Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2016
Jul. 19, 2016
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ (698)   $ 712
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 5,756   9,118
Allowance for doubtful accounts 219   259
Stock-based compensation expense 0   1,656
Capitalized deferred interest on subordinated debt 84   0
Amortization of debt issuance costs 492   181
Deferred tax provision (benefit) (3,888)   603
Accretion of preferred stock discount to redemption value 4   21
Loss from early extinguishment of debt 2,172   0
Loss on sale of property and equipment 250   121
Changes in operating assets and liabilities:      
Increase in restricted cash (50)   0
(Increase) decrease in accounts receivable (33,606)   (15,630)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts 6,256   (1,046)
(Increase) decrease in other current assets 549   698
(Increase) decrease in other assets 95   1
Increase (decrease) in accounts payable 16,661   10,404
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts 9,123   (10,647)
Increase in accrued taxes 0   2,220
Increase (decrease) in accrued expenses and other current liabilities (478)   (2,780)
Increase (decrease) in other long-term liabilities 173   44
Net cash provided by (used in) operating activities 3,114   (4,065)
Cash flows from investing activities:      
Proceeds from sale of property and equipment 2,085   70
Advances to joint ventures (4)   (1)
Purchase of property and equipment (1,281)   (3,303)
Acquisition of Limbach Holdings LLC, net of cash acquired (32,158)   0
Proceeds from trust account 18,005   0
Net cash used in investing activities (13,353)   (3,234)
Cash flows from financing activities:      
Increase (decrease) in bank overdrafts 0   7,780
Proceeds from revolving credit facility 0   0
Payments on revolving credit facility (3,492)   0
Proceeds from Credit Agreement term loan 24,000   0
Payments Credit Agreement term loan (1,500)   (4,865)
Proceeds from Subordinated Loan 13,084   0
Payments on Subordinated Loan (15,340)   0
Proceeds from Credit Agreement revolver 34,501   111,562
Payments on Credit Agreement revolver (34,501)   (105,904)
Payments on term loan (539)   (33)
Payments on subordinated debt facility (23,604)   0
Payments on financed insurance premium 0   (2,135)
Payments on capital leases (730)   (1,690)
Repayment of promissory note to affiliate (125)   0
Proceeds from issuance of redeemable convertible preferred stock 9,946   0
Convertible preferred stock redeemed 0   (3,847)
Convertible preferred stock dividends paid 0   (245)
Proceeds from sale of common stock 17,236   0
Taxes paid related to net-share settlement of equity awards 0   (104)
Debt issuance costs (1,313)   0
Distributions to members 0   0
Net cash provided by (used in) financing activities 17,623   519
Increase (decrease) in cash and cash equivalents 7,384   (6,780)
Cash and cash equivalents, beginning of period 0   0
Cash and cash equivalents, end of period 0   626
Noncash investing and financing transactions:      
Property and equipment acquired financed with capital leases 1,259   1,801
Interest paid 3,390   1,882
Financed insurance premium 0   2,135
Predecessor [Member]      
Cash flows from operating activities:      
Net income (loss)   $ 2,568  
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization   1,582  
Allowance for doubtful accounts   50  
Stock-based compensation expense   1,349  
Capitalized deferred interest on subordinated debt   1,395  
Amortization of debt issuance costs   0  
Deferred tax provision (benefit)   0  
Accretion of preferred stock discount to redemption value   0  
Loss from early extinguishment of debt   0  
Loss on sale of property and equipment   (1)  
Changes in operating assets and liabilities:      
Increase in restricted cash   0  
(Increase) decrease in accounts receivable   5,722  
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts   (18,698)  
(Increase) decrease in other current assets   (662)  
(Increase) decrease in other assets   (95)  
Increase (decrease) in accounts payable   (6,973)  
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts   4,276  
Increase in accrued taxes   0  
Increase (decrease) in accrued expenses and other current liabilities   10,847  
Increase (decrease) in other long-term liabilities   277  
Net cash provided by (used in) operating activities   1,639  
Cash flows from investing activities:      
Proceeds from sale of property and equipment   7  
Advances to joint ventures   0  
Purchase of property and equipment   (2,114)  
Acquisition of Limbach Holdings LLC, net of cash acquired   0  
Proceeds from trust account   0  
Net cash used in investing activities   (2,107)  
Cash flows from financing activities:      
Increase (decrease) in bank overdrafts   0  
Proceeds from revolving credit facility   60,122  
Payments on revolving credit facility   (63,630)  
Proceeds from Credit Agreement term loan   0  
Payments Credit Agreement term loan   0  
Proceeds from Subordinated Loan   0  
Payments on Subordinated Loan   0  
Proceeds from Credit Agreement revolver   0  
Payments on Credit Agreement revolver   0  
Payments on term loan   (1,038)  
Payments on subordinated debt facility   0  
Payments on financed insurance premium   0  
Payments on capital leases   (660)  
Repayment of promissory note to affiliate   0  
Proceeds from issuance of redeemable convertible preferred stock   0  
Convertible preferred stock redeemed   0  
Convertible preferred stock dividends paid   0  
Proceeds from sale of common stock   0  
Taxes paid related to net-share settlement of equity awards   0  
Debt issuance costs   0  
Distributions to members   (195)  
Net cash provided by (used in) financing activities   (5,401)  
Increase (decrease) in cash and cash equivalents   (5,869)  
Cash and cash equivalents, beginning of period   6,107  
Cash and cash equivalents, end of period   238  
Noncash investing and financing transactions:      
Property and equipment acquired financed with capital leases   1,014  
Interest paid   693  
Financed insurance premium   0  
Limbach Holdings, Inc [Member]      
Cash flows from financing activities:      
Cash and cash equivalents, beginning of period 22   $ 7,406
Cash and cash equivalents, end of period $ 7,406    
Limbach Holdings, Inc [Member] | Predecessor [Member]      
Cash flows from financing activities:      
Cash and cash equivalents, beginning of period   $ 0