Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (2,770) $ (5,219)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Depreciation and amortization 4,234 4,216
Impairment of goodwill 4,359 0
Provision for doubtful accounts 104 57
Stock-based compensation expense 1,373 1,663
Amortization of debt discount and issuance costs 901 229
Deferred income tax benefit (906) (1,031)
Loss on debt extinguishment 513 0
Change in fair value of warrant liability (422) 0
Gain on sale of property and equipment (38) (76)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (7,696) (11,043)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts (13,276) 599
(Increase) decrease in other current assets [1] 29,732 (33,365)
(Increase) decrease in other assets 0 430
Increase (decrease) in accounts payable (1,406) (7,300)
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts (6,092) 23,877
(Increase) decrease in prepaid income taxes [1] 92 (611)
Increase (decrease) in accrued taxes payable 66 (2,220)
Increase (decrease) in accrued expenses and other current liabilities (26,250) 31,687
Increase (decrease) in other long-term liabilities (102) 326
Net cash (used in) provided by operating activities (17,584) 2,219
Cash flows from investing activities:    
Proceeds from sale of property and equipment 148 160
Advances to joint ventures 3 1
Purchase of property and equipment (2,192) (3,448)
Net cash used in investing activities (2,041) (3,287)
Cash flows from financing activities:    
Increase in bank overdrafts 6,102 757
Proceeds from 2019 Refinancing Term Loan, net of debt discount 38,643 0
Warrants issued in conjunction with the 2019 Refinancing Term Loan 969 0
Embedded derivative associated with the 2019 Refinancing Term Loan 388 0
Proceeds from Bridge Term Loan 0 10,000
Payments on Bridge Term Loan (7,736) (2,014)
Payments on capital leases (1,803) (1,417)
Convertible preferred stock redeemed 0 (9,191)
Convertible preferred stock dividends paid 0 (875)
Payments of debt issue costs (3,339) 0
Taxes paid related to net-share settlement of equity awards (123) (210)
Net cash provided by financing activities 18,766 968
Decrease in cash, cash equivalents and restricted cash (859) (100)
Cash, cash equivalents and restricted cash, beginning of period 1,732 739
Cash, cash equivalents and restricted cash, end of period 873 639
Noncash investing and financing transactions:    
Property and equipment acquired financed with capital leases 2,685 1,989
Interest paid 3,091 2,125
Credit Agreement term loan    
Cash flows from financing activities:    
Repayments of Long-term Lines of Credit (14,335) (2,400)
Credit Agreement revolver    
Cash flows from financing activities:    
Proceeds from Long-term Lines of Credit 17,500 101,016
Repayments of Long-term Lines of Credit (17,500) (94,698)
2019 Revolving Credit Facility    
Cash flows from financing activities:    
Proceeds from Long-term Lines of Credit 19,250 0
Repayments of Long-term Lines of Credit $ (19,250) $ 0
[1] The prior period has been reclassified to conform to the current period presentation.