Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (11,012,000) $ (33,953,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 93,734,000 100,253,000
Impairment expense 57,454,000 0
Deferred income tax expense (benefit) (1,926,000) (11,639,000)
Amortization of deferred debt issuance costs 720,000 405,000
Stock-based compensation 18,128,000 8,405,000
Provision for credit losses 0 282,000
Loss on disposal of assets 75,240,000 40,500,000
Unrealized loss on short-term investment 3,349,000 0
Non cash income from settlement with equipment manufacturer (2,668,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (82,374,000) (65,244,000)
Other current assets (29,647,000) 325,000
Inventories 6,000 (747,000)
Prepaid expenses 2,847,000 6,027,000
Accounts payable 7,117,000 64,237,000
Accrued and other current liabilities 43,983,000 408,000
Net cash provided by operating activities 174,951,000 109,259,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (247,164,000) (87,700,000)
Proceeds from sale of assets 7,207,000 2,151,000
Net cash used in investing activities (239,957,000) (85,549,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of insurance financing 0 (5,473,000)
Payment of debt issuance costs (824,000) 0
Proceeds from exercise of equity awards 963,000 3,365,000
Tax withholdings paid for net settlement of equity awards (3,843,000) (5,773,000)
Net cash used in financing activities (3,704,000) (7,881,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (68,710,000) 15,829,000
CASH AND CASH EQUIVALENTS - Beginning of period 111,918,000 68,772,000
CASH AND CASH EQUIVALENTS - End of period $ 43,208,000 $ 84,601,000