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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 11,203 $ (5,413) $ 66,074
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:      
Depreciation and amortization expense 16,703 21,578 30,767
Deferred income taxes 1,962 5,507 3,764
Stock based compensation 3,252 3,448 2,503
Amortization of deferred financing costs 1,125 997 1,210
Bad debt expense 6,865 445 4,692
(Loss) gain on derivatives, net (17,821) (21,200) 23,386
Current period cash settlements on derivatives, net 35,643 15,692 (37,414)
Other 26 0 0
Changes in assets and liabilities:      
(Increase) decrease in accounts receivable (21,620) 3,229 37,960
(Increase) decrease in accounts receivable—affiliates (2,636) 1,234 (3,020)
(Increase) decrease in inventory (2,423) (486) 1,458
Increase in customer acquisition costs (5,870) (1,415) (1,513)
(Increase) decrease in prepaid and other current assets (10,475) 654 (2,120)
Decrease in intangible assets—customer acquisition 0 27 0
(Increase) decrease in other assets (502) (190) 288
Increase (decrease) in accounts payable and accrued liabilities 2,707 (10,213) (37,012)
Decrease in accounts payable—affiliates (226) (335) (184)
(Decrease) increase in other current liabilities (1,597) (705) 1,180
Decrease in other non-current liabilities (109) (152) (188)
Net cash provided by operating activities 16,207 12,702 91,831
Cash flows from investing activities:      
Purchases of property and equipment (2,153) (2,713) (2,154)
Acquisition of Customers (4,718) (3,797) 0
Net cash used in investing activities (6,871) (6,510) (2,154)
Cash flows from financing activities:      
Buyback of Series A Preferred Stock 0 0 (2,282)
Borrowings on notes payable 289,000 774,000 612,000
Payments on notes payable (324,000) (739,000) (635,000)
Net borrowings on subordinated debt facility 20,000 0 0
Payment for acquired customers 0 0 (972)
Restricted stock vesting (663) (1,329) (1,107)
Payment of dividends to Class A common stockholders (11,461) (10,987) (10,569)
Payment of distributions to non-controlling unitholders (14,553) (17,436) (29,450)
Payment of Preferred Stock dividends (7,628) (7,804) (7,886)
Purchase of Treasury Stock 0 0 (395)
Net cash used in financing activities (49,305) (2,556) (75,661)
(Decrease) increase in Cash and cash equivalents and Restricted Cash (39,969) 3,636 14,016
Cash and cash equivalents and Restricted cash—beginning of period 75,320 71,684 57,668
Cash and cash equivalents and Restricted cash—end of period 35,351 75,320 71,684
Non-cash items:      
Property and equipment purchase accrual (4) (38) 46
Cash paid (received) during the period for:      
Interest 5,561 3,754 3,859
Taxes $ 865 $ (1,788) $ 23,890