Advanced Emissions Solutions, Inc. (NASDAQ:ADES) (the "Company" or
"ADES") today filed its Annual Report on Form 10-K and reported
financial results for the fourth quarter and full year ended
December 31, 2017, including information about its equity
investment in Tinuum Group, LLC ("Tinuum Group") and Tinuum
Services, LLC ("Tinuum Services") (collectively "Tinuum"), of which
ADES owns 42.5% and 50%, respectively.
Tinuum & Refined Coal (“RC”)
Highlights• Tinuum distributions to ADES were
$16.5 million for the fourth quarter, up 12% from the prior year
quarter, and $53.5 million for full year 2017, a 16% year-over-year
increase• Royalty earnings from Tinuum Group were $3.2
million for the fourth quarter and $9.7 million for full year 2017,
year-over-year increases of 47% and 58%, respectively• Tinuum
Group invested tonnage was 13.3 million for the fourth quarter and
46.9 million for full year 2017• RC Segment operating income
was $59.9 million for full year 2017, an increase of $8.6 million,
or 17%, from full year 2016• Based on invested RC facilities
as of December 31, 2017, the Company reaffirms its recently
updated expected future net RC cash flows to ADES to be between
$275 million and $300 million through year end 2021• As
previously announced, during November 2017, Tinuum Group completed
a sale to a third-party investor of two RC projects at coal-burning
power plants that have each historically burned in excess of 3.5
million tons of coal per year and are royalty bearing to ADES, thus
increasing the number of invested facilities to 17
ADES Consolidated
Highlights• Recognized consolidated revenue of
$0.5 million during the fourth quarter and $35.7 million for full
year 2017• General and administrative operating costs
(i.e., non-cost of revenue expenses) were $4.2 million for the
fourth quarter and $17.6 million for full year 2017; a reduction of
over 22% and 35%, respectively, from the comparable periods in
2016 • Consolidated net income was $7.0 million for the
fourth quarter and $27.9 million for full year 2017; pretax income
was $18.5 million for the fourth quarter and $52.0 million for full
year 2017• The Company recorded income tax expense of $11.5
million and $24.2 million during the fourth quarter and full year,
respectively, driven by federal and state taxes, including the
effects of the Tax Cuts and Jobs Act (the "Tax Act") •
Ended 2017 with a cash balance of $30.7 million, an increase of
$3.9 million since September 30, 2017• Returned $32.1 million
to shareholders in 2017 through capital allocation initiatives
L. Heath Sampson, President and CEO of ADES
commented, “At the beginning of 2017, we laid out a comprehensive
set of goals and priorities for the Company. Among these priorities
were: 1) the continued focus on helping Tinuum obtain tax equity
investors for its remaining RC facilities; 2) completing the
remaining EC equipment contracts on time, on schedule and on
budget; 3) capturing an increased share of the mercury control
consumables market and building out the viability of our chemicals
business; 4) evaluating potential M&A opportunities within the
fossil fuel power market; and 5) executing our capital allocation
program to distribute and create value for our shareholders. First,
we assisted Tinuum in obtaining tax equity investors for four
additional RC facilities and completed equipment contracts of our
legacy EC business on time, on schedule and on budget.
Although the mercury control market has proven to be more
competitive than we originally expected as we continue to witness
broad pricing decreases due to over supply, and the uptake of our
emerging specialty chemicals business was slower than we had
anticipated, we did see higher full-year chemicals revenue
year-over-year. As a team and with our advisors, we evaluated
several potential acquisition opportunities, but remained
disciplined, not finding companies that met our explicitly-stated
criteria at a value we deemed appropriate. Finally, we
returned over $32 million to shareholders in 2017 through ADES'
first ever recurring quarterly dividend, our ongoing open-market
buyback program and a successful modified Dutch tender offer.”
