Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
Accounts and notes receivable, net |
— |
|
|
15,749 |
|
|
97,482 |
|
|
— |
|
|
113,231 |
|
Rig materials and supplies |
— |
|
|
(5,369 |
) |
|
37,723 |
|
|
— |
|
|
32,354 |
|
Other current assets |
(50,296 |
) |
|
41,304 |
|
|
30,034 |
|
|
— |
|
|
21,042 |
|
Total current assets |
14,704 |
|
|
66,049 |
|
|
205,565 |
|
|
— |
|
|
286,318 |
|
Property, plant and equipment, net |
(19 |
) |
|
469,927 |
|
|
223,531 |
|
|
— |
|
|
693,439 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
9,434 |
|
|
494 |
|
|
— |
|
|
9,928 |
|
Investment in subsidiaries and intercompany advances |
2,979,413 |
|
|
2,932,375 |
|
|
3,676,402 |
|
|
(9,588,190 |
) |
|
— |
|
Other noncurrent assets |
(253,679 |
) |
|
301,771 |
|
|
539,877 |
|
|
(480,811 |
) |
|
107,158 |
|
Total assets |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(10,080 |
) |
|
$ |
149,210 |
|
|
$ |
577,188 |
|
|
$ |
(617,477 |
) |
|
$ |
98,841 |
|
Accrued income taxes |
— |
|
|
1,576 |
|
|
2,504 |
|
|
— |
|
|
4,080 |
|
Total current liabilities |
(10,080 |
) |
|
150,786 |
|
|
579,692 |
|
|
(617,477 |
) |
|
102,921 |
|
Long-term debt, net |
576,326 |
|
|
— |
|
|
— |
|
|
— |
|
|
576,326 |
|
Other long-term liabilities |
2,867 |
|
|
9,338 |
|
|
3,631 |
|
|
— |
|
|
15,836 |
|
Deferred tax liability |
(28 |
) |
|
73,039 |
|
|
(3,678 |
) |
|
— |
|
|
69,333 |
|
Intercompany payables |
1,828,317 |
|
|
1,437,417 |
|
|
2,161,864 |
|
|
(5,427,598 |
) |
|
— |
|
Total liabilities |
2,397,402 |
|
|
1,670,580 |
|
|
2,741,509 |
|
|
(6,045,075 |
) |
|
764,416 |
|
Total equity |
343,017 |
|
|
2,115,684 |
|
|
1,904,360 |
|
|
(4,023,926 |
) |
|
339,135 |
|
Total liabilities and stockholders’ equity |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
96,539 |
|
|
$ |
13,035 |
|
|
$ |
40,114 |
|
|
$ |
— |
|
|
$ |
149,688 |
|
Accounts and notes receivable, net |
— |
|
|
19,442 |
|
|
98,672 |
|
|
— |
|
|
118,114 |
|
Rig materials and supplies |
— |
|
|
(4,957 |
) |
|
40,010 |
|
|
— |
|
|
35,053 |
|
Other current assets |
(68,300 |
) |
|
59,147 |
|
|
32,245 |
|
|
— |
|
|
23,092 |
|
Total current assets |
28,239 |
|
|
86,667 |
|
|
211,041 |
|
|
— |
|
|
325,947 |
|
Property, plant and equipment, net |
(19 |
) |
|
458,497 |
|
|
218,403 |
|
|
— |
|
|
676,881 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
8,857 |
|
|
343 |
|
|
— |
|
|
9,200 |
|
Investment in subsidiaries and intercompany advances |
2,963,194 |
|
|
2,943,361 |
|
|
3,728,142 |
|
|
(9,634,697 |
) |
|
— |
|
Other noncurrent assets |
(248,095 |
) |
|
299,529 |
|
|
540,245 |
|
|
(480,860 |
) |
|
110,819 |
|
Total assets |
$ |
2,743,319 |
|
|
$ |
3,803,619 |
|
|
$ |
4,698,174 |
|
|
$ |
(10,115,557 |
) |
|
$ |
