XML 20 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net loss attributable to Sterling common stockholders $ (9,238) $ (39,176) $ (9,781)
Plus: Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures 1,826 3,216 4,556
Net loss (7,412) (35,960) (5,225)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 16,048 16,529 18,348
Revaluation of noncontrolling interest due to a new agreement 18,774
Gain on disposal of property and equipment (367) (1,479) (995)
Stock-based compensation expense 1,810 1,604 849
Loss on extinguishment of debt 240
Changes in operating assets and liabilities:      
Contracts receivable (2,020) (3,216) (1,651)
Costs and estimated earnings in excess of billings on uncompleted contracts (5,800) 6,498 (21,719)
Inventories (1,173) 4,866 (1,212)
Receivables from and equity in construction joint ventures 5,800 (3,777) (3,035)
Income tax receivable 1,419 4,784
Other assets 595 8,127 3,692
Accounts payable 8,138 (7,834) 5,192
Billings in excess of costs and estimated earnings on uncompleted contracts 33,544 4,907 (5,927)
Accrued compensation and other liabilities 544 (3,147) (2,504)
Members’ interest subject to mandatory redemption and undistributed earnings (5,208) 1,418 (1,110)
Net cash provided by (used in) operating activities 44,499 8,969 (10,513)
Cash flows from investing activities:      
Additions to property and equipment (10,888) (8,086) (13,509)
Proceeds from sale of property and equipment 2,714 8,543 6,078
Restricted cash (4,945)
Net cash used in investing activities (8,174) (4,488) (7,431)
Cash flows from financing activities:      
Cumulative daily drawdowns – Credit Facility 19,000 126,970 330,338
Cumulative daily repayments – Credit Facility (19,000) (161,571) (303,545)
Cumulative drawdowns – equipment-based revolver (15,871) 14,550
Cumulative repayments – equipment-based revolver (14,550)
Cash received from equipment-based term loan 20,000
Repayments under long-term obligations – equipment-based term loan and other (3,217)
Distributions to noncontrolling interest owners (1,079) (3,402) (1,191)
Net proceeds from stock issued 19,142 14,046
Deferred loan costs (1,309)
Other (158) (369) (733)
Net cash provided by (used in) financing activities 2,034 (22,898) 38,915
Net (decrease) increase in cash and cash equivalents 38,359 (18,417) 20,971
Cash and cash equivalents at beginning of period 4,426 22,843 1,872
Cash and cash equivalents at end of period 42,785 4,426 22,843
Supplemental disclosures of cash flow information:      
Cash paid during the period for interest 2,628 2,889 1,075
Cash paid during the period for income taxes 72 547 1
Non-cash items:      
Revaluation of noncontrolling interests (26,141)
Transportation and construction equipment acquired through financing arrangements $ 740 $ 2,662 $ 3,159