v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:              
Net income $ 10,106 $ 36,442 $ 4,930 $ 2,093 $ 46,549 $ 7,022  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:              
Depreciation and amortization         10,157 6,973  
Unrealized foreign currency gain (loss)         (3,024) 691  
Gain on sale of Global Pump Solutions business         (64,502) 0  
Fair value adjustment to earnout liabilities         (7,403) 0  
(Gain) loss on sale of property and equipment         (34) 126  
Debt discount amortization         412 240  
Share-based compensation expense         6,234 3,847  
Provision (recovery) for credit loss         1,297 267  
Inventory reserve expense         192 669  
Deferred income tax benefit         1,335 22  
Changes in operating assets and liabilities, net of acquisitions:              
Accounts receivable         4,850 (17,295)  
Costs and estimated earnings in excess of billings on uncompleted contracts         (19,635) 10,610  
Inventories         (8,853) (5,151)  
Prepaid expense and other current assets         (13,865) (11,164)  
Deferred charges and other assets         (1,512) (412)  
Accounts payable         11,884 13,719  
Accrued expenses         9,973 1,566  
Billings in excess of costs and estimated earnings on uncompleted contracts         7,524 3,060  
Income taxes payable         5,942 68  
Other liabilities         (6,884) (6,967)  
Net cash provided by (used in) operating activities         (19,363) 7,891  
Cash flows from investing activities:              
Acquisitions of property and equipment         (4,432) (7,233)  
Net cash proceeds for sale of Global Pump Solutions business         105,860 0  
Net cash (paid) received for acquisitions, net of cash acquired         (97,615) 422  
Net cash provided by (used in) investing activities         3,813 (6,811)  
Cash flows from financing activities:              
Borrowings on revolving credit lines         162,000 21,700  
Repayments on revolving credit lines         (142,300) (23,200)  
Repayments of long-term debt         (802) (5,198)  
Payments on finance leases and financing liability         (393) (458)  
Deferred consideration paid for acquisitions         (1,000) (2,050)  
Earnout payments         0 (1,672)  
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options         (2,906) 418  
Noncontrolling interest distributions         (402) (1,105)  
Common stock repurchased         0 (5,000)  
Net cash (used in) provided by financing activities         14,197 (16,565)  
Effect of exchange rate changes on cash, cash equivalents and restricted cash         61 (3,049)  
Net increase (decrease) in cash, cash equivalents and restricted cash         (1,292) (18,534)  
Cash, cash equivalents and restricted cash at beginning of period   $ 38,201   $ 55,448 38,201 55,448 $ 55,448
Cash, cash equivalents and restricted cash at end of period $ 36,909   $ 36,914   36,909 36,914 $ 38,201
Cash paid during the period for:              
Interest         10,940 6,574  
Income taxes         $ 18,642 $ 3,801