v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (13,406) $ 3,072
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, excluding amortization of deferred certification and dry dock costs 33,622 33,248
Amortization of deferred certification and dry dock costs 10,242 9,234
Deferred certification and dry dock costs (8,870) (17,855)
Amortization of debt discount 64 57
Amortization of debt issuance costs 535 502
Share-based compensation 1,363 1,651
Deferred income taxes (586) (400)
Unrealized foreign currency losses (552) (572)
Changes in operating assets and liabilities:    
Accounts receivable, net 75,849 (1,116)
Other current assets (1,038) (16,835)
Income tax receivable (11,071) (2,702)
Accounts payable and accrued liabilities (23,835) 4,518
Other, net (531) 3,640
Net cash provided by operating activities 61,786 16,442
Cash flows from investing activities:    
Capital expenditures (2,811) (4,488)
Net cash used in investing activities (2,811) (4,488)
Cash flows from financing activities:    
Repayment of MARAD Debt (4,763) (4,537)
Payments related to tax withholding for share-based compensation (71) (7,266)
Proceeds from issuance of ESPP shares 491 728
Net cash used in financing activities (4,343) (11,075)
Effect of exchange rate changes on cash and cash equivalents 1,444 1,078
Net increase in cash and cash equivalents 56,076 1,957
Cash and cash equivalents:    
Balance, beginning of year 445,196 368,030
Balance, end of period $ 501,272 $ 369,987