XML 17 R8.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:    
Net income $ 43,111 $ 28,697
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization 21,175 22,128
Deferred income taxes 13,308 9,654
Gain on sale of assets (460) (2,821)
Amortization of capitalized contract costs 9,236 8,394
Amortization of deferred financing fees 1,761 874
Share-based compensation expense 5,308 2,563
Changes in assets and liabilities:    
Accounts receivable 6,943 (1,469)
Contract revenues in excess of billings 15,015 (1,774)
Inventories (1,612) 1,380
Prepaid expenses and other current assets (5) (767)
Accounts payable and accrued expenses (8,391) (1,581)
Billings in excess of contract revenues 2,960 (8,986)
Other noncurrent assets and liabilities 9,422 517
Cash provided by operating activities 117,771 56,809
INVESTING ACTIVITIES:    
Purchases of property and equipment (81,839) (64,263)
Proceeds from dispositions of property and equipment 532 9,033
Cash used in investing activities (81,307) (55,230)
FINANCING ACTIVITIES:    
Deferred financing fees (601) (11,261)
Taxes paid on settlement of vested share awards (1,080) (970)
Exercise of options and purchases from employee stock plans 564 1,013
Borrowings under revolving loans 80,000 16,000
Borrowings under Second Lien Credit Agreement   100,000
Repayments of revolving loans (110,000) (106,000)
Repurchases of common stock (11,594)  
Payments on finance lease obligations (1,044) (988)
Cash used in financing activities (43,755) (2,206)
Net decrease in cash, cash equivalents and restricted cash (7,291) (627)
Cash, cash equivalents and restricted cash at beginning of period 10,216 23,761
Cash, cash equivalents and restricted cash at end of period 2,925 23,134
Supplemental Cash Flow Information    
Cash paid for interest 16,129 13,803
Cash paid for income taxes 2,239 1,471
Non-cash Investing and Financing Activities    
Property and equipment purchased but not yet paid $ 7,356 $ 3,212