DUCOMMUN INCORPORATED DCO Cash Flow

Ducommun incorporated (DCO)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash Flows from Operating Activities
Net Income
32,919	32,461	24,263	20,131	13,907	9,035	-	17,846	18,330	20,562	20,077	13,429	13,788	13,826	25,261	-42,748	-57,277	-59,356	-74,879	-4,550	7,898	12,735	19,867	9,467	13,519	12,566	11,378	21,243	19,363	19,204	17,623	-35,492	-39,636	-48,116	-47,583	0	0	0
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities:
Depreciation and amortization
28,886	28,305	27,412	26,740	26,070	25,296	-	24,331	23,630	23,044	22,845	22,589	23,059	22,787	22,860	24,202	24,749	25,787	26,846	27,259	27,327	28,512	29,024	31,380	31,878	31,319	30,926	29,327	29,779	29,642	29,413	28,447	28,248	24,851	21,458	0	0	0
Non-cash operating lease cost
2,847	2,669	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (Loss) on Disposition of Business
-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,604	18,815	18,815	18,815	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property and equipment impairment due to restructuring
-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation expense
7,976	7,161	6,948	6,196	5,414	5,040	-	3,825	3,626	3,943	4,675	4,692	4,186	3,829	3,007	3,282	3,019	2,871	3,495	3,997	4,898	4,985	3,725	3,247	2,921	2,109	2,438	2,142	1,722	2,086	1,959	1,539	1,941	2,320	2,363	0	0	0
Deferred income taxes
-552	-1,830	-1,291	-1,743	2,465	2,042	-	-11,801	-11,923	-16,149	-15,411	4,957	7,141	6,613	3,519	-32,311	-33,831	-32,423	-29,110	-129	924	1,700	345	-311	-2,421	-272	-1,551	5,531	6,923	59	1,098	0	0	0	-	-	-	-
Allowance for credit losses
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory reserves
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	626	517	588	125	140	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income tax (benefit) expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Income tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Recovery of doubtful accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	0	-	-	-	-
Provision for doubtful accounts
-	-	-	-	-	267	-	592	302	204	373	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for doubtful accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Recovery of doubtful accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other
-1,155	-942	-2,536	-2,312	-2,830	-11,659	-	-10,310	-10,154	-9,488	1,182	4,498	6,089	7,694	7,204	6,475	-3,890	-3,615	-5,628	-1,616	7,407	4,313	5,713	-5,019	-5,469	-4,846	-5,337	1,730	1,422	493	-181	-1,110	-1,002	-663	22	0	0	0
Changes in Assets and Liabilities:
Accounts receivable
16,792	-2,380	12,220	4,822	-2,784	-7,495	-	-14,918	-19,659	-7,422	-2,720	3,984	5,285	-5,838	-3,220	-5,385	-7,288	-6,206	-4,444	-18,195	-14,046	-9,895	-1,086	11,609	-645	4,197	-5,468	-10,534	5,273	1,625	1,204	5,713	-4,926	-6,394	3,990	0	0	0
Contract assets
23,907	20,005	14,409	18,864	15,143	86,665	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contract assets
23,907	20,005	14,409	18,864	15,143	86,665	-	88,066	81,663	78,163	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unbilled receivables increase
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Inventories
13,135	8,491	8,389	14,376	16,009	-23,243	-	-37,905	-38,386	-43,001	533	5,656	1,809	121	5,182	-405	-3,282	-7,220	-20,985	-8,151	-4,187	-7,452	2,335	-3,056	-5,625	433	-6,962	-12,777	-10,313	-7,666	-5,870	-5,696	-2,481	-901	4,828	0	0	0
Production cost of contracts
211	1,079	1,659	2,890	1,409	1,569	-	1,115	-1,670	367	267	698	4,105	1,920	1,536	547	226	-664	-330	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Production cost of contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	0	-	-	-	-
Production cost of contracts - (increase)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other assets
-2,697	-1,358	1,303	-879	-1,001	-1,881	-	-3,291	-577	158	-40	3,663	3,778	3,500	-2,974	-11,365	-5,632	-8,556	-5,884	219	-6,179	-3,772	-4,800	-4,942	2,137	8,189	12,173	10,051	1,354	-4,372	-6,829	-12,718	-9,139	-5,950	-602	0	0	0
Accounts payable
8,698	11,620	4,692	5,537	4,494	18,496	-	4,794	1,104	1,733	-4,015	9,270	20,182	14,217	15,055	13,234	-29	-7,017	-13,978	-4,769	695	4,890	410	4,996	1,884	2,492	4,533	-7,931	-4,935	-6,674	-8,097	-2,109	-17,640	-10,978	-12,323	0	0	0
Contract liabilities
12,848	-2,628	-3,258	-1,981	-693	17,145	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease liabilities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contract liabilities
