v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income $ (6,211) $ 30,232 $ 21,766 $ (12,343) $ 30,734 $ 26,940  
Adjustments to reconcile net income to net cash provided by operating activities              
Depreciation and amortization 73,500   46,100   189,859 136,414  
Long-lived asset impairment 9,921   0   9,921 0  
Equity compensation expense         12,064 3,452  
Amortization of debt issuance costs 3,100   200   8,079 11,260  
Non-cash lease expense         3,164 3,132  
Provision for credit losses         4,625 2,047 $ 7,101
Inventory reserve         476 375  
(Gain) loss on sale of property, plant and equipment 10,376   0   9,203 (721)  
Change in fair value of derivatives         13,219 13,551  
Deferred tax provision         4,821 6,312  
Loss on extinguishment of debt         0 4,359  
Changes in operating assets and liabilities, exclusive of effects of business acquisition:              
Accounts receivable         (126,941) (21,371)  
Inventories         (7,895) 1,174  
Contract assets         3,934 (6,053)  
Prepaid expenses and other current assets         (747) (3,733)  
Accounts payable         40,204 3,257  
Accrued and other liabilities         9,593 8,497  
Contract liabilities         5,068 14,807  
Other assets         121 0  
Net cash provided by operating activities         209,502 203,699  
Cash flows from investing activities:              
Net cash acquired in acquisition of CSI Compressco LP         9,458 0  
Purchase of property, plant and equipment         (263,719) (145,573)  
Proceeds from sale of property, plant and equipment and sale of entity         14,977 1,055  
Other         (35) (45)  
Net cash used in investing activities         (239,319) (144,563)  
Cash flows from financing activities:              
Borrowings on debt instruments         2,297,435 756,418  
Payments on debt instruments         (2,114,013) (1,021,556)  
Principal payments on other borrowings         (3,721) 0  
Payment of debt issuance cost         (16,346) (32,759)  
Dividends paid to stockholders (35,113) (29,815)     (97,506) 0 (29,793)
Repurchase of common shares         (25,000) 0  
Principal payments on finance leases         (870) 0  
Proceeds from initial public offering, net of underwriter discounts         0 277,840  
Offering costs         (1,162) (9,247)  
Loss on extinguishment of debt         0 (1,835)  
Cash paid for shares withheld to cover taxes         (2,665) 0  
Net effect on deferred taxes and taxes payable related to the vesting of restricted stock         418 0  
Distribution to parent         0 (42,300)  
Distributions to noncontrolling interest         (4,881) 0  
Net cash provided by (used in) financing activities         31,689 (73,439)  
Net increase (decrease) in cash and cash equivalents         1,872 (14,303)  
Cash and cash equivalents - beginning of period   $ 5,562   $ 20,431 5,562 20,431 20,431
Cash and cash equivalents - end of period $ 7,434   $ 6,128   7,434 6,128 $ 5,562
Supplemental cash disclosures:              
Cash paid for interest         106,463 173,006  
Cash paid for taxes         10,333 5,946  
Supplemental disclosure of non-cash investing activities:              
(Increase) decrease in accrued capital expenditures         2,961 (6,498)  
Supplemental disclosure of non-cash financing activities:              
Dividends equivalent         687 0  
Issuance of common shares in acquisition of CSI Compressco LP         188,167 0  
Issuance of preferred shares and noncontrolling interest in acquisition of CSI Compressco LP         154,118 0  
Non-cash debt novation         0 (689,829)  
Non-cash loss on extinguishment of debt         0 (563)  
Non-cash offering costs         $ 0 $ (792)  

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