Cash Flow

Cash Flow

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
2 Months Ended 7 Months Ended 9 Months Ended
Sep. 30, 2016
Jul. 19, 2016
Sep. 30, 2015
Cash flows from operating activities:      
Net income $ 1,813    
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 2,789    
Allowance for doubtful accounts 134    
Stock based compensation expense 0    
Capitalized deferred interest on subordinated debt 84    
Amortization of debt issuance costs 52    
Deferred tax provision (2,667)    
(Gain) loss on sale of property and equipment 21    
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (42,855)    
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts 10,831    
(Increase) decrease in other current assets (251)    
(Increase) decrease in other assets 94    
Increase (decrease) in accounts payable 7,722    
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts 12,857    
Increase (decrease) in accrued expenses and other current liabilities (6,035)    
Increase (decrease) in other long-term liabilities 28    
Net cash (used in) provided by operating activities (15,383)    
Cash flows from investing activities:      
Proceeds from sale of property and equipment 69    
Advances to joint ventures (1)    
Purchase of property and equipment (468)    
Acquisition of Limbach Holdings, LLC, net of cash acquired (32,158)    
Proceeds from trust account 19,545    
Net cash used in investing activities (13,013)    
Cash flows from financing activities:      
Proceeds from revolving credit facility 16,567    
Proceeds from term loan 24,000    
Proceeds from subordinated debt 13,000    
Payments on revolving credit facility (8,301)    
Payments on term loan (1,270)    
Payments on subordinated debt facility (23,604)    
Payment on capital leases (345)    
Proceeds from issuance of redeemable convertible preferred stock 9,948    
Debt issuance costs (1,313)    
Distributions to members 0    
Net cash provided by (used in) financing activities 28,682    
Increase (decrease) in cash and cash equivalents 286    
Cash and cash equivalents, beginning of period 238    
Cash and cash equivalents, end of period 546    
Noncash investing and financing transactions:      
Property and equipment acquired financed with capital leases 467    
Predecessor [Member]      
Cash flows from operating activities:      
Net income   $ 2,568 $ 2,439
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization   1,582 1,852
Allowance for doubtful accounts   50 (28)
Stock based compensation expense   1,349 0
Capitalized deferred interest on subordinated debt   1,395 1,987
Amortization of debt issuance costs   0 0
Deferred tax provision   0 0
(Gain) loss on sale of property and equipment   (1) (4)
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable   5,722 (5,495)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts   (18,698) (7,504)
(Increase) decrease in other current assets   (662) (406)
(Increase) decrease in other assets   (95) (45)
Increase (decrease) in accounts payable   (6,973) (2,980)
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts   4,276 (688)
Increase (decrease) in accrued expenses and other current liabilities   10,847 3,668
Increase (decrease) in other long-term liabilities   277 (251)
Net cash (used in) provided by operating activities   1,639 (7,455)
Cash flows from investing activities:      
Proceeds from sale of property and equipment   7 44
Advances to joint ventures   0 (1)
Purchase of property and equipment   (2,114) (840)
Acquisition of Limbach Holdings, LLC, net of cash acquired   0 0
Proceeds from trust account   0 0
Net cash used in investing activities   (2,107) (797)
Cash flows from financing activities:      
Proceeds from revolving credit facility   60,122 42,452
Payments on revolving credit facility   (63,630) (40,135)
Payments on term loan   (1,038) (1,556)
Payments on subordinated debt facility   0 0
Payment on capital leases   (660) (794)
Proceeds from issuance of redeemable convertible preferred stock   0 0
Debt issuance costs   0 0
Distributions to members   (195) (124)
Net cash provided by (used in) financing activities   (5,401) (157)
Increase (decrease) in cash and cash equivalents   (5,869) (8,409)
Cash and cash equivalents, beginning of period   6,107 8,612
Cash and cash equivalents, end of period   238 203
Noncash investing and financing transactions:      
Property and equipment acquired financed with capital leases   1,014 834
Limbach Holdings, Inc [Member]      
Cash flows from financing activities:      
Cash and cash equivalents, beginning of period $ 22    
Limbach Holdings, Inc [Member] | Predecessor [Member]      
Cash flows from financing activities:      
Cash and cash equivalents, beginning of period   $ 0 $ 0

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