v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 18,577 $ 26,764
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 15,246 13,058
Provision for credit losses 504 352
Non-cash stock-based compensation expense 5,500 5,216
Non-cash operating lease expense 3,941 3,021
Amortization of debt issuance costs 62 37
Deferred income tax provision 817 1,474
Gain on sale of property and equipment (448) (1,107)
Acquisition-related retention expense and contingent consideration [1] 950 1,832
Loss on early debt extinguishment (250) 0
(Gain) loss on change in fair value of interest rate swap (54) 175
Changes in operating assets and liabilities:    
Accounts receivable (15,107) (4,743)
Contract assets and contract liabilities, net [1] 2,448 (14,794)
Other current assets (2,561) (3,565)
Other assets 82 0
Accounts payable, including retainage 9,543 (2,972)
Prepaid income taxes (1,126) (44)
Accrued taxes payable (1,152) (1,470)
Operating lease liabilities (3,850) (2,964)
Accrued expenses and other current liabilities 1,762 (1,695)
Payments of contingent consideration liability in excess of acquisition-date fair value (3,404) (711)
Other long-term liabilities (786) (293)
Net cash provided by operating activities 31,194 17,571
Cash flows from investing activities:    
1901 Transaction, net of cash acquired (65,978) 0
CYMCOR Transaction, net of cash acquired (29,864) 0
Pioneer Power Transaction, net of cash acquired 0 (65,651)
Consolidated Mechanical Transaction, measurement period adjustment 0 (3)
Proceeds from sale of property and equipment 749 1,305
Advances from joint ventures 1 0
Purchases of property and equipment (1,781) (3,556)
Net cash used in investing activities (96,873) (67,905)
Cash flows from financing activities:    
Payments on Wintrust Revolving Loan (239,615) (17,347)
Payments of debt issuance costs (1,796) (168)
Payments of contingent consideration liability up to acquisition-date fair value (3,507) (2,289)
Payments on finance leases (3,893) (3,052)
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)
Repurchases of common stock under Share Repurchase Program (10,000) 0
Proceeds from contributions to Employee Stock Purchase Plan 634 570
Net cash provided by financing activities 90,346 15,222
Increase (decrease) in cash, cash equivalents and restricted cash 24,667 (35,112)
Cash, cash equivalents and restricted cash, beginning of period 11,410 44,995
Cash, cash equivalents and restricted cash, end of period 36,077 9,883
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 3,526 2,317
Right of use assets obtained in exchange for new finance lease liabilities 4,221 13,475
Right-of-use assets disposed or adjusted modifying operating leases liabilities (419) 0
Right of use assets disposed or adjusted modifying finance lease liabilities 99 0
Supplemental disclosures of cash flow information    
Interest paid 2,268 2,327
Cash paid for income taxes 3,979 4,663
1901 Transaction    
Noncash investing and financing transactions:    
Earnout liability associated with 1901 Transaction 4,751 0
Estimated working capital adjustment 3,298 0
CYMCOR Transaction    
Noncash investing and financing transactions:    
Estimated working capital adjustment (22) 0
Wintrust Revolving Loans    
Cash flows from financing activities:    
Proceeds from Wintrust Revolving Loan 229,615 41,848
PNC Revolving Credit Facility    
Cash flows from financing activities:    
Proceeds from Wintrust Revolving Loan 75,000 0
PNC Term Loan Facility    
Cash flows from financing activities:    
Proceeds from Wintrust Revolving Loan $ 50,000 $ 0
[1] Certain prior-period operating cash flow amounts have been reclassified to conform to the current-period presentation, including the net presentation of changes in contract assets and contract liabilities and the presentation of acquisition-related retention expense and contingent consideration. These reclassifications had no impact on net cash provided by operating activities.
The Company refined the presentation of contract-related balances within operating activities by presenting changes in contract assets and contract liabilities on a net basis, rather than as separate line items, to align with the presentation of net contract positions.