v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 2,009 $ 6,726
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 19,176 15,656
Amortization of debt issuance costs 789 1,128
Non-cash interest expense and other non-cash adjustments 2,651 (332)
Deferred income taxes (718) (5,251)
Share-based compensation expenses 1,410 497
Changes in operating assets and liabilities    
Change in accounts receivable 936 3,373
Change in contract assets (26,369) (11,390)
Change in inventory (397) 5,839
Change in prepaids and other assets 10,148 (190)
Change in contract liabilities (10,066) (5,502)
Change in accounts payable, accruals and income taxes payable (18,865) (1,108)
Change in acquisition related accrued expenses (11,651)  
Net change in ROU assets and lease liabilities (8) (233)
Net cash provided by (used in) operating activities (30,955) 9,213
Cash flows from investing activities    
Purchases of property and equipment (8,669) (6,703)
Investment in convertible note (6,000)  
Acquisitions of businesses, net of cash acquired (126,279) (30,687)
Net cash flows used in investing activities (140,948) (37,390)
Cash flows from financing activities    
Net proceeds from issuance of common stock in initial public offering 153,808  
Finance lease payments (1,896) (1,098)
Proceeds from notes payable 375,000 35,000
Repayments of notes payable (337,115) (4,984)
Payments of debt issuance costs (6,541) (962)
Proceeds from revolving line of credit 30,000 17,000
Repayments of revolving line of credit (25,000) (17,500)
Repayment of debt assumed in ISP acquisition (1,919)  
Cash contributed from (distribution to) members 1,474 (76)
Net cash provided by financing activities 187,811 27,380
Net increase in cash and cash equivalents 15,908 (797)
Cash and cash equivalents, beginning 11,530 5,455
Cash and cash equivalents, ending 27,438 4,658
Supplemental Disclosures    
Cash paid during the period for interest 20,103 23,898
Cash paid during the period for income taxes, net of refunds 10,360 0
Supplemental Non-Cash Investing and Financing Activities    
Non-cash acquisition of finance lease right-of-use assets   4,087
Non-cash acquisition of operating lease right-of-use assets 1,342  
Acquisition of business included in liabilities 3,899  
Common stock issued in acquisition of business 5,752  
Acquisitions of property and equipment included in liabilities $ 854 1,010
Payment-in-kind interest expense   $ 333