XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 55,637 $ (10,838) $ (87,784)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, excluding amortization of deferred recertification and dry dock costs 137,202 138,423 128,725
Amortization of deferred recertification and dry dock costs 36,090 25,693 13,961
Deferred recertification and dry dock costs (35,387) (62,522) (35,072)
Payment of earnout consideration (58,300)    
Change in fair value of contingent consideration   42,246 16,054
Amortization of debt discount 218 17  
Amortization of debt issuance costs 2,132 2,485 2,334
Share-based compensation 7,266 6,510 7,451
Deferred income taxes 10,606 11,532 4,386
Equity in earnings of investment     (8,262)
(Gain) loss on disposition of assets, net 479 (367)  
Losses related to convertible senior notes 20,922 37,277  
Unrealized foreign currency loss 623 8,310 21,596
Changes in operating assets and liabilities:      
Accounts receivable, net 13,736 (64,520) (29,865)
Other current assets 1,139 (22,597) 7,593
Income tax receivable, net of income tax payable 1,919 (418) (49)
Accounts payable and accrued liabilities (9,159) 31,996 9,807
Other, net 905 9,230 233
Net cash provided by operating activities 186,028 152,457 51,108
Cash flows from investing activities:      
Alliance acquisition, net of cash acquired     (112,625)
Capital expenditures (23,303) (19,588) (33,504)
Distribution from equity investment, net     7,840
Proceeds from sale of assets 100 365  
Proceeds from insurance recoveries 363 564  
Net cash used in investing activities (22,840) (18,659) (138,289)
Cash flows from financing activities:      
Proceeds from senior notes, net of discount   298,578  
Payments related to convertible senior notes (60,720) (261,147) (35,000)
Repayment of MARAD Debt (8,749) (8,333) (7,937)
Proceeds from settlement of capped calls 4,381 15,591  
Debt issuance costs (1,530) (6,817) (580)
Repurchases of common stock (29,620) (11,988)  
Payments related to tax withholding for share-based compensation (4,231) (1,757) (1,902)
Proceeds from issuance of ESPP shares 1,859 982 575
Payment of earnout consideration (26,700)    
Net cash provided by (used in) financing activities (125,310) 25,109 (44,844)
Effect of exchange rate changes on cash and cash equivalents (2,039) (15,827) (5,991)
Net increase (decrease) in cash and cash equivalents 35,839 143,080 (138,016)
Cash and cash equivalents:      
Balance, beginning of year 332,191 189,111 327,127
Balance, end of year $ 368,030 $ 332,191 $ 189,111