XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 14,991 $ 6,749
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for bad debts 524 (413)
Provision for obsolete inventory 27
Depreciation and amortization 11,558 11,458
Deferred income taxes (317) 2,126
Director stock compensation 142
Equity method loss (income) 22
Other non-cash adjustments 836 679
Changes in operating assets and liabilities:    
Trade accounts receivables (16,836) (3,952)
Inventories 2,078 (7,329)
Prepaid expenses (1,232) (425)
Other assets (1,279) (91)
Trade accounts payable and accrued expenses 8,621 (2,274)
Accrued interest expense 194 41
Taxes payable (1,787) (10,617)
Labor liabilities (327) (114)
Related parties 1,795 1,279
Contract assets and liabilities (9,793) (3,735)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 9,048 (6,449)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of investments 638 367
Acquisition of businesses (34,100) (6,000)
Purchase of investments (676) (662)
Acquisition of property and equipment (13,778) (4,889)
CASH USED IN INVESTING ACTIVITIES (47,916) (11,184)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from debt 36,656 9,067
Cash dividend (2,170) (1,359)
Proceeds from equity offering 36,478
Repayments of debt (17,661) (1,934)
CASH PROVIDED BY FINANCING ACTIVITIES 53,303 5,774
Effect of exchange rate changes on cash and cash equivalents 163 861
NET INCREASE (DECREASE) IN CASH 14,598 (10,998)
CASH - Beginning of period 33,040 40,923
CASH - End of period 47,638 29,925
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 9,529 9,074
Income Tax 8,369 5,517
NON-CASH INVESTING AND FINANCING ACTIVITES:    
Assets acquired under credit or debt 1,389 703
Gain in extinguishment of GM&P payment settlement $ 3,606