v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Jul. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Successor              
Cash flows from operating activities:              
Net loss $ (25,793)   $ (105,452)        
Adjustments to reconcile net loss to net cash provided by operating activities:              
Provision (benefit) for credit losses (687)   2,703        
Depreciation and amortization 28,599   47,313        
Noncash lease expense 2,491   3,667        
Share-based compensation expense 1,107   64,626        
Gain on bargain purchase            
Amortization of deferred financing costs 828   1,366        
Loss on extinguishment of debt            
Fair value adjustments on interest rate derivatives          
Deferred income taxes (4,320)   (13,983)        
Other (212)   (503)        
Changes in operating assets and liabilities, net of effects of business acquisitions:              
Accounts receivable 31,859   27,782        
Prepaid expenses and other current assets 4,306   (9,380)        
Accounts payable 3,433   (4,479)        
Accrued expenses and other current liabilities (5,921)   (7,875)        
Operating lease obligations (2,352)   (3,429)        
Other assets and liabilities (546)   273        
Net cash provided by operating activities 32,792   2,629        
Cash flows from investing activities:              
Purchases of property, plant and equipment (4,476)   (13,241)        
Proceeds from sale of property, plant and equipment 293   776        
Acquisition of ASP Acuren, net of cash acquired     (1,822,186)        
Acquisition of businesses, net of cash acquired (8,030)          
Net cash used in investing activities (12,213)   (1,834,651)        
Cash flows from financing activities:              
Borrowings under long-term debt   775,000        
Repayments of long-term debt (1,932)   (1,938)        
Payments of debt issuance costs (1,165)   (21,355)        
Principal payments on finance lease obligations (2,508)   (3,991)        
Dividends paid to stockholder            
Proceeds from exercise of stock options            
Capital contributions from stockholder            
Treasury stock repurchase            
Proceeds from issuance of common shares and exercise of warrants, net of issuance costs     666,630        
Payments of contingent consideration            
Net cash provided by (used in) financing activities (5,605)   1,414,346        
Net effect of exchange rate fluctuations on cash and cash equivalents 1,631   (123)        
Net change in cash and cash equivalents 16,605   (417,799)        
Beginning of period 139,134   556,933        
End of period $ 155,739   139,134 $ 556,933 $ 139,134    
Predecessor              
Cash flows from operating activities:              
Net loss   $ (1,271)   (15,703)   $ (6,289) $ 20,043
Adjustments to reconcile net loss to net cash provided by operating activities:              
Provision (benefit) for credit losses   (265)   408   1,353 1,325
Depreciation and amortization   19,093   45,777   94,818 86,436
Noncash lease expense   2,418   5,453   9,992 8,069
Share-based compensation expense   897   17,858   4,975 2,561
Gain on bargain purchase         (12,503)
Amortization of deferred financing costs   1,022   2,406   3,586 3,249
Loss on extinguishment of debt       9,073  
Fair value adjustments on interest rate derivatives   2,089   3,102   7,244 (9,069)
Deferred income taxes   2,251   (8,376)   (23,442) (20,370)
Other   (150)   (588)   (78) 179
Changes in operating assets and liabilities, net of effects of business acquisitions:              
Accounts receivable   5,327   (32,797)   881 (38,798)
Prepaid expenses and other current assets   2,031   (2,829)   (3,243) 2,170
Accounts payable   (10,029)   (9,691)   2,917 (3,503)
Accrued expenses and other current liabilities   3,525   17,848   5,958 19,246
Operating lease obligations   (2,468)   (5,751)   (9,284) (5,672)
Other assets and liabilities   (3,548)   (5,751)   6,421 (13,383)
Net cash provided by operating activities   20,922   20,439   95,809 39,980
Cash flows from investing activities:              
Purchases of property, plant and equipment   (5,544)   (14,334)   (22,141) (23,075)
Proceeds from sale of property, plant and equipment   277   1,029   1,617 978
Acquisition of ASP Acuren, net of cash acquired        
Acquisition of businesses, net of cash acquired   (29,094)   (44,680)   (6,010) (45,575)
Net cash used in investing activities   (34,361)   (57,985)   (26,534) (67,672)
Cash flows from financing activities:              
Borrowings under long-term debt   20,000   30,000   195,000 50,000
Repayments of long-term debt     (16,346)   (81,384) (5,767)
Payments of debt issuance costs   (1,820)     (2,844) (72)
Principal payments on finance lease obligations   (2,479)   (5,836)   (9,948) (7,424)
Dividends paid to stockholder         (150,000)
Proceeds from exercise of stock options         66
Capital contributions from stockholder         200
Treasury stock repurchase         (753)
Proceeds from issuance of common shares and exercise of warrants, net of issuance costs        
Payments of contingent consideration         (285)
Net cash provided by (used in) financing activities   15,701   7,818   (49,176) 35,965
Net effect of exchange rate fluctuations on cash and cash equivalents   549   (7,877)   4,377 (5,625)
Net change in cash and cash equivalents   2,811   (37,605)   24,476 2,648
Beginning of period   87,061 $ 49,456 87,061 $ 87,061 62,585 59,937
End of period   $ 89,872   $ 49,456   $ 87,061 $ 62,585