Gse systems inc (GVP)
CashFlow / Quarterly
Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net loss

-1,121

-125

-4,236

679

-518

981

-1,496

6,601

-605

827

-266

1,004

169

111

138

1,026

-3,764

-1,495

-472

-1,424

-1,895

-1,986

-2,024

-162

-995

-8,199

-1,155

-330

816

158

530

1,174

858

-244

1,013

Adjustments to reconcile net loss to net cash used in operating activities:
Loss on impairment

0

0

5,464

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-down of capitalized software development costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation

107

102

91

104

132

176

103

88

79

99

76

89

92

102

100

110

119

135

129

132

140

134

139

136

135

146

153

156

681

-138

-137

862

-137

-103

-125

Amortization of definite-lived intangible assets

494

547

509

518

632

312

150

187

50

34

64

70

73

73

73

124

123

124

123

85

36

36

36

52

51

52

52

78

391

-78

-78

1,577

-204

-208

-217

Amortization of capitalized software development costs

65

99

129

154

150

85

118

117

118

117

117

112

111

104

81

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

The expense charged against earnings in the period resulting from remeasurement to fair value of contingent earn out liabilities related to acquisitions.

0

0

1,200

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized software amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-105

-90

-79

-268

63

32

-32

-31

-302

-176

-

-904

168

200

-

218

202

192

Amortization of deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

3

3

3

3

3

3

3

2

0

0

0

Change in fair value of contingent consideration, net

-

-

-

-

-

-

-

-

-

-

254

163

-525

224

-69

110

306

513

-80

160

22

20

27

39

42

87

86

-

-

-

-

-

-

-

-

Change in fair value of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-388

98

45

-

47

138

146

Stock-based compensation expense

114

439

597

-9

507

401

627

599

627

650

596

650

412

241

247

134

136

137

134

198

175

161

178

169

203

214

224

236

231

227

220

158

183

183

203

Loss on equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-155

-39

-39

-17

0

-11

-27

-8

-52

18

-114

-265

161

-72

-62

-63

-3

60

-35

Loss on derivative instruments, net

-61

-101

93

-44

-59

-91

-156

-127

71

315

-160

328

-211

-17

-118

19

20

-31

-48

31

69

5

104

486

-78

-410

267

-157

20

-384

400

-117

-129

-410

588

Deferred income taxes

314

538

-2,128

570

253

-89

-90

-6,756

9

69

0

27

24

36

36

171

0

-36

36

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of equipment, software, and leasehold improvements

-

-

-

-

-

-

-

-

-

-

-

0

-4

0

1

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Contract receivables, net

-2,436

510

-5,388

2,491

135

-1,653

4,683

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contract receivables

-

-

-

-

-

-

-

-

-

-

-4,937

2,462

2,069

1,881

-334

916

-3,522

686

-610

1,581

-1,943

-110

-9,875

3,094

-282

-2,243

-543

4,215

4,981

-3,379

-2,486

5,079

-2,295

2,781

-3,466

Prepaid expenses and other assets

-442

443

-439

92

-442

-518

12

-250

-335

-958

523

980

-381

135

515

143

-53

442

-31

-2,014

-151

-142

-126

-948

959

-188

-27

-1,031

-1,585

1,231

92

1,710

-893

-802

336

Accounts payable, accrued compensation, and accrued expenses

-124

170

-2,446

127

117

-1,729

647

-993

-34

307

-1,184

-1,293

1,602

-574

1,226

-2,209

1,654

-34

-358

156

-286

204

-2,210

-522

-863

-266

-296

794

813

828

-1,032

742

482

-2,440

361

Unbilled contract receivables billed during October 2019

-2,265

-1,327

-3,185

2,816

-1,679

-2,994

-1,127

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

The net change during the reporting period in warranty obligations incurred but not paid.

