Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net (loss) income [1] $ (9,388) $ 17,972
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization [1] 12,868 12,011
Amortization of debt issuance cost [1] 665 420
Deferred taxes [1] (6,925) (1,533)
Stock-based compensation [1] 4,812 3,894
Provision for inventory [1] 0 742
Impairment and loss on sale of business segment [1] 16,867 0
Loss on sale of property and equipment [1] 421 0
Lease abandonment charge [1] 12,857 0
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables [1] (38,292) (21,082)
Contract assets [1] 6,240 (110)
Inventories [1] (25,408) (45,580)
Other current assets and other assets [1] (14,584) (1,274)
Operating lease assets and liabilities, net [1] (362) (67)
Accounts payable and deferred compensation [1] (47,047) (27,429)
Accrued expenses and other liabilities [1] (9,312) (3,055)
Net cash used in operating activities [1] (96,588) (65,091)
Cash flows from investing activities:    
Purchases of property and equipment [1] (11,674) (6,137)
Proceeds from the sale of business segment [1] 42,118 0
Proceeds from the payment on notes receivable [1] 0 1,557
Cash paid for acquisitions, net of cash acquired [1] (112,264) (11,711)
Net cash used in investing activities [1] (81,820) (16,291)
Cash flows from financing activities:    
Borrowings on bank credit facilities [1] 419,881 322,813
Repayments on bank credit facilities [1] (386,381) (234,423)
Proceeds from issuance of common stock [1] 161,692 456
Payment of taxes for equity transactions [1] (2,545) (1,031)
Dividends paid [1] (3,176) (2,571)
Net cash provided by financing activities [1] 189,471 85,244
Net increase in cash and cash equivalents [1] 11,063 3,862
Cash and cash equivalents, beginning of period [1] 7,930 478
Cash and cash equivalents, end of period [1] $ 18,993 $ 4,340
[1]
(a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.