Quarterly report pursuant to Section 13 or 15(d)

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

v3.8.0.1
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements
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 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 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, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016, 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, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
66,063

 
$
17,470

 
$
37,506

 
$

 
$
121,039

Accounts and notes receivable, net

 
34,363

 
93,871

 

 
128,234

Rig materials and supplies

 
(4,591
)
 
38,903

 

 
34,312

Other current assets

 
8,109

 
18,296

 

 
26,405

Total current assets
66,063

 
55,351

 
188,576

 

 
309,990

Property, plant and equipment, net
(19
)
 
441,211

 
206,001

 

 
647,193

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
7,739

 

 

 
7,739

Investment in subsidiaries and intercompany advances
2,947,686

 
2,964,272

 
3,880,171

 
(9,792,129
)
 

Other noncurrent assets
(162,197
)
 
218,964

 
538,855

 
(480,822
)
 
114,800

Total assets
$
2,851,533

 
$
3,694,245

 
$
4,813,603

 
$
(10,272,951
)
 
$
1,086,430

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(66,449
)
 
$
192,563

 
$
578,392

 
$
(617,476
)
 
$
87,030

Accrued income taxes
73,845

 
(53,249
)
 
(16,238
)
 

 
4,358

Total current liabilities
7,396

 
139,314

 
562,154

 
(617,476
)
 
91,388

Long-term debt, net
577,550

 

 

 

 
577,550

Other long-term liabilities
2,867

 
6,249

 
3,805

 

 
12,921

Deferred tax liability
80,015

 

 

 

 
80,015

Intercompany payables
1,858,370

 
1,461,280

 
2,357,346

 
(5,676,996
)
 

Total liabilities
2,526,198

 
1,606,843

 
2,923,305

 
(6,294,472
)
 
761,874

Total equity
325,335

 
2,087,402

 
1,890,298

 
(3,978,479
)
 
324,556

Total liabilities and stockholders’ equity
$
2,851,533

 
$
3,694,245

 
$
4,813,603

 
$
(10,272,951
)
 
$
1,086,430



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 STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
Three Months Ended September 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Total revenues
$

 
$
46,820

 
$
89,027

 
$
(17,539
)
 
$
118,308

Operating expenses

 
24,085

 
81,574

 
(17,539
)
 
88,120

Depreciation and amortization

 
20,025

 
10,042

 

 
30,067

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
)
Total income tax expense (benefit)
560

 
12

 
1,347

 

 
1,919

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

 
$
(20,311
)
Less: Mandatory 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)
 
Three Months Ended September 30, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Total revenues
$

 
$
25,399

 
$
96,663

 
$
(24,873
)
 
$
97,189

Operating expenses

 
25,505

 
84,048

 
(24,873
)
 
84,680

Depreciation and amortization

 
22,300

 
12,174

 

 
34,474

Total operating gross margin (loss)

 
(22,406
)
 
441

 

 
(21,965
)
General and administrative expense (1)
(92
)
 
(2,759
)
 
(4,573
)
 

 
(7,424
)
Gain (loss) on disposition of assets, net

 
(12
)
 
(175
)
 

 
(187
)
Total operating income (loss)
(92
)
 
(25,177
)
 
(4,307
)
 

 
(29,576
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(11,700
)
 
(56
)
 
504

 
237

 
(11,015
)
Interest income
189

 
157

 
(100
)
 
(237
)
 
9

Other

 
15

 
(366
)
 

 
(351
)
Equity in net earnings of subsidiaries
(24,887
)
 

 

 
24,887

 

Total other income (expense)
(36,398
)
 
116

 
38

 
24,887

 
(11,357
)
Income (loss) before income taxes
(36,490
)
 
(25,061
)
 
(4,269
)
 
24,887

 
(40,933
)
Income tax expense (benefit)
9,738

 
(6,652
)
 
2,209

 

 
5,295

Net income (loss)
(46,228
)
 
(18,409
)
 
(6,478
)
 
24,887

 
(46,228
)

(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
Total revenues
$

 
$
116,203

 
$
262,293

 
$
(52,310
)
 
$
326,186

Operating expenses

 
70,362

 
245,523

 
(52,310
)
 
263,575

Depreciation and amortization

 
61,483

 
31,768

 

 
93,251

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
)
Total 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: Mandatory 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 OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Total revenues
$

 
$
107,368

 
$
292,034

 
$
(66,423
)
 
$
332,979

Operating expenses

 
83,917

 
264,498

 
(66,423
)
 
281,992

Depreciation and amortization

 
68,739

 
37,866

 

 
106,605

Total operating gross margin (loss)

 
(45,288
)
 
(10,330
)
 

 
(55,618
)
General and administrative expense (1)
(291
)
 
(20,199
)
 
(4,710
)
 

