v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 45,542 $ 190,443
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and accretion expense 70,865 29,368
Amortization expense of acquired intangible assets 8,573 0
Amortization of debt discount 2,535 469
Amortization of deferred financing costs 318 270
Loss on disposal of assets 19,672 0
Stock and unit-based compensation 15,961 3,660
Deferred income tax 10,433 19,059
Other (1,655) 143
Changes in operating assets and liabilities:    
Accounts receivable (22,361) (28,893)
Accounts receivable - related party 0 868
Inventories (5,093) 1,653
Spare part inventories (3,613) (4,141)
Prepaid expenses and other current assets (2,387) (10,355)
Other long-term assets (412) (1,681)
Accounts payable 27,373 3,877
Accounts payable - related parties (42) 93
Deferred revenue (5,460) 0
Accrued liabilities and other liabilities 25,358 8,691
Net cash provided by operating activities 185,607 213,524
Investing activities:    
Purchases of property, plant and equipment (297,552) (245,693)
Hi-Crush acquisition, net of cash acquired (142,233) 0
Proceeds from insurance recovery 10,000 0
Net cash used in investing activities (429,785) (245,693)
Financing Activities:    
Principal payments on term loan borrowings (9,931) (16,573)
Proceeds from borrowings 198,500 0
Issuance costs associated with debt financing (1,183) (4,397)
Payment under finance leases (1,774) (1,932)
Repayment of notes payable (2,527) 0
Dividends and distributions (70,444) (42,158)
Net proceeds from IPO 0 303,426
Payment of offering costs 0 (6,020)
Member distributions 0 (15,000)
Prepayment fee on 2021 Term Loan Credit Facility 0 (2,649)
Net cash provided by financing activities 112,641 214,697
Net increase (decrease) in cash and cash equivalents (131,537) 182,528
Cash and cash equivalents, beginning of period 210,174 82,010
Cash and cash equivalents, end of period 78,637 264,538
Supplemental cash flow information    
Interest 27,602 10,735
Taxes 2,275 11,403
Supplemental disclosure of non-cash investing activities:    
Property, plant and equipment in accounts payable and accrued liabilities 44,654 46,710
Asset retirement obligations incurred 6,743 847
Hi-Crush acquisition consideration, equity issuance 189,082 0
Hi-Crush acquisition consideration, Deferred Cash Consideration Note 107,189 0
Equipment assets acquired through debt 5,012 0
Redeemable noncontrolling interest cumulative adjustment to redemption value 0 185,412
Finance lease assets acquired through debt 0 39,454
Finance lease liabilities converted to debt $ 0 $ 42,795

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