Supplemental Financial Statement Information

3 Months Ended

Mar. 31, 2026

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Statement Information

Note 5 – Supplemental Financial Statement Information

Restricted Cash

The Company has agreed to maintain restricted cash of $12.3 million under agreements with outside parties. Escrow accounts were established in conjunction with certain business acquisitions, to be released upon meeting certain working capital and other post-closing requirements as of the contractual post-acquisition dates with a balance of $3.7 million at March 31, 2026. The Company is restricted from withdrawing this balance without the prior consent of the sellers. The remaining restricted cash balance of $8.6 million represents collateral for certain borrowings under the Amended Credit Agreement, and the Company is restricted from withdrawing this balance without the prior consent of the respective lenders.

Property, Plant and Equipment, net

Components of property, plant and equipment, net were as follows:



(in thousands)	March 31, 2026		December 31, 2025
Land	$	17,177	$	16,566
Buildings and improvements	74,367		67,508
Machinery and equipment	63,586		62,750
Capitalized software	22,706		21,492
Furniture and fixtures	12,246		12,275
Vehicles	6,811		6,720
Construction in progress(1)	3,305		8,112
Total	200,198		195,423
Accumulated depreciation and amortization	(73,406)		(68,818)
Property, plant and equipment, net	$	126,792	$	126,605

(1)Construction in progress primarily relates to upgrades to certain of the Company’s information technology systems and distribution facilities that we expect to place in service in the next twelve months.

Depreciation expense for property, plant and equipment and amortization expense for capitalized software, which are included in Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Depreciation expense for property, plant and equipment	$	4,380	$	4,772
Amortization expense for capitalized software	$	1,126	$	867

Rental Equipment, net

Rental equipment, net consisted of the following:



(in thousands)	March 31, 2026		December 31, 2025
Rental equipment	$	69,714	$	68,401
Accumulated depreciation	(30,484)		(29,445)
Rental equipment, net	$	39,230	$	38,956

Depreciation expense for rental equipment, which is included in Cost of goods sold in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Depreciation expense for rental equipment	$	3,214	$	2,755

Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Accrued compensation	$	22,462	$	29,267
Accrued and withheld taxes, other than income taxes	9,068		10,263
Accrued customer rebates	7,808		7,847
Contract liabilities	7,121		5,207
Deferred acquisition payments and accrued earnout liabilities	4,712		6,021
Accrued interest	2,321		1,647
Accrued health benefits	1,551		1,615
Accrued severance and acquisition related retention bonus	1,469		1,966
Accrued stock-based compensation	302		326
Accrued income taxes	185		793
Other	19,831		19,185
Total accrued expenses and other current liabilities	$	76,830	$	84,137

Other Liabilities

Other liabilities consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Security bonus plan	$	7,114	$	7,165
Deferred compensation	12,443		12,589
Other	5,660		4,891
Total other liabilities	$	25,217	$	24,645