1,129,555 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(44,947 |
) |
|
$ |
167,258 |
|
|
$ |
583,421 |
|
|
$ |
(617,533 |
) |
|
$ |
88,199 |
|
Accrued income taxes |
(5,783 |
) |
|
8,631 |
|
|
2,662 |
|
|
— |
|
|
5,510 |
|
Total current liabilities |
(50,730 |
) |
|
175,889 |
|
|
586,083 |
|
|
(617,533 |
) |
|
93,709 |
|
Long-term debt, net |
576,728 |
|
|
— |
|
|
— |
|
|
— |
|
|
576,728 |
|
Other long-term liabilities |
2,867 |
|
|
6,145 |
|
|
3,816 |
|
|
— |
|
|
12,828 |
|
Deferred tax liability |
(8 |
) |
|
75,920 |
|
|
(3,063 |
) |
|
— |
|
|
72,849 |
|
Intercompany payables |
1,837,985 |
|
|
1,445,569 |
|
|
2,211,999 |
|
|
(5,495,553 |
) |
|
— |
|
Total liabilities |
2,366,842 |
|
|
1,703,523 |
|
|
2,798,835 |
|
|
(6,113,086 |
) |
|
756,114 |
|
Total equity |
376,477 |
|
|
2,100,096 |
|
|
1,899,339 |
|
|
(4,002,471 |
) |
|
373,441 |
|
Total liabilities and stockholders’ equity |
$ |
2,743,319 |
|
|
$ |
3,803,619 |
|
|
$ |
4,698,174 |
|
|
$ |
(10,115,557 |
) |
|
$ |
1,129,555 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
27,893 |
|
|
$ |
88,237 |
|
|
$ |
(17,859 |
) |
|
$ |
98,271 |
|
Operating expenses |
— |
|
|
20,950 |
|
|
82,723 |
|
|
(17,859 |
) |
|
85,814 |
|
Depreciation and amortization |
— |
|
|
21,188 |
|
|
11,014 |
|
|
— |
|
|
32,202 |
|
Total operating gross margin (loss) |
— |
|
|
(14,245 |
) |
|
(5,500 |
) |
|
— |
|
|
(19,745 |
) |
General and administration expense (1)
|
(78 |
) |
|
(6,870 |
) |
|
(92 |
) |
|
— |
|
|
(7,040 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(216 |
) |
|
(136 |
) |
|
— |
|
|
(352 |
) |
Total operating income (loss) |
(78 |
) |
|
(21,331 |
) |
|
(5,728 |
) |
|
— |
|
|
(27,137 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,669 |
) |
|
(45 |
) |
|
(1,942 |
) |
|
2,786 |
|
|
(10,870 |
) |
Interest income |
149 |
|
|
179 |
|
|
2,468 |
|
|
(2,786 |
) |
|
10 |
|
Other |
— |
|
|
32 |
|
|
498 |
|
|
— |
|
|
530 |
|
Equity in net earnings of subsidiaries |
(21,780 |
) |
|
— |
|
|
— |
|
|
21,780 |
|
|
— |
|
Total other income (expense) |
(33,300 |
) |
|
166 |
|
|
1,024 |
|
|
21,780 |
|
|
(10,330 |
) |
Income (loss) before income taxes |
(33,378 |
) |
|
(21,165 |
) |
|
(4,704 |
) |
|
21,780 |
|
|
(37,467 |
) |
Total income tax expense (benefit) |
6,430 |
|
|
(5,577 |
) |
|
1,489 |
|
|
— |
|
|
2,342 |
|
Net income (loss) |
$ |
(39,808 |
) |
|
$ |
(15,588 |
) |
|
$ |
(6,193 |
) |
|
$ |
21,780 |
|
|
$ |
(39,809 |
) |
Mandatory convertible preferred stock dividend |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net income (loss) available to common stockholders |
$ |
(39,808 |
) |
|
$ |
(15,588 |
) |
|
$ |
(6,193 |
) |
|
$ |
21,780 |
|
|
$ |
(39,809 |
) |
(1) General and administration expenses for field operations are included in operating expenses.
