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Cash Flow

Cash Flow

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net (loss) income $ (1,550) $ 2,895
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:    
Depreciation and amortization 2,964 3,140
Provision for doubtful accounts 70 27
Stock-based compensation expense 1,313 435
Noncash operating lease expense 2,091 2,025
Amortization of debt issuance costs 220 1,080
Deferred income tax provision (306) 798
Gain on sale of property and equipment (8) (17)
Loss on early debt extinguishment 1,961 0
Gain on change in fair value of warrant liability (14) (59)
Changes in operating assets and liabilities:    
Accounts receivable (8,918) 3,588
Contract assets (3,717) 4,901
Other current assets (1,306) (166)
Accounts payable, including retainage 190 (19,519)
Prepaid income taxes (891) (171)
Accrued taxes payable (1,671) (11)
Contract liabilities (7,469) 16,254
Operating lease liabilities (2,004) (2,399)
Accrued expenses and other current liabilities (5,450) 9,419
Other long-term liabilities (114) 237
Net cash (used in) provided by operating activities (24,609) 22,457
Cash flows from investing activities:    
Proceeds from sale of property and equipment 361 64
Advances to joint ventures 0 (1)
Purchase of property and equipment (501) (660)
Net cash used in investing activities (140) (597)
Cash flows from financing activities:    
Proceeds from Wintrust Term Loan 30,000 0
Payments on Wintrust Term Loan 0 7,250
Payments on 2019 Revolving Credit Facility 0 (7,250)
Prepayment penalty and other costs associated with early debt extinguishment (1,376) 0
Proceeds from the sale of common stock 22,773 0
Proceeds from the exercise of warrants 1,989 0
Payments on finance leases (1,318) (1,285)
Payments of debt issuance costs (593) 0
Taxes paid related to net-share settlement of equity awards (401) (90)
Proceeds from contributions to Employee Stock Purchase Plan 221 0
Net cash provided by (used in) financing activities 10,295 (1,375)
(Decrease) increase in cash, cash equivalents and restricted cash (14,454) 20,485
Cash, cash equivalents and restricted cash, beginning of period 42,260 8,457
Cash, cash equivalents and restricted cash, end of period 27,806 28,942
Noncash investing and financing transactions:    
Right of use assets obtained in exchange for new operating lease liabilities 156 0
Right of use assets obtained in exchange for new finance lease liabilities 336 1,050
Right-of-use assets disposed or adjusted modifying operating leases liabilities 36 586
Right-of-use assets disposed or adjusted modifying finance leases liabilities 0 (64)
Interest paid 1,741 3,250
Cash paid for income taxes 2,096 734
Wintrust Term Loan    
Cash flows from financing activities:    
Payments of Term Loans (2,000) 0
2019 Refinancing Term Loan    
Cash flows from financing activities:    
Payments of Term Loans $ (39,000) $ 0

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