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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 4,359 $ 10,925
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 17,232 15,035
Amortization of deferred financing costs 226 88
Non-cash lease expense 3,620 3,418
Provision for excess and obsolete inventory 0 22
Provision for excess and obsolete property and equipment 286 381
Provision for credit losses 42 502
Deferred tax expense (1,301) 3,741
Gain on sale of property (72) (68)
Loss on asset disposal 27 0
Realized loss on interest rate swaps 0 4
Unrealized gain on equity securities (368) 148
Realized loss on equity securities 12  
Gross profit from sale of lost-in-hole equipment (7,348) (13,968)
Stock-based compensation expense 1,572 3,986
Changes in operating assets and liabilities:    
Accounts receivable, net 2,086 (577)
Prepaid expenses and other current assets (633) (92)
Inventories, net (2,883) (2,876)
Operating lease liabilities (3,416) (3,311)
Accounts payable (2,802) (888)
Accrued expenses and other current liabilities (916) 1,014
Net cash flows from operating activities 9,723 17,484
Cash flows from investing activities:    
Acquisition of a business, net of cash acquired (38,670) 0
Proceeds from sale of equity securities 1,244 0
Proceeds from sale of property, plant and equipment 77 126
Purchases of property, plant and equipment (19,678) (36,776)
Proceeds from sale of lost-in-hole equipment 10,895 16,623
Net cash from investing activities (46,132) (20,027)
Cash flows from financing activities:    
Proceeds from Merger and PIPE Financing, net of transaction costs 0 23,162
Payment of deferred financing costs (721) (322)
Proceeds from revolving line of credit 30,062 71,646
Payments on revolving line of credit (8,898) (89,995)
Proceeds from Term Loan 25,000 0
Repayment of Term Loan (2,083) 0
Payments to holders of DTIH redeemable convertible preferred stock in connection with retiring their DTI stock upon the Merger 0 (194)
Net cash from financing activities 43,360 4,297
Effect of changes in foreign exchange rates (993) (117)
Net change in cash 5,958 1,637
Cash at beginning of period 6,003 2,352
Cash at end of period 11,961 3,989
Supplemental cash flow information:    
Cash paid for interest 1,488 901
Cash paid for income taxes 256 2,546
Non-cash investing and financing activities:    
ROU assets obtained in exchange for lease liabilities 5,737 3,002
Non-cash recovery of note receivable 453 0
Net exercise of stock options 254 0
Shares withheld from exercise of stock options for payment of taxes 36 0
Purchases of inventory included in accounts payable and accrued expenses and other current liabilities 1,592 451
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 0 1,733
Non-cash directors and officers insurance 0 1,063
Non-cash Merger financing 0 2,000
Exchange of DTIH redeemable convertible preferred stock for DTIC Common Stock in connection with Merger 0 7,193
Issuance of DTIC common stock to former holders of DTIH redeemable convertible preferred stock in connection with Exchange Agreements 0 10,805
Accretion of redeemable convertible preferred stock to redemption value 0 314
CTG    
Non-cash investing and financing activities:    
Fair value of liabilities assumed in Acquisition 3,162 0
SDPI    
Non-cash investing and financing activities:    
Fair value of liabilities assumed in Acquisition $ 6,246 $ 0