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Cash Flow

Cash Flow

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 642 $ (1,715)
Adjustments to reconcile net income (loss) to cash provided (used in) by operating activities:    
Depreciation and amortization 2,873 2,798
Provision for doubtful accounts 33 47
Stock-based compensation expense 882 1,121
Amortization of debt discount and issuance costs 510 144
Deferred income tax provision (benefit) 239 (750)
Loss on debt extinguishment 513  
Change in fair value of warrant liability 103  
Gain on sale of property and equipment (21) (40)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (7,107) (8,060)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts (3,332) 283
(Increase) decrease in other current assets [1] 30,138 (688)
(Increase) decrease in other assets   (289)
Increase (decrease) in accounts payable (4,651) (6,017)
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts (4,307) 15,407
(Increase) decrease in prepaid income taxes [1] 101 (706)
Increase (decrease) in accrued taxes payable   (2,222)
Increase (decrease) in accrued expenses and other current liabilities (32,190) 1,112
Increase (decrease) in other long-term liabilities (87) 255
Net cash (used in) provided by operating activities (15,661) 680
Cash flows from investing activities:    
Proceeds from sale of property and equipment 77 123
Advances to joint ventures 1 0
Purchase of property and equipment (1,229) (2,117)
Net cash used in investing activities (1,151) (1,994)
Cash flows from financing activities:    
Increase in bank overdrafts 2,783 4,869
Proceeds from 2019 Refinancing Term Loan, net of debt discount 38,643  
Warrants issued in conjunction with the 2019 Refinancing Term Loan 969  
Embedded derivative associated with the 2019 Refinancing Term Loan 388  
Proceeds from Bridge Term Loan 0 10,000
Payments on Bridge Term Loan (7,736) (1,764)
Payments on capital leases (1,140) (957)
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 (29) (83)
Net cash provided by financing activities 16,204 944
Increase (decrease) in cash, cash equivalents and restricted cash (608) (370)
Cash, cash equivalents and restricted cash, beginning of period 1,732 739
Cash, cash equivalents and restricted cash, end of period 1,124 369
Noncash investing and financing transactions:    
Property and equipment acquired financed with capital leases 1,581 1,521
Interest paid 1,621 1,184
Credit Agreement term loan    
Cash flows from financing activities:    
Repayments of Long-term Lines of Credit (14,335) (1,500)
Credit Agreement revolver    
Cash flows from financing activities:    
Proceeds from Long-term Lines of Credit 17,500 67,039
Repayments of Long-term Lines of Credit (17,500) $ (66,594)
2019 Revolving Credit Facility    
Cash flows from financing activities:    
Proceeds from Long-term Lines of Credit 7,500  
Repayments of Long-term Lines of Credit $ (7,500)  
[1] The prior period has been reclassified to conform to the current period presentation.

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