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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 23,439 $ 20,438
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization of property and equipment 30,153 28,151
Amortization of intangible assets 2,888 979
Stock-based compensation expense 3,261 2,480
Deferred income taxes 339 342
Gain on sale of property and equipment (2,548) (2,869)
Other non-cash items 631 697
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net (27,327) 29,232
Contract assets (38,910) (40,179)
Receivable for insurance claims in excess of deductibles 1,626 (3,766)
Other assets (771) 2,928
Accounts payable 37,874 (13,781)
Contract liabilities (397) 8,681
Accrued self insurance (358) 3,668
Other liabilities 1,845 21,668
Net cash flows provided by operating activities 31,745 58,669
Cash flows from investing activities:    
Proceeds from sale of property and equipment 2,898 3,505
Cash paid for acquired business (79,720) (47,082)
Purchases of property and equipment (39,354) (39,723)
Net cash flows used in investing activities (116,176) (83,300)
Cash flows from financing activities:    
Net borrowings (repayments) under revolving lines of credit 67,668 (14,580)
Borrowings under equipment notes 24,037 24,934
Payment of principal obligations under equipment notes (3,307) 0
Payment of principal obligations under finance leases (857) (809)
Proceeds from exercise of stock options 325 1,887
Debt refinancing costs (1,132) 0
Repurchase of common shares (778) (1,043)
Other financing activities 60 9,223
Net cash flows provided by financing activities 86,016 19,612
Effect of exchange rate changes on cash 53 (24)
Net increase (decrease) in cash and cash equivalents 1,638 (5,043)
Cash and cash equivalents:    
Beginning of period 7,507 5,343
End of period $ 9,145 $ 300