Page 34 - 2022 Shareholders Report

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Statement of Cash Flows
Cash flows from operating activities Cash flows from financing activities
Net income $14,651,075 Net borrowings on line of credit 5,000,000
Adjustments to reconcile net income to net Issuance of common stock 524,224
cash from operating activities
Redemption of common stock (18,178,751)
Depreciation and amortization 10,843,450
Distributions (5,768,920)
Share based compensation expense 1,859,531
Net cash from financing activities (18,423,447)
ESOP share allocation 2,917,375
Gain on investment securities (216,537) Effect of exchange rate changes on cash and cash equivalents 1,508,477
Bad debt expense 1,651,749
Change in assets and liabilities: Net change in cash and cash equivalents (28,035,933)
Accounts and notes receivable (116,248,576)
Cash and cash equivalents at beginning of year 185,305,821
Costs and estimated earnings in excess (12,421,185)
of billings on contracts in process
Cash and cash equivalents end of year $157,269,888
Retainages receivable (40,078,922)
Inventories 395,619 Supplemental disclosures of cash flow information
Other current assets 2,115,301 Cash paid during the years for interest $86,953
Other assets 2,223,791 Cash paid during the years for taxes 5,356,064
Accounts payable 35,816,895
Billings in excess of costs and estimated 82,226,421 Supplemental disclosures of non-cash flow activity
earnings on contracts in process
Stock issuances in exchange for notes receivable $3,437,206
Accrued liabilities 15,618,993
Right-of-use assets acquired through operating leases $1,608,626
Operating lease liabilities 612,511
Business acquired with contingent consideration $1,512,000
Other long-term liabilities 281,385
Net cash from operating activities 2,248,876
Cash flows from investing activities
Acquisition of Cortez, Inc., net of cash acquired (8,821,356)
Purchases of property and equipment (3,954,138)
Purchase of bond investments (872,794)
Proceeds from sale of investment securities 278,449
Net cash from investing activities (13,369,839)

32 Haskell ◆ 2022 Annual Report to Shareholders
32 Haskell ◆ 2022 Annual Report to Shareholders