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SEC Filings

10-Q
KEY ENERGY SERVICES INC filed this Form 10-Q on 11/09/2017
Entire Document
 

Key Energy Services, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Successor
 
 
Predecessor
 
Nine Months Ended September 30, 2017
 
 
Nine Months Ended September 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
Net loss
$
(98,262
)
 
 
$
(305,168
)
Adjustments to reconcile net loss to net cash used in operating activities:

 
 

Depreciation and amortization expense
63,325

 
 
105,075

Impairment expense
187

 
 
40,000

Bad debt expense
631

 
 
1,674

Accretion of asset retirement obligations
146

 
 
431

Loss from equity method investments
560

 
 
105

Amortization and write-off of deferred financing costs and premium
358

 
 
3,901

Deferred income tax benefit
(27
)
 
 
(501
)
Loss (gain) on disposal of assets, net
(26,987
)
 
 
5,011

Share-based compensation
11,581

 
 
3,652

Excess tax expense from share-based compensation

 
 
3,164

Changes in working capital:

 
 

Accounts receivable
1,084

 
 
50,240

Other current assets
10,920

 
 
3,589

Accounts payable, accrued interest and accrued expenses
(19,943
)
 
 
(3,983
)
Share-based compensation liability awards

 
 
(227
)
Other assets and liabilities
7,794

 
 
(11,772
)
Net cash used in operating activities
(48,633
)
 
 
(104,809
)
CASH FLOWS FROM INVESTING ACTIVITIES:

 
 

Capital expenditures
(9,610
)
 
 
(7,420
)
Proceeds from sale of assets
31,844

 
 
13,376

Net cash provided by investing activities
22,234

 
 
5,956

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
Repayments of long-term debt
(1,875
)
 
 
(24,548
)
Restricted cash
16,007

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

Repurchases of common stock
(85
)
 
 
(165
)
Excess tax expense from share-based compensation

 
 
(3,164
)
Net cash provided by (used in) financing activities
13,697

 
 
(46,482
)
Effect of changes in exchange rates on cash
(146
)
 
 
(1,908
)
Net decrease in cash and cash equivalents
(12,848
)
 
 
(147,243
)
Cash and cash equivalents, beginning of period
90,505

 
 
204,354

Cash and cash equivalents, end of period
$
77,657

 
 
$
57,111


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

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