XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 20,383 $ 43,825
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 15,303 18,065
Amortization of intangible assets 3,363 3,335
Noncash operating lease expense 2,842 4,718
Accretion of asset retirement obligation 46 43
Amortization of deferred financing costs 268 1,090
Amortization of original issue discount 417 193
Change in fair value of warrant liabilities (675) (3,711)
Stock-based compensation expense 2,748 5,646
Gain on disposal of specialty rental assets and other property, plant and equipment (42) (104)
Loss on extinguishment of debt   2,128
Deferred income taxes (874) 7,888
Provision for credit losses on receivables, net of recoveries 43 99
Changes in operating assets and liabilities    
Accounts receivable 13,253 (11,005)
Prepaid expenses and other assets 1,551 4,629
Accounts payable and other accrued liabilities (5,281) (24,294)
Deferred revenue and customer deposits (448) (34,985)
Operating lease obligation (2,713) (3,354)
Other non-current assets and liabilities 407 323
Net cash provided by operating activities 50,591 14,529
Cash flows from investing activities:    
Purchase of specialty rental assets (8,825) (23,002)
Purchase of property, plant, and equipment (135) (1,015)
Acquired intangible assets   (4,547)
Proceeds from sale of specialty rental assets and other property, plant and equipment 42 119
Net cash used in investing activities (8,918) (28,445)
Cash flows from financing activities:    
Principal payments on finance and finance lease obligations (407) (356)
Repayment of Senior Notes   (125,000)
Repurchase of Common Stock (21,160)  
Proceeds from issuance of Common Stock from exercise of warrants 3 42
Proceeds from issuance of Common Stock from exercise of options 268 1,252
Payment of deferred financing costs   (1,263)
Net cash used in financing activities (21,296) (125,325)
Effect of exchange rate changes on cash and cash equivalents (4) 6
Net increase (decrease) in cash and cash equivalents 20,373 (139,235)
Cash and cash equivalents - beginning of period 103,929 181,673
Cash and cash equivalents - end of period 124,302 42,438
Non-cash investing and financing activity:    
Non-cash change in accrued capital expenditures   (7,243)
Non-cash change in accrued excise tax on repurchase of Common Stock (211)  
Non-cash change in accrual of tax withholdings for net share settlement of equity awards (2,615) (6,177)
Non-cash change in finance lease obligations $ (858) $ (562)