v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ 21,826 $ 2,009
Adjustments to reconcile net income to net cash used in operations:    
Depreciation and amortization 31,808 19,176
Amortization of debt issuance costs 947 789
Non-cash interest expense and other non-cash adjustments 751 2,651
(Gain) / Loss from sale of property and equipment (39)  
Deferred income taxes (2,254) (718)
Share-based compensation expenses 1,444 1,410
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable (25,455) 936
Contract assets (24,851) (26,369)
Inventory (4,651) (397)
Prepaids and other assets (1,775) 10,148
Contract liabilities (258) (10,066)
Accounts payable, accruals and income taxes payable (755) (18,865)
Acquisition related accrued expenses   (11,651)
ROU assets and lease liabilities 287 (8)
Net cash used in operating activities (2,975) (30,955)
Cash flows from investing activities    
Purchases of property and equipment (21,865) (8,669)
Proceeds from sale of property and equipment 387  
Investment in convertible note   (6,000)
Acquisitions of businesses, net of cash acquired (210,000) (126,279)
Net cash flows used in investing activities (231,478) (140,948)
Cash flows from financing activities    
Net proceeds from issuance of common stock in initial public offering   153,808
Finance lease payments (2,148) (1,896)
Proceeds from notes payable 265,000 375,000
Repayments of notes payable (3,935) (337,115)
Payments of debt issuance costs (4,870) (6,541)
Proceeds from revolving line of credit   30,000
Repayments of revolving line of credit   (25,000)
Repayment of debt assumed in ISP acquisition   (1,919)
Taxes paid on vested stock awards (1,812)  
Cash contributed from (distribution to) equity holders   1,474
Net cash provided by financing activities 252,235 187,811
Net increase in cash and cash equivalents 17,782 15,908
Cash and cash equivalents, beginning 33,959 11,530
Cash and cash equivalents, ending 51,741 27,438
Supplemental Disclosures    
Cash paid during the period for interest 28,424 20,103
Cash paid during the period for income taxes, net of refunds 11,475 10,360
Supplemental Non-Cash Investing and Financing Activities    
Non-cash acquisition of operating lease right-of-use assets 10,419 1,342
Offering expenses included in liabilities   1,028
Common stock issued in acquisition of business 15,205 5,752
Acquisitions of property and equipment included in liabilities $ 5,140 854
Acquisition of business included in liabilities   $ 3,899