Who is Williams Industrial

Cash Flow

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net income $ 1,504 $ 2,308
Adjustments to reconcile net income to net cash used in operating activities:    
Net (income) loss from discontinued operations 76 (627)
Deferred income tax provision (benefit) 41 (20)
Depreciation and amortization on plant, property and equipment 92 148
Amortization of deferred financing costs 365 308
Bad debt expense 3 89
Stock-based compensation 1,122 891
Changes in operating assets and liabilities, net of businesses sold:    
Accounts receivable (9,260) (4,945)
Contract assets (3,458) (3,874)
Other current assets (981) (512)
Other assets (591) 1,124
Accounts payable (5,235) 7,148
Accrued and other liabilities 6,586 (2,738)
Contract liabilities 491 19
Net cash (used in) operating activities, continuing operations (9,245) (681)
Net cash (used in) operating activities, discontinued operations (141) (344)
Net cash (used in) operating activities (9,386) (1,025)
Investing activities:    
Purchase of property, plant and equipment (89) (161)
Net cash (used in) investing activities, continuing operations (89) (161)
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (218) (121)
Proceeds from issuance of common stock 6,488  
Debt issuance costs (325)  
Proceeds from short-term borrowings 114,796 110,746
Repayments of short-term borrowings (114,242) (110,378)
Repayments of long-term debt (175) (175)
Net cash provided by financing activities, continuing operations 6,324 72
Effect of exchange rate change on cash, continuing operations (149)  
Net change in cash, cash equivalents and restricted cash (3,300) (1,114)
Cash, cash equivalents and restricted cash, beginning of period 7,818 4,942
Cash, cash equivalents and restricted cash, end of period 4,518 3,828
Supplemental Disclosures:    
Cash paid for interest 1,811 $ 2,355
Noncash amendment fee related to MidCap facility $ 150  

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