Quarterly report pursuant to Section 13 or 15(d)

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements

v3.10.0.1
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Note 13 - Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements
Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The Company’s 2015 Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions:
in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company;
in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company;
if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary;
if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or
upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture).
There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the Company complies with the exception to Rule 3-10(f) of Regulation S-X. All guarantor subsidiaries are owned 100 percent by the parent company.
We are providing unaudited consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017, respectively. The consolidating condensed financial statements present investments in both consolidated and unconsolidated subsidiaries using the equity method of accounting.PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited) 
 
September 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
30,825

 
$
7,939

 
$
42,964

 
$

 
$
81,728

Accounts and notes receivable, net

 
53,515

 
84,386

 

 
137,901

Rig materials and supplies

 
(1,792
)
 
35,971

 
319

 
34,498

Other current assets

 
8,733

 
18,940

 

 
27,673

Total current assets
30,825

 
68,395

 
182,261

 
319

 
281,800

Property, plant and equipment, net
(19
)
 
380,029

 
170,163

 
296

 
550,469

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
5,398

 

 

 
5,398

Deferred income taxes
21,272

 
(33,125
)
 
13,664

 

 
1,811

Other noncurrent assets
2,596,927

 
3,273,124

 
4,727,353

 
(10,574,409
)
 
22,995

Total assets
$
2,649,005

 
$
3,700,529

 
$
5,093,441

 
$
(10,573,794
)
 
$
869,181

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(103,158
)
 
$
219,483

 
$
604,393

 
$
(617,477
)
 
$
103,241

Accrued income taxes
84,361

 
(62,926
)
 
(17,223
)
 

 
4,212

Total current liabilities
(18,797
)
 
156,557

 
587,170

 
(617,477
)
 
107,453

Long-term debt, net
579,289

 

 

 

 
579,289

Other long-term liabilities
2,867

 
4,588

 
4,753

 

 
12,208

Long-term deferred tax liability

 

 
60

 

 
60

Intercompany payables
1,912,224

 
1,473,535

 
2,670,598

 
(6,056,357
)
 

Total liabilities
2,475,583

 
1,634,680

 
3,262,581

 
(6,673,834
)
 
699,010

Total stockholders’ equity
173,422

 
2,065,849

 
1,830,860

 
(3,899,960
)
 
170,171

Total liabilities and stockholders’ equity
$
2,649,005

 
$
3,700,529

 
$
5,093,441

 
$
(10,573,794
)
 
$
869,181


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
 
December 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
75,342

 
$
20,655

 
$
45,552

 
$

 
$
141,549

Accounts and notes receivable, net

 
32,338

 
90,173

 

 
122,511

Rig materials and supplies

 
(3,025
)
 
34,440

 

 
31,415

Other current assets

 
6,362

 
15,999

 

 
22,361

Total current assets
75,342

 
56,330

 
186,164

 

 
317,836

Property, plant and equipment, net
(19
)
 
428,556

 
197,234

 

 
625,771

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
7,128

 

 

 
7,128

Deferred income taxes
15,144

 
(26,623
)
 
12,763

 

 
1,284

Other noncurrent assets
2,678,674

 
3,235,834

 
4,479,914

 
(10,362,870
)
 
31,552

Total assets
$
2,769,141

 
$
3,707,933

 
$
4,876,075

 
$
(10,362,870
)
 
$
990,279

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(51,060
)
 
$
179,247

 
$
588,536

 
$
(617,477
)
 
$
99,246

Accrued income taxes
76,883

 
(56,870
)
 
(15,583
)
 

 
4,430

Total current liabilities
25,823

 
122,377

 
572,953

 
(617,477
)
 
103,676

Long-term debt, net
577,971

 

 

 

 
577,971

Other long-term liabilities
2,867

 
5,741

 
3,825

 

 
12,433

Long-term deferred tax liability
(1
)
 

 
79

 

 
78

Intercompany payables
1,865,810

 
1,465,744

 
2,430,340

 
(5,761,894
)
 

Total liabilities
2,472,470

 
1,593,862

 
3,007,197

 
(6,379,371
)
 
694,158

Total stockholders’ equity
296,671

 
2,114,071

 
1,868,878

 
(3,983,499
)
 
296,121

Total liabilities and stockholders’ equity
$
2,769,141

 
$
3,707,933

 
$
4,876,075

 
$
(10,362,870
)
 
$
990,279

PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
 Three months ended September 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
63,178

