Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 173,862,000 $ 12,613,000 $ (53,147,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 88,138,000 55,628,000 43,542,000
Gain on extinguishment of debt 0 0 (6,975,000)
Property and equipment impairment expense 0 0 6,305,000
Goodwill impairment expense 0 0 1,177,000
Deferred income tax expense (benefit) 49,704,000 3,430,000 (27,972,000)
Amortization of deferred revenue rebate 615,000 1,846,000 1,846,000
Amortization of deferred debt issuance costs 403,000 3,403,000 2,091,000
Stock-based compensation 5,482,000 9,489,000 1,649,000
Loss on disposal of assets 59,220,000 39,086,000 22,529,000
Gain loss on interest rate swap 0 (251,000) (205,000)
Changes in operating assets and liabilities:      
Accounts receivable (3,300,000) (84,477,000) (24,888,000)
Other current assets 207,000 3,304,000 (563,000)
Inventories (168,000) (1,472,000) 3,859,000
Prepaid expenses (1,418,000) (468,000) (62,000)
Accounts payable 9,720,000 64,228,000 37,049,000
Accrued liabilities 9,853,000 2,930,000 4,392,000
Accrued interest 761,000 (32,000) 32,000
Net cash provided by operating activities 393,079,000 109,257,000 10,659,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (284,197,000) (285,891,000) (42,832,000)
Proceeds from sale of assets 3,593,000 4,422,000 1,144,000
Net cash used in investing activities (280,604,000) (281,469,000) (41,688,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from borrowings 77,378,000 60,045,000 0
Repayments of borrowings (80,946,000) (166,546,000) (41,295,000)
Proceeds from insurance financing 5,824,000 4,125,000 4,126,000
Repayments of insurance financing (4,495,000) (3,807,000) (4,527,000)
Extinguishment of debt 0 0 (30,000,000)
Payment of debt extinguishment costs 0 0 (525,000)
Payment of debt issuance costs (1,732,000) (1,653,000) (140,000)
Proceeds from exercise of equity awards 247,000 0 0
Proceeds from additional common equity capitalization 0 0 40,425,000
Proceeds from preferred equity capitalization 0 0 170,000,000
Payment of preferred equity capitalization costs 0 0 (7,489,000)
Proceeds from IPO 0 185,500,000 0
Payment of deferred IPO costs 0 (15,099,000) (260,000)
Net cash (used in) provided by financing activities (3,724,000) 62,565,000 130,315,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 108,751,000 (109,647,000) 99,286,000
CASH AND CASH EQUIVALENTS — Beginning of year 23,949,000 133,596,000 34,310,000
CASH AND CASH EQUIVALENTS — End of year $ 132,700,000 $ 23,949,000 $ 133,596,000