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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income $ 136,658 $ 149,097
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,526 51,568
Equity in losses of unconsolidated subsidiaries 0 3,676
Loss on extinguishment of debt 51 0
(Gain) loss on sale of assets (742) 41
Stock compensation expense 6,884 500
Amortization of debt discount and issuance costs 2,965 750
Deferred income taxes 9,165 (1,159)
Other 1,142 70
Changes in operating assets and liabilities, net of effects of business combinations:    
Accounts receivable (33,848) (16,079)
Other current assets (5,705) 12,500
Other assets 4,520 3,149
Accounts payable and accrued liabilities (15,911) (23,150)
Net cash provided by operating activities 160,705 180,963
Investing activities    
Business combinations, net of cash acquired (333,300) (6,965)
Purchases of property and equipment (62,167) (47,639)
Proceeds from sale of assets 742 25
Net cash used in investing activities (394,725) (54,579)
Financing activities    
Proceeds from term loans, net of issuance costs 948,848 836,697
Payments on term loans (852,625) 0
Proceeds from 6.875% senior notes, net of issuance costs 0 637,337
Borrowings of other debt 6,575 8,222
Principal payments on other debt (8,547) (7,888)
Dividends paid to common stockholders (24,032) 0
Distributions to non-controlling interests (4,513) (4,226)
Proceeds from Initial Public Offering 0 511,198
Dividend to Select 0 (1,535,683)
Contributions from Select 0 3,407
Net cash provided by (used in) financing activities 100,706 (20,936)
Net (decrease) increase in cash (133,314) 105,448
Cash at beginning of period 183,255 31,374
Cash at end of period 49,941 136,822
Supplemental information    
Cash paid for interest 94,135 34,221
Cash paid for taxes 39,192 49,337
Nonrelated Party    
Financing activities    
Borrowings on revolving facilities and related party revolving promissory note 85,000 0
Payments on revolving facilities (50,000) 0
Related Party    
Financing activities    
Borrowings on revolving facilities and related party revolving promissory note 0 10,000
Payments on revolving facilities $ 0 $ (480,000)