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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 19,064,000 $ (6,771,000)
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization expense 2,040,000 3,336,000
Deferred income taxes 1,562,000 (2,744,000)
Stock based compensation 514,000 685,000
Amortization of deferred financing costs 206,000 206,000
Bad debt expense 304,000 955,000
Loss on derivatives, net 4,205,000 42,770,000
Current period cash settlements on derivatives, net (15,425,000) (20,137,000)
Other 64,000 0
Changes in assets and liabilities:    
Decrease in accounts receivable 7,091,000 15,202,000
Decrease in accounts receivable—affiliates 219,000 650,000
Decrease in inventory 1,761,000 3,849,000
Increase in customer acquisition costs (2,444,000) (1,773,000)
Increase in prepaid and other current assets (37,000) (1,777,000)
Decrease in other assets 191,000 215,000
Decrease in accounts payable and accrued liabilities (2,342,000) (21,404,000)
Increase in accounts payable—affiliates 126,000 57,000
Decrease in other current liabilities 0 (240,000)
Decrease in other non-current liabilities 0 (19,000)
Net cash provided by operating activities 17,099,000 13,060,000
Cash flows from investing activities:    
Purchases of property and equipment (450,000) (374,000)
Net cash used in investing activities (450,000) (374,000)
Cash flows from financing activities:    
Borrowings on notes payable 109,000,000 63,000,000
Payments on notes payable (115,000,000) (52,000,000)
Net paydown on subordinated debt facility 0 (5,000,000)
Payment of dividends to Class A common stockholders 0 (2,874,000)
Payment of distributions to non-controlling unitholders (93,000) (3,625,000)
Payment of Preferred Stock dividends (2,728,000) (2,376,000)
Net cash used in financing activities (8,821,000) (2,875,000)
Increase in Cash, cash equivalents and Restricted cash 7,828,000 9,811,000
Cash, cash equivalents and Restricted cash—beginning of period 42,595,000 35,351,000
Cash, cash equivalents and Restricted cash—end of period 50,423,000 45,162,000
Non-cash items:    
Property and equipment purchase accrual 32,000 6,000
Cash paid during the period for:    
Interest 1,821,000 2,317,000
Taxes $ 110,000 $ 137,000