v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating activities:          
Net income (loss) $ (23,721) $ 3,918 $ (28,060) $ 45,542  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation, depletion and accretion expense     122,029 70,865  
Amortization expense of acquired intangible assets 5,883 3,744 17,133 8,573  
Amortization of debt discount     3,931 2,535  
Amortization of deferred financing costs     301 318  
Loss on disposal of assets 0 8,574 0 19,672  
Stock-based compensation 9,344 6,289 24,152 15,961  
Deferred income tax     (10,830) 10,433  
Credit loss expense 97 0 4,207 25  
Other     (104) (1,680)  
Changes in operating assets and liabilities:          
Accounts receivable     (11,950) (22,361)  
Inventories     5,450 (5,093)  
Spare part inventories     (10,693) (3,613)  
Prepaid expenses and other current assets     (2,998) (2,387)  
Other long-term assets     203 (412)  
Accounts payable     (5,709) 27,373  
Accounts payable - related parties     (204) (42)  
Deferred revenue     (5,679) (5,460)  
Accrued liabilities and other liabilities     12,460 25,358  
Net cash provided by operating activities     113,639 185,607  
Investing activities:          
Purchases of property, plant and equipment     (126,463) (297,552)  
Acquisition, net of cash acquired     (204,169) (142,233)  
Proceeds from insurance recovery     5,398 10,000  
Net cash used in investing activities     (325,234) (429,785)  
Financing Activities:          
Proceeds from equity offering, net of issuance costs     253,070 0  
Proceeds from term loan borrowings     188,805 148,500  
Principal payments on term loan borrowings     (14,202) (9,931)  
Payment on ABL credit facility     (70,000) 0  
Payment on Deferred Cash Consideration Note     (101,252) 0  
Payments under finance leases     (2,632) (1,774)  
Repurchases of Common Stock under share repurchase program     (200) 0  
Repayment of equipment finance notes     (3,671) (2,527)  
Dividends     (92,281) (70,444)  
Taxes withheld on vesting RSUs     (1,251) 0  
Issuance costs associated with debt financing     (146) (1,183)  
Proceeds from ABL credit facility     25,000 50,000  
Net cash provided by financing activities     181,240 112,641  
Net decrease in cash and cash equivalents     (30,355) (131,537)  
Cash and cash equivalents, beginning of period     71,704 210,174 $ 210,174
Cash and cash equivalents, end of period $ 41,349 $ 78,637 41,349 78,637 $ 71,704
Supplemental cash flow information          
Interest     38,930 27,602  
Taxes     1,745 2,275  
Supplemental disclosure of non-cash investing activities:          
Property, plant and equipment in accounts payable and accrued liabilities     10,867 44,654  
Acquisition consideration, equity issuance     33,904 189,082  
Contingent consideration issued for PropFlow Acquisition     10,200 0  
Equipment assets acquired through debt     17,117 5,012  
Hi-Crush acquisition consideration, Deferred Cash Consideration Note     $ 0 $ 107,189  

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