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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash flows from operating activities: | |
| Net income | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| Depreciation expense | |
| Amortization of debt issuance costs | |
| Amortization of other intangible assets | |
| (Gain) loss on disposal of property and equipment | |
| Noncash stock compensation | |
| (Earnings) losses from investments in unconsolidated affiliates | |
| Provision for deferred income taxes | |
| Changes in operating assets and liabilities: | |
| Accounts receivable, net | |
| Contract assets | |
| Prepaid expenses | |
| Other assets | |
| Accounts payable | |
| Accrued expenses | |
| Contract liabilities | |
| Net cash provided by operating activities | |
| Cash flows from investing activities: | |
| Proceeds from the sale of property and equipment | |
| Purchases of property and equipment | |
| Acquisitions, net of cash acquired | |
| Investment in unconsolidated affiliate | |
| Proceeds from repayment of related party receivable | |
| Decrease in cash due to deconsolidation of variable interest entity | |
| Net cash used in investing activities | |
| Cash flows from financing activities: | |
| Proceeds from notes payable | |
| Principal payments on notes payable | |
| Payment of debt issuance costs | |
| Proceeds from credit facility line of credit | |
| Repayment of credit facility line of credit | |
| Principal payments on finance lease obligations | |
| Payments of deferred consideration | |
| Member distributions | |
| Proceeds from stock subscription | |
| Proceeds from equity offering, net of underwriting discounts | |
| Repurchase of outstanding equity / Cardinal's OpCo units | |
| Payment of initial public offering issuance costs | |
| Net cash provided by/(used in) financing activities | |
| Net change in cash | |
| Cash | |
| Beginning of period | |
| End of period | |
| Supplemental information: | |
| Cash paid for interest | |
| Cash paid for taxes - federal | |
| Cash paid for taxes - state | |
| Supplemental non-cash investing and financing activities: | |
| Purchases of property and equipment acquired through acquisitions | |
| Notes payable recognized on acquisitions | |
| Purchases of property and equipment financed with finance leases | |
| Right of use assets recognized with operating leases | |
| (Decrease) increase in accrued and unpaid member distributions | |
| Increase in deferred acquisition consideration payable | |
| Derecognition of investments in unconsolidated affiliates upon deconsolidation of variable interest entity | |
| Derecognition of notes payable upon deconsolidation of variable interest entity | |
| Derecognition of property and equipment upon deconsolidation of variable interest entity | |
| Derecognition of other assets, net upon deconsolidation of variable interest entity | |
| Derecognition of non-controlling interest upon deconsolidation of variable interest entity | |
| Recognition of operating lease liability upon deconsolidation of variable interest entity | |
| Recognition of operating lease right-of-use assets upon deconsolidation of variable interest entity | |
| Recognition of equitized loan distribution upon deconsolidation of variable interest entity | |
| Increase in related party loan receivable | |
| Rollover equity issued as consideration for acquisitions | |
| Deferred offering costs accrued | |
| Establishment of deferred tax asset related to the Tax Receivable Agreement | |
| Establishment of liabilities under the Tax Receivable Agreement | |
| Net effect of the Tax Receivable Agreement within additional paid in capital |
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