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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 11,332 $ 17,580
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 2,208 2,024
Amortization of intangibles and fixed assets 5,330 4,758
(Recovery of) provision for credit losses (1,200) 498
Payment of contingent consideration liability in excess of acquisition-date fair value (17) 0
Fair value adjustment on contingent consideration (194) 342
Amortization of debt issuance costs 895 642
Restricted stock compensation expense 864 476
Deferred income taxes (3,056) (2,799)
Changes in operating assets and liabilities, net of effects of businesses acquired:    
Accounts receivable, net 8,993 9,070
Costs and estimated profits in excess of billings 7,052 (18,378)
Accounts payable and accrued expenses (2,165) 13,311
Prepaid expenses and other assets 3,366 8,844
Inventories 754 (8,006)
Billings in excess of costs and estimated profits (1,301) (231)
Other long-term liabilities (5,872) (1,682)
Net cash provided by operating activities 26,989 26,449
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,894) (3,804)
Acquisition of businesses, net of cash acquired (39,261) 0
Net cash used in investing activities (42,155) (3,804)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments under term loan facility (1,375) (1,092)
Payment for acquisition contingent consideration liability (983) 0
Preferred stock dividends paid (23) (23)
Shares repurchased held in treasury (14,815) (9,135)
Payment for employee taxes withheld from stock awards (54) (104)
Principal payments on finance leases (896) 0
Net cash used in financing activities (18,146) (10,354)
Effect of foreign currency on cash (111) (35)
Net change in cash and restricted cash (33,423) 12,256
Cash and restricted cash at beginning of period 173,211 46,117
Cash and restricted cash at end of period $ 139,788 $ 58,373