Sampson continued, “The fourth
quarter, marked by one of the highest amounts of Tinuum
distributions to ADES and the navigation of an uncertain tax reform
environment, was an affirmation of our RC business and the critical
role that Tinuum’s refined coal facilities play in the advancement
of the U.S.’s clean energy needs. The year was also highlighted by
the IRS issuance of the technical advice memorandum in the spring
combined with many of the other political and tax headwinds being
lifted from the coal industry. These favorable dynamics resulted in
both higher royalties and distributions from Tinuum as well as a
strengthened pipeline of potential tax-equity investors. In
addition, despite recent contract wins within the EC business, we
concluded the growth and ultimate potential of our existing product
offerings in power plant emissions control are not large enough as
a standalone set of products due to the smaller-than-estimated
North American market and undeveloped international market.
Therefore, we are updating our priorities to support Tinuum, while
maintaining the longer-term option to monetize our tax assets and
public platform. Our chemical technologies and knowledge are
important to the future of refined coal; as such, we will
opportunistically reduce expenses, and appropriately allocate
resources from EC and corporate to be more focused on supporting
refined coal. Additionally, we will be strategic in our pursuit of
the deployment of chemical revenues to cover a portion of our
expenses and maintain the assets for other strategic
alternatives.”
Fourth Quarter & Full Year
Results
Fourth quarter revenues and costs of revenues
were $0.5 million and $0.6 million, compared with $3.6 million and
$3.5 million respectively, in the fourth quarter of 2016. Full year
2017 revenues and costs of revenues were $35.7 million and $31.9
million, compared with $50.6 million and $39.8 million,
respectively, for full year 2016. The decrease in revenues during
both the fourth quarter and full year 2017 was primarily the result
of the expected completion of fewer equipment contracts as the
regulatory deadline for compliance has passed, partially offset by
an overall increase in chemical sales.
Fourth quarter other operating expenses were
$4.2 million, a decrease of 22% compared to $5.4 million in the
fourth quarter of 2016. Full year other operating expenses were
$17.6 million, a decrease of 35% compared to $26.9 million for full
year 2016. The decreases during both the fourth quarter and full
year 2017 were primarily the result of cost containment
initiatives. The full year results were also positively impacted by
the conclusion of our restatement efforts in the first half of
2016.
Fourth quarter earnings from equity method
investments were $17.8 million, compared to $15.5 million for the
fourth quarter of 2016. Full year earnings from equity method
investments were $53.8 million, compared to $45.6 million for full
year 2016.
Fourth quarter royalty earnings from Tinuum
Group were $3.2 million, compared to $2.2 million for the fourth
quarter of 2016. Full year royalty earnings from Tinuum Group were
$9.7 million, compared to $6.1 million for full year 2016. Both
fourth quarter and full year 2017 increases were the result of an
increase in invested RC facilities, RC tonnage and royalty earnings
per ton.
Fourth quarter interest expense was $1.0
million, compared to $0.6 million for the fourth quarter of 2016.
Full year interest expense was $3.0 million, compared to $5.1
million for full year 2016. The fourth quarter increase from 2016
is a result of an increase in 453A interest expense due to an
increase in invested RC facilities. The full year decrease from
2016 was the result of the payoff of a credit facility during June
2016.
Income tax expense for the fourth quarter was $11.5 million,
compared to a benefit of $61.7 million for the fourth quarter of
2016. The full year tax expense was $24.2 million, compared to a
benefit of $60.9 million for full year 2016. The full year 2017
impacts were the result of statutory federal and state taxes of
$19.9 million as well as the incremental impacts of the Tax Act of
$5.8 million.
Net income for the fourth quarter was $7.0
million, compared to net income of $75.8 million for the fourth
quarter of 2016. Net income for the full year was $27.9 million,
compared to net income of $97.7 million for full year 2016.
The decrease in net income for both the fourth quarter and the full
year 2017 was primarily driven by the release of a portion of our
previously recorded deferred tax asset valuation allowance in the
fourth quarter of 2016, offset by higher equity income from the RC
business and significantly reduced operating expenses.
