v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ 42,734 $ 9,653
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 48,317 30,146
Amortization of debt issuance costs 1,523 1,024
Non-cash interest expense and other non-cash adjustments 3,077 2,631
(Gain) / Loss from sale of property and equipment (39)  
Deferred income taxes (6,719) 5,131
Stock-based compensation expenses 3,351 1,410
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable (28,132) (11,346)
Contract assets (46,006) (39,758)
Inventory (12,653) (1,037)
Prepaid expenses and other assets (7,556) 9,189
Contract liabilities 8,125 (11,173)
Accounts payable, accruals and income taxes payable 14,639 (26,668)
ROU assets and lease liabilities 3,092 (26)
Net cash provided by (used in) operating activities 23,753 (30,824)
Net cash used in investing activities    
Purchases of property and equipment (35,226) (15,640)
Proceeds from sale of property and equipment 387  
Investment in convertible note   (6,000)
Acquisitions of businesses, net of cash acquired (304,189) (126,279)
Net cash flows used in investing activities (339,028) (147,919)
Cash flows from financing activities    
Net proceeds from issuance of common stock in initial public offering   153,808
Finance lease payments (3,359) (2,892)
Proceeds from term loan, net 490,334 368,459
Repayments of term loan (133,500) (338,052)
Payments of debt issuance costs (1,978)  
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 (1,817)  
Cash contributed from equity holders   1,474
Net cash provided by financing activities 349,680 185,878
Effect of exchange rate changes on cash and cash equivalents (196)  
Net increase in cash and cash equivalents 34,209 7,135
Cash and cash equivalents, beginning of period 33,959 11,530
Cash and cash equivalents, end of period 68,168 18,665
Supplemental disclosures:    
Cash paid during the period for interest 46,505 33,778
Cash paid during the period for income taxes, net of refunds 12,115 12,747
Supplemental non-cash investing and financing activities:    
Non-cash acquisition of operating lease right-of-use assets 11,013 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 $ 3,707 869
Acquisition of business included in liabilities   $ 3,899