Montrose Environmental Group Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
ONT$23.66+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities: | ||
| Net loss | $(34,091) | $(29,418) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 37,408 | 33,816 |
| Amortization of right-of-use asset | 8,423 | 7,667 |
| Stock-based compensation expense | 34,866 | 35,609 |
| Fair value changes in financial instruments | 4,851 | 1,814 |
| Deferred income taxes | 4,931 | 2,842 |
| Other operating activities, net | 315 | 2,403 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable and contract assets | (45,898) | (9,538) |
| Accounts payable and other accrued liabilities | (2,192) | (772) |
| Accrued payroll and benefits | (4,936) | 6,092 |
| Payment of contingent consideration | — | (611) |
| Change in operating leases | (9,233) | (7,525) |
| Other assets | (4,165) | (907) |
| Net cash (used in) provided by operating activities | (9,721) | 41,472 |
| Investing activities: | ||
| Proceeds from corporate owned and property insurance | 182 | 311 |
| Purchases of property and equipment | (19,086) | (24,969) |
| Proceeds from the sale of property and equipment | 401 | — |
| Proprietary software development and other software costs | (2,052) | (2,763) |
| Purchase price true ups | (3,413) | (1,027) |
| Minority investments | (210) | (2,347) |
| Cash paid for acquisitions, net of cash acquired | (113,012) | (66,187) |
| Net cash used in investing activities | (137,190) | (96,982) |
| Financing activities: | ||
| Proceeds from line of credit | 326,468 | — |
| Repayment of the line of credit | (278,335) | — |
| Proceeds from the aircraft loan | — | 10,935 |
| Repayment of aircraft loan | (796) | (335) |
| Proceeds from term loan | 50,000 | — |
| Repayment of term loan | (11,094) | (8,785) |
| Payment of contingent consideration and other purchase price true ups | (363) | (1,535) |
| Repayment of finance leases | (4,384) | (3,378) |
| Payments of deferred financing costs | (348) | — |
| Proceeds from issuance of common stock for exercised stock options | 1,973 | 4,529 |
| Proceeds from issuance of common stock in follow-on offering | 121,776 | — |
| Dividend payment to the series A-2 stockholders | (8,314) | (12,300) |
| Repayment to the series A-2 stockholders | (60,000) | — |
| Net cash provided by (used in) financing activities | 136,583 | (10,869) |
| Change in cash, cash equivalents and restricted cash | (10,328) | (66,379) |
| Foreign exchange impact on cash balance | 133 | (265) |
| Cash, cash equivalents and restricted cash: | ||
| Beginning of year | 23,240 | 89,828 |
| End of period | $13,045 | $23,184 |
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash flows information: | ||
| Cash paid for interest | $10,699 | $4,838 |
| Cash paid for income tax | $2,713 | $1,374 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Accrued purchases of property and equipment | $1,810 | $1,626 |
| Property and equipment purchased under finance leases | $5,806 | $5,728 |
| Common stock issued to acquire new businesses | $10,712 | $2,598 |
| Acquisitions unpaid contingent consideration | $34,348 | $6,369 |
| Acquisitions contingent consideration paid in common stock | $1,087 | $1,000 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.