Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net (loss) income $ (2,527) $ 2,318
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 28,399 24,636
Deferred income taxes (10,230) (2,577)
Loss on disposal of assets and impairment charges 287 764
Foreign currency loss 34 37
Amortization of deferred financing costs and debt discount 592 634
Amortization of deferred income (1,860) (3,078)
Accretion of asset retirement obligation 491 409
Non-cash rent 2,798 1,946
Charges to allowance for credit losses 283 135
Loss (income) from equity investment 36 (9)
Share-based compensation 4,069 2,774
Fair value adjustment of financial assets and liabilities (4,228) 1,209
Other operating activities, net 329 123
Changes in assets and liabilities:    
Increase in trade receivables (11,182) (12,886)
Increase in inventory (2,845) (21,318)
Decrease in other assets 3,545 18,215
Increase in accounts payable 5,940 20,177
Decrease in other current liabilities (127) (4,561)
Increase (decrease) in asset retirement obligation 67 (34)
Increase in non-current liabilities 2,012 1,148
Net cash provided by operating activities 15,883 30,062
Cash flows from investing activities:    
Purchase of property and equipment (23,380) (20,667)
Proceeds from sale of property and equipment 208,436 6,933
Prepayment for business acquisition 0 (5,000)
Business acquisitions, net of cash (338,342) (6,746)
Decrease in investments, net 0 1,618
Net cash used in investing activities (153,286) (23,862)
Cash flows from financing activities:    
Receipt of long-term debt, net 55,000 0
Repayment of debt (5,592) (3,157)
Principal payments on financing leases (1,418) (1,652)
Proceeds from sale-leaseback 51,604 0
Common stock repurchased (2,310) (13,084)
Dividends paid on common stock (3,609) (2,474)
Dividends paid on redeemable preferred stock (1,418) (1,418)
Distributions to non-controlling interests 0 (60)
Net cash provided by (used in) financing activities 92,257 (21,845)
Net decrease in cash and cash equivalents and restricted cash (45,146) (15,645)
Effect of exchange rate on cash and cash equivalents and restricted cash (21) (16)
Cash and cash equivalents and restricted cash, beginning of period 316,769 272,543
Cash and cash equivalents and restricted cash, end of period 271,602 256,882
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents, beginning of period 298,529 252,141
Restricted cash, beginning of period 18,240 20,402
Cash and cash equivalents, end of period 255,852 241,220
Restricted cash, end of period 15,750 15,662
Supplementary cash flow information:    
Cash received for interest 2,197 37
Cash paid for interest 12,174 7,684
Cash received for taxes 212 2
Cash paid for taxes 125 563
Supplementary noncash activities:    
Prepaid insurance premiums financed through notes payable 6,224 2,279
Purchases of equipment in accounts payable and accrued expenses 11,577 9,514
Purchase of property and equipment under leases 826 6,254
Disposals of leases of property and equipment 2,476 404
Deferred consideration related to business acquisition $ 45,845 $ 0