 
$
76,316

 
$
(16,099
)
 
$
123,395

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
31,039

 
79,003

 
(16,099
)
 
93,943

Depreciation and amortization

 
19,680

 
7,840

 

 
27,520

 

 
50,719

 
86,843

 
(16,099
)
 
121,463

Total operating gross margin (loss)

 
12,459

 
(10,527
)
 

 
1,932

General and administrative expense (1)
(96
)
 
(14,421
)
 
22

 

 
(14,495
)
Loss on impairment

 
(34,209
)
 
(9,781
)
 

 
(43,990
)
Gain (loss) on disposition of assets, net

 
54

 
(45
)
 

 
9

Total operating income (loss)
(96
)
 
(36,117
)
 
(20,331
)
 

 
(56,544
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(12,072
)
 
(44
)
 
(2,866
)
 
3,632

 
(11,350
)
Interest income
127

 
183

 
3,345

 
(3,632
)
 
23

Other

 
(2
)
 
(707
)
 

 
(709
)
Equity in net earnings of subsidiaries
(57,588
)
 

 

 
57,588

 

Total other income (expense)
(69,533
)
 
137

 
(228
)
 
57,588

 
(12,036
)
Income (loss) before income taxes
(69,629
)
 
(35,980
)
 
(20,559
)
 
57,588

 
(68,580
)
Income tax expense (benefit)
1,322

 
59

 
990

 

 
2,371

Net income (loss)
(70,951
)
 
(36,039
)
 
(21,549
)
 
57,588

 
(70,951
)
Less: Convertible preferred stock dividend
906

 

 

 

 
906

Net income (loss) available to common stockholders
$
(71,857
)
 
$
(36,039
)
 
$
(21,549
)
 
$
57,588

 
$
(71,857
)

(1)
General and administrative expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
 Three months ended September 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
46,820

 
$
89,027

 
$
(17,539
)
 
$
118,308

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
24,085

 
81,574

 
(17,539
)
 
88,120

Depreciation and amortization

 
20,025

 
10,042

 

 
30,067

 

 
44,110

 
91,616

 
(17,539
)
 
118,187

Total operating gross margin (loss)

 
2,710

 
(2,589
)
 

 
121

General and administrative expense (1)
(96
)
 
(6,823
)
 
(114
)
 

 
(7,033
)
Gain (loss) on disposition of assets, net

 

 
97

 

 
97

Total operating income (loss)
(96
)
 
(4,113
)
 
(2,606
)
 

 
(6,815
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(11,742
)
 
(90
)
 
(1,959
)
 
2,724

 
(11,067
)
Interest income
259

 
206

 
2,387

 
(2,724
)
 
128

Other

 
13

 
(651
)
 

 
(638
)
Equity in net earnings of subsidiaries
(8,172
)
 

 

 
8,172

 

Total other income (expense)
(19,655
)
 
129

 
(223
)
 
8,172

 
(11,577
)
Income (loss) before income taxes
(19,751
)
 
(3,984
)
 
(2,829
)
 
8,172

 
(18,392
)
Income tax expense (benefit)
560

 
12

 
1,347

 

 
1,919

Net income (loss)
(20,311
)
 
(3,996
)
 
(4,176
)
 
8,172

 
(20,311
)
Less: Convertible preferred stock dividend
906

 

 

 

 
906

Net income (loss) available to common stockholders
$
(21,217
)
 
$
(3,996
)
 
$
(4,176
)
 
$
8,172

 
$
(21,217
)

(1)
General and administrative expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
156,766

 
$
240,579

 
$
(45,672
)
 
$
351,673

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
83,231

 
239,552

 
(45,672
)
 
277,111

Depreciation and amortization

 
59,163

 
24,042

 

 
83,205

 

 
142,394

 
263,594

 
(45,672
)
 
360,316

Total operating gross margin (loss)

 
14,372

 
(23,015
)
 

 
(8,643
)
General and administrative expense (1)
(340
)
 
(28,408
)
 
(236
)
 

 
(28,984
)
Loss on impairment

 
(34,209
)
 
(9,781
)
 

 
(43,990
)
Gain (loss) on disposition of assets, net

 
2

 
(128
)
 

 
(126
)
Total operating income (loss)
(340
)
 
(48,243
)
 
(33,160
)
 

 
(81,743
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(36,214
)
 
129

 
(7,022
)
 
9,320

 
(33,787
)
Interest income
447

 
544

 
8,405

 
(9,320
)
 
