Page 34 - Shareholders Report 2023

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Statement of Cash Flows
2023 2022 2023 2022
Cash flows from operating activities Cash flows from financing activities
Net income $27,659,581 $14,651,075 Net (payments) borrowings on line of credit (20,000,000) 5,000,000
Adjustments to reconcile net income to Issuance of common stock 5,408,913 524,224
net cash from operating activities Redemption of common stock (1,386,348) (18,178,751)
Depreciation and amortization 11,684,764 10,843,450 Tax and other distributions (13,221,814) (5,768,920)
Share based compensation expense 8,298,725 1,859,531 Net cash from financing activities (29,199,249) (18,423,447)
ESOP share allocation 3,421,940 2,917,375
Operating lease right-of-use asset amortization 8,514,991 8,514,113 Effect of exchange rate changes on cash and cash equivalents (2,135,922) 1,508,477
Gain on investment securities (1,371,947) (216,537)
Bad debt expense 59,920 1,651,749 Net change in cash and cash equivalents 134,053,281 (28,035,933)
Change in assets and liabilities: Cash and cash equivalents at beginning of year 157,269,888 185,305,821
Accounts and notes receivable 44,770,793 (116,248,576)
Cash and cash equivalents end of year $291,323,169 $157,269,888
Costs and estimated earnings in excess 1,228,411 (12,421,185)
of billings on contracts in process Supplemental disclosures of cash flow information
Retainages receivable 8,563,553 (40,078,922) Cash paid during the year for interest $33,973 $86,953
Inventories 277,477 395,619 Cash paid during the year for taxes 3,089,948 5,356,064
Other current assets (11,908,447) 2,115,301 Supplemental disclosures of non-cash flow activity
Other assets (1,352,958) 2,223,791 Stock issuances in exchange for notes receivable $19,419,370 $3,437,206
Accounts payable 38,699,999 35,816,895 Right-of-use assets acquired through operating leases $2,537,477 $1,608,626
Billings in excess of costs and estimated 34,899,419 82,226,421 Business acquired with contingent consideration $- $1,512,000
earnings on contracts in process
Accrued liabilities 7,816,450 15,618,993
Operating lease liabilities (8,184,178) (7,901,602)
Other long-term liabilities 3,758,682 281,385
Net cash from operating activities 176,837,175 2,248,876
Cash flows from investing activities
Acquisition of Cortez, Inc., net of cash acquired - (8,821,356)
Purchases of property and equipment (7,592,570) (3,954,138)
Purchase of bond investments (3,987,286) (872,794)
Proceeds from sale of investment securities 131,133 278,449
Net cash from investing activities (11,448,723) (13,369,839)

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