Quarterly report pursuant to Section 13 or 15(d)

Accounting Standards (Tables)

v3.20.2
Accounting Standards (Tables)
6 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
Effects of Adoption of ASC 606 and ASC 842 on Consolidated Financial Statements
The effect of the changes made to the Company's condensed consolidated June 30, 2019 balance sheet and condensed consolidated statement of operations for the three and six month periods ended June 30, 2019 for the adoption of ASC Topic 606 and ASC Topic 842 were as follows:
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands)
Previously Reported Balance as of June 30, 2019(a)
 
Adjustments due to ASC Topic 606
 
Adjustments due to ASC Topic 842
 
Balance as of June 30, 2019 (As Recast)
Assets
 
 
 
 
 
 
 
Accounts receivable, net (b)
142,761

 
(31,236
)
 

 
111,525

Contract assets

 
68,285

 

 
68,285

Costs and estimated earnings in excess of billings on uncompleted contracts
36,030

 
(36,030
)
 

 

Other current assets
4,637

 
1

 

 
4,638

Operating lease right-of-use assets (c)

 

 
22,685

 
22,685

Deferred tax asset
4,170

 
(207
)
 

 
3,963

 

 

 

 

Liabilities
 
 
 
 
 
 
 
Contract liabilities

 
44,131

 

 
44,131

Billings in excess of costs and estimated earnings on uncompleted contracts
46,536

 
(46,536
)
 

 

Accrued expenses and other current liabilities
24,575

 
2,663

 

 
27,238

Current portion of long-term debt
2,173

 

 
62

 
2,235

Current operating lease liabilities (c)

 

 
3,824

 
3,824

Long-term debt
39,983

 

 
65

 
40,048

Long-term operating lease liabilities (c)

 

 
19,656

 
19,656

Other long-term liabilities
2,498

 

 
(794
)
 
1,704

 

 

 

 

Stockholders' Equity
 
 
 
 
 
 
 
Accumulated deficit
(7,782
)
 
555

 
(128
)
 
(7,355
)
(a) Balances as previously reported on the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.
(b) Prior to the adoption of ASC Topic 606, retainage receivable was included within accounts receivable, net.
(c) Prior to the adoption of ASC Topic 842, operating lease right-of-use assets and current and long-term operating lease liabilities were not recorded on the Company's condensed consolidated balance sheets.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 
Three months ended June 30, 2019
(in thousands)
Previously Reported(a)
 
Adjustments due to ASC Topic 606
 
Adjustments due to ASC Topic 842
 
As Recast
Revenue
 
 
 
 
 
 
 
   Construction
$
104,925

 
$
(166
)
 

 
$
104,759

   Service
27,828

 
16

 

 
27,844

Total revenue
132,753

 
(150
)
 

 
132,603

Cost of revenue
 
 
 
 
 
 
 
   Construction
94,503

 
(427
)
 

 
94,076

   Service
20,849

 
(17
)
 

 
20,832

Total cost of revenue
115,352

 
(444
)
 

 
114,908

Gross profit
17,401

 
294

 

 
17,695

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expenses
17,079

 

 

 
17,079

Amortization of intangibles
175

 

 

 
175

Total operating expenses
17,254

 

 

 
17,254

Operating income
147

 
294

 

 
441

Other income (expenses):
 
 
 
 
 
 
 
Interest expense, net
(1,597
)
 

 

 
(1,597
)
Gain on disposition of property and equipment
9

 

 

 
9

    Loss on debt extinguishment
(513
)
 

 

 
(513
)
    Loss on change in fair value of warrant liability
(103
)
 

 

 
(103
)
Total other expenses
(2,204
)
 

 

 
(2,204
)
Income before income taxes
(2,057
)
 
294

 

 
(1,763
)
Income tax provision (benefit)
(553
)
 
79

 

 
(474
)
Net loss
$
(1,504
)
 
$
215

 
$

 
$
(1,289
)
(a) Balances as previously reported on the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2019.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 
Six months ended June 30, 2019
(in thousands)
Previously Reported(a)
 
Adjustments due to ASC Topic 606
 
Adjustments due to ASC Topic 842
 
As Recast
Revenue
 
 
 
 
 
 
 
   Construction
$
209,599

 
$
(380
)
 
$

 
$
209,219

   Service
57,105

 
26

 

 
57,131

Total revenue
266,704

 
(354
)
 

 
266,350

Cost of revenue
 
 
 
 
 
 

   Construction
185,864

 
(244
)
 

 
185,620

   Service
43,406

 
5

 

 
43,411

Total cost of revenue
229,270

 
(239
)
 

 
229,031

Gross profit
37,434

 
(115
)
 

 
37,319

Operating expenses:
 
 
 
 
 
 

Selling, general and administrative expenses
33,124

 

 

 
33,124

Amortization of intangibles
350

 

 

 
350

Total operating expenses
33,474

 

 

 
33,474

Operating income
3,960

 
(115
)
 

 
3,845

Other income (expenses):
 
 
 
 
 
 
 
Interest expense, net
(2,430
)
 

 

 
(2,430
)
Gain on disposition of property and equipment
21

 

 

 
21

    Loss on debt extinguishment
(513
)
 

 

 
(513
)
    Loss on change in fair value of warrant liability
(103
)
 

 

 
(103
)
Total other expenses
(3,025
)
 

 

 
(3,025
)
Income before income taxes
935

 
(115
)
 

 
820

Income tax provision (benefit)
293

 
(32
)
 

 
261

Net income
$
642

 
$
(83
)
 
$

 
$
559

(a) Balances as previously reported on the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2019.