v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (15,696) $ (20,488)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 2,776 19
Depreciation and amortization 7,834 10,141
Amortization of deferred revenue (504) (2,397)
Asset impairments 1,360 389
(Gain) loss on sale of assets, net (3,496) 224
Gain on insurance recoveries, net (3,342) 0
Deferred income taxes 0 (10,235)
Stock based compensation expense 2,134 2,636
Changes in operating assets and liabilities:    
Contracts receivable and retainage, net (6,211) (5,363)
Contracts in progress (11,814) (15,981)
Prepaid expenses, inventory, and other assets (2,519) (26)
Accounts payable 1,791 12,436
Advance billings on contracts 9,795 390
Deferred revenue (1,621) (5,825)
Accrued contract losses (1,585) 1,595
Accrued expenses and other liabilities 2,432 2,926
Net cash used in operating activities (18,666) (29,559)
Cash flows from investing activities:    
Capital expenditures (2,362) (4,515)
Purchase of short-term investments (9,174) 0
Proceeds from sale of property, plant and equipment 57,716 2,120
Recoveries from insurance claims 9,362 0
Net cash provided by (used in) investing activities 55,542 (2,395)
Cash flows from financing activities:    
Tax payments made on behalf of employees from vested stock withholdings (795) (885)
Payment of financing cost (44) (88)
Payments of dividends on common stock 0 (448)
Proceeds from borrowings under Credit Agreement 15,000 2,000
Repayment of borrowings under Credit Agreement (15,000) (2,000)
Net cash used in financing activities (839) (1,421)
Net change in cash and cash equivalents 36,037 (33,375)
Cash and cash equivalents, beginning of period 8,983 51,167
Cash and cash equivalents, end of period $ 45,020 $ 17,792

Source