Drilling Tools International Corp
For the period ended Mar 31, 2024. Filed May 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
DTI$1.48-6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $3,126 | $5,701 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Depreciation and amortization | 5,365 | 5,015 |
| Amortization of deferred financing costs | 56 | 19 |
| Non-cash lease expense | 1,111 | 1,140 |
| Provision for excess and obsolete inventory | — | 17 |
| Provision for excess and obsolete property and equipment | 66 | 117 |
| Provision for Credit Losses | (135) | 334 |
| Deferred tax expense | 266 | 1,116 |
| Gain on sale of property | — | (69) |
| Loss on asset disposal | 9 | — |
| Unrealized loss (gain) on equity securities | (249) | 33 |
| Unrealized loss on interest rate swap | — | 105 |
| Gross profit from sale of lost-in-hole equipment | (2,799) | (4,535) |
| Stock-based compensation expense | 208 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (1,839) | (1,675) |
| Prepaid expenses and other current assets | 1,723 | 713 |
| Inventories, net | 2,836 | 116 |
| Operating lease liabilities | (1,067) | (1,086) |
| Accounts payable | (2,848) | 3,208 |
| Accrued expenses and other current liabilities | (2,517) | (3,180) |
| Net cash flows from operating activities | 3,312 | 7,089 |
| Cash flows from investing activities: | ||
| Acquisition of a business, net of cash acquired | (18,261) | — |
| Proceeds from sale of property and equipment | — | 80 |
| Purchase of property, plant, and equipment | (6,228) | (7,067) |
| Proceeds from sale of lost-in-hole equipment | 4,904 | 5,819 |
| Net cash from investing activities | (19,585) | (1,168) |
| Cash flows from financing activities: | ||
| Payment of deferred financing costs | (389) | — |
| Proceeds from revolving line of credit | — | 34,043 |
| Payments on revolving line of credit | — | (41,496) |
| Proceeds from Term Loan | 25,000 | — |
| Net cash from financing activities | 24,611 | (7,453) |
| Effect of changes in foreign exchange rates | (291) | — |
| Net change in cash | 8,047 | (1,532) |
| Cash at beginning of period | 6,003 | 2,352 |
| Cash at end of period | $14,050 | $820 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $58 | $444 |
| Cash paid for income taxes | $153 | $— |
| Non-cash investing and financing activities: | ||
| ROU assets obtained in exchange for lease liabilities | $314 | $1,360 |
| Fair value of CTG liabilities assumed in CTG Acquisition | $2,636 | $— |
| Purchases of inventory included in accounts payable and accrued expenses and other current liabilities | $5,018 | $1,575 |
| Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | $4,482 | $4,369 |
| Undeclared dividends | $— | $314 |
| Non-cash directors and officers insurance | $327 | $— |
| Deferred financing fees included in accounts payable | $122 | $— |
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