2019 BBNC Annual Report - Page 47

BRISTOL BAY NATIVE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended March 31, 2019, 2018 and 2017 (In thousands) 2019 2018 2017 53,487 103,224 41,132 (2,756) 734 482 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ Adjustments to reconcile net earnings to cash provided by operating activities: Equity in losses (gain) from unconsolidated affiliates Unrealized depreciation (appreciation) of marketable securities and other investments 6,074 6,126 (15,864) Depreciation and amortization 20,525 22,588 24,156 Gain on sale of controlling interest in subsidiary (6,819) — — (Gain) loss on disposal of property, plant, and equipment Property and equipment abandonment and impairment losses Gain on sale of marketable securities and other investments Loss (gain) on interest rate swap Deferred taxes Bad debt expense (296) (67) 74 — 3,292 8,916 (6,242) (26,074) (2,776) 56 (156) (394) 14,243 (39,877) 2,404 201 135 248 Changes in operating assets and liabilities that provided (used) cash, net of acquisitions and disposals: Accounts receivable (9,659) (29,766) (14,553) Costs and earnings in excess of billings 4,721 (1,947) 1,246 Billings in excess of costs 1,323 (962) 3,886 999 (2) 133 Recognition (reversal) of forward losses on construction contracts Net (purchase) sale of marketable securities 1,582 5,090 18,198 Inventories (2,420) (1,306) 788 Accounts payable (7,190) 22,987 (6,121) 1,268 (18,332) 33,030 69,097 45,687 94,985 Accrued liabilities and other Net cash provided by operating activities M anagement ' s D iscussion and A nalysis 45