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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ (3,328) $ 8,931
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 35,587 30,306
Amortization of debt issuance costs 1,320 1,002
Stock-based compensation 1,891 4,392
Deferred income taxes (1,541) 86
Change in fair value of earnout liabilities 3 21
(Gain) loss on sale of rental equipment (900) (1,377)
(Gain) loss on sale of property, plant and equipment (5) 215
Charge for step-up of acquired inventory 634 716
Net realizable value adjustment and write-offs for obsolete and excess inventory 3,110 3,538
Bad debt expense 106 933
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (18,331) (4,799)
Inventories (1,636) (2,576)
Prepaid expenses and other current assets (15,345) (6,405)
Accounts payable 9,771 (8,936)
Accrued expenses and other current liabilities 15,636 (624)
Other changes in operating assets and liabilities 1,037 2,041
Net cash provided by (used in) operating activities 28,009 27,464
Investing activities    
Purchases of property, plant and equipment (5,829) (7,796)
Business acquisitions, net of cash acquired (95,437) (252,007)
Purchases of rental equipment (3,214) (5,990)
Proceeds from sale of rental equipment 2,110 2,969
Net cash provided by (used in) investing activities (102,370) (262,824)
Financing activities    
Proceeds from revolving lines of credit 84,139 161,684
Payments on revolving lines of credit (40,285) (274,134)
Proceeds from term loans 0 305,000
Payments on term loans (8,188) (11,250)
Deferred financing costs 0 (3,419)
Proceeds from rights offering, net of offering costs of $1,531 0 98,469
Repurchase of common stock (1,683) 0
Shares repurchased held in treasury (538) (171)
Payment of financing lease principal (237) (249)
Payment of earnout 0 (1,000)
Net cash provided by (used in) financing activities 33,208 274,930
Effect of exchange rate changes on cash and cash equivalents (1,562) 541
Increase (decrease) in cash, cash equivalents and restricted cash (42,715) 40,111
Cash, cash equivalents and restricted cash at beginning of period 99,626 24,740
Cash, cash equivalents and restricted cash at end of period 56,911 64,851
Cash and cash equivalents 46,786 44,244
Restricted cash 10,125 20,607
Total cash, cash equivalents and restricted cash 56,911 64,851
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 11,015 5,444
Net cash paid for interest 17,943 7,308
Net cash paid for interest on supply chain financing 1,334 1,026
Non-cash activities:    
Additions of property, plant and equipment included in accounts payable 624 1,566
Right of use assets obtained in exchange for finance lease liabilities 383 329
Right of use assets obtained in exchange for operating lease liabilities $ 8,849 $ 4,840