Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 33,440 $ 59,118
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 94,949 75,050
Deferred income taxes (4,028) 20,728
Loss on disposal of assets and impairment charges 5,543 3,389
Foreign currency loss 130 241
Amortization of deferred financing costs and debt discount 1,857 1,894
Amortization of deferred income (6,302) (7,269)
Accretion of asset retirement obligation 1,690 1,259
Non-cash rent 10,418 5,714
Charges to allowance for credit losses 1,021 473
Loss from equity investment 77 7
Share-based compensation 13,238 9,027
Fair value adjustment of financial assets and liabilities (11,627) (3,848)
Other operating activities, net 2,279 855
Changes in assets and liabilities:    
Increase in trade receivables (62,487) (59,867)
Increase in inventory (17,386) (14,570)
Increase in other assets (28,429) (7,367)
Increase in accounts payable 29,667 37,493
Increase in other current liabilities 8,992 7,631
Increase (decrease) in asset retirement obligation 46 (94)
Increase in non-current liabilities 5,719 9,899
Net cash provided by operating activities 78,807 139,763
Cash flows from investing activities:    
Purchase of property and equipment (75,603) (72,902)
Purchase of intangible assets (45) (176)
Proceeds from sale of property and equipment 307,106 140,380
Business acquisitions, net of cash (494,904) (191,203)
Decrease in investments, net 0 58,934
Repayment of loans to equity investment 0 174
Net cash used in investing activities (263,446) (64,793)
Cash flows from financing activities:    
Receipt of long-term debt, net 78,833 51,450
Repayment of debt (16,517) (42,372)
Principal payments on financing leases (4,237) (5,014)
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 (25,199) (40,042)
Dividends paid on common stock (10,775) (7,291)
Dividends paid on redeemable preferred stock (4,301) (4,301)
Distributions to non-controlling interests 0 (180)
Net cash provided by (used in) financing activities 88,393 (49,835)
Net (decrease) increase in cash and cash equivalents and restricted cash (96,246) 25,135
Effect of exchange rate on cash and cash equivalents and restricted cash (83) (109)
Cash and cash equivalents and restricted cash, beginning of period 316,769 272,543
Cash and cash equivalents and restricted cash, end of period 220,440 297,569
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 204,237 283,375
Restricted cash, end of period 16,203 14,194
Cash and cash equivalents and restricted cash, end of period 220,440 297,569
Supplementary cash flow information:    
Cash received for interest 6,209 344
Cash paid for interest 54,354 36,109
Cash received for taxes 831 211
Cash paid for taxes 28,576 5,069
Supplementary noncash activities:    
Prepaid insurance premiums financed through notes payable 10,040 5,523
Purchases of equipment in accounts payable and accrued expenses 17,718 7,615
Purchase of property and equipment under leases 5,229 15,041
Disposals of leases of property and equipment 4,149 18,605
Deferred consideration related to business acquisition $ 47,059 $ 0