As of December 31, 2017, the Company had cash
and cash equivalents of $30.7 million, an increase of 132% compared
to $13.2 million as of December 31, 2016, including the impact of
capital allocation initiatives of $32.1 million. The Company also
had no current or long-term restricted cash as of December 31,
2017, compared to $13.7 million as of December 31, 2016.
Tax Reform
There were a number of significant changes
within the recently enacted Tax Act. Overall, the final Tax Act
reinforced tax credits derived from the production and sale of
refined coal, which is critical to Tinuum Group. The impact of the
Base Erosion Anti-Abuse Tax (“BEAT”) has some ambiguity, but
importantly, investors that are impacted by BEAT are still able to
appropriately use refined coal tax credits; however, their margin
related to those credits may be impacted. Further, lower corporate
tax rates reduce the total project margins available in a refined
coal transaction as the expenses of the projects are worth less in
tax benefits. However, we believe the Tax Act eliminates the market
uncertainty of what tax reform would bring. It provides additional
clarity to the large majority of potential investors in Tinuum's
pipeline, and has the potential to open up new prospective
tax-equity investors in Tinuum’s ongoing focus to lease or sell its
remaining refined coal facilities.
The Company's assessment and accounting for the
income tax effects of the Tax Act affecting its consolidated
financial statements is generally complete, subject to continued
evaluation during 2018, and as such, the Company recorded an
adjustment to its recorded deferred tax assets and deferred tax
liabilities from 35 percent to 21 percent as of the effective date
of the Tax Act. Accordingly, the Company recorded a reduction
of $5.8 million to its net deferred tax assets with a corresponding
entry to deferred tax expense for the year ended December 31, 2017
for those temporary differences expected to reverse. Additionally,
due to changes to forecasts of future utilization of deferred tax
assets related to the effects of the Tax Act, somewhat offset by
the positive impacts of additional invested RC facilities, the
Company decreased its deferred tax asset valuation allowance by
$0.5 million as of December 31, 2017.
2018 Outlook
Sampson added, “We enter 2018 with growing
confidence in both our pipeline of potential RC tax equity
investors and the strength of projected cash flows that our
currently invested RC facilities will provide. These strong,
predictable cash flows will continue to support our capital
allocation plan, which includes the ongoing focus on delivering
shareholder value through our dividend program and opportunistic
share buybacks. We believe the passage of tax reform in late
December provides supportive clarity for our RC segment and, in
addition to obtaining tax equity investors for two RC facilities in
November 2017, has reaffirmed our recently updated expected future
cash flows at ADES from our Tinuum investments, net of taxes and
applicable interest charges as of December 31, 2017, to a range
between $275 million and $300 million through 2021. This is
an increase of over 20% compared to our prior forecast at the end
of September 2017.”
Conference Call and Webcast Information
The Company has scheduled a conference call to begin at 9:00
a.m. Eastern Time on Tuesday, March 13, 2018. The conference
call will be webcast live via the Investor section of ADES's
website at www.advancedemissionssolutions.com. Interested parties
may also participate in the call by dialing (833) 227-5845
(Domestic) or (647) 689-4072 (International) conference ID 8970009.
A supplemental investor presentation will be available on the
Company's investor relations website prior to the start of the
conference call.
