Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (3,163) $ (619) $ (101,430)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:      
Stock based compensation 1,345 923 1,191
Depreciation, depletion, amortization and accretion 45,110 64,271 78,475
Amortization of financing origination costs 1,288 777 665
Change in provision for expected credit losses (591) 3,389 41,662
Gains on disposal of assets, net (6,041) (3,908) (5,147)
Gains from sales of equipment damaged or lost down-hole (335) (604) (288)
Impairment of goodwill 1,810 0 891
Impairment of other long-lived assets 0 0 1,212
Gain on sale of business (2,080) 0 0
Deferred income taxes (1,687) 7,700 (32,005)
Other (693) (117) 280
Changes in assets and liabilities:      
Accounts receivable, net 11,099 (52,392) (55,898)
Receivables from related parties 176 (135) 28,373
Inventories (3,770) (517) 3,654
Prepaid expenses and other assets 354 (710) 1,444
Accounts payable (18,485) 6,680 (2,982)
Income taxes payable 12,757 5,800 8,658
Net cash provided by (used in) operating activities 31,386 15,266 (18,865)
Cash flows from investing activities:      
Purchases of property and equipment (19,395) (12,737) (5,843)
Business divestitures, net of cash transferred 3,276 0 0
Proceeds from disposal of property and equipment 7,333 10,613 11,350
Net cash (used in) provided by investing activities (8,786) (2,124) 5,507
Cash flows from financing activities:      
Repayments of long-term debt (284,610) (199,430) (68,911)
Proceeds from financing transaction, net 46,120 0 0
Proceeds from sale-leaseback transaction 0 4,589 9,473
Payments on sale-leaseback transaction (4,958) (4,429) (2,951)
Principal payments on financing leases and equipment financing notes (12,212) (4,306) (2,283)
Debt issuance costs (3,972) 0 0
Other (919) 0
Net cash (used in) provided by financing activities (15,586) (5,601) 8,428
Effect of foreign exchange rate on cash 2 (158) 7
Net increase (decrease) in cash, cash equivalents and restricted cash 7,016 7,383 (4,923)
Cash, cash equivalents and restricted cash at beginning of period 17,282 9,899 14,822
Cash, cash equivalents and restricted cash at end of period 24,298 17,282 9,899
Supplemental disclosure of cash flow information:      
Cash paid for interest 12,017 10,164 4,827
Cash paid for income taxes 897 106 829
Supplemental disclosure of non-cash transactions:      
Purchases of property and equipment included in accounts payable 3,339 4,736 1,535
Right-of-use assets obtained for financing lease liabilities 1,417 3,058 1,750
Nonrelated Party      
Changes in assets and liabilities:      
Accrued expenses and other liabilities (6,949) (15,272) 12,380
Cash flows from financing activities:      
Borrowings on long-term debt 201,091 197,975 73,100
Related Party      
Changes in assets and liabilities:      
Accrued expenses and other liabilities 1,241 0 0
Cash flows from financing activities:      
Borrowings on long-term debt $ 43,874 $ 0 $ 0