v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (11,370) $ 13,180
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation 24,944 12,942
Amortization of intangible assets 16,495 14,303
Amortization of debt issuance costs 2,429 605
Amortization of operating right of use assets 8,672 3,955
Deferred income taxes (779) (2,823)
Loss (gain) on sale of assets 85 (66)
Change in fair value of contingent liabilities 2,186 337
Equity-based compensation 2,339 1,270
Changes in assets and liabilities, net of business acquisitions:    
Accounts receivable (6,228) (12,940)
Contract assets (87,731) (7,297)
Prepaid expenses and other current assets (7,019) 428
Accounts payable and accrued expenses 19,979 (8,293)
Operating lease liabilities (8,022) (3,856)
Payments of contingent liabilities (3,022) 0
Net cash (used in) provided by operating activities (47,042) 11,745
Cash flows from investing activities:    
Purchase of property and equipment (15,969) (28,627)
Proceeds from sale of property and equipment 1,225 1,239
Acquisitions, net of cash acquired (3,440) (8,448)
Net cash used in investing activities (18,184) (35,836)
Cash flows from financing activities:    
Payments of acquisition amounts due to sellers (5,891) 0
Payments of contingent liabilities (1,416) 0
Payments made on term loans (8,251) (11,812)
Proceeds from line of credit 373,000 67,000
Payments made on line of credit (291,000) (53,500)
Payments on finance leases (612) 0
Distributions to members (338) 0
Proceeds from equipment loans 11,332 22,279
Payments made on equipment loans (12,831) (6,135)
Payments of debt costs 0 (262)
Net cash provided by financing activities 63,993 17,570
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,233) (6,521)
Cash and cash equivalents – beginning of period 3,719 7,367
Cash and cash equivalents – end of period 2,486 846
Supplemental disclosures of cash flow information:    
Cash paid for interest 44,152 13,039
Cash paid for taxes, net of refunds 1,295 4,454
Supplemental disclosures of noncash investing and financing activity:    
Accrued capital expenditures 575 0
ROU liabilities from ROU asset acquisition 8,209 6,552
Property and equity acquired through equipment loans 11,536 0
Other long-term assets accrual $ 4,894 $ 0