About Advanced Emissions Solutions,
Inc.Advanced Emissions Solutions, Inc. serves as the
holding entity for a family of companies that provide emissions
solutions to customers in the power generation and other
industries.ADA-ES, Inc. (“ADA”) is a wholly-owned subsidiary of
Advanced Emissions Solutions, Inc. (“ADES”) that provides emissions
control solutions for coal-fired power generation and industrial
boiler industries. With more than 25 years of experience developing
advanced mercury control solutions, ADA delivers proprietary
environmental technologies, equipment and specialty chemicals that
enable coal-fueled boilers to meet emissions regulations. These
solutions enhance existing air pollution control equipment,
maximizing capacity and improving operating efficiencies. Our track
record includes securing more than 40 US and international patents
for emissions control technology and systems and selling the most
activated carbon injection systems for power plant mercury control
in North America. For more information on ADA, and its products and
services, visit www.adaes.com. Tinuum Group, LLC
(“Tinuum Group”) is a 42.5% owned joint venture by ADA that
provides ADA’s patented Refined Coal (“RC”) CyClean™ technology to
enhance combustion of and reduce emissions of NOx and mercury from
coals in cyclone boilers and ADA’s patented M-45™ and M-45-PC™
technologies for Circulating Fluidized Bed boilers and Pulverized
Coal boilers respectively.
Caution on Forward-Looking StatementsThis press
release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, which provides
a “safe harbor” for such statements in certain circumstances. The
forward-looking statements include projection on future RC cash
flows, and expectations about potential transactions with
tax-equity investors, planned expense reduction initiatives, as
well as future acquisition activity. These forward-looking
statements involve risks and uncertainties. Actual events or
results could differ materially from those discussed in the
forward-looking statements as a result of various factors
including, but not limited to, timing of new and pending
regulations and any legal challenges to or extensions of compliance
dates of them; the US government’s failure to promulgate
regulations or appropriate funds that benefit our business; changes
in laws and regulations, accounting rules, prices, economic
conditions and market demand; impact of competition; availability,
cost of and demand for alternative energy sources and other
technologies; technical, start up and operational difficulties;
failure of the RC facilities to produce RC; inability to sell or
lease additional RC facilities; termination of or amendments to the
contracts for sale or lease of RC facilities; decreases in the
production of RC; inability to commercialize our technologies on
favorable terms; our liability to identify and complete appropriate
acquisition opportunities; loss of key personnel; potential claims
from any terminated employees, customers or vendors; failure to
satisfy performance guarantees; availability of materials and
equipment for our businesses; intellectual property infringement
claims from third parties; as well as other factors relating to our
business, as described in our filings with the SEC, with particular
emphasis on the risk factor disclosures contained in those filings.