12,848	-2,628	-3,258	-1,981	-693	17,145	-	15,108	15,164	15,723	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-9,153	-27,893	-11,960	-29,197	-4,892	0	0	0	-	-	-	-
Accrued and other liabilities
-3,273	-2,198	6,577	6,904	1,771	5,739	-	150	-1,584	-2,434	2,505	5,390	-990	-3,988	-966	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Accrued and other liabilities - (decrease)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net Cash Used in Operating Activities
40,686	51,031	32,904	28,060	34,212	46,237	-	41,479	45,414	32,533	35,434	43,054	47,440	51,053	43,268	39,164	18,197	25,645	23,678	44,732	55,513	66,744	53,422	52,026	54,484	42,247	45,962	50,861	48,764	46,205	47,534	37,278	25,592	17,532	-3,002	0	0	0
Cash Flows from Investing Activities
Purchases of property and equipment
18,932	18,290	19,519	17,670	17,501	17,617	-	15,807	18,881	24,154	27,610	28,888	25,624	19,997	17,001	16,800	15,728	14,120	15,891	20,570	19,881	21,476	18,096	14,411	13,147	11,983	12,403	10,804	12,303	13,508	15,813	15,680	17,496	17,944	14,536	0	0	0
Post closing cash received from the acquisition of Nobles Worldwide, Inc., net
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of assets
-	-	-	-	-	396	-	1,027	977	951	913	19	19	19	16	615	625	895	904	297	319	95	91	99	79	139	139	136	131	33	31	37	33	136	470	0	0	0
Proceeds from divestitures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,893	55,272	55,272	55,272	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to Acquire Businesses, Net of Cash Acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	325,715	0	0	0
Net Cash Used in Investing Activities
-95,386	-94,934	-19,241	-17,060	-47,858	-47,933	-	-46,111	-108,407	-82,713	-86,207	-91,138	-28,984	-23,357	34,908	39,087	40,169	43,557	-13,477	-17,813	-15,502	-18,831	-15,455	-12,712	-13,068	-11,844	-12,264	-10,668	-12,172	-13,475	-15,782	-15,643	-17,463	-343,123	-339,781	0	0	0
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility
302,400	298,400	220,200	213,600	281,600	296,400	-	315,100	462,500	417,000	395,900	362,600	185,600	127,400	71,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of senior secured revolving credit facility
255,600	298,400	290,900	283,800	329,900	354,500	-	309,100	402,000	365,500	337,800	297,900	178,400	127,400	71,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of term loans
67,362	63,000	173,570	173,000	170,000	167,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of other debt
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of term loan
-	-	-	-	-	-	-	-	-	-	-	0	0	25,000	-	80,000	290,000	365,000	320,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of other debt
-	-	-	-	-	-	-	-	-	-	3	4	12	19	23	31	27	27	26	-2	-14,999	-7,500	0	-22,499	0	0	0	37,532	40,517	33,493	26,478	0	0	0	-	-	-	-
Borrowings of senior notes and term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Cash dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	790	0	0	0
Debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	365	0	0	0	-	-	-	-	-	-	-	-
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	626	517	588	125	140	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash paid upon issuance of common stock under stock plans
1,525	2,472	2,565	3,682	2,566	1,550	-	1,484	1,347	1,637	2,606	2,637	2,696	2,250	1,423	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from issuance of common stock under stock plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	2,011	1,972	2,102	1,968	0	0	0	-	-	-	0	-	-	-	-
Net Cash Provided by (Used in) Financing Activities
116,572	73,224	-10,494	-10,488	15,576	9,809	-	4,516	59,153	44,863	45,491	42,307	-20,260	-27,021	-76,198	-81,026	-76,032	-95,468	-50,374	-55,530	-56,920	-44,623	-41,154	-31,059	-31,175	-30,982	-31,421	-36,467	-40,333	-33,948	-26,664	-12,140	-2,228	355,734	373,964	0	0	0
Net Increase (Decrease) in Cash and Cash Equivalents
61,872	29,321	3,169	512	1,930	8,113	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (Decrease) Increase in Cash and Cash Equivalents
-	-	-	-	-	-	-	-	-	-	-	-5,777	-1,804	675	1,978	-2,775	-17,666	-26,266	-40,173	-28,611	-16,909	3,290	-3,187	8,255	10,241	-579	2,277	3,726	-3,741	-1,218	5,088	9,495	5,901	30,143	31,181	0	0	0
Interest paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27,103	26,974	27,614	0	0	0	-	-	-	-	-	-	-	-
Taxes paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,341	7,330	7,835	0	0	0	-	-	-	-	-	-	-	-
Purchases of property and equipment not yet paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-