Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 37.3 $ 226.7
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 330.7 178.1
Amortization of acquired contract liabilities (41.0)  
Stock-based compensation 27.3 53.3
(Gain) loss on disposal of assets, net (0.3) 2.6
Non-cash (gain) loss on extinguishment of debt (4.1) 10.5
Amortization of debt issuance costs 18.8 4.7
Acquisition earnout adjustment (6.6)  
Unrealized loss (gain) on investments, net 24.1 (8.5)
Deferred tax expense 5.0 2.4
Other non-cash items, net 0.1  
Changes in operating assets and liabilities:    
Accounts receivable 219.4 (220.5)
Inventories (15.3) (96.8)
Prepaid expenses and other assets (5.3) (18.6)
Accounts payable (48.1) 6.3
Accrued expenses 6.0 110.6
Other liabilities (37.2) 5.8
Net cash provided by operating activities 510.8 256.6
Cash flows from investing activities:    
Acquisitions, net of cash acquired (461.8) (354.9)
Investment in property, plant & equipment (233.9) (239.5)
Proceeds from sale of assets 3.0 46.6
Investment in unconsolidated affiliate   (47.2)
Initial investment in Flotek   (10.0)
Other investments   (24.8)
Net cash used in investing activities (692.7) (629.8)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 334.7 818.8
Repayments of long-term debt (98.6) (515.8)
Borrowings from revolving credit agreements 1,219.9 253.7
Repayments to revolving credit agreements (1,315.4) (322.7)
Payment of debt issuance costs (18.9) (33.3)
Tax withholding related to net share settlement of equity awards (0.8)  
Member contribution   5.0
Proceeds from issuance of common stock   329.1
Payment of stock issuance costs   (27.4)
Payment of THRC related equity   (72.9)
Net cash provided by financing activities 169.8 434.5
Net (decrease) increase in cash, cash equivalents, and restricted cash (12.1) 61.3
Cash, cash equivalents, and restricted cash beginning of period 37.9 5.4
Cash, cash equivalents, and restricted cash end of period 25.8 66.7
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 42.2 26.5
Operating lease liabilities incurred from obtaining right-of-use assets 8.8 $ 45.4
Finance lease liabilities incurred from obtaining right-of-use assets 4.6  
Series A Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of Series A preferred stock 50.0  
Payment of stock issuance costs $ (1.1)