You are cautioned not to place undue reliance on the
forward-looking statements and to consult filings we have made and
will make with the SEC for additional discussion concerning risks
and uncertainties that may apply to our business and the ownership
of our securities. The forward-looking statements speak only as to
the date of this press release.
Source: Advanced Emissions Solutions, Inc.
Investor Contact:
Alpha IR GroupChris Hodges or Ryan
Coleman312-445-2870ADES@alpha-ir.com
TABLE 1
Advanced Emissions Solutions, Inc. and
SubsidiariesConsolidated Balance Sheets |
|
|
As of December 31, |
|
(in thousands, except
share data) |
2017 |
|
2016 |
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
30,693 |
|
|
$ |
13,208 |
|
Restricted cash |
|
— |
|
|
13,736 |
|
Receivables, net |
|
1,113 |
|
|
8,648 |
|
Receivables, related party |
|
3,247 |
|
|
1,934 |
|
Prepaid
expenses and other assets |
|
1,835 |
|
|
1,382 |
|
Total
current assets |
|
36,888 |
|
|
38,908 |
|
Property and equipment,
net of accumulated depreciation of $1,486 and $2,920,
respectively |
|
410 |
|
|
735 |
|
Equity method
investments |
|
4,351 |
|
|
3,959 |
|
Deferred tax
assets |
|
38,661 |
|
|
61,396 |
|
Other assets |
|
2,308 |
|
|
2,298 |
|
Total
Assets |
|
$ |
82,618 |
|
|
$ |
107,296 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
1,000 |
|
|
$ |
1,920 |
|
Accrued
payroll and related liabilities |
|
1,384 |
|
|
2,121 |
|
Billings
in excess of costs on uncompleted contracts |
|
1,830 |
|
|
4,947 |
|
Legal
settlements and accruals |
|
— |
|
|
10,706 |
|
Other
current liabilities |
|
2,664 |
|
|
4,017 |
|
Total
current liabilities |
|
6,878 |
|
|
23,711 |
|
Legal settlements and
accruals, long-term |
|
— |
|
|
5,382 |
|
Other long-term
liabilities |
|
2,285 |
|
|
2,038 |
|
Total
Liabilities |
|
9,163 |
|
|
31,131 |
|
Commitments and contingencies (Notes 3 and 4) |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred
stock: par value of $.001 per share, 50,000,000 shares authorized,
none outstanding |
|
— |
|
|
— |
|
Common
stock: par value of $.001 per share, 100,000,000 shares authorized,
22,465,821 and 22,322,022 shares issued and 20,752,055 and
22,024,675 shares outstanding at December 31, 2017 and 2016,
respectively |
|
22 |
|
|
22 |
|
Treasury
stock, at cost: 1,713,766 and zero shares as of December 31, 2017
and 2016, respectively |
|
(16,397 |
) |
|
— |
|
Additional paid-in capital |
|
105,308 |
|
|
119,494 |
|
Accumulated deficit |
|
(15,478 |
) |
|
(43,351 |
) |
Total
stockholders’ equity |
|
73,455 |
|
|
76,165 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
82,618 |
|
|
$ |
107,296 |
|
TABLE 2
Advanced Emissions Solutions, Inc. and
SubsidiariesConsolidated Statements of Operations |
|
|
Years Ended December 31, |
|
(in
thousands, except per share data) |
2017 |
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
|
|
Equipment
sales |
|
$ |
31,401 |
|
|
$ |
46,949 |
|
|
$ |
60,099 |
|
Chemicals |
|
4,246 |
|
|
3,025 |
|
|
888 |
|
Consulting services and other |
|
45 |
|
|
648 |
|
|
1,752 |
|
Total revenues |
|
35,692 |
|
|
50,622 |
|
|
62,739 |
|
Operating
expenses: |
|
|
|
|
|
|
Equipment
sales cost of revenue, exclusive of depreciation and
amortization |
|
28,438 |
|
|
37,741 |
|
|
45,433 |
|
Chemicals
cost of revenue, exclusive of depreciation and amortization |
|
3,434 |
|
|
1,700 |
|
|
601 |
|
