Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 34,566 $ 71,978 $ 59,427
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 127,597 101,752 97,194
Deferred income taxes (4,680) 22,300 4,848
Loss on disposal of assets and impairment charges 6,203 5,731 1,384
Foreign currency loss (gain) 29 227 (1,320)
Amortization of deferred financing costs, debt discount and premium 2,518 2,514 9,304
Amortization of deferred income (8,142) (9,724) (10,327)
Accretion of asset retirement obligation 2,399 1,833 1,705
Non-cash rent 14,168 7,903 6,359
Charges to allowance for credit losses 1,265 659 601
Loss (income) from equity investment 39 74 (186)
Share-based compensation 15,015 12,161 5,804
Fair value adjustment of financial assets and liabilities (10,785) (3,396) 3,821
Other operating activities, net 2,631 775 677
Changes in assets and liabilities:      
Increase in trade receivables (17,937) (50,229) (16,003)
Increase in inventory (2,013) (6,850) (21,816)
(Increase) decrease in other assets (29,386) 1,476 (5,421)
(Decrease) increase in accounts payable (6,169) 31,645 16,813
Increase in other current liabilities 990 6,884 7,867
Decrease in asset retirement obligation (23) (95) (130)
Increase (decrease) in non-current liabilities 7,809 11,638 (1,410)
Net cash provided by operating activities 136,094 209,256 159,191
Cash flows from investing activities:      
Purchase of property and equipment (111,164) (98,595) (226,205)
Purchase of intangible assets (45) (176) (246)
Proceeds from sale of property and equipment 310,240 287,901 284,854
Business acquisitions, net of cash (494,871) (419,726) (203,070)
Prepayment for Acquisition (1,000) (4,000) 0
Decrease (increase) of investments, net 0 58,934 (27,110)
Loans to equity investment, net 18 174 0
Net cash used in investing activities (296,822) (175,488) (171,777)
Cash flows from financing activities:      
Receipt of long term debt, net 99,643 70,896 484,089
Repayment of debt (22,157) (45,948) (531,834)
Principal payments on financing leases (5,497) (6,543) (8,094)
Proceeds from sale-leaseback 80,397 54,988 44,188
Payment of Additional Consideration (3,505) (5,913) (3,828)
Payment of merger transaction issuance costs 0 0 (4,773)
Payment of Ares Put Option (9,808) 0 0
Common stock repurchased (33,694) (40,042) 0
Dividends paid on common stock (14,272) (10,893) 0
Dividends paid on redeemable preferred stock (5,750) (5,750) (5,892)
Distributions to non-controlling interests 0 (240) (240)
Net cash provided by (used in) financing activities 85,357 10,555 (26,384)
Net (decrease) increase in cash and cash equivalents and restricted cash (75,371) 44,323 (38,970)
Effect of exchange rate on cash and cash equivalents and restricted cash 23 (97) (1,464)
Cash and cash equivalents and restricted cash, beginning of year 316,769 272,543 312,977
Cash and cash equivalents and restricted cash, end of year 241,421 316,769 272,543
Cash and cash equivalents, beginning of year 298,529 252,141 293,666
Restricted cash, beginning of year 18,240 20,402 16,529
Restricted cash with respect to bonds, beginning of year 0 0 2,782
Cash and cash equivalents, end of year 218,120 298,529 252,141
Restricted cash, end of year 23,301 18,240 20,402
Cash and cash equivalents and restricted cash, end of year 241,421 316,769 272,543
Supplementary cash flow information:      
Cash received for interest 7,944 1,964 428
Cash paid for interest 82,477 57,653 51,495
Cash received for taxes 836 283 226
Cash paid for taxes 29,456 6,747 14,912
Supplementary noncash activities:      
Prepaid insurance premiums financed through notes payable 10,711 6,668 8,210
Purchases of equipment in accounts payable and accrued expenses 14,888 9,007 7,569
Purchase of property and equipment under leases 7,870 21,534 23,730
Disposals of leases of property and equipment 22,986 19,885 4,465
Deferred consideration related to business acquisitions 47,100 0 0
Issuance of shares $ 0 $ 0 $ 3,000