|
| Consolidating Condensed Statements of Comprehensive Income (Loss) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(39,808 |
) |
|
$ |
(15,588 |
) |
|
$ |
(6,193 |
) |
|
$ |
21,780 |
|
|
$ |
(39,809 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
83 |
|
|
— |
|
|
83 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
763 |
|
|
— |
|
|
763 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
846 |
|
|
— |
|
|
846 |
|
Comprehensive income (loss) |
$ |
(39,808 |
) |
|
$ |
(15,588 |
) |
|
$ |
(5,347 |
) |
|
$ |
21,780 |
|
|
$ |
(38,963 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(1,912 |
) |
|
$ |
16,225 |
|
|
$ |
(95,835 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
502 |
|
|
— |
|
|
502 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(1,538 |
) |
|
— |
|
|
(1,538 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(1,036 |
) |
|
— |
|
|
(1,036 |
) |
Comprehensive income (loss) |
(95,835 |
) |
|
(14,313 |
) |
|
(2,948 |
) |
|
16,225 |
|
|
(96,871 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(39,808 |
) |
|
$ |
(15,588 |
) |
|
$ |
(6,193 |
) |
|
$ |
21,780 |
|
|
$ |
(39,809 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
21,188 |
|
|
11,014 |
|
|
— |
|
|
32,202 |
|
(Gain) loss on disposition of assets |
— |
|
|
216 |
|
|
136 |
|
|
— |
|
|
352 |
|
Deferred income tax expense (benefit) |
(5,641 |
) |
|
5,165 |
|
|
(166 |
) |
|
— |
|
|
(642 |
) |
Excess tax benefit from stock-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Expenses not requiring cash |
1,781 |
|
|
91 |
|
|
278 |
|
|
— |
|
|
2,150 |
|
Equity in net earnings of subsidiaries |
21,780 |
|
|
— |
|
|
— |
|
|
(21,780 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(3,668 |
) |
|
(1,206 |
) |
|
— |
|
|
(4,874 |
) |
Other assets |
17,984 |
|
|
(18,296 |
) |
|
(2,380 |
) |
|
— |
|
|
(2,692 |
) |
Accounts payable and accrued liabilities |
(34,867 |
) |
|
15,591 |
|
|
3,339 |
|
|
— |
|
|
(15,937 |
) |
Accrued income taxes |
(5,783 |
) |
|
7,055 |
|
|
393 |
|
|
— |
|
|
1,665 |
|
Net cash provided by (used in) operating activities |
(44,554 |
) |
|
11,754 |
|
|
5,215 |
|
|
— |
|
|
(27,585 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(10,994 |
) |
|
(3,457 |
) |
|
— |
|
|
(14,451 |
) |
Proceeds from the sale of assets |
— |
|
|
— |
|
|
46 |
|
|
— |
|
|
46 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(10,994 |
) |
|
(3,411 |
) |
|
— |
|
|
(14,405 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,861 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,861 |
) |
Shares surrendered in lieu of tax |
(352 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(352 |
) |
Intercompany advances, net |
4,106 |
|
|
(2,090 |
) |
|
(2,016 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
76,093 |
|
|
(2,090 |
) |
|
(2,016 |
) |
|
— |
|
|
71,987 |
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
31,539 |
|
|
(1,330 |
) |
|
(212 |
) |
|
— |
|
|
29,997 |
|
Cash and cash equivalents at beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents at end of year |
$ |
96,539 |
|
|
$ |
13,035 |
|
|
$ |
40,114 |
|
|
$ |
— |
|
|
$ |
149,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(39,808 |
) |
|
$ |
(15,588 |
) |
|
$ |
(6,193 |
) |
|
$ |
21,780 |
|
|
$ |
(39,809 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
21,188 |
|
|
11,014 |
|
|
— |
|
|
32,202 |
|
(Gain) loss on disposition of assets |
— |
|
|
216 |
|
|
136 |
|
|
— |
|
|
352 |
|
Deferred income tax expense (benefit) |
(5,641 |
) |
|
5,165 |
|
|
(166 |
) |
|
— |
|
|
(642 |
) |
Excess tax benefit from stock-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Expenses not requiring cash |
1,781 |
|
|
91 |
|
|
278 |
|
|
— |
|
|
2,150 |
