XML 15 R5.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net (loss)/income $ (217,000) $ 20,648,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 55,381,000 47,805,000
Bad debt expense 2,445,000 2,081,000
Stock compensation-net of excess tax benefits 550,000 387,000
Provision for deferred income taxes (136,000) 5,970,000
(Gain)/loss on marketable equity securities (3,907,000) 422,000
Gain on disposition of equipment (109,000) (1,175,000)
Loss/(gain) on sale of marketable equity securities 108,000 (88,000)
Changes in operating assets and liabilities:    
Accounts receivable (14,264,000) 34,827,000
Prepaid expenses, deposits, inventories, and other assets 5,631,000 4,119,000
Income taxes payable (441,000) (2,772,000)
Trade accounts payable (463,000) (7,849,000)
Accrued expenses and other liabilities (786,000) (10,571,000)
Net cash provided by operating activities 43,792,000 93,804,000
INVESTING ACTIVITIES:    
Purchases of property and equipment (85,577,000) (26,784,000)
Proceeds from disposition of equipment 27,849,000 15,727,000
Sales of marketable equity securities 2,797,000 143,000
Net cash used in investing activities (54,931,000) (10,914,000)
FINANCING ACTIVITIES:    
Borrowings under line of credit 569,628,000 692,253,000
Repayments under line of credit (569,628,000) (692,253,000)
Borrowings of long-term debt 11,894,000 0
Repayments of long-term debt (48,032,000) (49,029,000)
Borrowings under margin account 0 38,000
Repayments under margin account 0 (951,000)
Repurchases of common stock (5,259,000) (4,736,000)
Net cash used in financing activities (41,397,000) (54,678,000)
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (52,536,000) 28,212,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period 100,614,000 74,087,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period 48,078,000 102,299,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 9,146,000 7,111,000
Income taxes 673,000 4,768,000
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Purchases of property and equipment included in accounts payable $ 856,000 $ 17,017,000