v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 10,214 $ 7,586
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 4,072 2,712
Provision for credit losses 77 39
Non-cash stock-based compensation expense 1,594 1,249
Noncash operating lease expense 994 1,045
Amortization of debt issuance costs 11 11
Deferred income tax provision (1,881) (327)
Gain on sale of property and equipment (333) (491)
Loss on change in fair value of contingent consideration 427 623
Gain (loss) on change in fair value of interest rate swap 97 (149)
Changes in operating assets and liabilities:    
Accounts receivable 8,900 1,861
Contract assets 2,438 4,594
Other current assets (2,345) (592)
Accounts payable, including retainage (6,006) (14,060)
Accrued taxes payable (339) 0
Contract liabilities (4,346) (1,052)
Operating lease liabilities (985) (974)
Accrued expenses and other current liabilities (9,582) (5,863)
Payment of contingent consideration liability in excess of acquisition-date fair value (711) 0
Other long-term liabilities (55) (156)
Net cash provided by (used in) operating activities 2,241 (3,944)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 319 561
Advances from joint ventures 0 4
Purchase of property and equipment (2,230) (2,541)
Net cash used in investing activities (1,925) (1,976)
Cash flows from financing activities:    
Payment of contingent consideration liability up to acquisition-date fair value (2,289) 0
Payments on finance leases (851) (693)
Proceeds from the sale of shares to cover employee taxes 6,344 0
Taxes paid related to net-share settlement of equity awards (10,684) (5,187)
Proceeds from contributions to Employee Stock Purchase Plan 324 206
Net cash used in financing activities (7,156) (5,674)
Decrease in cash, cash equivalents and restricted cash (6,840) (11,594)
Cash, cash equivalents and restricted cash, beginning of period 44,995 59,898
Cash, cash equivalents and restricted cash, end of period 38,155 48,304
Noncash investing and financing transactions:    
Kent Island Transaction, measurement period adjustment (94) 0
Right of use assets obtained in exchange for new operating lease liabilities 0 2,097
Right of use assets obtained in exchange for new finance lease liabilities 1,318 308
Right of use assets disposed or adjusted modifying finance lease liabilities 0 (41)
Interest paid 526 484
Cash paid for income taxes 0 0
Consolidated Mechanical    
Cash flows from investing activities:    
Net of cash acquired $ (14) $ 0