Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
| Operating activities |
|
|
|
| Net income |
$ 34,716
|
$ 35,296
|
$ 59,497
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation expense |
3,379
|
1,798
|
1,686
|
| Amortization of intangible assets |
3,111
|
1,999
|
0
|
| Loss on disposal of property, plant, and equipment |
62
|
348
|
0
|
| Stock-based compensation |
8,262
|
4,096
|
4,467
|
| Amortization of debt issuance costs |
404
|
426
|
1,464
|
| Changes in assets and liabilities: |
|
|
|
| Receivables |
(21,148)
|
(24,646)
|
178
|
| Other assets |
1,537
|
(8,193)
|
3,455
|
| Accounts payable |
(11,733)
|
29,960
|
(4,346)
|
| Billings in excess of costs |
|
|
2,345
|
| Deferred taxes |
(6,772)
|
475
|
(35,321)
|
| Compensation and other employee benefits |
9,652
|
178
|
3,256
|
| Other liabilities |
6,087
|
(1,681)
|
(1,271)
|
| Net cash provided by operating activities |
27,557
|
40,056
|
35,410
|
| Investing activities |
|
|
|
| Purchases of capital assets |
(16,151)
|
(10,025)
|
(2,344)
|
| Proceeds from the disposition of assets |
5,400
|
33
|
0
|
| Acquisition of business, net of cash acquired |
(45,074)
|
(36,855)
|
0
|
| Net cash (used in) investing activities |
(55,825)
|
(46,847)
|
(2,344)
|
| Financing activities |
|
|
|
| Proceeds from issuance of long-term debt |
0
|
0
|
80,000
|
| Repayments of long-term debt |
(4,500)
|
(4,000)
|
(86,000)
|
| Proceeds from revolver |
333,500
|
207,000
|
42,500
|
| Repayments of revolver |
(333,500)
|
(207,000)
|
(42,500)
|
| Proceeds from exercise of stock options |
3,672
|
1,595
|
2,031
|
| Payment of debt issuance costs |
0
|
0
|
(1,844)
|
| Payments of employee withholding taxes on share-based compensation |
(1,068)
|
(880)
|
(1,317)
|
| Net cash (used in) financing activities |
(1,896)
|
(3,285)
|
(7,130)
|
| Exchange rate effect on cash |
(663)
|
(1,232)
|
3,866
|
| Net change in cash |
(30,827)
|
(11,308)
|
29,802
|
| Cash-beginning of year |
66,145
|
77,453
|
47,651
|
| Cash-end of year |
35,318
|
66,145
|
77,453
|
| Supplemental Disclosure of Cash Flow Information: |
|
|
|
| Interest paid |
6,229
|
4,973
|
5,886
|
| Income taxes paid |
4,511
|
11,588
|
4,802
|
| Purchase of capital assets on account |
$ 556
|
$ 1,128
|
$ 0
|