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
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements
Note 12 - 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 June 30, 2018 and December 31, 2017 and for the three and six months ended June 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) 
 
June 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
46,762

 
$
16,223

 
$
51,474

 
$

 
$
114,459

Accounts and notes receivable, net

 
38,845

 
83,828

 

 
122,673

Rig materials and supplies

 
(1,972
)
 
33,494

 
399

 
31,921

Other current assets

 
8,651

 
14,989

 

 
23,640

Total current assets
46,762

 
61,747

 
183,785

 
399

 
292,693

Property, plant and equipment, net
(19
)
 
422,144

 
179,727

 
217

 
602,069

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
5,974

 

 

 
5,974

Investment in subsidiaries and intercompany advances
2,923,231

 
2,993,050

 
4,100,944

 
(10,017,225
)
 

Other noncurrent assets
(253,593
)
 
231,233

 
532,946

 
(480,811
)
 
29,775

Total assets
$
2,716,381

 
$
3,720,856

 
$
4,997,402

 
$
(10,497,420
)
 
$
937,219

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(73,337
)
 
$
206,807

 
$
586,803

 
$
(617,476
)
 
$
102,797

Accrued income taxes
83,693

 
(62,838
)
 
(17,398
)
 

 
3,457

Total current liabilities
10,356

 
143,969

 
569,405

 
(617,476
)
 
106,254

Long-term debt, net
578,840

 

 

 

 
578,840

Other long-term liabilities
2,867

 
3,367

 
4,102

 
(1
)
 
10,335

Long-term deferred tax liability

 

 
60

 

 
60

Intercompany payables
1,879,491

 
1,471,636

 
2,571,268

 
(5,922,395
)
 

Total liabilities
2,471,554

 
1,618,972

 
3,144,835

 
(6,539,872
)
 
695,489

Total stockholders’ equity
244,827

 
2,101,884

 
1,852,567

 
(3,957,548
)
 
241,730

Total liabilities and stockholders’ equity
$
2,716,381

 
$
3,720,856

 
$
4,997,402

 
$
(10,497,420
)
 
$
937,219


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

Investment in subsidiaries and intercompany advances
2,955,050

 
2,971,456

 
3,955,553

 
(9,882,059
)
 

Other noncurrent assets
(261,232
)
 
237,755

 
537,124

 
(480,811
)
 
32,836

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 June 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
50,996

 
$
82,641

 
$
(15,034
)
 
$
118,603

Operating expenses

 
26,375

 
80,293

 
(15,034
)
 
91,634

Depreciation and amortization

 
19,488

 
7,648

 

 
27,136

Total operating gross margin (loss)

 
5,133

 
(5,300
)
 

 
(167
)
General and administrative expense (1)
(156
)
 
(8,005
)
 
(127
)
 

 
(8,288
)
Gain (loss) on disposition of assets, net

 
(63
)
 
(415
)
 

 
(478
)
Total operating income (loss)
(156
)
 
(2,935
)
 
(5,842
)
 

 
(8,933
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(11,913
)
 
(51
)
 
(2,100
)
 
2,867

 
(11,197
)
Interest income
139

 
180

 
2,578

 
(2,867
)
 
30

Other

 
14

 
(1,205
)
 

 
(1,191
)
Equity in net earnings of subsidiaries
(11,079
)
 

 

 
11,079

 

Total other income (expense)
(22,853
)
 
143

 
(727
)
 
11,079

 
(12,358
)
Income (loss) before income taxes
(23,009
)
 
(2,792
)
 
(6,569
)
 
11,079

 
(21,291
)
Income tax expense (benefit)
(132
)
 
277

 
1,441

 

 
1,586

Net income (loss)
(22,877
)
 
(3,069
)
 
(8,010
)
 
11,079

 
(22,877
)
Less: Convertible preferred stock dividend
907

 

 

 

 
907

Net income (loss) available to common stockholders
$
(23,784
)
 
$
(3,069
)
 
$
(8,010
)
 
$
11,079

 
$
(23,784
)

(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 June 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
41,490

 
$
85,028

 
$
(16,911
)
 
$
109,607

Operating expenses

 
25,327

 
81,225

 
(16,911
)
 
89,641

Depreciation and amortization

 
20,270

 
10,712

 

 
30,982

Total operating gross margin (loss)

 
(4,107
)
 
(6,909
)
 

 
(11,016
)
General and administrative expense (1)
(69
)
 
(6,303
)
 
(131
)
 

 
(6,503
)
Gain (loss) on disposition of assets, net

 
(26
)
 
(87
)
 

 
(113
)
Total operating income (loss)
(69
)
 
(10,436
)
 
(7,127
)
 

 
(17,632
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(11,809
)
 
(41
)
 
(2,070
)
 
2,825

 
(11,095
)
Interest income
184

 
179

 
2,484

 
(2,825
)
 
22

Other

 
15

 
545

 

 
560

Equity in net earnings of subsidiaries
(15,823
)
 

 

 
15,823

 

