Montrose Environmental Group Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
ONT$23.66+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities: | ||
| Net loss | $(13,357) | $(14,719) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| (Recovery) provision for credit loss | (886) | 444 |
| Depreciation and amortization | 11,653 | 10,555 |
| Amortization of right-of-use asset | 2,625 | 2,491 |
| Stock-based compensation expense | 11,272 | 13,035 |
| Fair value changes in financial instruments | (297) | 1,873 |
| Fair value changes in business acquisition contingencies | 106 | (398) |
| Deferred income taxes | (414) | 1,367 |
| Other | (91) | 458 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable and contract assets | (9,093) | 9,615 |
| Prepaid expenses and other current assets | (2,538) | (3,363) |
| Accounts payable and other accrued liabilities | (7,824) | (11,643) |
| Accrued payroll and benefits | (10,000) | (4,350) |
| Change in operating leases | (3,177) | (2,336) |
| Net cash (used in) provided by operating activities | (22,021) | 3,029 |
| Investing activities: | ||
| Proceeds from corporate owned and property insurance | 40 | 75 |
| Purchases of property and equipment | (5,979) | (4,134) |
| Proprietary software development and other software costs | (1,300) | (638) |
| Purchase price true ups | 320 | (505) |
| Cash paid for acquisitions, net of cash acquired | (58,119) | (6,525) |
| Net cash used in investing activities | (65,038) | (11,727) |
| Financing activities: | ||
| Proceeds from line of credit | 166,995 | — |
| Repayment of the line of credit | (78,799) | — |
| Repayment of aircraft loan | (261) | — |
| Proceeds from term loan | 50,000 | — |
| Repayment of term loan | (3,281) | (2,188) |
| Payment of contingent consideration and other purchase price true ups | (363) | (27) |
| Repayment of finance leases | (1,083) | (1,029) |
| Payments of deferred financing costs | (348) | — |
| Proceeds from issuance of common stock for exercised stock options | 487 | 2,690 |
| Dividend payment to the series A-2 stockholders | — | (4,100) |
| Repayment to the series A-2 stockholders | (60,000) | — |
| Net cash provided by (used in) financing activities | 73,347 | (4,654) |
| Change in cash, cash equivalents and restricted cash | (13,712) | (13,352) |
| Foreign exchange impact on cash balance | (42) | 318 |
| Cash, cash equivalents and restricted cash: | ||
| Beginning of year | 23,240 | 89,828 |
| End of period | $9,486 | $76,794 |
| Supplemental disclosures of cash flows information: | ||
| Cash paid for interest | $3,098 | $1,347 |
| Cash paid for income tax | $292 | $155 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Accrued purchases of property and equipment | $163 | $3,096 |
| Property and equipment purchased under finance leases | $2,058 | $2,405 |
| Common stock issued to acquire new businesses | $6,580 | $— |
| Acquisitions unpaid contingent consideration | $40,461 | $7,855 |
| Acquisitions contingent consideration paid in common stock | $1,087 | $— |
| Accrued dividend payment | $2,814 | $— |
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