XML 40 R7.htm IDEA: XBRL DOCUMENT v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net (loss) income including noncontrolling interests in subsidiaries $ (34,698) $ 68,930
Adjustments to reconcile net (loss) income including noncontrolling interests in subsidiaries to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 33,574 14,728
Accretion of asset retirement obligation 986 0
Change in fair value of Series A redeemable convertible preferred stock embedded derivatives 0 (3,954)
Change in fair value of Series B warrants 0 (2,762)
Gain on exercise of Series B warrants 0 (1,525)
Compensation expense for share-based awards 4,795 3,297
Loss (gain) on foreign currency exchange 370 (53)
Change in fair value of equity securities 31,412 (31,423)
(Gain) loss on sale of equity securities (28,861) 10,930
Earnings on equity investment in joint venture 0 (4,167)
Unrealized loss (gain) on derivatives 610 (781)
Deferred income taxes, net of acquired net deferred tax assets (6,051) (3,657)
Changes in assets and liabilities:    
Accounts receivable 69,225 (70,313)
Inventories 1,054 3,301
Prepaid expenses and other assets (9,329) (820)
Accounts payable and accrued expenses (8,124) (4,651)
Royalties and contingent legal fees payable (5,338) 751
Deferred revenue 497 (337)
Net cash provided by (used in) operating activities 50,122 (22,506)
Cash flows from investing activities:    
Acquisition, net of cash acquired (Note 3) (87,678) (9,409)
Cash reinvested 0 9,965
Patent acquisition (14,000) (6,000)
Purchases of equity securities (20,472) (13,072)
Sales of equity securities 57,854 32,106
Distributions received from equity investment in joint venture 0 2,777
Net purchases of property and equipment and additions to oil and gas properties (148,667) (189)
Net cash (used in) provided by investing activities (212,963) 16,178
Cash flows from financing activities:    
Repurchase of common stock (20,288) 0
Paydown of Senior Secured Notes 0 (60,000)
Contributions from noncontrolling interest 15,250 0
Borrowings on the Revolving credit facility 86,010 0
Paydown of Revolving Credit Facility (30,035) (7,700)
Borrowings on the Term Loan 47,488 0
Dividend on Series A Redeemable Convertible Preferred Stock 0 (1,400)
Taxes paid related to net share settlement of share-based awards (1,092) (614)
Proceeds from exercise of stock options 223 235
Net cash provided by financing activities 97,556 58,632
Effect of exchange rates on cash and cash equivalents (926) 1
(Decrease) increase in cash and cash equivalents (66,211) 52,305
Cash and cash equivalents, beginning 340,091 287,786
Cash and cash equivalents, ending 273,880 340,091
Supplemental schedule of cash flow information:    
Interest paid 5,058 2,513
Income taxes paid 1,048 831
Noncash investing and financing activities:    
Accrued patent costs 0 4,000
Distribution to noncontrolling interests in subsidiaries 0 1,390
Rights Offering    
Cash flows from financing activities:    
Proceeds from Warrant Exercises 0 79,111
Series B    
Cash flows from financing activities:    
Proceeds from Warrant Exercises $ 0 $ 49,000