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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 21,033 $ 15,505
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 8,261 5,751
Provision for credit losses 159 186
Stock-based compensation expense 4,323 3,374
Noncash operating lease expense 3,092 2,843
Amortization of debt issuance costs 32 69
Deferred income tax provision (439) (1)
Gain on sale of property and equipment (656) (28)
Loss on change in fair value of contingent consideration 2,344 464
Loss on early debt extinguishment 0 311
Gain on change in fair value of interest rate swap 130 (153)
Changes in operating assets and liabilities:    
Accounts receivable 4,283 21,896
Contract assets (1,115) 14,014
Other current assets (395) (1,459)
Accounts payable, including retainage (18,418) (18,703)
Prepaid income taxes 0 95
Accrued taxes payable 1,311 (1,386)
Contract liabilities 10 2,312
Operating lease liabilities (2,895) (2,803)
Accrued expenses and other current liabilities (1,446) 1,997
Payment of contingent consideration liability in excess of acquisition-date fair value (2,175) (1,224)
Other long-term liabilities 55 400
Net cash provided by operating activities 17,494 43,460
Cash flows from investing activities:    
Proceeds from sale of property and equipment 1,171 370
Advances from joint ventures 7 0
Purchase of property and equipment (6,187) (1,720)
Net cash used in investing activities (17,725) (6,233)
Cash flows from financing activities:    
Payments on A&R Wintrust Term Loans 0 (21,452)
Proceeds from Wintrust Revolving Loan 0 10,000
Payment of contingent consideration liability up to acquisition-date fair value (1,325) (1,776)
Payments on finance leases (2,296) (1,991)
Payments of debt issuance costs 0 (50)
Taxes paid related to net-share settlement of equity awards (5,187) (847)
Proceeds from contributions to Employee Stock Purchase Plan 369 313
Net cash used in financing activities (8,439) (15,803)
(Decrease) increase in cash, cash equivalents and restricted cash (8,670) 21,424
Cash, cash equivalents and restricted cash, beginning of period 59,898 36,114
Cash, cash equivalents and restricted cash, end of period 51,228 57,538
Noncash investing and financing transactions:    
Right of use assets obtained in exchange for new operating lease liabilities 4,776 1,043
Right of use assets obtained in exchange for new finance lease liabilities 3,095 4,062
Right of use assets disposed or adjusted modifying operating lease liabilities 988 (643)
Right of use assets disposed or adjusted modifying finance lease liabilities 0 (77)
Interest paid 1,413 1,482
Cash paid for income taxes 4,700 6,718
Kent Island Mechanical, Inc.    
Cash flows from investing activities:    
Net of cash acquired (12,716) 0
Noncash investing and financing transactions:    
Earnout liability 4,381 0
ACME Industrial piping LLC    
Cash flows from investing activities:    
Net of cash acquired 0 (4,883)
Noncash investing and financing transactions:    
Earnout liability $ 0 $ 1,121