Who is Williams Industrial

Cash Flow

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income $ 2,530 $ 1,988
Adjustments to reconcile net income to net cash used in operating activities:    
Net (income) loss from discontinued operations 166 (670)
Deferred income tax provision (benefit) 55 (68)
Depreciation and amortization on plant, property and equipment 144 225
Amortization of deferred financing costs 546 462
Gain on disposals of property, plant and equipment (136)  
Bad debt expense 19 53
Stock-based compensation 1,703 1,114
Changes in operating assets and liabilities, net of businesses sold:    
Accounts receivable (6,530) (7,843)
Contract assets (1,553) (4,159)
Other current assets (3,684) (1,918)
Other assets 1,619 1,404
Accounts payable (8,914) 8,016
Accrued and other liabilities 7,290 (2,705)
Contract liabilities 706 2,039
Net cash used in operating activities, continuing operations (6,039) (2,062)
Net cash used in operating activities, discontinued operations (189) (350)
Net cash used in operating activities (6,228) (2,412)
Investing activities:    
Purchase of property, plant and equipment (88) (178)
Net cash used in investing activities (88) (178)
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 6,488  
Debt issuance costs (325)  
Proceeds from short-term borrowings 172,616 163,040
Repayments of short-term borrowings (175,158) (162,416)
Repayments of long-term debt (350) (350)
Net cash provided by financing activities 3,044 120
Effect of exchange rate change on cash (80)  
Net change in cash, cash equivalents and restricted cash (3,352) (2,470)
Cash, cash equivalents and restricted cash, beginning of period 7,818 4,942
Cash, cash equivalents and restricted cash, end of period 4,466 2,472
Supplemental Disclosures:    
Cash paid for interest 2,900 $ 3,527
Noncash amendment fee related to MidCap facility $ 150  

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