XML 15 R7.htm IDEA: XBRL DOCUMENT v3.24.3
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 $ 9,561 $ 10,172
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 10,536 8,769
Unrealized foreign currency gain (loss) 201 (138)
Fair value adjustment to earnout liabilities 400 296
Gain on sale of property and equipment 135 43
Debt discount amortization 357 271
Share-based compensation expense 5,790 3,096
Bad debt expense 404 154
Inventory reserve expense 850 526
Other 77 0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 9,653 (25,961)
Costs and estimated earnings in excess of billings on uncompleted contracts (1,498) 6,006
Inventories (4,305) (10,395)
Prepaid expense and other current assets (18,059) (8,228)
Deferred charges and other assets (2,755) (268)
Accounts payable 15,387 21,162
Accrued expenses (550) 7,868
Billings in excess of costs and estimated earnings on uncompleted contracts 7,286 19,330
Income taxes payable (1,140) 261
Other liabilities (9,330) (3,473)
Net cash provided by operating activities 23,000 29,491
Cash flows from investing activities:    
Acquisitions of property and equipment (11,237) (5,511)
Net cash paid for acquisitions (14,954) (48,102)
Net cash used in investing activities (26,191) (53,613)
Cash flows from financing activities:    
Borrowings on revolving credit lines 58,400 94,200
Repayments on revolving credit lines (54,800) (63,200)
Repayments of long-term debt (7,843) (2,478)
Payments on finance leases and financing liability (692) (680)
Deferred consideration paid for acquisitions (2,050) (1,247)
Earnout payments (1,672) (1,496)
Proceeds from employee stock purchase plan and exercise of stock options 846 1,435
Noncontrolling interest distributions (1,707) (1,364)
Common stock repurchase (5,000) 0
Net cash (used in) provided by financing activities (14,518) 25,170
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,187 703
Net (decrease) increase in cash, cash equivalents and restricted cash (16,522) 1,751
Cash, cash equivalents and restricted cash at beginning of period 55,448 46,585
Cash, cash equivalents and restricted cash at end of period 38,926 48,336
Cash paid during the period for:    
Interest 9,714 8,531
Income taxes $ 6,779 $ 8,633