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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ (4,798) $ 2,122
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 9,455 7,350
Amortization of debt issuance costs 587 541
Non-cash interest expense and other non-cash adjustments 453 (617)
Deferred income taxes 1,072 (1,312)
Share-based compensation expenses 1,410 251
Changes in operating assets and liabilities    
Change in accounts receivable 7,452 2,192
Change in contract assets (14,932) (2,037)
Change in inventory (534) 3,881
Change in prepaids and other assets 10,327 582
Change in contract liabilities (3,867) (4,510)
Change in accounts payable, accruals and income taxes payable (19,957) (5,111)
Net change in ROU assets and lease liabilities (252) (262)
Net cash provided by (used in) operating activities (13,584) 3,070
Cash flows from investing activities    
Purchases of property and equipment (5,042) (1,616)
Investment in convertible note (6,000)  
Acquisition of business, net of cash acquired   (30,687)
Net cash flows used in investing activities (11,042) (32,303)
Cash flows from financing activities    
Net proceeds from issuance of common stock in initial public offering 153,808  
Finance lease payments (1,226) (329)
Proceeds from notes payable   35,000
Repayments of notes payable (2,281) (2,703)
Payments of debt issuance costs   (963)
Proceeds from revolving line of credit   8,000
Repayments of revolving line of credit (25,000) (8,000)
Cash contributed from (distribution to) members 1,474 (37)
Net cash provided by financing activities 126,775 30,968
Net increase in cash and cash equivalents 102,149 1,735
Cash and cash equivalents, beginning 11,530 5,455
Cash and cash equivalents, ending 113,679 7,190
Supplemental Disclosures    
Cash paid during the period for interest 11,038 11,394
Cash paid during the period for income taxes, net of refunds 3,656  
Supplemental Non-Cash Investing and Financing Activities    
Non-cash acquisition of finance lease right-of-use assets   969
Non-cash acquisition of operating lease right-of-use assets 77  
Acquisitions of property and equipment included in liabilities 1,028 621
Acquisition of business included in liabilities $ 485 604
Payment-in-kind interest expense   $ 148