Who is Williams Industrial

Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 1,928 $ 2,530
Adjustments to reconcile net income to net cash used in operating activities:    
Net (income) loss from discontinued operations (71) 166
Deferred income tax provision (benefit) (304) 55
Depreciation and amortization on plant, property and equipment 137 144
Amortization of deferred financing costs 623 546
Amortization of debt discount 150  
Gain on disposals of property, plant and equipment   (136)
Bad debt expense (123) 19
Stock-based compensation 2,579 1,703
Changes in operating assets and liabilities, net of businesses sold:    
Accounts receivable (11,896) (6,530)
Contract assets (4,824) (1,553)
Other current assets (5,113) (3,684)
Other assets (214) 1,619
Accounts payable 2,121 (8,914)
Accrued and other liabilities 6,628 7,290
Contract liabilities (39) 706
Net cash used in operating activities, continuing operations (8,418) (6,039)
Net cash used in operating activities, discontinued operations (348) (189)
Net cash used in operating activities (8,766) (6,228)
Investing activities:    
Purchase of property, plant and equipment (537) (88)
Net cash used in investing activities (537) (88)
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (501) (227)
Proceeds from issuance of common stock   6,488
Debt issuance costs   (325)
Proceeds from short-term borrowings 208,421 172,616
Repayments of short-term borrowings (204,101) (175,158)
Repayments of long-term debt (788) (350)
Net cash provided by financing activities 3,031 3,044
Effect of exchange rate changes on cash 112 (80)
Net change in cash, cash equivalents and restricted cash (6,160) (3,352)
Cash, cash equivalents and restricted cash, beginning of period 9,184 7,818
Cash, cash equivalents and restricted cash, end of period 3,024 4,466
Supplemental Disclosures:    
Cash paid for interest 2,781 2,900
Cash paid for income taxes, net of refunds $ 1,841  
Noncash amendment fee related to revolving credit facility   $ 150

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