Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 11,952 $ 34,124
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 61,236 48,989
Deferred income taxes (14,115) 2,671
Loss on disposal of assets and impairment charges 3,278 1,971
Foreign currency loss 58 228
Amortization of deferred financing costs and debt discount 1,213 1,262
Amortization of deferred income (3,929) (5,292)
Accretion of asset retirement obligation 1,118 829
Non-cash rent 6,558 3,737
Charges to allowance for credit losses 573 351
Loss (income) from equity investment 63 (37)
Share-based compensation 8,624 5,882
Fair value adjustment of financial assets and liabilities (5,248) (6,590)
Other operating activities, net 976 707
Changes in assets and liabilities:    
Increase in trade receivables (18,173) (31,491)
Increase in inventory (8,208) (35,947)
(Increase) decrease in other assets (10,965) (7,607)
Increase in accounts payable 14,580 46,407
Decrease in other current liabilities (7,651) (11,324)
Increase (decrease) in asset retirement obligation 46 (34)
Increase in non-current liabilities 4,000 8,112
Net cash provided by operating activities 45,986 72,162
Cash flows from investing activities:    
Purchase of property and equipment (50,038) (45,168)
Purchase of intangible assets (35) (125)
Proceeds from sale of property and equipment 296,485 7,261
Prepayment for business acquisition 0 (5,000)
Business acquisitions, net of cash (481,636) (6,853)
Decrease in investments, net 0 27,109
Repayment of loans to equity investment 0 174
Net cash used in investing activities (235,224) (22,602)
Cash flows from financing activities:    
Receipt of long-term debt, net 74,233 0
Repayment of debt (10,511) (6,093)
Principal payments on financing leases (2,912) (3,304)
Proceeds from sale-leaseback 80,397 0
Payment of additional consideration 0 (2,085)
Payment of Ares Put Option (9,808) 0
Common stock repurchased (13,563) (40,038)
Dividends paid on common stock (7,216) (4,889)
Dividends paid on redeemable preferred stock (2,852) (2,852)
Distributions to non-controlling interests 0 (120)
Net cash provided by (used in) financing activities 107,768 (59,381)
Net decrease in cash and cash equivalents and restricted cash (81,470) (9,821)
Effect of exchange rate on cash and cash equivalents and restricted cash (21) (121)
Cash and cash equivalents and restricted cash, beginning of period 316,769 272,543
Cash and cash equivalents and restricted cash, end of period 235,278 262,601
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 220,142 248,518
Restricted cash, end of period 15,136 14,083
Supplementary cash flow information:    
Cash received for interest 4,274 107
Cash paid for interest 38,402 27,740
Cash received for taxes 512 78
Cash paid for taxes 20,845 4,797
Supplementary noncash activities:    
Prepaid insurance premiums financed through notes payable 5,619 2,279
Purchases of equipment in accounts payable and accrued expenses 9,367 10,857
Purchase of property and equipment under leases 3,034 10,363
Disposals of leases of property and equipment 2,669 404
Deferred consideration related to business acquisition $ 45,845 $ 0