-15

55

62

-

-17

-164

-75

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Billings in excess of revenue earned

-

-

-

-

-

-

-

-

-

-

-3,279

9,074

2,306

1,369

-492

818

-829

294

-835

1,649

1,442

-823

173

717

-902

2,235

-1,519

1,017

613

-1,135

297

200

653

651

-648

Accrued warranty

-

-

-

-

-

-

-

350

24

21

67

-385

-46

67

-101

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued warranty reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

66

51

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued warranty reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-138

-150

-61

10

63

-210

-119

-50

-306

-33

196

-

-

-

-

Accrued warranty reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

153

Other liabilities

21

38

23

375

7

-169

154

11

234

-200

325

529

91

-348

465

440

-223

121

-18

108

52

-239

-388

-91

349

19

-105

-799

400

-13

-290

-191

45

164

-1,053

Cash used in operating activities

577

-323

-586

2,877

-21

-811

-5,528

4,265

122

1,785

1,090

6,270

2,836

-594

1,640

-291

2,907

-1,128

-472

1,494

1,651

-2,322

5,826

-2,505

-2,430

3,842

-2,083

-1,294

8,825

-1,319

-2,472

3,185

-54

1,481

-3,044

Cash flows from investing activities:
Proceeds from sale of equipment, software and leasehold improvements

-

-

-

-

-

-

-

-

-

-

-

-

-1

0

31

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of equipment, software and leasehold improvements

102

14

11

3

22

170

318

48

10

10

44

26

18

17

18

60

22

91

104

158

99

61

80

112

145

11

131

147

625

429

350

150

41

253

76

The cash outflow associated with the development or modification of software programs or applications to be sold to third parties that qualify for capitalization.

114

102

110

107

53

167

105

51

38

59

29

49

10

55

131

199

473

432

506

56

241

194

155

147

167

498

497

401

306

339

269

-

-

-

180

Payments to Acquire Equity Method Investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

469

0

0

456

0

Acquisition of DP Engineering, net of cash acquired

0

0

13,521

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

183

647

Restrictions of cash as collateral under letters of credit

-

-

-

-

-

-

-

-

-

-

-

-

0

2

2

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restrictions of cash as collateral under letters of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

940

216

13

3,159

0

0

-

-

-

-

3,511

0

-1,732

-2

10,839

-5,758

521

66

Releases of cash as collateral under letters of credit

-

-

-

-

-

-

-

-

-

-

-

2,154

69

184

1

52

987

657

180

0

0

0

34

1,099

0

0

0

5,441

-882

-10

-305

2,895

-6,117

1,420

3,519

Release of cash as collateral under letters of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,758

521

66

Drawdown of cash collateral on Emirates Simulation Academy, LLC line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

0

0

79

Cash used in investing activities

-221

-103

-13,642

-84

81

-10,128

-423

-710

-8,503

-69

-73

2,083

40

110

-119

-281

500

-806

-646

-3,325

-3,499

-255

-201

794

-312

-737

-628

2,456

-49

-2,490

-785

-373

132

-1,997

-4,435

Cash flows from financing activities:
Proceeds from issuance of long-term debt

0

0

14,263

0

0

10,154

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of long-term debt

1,188

1,170

671

478

481

683

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock

15

33

42

97

-55

37

57

-67

214

0

62

239

297

293

4

23

0

0

0

-

-

-

-

0

0

7

37

-1

52

11

210

24

0

27

92

Payments on line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-339

-410

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Treasury stock purchases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

168

283

366

2

109

119

0

303

522

791

336

0

Contingent consideration payments to former owners of Hyperspring, LLC

0

0

0

0

0

0

1,701

-10

-139

-44

597

0

0

0

1,421

1,200

182

0

318

0

0

0

500

9

702

209

979

0

39

806

0

-

-

-

-

This line item represents the shares withheld to pay taxes.

73

81

150

153

81

174

76

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

RSUs withheld to pay taxes

-

-

-

-

-

-

-

-

78

202

672

584

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash provided by financing activities

-1,246

-1,218

13,484

-534

-617

9,334

-1,720

-24

275

-158

-1,207

-345

297

293

-1,417

-1,177

-182

0

-657

-410

0

0

-500

-177

-985

-568

-944

-110

-106

-795

-93

-89

-791

-309

92

Effect of exchange rate changes on cash

-176

-30

-33

-

-85

-323

10

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash, cash equivalents, and restricted cash

-1,066

-1,674

-777

-

-642

-1,928

-7,661

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Effect of exchange rate changes on cash

-

-

-

-

-

-

-

55

104

164

68

-354

17

-131

37

1

-148

99

-218

-204

-227

-76

-12

-28

195

-154

-23

30

368

-315

209

-55

-263

6

263

Net decrease in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-122

7,654

3,190

-322

141

-1,748

3,077

-1,835

-1,993

-2,445

-2,075

-2,653

5,113

-1,916

-3,532

2,383

-3,678

1,082

9,038

-4,919

-3,141

2,668

-976

-819

-7,124