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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (619) $ (101,430) $ (107,607)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:      
Stock based compensation 923 1,191 1,952
Depreciation, depletion, amortization and accretion 64,271 78,475 95,317
Amortization of coil tubing strings 0 0 359
Amortization of debt origination costs 777 665 831
Bad debt expense 3,389 41,662 21,958
Gains on disposal of assets, net (3,908) (5,147) (683)
Gains from sales of equipment damaged or lost down-hole (604) (288) (696)
Impairment of goodwill 0 891 54,973
Impairment of other long-lived assets 0 1,212 12,897
Deferred income taxes 7,700 (32,005) (12,186)
Other Noncash Income (Expense) (117) 280 (143)
Changes in assets and liabilities:      
Accounts receivable, net (52,392) (55,898) (32,621)
Receivables from related parties (135) 28,373 (40,333)
Inventories (517) 3,654 5,103
Prepaid expenses and other assets (710) 1,444 1,996
Accounts payable 6,680 (2,982) 2,004
Accrued expenses and other liabilities (15,272) 12,380 3,198
Income taxes payable 5,800 8,658 648
Net cash provided by (used in) operating activities 15,266 (18,865) 6,967
Cash flows from investing activities:      
Purchases of property and equipment (12,737) (5,843) (6,761)
Purchases of property and equipment from related parties 0 0 (76)
Contributions to equity investee 0 0 (490)
Proceeds from disposal of property and equipment 10,613 11,350 6,782
Purchase of short-term investment 0 0 (1,750)
Net cash (used in) provided by investing activities (2,124) 5,507 (2,295)
Cash flows from financing activities:      
Borrowings on long-term debt 197,975 73,100 35,351
Repayments of long-term debt (199,430) (68,911) (32,800)
Proceeds from sale-leaseback transaction 4,589 9,473 5,000
Payments on sale-leaseback transaction (4,429) (2,951) (268)
Principal payments on financing leases and equipment financing notes (4,306) (2,283) (1,966)
Debt issuance costs 0 0 (1,051)
Net cash (used in) provided by financing activities (5,601) 8,428 4,266
Effect of foreign exchange rate on cash (158) 7 12
Net increase (decrease) in cash and cash equivalents 7,383 (4,923) 8,950
Cash and cash equivalents at beginning of period 9,899 14,822 5,872
Cash and cash equivalents at end of period 17,282 9,899 14,822
Supplemental disclosure of cash flow information:      
Cash paid for interest 10,164 4,827 4,729
Cash paid (recovered) for income taxes 106 829 (617)
Supplemental disclosure of non-cash transactions:      
Purchases of property and equipment included in accounts payable 4,736 1,535 1,312
Right-of-use assets obtained for financing lease liabilities $ 3,058 $ 1,750 $ 2,431