Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities                  
Net (loss) income   $ (60,779,000) $ 28,333,000 $ 68,207,000 $ 55,546,000 $ (79,044,000) $ 235,965,000 $ 58,964,000 [1],[2]  
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:                  
Equity based compensation (Note 17)           0 17,487,000 0 [1]  
Stock based compensation           4,177,000 5,425,000 3,741,000 [1]  
Depreciation, depletion, amortization and accretion           117,033,000 119,877,000 92,124,000 [1]  
Amortization of coil tubing strings           1,641,000 2,193,000 2,855,000 [1]  
Amortization of debt origination costs           326,000 387,000 399,000 [1]  
Bad debt expense (Note 2)           1,434,000 (14,578,000) 16,206,000 [1]  
Loss on disposal of property and equipment           55,000 947,000 69,000 [1]  
Gain on bargain purchase           0 0 (4,012,000) [1],[3]  
Impairment of goodwill $ 30,500,000         33,664,000 3,203,000 0 [1],[3] $ 0
Impairment of other long-lived assets           7,358,000 5,652,000 4,146,000 [1],[3]  
Inventory obsolescence           1,349,000 0 0 [1]  
Deferred income taxes           (42,639,000) 52,226,000 (34,425,000) [1]  
Other           986,000 (16,000) 0 [1]  
Changes in assets and liabilities, net of acquisitions of businesses:                  
Accounts receivable, net           (27,006,000) (78,840,000) (231,751,000) [1]  
Receivables from related parties           3,641,000 22,624,000 (1,096,000) [1]  
Inventories           830,000 (5,502,000) (14,238,000) [1]  
Prepaid expenses and other assets           (1,040,000) 1,423,000 (7,628,000) [1]  
Accounts payable           (25,968,000) (64,966,000) 101,725,000 [1]  
Payables to related parties           156,000 (1,008,000) 1,174,000 [1]  
Accrued expenses and other liabilities           (18,800,000) 15,445,000 32,968,000 [1]  
Income taxes payable           (71,499,000) 68,692,000 36,395,000 [1]  
Net cash (used in) provided by operating activities           (95,318,000) 386,668,000 57,616,000 [1]  
Cash flows from investing activities:                  
Purchases of property and equipment           (35,417,000) (187,285,000) (132,295,000) [1]  
Purchases of property and equipment from related parties           (344,000) (4,658,000) (1,558,000) [1]  
Business acquisitions, net           0 (20,824,000) (42,008,000) [1]  
Contributions to equity investee           (680,000) (702,000) 0 [1]  
Proceeds from disposal of property and equipment           3,217,000 1,514,000 907,000 [1]  
Business combination cash acquired (Note 4)           0 0 2,671,000 [1]  
Net cash used in investing activities           (33,224,000) (211,955,000) (172,283,000) [1]  
Cash flows from financing activities:                  
Borrowings on long-term debt           156,000,000 77,000,000 156,850,000 [1]  
Repayments of long-term debt           (76,000,000) (176,900,000) (56,950,000) [1]  
Dividends paid           (11,219,000) (11,201,000) 0 [1]  
Principal payments on financing leases and equipment financing notes           (2,079,000) (292,000) 0 [1]  
Debt issuance costs           0 (1,199,000) 0 [1]  
Repayment of acquisition-related long-term debt           0 0 (8,851,000) [1]  
Net cash provided by (used in) financing activities           66,702,000 (112,592,000) 91,049,000 [1]  
Effect of foreign exchange rate on cash           87,000 (133,000) 16,000 [1]  
Net (decrease) increase in cash and cash equivalents           (61,753,000) 61,988,000 (23,602,000) [1]  
Cash and cash equivalents at beginning of period     $ 67,625,000   $ 5,637,000 [1] 67,625,000 5,637,000 [1] 29,239,000 [1]  
Cash and cash equivalents at end of period $ 5,872,000 $ 5,872,000   $ 67,625,000   5,872,000 67,625,000 5,637,000 [1] $ 29,239,000 [1]
Supplemental disclosure of cash flow information:                  
Cash paid for interest           4,741,000 3,212,000 3,656,000 [1]  
Cash paid for income taxes           110,848,000 32,757,000 840,000 [1]  
Supplemental disclosure of non-cash transactions:                  
Acquisition of Stingray Cementing LLC and Stingray Energy Services LLC           0 0 23,091,000 [1]  
Purchases of property and equipment included in accounts payable           2,303,000 11,908,000 15,038,000 [1]  
Right-of-use assets obtained for financing lease liabilities           $ 3,721,000 $ 0 $ 0  
[1] (a) Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4.
[2] Financial information has been recast to include results attributable to Sturgeon. See Note 4.
[3] Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4.