XML 22 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 83,381 $ 85,006 $ 58,759
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation and amortization of property and equipment 49,161 43,894 42,867
Amortization of intangible assets 9,009 2,311 3,586
Stock-based compensation expense 7,922 7,496 5,688
Deferred income taxes 9,573 6,281 (2,641)
Gain on sale of property and equipment (2,378) (3,098) (2,813)
Other non-cash items 2,294 1,892 1,951
Changes in operating assets and liabilities:      
Accounts receivable, net (86,939) 10,659 2,903
Contract assets, net (64,421) (39,266) 31,360
Receivable for insurance claims in excess of deductibles (14) (4,619) (1,511)
Prepaid expenses and other assets 1,640 (25,320) (15,458)
Accounts payable 109,008 34,348 (43,079)
Contract liabilities 58,001 9,573 52,918
Accrued self-insurance 4,999 5,233 3,010
Other liabilities (13,752) 2,838 37,627
Net cash flows provided by operating activities 167,484 137,228 175,167
Cash flows from investing activities:      
Proceeds from sale of property and equipment 1,990 3,062 3,429
Cash paid for acquisitions, net of cash acquired (110,660) 0 0
Purchases of property and equipment (77,056) (52,361) (44,355)
Net cash flows used in investing activities (185,726) (49,299) (40,926)
Cash flows from financing activities:      
Net borrowings (repayments) under revolving lines of credit 12,915 0 (103,820)
Payment of principal obligations under equipment notes (1,047) (24,917) (32,584)
Payment of principal obligations under finance leases (1,592) (336) (1,238)
Borrowings under equipment notes 24,184 0 0
Proceeds from exercise of stock options 40 498 749
Repurchase of common stock (36,981) 0 0
Payments related to tax withholding for stock-based compensation (6,791) (3,352) (652)
Other financing activities 0 12 13,249
Net cash flows used in financing activities (9,272) (28,095) (124,296)
Effect of exchange rate changes on cash (3,538) (410) 326
Net increase (decrease) in cash and cash equivalents (31,052) 59,424 10,271
Cash and cash equivalents:      
Beginning of period 82,092 22,668 12,397
End of period 51,040 82,092 22,668
Cash paid during the period for:      
Income taxes payments 20,462 30,009 24,185
Interest payments 2,736 1,444 4,071
Noncash investing activities:      
Acquisition of property and equipment for which payment is pending $ 2,218 $ 4,120 $ 349