v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 17,366 $ 12,701 $ 4,359
Adjustments to reconcile net income to net cash provided by (used in) operating activities      
Depreciation and amortization 42,737 32,796 27,179
Amortization of debt issuance costs 1,327 2,301 1,985
Non-cash interest expense and other non-cash adjustments (2,190) (678) 785
Deferred income taxes 10,516 (11,510) (10,707)
Share-based compensation expenses 1,410 993 1,291
Changes in operating assets and liabilities, net of effects of acquisitions      
Change in accounts receivable (18,358) (2,310) (3,003)
Change in contract assets (49,076) (18,037) (27,865)
Change in inventory 2,858 (44) 7,571
Change in prepaids and other assets 6,872 (14,850) (15,701)
Change in contract liabilities (7,148) (6,207) 20,006
Change in accounts payable, accruals and income taxes payable (16,882) 31,782 14,228
Change in acquisition related accrued expenses (11,651)    
Net change in ROU assets and lease liabilities 100 (292) 199
Net cash provided by (used in) operating activities (22,119) 26,645 20,327
Cash flows from investing activities      
Proceeds from sale of property and equipment   306  
Proceeds from sale of marketable securities     563
Purchases of property and equipment (20,336) (15,252) (16,775)
Investment in convertible note (6,000)    
Acquisitions of businesses, net of cash acquired (211,935) (31,290)  
Net cash flows used in investing activities (238,271) (46,236) (16,212)
Cash flows from financing activities      
Net proceeds from issuance of common stock in initial public offering 154,836    
Proceeds from equipment financing     8,035
Finance lease payments (3,899) (2,869) (1,532)
Proceeds from notes payable 505,000 35,000  
Repayments of notes payable (339,315) (9,547) (8,250)
Payments of debt issuance costs (8,359) (962)  
Payment of ISP SBA loan assumed (1,919)    
Proceeds from revolving line of credit 30,000 41,500 33,500
Repayments of revolving line of credit (55,000) (36,500) (30,000)
Cash paid for contingent consideration   (800) (6,250)
Cash contributed from (distribution to) equityholders 1,475 (156) (789)
Net cash provided by (used in) financing activities 282,819 25,666 (5,286)
Net increase (decrease) in cash and cash equivalents 22,429 6,075 (1,171)
Cash and cash equivalents, beginning 11,530 5,455 6,626
Cash and cash equivalents, ending 33,959 11,530 5,455
Supplemental Disclosures      
Cash paid during the period for interest 44,823 47,869 45,896
Cash paid during the period for income taxes, net of refund 16,920 (678) 3,100
Supplemental Non-Cash Investing and Financing Activities      
Noncash acquisition of right-of-use assets under finance leases 3,588 7,078 7,712
Noncash acquisition of right-of-use assets under operating leases 1,454 885 2,802
Common stock issued in acquisition of business 11,609    
Acquisitions of property and equipment included in liabilities $ 6,521 869  
Payment-in-kind interest expense   $ 718 $ 785