Total other income (expense)
(27,448
)
 
153

 
959

 
15,823

 
(10,513
)
Income (loss) before income taxes
(27,517
)
 
(10,283
)
 
(6,168
)
 
15,823

 
(28,145
)
Income tax expense (benefit)
2,371

 
(1,585
)
 
957

 

 
1,743

Net income (loss)
(29,888
)
 
(8,698
)
 
(7,125
)
 
15,823

 
(29,888
)
Less: Convertible preferred stock dividend
1,239

 

 

 

 
1,239

Net income (loss) available to common stockholders
$
(31,127
)
 
$
(8,698
)
 
$
(7,125
)
 
$
15,823

 
$
(31,127
)

(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)
 
Six Months Ended June 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
93,587

 
$
164,264

 
$
(29,573
)
 
$
228,278

Operating expenses

 
52,192

 
160,549

 
(29,573
)
 
183,168

Depreciation and amortization

 
39,484

 
16,201

 

 
55,685

Total operating gross margin (loss)

 
1,911

 
(12,486
)
 

 
(10,575
)
General and administrative expense (1)
(245
)
 
(13,988
)
 
(256
)
 

 
(14,489
)
Gain (loss) on disposition of assets, net

 
(53
)
 
(82
)
 

 
(135
)
Total operating income (loss)
(245
)
 
(12,130
)
 
(12,824
)
 

 
(25,199
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(24,141
)
 
172

 
(4,156
)
 
5,688

 
(22,437
)
Interest income
321

 
361

 
5,059

 
(5,688
)
 
53

Other

 
16

 
(916
)
 

 
(900
)
Equity in net earnings of subsidiaries
(27,451
)
 

 

 
27,451

 

Total other income (expense)
(51,271
)
 
549

 
(13
)
 
27,451

 
(23,284
)
Income (loss) before income taxes
(51,516
)
 
(11,581
)
 
(12,837
)
 
27,451

 
(48,483
)
Income tax expense (benefit)
157

 
607

 
2,426

 

 
3,190

Net income (loss)
(51,673
)
 
(12,188
)
 
(15,263
)
 
27,451

 
(51,673
)
Less: Convertible preferred stock dividend
1,813

 

 

 

 
1,813

Net income (loss) available to common stockholders
$
(53,486
)
 
$
(12,188
)
 
$
(15,263
)
 
$
27,451

 
$
(53,486
)

(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)
 
Six Months Ended June 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
69,383

 
$
173,265

 
$
(34,770
)
 
$
207,878

Operating expenses

 
46,277

 
163,948

 
(34,770
)
 
175,455

Depreciation and amortization

 
41,458

 
21,726

 

 
63,184

Total operating gross margin (loss)

 
(18,352
)
 
(12,409
)
 

 
(30,761
)
General and administrative expense (1)
(147
)
 
(13,173
)
 
(223
)
 

 
(13,543
)
Gain (loss) on disposition of assets, net

 
(242
)
 
(223
)
 

 
(465
)
Total operating income (loss)
(147
)
 
(31,767
)
 
(12,855
)
 

 
(44,769
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(23,478
)
 
(85
)
 
(4,013
)
 
5,611

 
(21,965
)
Interest income
332

 
357

 
4,954

 
(5,611
)
 
32

Other

 
47

 
1,043

 

 
1,090

Equity in net earnings of subsidiaries
(37,602
)
 

 

 
37,602

 

Total other income (expense)
(60,748
)
 
319

 
1,984

 
37,602

 
(20,843
)
Income (loss) before income taxes
(60,895
)
 
(31,448
)
 
(10,871
)
 
37,602

 
(65,612
)
Income tax expense (benefit)
8,801

 
(7,161
)
 
2,445

 

 
4,085

Net income (loss)
(69,696
)
 
(24,287
)
 
(13,316
)
 
37,602

 
(69,697
)
Less: Convertible preferred stock dividend
1,239

 

 

 

 
1,239

Net income (loss) available to common stockholders
$
(70,935
)
 
$
(24,287
)
 
$
(13,316
)
 
$
37,602

 
$
(70,936
)
    
(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 June 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(22,877
)
 
$
(3,069
)
 
$
(8,010
)
 
$
11,079

 
$
(22,877
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
(445
)
 

 
(445
)
Currency translation difference on foreign currency net investments

 

 
(1,802
)
 

 
(1,802
)
Total other comprehensive income (loss), net of tax:

 

 
(2,247
)
 

 
(2,247
)
Comprehensive income (loss)
$
(22,877
)
 
$
(3,069
)
 
$
(10,257
)
 
$
11,079

 
$
(25,124
)


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
 Three months ended June 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(29,888
)
 
$
(8,698
)
 
$
(7,125
)
 
$
15,823

 
$
(29,888
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
185

 

 
185

Currency translation difference on foreign currency net investments

 

 
686

 

 
686

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

 

 
871

 

 
871

Comprehensive income (loss)
$
(29,888
)
 
$
(8,698
)
 
