v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 10,172 $ 9,701
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,769 7,609
Unrealized foreign currency (loss) gain (138) 2,525
Fair value adjustment to earnout liabilities 296 0
Earnout payments 0 (1,007)
Gain (loss) on sale of property and equipment 43 (7)
Debt discount amortization 271 279
Share-based compensation expense 3,096 2,859
Bad debt expense 154 823
Inventory reserve expense 526 115
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (25,961) (15,772)
Costs and estimated earnings in excess of billings on uncompleted contracts 6,006 (4,846)
Inventories (10,395) (4,620)
Prepaid expense and other current assets (8,228) (1,900)
Deferred charges and other assets (268) 2,311
Accounts payable 21,162 13,050
Accrued expenses 7,868 4,598
Billings in excess of costs and estimated earnings on uncompleted contracts 19,330 6,567
Income taxes payable 261 (51)
Other liabilities, net (3,473) (2,538)
Net cash provided by operating activities 29,491 19,696
Cash flows from investing activities:    
Acquisitions of property and equipment (5,511) (2,367)
Net proceeds from sale of assets 0 7
Net cash paid for acquisition (48,102) (44,900)
Net cash used in investing activities (53,613) (47,260)
Cash flows from financing activities:    
Borrowings on revolving credit lines 94,200 73,600
Repayments on revolving credit lines (63,200) (35,900)
Borrowing on long-term debt 0 11,000
Repayments of long-term debt (2,478) (2,294)
Deferred financing fees paid 0 (130)
Deferred consideration paid for acquisitions (1,247) 0
Payments on finance leases and financing liability (680) (444)
Earnout payments (1,496) 0
Proceeds from employee stock purchase plan and exercise of stock options 1,435 169
Noncontrolling interest distributions (1,364) (1,201)
Common stock repurchase 0 (6,558)
Net cash provided by financing activities 25,170 38,242
Effect of exchange rate changes on cash, cash equivalents and restricted cash 703 (6,459)
Net increase in cash, cash equivalents and restricted cash 1,751 4,219
Cash, cash equivalents and restricted cash at beginning of period 46,585 31,995
Cash, cash equivalents and restricted cash at end of period 48,336 36,214
Cash paid during the period for:    
Interest 8,531 3,239
Income taxes $ 8,633 $ 3,566