| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 |
|---|---|---|---|---|---|---|---|---|---|
Net income | |||||||||
1,537 | 5,461 | 16,553 | 17,202 | 4,212 | 5,154 | 15,144 | 13,403 | 11,248 | 10,996 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation, depletion and amortization of long-lived assets | |||||||||
9,593 | 9,438 | 8,533 | 8,059 | 7,501 | 7,138 | 7,392 | 6,621 | 5,633 | 5,675 |
Amortization of deferred debt issuance costs and debt discount | |||||||||
38 | 36 | 26 | 28 | 28 | 27 | 34 | 21 | 20 | 19 |
Provision for bad debt | |||||||||
160 | 145 | 574 | 131 | 145 | 145 | 169 | 145 | 145 | 145 |
Gain on sale of equipment | |||||||||
435 | 309 | 824 | 58 | 693 | 334 | 1,275 | 86 | 886 | 145 |
Equity-based compensation expense | |||||||||
390 | 395 | 811 | 146 | 0 | 0 | - | - | - | - |
Earnings from investment in joint venture | |||||||||
70 | 43 | 375 | 386 | 233 | 306 | 634 | 436 | 230 | 0 |
Other non-cash adjustments | |||||||||
5 | 6 | - | - | 0 | 0 | - | - | - | - |
Deferred income taxes | |||||||||
- | - | - | - | - | - | 949 | 2,040 | 0 | -3,470 |
Changes in operating assets and liabilities, net of acquisition: | |||||||||
Contracts receivable including retainage, net | |||||||||
5,301 | -21,981 | - | - | 11,714 | -26,174 | - | - | - | - |
Contracts receivable including retainage, net | |||||||||
- | - | - | - | - | - | - | - | - | -25,479 |
Costs and estimated earnings in excess of billings on uncompleted contracts | |||||||||
1,949 | 2,122 | -7,405 | 1,448 | 2,403 | 858 | -9,083 | 588 | 3,074 | 2,466 |
Inventories | |||||||||
3,097 | 1,535 | -3,166 | 4,027 | 3,983 | 3,982 | -589 | 993 | 1,636 | 706 |
Prepaid expenses and other current assets | |||||||||
-4,540 | 2,943 | - | - | 710 | 2,277 | - | - | - | - |
Prepaid expenses and other current assets | |||||||||
- | - | - | - | - | - | -279 | 1,075 | 5,490 | 2,600 |
Other assets | |||||||||
-1 | -331 | -4,008 | -113 | -3,567 | -298 | -4,292 | 119 | 11,411 | 549 |
Accounts payable | |||||||||
9,363 | -21,815 | 5,210 | 17,633 | 9,379 | -25,290 | 15,406 | 7,134 | -3,810 | -11,268 |
Billings in excess of costs and estimated earnings on uncompleted contracts | |||||||||
-1,629 | 54 | - | -2,313 | -4,814 | 733 | - | 2,824 | -4,600 | 4,599 |
Accrued expenses and other current liabilities | |||||||||
3,477 | -7,444 | 620 | 3,469 | 3,430 | -5,402 | 1,270 | -2,801 | 2,967 | -6,214 |
Other long-term liabilities | |||||||||
53 | -77 | 487 | 290 | 45 | -9 | 1,196 | -169 | -178 | -5 |
Net cash provided by operating activities, net of acquisition | |||||||||
18,929 | 1,547 | 37,311 | 12,664 | 4,088 | 1,211 | 42,461 | -4,464 | 8,634 | 19,490 |
Purchases of property, plant and equipment | |||||||||
10,917 | 23,595 | 10,735 | 11,942 | 12,396 | 7,406 | 9,344 | 11,494 | 12,457 | 9,509 |
Proceeds from sale of equipment | |||||||||
927 | 492 | 1,558 | 313 | 2,049 | 536 | 2,042 | 402 | 2,296 | 191 |
Business acquisitions, net of cash acquired | |||||||||
12,443 | 17,748 | 5,000 | 0 | 8,854 | 0 | - | - | - | - |
Distributions received from investment in joint venture | |||||||||
0 | 500 | 300 | 400 | 0 | 1,800 | 0 | 0 | 0 | 0 |
Net cash used in investing activities | |||||||||
-22,433 | -40,351 | -13,877 | -11,229 | -30,049 | -5,070 | -7,302 | -62,411 | -10,561 | -9,318 |
Cash flows from financing activities: | |||||||||
Repayments on revolving credit facility | |||||||||
- | - | - | - | - | - | 0 | 0 | 0 | 5,000 |
Proceeds from issuance of long-term debt, net of debt issuance costs and discount | |||||||||
15,000 | 9,777 | 0 | 0 | 0 | 0 | - | - | - | - |
Repayments of long-term debt | |||||||||
7,145 | 2,149 | 1,897 | 3,698 | 3,695 | 3,711 | 3,696 | 3,665 | 2,500 | 2,500 |
Net cash provided by (used in) financing activities | |||||||||
7,855 | 7,628 | -2,463 | -3,698 | -3,695 | -3,711 | -11,205 | 116,261 | -2,495 | -7,500 |
Net change in cash and cash equivalents | |||||||||
4,351 | -31,176 | 20,971 | -2,263 | -29,656 | -7,570 | - | - | - | - |
Net change in cash and cash equivalents | |||||||||
- | - | - | - | - | - | - | - | - | 2,672 |
Supplemental cash flow information: | |||||||||
Cash paid for interest | |||||||||
428 | 496 | 641 | 633 | 618 | 747 | 758 | 608 | 481 | 489 |
Cash paid for income taxes | |||||||||
3,100 | 300 | 5,887 | 1,700 | 1,472 | 60 | 1,800 | 9,850 | 1,791 | 916 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |||||||||
923 | 217 | - | - | 0 | 0 | - | - | - | - |
Cash paid for operating lease liabilities | |||||||||
802 | 870 | - | - | 0 | 0 | - | - | - | - |
Non-cash items: | |||||||||
Property, plant and equipment financed with accounts payable | |||||||||
403 | 391 | 572 | -37 | 191 | 178 | 243 | -2,195 | 2,347 | 0 |
Note receivable obtained in consideration for disposition of assets | |||||||||
- | - | - | - | - | - | - | - | - | 1,013 |