Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net income (loss) $ (1,845) $ 712
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation and amortization 5,683 9,118
Provision for doubtful accounts 64 259
Stock-based compensation expense 2,159 1,656
Loss on debt modification 335 0
Amortization of debt issuance costs 373 181
Deferred tax provision (benefit) (745) 603
Accretion of preferred stock discount to redemption value 0 21
(Gain) loss on sale of property and equipment (90) 121
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (6,408) (15,630)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts 308 (1,046)
(Increase) decrease in other current assets (31,162) 698
(Increase) decrease in other assets 0 1
Increase (decrease) in accounts payable 6,914 10,404
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts 22,301 (10,647)
(Decrease) increase in taxes (2,753) 2,220
Increase (decrease) in accrued expenses and other current liabilities 29,535 (2,780)
Increase (decrease) in other long-term liabilities 653 44
Net cash provided by (used in) operating activities 25,322 (4,065)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 198 70
Advances to joint ventures (1) (1)
Purchase of property and equipment (3,877) (3,303)
Net cash used in investing activities (3,680) (3,234)
Cash flows from financing activities:    
Increase (decrease) in bank overdrafts (6,446) 7,780
Payments on Credit Agreement term loan (3,300) (4,865)
Proceeds from Credit Agreement revolver 109,650 111,562
Payments on Credit Agreement revolver (115,308) (105,904)
Payments on term loan 0 (33)
Proceeds from Bridge Term Loan 10,000 0
Payments on Bridge Term Loan (2,264) 0
Payments on financed insurance premium 0 (2,135)
Payments on capital leases (1,939) (1,690)
Convertible preferred stock redeemed (9,191) (3,847)
Convertible preferred stock dividends paid (875) (245)
Taxes paid related to net-share settlement of equity awards (211) (104)
Debt issuance costs (765) 0
Net cash provided by (used in) financing activities (20,649) 519
Increase (decrease) in cash and cash equivalents 993 (6,780)
Cash and cash equivalents, beginning of year 626 7,406
Cash and cash equivalents, end of year 1,619 626
Noncash investing and financing transactions:    
Property and equipment acquired financed with capital leases 3,260 1,801
Financed insurance premium 0 2,135
Interest paid $ 2,714 $ 1,882