v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Operating activities:      
Net income $ 1,219 $ 26,787  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation, depletion and accretion expense 38,264 18,007  
Amortization expense of acquired intangible assets 4,785 1,061  
Amortization of debt discount 1,109 407  
Amortization of deferred financing costs 106 78  
Stock-based compensation 6,518 4,206  
Deferred income tax 1,379 7,521  
Other (122) (5)  
Changes in operating assets and liabilities:      
Accounts receivable (71,587) (18,195)  
Inventories 2,818 (3,230)  
Spare part inventories (2,204) (2,467)  
Prepaid expenses and other current assets 5 (63)  
Other long-term assets (997) (770)  
Accounts payable 9,210 3,627  
Accounts payable - related parties (160) (41)  
Deferred revenue (2,018) (558)  
Accrued liabilities and other liabilities 4,225 3,197  
Net cash provided by (used in) operating activities (7,450) 39,562  
Investing activities:      
Purchases of property, plant and equipment (52,389) (95,486)  
Acquisition, net of cash acquired (181,511) (142,233)  
Proceeds from insurance recovery 5,398 0  
Net cash used in investing activities (228,502) (237,719)  
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 (4,725) (1,381)  
Payment on ABL credit facility (70,000) 0  
Payment on Deferred Cash Consideration Note (101,252) 0  
Payments under finance leases (959) (65)  
Repayment of equipment finance notes (841) (216)  
Dividends (30,435) (21,005)  
Taxes withheld on vesting RSUs (595) 0  
Issuance costs associated with debt financing (146) (730)  
Proceeds from ABL credit facility 0 50,000  
Net cash provided by financing activities 232,922 175,103  
Net decrease in cash and cash equivalents (3,030) (23,054)  
Cash and cash equivalents, beginning of period 71,704 210,174 $ 210,174
Cash and cash equivalents, end of period 68,674 187,120 $ 71,704
Supplemental cash flow information      
Interest 11,894 6,134  
Supplemental disclosure of non-cash investing activities:      
Property, plant and equipment in accounts payable and accrued liabilities 20,370 41,457  
Acquisition consideration, equity issuance 35,385 189,082  
Equipment assets acquired through debt $ 3,374 0  
Hi-Crush acquisition consideration, Deferred Cash Consideration Note   $ 109,253  

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