Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities:    
Net income (loss) $ (5,571) $ 19,513
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation and amortization of intangibles 11,735 12,862
Gains on derivative instruments (5,174) (21,936)
Inventory valuation 3,010
Asset impairments 574
Non-cash compensation 1,711 1,779
Amortization of deferred financing fees 494 37
Amortization of debt discount 397
Bad debt (recovery) expense (46) 66
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable 5,334 (393)
Inventories (4,487) (14,729)
Other assets 3,565 3,210
Operating leases (2,566) (2,528)
Accounts payable and accrued expenses (18,870) 19,804
Net cash (used in) provided by operating activities (12,904) 20,695
Investing Activities:    
Additions to property and equipment (17,968) (9,762)
Proceeds from principal payments on notes receivable 14,766
Deferred purchase price payments for Eagle Alcohol (3,500)
Purchase of Eagle Alcohol, net of cash acquired (14,655)
Net cash used in investing activities (21,468) (9,651)
Net proceeds from Kinergy’s line of credit 13,247 2,195
Stock repurchases (2,683)
Preferred stock dividends paid (627) (627)
Net cash provided by financing activities 9,937 1,568
Net change in cash, cash equivalents and restricted cash (24,435) 12,612
Cash, cash equivalents and restricted cash at beginning of period 49,525 62,125
Cash, cash equivalents and restricted cash at end of period 25,090 74,737
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 22,739 57,376
Restricted cash 2,351 17,361
Total cash, cash equivalents and restricted cash 25,090 74,737
Supplemental Information:    
Interest paid 3,964 456
Capitalized interest $ 1,615 $ 87