| Feb'20 | Mar'19 | Mar'18 | Mar'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | ||||||||||
Net earnings | ||||||||||
61,914 | 45,694 | 79,488 | 85,790 | 65,342 | 50,516 | 27,986 | 19,111 | 4,645 | -10,332 | 31,742 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||
Net (earnings) loss from discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | 3,825 | 525 |
Depreciation and amortization | ||||||||||
46,795 | 49,798 | 54,843 | 35,607 | 31,248 | 29,423 | 26,550 | 26,529 | 27,246 | 28,218 | 29,601 |
Share-based compensation | ||||||||||
6,600 | 6,300 | 6,200 | 5,986 | 4,923 | 4,793 | 4,661 | 4,395 | 4,412 | 5,215 | 6,055 |
Deferred income taxes | ||||||||||
10,463 | -5,506 | 3,195 | -1,065 | -6,139 | 4,274 | -5,280 | 3,557 | -1,115 | -207 | 763 |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | - | - | 2,725 | 483 | 92 | 0 | 162 |
(Gain) loss on disposal of assets | ||||||||||
2,197 | 2,475 | -1,037 | 371 | 198 | 933 | 1,629 | 1,954 | 916 | 246 | -770 |
Impairment on intangible assets | ||||||||||
0 | 3,141 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from new markets tax credit transaction, net of deferred costs | ||||||||||
0 | 8,850 | 0 | 5,109 | 0 | 0 | 7,471 | 0 | 0 | - | - |
Noncash lease expense | ||||||||||
12,420 | 0 | 0 | - | - | - | - | - | - | - | - |
Other, net | ||||||||||
1,516 | 2,179 | 1,431 | 2,331 | -1,017 | -229 | -51 | -1,156 | -516 | -280 | -92 |
Changes in operating assets and liabilities: | ||||||||||
Receivables | ||||||||||
4,217 | -18,164 | -18,172 | -3,460 | 2,918 | 18,588 | 19,229 | 13,364 | 7,931 | -7,580 | -44,209 |
Inventories | ||||||||||
-7,142 | -5,114 | -10,387 | 10,318 | 2,798 | 8,660 | 6,130 | 2,209 | 1,635 | 320 | -8,953 |
Costs and earnings on contracts in excess of billings | ||||||||||
18,468 | 48,712 | -1,134 | -3,931 | - | - | - | - | - | - | - |
Accounts payable and accrued expenses | ||||||||||
-375 | 7,600 | -25,627 | 17,449 | 17,265 | 12,871 | 18,282 | 11,158 | -7,280 | -10,033 | -12,844 |
Billings on contracts in excess of costs and earnings | ||||||||||
11,314 | 9,026 | -16,541 | -9,991 | 9,657 | -324 | 1,202 | -1,195 | -856 | -15,330 | -16,109 |
Refundable and accrued income taxes | ||||||||||
-8,726 | 3,680 | 315 | -9,647 | 12,589 | -1,091 | 3,449 | -4,086 | 7,887 | -9,677 | 3,980 |
Operating lease liability | ||||||||||
10,829 | 0 | 0 | - | - | - | - | - | - | - | - |
Other, net | ||||||||||
3,065 | 2,058 | 3,714 | -392 | 1,045 | 711 | 1,738 | 2,092 | 327 | -692 | -709 |
Net cash provided by operating activities | ||||||||||
107,262 | 96,423 | 127,463 | 124,001 | 128,943 | 71,799 | 52,921 | 40,523 | 24,554 | -7,985 | 97,234 |
Investing Activities | ||||||||||
Capital expenditures | ||||||||||
51,428 | 60,717 | 53,196 | 68,061 | 42,037 | 27,220 | 41,852 | 34,664 | 9,650 | 9,126 | 9,765 |
Proceeds from sales of property, plant and equipment | ||||||||||
5,307 | 12,333 | 1,394 | 1,729 | - | - | - | 1,078 | 10,320 | 190 | 276 |
Purchases of marketable securities | ||||||||||