76

Other

 
14

 
(1,623
)
 

 
(1,609
)
Equity in net earnings of subsidiaries
(85,039
)
 

 

 
85,039

 

Total other income (expense)
(120,806
)
 
687

 
(240
)
 
85,039

 
(35,320
)
Income (loss) before income taxes
(121,146
)
 
(47,556
)
 
(33,400
)
 
85,039

 
(117,063
)
Income tax expense (benefit)
1,478

 
665

 
3,418

 

 
5,561

Net income (loss)
(122,624
)
 
(48,221
)
 
(36,818
)
 
85,039

 
(122,624
)
Less: Convertible preferred stock dividend
2,719

 

 

 

 
2,719

Net income (loss) available to common stockholders
$
(125,343
)
 
$
(48,221
)
 
$
(36,818
)
 
$
85,039

 
$
(125,343
)

(1)
General and administrative expenses for field operations are included in operating expenses.

























PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
116,203

 
$
262,293

 
$
(52,310
)
 
$
326,186

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
70,362

 
245,523

 
(52,310
)
 
263,575

Depreciation and amortization

 
61,483

 
31,768

 

 
93,251

 

 
131,845

 
277,291

 
(52,310
)
 
356,826

Total operating gross margin (loss)

 
(15,642
)
 
(14,998
)
 

 
(30,640
)
General and administrative expense (1)
(244
)
 
(19,996
)
 
(336
)
 

 
(20,576
)
Gain (loss) on disposition of assets, net

 
(242
)
 
(126
)
 

 
(368
)
Total operating income (loss)
(244
)
 
(35,880
)
 
(15,460
)
 

 
(51,584
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(35,221
)
 
(175
)
 
(5,971
)
 
8,335

 
(33,032
)
Interest income
592

 
563

 
7,340

 
(8,335
)
 
160

Other

 
59

 
393

 

 
452

Equity in net earnings of subsidiaries
(45,774
)
 

 

 
45,774

 

Total other income (expense)
(80,403
)
 
447

 
1,762

 
45,774

 
(32,420
)
Income (loss) before income taxes
(80,647
)
 
(35,433
)
 
(13,698
)
 
45,774

 
(84,004
)
Income tax expense (benefit)
9,361

 
(7,150
)
 
3,793

 

 
6,004

Net income (loss)
(90,008
)
 
(28,283
)
 
(17,491
)
 
45,774

 
(90,008
)
Less: Convertible preferred stock dividend
2,145

 

 

 

 
2,145

Net income (loss) available to common stockholders
$
(92,153
)
 
$
(28,283
)
 
$
(17,491
)
 
$
45,774

 
$
(92,153
)
    
(1)
General and administrative expenses for field operations are included in operating expenses.PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
 Three months ended September 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(70,951
)
 
$
(36,039
)
 
$
(21,549
)
 
$
57,588

 
$
(70,951
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
(315
)
 

 
(315
)
Currency translation difference on foreign currency net investments

 

 
162

 

 
162

Total other comprehensive income (loss), net of tax:

 

 
(153
)
 

 
(153
)
Comprehensive income (loss)
$
(70,951
)
 
$
(36,039
)
 
$
(21,702
)
 
$
57,588

 
$
(71,104
)


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
 Three months ended September 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(20,311
)
 
$
(3,996
)
 
$
(4,176
)
 
$
8,172

 
$
(20,311
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
170

 

 
170

Currency translation difference on foreign currency net investments

 

 
1,217

 

 
1,217

Total other comprehensive income (loss), net of tax:

 

 
1,387

 

 
1,387

Comprehensive income (loss)
$
(20,311
)
 
$
(3,996
)
 
$
(2,789
)
 
$
8,172

 
$
(18,924
)



















PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(122,624
)
 
$
(48,221
)
 
$
(36,818
)
 
$
85,039

 
$
(122,624
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
(484
)
 

 
(484
)
Currency translation difference on foreign currency net investments

 

 
(2,216
)
 

 
(2,216
)
Total other comprehensive income (loss), net of tax:

 

 
(2,700
)
 

 
(2,700
)
Comprehensive income (loss)
$
(122,624
)
 
$
(48,221
)
 
$
(39,518
)
 
$
85,039

 
$
(125,324
)


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(90,008
)
 
$
(28,283
)
 
$
(17,491
)
 
$
45,774

 
$
(90,008
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
438

 

