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Cash Flow

Cash Flow

v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 2,146 $ (2,424)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 1,413 1,371
Provision for doubtful accounts 10 20
Stock-based compensation expense 367 467
Amortization of debt issuance costs 184 68
Deferred income tax provision (benefit) 708 (1,043)
Gain on sale of property and equipment (12) (16)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 3,575 2,481
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts (1,472) 3,037
(Increase) decrease in other current assets 29,799 (1,129)
(Increase) decrease in other assets (913) (210)
Increase (decrease) in accounts payable (3,641) (5,362)
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts (6,646) 2,639
Increase (decrease) in accrued taxes 589 (134)
Increase (decrease) in accrued expenses and other current liabilities (30,099) (16)
Increase (decrease) in other long-term liabilities (140) 177
Net cash used in operating activities (4,132) (74)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 13 71
Advances to joint ventures 0 1
Purchase of property and equipment (584) (775)
Net cash used in investing activities (571) (703)
Cash flows from financing activities:    
Increase (decrease) in bank overdrafts (1,333) (4,299)
Payments on Credit Agreement term loan (900) (750)
Proceeds from Credit Agreement revolver 17,500 41,296
Payments on Credit Agreement revolver (7,000) (34,849)
Proceeds from Bridge Term Loan 0 10,000
Payments on Bridge Term Loan (250) (250)
Payments on capital leases (550) (475)
Convertible preferred stock redeemed 0 (9,191)
Convertible preferred stock dividends paid 0 (875)
Payments on debt issue costs (550) 0
Taxes paid related to net-share settlement of equity awards (29) (81)
Net cash provided by financing activities 6,888 526
Increase (decrease) in cash, cash equivalents and restricted cash 2,185 (251)
Cash, cash equivalents and restricted cash, beginning of period 1,732 739
Cash, cash equivalents and restricted cash, end of period 3,917 488
Noncash investing and financing transactions:    
Property and equipment acquired financed with capital leases 724 718
Interest paid $ 596 $ 729

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