Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) [1] $ (5,776) $ (9,388)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization [1] 19,540 12,868
Amortization of debt issuance cost [1] 1,067 665
Deferred taxes [1] (3,474) (6,925)
Stock-based compensation [1] 6,663 4,812
Impairment and loss on sale of business segments [1] 47,203 16,867
Loss on sale of property and equipment [1] 10 421
Lease abandonment costs [1] 0 12,857
Earn-out receivable adjustment [1] 5,900 0
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables [1] (30,051) (38,292)
Contract assets [1] (2,969) 6,240
Inventories [1] (25,478) (25,408)
Prepaid expenses and other current assets and other assets [1] (26,144) (14,584)
Operating lease assets and liabilities, net [1] (1,573) (362)
Accounts payable and deferred compensation [1] (13,724) (47,047)
Accrued expenses and other liabilities [1] (5,935) (9,312)
Net cash used in operating activities [1] (34,741) (96,588)
Cash flows from investing activities:    
Purchases of property and equipment [1] (8,464) (11,674)
Proceeds from the sale of business segments, net of cash divested [1] 138,816 42,118
Cash paid for acquisitions, net of cash acquired [1] (47,739) (112,264)
Net cash provided by (used in) investing activities [1] 82,613 (81,820)
Cash flows from financing activities:    
Borrowings on bank credit facilities [1] 624,881 419,881
Repayments on bank credit facilities [1] (674,381) (386,381)
Proceeds from issuance of common stock [1] 463 161,692
Payment of debt financing costs (2,584) 0
Payment of taxes for equity transactions [1] (4,248) (2,545)
Dividends paid [1] (4,127) (3,176)
Net cash (used in) provided by financing activities [1] (59,996) 189,471
Net (decrease) increase in cash and cash equivalents [1] (12,124) 11,063
Cash and cash equivalents, beginning of period [1] 29,030 7,930
Cash and cash equivalents, end of period [1] 16,906 18,993
Supplemental disclosure of noncash investing and financing activities:    
Note receivable from the sale of business segment [1] 25,000 0
Earn-out receivable from the sale of business segment [1] $ 29,200 $ 0
[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. See Note (3) "Discontinued Operations".