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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 23,163 $ 20,688
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization of property and equipment 12,763 11,904
Amortization of intangible assets 1,226 2,767
Stock-based compensation expense 1,982 1,624
Deferred income taxes 0 (1)
Gain on sale of property and equipment (1,224) (748)
Other non-cash items 62 886
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable, net 53,819 2,902
Contract assets, net (31,868) (5,745)
Receivable for insurance claims in excess of deductibles (601) 1,531
Other assets 15,921 281
Accounts payable (19,142) 15,613
Contract liabilities (6,312) (4,470)
Accrued self-insurance (2,561) (352)
Other liabilities (10,070) (25,413)
Net cash flows provided by operating activities 37,158 21,467
Cash flows from investing activities:    
Proceeds from sale of property and equipment 1,539 1,027
Cash paid for acquired business, net of cash acquired 0 (110,576)
Purchases of property and equipment (19,615) (14,037)
Net cash flows used in investing activities (18,076) (123,586)
Cash flows from financing activities:    
Borrowings under revolving lines of credit 9,242 78,331
Repayments under revolving lines of credit (22,157) (33,138)
Payment of principal obligations under equipment notes (1,980) 0
Payment of principal obligations under finance leases (302) (437)
Proceeds from exercise of stock options 20 4
Payments related to tax withholding for stock-based compensation (7,936) (6,791)
Net cash flows provided by (used in) financing activities (23,113) 37,969
Effect of exchange rate changes on cash 30 790
Net decrease in cash and cash equivalents (4,001) (63,360)
Cash and cash equivalents:    
Beginning of period 51,040 82,092
End of period $ 47,039 $ 18,732