 
(25,200
)
Gain (loss) on disposition of assets, net

 
141

 
(390
)
 

 
(249
)
Total operating income (loss)
(291
)
 
(65,346
)
 
(15,430
)
 

 
(81,067
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(36,452
)
 
(537
)
 
(4,646
)
 
6,871

 
(34,764
)
Interest income
584

 
515

 
5,820

 
(6,871
)
 
48

Other

 
488

 
1,288

 

 
1,776

Equity in net earnings of subsidiaries
(65,679
)
 

 

 
65,679

 

Total other income (expense)
(101,547
)
 
466

 
2,462

 
65,679

 
(32,940
)
Income (loss) before income taxes
(101,838
)
 
(64,880
)
 
(12,968
)
 
65,679

 
(114,007
)
Income tax expense (benefit)
80,047

 
(15,656
)
 
3,487

 

 
67,878

Net income (loss)
(181,885
)
 
(49,224
)
 
(16,455
)
 
65,679

 
(181,885
)

(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, 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)
 
Three Months Ended September 30, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(46,228
)
 
$
(18,409
)
 
$
(6,478
)
 
$
24,887

 
$
(46,228
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
116

 

 
116

Currency translation difference on foreign currency net investments

 

 
(740
)
 

 
(740
)
Total other comprehensive income (loss), net of tax:

 

 
(624
)
 

 
(624
)
Comprehensive income (loss)
(46,228
)
 
(18,409
)
 
(7,102
)
 
24,887

 
(46,852
)

















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
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(181,885
)
 
$
(49,224
)
 
$
(16,455
)
 
$
65,679

 
$
(181,885
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
311

 

 
311

Currency translation difference on foreign currency net investments

 

 
(4,506
)
 

 
(4,506
)
Total other comprehensive income (loss), net of tax:

 

 
(4,195
)
 

 
(4,195
)
Comprehensive income (loss)
(181,885
)
 
(49,224
)
 
(20,650
)
 
65,679

 
(186,080
)
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS 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

 
242

 
126

 

 
368

Deferred income 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:
 
 
 
 
 
 
 
 
 
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
(2,864
)
 

 

 

 
(2,864
)
Mandatory convertible preferred stock dividend
(1,239
)
 

 

 

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

 

 

 
(829
)
Intercompany advances, net

 

 

 

 

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, beginning of year
65,000

 
14,365

 
40,326

 

 
119,691

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

 
$
17,470

 
$
37,506

 
$

 
$
121,039





PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Nine Months Ended September 30, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(181,885
)
 
$
(49,224
)
 
$
(16,455
)
 
$
65,679

 
$
(181,885
)
Adjustments to reconcile net income (loss)
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
68,739

 
37,866

 

 
106,605

Accretion of contingent consideration

 
419

 

 

 
419

(Gain) loss on debt modification
1,088

 

 

 

 
1,088

(Gain) loss on disposition of assets

 
(141
)
 
390

 

 
249

Deferred income tax expense (benefit)
46,773

 
12,693

 
1,733

 

 
61,199

Excess tax benefit (expense) from stock-based compensation
(1,751
)
 

 

 

 
(1,751
)
Expenses not requiring cash
5,181

 
(505
)
 
(7,681
)
 

 
(3,005
)
Equity in net earnings of subsidiaries
65,679

 

 

 
(65,679
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
26,956

 
17,843

 

 
44,799

Other assets
(113,372
)
 
119,703

 
(3,049
)
 

 
3,282

Accounts payable and accrued liabilities
(7,079
)
 
(16,486
)
 
(7,025
)
 

 
(30,590
)
Accrued income taxes
33,313

 
(27,191
)
 
(8,114
)
 

 
(1,992
)
Net cash provided by (used in) operating activities
(152,053
)
 
134,963

 
15,508

 

 
(1,582
)
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(10,121
)
 
(10,873
)
 

 
(20,994
)
Proceeds from the sale of assets

 
435

 
1,861

 

 
2,296

Net cash provided by (used in) investing activities

 
(9,686
)
 
(9,012
)
 

 
(18,698
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payment for noncontrolling interest
(3,375
)
 

 

 

 
(3,375
)
Payment of contingent consideration

 
(6,000
)
 

 

 
(6,000
)
Shares surrendered in lieu of tax
(1,026
)
 

 

 

 
(1,026
)
Intercompany advances, net
136,511

 
(119,447
)
 
(17,064
)
 

 

Net cash provided by (used in) financing activities
132,110

 
(125,447
)
 
(17,064
)
 

 
(10,401
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(19,943
)
 
(170
)
 
(10,568
)
 

 
(30,681
)
Cash and cash equivalents, beginning of year
73,985

 
13,854

 
46,455

 

 
134,294

Cash and cash equivalents, end of period
$
54,042

 
$
13,684

 
$
35,887

 
$

 
$
103,613