7,012 | 9,213 | 10,244 | 3,705 | 35,814 | 6,142 | 14,562 | 58,847 | 28,966 | 29,030 | 71,214 |
Sales/maturities of marketable securities | ||||||||||
7,768 | 6,110 | 10,476 | 36,433 | 4,047 | 6,946 | 41,020 | 41,295 | 35,571 | 80,008 | 27,708 |
Acquisition of intangibles | ||||||||||
- | - | - | - | - | - | - | - | - | 10 | 250 |
Acquisition of business and intangibles | ||||||||||
0 | 0 | 182,849 | 137,932 | 0 | 0 | 53,301 | 15 | 68 | 20,629 | - |
Change in restricted cash | ||||||||||
- | - | - | - | 0 | 0 | 36,200 | 10,000 | 12,628 | 37,087 | - |
Other, net | ||||||||||
1,673 | 2,209 | -851 | 4,388 | 4,052 | -1,941 | - | - | - | - | - |
Sales/maturities of restricted investments | ||||||||||
- | - | - | - | - | - | 60,115 | 5,472 | 25,354 | 1,293 | - |
Investments in corporate-owned life insurance policies | ||||||||||
- | - | - | - | - | - | -806 | 1,451 | 1,435 | 0 | - |
Net cash used by investing activities | ||||||||||
-47,038 | -53,696 | -233,568 | -175,924 | -77,856 | -24,475 | -43,974 | -57,132 | 18,498 | -14,391 | -53,245 |
Financing Activities | ||||||||||
Borrowings on line of credit | ||||||||||
229,000 | 363,000 | 385,700 | 121,000 | 0 | 0 | - | 0 | - | - | - |
Proceeds from issuance of term debt | ||||||||||
150,000 | 0 | 0 | - | - | - | - | 10,000 | 121 | 12,000 | - |
Payments on line of credit | ||||||||||
406,500 | 333,000 | 235,740 | 76,012 | 0 | 0 | - | - | - | - | - |
Payments on line of credit | ||||||||||
- | - | - | - | 56 | 139 | 10,247 | 164 | 1,437 | 293 | - |
Payments on debt issue costs | ||||||||||
- | - | - | - | - | - | - | 633 | 159 | 1,039 | 6 |
Shares withheld for taxes, net of stock issued to employees | ||||||||||
- | - | - | 446 | 3,254 | 3,905 | -710 | -862 | 188 | 1,298 | -876 |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | - | - | 2,725 | 483 | 92 | 0 | 162 |
Repurchase and retirement of common stock | ||||||||||
25,140 | 43,326 | 33,676 | 10,817 | 24,911 | 6,894 | 0 | 0 | 2,392 | 0 | - |
Dividends paid | ||||||||||
18,714 | 17,864 | 16,393 | 14,667 | 13,184 | 12,071 | 10,764 | 10,316 | 9,153 | 9,161 | 9,112 |
Other, net | ||||||||||
-3,160 | -1,136 | -1,557 | -396 | - | - | - | - | - | - | - |
Net cash (used) provided by financing activities | ||||||||||
-74,514 | -32,326 | 98,334 | 18,662 | -41,405 | -23,009 | -17,576 | 232 | -13,116 | 209 | -9,832 |
Net cash used in operating activities | ||||||||||
- | - | - | - | - | - | - | - | - | -466 | -222 |
Net cash used in discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | -466 | -222 |
(Decrease) increase in cash and cash equivalents | ||||||||||
-14,290 | 10,401 | -7,771 | -33,261 | 9,682 | 24,315 | -8,629 | -16,377 | 29,936 | -22,633 | 33,935 |
Effect of exchange rates on cash | ||||||||||
1 | -519 | -167 | 88 | -1,397 | -595 | -673 | 117 | -211 | 6 | - |
Noncash Activity | ||||||||||
Capital expenditures in accounts payable | ||||||||||
2,169 | 1,703 | 1,784 | 3,254 | -2,737 | 2,656 | 761 | 553 | 546 | 354 | 311 |
Deferred payments on acquisition of business | ||||||||||
0 | 0 | 7,500 | 0 | 0 | - | - | - | - | - | - |