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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 28,025 $ 36,634
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 4,456 4,145
Amortization of intangibles and fixed assets 11,209 9,340
(Recovery of) provision for credit losses (771) 1,001
Payment of contingent consideration liability in excess of acquisition-date fair value (17) (79)
Fair value adjustment on contingent consideration (305) 839
Amortization of debt issuance costs 1,788 1,409
Restricted stock compensation expense 2,076 1,347
Deferred income taxes (4,944) (6,313)
Changes in operating assets and liabilities, net of effects of businesses acquired:    
Accounts receivable, net (3,085) 3,815
Costs and estimated profits in excess of billings 5,561 (23,151)
Accounts payable and accrued expenses (3,018) 1,721
Prepaid expenses and other assets 2,267 5,226
Inventories 2,548 (3,179)
Billings in excess of costs and estimated profits 2,591 (5,095)
Other long-term liabilities (6,657) (3,643)
Net cash provided by operating activities 41,724 24,017
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (11,719) (5,617)
Acquisition of businesses, net of cash acquired (119,017) (8,488)
Net cash used in investing activities (130,736) (14,105)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on asset-backed credit facility 0 7,870
Repayments on asset-backed credit facility 0 (7,870)
Repayments under term loan facility (2,750) (2,184)
Payment for acquisition contingent consideration liability (4,483) (3,921)
Preferred stock dividends paid (45) (45)
Shares repurchased held in treasury (23,978) (33,583)
Payment for employee taxes withheld from stock awards (1,755) (432)
Principal payments on finance leases (1,992) 0
Net cash used in financing activities (35,003) (40,165)
Effect of foreign currency on cash 830 (240)
Net change in cash and restricted cash (123,185) (30,493)
Cash and restricted cash at beginning of period 173,211 46,117
Cash and restricted cash at end of period $ 50,026 $ 15,624