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SEC Filings

10-Q
KEY ENERGY SERVICES INC filed this Form 10-Q on 08/10/2017
Entire Document
 

CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
 
 
Predecessor
 
 
Six Months Ended June 30, 2016
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Revenues
 
$

 
$
199,594

 
$
6,756

 
$
(250
)
 
$
206,100

Direct operating expense
 

 
173,226

 
7,025

 
(234
)
 
180,017

Depreciation and amortization expense
 

 
69,210

 
2,398

 

 
71,608

General and administrative expense
 
398

 
81,689

 
5,061

 

 
87,148

Operating loss
 
(398
)
 
(124,531
)
 
(7,728
)
 
(16
)
 
(132,673
)
Interest expense, net of amounts capitalized
 
42,941

 

 

 

 
42,941

Other (income) loss, net
 
(1,290
)
 
(94
)
 
332

 
233

 
(819
)
Loss before income taxes
 
(42,049
)
 
(124,437
)
 
(8,060
)
 
(249
)
 
(174,795
)
Income tax (expense) benefit
 
(12
)
 

 
391

 

 
379

Net loss
 
$
(42,061
)
 
$
(124,437
)
 
$
(7,669
)
 
$
(249
)
 
$
(174,416
)


CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF CASH FLOWS
 
 
Predecessor
 
 
Six Months Ended June 30, 2016
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net cash provided by (used in) operating activities
 
$

 
$
(71,274
)
 
$
3,884

 
$

 
$
(67,390
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 


Capital expenditures
 

 
(4,720
)
 
(347
)
 

 
(5,067
)
Intercompany notes and accounts
 

 
59,815

 

 
(59,815
)
 

Other investing activities, net
 

 
8,506

 

 

 
8,506

Net cash provided by (used in) investing activities
 

 
63,601

 
(347
)
 
(59,815
)
 
3,439

Cash flows from financing activities:
 
 
 
 
 
 
 

 
 
Repayments of long-term debt
 
(13,901
)
 

 

 

 
(13,901
)
Restricted stock
 
(18,605
)
 

 

 

 
(18,605
)
Repurchases of common stock
 
(164
)
 

 

 

 
(164
)
Intercompany notes and accounts
 
(59,815
)
 

 

 
59,815

 

Other financing activities, net
 
(2,618
)
 

 

 

 
(2,618
)
Net cash used in financing activities
 
(95,103
)
 

 

 
59,815

 
(35,288
)
Effect of changes in exchange rates on cash
 

 

 
(1,593
)
 

 
(1,593
)
Net increase (decrease) in cash and cash equivalents
 
(95,103
)
 
(7,673
)
 
1,944

 

 
(100,832
)
Cash and cash equivalents at beginning of period
 
191,065

 
10,024

 
3,265

 

 
204,354

Cash and cash equivalents at end of period
 
$
95,962

 
$
2,351

 
$
5,209

 
$

 
$
103,522


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