$
(6,254
)
 
$
15,823

 
$
(29,017
)



















PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Six Months Ended June 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(51,673
)
 
$
(12,188
)
 
$
(15,263
)
 
$
27,451

 
$
(51,673
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
(169
)
 

 
(169
)
Currency translation difference on foreign currency net investments

 

 
(2,378
)
 

 
(2,378
)
Total other comprehensive income (loss), net of tax:

 

 
(2,547
)
 

 
(2,547
)
Comprehensive income (loss)
$
(51,673
)
 
$
(12,188
)
 
$
(17,810
)
 
$
27,451

 
$
(54,220
)


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Six Months Ended June 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(69,696
)
 
$
(24,287
)
 
$
(13,316
)
 
$
37,602

 
$
(69,697
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
268

 

 
268

Currency translation difference on foreign currency net investments

 

 
1,449

 

 
1,449

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

 

 
1,717

 

 
1,717

Comprehensive income (loss)
$
(69,696
)
 
$
(24,287
)
 
$
(11,599
)
 
$
37,602

 
$
(67,980
)
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Six Months Ended June 30, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(51,673
)
 
$
(12,188
)
 
$
(15,263
)
 
$
27,451

 
$
(51,673
)
Adjustments to reconcile net income (loss):
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
39,484

 
16,201

 

 
55,685

(Gain) loss on disposition of assets, net

 
53

 
82

 

 
135

Deferred tax expense (benefit)
(6,782
)
 
6,354

 
(468
)
 

 
(896
)
Expenses not requiring cash
2,681

 
561

 
(8,472
)
 
9,260

 
4,030

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(6,507
)
 
6,115

 

 
(392
)
Other assets
32,403

 
(22,769
)
 
(136,289
)
 
134,767

 
8,112

Accounts payable and accrued liabilities
(8,596
)
 
25,823

 
148,225

 
(171,478
)
 
(6,026
)
Accrued income taxes
6,810

 
(5,968
)
 
(1,786
)
 

 
(944
)
Net cash provided by (used in) operating activities
(25,157
)
 
24,843

 
8,345

 

 
8,031

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(29,342
)
 
(3,207
)
 

 
(32,549
)
Proceeds from the sale of assets

 
67

 
784

 

 
851

Net cash provided by (used in) investing activities

 
(29,275
)
 
(2,423
)
 

 
(31,698
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments of debt issuance costs
(1,440
)
 

 

 

 
(1,440
)
Convertible preferred stock dividend
(1,813
)
 

 

 

 
(1,813
)
Shares surrendered in lieu of tax
(170
)
 

 

 

 
(170
)
Net cash provided by (used in) financing activities
(3,423
)
 

 

 

 
(3,423
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(28,580
)
 
(4,432
)
 
5,922

 

 
(27,090
)
Cash and cash equivalents at beginning of period
75,342

 
20,655

 
45,552

 

 
141,549

Cash and cash equivalents at end of period
$
46,762

 
$
16,223

 
$
51,474

 
$

 
$
114,459


PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Six Months Ended June 30, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(69,696
)
 
$
(24,287
)
 
$
(13,316
)
 
$
37,602

 
$
(69,697
)
Adjustments to reconcile net income (loss)
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
41,458

 
21,726

 

 
63,184

(Gain) loss on disposition of assets, net

 
242

 
223

 

 
465

Deferred tax expense (benefit)
(10,359
)
 
8,943

 
482

 

 
(934
)
Expenses not requiring cash
3,154

 
120

 
1,674

 

 
4,948

Equity in net earnings of subsidiaries
37,602

 

 

 
(37,602
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(13,787
)
 
6,934

 

 
(6,853
)
Other assets
(50,315
)
 
32,013

 
16,580

 

 
(1,722
)
Accounts payable and accrued liabilities
(37,753
)
 
29,831

 
(313
)
 

 
(8,235
)
Accrued income taxes
71,942

 
(54,000
)
 
(16,666
)
 

 
1,276

Net cash provided by (used in) operating activities
(55,425
)
 
20,533

 
17,324

 

 
(17,568
)
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(18,726
)
 
(7,833
)
 

 
(26,559
)
Proceeds from the sale of assets

 
25

 
160

 

 
185

Net cash provided by (used in) investing activities

 
(18,701
)
 
(7,673
)
 

 
(26,374
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Convertible preferred stock dividend
(1,239
)
 

 

 

 
(1,239
)
Shares surrendered in lieu of tax
(612
)
 

 

 

 
(612
)
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
)
Intercompany advances, net
8,946

 
361

 
(9,307
)
 

 

Net cash provided by (used in) financing activities
79,431

 
361

 
(9,307
)
 

 
70,485

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
24,006

 
2,193

 
344

 

 
26,543

Cash and cash equivalents at beginning of period
65,000

 
14,365

 
40,326

 

 
119,691

Cash and cash equivalents at end of period
$
89,006

 
$
16,558

 
$
40,670

 
$

 
$
146,234