Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (229.5) $ (215.0)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation, depletion and amortization 290.8 313.7
Amortization of acquired unfavorable contracts   (7.6)
Stock-based compensation 5.4 6.6
Loss on insurance recoveries   0.3
Loss on disposal of assets, net 2.9 14.1
Amortization of debt issuance costs 8.7 8.9
Loss on investments, net   6.8
Non-cash loss on debt extinguishment 3.2  
Provision for credit losses, net of recoveries   12.8
Deferred tax expense (benefit) 6.6 (16.5)
Other non-cash items, net 0.5 0.4
Changes in operating assets and liabilities:    
Accounts receivable (83.1) 26.4
Inventories (43.7) 24.1
Prepaid expenses and other assets (7.8) (7.3)
Accounts payable 120.5 (23.3)
Accrued expenses 7.8 9.5
Other liabilities 1.0 (13.9)
Net cash provided by operating activities 83.3 140.0
Cash flows from investing activities:    
Investment in property, plant & equipment (112.1) (133.3)
Proceeds from sale of assets 9.2 4.9
Other   0.4
Net cash used in investing activities (102.9) (128.0)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 99.1 38.5
Repayments of long-term debt (122.3) (103.7)
Borrowings from revolving credit agreements 1,371.3 1,344.3
Repayments of revolving credit agreements (1,287.2) (1,324.6)
Payment of debt issuance costs (16.2) (0.6)
Cash settlement of vested stock awards   (1.2)
Tax withholding related to net share settlement of noncontrolling interest equity awards (0.5)  
Proceeds from issuance of common stock   82.4
Payment of common stock issuance costs   (3.4)
Other (0.4) (0.5)
Net cash provided by financing activities 43.8 31.2
Net increase in cash, cash equivalents, and restricted cash 24.2 43.2
Cash, cash equivalents, and restricted cash beginning of period 22.9 14.8
Cash, cash equivalents, and restricted cash end of period 47.1 58.0
Non-cash investing and financing activities    
Capital expenditures included in accounts payable 13.6 10.0
Operating lease liabilities incurred from obtaining right-of-use assets 0.8 1.0
Finance lease liabilities incurred from obtaining property, plant & equipment 1.1 $ 1.9
Acquisition of equipment through settlement of accounts receivable - related party 15.0  
Transfer of Flotek shares to related party to repay debt 60.0  
Interest paid in kind through an increase of debt principal 1.5  
Shares issued to settle stock-based compensation liability 5.0  
Related party exchange of Flotek PWRtek Note for Flotek Term Loan $ 12.5