Consulting services and other cost of revenue, exclusive of
depreciation and amortization |
|
13 |
|
|
376 |
|
|
1,518 |
|
Payroll
and benefits |
|
7,669 |
|
|
12,390 |
|
|
23,589 |
|
Rent and
occupancy |
|
795 |
|
|
2,168 |
|
|
3,309 |
|
Legal and
professional fees |
|
4,354 |
|
|
8,293 |
|
|
16,604 |
|
General
and administrative |
|
3,857 |
|
|
3,721 |
|
|
6,104 |
|
Research
and development, net |
|
157 |
|
|
(648 |
) |
|
5,362 |
|
Depreciation and amortization |
|
789 |
|
|
979 |
|
|
2,019 |
|
Total operating
expenses |
|
49,506 |
|
|
66,720 |
|
|
104,539 |
|
Operating loss |
|
(13,814 |
) |
|
(16,098 |
) |
|
(41,800 |
) |
Other income
(expense): |
|
|
|
|
|
|
Earnings
from equity method investments |
|
53,843 |
|
|
45,584 |
|
|
8,921 |
|
Royalties, related party |
|
9,672 |
|
|
6,125 |
|
|
10,642 |
|
Interest
income |
|
54 |
|
|
268 |
|
|
24 |
|
Interest
expense |
|
(3,024 |
) |
|
(5,066 |
) |
|
(8,402 |
) |
Litigation settlement and royalty indemnity expense, net |
|
3,269 |
|
|
3,464 |
|
|
— |
|
Other |
|
2,025 |
|
|
2,463 |
|
|
494 |
|
Total other income |
|
65,839 |
|
|
52,838 |
|
|
11,679 |
|
Income (loss) before
income tax expense |
|
52,025 |
|
|
36,740 |
|
|
(30,121 |
) |
Income tax expense
(benefit) |
|
24,152 |
|
|
(60,938 |
) |
|
20 |
|
Net income (loss) |
|
$ |
27,873 |
|
|
$ |
97,678 |
|
|
$ |
(30,141 |
) |
Earnings (loss) per
common share (Note 1): |
|
|
|
|
|
|
Basic |
|
$ |
1.30 |
|
|
$ |
4.40 |
|
|
$ |
(1.37 |
) |
Diluted |
|
$ |
1.29 |
|
|
$ |
4.34 |
|
|
$ |
(1.37 |
) |
Weighted-average number
of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
21,367 |
|
|
21,931 |
|
|
21,773 |
|
Diluted |
|
21,413 |
|
|
22,234 |
|
|
21,773 |
|
Cash dividends declared
per common share outstanding: |
|
$ |
0.75 |
|
|
$ |
— |
|
|
$ |
— |
|
TABLE 3
Advanced Emissions Solutions, Inc. and
SubsidiariesConsolidated Statements of Cash Flows |
|
|
Years Ended December 31, |
|
(in
thousands) |
2017 |
|
2016 |
|
2015 |
Cash flows from
operating activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
27,873 |
|
|
$ |
97,678 |
|
|
$ |
(30,141 |
) |
Adjustments to
reconcile net income (loss) to net cash used in operating
activities: |
|
|
|
|
|
|
Deferred
tax benefit from release of valuation allowance |
|
(474 |
) |
|
(61,396 |
) |
|
— |
|
Depreciation and amortization |
|
789 |
|
|
979 |
|
|
2,019 |
|
Debt
prepayment penalty and amortization of debt issuance costs |
|
109 |
|
|
1,380 |
|
|
987 |
|
Impairment of property, equipment, inventory, intangibles and cost
method investment |
|
464 |
|
|
2,280 |
|
|
2,087 |
|
Provision
for accounts receivable and other receivables |
|
385 |
|
|
13 |
|
|
633 |
|
Interest
costs added to principal balance of notes payable |
|
— |
|
|
— |
|
|
923 |
|
Share-based compensation expense, net |
|
2,209 |
|
|
2,868 |
|
|
6,879 |
|
Earnings
from equity method investments |
|
(53,843 |
) |
|
(45,584 |
) |
|
(8,921 |
) |
Gain on
sale of equity method investment |
|
— |
|
|
(2,078 |
) |
|
— |
|
Gain on
settlement of note payable, licensed technology, and sales-type
lease |
|
— |
|
|
(1,910 |
) |
|
— |
|
Other
non-cash items, net |
|
44 |
|
|
35 |
|
|
285 |
|
Changes
in operating assets and liabilities, net of effects of acquired
businesses: |
|
|
|
|
|
|
Receivables |
|
6,743 |
|
|
(301 |
) |
|
8,361 |
|
Related
party receivables |
|
(1,313 |
) |
|
(16 |
) |
|
(479 |
) |
Prepaid
expenses and other assets |
|
