v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 4,380 $ 10,214
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 4,417 4,072
Provision for credit losses 116 77
Non-cash stock-based compensation expense 1,854 1,594
Non-cash operating lease expense 1,100 994
Amortization of debt issuance costs 16 11
Deferred income tax benefit (3,657) (1,881)
Gain on sale of property and equipment (238) (333)
Acquisition-related retention expense and contingent consideration 149 427
(Gain) loss on change in fair value of interest rate swap (38) 97
Changes in operating assets and liabilities:    
Accounts receivable 12,583 8,900
Contract assets and contract liabilities, net [1] (3,962) (1,908)
Other current assets (3,970) (2,345)
Accounts payable, including retainage (12,045) (6,006)
Accrued taxes payable 0 (339)
Operating lease liabilities (1,072) (985)
Accrued expenses and other current liabilities (4,248) (9,582)
Payment of contingent consideration liability in excess of acquisition-date fair value (2,895) (711)
Other long-term liabilities (300) (55)
Net cash (used in) provided by operating activities (7,810) 2,241
Cash flows from investing activities:    
Consolidated Mechanical Transaction, measurement period adjustment 0 (14)
Proceeds from sale of property and equipment 299 319
Advances from joint ventures 1 0
Purchase of property and equipment (407) (2,230)
Net cash used in investing activities (107) (1,925)
Cash flows from financing activities:    
Payments on Wintrust Revolving Loan (32,112) 0
Proceeds from Wintrust Revolving Loan 54,492 0
Payment of contingent consideration liability up to acquisition-date fair value (3,105) (2,289)
Payments on finance leases (1,264) (851)
Proceeds from the sale of shares to cover employee taxes 5,945 6,344
Taxes paid related to net-share settlement of equity awards (12,037) (10,684)
Proceeds from contributions to Employee Stock Purchase Plan 419 324
Net cash provided by (used in) financing activities 12,338 (7,156)
Increase (decrease) in cash, cash equivalents and restricted cash 4,421 (6,840)
Cash, cash equivalents and restricted cash, beginning of period 11,410 44,995
Cash, cash equivalents and restricted cash, end of period 15,831 38,155
Noncash investing and financing transactions:    
Kent Island Transaction, measurement period adjustment 0 (94)
Right of use assets obtained in exchange for new operating lease liabilities 589 0
Right of use assets obtained in exchange for new finance lease liabilities 0 1,318
Right of use assets disposed or adjusted modifying finance lease liabilities 9 0
Interest paid 689 526
Cash paid for income taxes $ 0 $ 0
[1]
(1) The Company refined the presentation of contract-related balances within operating activities of the consolidated statements of cash flows. Changes in contract assets and contract liabilities are now presented on a net basis, rather than as separate line items, to align with the Company’s presentation of net contract positions. Prior-period amounts have been conformed for comparability, where applicable. This presentation change did not impact net cash provided by operating activities.