Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 2,030 $ (54,185) $ (107,020)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 128,108 133,377 153,290
Impairment expense 57,454 0 38,002
Deferred income tax expense (benefit) 4,213 (14,288) (27,701)
Amortization of deferred debt issuance costs 785 542 543
Stock‑based compensation 21,881 11,519 9,100
Provision for credit losses 202 282 448
Loss on disposal of assets 102,150 64,646 58,136
Unrealized loss on short-term investment 1,570 0 0
Non-cash income from settlement with equipment manufacturer (2,668) 0 0
Changes in operating assets and liabilities:      
Accounts receivable (66,900) (43,742) 127,491
Other current assets 354 310 1,978
Inventories 124 (1,220) (293)
Prepaid expenses 743 4,463 (232)
Accounts payable 27,428 51,764 (95,697)
Accrued and other current liabilities 22,602 1,246 (18,527)
Accrued interest 353 0 (394)
Net cash provided by operating activities 300,429 154,714 139,124
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (319,683) (143,523) (100,603)
Silvertip Acquisition, net of cash acquired (38,639) 0 0
Proceeds from sale of assets 8,577 39,231 6,386
Net cash used in investing activities (349,745) (104,292) (94,217)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from borrowings 30,000 0 0
Repayments of borrowings 0 0 (130,000)
Payment of finance lease obligation 0 0 (30)
Proceeds from insurance financing 0 0 6,821
Repayments of insurance financing 0 (5,473) (1,348)
Payment of debt issuance costs (824) 0 0
Proceeds from exercise of equity awards 963 4,017 0
Tax withholdings paid for net settlement of equity awards (3,879) (5,820) (614)
Net cash provided by (used in) financing activities 26,260 (7,276) (125,171)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (23,056) 43,146 (80,264)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year 111,918 68,772 149,036
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year 88,862 111,918 68,772
Cash and cash equivalents 78,862 111,918 68,772
Restricted cash 10,000 0 0
Total cash, cash equivalents and restricted cash — End of year $ 88,862 $ 111,918 $ 68,772