(351 |
) |
|
1,195 |
|
|
(107 |
) |
Costs
incurred on uncompleted contracts |
|
27,048 |
|
|
29,623 |
|
|
6,492 |
|
Deferred
tax asset, net |
|
23,208 |
|
|
— |
|
|
— |
|
Other
long-term assets |
|
41 |
|
|
961 |
|
|
205 |
|
Accounts
payable |
|
(920 |
) |
|
(4,254 |
) |
|
(1,340 |
) |
Accrued
payroll and related liabilities |
|
(738 |
) |
|
(2,887 |
) |
|
(102 |
) |
Other
current liabilities |
|
(1,586 |
) |
|
(3,105 |
) |
|
(812 |
) |
Billings
on uncompleted contracts |
|
(30,140 |
) |
|
(32,272 |
) |
|
(15,186 |
) |
Advance
deposit, related party |
|
— |
|
|
(2,980 |
) |
|
(3,544 |
) |
Other
long-term liabilities |
|
154 |
|
|
(2,175 |
) |
|
595 |
|
Legal
settlements and accruals |
|
(16,088 |
) |
|
(4,211 |
) |
|
(3,722 |
) |
Distributions from equity method investees, return on
investment |
|
4,638 |
|
|
7,900 |
|
|
5,019 |
|
Net cash
used in operating activities |
|
$ |
(11,748 |
) |
|
$ |
(18,257 |
) |
|
$ |
(29,869 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
Distributions from equity method investees in excess of cumulative
earnings |
|
48,875 |
|
|
38,250 |
|
|
8,651 |
|
Maturity
of investment securities, restricted |
|
— |
|
|
336 |
|
|
— |
|
Acquisition of property and equipment |
|
(485 |
) |
|
(289 |
) |
|
(507 |
) |
Proceeds
from sale of property and equipment |
|
57 |
|
|
52 |
|
|
942 |
|
Advance
on note receivable |
|
— |
|
|
— |
|
|
(500 |
) |
Acquisition of business |
|
— |
|
|
— |
|
|
(2,124 |
) |
Purchase
of and contributions to equity method investee |
|
(61 |
) |
|
(223 |
) |
|
(2,128 |
) |
Proceeds
from sale of equity method investment |
|
— |
|
|
1,773 |
|
|
— |
|
Net cash
provided by investing activities |
|
48,386 |
|
|
39,899 |
|
|
4,334 |
|
Cash flows from
financing activities |
|
|
|
|
|
|
Borrowings on Line of Credit |
|
808 |
|
|
— |
|
|
— |
|
Repayments on Line of Credit |
|
(808 |
) |
|
— |
|
|
— |
|
Short-term borrowings |
|
— |
|
|
— |
|
|
13,539 |
|
Repayments on short-term borrowings and notes payable, related
party |
|
— |
|
|
(14,496 |
) |
|
(3,234 |
) |
Short-term borrowing loan costs and debt prepayment penalty |
|
(236 |
) |
|
(979 |
) |
|
— |
|
Repurchase of shares to satisfy tax withholdings |
|
(566 |
) |
|
(196 |
) |
|
(276 |
) |
Dividends
paid |
|
(15,690 |
) |
|
— |
|
|
— |
|
Repurchase of common shares |
|
(16,397 |
) |
|
— |
|
|
— |
|
Net cash
(used in) provided by financing activities |
|
(32,889 |
) |
|
(15,671 |
) |
|
10,029 |
|
Increase
(Decrease) in Cash and Cash Equivalents and Restricted Cash |
|
3,749 |
|
|
5,971 |
|
|
(15,506 |
) |
Cash and
Cash Equivalents and Restricted Cash, beginning of year |
|
26,944 |
|
|
20,973 |
|
|
36,479 |
|
Cash and Cash
Equivalents and Restricted Cash, end of year |
|
$ |
30,693 |
|
|
$ |
26,944 |
|
|
$ |
20,973 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
3,644 |
|
|
$ |
3,647 |
|
|
$ |
6,274 |
|
Cash paid for income
taxes, net of refunds received |
|
$ |
1,672 |
|
|
$ |
541 |
|
|
$ |
29 |
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
|
|
|
Settlement of RCM6 note payable |
|
$ |
— |
|
|
$ |
13,234 |
|
|
$ |
— |
|
Non-cash
reduction of equity method investment |
|
$ |
— |
|
|
$ |
11,156 |
|
|
$ |
— |
|
Stock
award reclassification (liability to equity) |
|
$ |
— |
|
|
$ |
899 |
|
|
$ |
— |
|
Dividends
payable |
|
$ |
139 |
|
|
$ |
— |
|
|
$ |
— |
|
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