• changes in tariffs and duties imposed on imports and exports and related
• interest rate risk and changes in market interest rates;
• our ability to identify and complete internal initiatives and/or acquisitions
in order to grow our business;
• our ability to effectively integrate Park Environmental Equipment, LLC
• impacts of pandemics, epidemics, or other public health emergencies, such as
coronavirus disease 2019 ("COVID19"); and
• other risks discussed in our Annual Report on Form 10K for the year ended
December 31, 2021 ("2021 Form 10K") and from time to time in our other
Impact of the COVID19 Pandemic on Our Business
Three and Six Months Ended June 30, 2022 Compared to Three and Six Months Ended June 30, 2021
Gross profit. Gross profit increased 152.5% to $24.1 million (20.3% of net sales) in the second quarter of 2022 compared to $9.5 million (12.9% of net sales) in the second quarter of 2021 and increased 112.2% to $38.9 million (17.1% of net sales) in the first six months of 2022 compared to $18.3 million (12.5% of net sales) in the first six months of 2021.
As of June 30, 2022, our working capital (current assets minus current liabilities) was $178.1 million compared to $164.1 million as of December 31, 2021. Cash and cash equivalents totaled $3.5 million and $3.0 million as of June 30, 2022 and December 31, 2021, respectively.
As of June 30, 2022, we had $86.7 million of outstanding revolving loan borrowings, $96.1 million of operating lease liabilities, and $2.8 million of finance lease liabilities. As of December 31, 2021, we had $86.8 million of outstanding revolving loan borrowings, $98.4 million of operating lease liabilities, and $2.2 million of finance lease liabilities.
Net Cash Provided by Operating Activities
Net Cash Used in Investing Activities
Net Cash Used in Financing Activities
The letters of credit outstanding as of June 30, 2022 relate to workers' compensation insurance. Based on the nature of these arrangements and our historical experience, we do not expect to make any material payments under these arrangements.
Our obligations under the Amended Credit Agreement are secured by a senior security interest in substantially all of our and our subsidiaries' assets.
There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2022 as compared to the critical accounting estimates disclosed in our 2021 Form 10K.
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