Vse corp (VSEC)
CashFlow / TTM
Mar'20Dec'19Sep'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 income

33,753

37,024

36,271

35,778

34,631

35,080

43,194

39,799

38,855

39,096

28,923

29,372

27,534

26,793

27,354

26,740

26,250

24,918

21,336

18,745

18,931

19,365

20,608

22,051

23,248

22,852

19,813

20,451

19,884

21,294

24,976

25,132

23,048

20,552

0

0

0

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

25,972

26,927

26,862

26,138

26,170

25,224

25,282

25,401

25,655

25,882

26,115

26,315

26,516

26,046

25,841

25,698

25,681

25,541

23,711

21,994

20,076

18,770

19,235

19,468

19,712

20,016

20,541

21,084

21,411

21,162

20,761

19,870

17,567

15,099

0

0

0

Deferred taxes

1,651

-505

-868

-795

-2,218

-1,371

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred taxes

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

0

0

0

-

2,100

-1,109

-577

-874

-2,797

-4,616

-3,632

-1,253

1,982

3,989

2,535

1,283

0

0

0

Stock-based compensation

2,521

3,264

3,473

3,333

3,404

3,027

3,279

3,280

3,247

3,068

2,297

2,212

2,165

2,109

2,130

2,026

2,321

2,081

1,827

1,667

1,479

1,739

2,013

2,157

1,957

1,576

1,557

1,516

1,558

1,076

1,333

1,587

1,448

1,427

0

0

0

Loss on sale of a business entity and certain assets

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of property and equipment

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earn-out obligation adjustment

0

-

-

-

0

-

-

-

-

-

-

-

-

1,329

1,938

1,430

1,268

-426

-1,336

-2,799

-3,195

-3,059

-2,833

-912

-80

-183

-300

3,566

3,508

4,337

5,482

2,244

3,038

2,486

0

0

0

Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables

6,161

3,331

6,872

11,484

109

3,754

15,507

5,372

6,015

91

-11,624

-6,793

8,813

12,166

10,508

14,496

-2,649

8,139

819

3,447

-4,350

-18,996

-8,821

-19,838

-9,712

-14,130

-37,103

-30,320

-30,202

-25,051

-4,678

-41,222

-75,048

-51,323

0

0

0

Unbilled receivables

3,439

4,593

19,488

9,604

12,078

-4,706

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unbilled receivables, net

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

44,676

44,219

28,650

25,148

24,461

35,558

33,514

31,131

10,364

-3,749

6,590

18,439

27,489

27,217

21,372

9,839

13,593

10,381

11,197

14,047

10,236

10,048

6,724

2,817

-222

-2,240

-3,106

-1,828

-1,807

-435

3,330

4,806

5,222

4,758

0

0

0

Other current assets and noncurrent assets

-2,064

7,405

-790

3,352

5,072

-4,789

-10,591

1,817

-1,840

-3,681

8,397

-2,467

2,680

13,020

6,094

1,174

-1,442

-6,031

-6,043

-1,842

-1,027

627

182

1,877

3,433

3,798

-124

-2,271

-5,886

-5,938

-3,249

-1,831

10,584

3,420

0

0

0

Accounts payable and deferred compensation

5,467

7,725

19,360

12,908

-16,433

-7,405

3,882

9,760

9,049

-23,587

-7,349

-242

20,691

54,743

22,524

15,833

13,981

-362

-6,888

3,256

-4,813

-1,224

7,644

-404

5,502

1,922

-17,174

-9,708

-9,192

-17,279

-4,295

-27,982

-27,653

-31,596

0

0

0

Accrued expenses and other current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,107

