mark to market (gain) on interest rate derivatives | (1,049) | (498)
Non-cash lease expense | (335) | (409)
(Recovery) provision for doubtful accounts | (219) | 17
Stock compensation expense | (1,174) | (1,444)
Undistributed (earnings) losses from equity investment, net of taxes | (416) | 247
Changes in operating assets and liabilities (excluding the effects of business acquisitions) |  |
Accounts receivable | 59,657 | 38,961
Inventory | (2,086) | (6,479)
Prepaid expenses, other current assets and other assets | (181) | 2,121
Accounts payable, accrued expenses and other liabilities | (50,021) | (10,746)
Income taxes payable | 1,175 | 2,156
NET CASH PROVIDED BY OPERATING ACTIVITIES | 13,404 | 36,282
INVESTING ACTIVITIES |  |
Acquisitions | 17,977 | 178
NET CASH USED IN INVESTING ACTIVITIES | (18,359) | (852)
FINANCING ACTIVITIES |  |
Payments for finance lease obligations | (9) | (45)
Payments of tax withholding for stock based compensation | (568) | (2,160)
Proceeds from the exercise of stock options | 233 | 184
Payments for Repurchase of Common Stock | (671) | 0
Cash dividends paid | (1,004) | (1,010)
NET CASH USED IN FINANCING ACTIVITIES | (8,155) | (40,794)
Effect of foreign exchange on cash | (26) | 42
DECREASE IN CASH AND CASH EQUIVALENTS | (13,136) | (5,322)
Cash and cash equivalents at beginning of period | 27,982 | 35,963
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 14,846 | 30,641
Net income | 380 | 3,067
Depreciation and amortization | 4,899 | 5,958
Amortization of financing costs | 426 | 443
Mark to market gain on interest rate derivatives | 1,049 | 498
Non-cash lease expense | (335) | (409)
(Recovery) provision for doubtful accounts | (219) | 17
Stock compensation expense | 1,174 | 1,444
Undistributed (earnings) losses from equity investment, net of taxes | (416) | 247
Increase (Decrease) in Accounts Receivable | (59,657) | (38,961)
Increase (Decrease) in Inventories | 2,086 | 6,479
Increase (Decrease) in Prepaid Expense and Other Assets | 181 | (2,121)
Accounts payable, accrued expenses and other liabilities | (50,021) | (10,746)
Income taxes payable | 1,175 | 2,156
NET CASH PROVIDED BY OPERATING ACTIVITIES | 13,404 | 36,282
Acquisitions | (17,977) | (178)
Net Cash Provided by (Used in) Investing Activities | (18,359) | (852)
Payments for finance lease obligations | 9 | 45
Payments Related to Tax Withholding for Share-based Compensation | 568 | 2,160
Proceeds from the exercise of stock options | 233 | 184
Payments for stock repurchase | 671 | 0
Cash dividends paid | 1,004 | 1,010
Net Cash Provided by (Used in) Financing Activities | (8,155) | (40,794)
Effect of foreign exchange on cash | (26) | 42
DECREASE IN CASH AND CASH EQUIVALENTS | (13,136) | (5,322)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 14,846 | 30,641
Revolving Credit Facility |  |
FINANCING ACTIVITIES |  |
Proceeds from revolving credit facility | 57,395 | 7,845
Repayments of term loan | (57,315) | (35,131)
Proceeds from revolving credit facility | 57,395 | 7,845
Repayments of Long-term Lines of Credit | 57,315 | 35,131
Term Loan |  |
FINANCING ACTIVITIES |  |
Repayments of term loan | (6,216) | (10,477)
Repayments of Long-term Lines of Credit | 6,216 | 10,477
Grupo Vasconia S.A.B. |  |
INVESTING ACTIVITIES |  |
Purchases of property and equipment | (382) | (674)
Payments to Acquire Property, Plant, and Equipment | $ 382 | $ 674

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