XML 19 R6.htm IDEA: XBRL DOCUMENT v3.23.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 45,436 $ 40,372
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization of property and equipment 26,040 24,043
Amortization of intangible assets 2,455 6,020
Stock-based compensation expense 4,304 3,688
Deferred income taxes 0 (1)
Gain on sale of property and equipment (2,539) (1,400)
Other non-cash items (221) 581
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable, net (1,714) (20,457)
Contract assets, net (81,243) (43,413)
Receivable for insurance claims in excess of deductibles 459 12,504
Other assets 3,147 (4,939)
Accounts payable 23,004 42,763
Contract liabilities 1,468 33,619
Accrued self-insurance (1,962) (11,861)
Other liabilities (2,790) (21,400)
Net cash flows provided by operating activities 15,844 60,119
Cash flows from investing activities:    
Proceeds from sale of property and equipment 3,331 1,237
Cash paid for acquired business, net of cash acquired 0 (110,576)
Purchases of property and equipment (41,730) (30,421)
Net cash flows used in investing activities (38,399) (139,760)
Cash flows from financing activities:    
Borrowings under revolving lines of credit 185,330 121,533
Repayments under revolving lines of credit (178,247) (70,138)
Payment of principal obligations under equipment notes (2,512) (516)
Payment of principal obligations under finance leases (584) (880)
Proceeds from exercise of stock options 20 4
Repurchase of common stock 0 (23,467)
Debt refinancing costs (2,120) 0
Payments related to tax withholding for stock-based compensation (7,936) (6,791)
Other financing activities 0 607
Net cash flows provided by (used in) financing activities (6,049) 20,352
Effect of exchange rate changes on cash 414 (746)
Net decrease in cash and cash equivalents (28,190) (60,035)
Cash and cash equivalents:    
Beginning of period 51,040 82,092
End of period $ 22,850 $ 22,057