-1,024

1,447

1,151

-42

-597

-9,511

-6,128

-5,307

-1,719

-2,212

-3,574

-4,803

-12,745

0

0

0

Accrued expenses and other current and noncurrent liabilities

-2,079

1,207

2,426

1,309

5,759

-2,515

-11,364

1,099

1,464

7,562

11,530

1,656

1,831

4,253

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term lease obligations

-

-

-

-

-

1,668

1,573

1,527

1,477

1,378

1,404

1,340

1,262

1,292

1,279

1,313

1,332

1,275

1,198

1,121

1,073

1,107

1,896

1,893

1,895

1,826

322

1,006

649

506

1,057

117

183

91

0

0

0

Other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

992

447

459

2,655

108

0

0

0

Net cash provided by operating activities

23,683

17,994

32,873

26,531

6,631

18,855

14,330

27,759

63,062

50,420

58,312

51,115

32,452

47,193

47,464

48,759

53,546

37,574

28,499

27,709

35,297

49,715

56,674

58,367

55,260

56,598

58,401

62,046

68,290

59,807

44,989

55,367

41,696

34,696

0

0

0

Cash flows from investing activities:
Purchases of property and equipment

9,753

9,630

8,284

7,540

2,665

3,117

3,878

4,371

4,382

3,743

3,495

3,574

5,532

6,546

8,181

9,574

8,606

10,562

8,508

6,798

5,939

3,414

3,882

3,755

3,644

4,416

12,487

12,211

13,874

20,863

14,450

15,675

14,351

6,635

0

0

0

Proceeds from the sale of property and equipment

2,425

4

75

80

125

122

0

0

0

-

-

-

-

143

308

308

306

507

273

227

207

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the sale of a business entity and certain assets

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for acquisitions, net of cash acquired

521

113,181

112,660

112,660

112,660

0

0

0

0

-

-

-

-

-

-

-

-

195,135

191,181

188,771

188,771

0

0

0

0

-

-

-

-

4,607

4,619

4,620

179,552

174,945

0

0

0

Earn-out obligation payments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Net cash provided by (used in) investing activities

13,278

-122,807

-120,869

-118,420

-113,500

-1,295

-2,084

-3,993

-3,650

-3,011

-2,737

-3,122

-5,458

-6,466

-11,890

-15,630

-14,664

-205,190

-199,416

-195,342

-194,503

-3,414

-3,882

-3,755

-3,644

-4,416

-12,487

-12,211

-13,874

-25,470

-19,069

-20,295

-193,633

-181,580

0

0

0

Cash flows from financing activities:
Borrowings on loan agreement

688,809

752,259

453,023

480,643

486,400

539,471

558,967

526,556

500,220

348,675

349,148

370,024

368,055

321,630

315,075

300,996

268,541

519,313

520,338

505,070

523,696

295,513

283,392

293,139

293,180

290,137

278,543

260,801

279,017

269,388

267,972

304,410

452,258

471,303

0

0

0

Repayments on loan agreement

689,702

642,193

359,884

383,418

374,251

550,436

563,893

543,677

552,778

391,285

400,351

403,176

372,453

340,046

327,759

310,240

291,341

333,222

331,649

329,220

356,816

336,601

331,054

344,515

342,753

340,627

322,454

301,519

322,971

293,409

283,587

337,086

296,966

324,848

0

0

0

Earn-out obligation payments

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,787

0

0

0

-

-

-

-

Payment of debt financing costs

-

-

-

-

-

1,702

1,702

1,692

1,798

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of debt financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments on financing lease obligations

-

-

-

-

-

1,452

1,410

1,367

1,326

1,287

1,247

1,209

1,171

1,128

0

0

1,017

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of taxes for equity transactions

811

955

955

955

687

641

641

641

641

500

500

500

500

499

499

499

500

342

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

725

534

698

562

374

384

37

0

0

0

0

Payments of taxes for equity transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Dividends paid

3,842

3,726

3,607

3,490

3,375

3,262

3,150

3,038

2,925

2,816

2,706

2,595

2,540

2,481

2,426

2,369

2,314

2,258

2,201

2,146

2,088

2,034

1,979

1,924

1,868

1,811

1,755

1,697

1,641

1,585

1,528

1,471

1,415

1,360

0

0

0

Net cash (used in) provided by financing activities

-37,247

105,385

88,202

92,025

107,077

-18,022

-11,829

-23,859

-59,248

-47,213

-55,656

-47,956

-27,124

-41,039

-35,215

-32,893

-38,763

168,093

170,783

167,775

159,317

-46,258

-52,744

-54,576

-52,688

-53,463

-46,500

-50,011

-53,355

-33,287

-25,370

-35,278

150,002

141,571

0

0

0

Net increase in cash and cash equivalents

-286

572

206

136

208

-462

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (decrease) increase in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-81

37

-130

-312

359

236

119

477

-134

142

111

43

48

36

-1,072

-1,281

-586

-176

1,061

1,050

550

-206

-1,935

-5,313

0

0

0