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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) $ 179,272 $ 95,621 $ (22,193)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 156,166 128,777 83,522
Amortization of deferred drydocking and survey costs 86,604 51,554 35,638
Amortization of debt premiums and discounts 6,741 4,619 1,679
Amortization of below market contracts (5,000) (3,800) 0
Deferred income taxes provision (benefit) (2,807) 92 36
Gain on asset dispositions, net (15,762) (8,701) (250)
Gain on pension settlement 0 (2,313) 0
Gain on bargain purchase 0 0 (1,300)
Long-lived asset impairments and other 0 0 714
Loss on warrants 0 0 14,175
Stock-based compensation expense 13,681 10,755 7,372
Changes in operating assets and liabilities, net:      
Trade and other receivables (55,453) (109,756) (4,129)
Due to/from affiliate, net 0 0 (20)
Marine operating supplies (2,906) 1,984 (14,611)
Prepaid expenses and other current assets 1,584 5,813 (4,899)
Accounts payable 26,454 5,985 16,481
Accrued expenses 7,393 20,072 (1,340)
Other current liabilities 13,908 809 (555)
Other liabilities (2,415) (740) (10,930)
Deferred drydocking and survey costs (133,258) (97,378) (56,000)
Other, net (353) 1,312 (3,164)
Net cash provided by operating activities 273,849 104,705 40,226
Cash flows from investing activities:      
Proceeds from asset dispositions 19,338 15,506 13,568
Proceeds from sale of notes 8,054 0 0
Acquisitions, net of cash acquired 0 (594,191) (20,740)
Additions to properties and equipment (27,580) (31,588) (16,637)
Net cash used in investing activities (188) (610,273) (23,809)
Cash flows from financing activities:      
Exercise of warrants 4 111,483 0
Proceeds from issuance of shares 0 0 187,832
Repurchase of SPO acquisition warrants 0 0 (187,832)
Issuance of long-term debt 0 575,000 0
Principal payments on long-term debt (103,030) (13,677) 0
Purchase of common stock (90,742) (35,025) 0
Acquisition of non-controlling interest in a majority owned subsidiary 0 (1,427) 0
Debt issuance costs (213) (14,758) (393)
Tax on share-based award (28,614) (6,040) (2,323)
Net cash provided by (used in) financing activities (222,595) 615,556 (2,716)
Net change in cash, cash equivalents and restricted cash 51,066 109,988 13,701
Cash, cash equivalents and restricted cash at beginning of period 277,965 167,977 154,276
Cash, cash equivalents and restricted cash at end of period 329,031 277,965 167,977
Supplemental disclosure of cash flow information:      
Interest, net of amounts capitalized 66,897 26,638 15,554
Income taxes 56,909 43,880 22,275
Supplemental disclosure of noncash investing activities:      
Acquisition of SPO 0 0 162,648
Purchase of four vessels 0 14,265 0
Warrants issued for SPO acquisition 0 0 162,648
Repurchase of SPO Acquisition Warrants 0 0 1,365
Debt incurred for the purchase of four vessels $ 0 $ 15,235 $ 0