Consolidated Statement of Cash Flows - USD ($)
$ in Thousands |
1 Months Ended |
11 Months Ended |
12 Months Ended |
Feb. 09, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net income (loss) |
|
$ (147,417)
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
| Depreciation expense |
|
67,920
|
|
|
| Amortization of debt financing costs |
|
427
|
|
|
| Amortization of debt discount |
|
43,208
|
|
|
| PIK interest on the Convertible Notes |
|
6,712
|
|
|
| Share-based compensation expense |
|
402
|
|
|
| Deferred income tax benefit |
|
(3,368)
|
|
|
| Loss on disposal of assets |
|
652
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Restricted cash |
|
1,000
|
|
|
| Trade receivables |
|
53,447
|
|
|
| Inventory |
|
(964)
|
|
|
| Prepaid expenses and other current assets |
|
2,790
|
|
|
| Other assets |
|
(3,409)
|
|
|
| Accounts payable |
|
736
|
|
|
| Accrued liabilities and other long-term liabilities |
|
(26,010)
|
|
|
| Net cash provided by (used in) operating activities |
|
(3,874)
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Additions to property and equipment |
|
(11,964)
|
|
|
| Net cash provided by (used in) investing activities |
|
(11,964)
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Repayment of long-term debt |
|
(1,430)
|
|
|
| Debt issuance costs |
|
(51)
|
|
|
| Net cash provided by (used in) financing activities |
|
(1,481)
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
(17,319)
|
|
|
| Cash and cash equivalents—beginning of period |
|
249,046
|
|
|
| Cash and cash equivalents—end of period |
$ 249,046
|
231,727
|
|
|
| Cash paid for: |
|
|
|
|
| Interest |
|
16,704
|
|
|
| Income taxes |
|
14,795
|
|
|
| Non-cash investing and financing transactions: |
|
|
|
|
| Payment of interest in kind on the Convertible Notes |
|
6,691
|
|
|
| Predecessor |
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net income (loss) |
(472,011)
|
|
$ 22,254
|
$ 93,113
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
| Depreciation expense |
10,696
|
|
127,359
|
126,610
|
| Amortization of debt financing costs |
|
|
7,800
|
10,022
|
| Amortization of debt discount |
|
|
2,242
|
2,997
|
| Reorganization items |
430,210
|
|
37,129
|
|
| Non-cash gain on debt extinguishment |
|
|
(10,814)
|
(4,409)
|
| Accelerated deferred mobilization income |
|
|
(21,508)
|
|
| Deferred income tax benefit |
|
|
2,122
|
(305)
|
| Loss on disposal of assets |
|
|
1,108
|
3,008
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Restricted cash |
(1,000)
|
|
|
2,125
|
| Trade receivables |
(3,575)
|
|
80,903
|
12,399
|
| Inventory |
223
|
|
1,397
|
(10,088)
|
| Prepaid expenses and other current assets |
6,893
|
|
5,991
|
(4,660)
|
| Other assets |
941
|
|
8,549
|
5,275
|
| Accounts payable |
(14,890)
|
|
(154,922)
|
(40,580)
|
| Accrued liabilities and other long-term liabilities |
21,148
|
|
(17,023)
|
44,217
|
| Net cash provided by (used in) operating activities |
(21,365)
|
|
92,587
|
239,724
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Additions to property and equipment |
116
|
|
(46,490)
|
(35,693)
|
| Net cash provided by (used in) investing activities |
116
|
|
(46,490)
|
(35,693)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Repayment of long-term debt |
(7,000)
|
|
(67,980)
|
(167,561)
|
| Proceeds from issuance of 10% Second Lien Notes |
75,000
|
|
|
|
| Proceeds from borrowings under credit agreements |
|
|
150,000
|
(10,000)
|
| Distributions to VDC |
|
|
(498)
|
(995)
|
| Debt issuance costs |
(1,125)
|
|
|
|
| Net cash provided by (used in) financing activities |
66,875
|
|
81,522
|
(178,556)
|
| Net increase (decrease) in cash and cash equivalents |
45,626
|
|
127,619
|
25,475
|
| Cash and cash equivalents—beginning of period |
203,420
|
$ 249,046
|
75,801
|
50,326
|
| Cash and cash equivalents—end of period |
249,046
|
|
203,420
|
75,801
|
| Cash paid for: |
|
|
|
|
| Interest |
1,568
|
|
124,295
|
184,521
|
| Income taxes |
(1,864)
|
|
50,840
|
27,734
|
| Non-cash investing and financing transactions: |
|
|
|
|
| Additional notes issued for backstop premium |
$ 1,125
|
|
|
|
| Note issued in acquisition of management entities |
|
|
61,477
|
|
| Contributions from VDC |
|
|
$ 10,326
|
|
| Trade-in value on equipment upgrades |
|
|
|
$ 922
|