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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income available to common stockholders $ (67,470) $ 21,119
Loss from discontinued operations (55,418) (1,996)
(Loss) income from continuing operations (12,052) 23,115
Adjustments to reconcile (loss) income from continuing operations to net cash (used in) provided by operating activities:    
Depreciation and amortization 15,903 6,806
Stock compensation expense 1,859 2,860
Other, net 2,448 (144)
Changes in operating assets and liabilities net of effects from acquisitions:    
Trade receivables and costs in excess of billings (56,100) (24,037)
Inventories (20,460) (8,233)
Other current assets and other assets (3,325) (5,579)
Accounts payable 47,613 18,202
Accrued expenses and other non-current liabilities (10,439) (7,905)
Net cash (used in) provided by operating activities of continuing operations (34,553) 5,085
Net cash (used in) provided by operating activities of discontinued operations (6,614) 8,599
Net cash (used in) provided by operating activities (41,167) 13,684
Cash Flows from Investing Activities    
Acquisitions, net of cash acquired (1,340,027) (184,585)
Purchases of property, plant, and equipment, net (5,997) (10,757)
Net proceeds from sale of business 0 352
Net cash used in investing activities of continuing operations (1,346,024) (194,990)
Net cash provided by (used in) investing activities of discontinued operations 74,944 (674)
Net cash used in investing activities (1,271,080) (195,664)
Cash Flows from Financing Activities    
Proceeds from long-term debt 1,325,000 0
Long-term debt payments (75,000) 0
Payment of debt issuance costs (29,254) 0
Purchase of common stock at market prices (3,857) (62,394)
Net cash provided by (used in) financing activities 1,216,889 (62,394)
Effect of exchange rate changes on cash (19) 8
Net decrease in cash and cash equivalents (95,377) (244,366)
Cash and cash equivalents at beginning of year 115,724 269,480
Cash and cash equivalents at end of period $ 20,347 $ 25,114