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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 3,126 $ 5,701
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 5,365 5,015
Amortization of deferred financing costs 56 19
Non-cash lease expense 1,111 1,140
Provision for excess and obsolete inventory 0 17
Provision for excess and obsolete property and equipment 66 117
Provision for Credit Losses (135) 334
Deferred tax expense 266 1,116
Gain on sale of property 0 (69)
Loss on asset disposal 9 0
Unrealized loss (gain) on equity securities (249) 33
Unrealized loss on interest rate swap 0 105
Gross profit from sale of lost-in-hole equipment (2,799) (4,535)
Stock-based compensation expense 208 0
Changes in operating assets and liabilities:    
Accounts receivable, net (1,839) (1,675)
Prepaid expenses and other current assets 1,723 713
Inventories, net 2,836 116
Operating lease liabilities (1,067) (1,086)
Accounts payable (2,848) 3,208
Accrued expenses and other current liabilities (2,517) (3,180)
Net cash flows from operating activities 3,312 7,089
Cash flows from investing activities:    
Acquisition of a business, net of cash acquired (18,261) 0
Proceeds from sale of property and equipment 0 80
Purchase of property, plant and equipment (6,228) (7,067)
Proceeds from sale of lost-in-hole equipment 4,904 5,819
Net cash from investing activities (19,585) (1,168)
Cash flows from financing activities:    
Payment of deferred financing costs (389) 0
Proceeds from revolving line of credit 0 34,043
Payments on revolving line of credit 0 (41,496)
Proceeds from Term Loan 25,000 0
Net cash from financing activities 24,611 (7,453)
Effect of changes in foreign exchange rates (291)
Net change in cash 8,047 (1,532)
Cash at beginning of period 6,003 2,352
Cash at end of period 14,050 820
Supplemental cash flow information:    
Cash paid for interest 58 444
Cash paid for income taxes 153 0
Non-cash investing and financing activities:    
ROU assets obtained in exchange for lease liabilities 314 1,360
Fair value of CTG liabilities assumed in CTG Acquistion 2,636 0
Purchases of inventory included in accounts payable and accrued expenses and other current liabilities 5,018 1,575
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 4,482 4,369
Undeclared dividends 0 314
Non-cash directors and officers insurance 327 0
Deferred financing fees included in accounts payable $ 122 $ 0