Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:      
Net income $ (71,126) $ (6,652) $ 71,154
Net income (loss) from discontinued operations 77,414 52,156 (22,931)
Net income from continuing operations 6,288 45,504 48,223
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 67,806 59,863 55,345
Amortization 10,791 10,685 10,685
Amortization of deferred financing costs and original issue discount 1,212 1,384 1,733
Debt extinguishment costs 4,578 90 0
Deferred income tax provision (benefit) 32,206 (5,009) (10,382)
Net loss on asset disposals 5,371 2,254 4,101
Stock compensation 9,746 11,126 12,984
Other, net (5,356) (12,904) (6,223)
Working capital changes that provided (used) cash:      
Receivables (22,118) 6,236 (2,433)
Inventories (5,571) (4,544) (107)
Prepaids and other current assets (962) 2,795 178
Accounts payable 15,531 1,164 1,713
Accrued liabilities (1,416) (14,821) (15,270)
Net cash provided by operating activities, continuing operations 118,106 103,823 100,547
Net cash provided by operating activities, discontinued operations 22,199 46,067 37,050
Net cash provided by operating activities 140,305 149,890 137,597
Cash flows from investing activities:      
Purchases of property, plant and equipment (70,410) (55,594) (59,039)
Proceeds from business divestitures, net of cash transferred 568,427 0 0
Business combinations (41,480) 0 0
Net cash provided by (used in) investing activities, continuing operations 456,537 (55,594) (59,039)
Net cash used in investing activities, discontinued operations (21,125) (17,859) (6,296)
Net cash provided by (used in) investing activities 435,412 (73,453) (65,335)
Cash flows from financing activities:      
Draw down of revolving credit facilities 0 0 14,500
Repayments of revolving credit facilities 0 0 (14,500)
Issuance of long-term debt, net of original issue discount and financing fees 870,817 870,817 0
Repayments of long-term debt (1,344,548) (879,683) (9,000)
Repurchases of common shares (46,948) (5,010) (78,717)
Tax withholdings on equity award vesting (1,477) (1,218) (3,372)
Other, net 460 210 438
Net cash used in financing activities, continuing operations (521,696) (14,884) (90,651)
Net cash used in financing activities, discontinued operations (3,264) (2,957) (2,847)
Net cash used in financing activities (524,960) (17,841) (93,498)
Effect of exchange rate changes on cash and cash equivalents 423 (948) (1,319)
Net change in cash and cash equivalents 51,180 57,648 (22,555)
Cash and cash equivalents at beginning of period 146,013 88,365 110,920
Cash and cash equivalents at end of period 197,193 146,013 88,365
Less: cash and cash equivalents of discontinued operations 0 (14,623) (15,715)
Cash and cash equivalents at end of period of continuing operations $ 197,193 $ 131,390 $ 72,650