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
Cash flows from operating activities:      
Net income $ 31,036 $ 30,232  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 70,529 46,944  
Equity compensation expense 6,978 2,848  
Amortization of debt issuance costs 3,133 2,643  
Non-cash lease expense 2,555 1,200  
Provision for credit losses 0 85 $ 4,664
Inventory reserve 123 126  
Loss on sale of assets 9,211 0  
Change in fair value of derivatives 0 (14,241)  
Amortization of interest rate swap 2,426 0  
Deferred tax provision 7,016 6,261  
Changes in operating assets and liabilities, exclusive of effects of business acquisition:      
Accounts receivable (23) (30,130)  
Inventories 3,416 (6,794)  
Contract assets (12,313) (906)  
Prepaid expenses and other current assets (1,235) 5,103  
Accounts payable 2,182 (2,324)  
Accrued and other liabilities (16,258) 5,872  
Contract liabilities 5,913 4,623  
Other assets (361) 0  
Net cash provided by operating activities 114,328 51,542  
Cash flows from investing activities:      
Purchase of property, plant and equipment (77,553) (60,153)  
Proceeds from sale of assets 9,376 0  
Other 0 3  
Net cash used for investing activities (68,177) (60,150)  
Cash flows from financing activities:      
Borrowings on debt instruments 347,491 1,008,476  
Payments on debt instruments (344,204) (957,975)  
Principal payments on other borrowings (1,950) 0  
Payment of debt issuance cost 0 (7,594)  
Principal payments on finance leases (719) 0  
Offering costs 0 (446)  
Dividends paid to stockholders (36,445) (29,815)  
Repurchase of common shares (9,956) 0  
Cash paid for shares withheld to cover taxes (2,827) (294)  
Net effect on deferred taxes and taxes payable related to the vesting of restricted stock 16 0  
Distributions to noncontrolling interest (357) 0  
Net cash provided by (used for) financing activities (48,951) 12,352  
Net increase (decrease) in cash and cash equivalents (2,800) 3,744  
Cash and cash equivalents - beginning of period 4,750 5,562 5,562
Cash and cash equivalents - end of period 1,950 9,306 $ 4,750
Supplemental cash disclosures:      
Cash paid for interest 57,330 32,023  
Cash paid for taxes 486 0  
Supplemental disclosure of non-cash investing activities:      
Increase in accrued capital expenditures (14,089) (9,890)  
Supplemental disclosure of non-cash financing activities:      
Accrued debt issuance costs 0 (8,752)  
Fair value changes in interest rate swap $ 7,314 $ 0  

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