CECO ENVIRONMENTAL CORP

For the period ended Dec 31, 2023. Filed Mar 5, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 5, 2024

CECO$51.83-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEM ENTS OF CASH FLOWS

	Year Ended December 31,
(dollars in thousands)	2023	2022	2021
Cash flows from operating activities:
Net income	$14,501	$18,263	$1,983
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,507	10,614	9,853
Unrealized foreign currency (gain) loss	(1,041)	(1,284)	2,047
Fair value adjustments to earnout liabilities	296	(229)	704
Earnout payments	—	(1,007)	(587)
Loss (gain) on sale of property and equipment	110	10	(83)
Amortization of debt discount	427	371	404
Share-based compensation expense	4,533	3,895	3,335
Bad debt expense	1,593	1,340	688
Inventory reserve expense	1,099	140	82
Deferred income tax (benefit) expense	(118)	(39)	—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(26,851)	(6,751)	(13,165)
Cost and estimated earnings of billings on uncompleted contracts	5,040	(16,851)	(7,007)
Inventories	(6,896)	(6,023)	(203)
Prepaid expenses and other current assets	1,196	37	5,911
Deferred charges and other assets	(1,420)	2,478	300
Accounts payable	13,852	19,843	806
Accrued expenses	8,340	2,693	(366)
Billings in excess of costs and estimated earnings on uncompleted contracts	21,575	4,405	8,431
Income taxes payable	(1,976)	1,424	1,047
Other liabilities	(2,120)	(3,680)	(882)
Net cash provided by operating activities	44,647	29,649	13,298
Cash flows from investing activities:
Acquisitions of property and equipment	(8,384)	(3,376)	(2,616)
Net proceeds from sale of assets	—	19	533
Cash paid for acquisitions, net of cash acquired	(48,102)	(44,900)	—
Net cash used in investing activities	(56,486)	(48,257)	(2,083)
Cash flows from financing activities:
Borrowings on revolving credit lines	106,600	75,200	51,400
Repayments on revolving credit lines	(150,600)	(35,900)	(57,100)
Borrowings of long-term debt	75,000	11,000	—
Repayments of long-term debt	(4,985)	(3,120)	(2,738)
Repayments of notes payable	—	(500)	—
Deferred financing fees paid	(363)	(130)	(801)
Deferred consideration paid for acquisitions	(1,247)	—	—
Payments on capital leases and sale-leaseback financing liability	(907)	(600)	(603)
Earnout payments	(2,123)	—	(823)
Proceeds from employee stock purchase plan and exercise of stock options	1,435	671	230
Distributions to non-controlling interest	(1,666)	(1,425)	(107)
Common stock repurchases	—	(7,020)	(5,014)
Net cash provided by (used in) financing activities	21,144	38,176	(15,556)
Effect of exchange rate changes on cash and cash equivalents	(442)	(4,978)	(1,475)
Net increase (decrease) in cash, cash equivalents and restricted cash	8,863	14,590	(5,816)
Cash, cash equivalents and restricted cash at beginning of year	46,585	31,995	37,811
Cash, cash equivalents and restricted cash at end of year	$55,448	$46,585	$31,995
Cash paid (received) during the period for:
Interest	$12,098	$5,007	$2,146
Income taxes	$9,916	$5,378	$(2,570)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.