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Cash Flow

Cash Flow

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ 5,420,000 $ (2,420,000)
Adjustments to reconcile net income to cash provided by (used in) operating activities:    
Depreciation and amortization 4,635,000 4,234,000
Impairment of goodwill 0 4,359,000
Provision for doubtful accounts 62,000 104,000
Stock-based compensation expense 739,000 1,373,000
Noncash operating lease expense 3,033,000 2,789,000
Amortization of debt issuance costs 1,620,000 901,000
Deferred income tax (benefit) provision 211,000 (775,000)
Gain on sale of property and equipment (18,000) (38,000)
Loss on debt extinguishment 0 513,000
Gain on change in fair value of warrant liability 1,312,000 (422,000)
Changes in operating assets and liabilities:    
Accounts receivable (19,834,000) (5,223,000)
Contract assets 8,612,000 (15,768,000)
Other current assets 270,000 29,733,000
Accounts payable, including retainage 2,695,000 (1,406,000)
Prepaid income taxes (192,000) 77,000
Accrued taxes payable 1,947,000 63,000
Contract liabilities 18,715,000 (6,826,000)
Operating lease liabilities (3,229,000) (2,789,000)
Accrued expenses and other current liabilities 8,925,000 (25,961,000)
Other long-term liabilities 306,000 (102,000)
Net cash provided by (used in) operating activities 35,229,000 (17,584,000)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 65,000 148,000
Advances (to) from joint ventures (3,000) 3,000
Purchase of property and equipment (1,116,000) (2,192,000)
Net cash used in investing activities (1,054,000) (2,041,000)
Cash flows from financing activities:    
Increase in bank overdrafts 0 6,102,000
Payments on Credit Agreement term loan 0 (14,335,000)
Proceeds from Credit Agreement revolver 0 17,500,000
Payments on Credit Agreement revolver 0 (17,500,000)
Proceeds from 2019 Revolving Credit Facility 7,250,000 19,250,000
Payments on 2019 Revolving Credit Facility (7,250,000) (19,250,000)
Payments on 2019 Refinancing Term Loan (1,000,000) 0
Proceeds from 2019 refinancing Term Loan, net of debt discount 0 38,643,000
Warrants issued in conjunction with the 2019 Refinancing Term Loan 0 969,000
Embedded derivative associated with the 2019 Refinancing Term Loan 0 388,000
Payments on Bridge Term Loan 0 (7,736,000)
Payments on finance leases (1,966,000) (1,803,000)
Payments of debt issuance costs 0 (3,339,000)
Taxes paid related to net-share settlement of equity awards (102,000) (123,000)
Proceeds from contributions to Employee Stock Purchase Plan 149,000 0
Net cash (used in) provided by financing activities (2,919,000) 18,766,000
Increase in cash, cash equivalents and restricted cash 31,256,000 (859,000)
Cash, cash equivalents and restricted cash, beginning of period 8,457,000 1,732,000
Cash, cash equivalents and restricted cash, end of period 39,713,000 873,000
Noncash investing and financing transactions:    
Right of use assets obtained in exchange for new operating lease liabilities 924,000 3,022,000
Right of use assets obtained in exchange for new finance lease liabilities 2,399,000 2,685,000
Right-of-use assets disposed or adjusted modifying operating leases liabilities 586,000 1,651,000
Right-of-use assets disposed or adjusted modifying finance leases liabilities (64,000) (55,000)
Interest paid $ 4,817,000 $ 3,091,000

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