Drilling Tools International Corp
For the period ended Sep 30, 2024. Filed Nov 14, 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.
Sep 30, 2024 · Filed Nov 14, 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
| Nine Months Ended September 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $4,359 | $10,925 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Depreciation and amortization | 17,232 | 15,035 |
| Amortization of deferred financing costs | 226 | 88 |
| Non-cash lease expense | 3,620 | 3,418 |
| Provision for excess and obsolete inventory | — | 22 |
| Provision for excess and obsolete property and equipment | 286 | 381 |
| Provision for credit losses | 42 | 502 |
| Deferred tax expense | (1,301) | 3,741 |
| Gain on sale of property | (72) | (68) |
| Loss on asset disposal | 27 | — |
| Realized loss on interest rate swaps | — | 4 |
| Unrealized gain on equity securities | (368) | 148 |
| Realized loss on equity securities | 12 | — |
| Gross profit from sale of lost-in-hole equipment | (7,348) | (13,968) |
| Stock-based compensation expense | 1,572 | 3,986 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 2,086 | (577) |
| Prepaid expenses and other current assets | (633) | (92) |
| Inventories, net | (2,883) | (2,876) |
| Operating lease liabilities | (3,416) | (3,311) |
| Accounts payable | (2,802) | (888) |
| Accrued expenses and other current liabilities | (916) | 1,014 |
| Net cash flows from operating activities | 9,723 | 17,484 |
| Cash flows from investing activities: | ||
| Acquisition of a business, net of cash acquired | (38,670) | — |
| Proceeds from sale of equity securities | 1,244 | — |
| Proceeds from sale of property, plant and equipment | 77 | 126 |
| Purchases of property, plant and equipment | (19,678) | (36,776) |
| Proceeds from sale of lost-in-hole equipment | 10,895 | 16,623 |
| Net cash from investing activities | (46,132) | (20,027) |
| Cash flows from financing activities: | ||
| Proceeds from Merger and PIPE Financing, net of transaction costs | — | 23,162 |
| Payment of deferred financing costs | (721) | (322) |
| Proceeds from revolving line of credit | 30,062 | 71,646 |
| Payments on revolving line of credit | (8,898) | (89,995) |
| Proceeds from Term Loan | 25,000 | — |
| Repayment of Term Loan | (2,083) | — |
| Payments to holders of DTIH redeemable convertible preferred stock in connection with retiring their DTI stock upon the Merger | — | (194) |
| Net cash from financing activities | 43,360 | 4,297 |
| Effect of changes in foreign exchange rates | (993) | (117) |
| Net change in cash | 5,958 | 1,637 |
| Cash at beginning of period | 6,003 | 2,352 |
| Cash at end of period | $11,961 | $3,989 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $1,488 | $901 |
| Cash paid for income taxes | $256 | $2,546 |
| Non-cash investing and financing activities: | ||
| Fair value of CTG liabilities assumed in CTG Acquisition | $3,162 | $— |
| Fair value of SDPI liabilities assumed in SDPI Acquisition | $6,246 | $— |
| ROU assets obtained in exchange for lease liabilities | $5,737 | $3,002 |
| Non-cash recovery of note receivable | $453 | $— |
| Net exercise of stock options | $254 | $— |
| Shares withheld from exercise of stock options for payment of taxes | $36 | $— |
| Purchases of inventory included in accounts payable and accrued expenses and other current liabilities | $1,592 | $451 |
| Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | $— | $1,733 |
| Non-cash directors and officers insurance | $— | $1,063 |
| Non-cash Merger financing | $— | $2,000 |
| Exchange of DTIH redeemable convertible preferred stock for DTIC Common Stock in connection with the Merger | $— | $7,193 |
| Issuance of DTIC Common Stock to former holders of DTIH redeemable convertible preferred stock in connection with Exchange Agreements | $— | $10,805 |
| Accretion of redeemable convertible preferred stock to redemption value | $— | $314 |
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