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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ (7,332) $ (8,967) $ 7,406
Adjustments to reconcile to net cash used in operating activities:      
Depreciation and amortization 74,376 63,588 45,186
Amortization of debt issuance costs 2,922 2,420 1,888
Extinguishment of debt 0 0 3,395
Stock-based compensation 5,233 7,940 2,448
Compensation expense related to employee share purchases 0 427 0
Deferred income taxes (6,649) (8,028) (2,406)
Change in fair value of earnout liabilities 988 (758) 483
(Gain) loss on sale of rental equipment (2,813) (2,675) (3,632)
(Gain) loss on sale of property, plant and equipment (61) 294 0
Charge for step-up of acquired inventory 2,882 3,582 2,866
Net realizable value adjustment and write-offs for obsolete and excess inventory 6,612 8,990 4,608
Bad debt expense 863 784 795
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (1,423) 18,020 (21,771)
Inventories (9,227) (1,236) (42,404)
Prepaid expenses and other current assets (869) 931 (1,874)
Accounts payable 11,338 3,048 (8,839)
Accrued expenses and other current liabilities (21,254) 13,667 4,492
Other changes in operating assets and liabilities 867 259 (3,670)
Net cash provided by (used in) operating activities 56,453 102,286 (11,029)
Investing activities      
Purchases of property, plant and equipment (13,684) (15,337) (8,307)
Proceeds from sale of property, plant and equipment 3,662 0 0
Business acquisitions, net of cash acquired (199,423) (259,835) (115,343)
Asset acquisitions (15,853) 0 0
Purchases of rental equipment (9,509) (9,341) (11,794)
Proceeds from sale of rental equipment 5,124 5,990 8,756
Net cash provided by (used in) investing activities (229,683) (278,523) (126,688)
Financing activities      
Proceeds from revolving lines of credit 211,599 180,982 383,489
Payments on revolving lines of credit (213,634) (302,083) (320,751)
Proceeds from term loans 200,000 305,000 445,630
Payments on term loans (32,750) (26,375) (335,305)
Deferred financing costs (2,064) (3,419) (11,956)
Proceeds from rights offering, net of offering costs of $1,531 0 98,469 0
Repurchase of common stock (2,580) (3,619) (1,940)
Shares repurchased held in treasury (617) (287) (520)
Proceeds from employees for share purchases 0 3,253 0
Payment of financing lease principal (653) (515) (429)
Payment of earnout 0 (1,000) 0
Payment on seller's note 0 0 (9,757)
Net cash provided by (used in) financing activities 159,301 250,406 148,461
Effect of exchange rate changes on cash and cash equivalents (3,971) 717 (675)
Increase (decrease) in cash, cash equivalents and restricted cash (17,900) 74,886 10,069
Cash, cash equivalents and restricted cash at beginning of period 99,626 24,740 14,671
Cash, cash equivalents and restricted cash at end of period 81,726 99,626 24,740
Cash and cash equivalents 66,479 83,931 24,554
Restricted cash 15,247 15,695 186
Total cash, cash equivalents and restricted cash 81,726 99,626 24,740
Supplemental disclosure of cash flow information      
Net cash paid for income taxes 15,259 12,422 13,813
Net cash paid for interest 52,905 38,048 22,153
Net cash paid for interest on supply chain financing 2,889 2,581 1,291
Non-cash activities:      
Fair value of common stock exchanged for reverse acquisition 0 0 351,491
Settlement of related party obligations 0 0 5,276
Additions of property, plant and equipment included in accounts payable 457 361 177
Right of use assets obtained in exchange for finance lease liabilities 821 616 886
Right of use assets obtained in exchange for operating lease liabilities 14,515 19,424 14,634
Seller's note issued as purchase consideration $ 0 $ 0 $ 1,169