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SEC Filings

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

Key Energy Services, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Successor
 
 
Predecessor
 
Six Months Ended June 30, 2017
 
 
Six Months Ended June 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
Net loss
$
(60,042
)
 
 
$
(174,416
)
Adjustments to reconcile net loss to net cash used in operating activities:

 
 

Depreciation and amortization expense
42,211

 
 
71,608

Impairment expense
187

 
 

Bad debt expense
854

 
 
1,146

Accretion of asset retirement obligations
99

 
 
283

Loss from equity method investments
560

 
 
66

Amortization and write-off of deferred financing costs and premium
239

 
 
2,603

Deferred income tax benefit
(30
)
 
 
(391
)
Loss (gain) on disposal of assets, net
(21,599
)
 
 
2,848

Share-based compensation
8,159

 
 
3,055

Excess tax expense from share-based compensation

 
 
2,618

Changes in working capital:

 
 

Accounts receivable
4,448

 
 
38,848

Other current assets
7,297

 
 
8,688

Accounts payable, accrued interest and accrued expenses
(17,966
)
 
 
(12,458
)
Share-based compensation liability awards

 
 
(231
)
Other assets and liabilities
8,395

 
 
(11,657
)
Net cash used in operating activities
(27,188
)
 
 
(67,390
)
CASH FLOWS FROM INVESTING ACTIVITIES:

 
 

Capital expenditures
(7,236
)
 
 
(5,067
)
Proceeds from sale of fixed assets
24,106

 
 
8,506

Net cash provided by investing activities
16,870

 
 
3,439

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
Repayments of long-term debt
(1,250
)
 
 
(13,901
)
Restricted cash
16,007

 
 
(18,605
)
Payment of deferred financing costs
(350
)
 
 

Repurchases of common stock
(54
)
 
 
(164
)
Excess tax expense from share-based compensation

 
 
(2,618
)
Net cash provided by (used in) financing activities
14,353

 
 
(35,288
)
Effect of changes in exchange rates on cash
144

 
 
(1,593
)
Net increase (decrease) in cash and cash equivalents
4,179

 
 
(100,832
)
Cash and cash equivalents, beginning of period
90,505

 
 
204,354

Cash and cash equivalents, end of period
$
94,684

 
 
$
103,522


See the accompanying notes which are an integral part of these condensed consolidated financial statements.

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