Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (31,492) $ (3,901)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,115 3,764
Asset impairments   484
Change in allowance for doubtful accounts and credit losses (410)  
Gain on sale or disposal of fixed assets, net (249) (79)
Gain on insurance recoveries (245) (1,200)
Stock-based compensation expense 1,466 1,464
Changes in operating assets and liabilities:    
Contract receivables and retainage, net (6,479) (17,026)
Contract assets 534 (3,048)
Prepaid expenses, inventory and other current assets 2,829 1,203
Accounts payable 2,914 2,811
Contract liabilities (4,662) (2,355)
Accrued expenses and other current liabilities (373) (288)
Noncurrent assets and liabilities, net 31,880 (654)
Net cash used in operating activities (172) (18,825)
Cash flows from investing activities:    
Capital expenditures (1,701) (1,032)
Proceeds from Shipyard Transaction   886
Proceeds from sale of property and equipment 396 2,035
Recoveries from insurance claims 245 1,200
Purchases of short-term investments (30,731) (9,809)
Maturities of short-term investments 25,200  
Net cash used in investing activities (6,591) (6,720)
Cash flows from financing activities:    
Payments on Insurance Finance Arrangements (1,257) (963)
Tax payments for vested stock withholdings (482) (121)
Net cash used in financing activities (1,739) (1,084)
Net decrease in cash, cash equivalents and restricted cash (8,502) (26,629)
Cash, cash equivalents and restricted cash, beginning of period 34,824 54,589
Cash, cash equivalents and restricted cash, end of period $ 26,322 $ 27,960