v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (72,360) $ (4,339)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation, depletion and accretion expense 94,971 79,981
Amortization expense of acquired intangible assets 12,812 11,250
Amortization of debt discount 2,514 2,508
Amortization of deferred financing costs 1,896 203
Stock-based compensation 17,125 14,808
Gain on sales of power equipment (2,207) 0
Loss on early payoff of lease financing 6,783 0
Deferred income tax (20,943) (1,623)
Credit loss expense 17 4,110
Other 999 (230)
Changes in operating assets and liabilities:    
Accounts receivable (40,145) (16,940)
Accounts receivable - related party 72 0
Inventories 1,594 (164)
Spare part inventories (4,193) (4,327)
Prepaid expenses and other current assets (16,767) (2,377)
Other long-term assets (2,059) 97
Accounts payable 16,558 (9,454)
Accounts payable - related parties 30 (142)
Deferred revenue 2,626 (3,979)
Lease incentive receipts 2,069 0
Accrued liabilities and other liabilities 17,051 11,810
Net cash provided by operating activities 18,443 81,192
Investing activities:    
Purchases of property, plant and equipment (183,105) (92,657)
Proceeds from sales of power equipment 5,646 0
Proceeds from insurance recovery 3,326 5,398
Acquisitions, net of cash acquired 0 (181,511)
Net cash used in investing activities (174,133) (268,770)
Financing Activities:    
Proceeds from issuance of convertible senior notes 436,500 0
Purchase of capped calls related to convertible senior notes (49,725) 0
Proceeds from ABL credit facility 25,000 0
Principal payments on term loan borrowings (12,043) (9,477)
Payment on Deferred Cash Consideration Note (11,085) (101,252)
Payment on ABL credit facility (75,000) (70,000)
Payments under finance leases (4,948) (1,691)
Repayment of equipment finance notes (17,469) (2,064)
Issuance costs associated with debt financing (1,068) (146)
Premium on early payoff of lease financing (4,887) 0
Taxes withheld on vesting equity awards (2,001) (1,021)
Proceeds from equity offering, net of issuance costs 0 253,070
Proceeds from term loan borrowings 0 188,805
Dividends 0 (61,341)
Repurchases of Common Stock under share repurchase program 0 (200)
Net cash provided by financing activities 283,274 194,683
Net increase in cash and cash equivalents 127,584 7,105
Cash and cash equivalents, beginning of period 40,632 71,704
Cash and cash equivalents, end of period 168,216 78,809
Supplemental cash flow information    
Interest 34,015 25,652
Taxes (refund) (2,334) 1,401
Supplemental disclosure of non-cash investing activities:    
Property, plant and equipment in accounts payable and accrued liabilities 2,972 14,226
Acquisition consideration, equity issuance 0 35,385
Equipment assets acquired through debt $ 39,292 $ 9,162

Source

HTML PDF
XBRL ZIP