|
Equity in net earnings of subsidiaries |
21,780 |
|
|
— |
|
|
— |
|
|
(21,780 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(3,668 |
) |
|
(1,206 |
) |
|
— |
|
|
(4,874 |
) |
Other assets |
17,984 |
|
|
(18,296 |
) |
|
(2,380 |
) |
|
— |
|
|
(2,692 |
) |
Accounts payable and accrued liabilities |
(34,867 |
) |
|
15,591 |
|
|
3,339 |
|
|
— |
|
|
(15,937 |
) |
Accrued income taxes |
(5,783 |
) |
|
7,055 |
|
|
393 |
|
|
— |
|
|
1,665 |
|
Net cash provided by (used in) operating activities |
(44,554 |
) |
|
11,754 |
|
|
5,215 |
|
|
— |
|
|
(27,585 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(10,994 |
) |
|
(3,457 |
) |
|
— |
|
|
(14,451 |
) |
Proceeds from the sale of assets |
— |
|
|
— |
|
|
46 |
|
|
— |
|
|
46 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(10,994 |
) |
|
(3,411 |
) |
|
— |
|
|
(14,405 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,861 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,861 |
) |
Shares surrendered in lieu of tax |
(352 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(352 |
) |
Intercompany advances, net |
4,106 |
|
|
(2,090 |
) |
|
(2,016 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
76,093 |
|
|
(2,090 |
) |
|
(2,016 |
) |
|
— |
|
|
71,987 |
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
31,539 |
|
|
(1,330 |
) |
|
(212 |
) |
|
— |
|
|
29,997 |
|
Cash and cash equivalents at beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents at end of year |
$ |
96,539 |
|
|
$ |
13,035 |
|
|
$ |
40,114 |
|
|
$ |
— |
|
|
$ |
149,688 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,835 |
) |
|
$ |
(14,313 |
) |
|
$ |
(1,912 |
) |
|
$ |
16,225 |
|
|
$ |
(95,835 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
23,125 |
|
|
12,689 |
|
|
— |
|
|
35,814 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
(Gain) loss on disposition of assets |
— |
|
|
56 |
|
|
4 |
|
|
— |
|
|
60 |
|
Deferred income tax expense (benefit) |
57,677 |
|
|
5,185 |
|
|
549 |
|
|
— |
|
|
63,411 |
|
Excess tax benefit from stock-based compensation |
(753 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(753 |
) |
Expenses not requiring cash |
2,057 |
|
|
33 |
|
|
(2,199 |
) |
|
— |
|
|
(109 |
) |
Equity in net earnings of subsidiaries |
16,225 |
|
|
— |
|
|
— |
|
|
(16,225 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(6,637 |
) |
|
6,256 |
|
|
— |
|
|
(381 |
) |
Other assets |
(37,191 |
) |
|
33,904 |
|
|
2,983 |
|
|
— |
|
|
(304 |
) |
Accounts payable and accrued liabilities |
(9,521 |
) |
|
(799 |
) |
|
(4,117 |
) |
|
— |
|
|
(14,437 |
) |
Accrued income taxes |
10,680 |
|
|
(8,905 |
) |
|
(5,375 |
) |
|
— |
|
|
(3,600 |
) |
Net cash provided by (used in) operating activities |
(56,661 |
) |
|
32,068 |
|
|
8,878 |
|
|
— |
|
|
(15,715 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(3,521 |
) |
|
(4,368 |
) |
|
— |
|
|
(7,889 |
) |
Proceeds from the sale of assets |
— |
|
|
28 |
|
|
26 |
|
|
— |
|
|
54 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(3,493 |
) |
|
(4,342 |
) |
|
— |
|
|
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment of contingent consideration |
— |
|
|
(2,000 |
) |
|
— |
|
|
— |
|
|
(2,000 |
) |
Shares surrendered in lieu of tax |
(317 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(317 |
) |
Intercompany advances, net |
28,815 |
|
|
(27,187 |
) |
|
(1,628 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
28,498 |
|
|
(29,187 |
) |
|
(1,628 |
) |
|
— |
|
|
(2,317 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(28,163 |
) |
|
(612 |
) |
|
2,908 |
|
|
— |
|
|
(25,867 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
45,822 |
|
|
$ |
13,242 |
|
|
$ |
49,363 |
|
|
$ |
— |
|
|
$ |
108,427 |
|
|