Who is Williams Industrial

Cash Flow

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities:    
Net income $ 1,538 $ 2,186
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Net (income) loss from discontinued operations 445 (1,164)
Deferred income tax provision (benefit) 242 (484)
Depreciation and amortization on plant, property and equipment 187 301
Amortization of deferred financing costs 1,536 615
Gain on disposals of property, plant and equipment (104)  
Debt extinguishment expenses 1,211  
Bad debt expense (351) 237
Stock-based compensation 2,546 1,698
Changes in operating assets and liabilities, net of businesses acquired and sold:    
Accounts receivable 11,107 (15,675)
Contract assets (699) 1,001
Other current assets (3,903) (743)
Other assets 3,972 1,613
Accounts payable (10,438) 13,697
Accrued and other liabilities 4,532 (6,704)
Contract liabilities (176) (579)
Net cash provided by (used in) operating activities, continuing operations 11,645 (4,001)
Net cash provided by (used in) operating activities, discontinued operations (464) 162
Net cash provided by (used in) operating activities 11,181 (3,839)
Investing activities:    
Purchase of property, plant and equipment (117) (242)
Net cash used in investing activities, continuing operations (117) (242)
Net cash used in investing activities (117) (242)
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (227) (154)
Proceeds from issuance of common stock 6,489  
Debt issuance costs (4,200)  
Debt refinancing costs and original issue discount (2,003)  
Proceeds from short-term borrowings 262,695 223,958
Repayments of short-term borrowings (273,192) (216,383)
Proceeds from long-term debt 35,000  
Repayments of long-term debt (34,388) (525)
Net cash provided by (used in) financing activities, continuing operations (9,826) 6,896
Net cash provided by (used in) financing activities (9,826) 6,896
Effect of exchange rate change on cash, continuing operations 128 61
Effect of exchange rate change on cash 128 61
Net change in cash, cash equivalents and restricted cash 1,366 2,876
Cash, cash equivalents and restricted cash, beginning of year 7,818 4,942
Cash, cash equivalents and restricted cash, end of year 9,184 7,818
Supplemental Disclosures:    
Cash paid for interest 4,316 4,697
Noncash fee related to revolving debt facility $ 150 $ 100

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