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SEC Filings

10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 

Key Energy Services, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
 
Year Ended December 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
Net loss
$
(120,589
)
 
$
(10,244
)
 
 
$
(131,736
)
 
$
(917,701
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 
 
 
 
 
 
 
Depreciation and amortization expense
84,542

 
3,574

 
 
131,296

 
180,271

Impairment expense
187

 

 
 
44,646

 
722,096

Bad debt expense
1,420

 
168

 
 
2,532

 
21,172

Accretion of asset retirement obligations
221

 
34

 
 
570

 
630

(Income) loss from equity method investments
560

 

 
 
466

 
(39
)
Amortization and write-off of deferred financing costs and premium on debt
476

 
17

 
 
4,414

 
4,645

Deferred income tax expense (benefit)
(35
)
 

 
 
787

 
(189,327
)
(Gain) loss on disposal of assets, net
(27,583
)
 
(12
)
 
 
4,707

 
51,531

Share-based compensation
7,591

 

 
 
5,740

 
10,173

Excess tax expense from share-based compensation

 

 
 

 
3,423

Reorganization items, non-cash

 

 
 
(261,806
)
 

Changes in working capital:
 
 
 
 
 
 
 
 
Accounts receivable
669

 
855

 
 
41,574

 
151,489

Other current assets
7,764

 
607

 
 
52,010

 
12,050

Accounts payable and accrued liabilities
(13,017
)
 
3,729

 
 
(135,557
)
 
(91,978
)
Share-based compensation liability awards

 

 
 
(227
)
 

Other assets and liabilities
6,427

 
855

 
 
102,135

 
19,179

Net cash used in operating activities
(51,367
)
 
(417
)
 
 
(138,449
)
 
(22,386
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
Capital expenditures
(16,079
)
 
(375
)
 
 
(8,481
)
 
(40,808
)
Proceeds from sale of assets
32,992

 
124

 
 
15,025

 
20,810

Proceeds from notes receivable

 

 
 

 
595

Net cash provided by (used in) investing activities
16,913

 
(251
)
 
 
6,544

 
(19,403
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
Repayments of long-term debt
(2,500
)
 

 
 
(313,424
)
 
(1,575
)
Proceeds from long-term debt

 

 
 
250,000

 
305,550

Proceeds from stock rights offering

 

 
 
109,082

 

Restricted cash
20,707

 
(15
)
 
 
(24,692
)
 

Proceeds from borrowings on revolving credit facility

 

 
 

 
130,000

Repayments on revolving credit facility

 

 
 

 
(200,000
)
Payment of deferred financing costs
(350
)
 

 
 
(2,040
)
 
(11,461
)
Repurchases of common stock
(697
)
 

 
 
(167
)
 
(362
)
Excess tax expense from share-based compensation

 

 
 

 
(3,423
)
Net cash provided by (used in) financing activities
17,160

 
(15
)
 
 
18,759

 
218,729

Effect of changes in exchange rates on cash
(146
)
 

 
 
(20
)
 
110

Net increase (decrease) in cash and cash equivalents
(17,440
)
 
(683
)
 
 
(113,166
)
 
177,050

Cash and cash equivalents, beginning of period
90,505

 
91,188

 
 
204,354

 
27,304

Cash and cash equivalents, end of period
$
73,065

 
$
90,505

 
 
$
91,188

 
$
204,354

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

51