Gulf island fabrication inc (GIFI)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Net income (loss)

-49,394

-20,378

-44,766

3,515

-25,364

15,320

7,232

-4,091

-1,804

13,093

20,804

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and lease asset amortization

9,564

10,350

12,745

25,448

26,204

-

-

-

-

-

-

Other amortization, net

50

80

-1,844

-

-

-

-

-

-

-

-

Bad debt expense

-

-

-

-

-

-

-

14,501

0

-

-

Depreciation

-

-

-

-

-

26,436

25,087

23,396

20,692

19,282

18,512

Amortization of deferred revenue

-

-

-

5,223

0

0

-

-

-

-

-

Bad debt expense

59

30

21

493

448

3,168

887

-

-

-

-

Asset impairments

17,223

4,445

7,672

0

7,202

3,200

0

-

7,690

-

-

(Gain) loss on sale of assets held for sale, net

369

7,724

-259

0

-

-

-

-

-

-

-

Gain on insurance recoveries

-

3,571

-

0

-

-

-

-

-

-

-

(Gain) loss on sale of fixed assets and other assets, net

584

-268

35

757

10

-86

-353

-

-

-

-

Deferred income taxes

10

-200

23,234

-1,409

14,061

-8,264

-3,788

1,848

883

3,364

5,137

Stock-based compensation expense

1,774

2,795

2,741

3,125

2,707

1,139

672

-259

-146

825

677

Excess tax benefits from share-based payment arrangements

-

-

-

-

-

-

116

-1,222

-906

124

24

Changes in operating assets and liabilities:
Contracts receivable and retainage, net

3,650

-2,962

8,319

-28,067

-

-

-

-

-

-

-

Contract assets

22,145

26,932

1,544

13,984

-

-

-

-

-

-

-

Prepaid subcontractor costs

-

-

-

-

-

-

-33,145

23,414

9,731

-

-

Prepaid expenses, inventory and other current assets

-2,556

3,162

-782

-6,731

-1,092

-352

385

1,113

-330

691

322

Accounts payable

30,950

10,515

9,354

-12,757

-26,668

-25,782

16,569

28,983

15,240

-11,256

-547

Contracts receivable, net

-

-

-

-

-31,740

-15,074

55,353

1,937

60,057

-75,826

-8,146

Contract retainage

-

-

-

-

-

-

-1,187

-3,015

-6,687

10,125

263

Contracts in progress

-

-

-

-

-14,167

2,262

-1,590

13,335

6,469

-11,460

7,834

Contract liabilities

-

-

-

-

-11,685

-16,240

9,418

-20,865

42,148

-1,720

-30,996

Contract liabilities

9,425

12,371

8,390

-12,305

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-11,656

8,678

817

-3,790

-

-

-

-

Inventory

-

-

-

-

-931

-1,189

6,325

-1,254

2,013

41

-1,464

Deferred revenue

-

-

-

-

0

0

-

-

-

-

-

Deferred compensation

-

-

-

305

0

0

-

-

-

-

-

Accrued employee costs

-

-

-

-

-

-

1,854

944

-1,317

-404

-1,284

Accrued expenses and other current liabilities

-1,099

-3,352

-3,177

2,157

-5,302

1,334

-1,462

2,551

1,082

-531

-2,370

Noncurrent assets and liabilities, net (including long-term retainage)

1,490

-711

-1,570

-

-

-

-

-

-

-

-

Other receivables

-

-

-

-

-

-

-

-

-

53

-1,640

Accrued contract losses

-

-

-

-

-

-

-

3,790

-

-

-

Current income taxes

-

-

-

-

615

15

3,652

-1,757

-423

-2,755

-1,752

Net cash provided by (used in) operating activities

-7,140

-20,392

-39,385

14,568

10,694

-

-

-

11,932

96,150

10,988

Net cash provided by operating activities

-

-

-

-

-

32,110

38,003

11,037

-

-

-

Cash flows from investing activities:
Cash received in acquisition

-

-

-

3,035

0

0

-

-

-

-

-

Capital expenditures

3,790

3,481

4,834

6,795

6,018

27,658

21,353

35,890

41,545

16,475

15,250

Proceeds from sale of property, plant and equipment

2,217

85,247

2,155

6,458

11

929

551

-

-

-

1,000

Purchases of short-term investments

65,284

9,610

-

0

-

-

-

-

-

-

-

Maturities of short-term investments

54,086

1,200

-

0

-

-

-

-

-

-

-

Recoveries from insurance claims

-

9,362

1,544

-

-

-

-

-

-

-

-

Recoveries from insurance claims

-

-

-

0

0

-

-

-

-

-

-

Net cash used in investing activities

-12,771

82,718

-1,135

2,698

-6,007

-

-

-

-41,545

-16,475

-14,250

Net cash provided by (used in) investing activities

-

-

-

-

-

-26,729

-20,802

-35,890

-

-

-

Cash flows from financing activities:
Proceeds from exercise of stock options

-

-

-

-

-

-

203

17

167

101

21

Excess tax benefit from share-based payment arrangements

-

-

-

-

-

-

116

259

146

124

24

Proceeds from borrowings under Credit Agreement

-

15,000

2,000

0

0

-

-

-

-

-

-

Repayment of borrowings under Credit Agreement

-

15,000

2,000

0

0

-

-

-

-

-

-

Borrowings against notes payable

-

-

-

-

-

22,000

45,000

-

-

-

-

Payments on notes payable

-

-

-

-

-

22,000

45,000

-

-

-

-

Payment of financing cost

48

42

150

122

0

0

-

-

-

-

-

Tax payments for vested stock withholdings

795

810

916

217

79

-

-

-

-

-

-

Payments of dividends on common stock

-

-

598

588

5,865

5,865

5,839

5,822

3,485

579

1,871

Net cash used in financing activities

-843

-852

-1,664

-927

-5,944

-

-

-

-3,172

-354

-1,826

Net decrease in cash and cash equivalents

-20,754

61,474

-42,184

-

-

-

-

-

-

-

-

Net cash used in financing activities

-

-

-

-

-

-5,865

-5,520

-5,546

-

-

-

Net increase (decrease) in cash and cash equivalents

-

-

-

16,339

-1,257

-484

11,681

-30,399

-32,785

79,321

-5,088

Supplemental cash flow information:
Interest paid

470

352

349

332

-

-

-

-

-

-

-

Interest paid

-

-

-

-

165

169

843

99

132

72

71

Income taxes paid (refunds received), net

63

6

189

377

-152

225

3,138

2,291

660

7,644

7,893

Reclassification of property, plant and equipment to assets held for sale

294

-

109,488

0

4,805

0

14,527

-

-

-

-

Reclassification of assets held for sale to property, plant and equipment

1,162

866

-

0

3,727

0

0

-

-

-

-

Reclassification of accrued expenses to assets held for sale

-

3,245

-

0

-

-

-

-

-

-

-