XML 27 R6.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 68,812 $ 48,102 $ 15,751
Reconciliation of net income to net cash provided by operating activities:      
Depreciation 8,423 9,585 9,946
Amortization of intangible assets and fixed assets 21,682 18,915 17,197
Amortization of deferred financing costs 2,991 1,842 1,558
(Recovery of) provision for credit losses (885) 659 67
Payment of contingent consideration liability in excess of acquisition-date fair value (160) (781) (45)
Fair value adjustment on contingent consideration 1,738 2,311 504
Loss on debt extinguishment 1,201 0 0
Gain on sale of property and equipment 0 0 (282)
Restricted stock compensation expense 3,072 1,850 1,823
Deferred income taxes (9,059) (7,541) 6,140
Loss on sale of interest in VIE 0 1,193 0
Changes in operating assets and liabilities, and other:      
Accounts receivable, net 13,293 (93,940) (43,736)
Cost and estimated profits in excess of billings (18,720) (6,429) 3,991
Inventories (2,026) 2,072 (5,290)
Prepaid expenses and other assets 9,666 (11,865) 649
Accounts payable and accrued expenses 10,604 35,965 27,004
Billings in excess of costs and estimated profits (916) 6,858 (772)
Other long-term liabilities (3,494) (2,902) 2,584
Net cash provided by operating activities 106,222 5,894 37,089
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (12,263) (4,916) (5,999)
Proceeds from the sale of property and equipment 0 0 1,669
Acquisition of businesses, net of cash acquired (10,384) (48,506) (64,693)
Net cash used in investing activities (22,647) (53,422) (69,023)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings on asset-backed credit facility 7,870 827,152 0
Repayments on asset-backed credit facility (7,870) (827,152) 0
Proceeds from debt 550,000 105,000 0
Principal debt payments (429,508) (3,567) (3,300)
Debt issuance costs (12,061) (8,398) 0
Shares repurchased held in treasury (56,215) (47,872) (33,511)
Payment for acquisition contingent consideration liability (5,673) (469) (955)
Preferred dividends paid (90) (90) (90)
Payment for employee taxes withheld from stock awards (527) (292) (637)
Principal repayments on finance lease obligations (2,347) 0 0
Net cash provided by (used in) financing activities 43,579 44,312 (38,493)
Effect of foreign currency on cash (60) 253 88
Net change in cash and restricted cash 127,094 (2,963) (70,339)
Cash and restricted cash at beginning of year 46,117 49,080 119,419
Cash and restricted cash at end of year $ 173,211 $ 46,117 $ 49,080