Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Cash flows provided by operating activities |
|
|
| Net income (loss) |
$ (4,002,000)
|
$ 127,000
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
5,644,000
|
6,249,000
|
| Change in fair value of earn-out liabilities |
|
(1,522,000)
|
| Equity-based compensation |
(669,000)
|
558,000
|
| Deferred expense from income taxes |
328,000
|
|
| Amortized interest on deferred debt issuance costs |
164,000
|
178,000
|
| Increase in allowance for doubtful accounts |
243,000
|
21,000
|
| Gain on disposal of property and equipment, net |
(5,000)
|
(11,000)
|
| Other |
(65,000)
|
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
3,219,000
|
2,335,000
|
| Inventories |
(2,154,000)
|
235,000
|
| Prepaid expenses and other current assets |
68,000
|
(887,000)
|
| Other assets |
(441,000)
|
73,000
|
| Accounts payable |
3,983,000
|
2,282,000
|
| Accrued expenses and other current liabilities |
3,292,000
|
897,000
|
| Income taxes receivable |
(2,252,000)
|
428,000
|
| Customer deposit |
474,000
|
(530,000)
|
| Other long-term liabilities |
|
118,000
|
| Net cash provided by operating activities |
7,827,000
|
10,551,000
|
| Cash flows used in investing activities |
|
|
| Purchase of property and equipment |
(1,371,000)
|
(1,880,000)
|
| Proceeds from disposal of property and equipment |
15,000
|
9,000
|
| Net cash used in investing activities |
(1,356,000)
|
(16,533,000)
|
| Cash flows provided by financing activities |
|
|
| Proceeds from ERP financing |
376,000
|
|
| Proceeds from (payments on) line of credit, net |
26,934,000
|
(7,119,000)
|
| Proceeds from term loan |
|
11,500,000
|
| Term loan deferred issuance costs |
(230,000)
|
|
| Purchase of treasury stock |
(655,000)
|
|
| Payments on notes payable and capital leases |
(705,000)
|
(388,000)
|
| Principal payments on long-term debt |
(264,000)
|
(263,000)
|
| Net cash provided by financing activities |
25,456,000
|
3,730,000
|
| Net increase (decrease) in cash |
31,927,000
|
(2,252,000)
|
| Cash (and restricted cash in 2019), beginning of period |
5,002,000
|
9,362,000
|
| Cash, end of period |
36,929,000
|
7,110,000
|
| Supplemental disclosures of cash flow information |
|
|
| Cash paid for interest |
3,585,000
|
3,916,000
|
| Cash paid for income taxes |
59,000
|
1,000
|
| Supplemental disclosures of non-cash investing activities |
|
|
| Acquisition |
581,000
|
1,003,000
|
| Intown Design Inc. |
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Change in fair value of earn-out liabilities |
$ 0
|
0
|
| Cash flows used in investing activities |
|
|
| Acquisition of business, net of cash acquired |
|
(10,662,000)
|
| Supplemental disclosures of non-cash investing activities |
|
|
| Earn-out estimate price |
|
2,468,000
|
| Accrued purchase price true-up liability |
|
844,000
|
| Greencraft Holdings, LLC. |
|
|
| Cash flows used in investing activities |
|
|
| Acquisition of business, net of cash acquired |
|
(3,000,000)
|
| Elegant Home Design, LLC |
|
|
| Cash flows used in investing activities |
|
|
| Acquisition of business, net of cash acquired |
|
$ (1,000,000)
|