 
438

Currency translation difference on foreign currency net investments

 

 
2,666

 

 
2,666

Total other comprehensive income (loss), net of tax:

 

 
3,104

 

 
3,104

Comprehensive income (loss)
$
(90,008
)
 
$
(28,283
)
 
$
(14,387
)
 
$
45,774

 
$
(86,904
)
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(122,624
)
 
$
(48,221
)
 
$
(36,818
)
 
$
85,039

 
$
(122,624
)
Adjustments to reconcile net income (loss):
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
59,163

 
24,042

 

 
83,205

(Gain) loss on disposition of assets, net

 
(2
)
 
128

 

 
126

Deferred tax expense (benefit)
(6,129
)
 
6,503

 
(920
)
 

 
(546
)
Loss on impairment

 
34,209

 
9,781

 

 
43,990

Expenses not requiring cash
3,660

 
536

 
(8,872
)
 
9,167

 
4,491

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(21,161
)
 
5,515

 

 
(15,646
)
Other assets
83,191

 
(37,686
)
 
(249,047
)
 
211,220

 
7,678

Accounts payable and accrued liabilities
(4,777
)
 
45,820

 
260,517

 
(305,426
)
 
(3,866
)
Accrued income taxes
7,478

 
(6,056
)
 
(1,746
)
 

 
(324
)
Net cash provided by (used in) operating activities
(39,201
)
 
33,105

 
2,580

 

 
(3,516
)
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(45,888
)
 
(6,132
)
 

 
(52,020
)
Proceeds from the sale of assets

 
67

 
964

 

 
1,031

Net cash provided by (used in) investing activities

 
(45,821
)
 
(5,168
)
 

 
(50,989
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Convertible preferred stock dividend
(3,625
)
 

 

 

 
(3,625
)
Payments of debt issuance costs
(1,443
)
 

 

 

 
(1,443
)
Shares surrendered in lieu of tax
(248
)
 

 

 

 
(248
)
Net cash provided by (used in) financing activities
(5,316
)
 

 

 

 
(5,316
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(44,517
)
 
(12,716
)
 
(2,588
)
 

 
(59,821
)
Cash and cash equivalents at beginning of period
75,342

 
20,655

 
45,552

 

 
141,549

Cash and cash equivalents at end of period
$
30,825

 
$
7,939

 
$
42,964

 
$

 
$
81,728


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(90,008
)
 
$
(28,283
)
 
$
(17,491
)
 
$
45,774

 
$
(90,008
)
Adjustments to reconcile net income (loss)
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
61,483

 
31,768

 

 
93,251

(Gain) loss on disposition of assets, net

 
242

 
126

 

 
368

Deferred tax expense (benefit)
(14,138
)
 
12,217

 
1,327

 

 
(594
)
Expenses not requiring cash
4,479

 
(45
)
 
1,465

 

 
5,899

Equity in net earnings of subsidiaries
45,774

 

 

 
(45,774
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(18,515
)
 
3,607

 

 
(14,908
)
Other assets
(34,318
)
 
26,426

 
7,567

 

 
(325
)
Accounts payable and accrued liabilities
(57,275
)
 
42,116

 
(3,361
)
 

 
(18,520
)
Accrued income taxes
76,281

 
(57,261
)
 
(18,589
)
 

 
431

Net cash provided by (used in) operating activities
(69,205
)
 
38,380

 
6,419

 

 
(24,406
)
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(35,301
)
 
(9,535
)
 

 
(44,836
)
Proceeds from the sale of assets

 
26

 
296

 

 
322

Net cash provided by (used in) investing activities

 
(35,275
)
 
(9,239
)
 

 
(44,514
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Convertible preferred stock dividend
(1,239
)
 

 

 

 
(1,239
)
Shares surrendered in lieu of tax
(829
)
 

 

 

 
(829
)
Proceeds from the issuance of common stock
25,200

 

 

 

 
25,200

Proceeds from the issuance of convertible preferred stock
50,000

 

 

 

 
50,000

Payment of equity issuance costs
(2,864
)
 

 

 

 
(2,864
)
Net cash provided by (used in) financing activities
70,268

 

 

 

 
70,268

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
1,063

 
3,105

 
(2,820
)
 

 
1,348

Cash and cash equivalents at beginning of period
65,000

 
14,365

 
40,326

 

 
119,691

Cash and cash equivalents at end of period
$
66,063

 
$
17,470

 
$
37,506

 
$

 
$
121,039