CECO ENVIRONMENTAL CORP

For the period ended Dec 31, 2024. Filed Feb 25, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 25, 2025

CECO$51.83-0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEM ENTS OF CASH FLOWS

	Year Ended December 31,
(dollars in thousands)	2024	2023	2022
Cash flows from operating activities:
Net income	$14,421	$14,501	$18,263
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,523	12,507	10,614
Unrealized foreign currency loss (gain)	2,664	(1,041)	(1,284)
Fair value adjustments to earnout liabilities	134	296	(229)
Earnout payments	—	—	(1,007)
Loss on sale of property and equipment	191	110	10
Amortization of debt discount	498	427	371
Share-based compensation expense	7,514	4,533	3,895
Bad debt expense	295	1,593	1,340
Inventory reserve expense	1,056	1,099	140
Deferred income tax benefit	(3,606)	(118)	(39)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(52,355)	(26,851)	(6,751)
Cost and estimated earnings of billings on uncompleted contracts	(4,149)	5,040	(16,851)
Inventories	(9,814)	(6,896)	(6,023)
Prepaid expenses and other current assets	(8,347)	1,196	37
Deferred charges and other assets	(12,736)	(1,420)	2,478
Accounts payable	36,181	13,852	19,843
Accrued expenses	7,119	8,340	2,693
Billings in excess of costs and estimated earnings on uncompleted contracts	24,923	21,575	4,405
Income taxes payable	1,425	(1,976)	1,424
Other liabilities	4,891	(2,120)	(3,680)
Net cash provided by operating activities	24,828	44,647	29,649
Cash flows from investing activities:
Acquisitions of property and equipment	(17,368)	(8,384)	(3,376)
Net proceeds from sale of assets	4	—	19
Cash paid for acquisitions, net of cash acquired	(87,948)	(48,102)	(44,900)
Net cash used in investing activities	(105,312)	(56,486)	(48,257)
Cash flows from financing activities:
Borrowings on revolving credit lines	309,300	106,600	75,200
Repayments on revolving credit lines	(112,400)	(150,600)	(35,900)
Borrowings of long-term debt	—	75,000	11,000
Repayments of long-term debt	(113,982)	(4,985)	(3,120)
Repayments of notes payable	—	—	(500)
Deferred financing fees paid	(1,924)	(363)	(130)
Deferred consideration paid for acquisitions	(2,050)	(1,247)	—
Payments on capital leases and sale-leaseback financing liability	(925)	(907)	(600)
Earnout payments	(2,831)	(2,123)	—
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options	(2,169)	1,435	671
Distributions to non-controlling interest	(2,109)	(1,666)	(1,425)
Common stock repurchases	(5,000)	—	(7,020)
Net cash provided by financing activities	65,910	21,144	38,176
Effect of exchange rate changes on cash and cash equivalents	(2,673)	(442)	(4,978)
Net (decrease) increase in cash, cash equivalents and restricted cash	(17,247)	8,863	14,590
Cash, cash equivalents and restricted cash at beginning of year	55,448	46,585	31,995
Cash, cash equivalents and restricted cash at end of year	$38,201	$55,448	$46,585
Cash paid during the period for:
Interest	$13,335	$12,098	$5,007
Income taxes	$9,550	$9,916	$5,378

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.