v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 26,940 $ 104,356
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 136,414 129,913
Stock-based compensation expense 3,452 619
Amortization of debt issuance costs 11,260 9,453
Non-cash lease expense 3,132 2,066
Provision for credit losses 2,047 85
Inventory reserve 375 375
Gain on sale of capital assets (721) (825)
Change in fair value of derivatives 13,551 (86,676)
Deferred tax provision 6,312 26,807
Loss on extinguishment of debt 4,359 0
Changes in operating assets and liabilities:    
Accounts receivable (21,371) 5,048
Inventories 1,174 (9,904)
Contract assets (6,053) (8,111)
Prepaid expenses and other current assets (3,733) 598
Accounts payable 3,257 403
Accrued and other liabilities 8,497 8,673
Contract liabilities 14,807 3,974
Net cash provided by operating activities 203,699 186,854
Cash flows from investing activities:    
Purchase of capital assets (145,573) (199,707)
Proceeds from sale of capital assets 1,055 8,023
Other (45) (86)
Net cash used in investing activities (144,563) (191,770)
Cash flows from financing activities:    
Borrowings on debt instruments 756,418 1,409,006
Payments on debt instruments (1,021,556) (545,730)
Payment of debt issuance cost (32,759) (27,819)
Proceeds from initial public offering, net of underwriter discounts 277,840 0
Offering costs (9,247) 0
Loss on extinguishment of debt (1,835) 0
Distribution to parent (42,300) (838,000)
Net cash used in financing activities (73,439) (2,543)
Net decrease in cash and cash equivalents (14,303) (7,459)
Cash and cash equivalents - beginning of period 20,431 28,795
Cash and cash equivalents - end of period 6,128 21,336
Supplemental cash disclosures:    
Cash paid for interest 173,006 88,569
Cash paid for taxes 5,946 1,836
Supplemental disclosure of non-cash investing activities:    
(Increase) decrease in accrued capital expenditures (6,498) 8,773
Supplemental disclosure of non-cash financing activities:    
Non-cash debt novation (689,829) 0
Non-cash loss on extinguishment of debt (563) 0
Non-cash offering costs $ (792) $ 0

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