Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 2,895 $ 559
Adjustments to reconcile net income to cash provided by (used in) operating activities:    
Depreciation and amortization 3,140 2,873
Provision for doubtful accounts 27 33
Stock-based compensation expense 435 882
Noncash operating lease expense 2,025 1,818
Amortization of debt issuance costs 1,080 510
Deferred income tax (benefit) provision 798 214
Gain on sale of property and equipment (17) (21)
Loss on debt extinguishment 0 513
Gain on change in fair value of warrant liability (59) 103
Changes in operating assets and liabilities:    
Accounts receivable 3,588 (5,737)
Contract assets 4,901 (4,476)
Other current assets (166) 30,138
Accounts payable, including retainage (19,519) (4,651)
Prepaid income taxes (171) 85
Accrued taxes payable (11) 10
Contract liabilities 16,254 (4,686)
Operating lease liabilities (2,399) (1,818)
Accrued expenses and other current liabilities 9,419 (31,923)
Other long-term liabilities 237 (87)
Net cash provided by (used in) operating activities 22,457 (15,661)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 64 77
Advances to joint ventures (1) 1
Purchase of property and equipment (660) (1,229)
Net cash used in investing activities (597) (1,151)
Cash flows from financing activities:    
Increase in bank overdrafts 0 2,783
Payments on Credit Agreement term loan 0 (14,335)
Proceeds from Credit Agreement revolver 0 17,500
Payments on Credit Agreement revolver 0 (17,500)
Proceeds from 2019 Revolving Credit Facility 7,250 7,500
Payments on 2019 Revolving Credit Facility (7,250) (7,500)
Proceeds from 2019 refinancing Term Loan, net of debt discount 0 38,643
Warrants issued in conjunction with the 2019 Refinancing Term Loan 0 969
Embedded derivative associated with the 2019 Refinancing Term Loan 0 388
Payments on Bridge Term Loan 0 (7,736)
Payments on finance leases (1,285) (1,140)
Payments of debt issuance costs 0 (3,339)
Taxes paid related to net-share settlement of equity awards (90) (29)
Net cash (used in) provided by financing activities (1,375) 16,204
Increase in cash, cash equivalents and restricted cash 20,485 (608)
Cash, cash equivalents and restricted cash, beginning of period 8,457 1,732
Cash, cash equivalents and restricted cash, end of period 28,942 1,124
Noncash investing and financing transactions:    
Right of use assets obtained in exchange for new operating lease liabilities 0 3,022
Right of use assets obtained in exchange for new finance lease liabilities 1,050 1,630
Right-of-use assets disposed or adjusted modifying operating leases liabilities 586 1,651
Right-of-use assets disposed or adjusted modifying finance leases liabilities (64) 0
Interest paid $ 3,250 $ 1,621