Who is Williams Industrial

Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income $ 1,190 $ 1,504
Adjustments to reconcile net income to net cash used in operating activities:    
Net (income) loss from discontinued operations (127) 76
Deferred income tax provision (benefit) (25) 41
Depreciation and amortization on plant, property and equipment 87 92
Amortization of deferred financing costs 415 365
Amortization of debt discount 100  
Bad debt expense (51) 3
Stock-based compensation 1,460 1,122
Changes in operating assets and liabilities, net of businesses sold:    
Accounts receivable (3,040) (9,260)
Contract assets (4,268) (3,458)
Other current assets (1,561) (981)
Other assets (175) (591)
Accounts payable 1,546 (5,235)
Accrued and other liabilities 4,432 6,586
Contract liabilities (1,246) 491
Net cash used in operating activities, continuing operations (1,263) (9,245)
Net cash used in operating activities, discontinued operations (139) (141)
Net cash used in operating activities (1,402) (9,386)
Investing activities:    
Purchase of property, plant and equipment (418) (89)
Net cash used in investing activities (418) (89)
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (501) (218)
Proceeds from issuance of common stock   6,488
Debt issuance costs   (325)
Proceeds from short-term borrowings 140,194 114,796
Repayments of short-term borrowings (138,482) (114,242)
Repayments of long-term debt (525) (175)
Net cash provided by financing activities 686 6,324
Effect of exchange rate changes on cash 128 (149)
Net change in cash, cash equivalents and restricted cash (1,006) (3,300)
Cash, cash equivalents and restricted cash, beginning of period 9,184 7,818
Cash, cash equivalents and restricted cash, end of period 8,178 4,518
Supplemental Disclosures:    
Cash paid for interest 1,887 1,811
Cash paid for income taxes, net of refunds $ 1,553  
Noncash amendment fee related to revolving credit facility   $ 150

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