v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 41,624 $ 134,116
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and accretion expense 43,893 18,622
Amortization expense of acquired intangible assets 4,829 0
Amortization of debt discount 1,490 238
Amortization of deferred financing costs 196 191
Loss on disposal of assets 11,098 0
Insurance recovery (gain) (10,000) 0
Stock and unit-based compensation 9,672 2,246
Deferred income tax 10,279 9,627
Other (749) 185
Changes in operating assets and liabilities:    
Accounts receivable (19,509) (12,598)
Accounts receivable - related party 0 868
Inventories (8,094) 2,313
Spare part inventories (4,204) (2,737)
Prepaid expenses and other current assets (4,205) (3,929)
Other long-term assets (519) (918)
Accounts payable 1,957 1,813
Accounts payable - related parties (162) 24
Deferred revenue (2,275) 0
Accrued liabilities and other liabilities 25,097 8,057
Net cash provided by operating activities 100,418 158,118
Investing activities:    
Purchases of property, plant and equipment (211,276) (146,835)
Hi-Crush acquisition, net of cash acquired (142,233) 0
Net cash used in investing activities (353,509) (146,835)
Financing Activities:    
Principal payments on term loan borrowings (5,598) (16,573)
Proceeds from borrowings 201,539 0
Issuance costs associated with debt financing (1,146) (752)
Payment under finance leases (911) (1,700)
Repayment of notes payable (1,071) 0
Dividends and distributions (45,173) (15,000)
Net proceeds from IPO 0 303,426
Payment of offering costs 0 (6,020)
Member distributions 0 (15,000)
Net cash provided by financing activities 147,640 248,381
Net increase (decrease) in cash and cash equivalents (105,451) 259,664
Cash and cash equivalents, beginning of period 210,174 82,010
Cash and cash equivalents, end of period 104,723 341,674
Supplemental cash flow information    
Interest 16,932 7,426
Taxes 2,000 4,227
Supplemental disclosure of non-cash investing activities:    
Property, plant and equipment in accounts payable and accrued liabilities 55,826 51,088
Asset retirement obligations incurred 5,980 0
Hi-Crush acquisition consideration, equity issuance 189,082 0
Hi-Crush acquisition consideration, Deferred Cash Consideration Note $ 107,189 $ 0

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