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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ 18,593 $ 7,363
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 54,211 47,316
Amortization of debt issuance costs 2,093 1,662
Stock-based compensation 4,323 5,441
Compensation expense related to employee share purchases 0 427
Deferred income taxes (2,814) 0
Change in fair value of earnout liabilities 861 (646)
(Gain) loss on sale of rental equipment (1,586) (1,929)
(Gain) loss on sale of property, plant and equipment 190 (86)
Charge for step-up of acquired inventory 1,760 2,866
Net realizable value adjustment and write-offs for obsolete and excess inventory 4,311 8,073
Bad debt expense 537 1,045
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (30,423) (8,329)
Inventories (981) 1,566
Prepaid expenses and other current assets (33,335) (7,288)
Accounts payable 14,091 10,552
Accrued expenses and other current liabilities (20,183) 5,587
Other changes in operating assets and liabilities (912) 433
Net cash provided by (used in) operating activities 10,736 74,053
Investing activities    
Purchases of property, plant and equipment (9,091) (11,180)
Business acquisitions, net of cash acquired (194,393) (252,007)
Purchases of rental equipment (5,703) (7,735)
Proceeds from sale of rental equipment 3,795 4,202
Net cash provided by (used in) investing activities (205,392) (266,720)
Financing activities    
Proceeds from revolving lines of credit 166,777 174,587
Payments on revolving lines of credit (166,496) (295,816)
Proceeds from term loans 200,000 305,000
Payments on term loans (22,688) (11,250)
Deferred financing costs (2,064) (3,419)
Proceeds from rights offering, net of offering costs of $1,531 0 98,469
Repurchase of common stock (2,580) 0
Shares repurchased held in treasury (538) (171)
Proceeds from employees for share purchases 0 3,253
Payment of financing lease principal (462) (358)
Payment of earnout 0 (1,000)
Net cash provided by (used in) financing activities 171,949 269,295
Effect of exchange rate changes on cash and cash equivalents (1,151) (209)
Increase (decrease) in cash, cash equivalents and restricted cash (23,858) 76,419
Cash, cash equivalents and restricted cash at beginning of period 99,625 24,740
Cash, cash equivalents and restricted cash at end of period 75,767 101,159
Cash and cash equivalents 61,344 80,456
Restricted cash 14,423 20,703
Total cash, cash equivalents and restricted cash 75,767 101,159
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 13,065 9,370
Net cash paid for interest 38,337 26,187
Net cash paid for interest on supply chain financing 2,121 1,753
Non-cash activities:    
Additions of property, plant and equipment included in accounts payable 235 521
Right of use assets obtained in exchange for finance lease liabilities 390 396
Right of use assets obtained in exchange for operating lease liabilities $ 10,807 $ 19,879