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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 18,467 $ 19,064
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization expense 5,028 2,040
Deferred income taxes 2,030 1,562
Stock based compensation 0 514
Amortization of deferred financing costs 167 206
Bad debt expense 688 304
Gain/(loss) on derivatives, net (4,386) 4,205
Current period cash settlements on derivatives, net 3,900 (15,425)
Other 62 64
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (5,688) 7,091
(Increase) decrease in accounts receivable—affiliates (141) 219
Decrease in inventory 1,387 1,761
Increase in customer acquisition costs (1,500) (2,444)
Increase in prepaid and other current assets (599) (37)
Decrease in intangible assets—customer acquisition costs 7,717 0
Decrease in other assets 170 191
Decrease in accounts payable and accrued liabilities (3,397) (2,342)
Increase in accounts payable—affiliates 919 126
Increase in other current liabilities 126 0
Net cash provided by operating activities 24,950 17,099
Cash flows from investing activities:    
Purchases of property and equipment (1,415) (450)
Acquisition of Customers (12,590) 0
Net cash used in investing activities (14,005) (450)
Cash flows from financing activities:    
Buyback of Series A Preferred Stock (143) 0
Borrowings on notes payable 138,000 109,000
Payments on notes payable (143,000) (115,000)
Payment of distributions to non-controlling unitholders (6,000) (93)
Payment of Preferred Stock dividends (2,429) (2,728)
Net cash used in financing activities (13,572) (8,821)
Increase in Cash, cash equivalents and Restricted cash (2,627) 7,828
Cash, cash equivalents and Restricted cash—beginning of period 70,259 42,595
Cash, cash equivalents and Restricted cash—end of period 67,632 50,423
Non-cash items:    
Property and equipment purchase accrual (16) 32
Cash paid during the period for:    
Interest 1,621 1,821
Taxes $ 104 $ 110