v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 21,618 $ 34,759
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization expense 10,319 4,250
Deferred income taxes 2,130 4,204
Stock based compensation 0 2,442
Amortization of deferred financing costs 334 518
Bad debt expense 833 1,321
Loss on derivatives, net 2,026 1,025
Current period cash settlements on derivatives, net 2,612 (23,192)
Other 125 123
Changes in assets and liabilities:    
Decrease in accounts receivable 16,637 12,840
Decrease (increase) in accounts receivable—affiliates 178 (113)
Decrease in inventory 333 1,108
Increase in customer acquisition costs (4,078) (5,026)
Decrease in prepaid and other current assets 496 7,110
Decrease (increase) in intangible assets—customer acquisition costs 7,719 (783)
Decrease (increase) in other assets 135 (1,599)
Decrease in accounts payable and accrued liabilities (17,790) (10,456)
Increase (decrease) in accounts payable—affiliates 321 (204)
Net cash provided by operating activities 43,948 28,327
Cash flows from investing activities:    
Purchases of property and equipment (1,989) (730)
Acquisition of Customers (12,963) 0
Net cash used in investing activities (14,952) (730)
Cash flows from financing activities:    
Buyback of Series A Preferred Stock (4,748) 0
Borrowings on notes payable 248,425 253,000
Payments on notes payable (254,425) (257,000)
Restricted stock vesting 0 (1,013)
Contribution for cash settlement of merger 0 643
Payment of dividends to Class A common stockholders (3,185) 0
Payment of distributions to non-controlling unitholders (13,686) (4,495)
Payment of Preferred Stock dividends (4,769) (5,438)
Net cash used in financing activities (32,388) (14,303)
Increase in Cash, cash equivalents and Restricted cash (3,392) 13,294
Cash, cash equivalents and Restricted cash—beginning of period 70,259 42,595
Cash, cash equivalents and Restricted cash—end of period 66,867 55,889
Non-cash items:    
Property and equipment purchase accrual (20) 31
Cash paid during the period for:    
Interest 3,050 3,919
Taxes $ 3,628 $ 7,329