Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (59.2) $ 342.7 $ (43.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 438.4 267.3 140.7
Amortization of acquired contract liabilities (57.5) (6.6)  
Stock-based compensation 29.8 67.4  
Loss (gain) on disposal of assets, net (1.7) 2.1 9.8
Non-cash loss on extinguishment of debt 17.4 10.7 0.5
Amortization of debt issuance costs 24.3 6.7 2.2
Acquisition earnout adjustment (6.6)    
Loss (gain) on investments, net 38.5 (16.5)  
Deferred tax expense 0.1 3.7  
Other non-cash items, net   2.0 (1.3)
Changes in operating assets and liabilities:      
Accounts receivable 204.8 (203.3) (89.6)
Inventories 19.1 (105.1) (16.1)
Prepaid expenses and other assets 26.5 (26.4) 3.8
Accounts payable (68.2) 42.9 31.6
Accrued expenses (43.8) 18.5 6.1
Other liabilities (8.4) 9.1 (0.3)
Net cash provided by operating activities 553.5 415.2 43.9
Cash flows from investing activities:      
Acquisitions, net of cash acquired (454.5) (640.7) (4.3)
Investment in property, plant & equipment (267.0) (356.2) (87.4)
Proceeds from sale of assets 6.2 48.3 17.5
Investment in unconsolidated affiliate   (47.2) (4.2)
Initial investment in Flotek   (10.0)  
Other investments (0.5) (22.8)  
Net cash used in investing activities (715.8) (1,028.6) (78.4)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 1,220.0 818.9 160.3
Repayments of long-term debt (946.7) (531.7) (146.9)
Borrowings from revolving credit agreements 1,575.8 567.9 63.5
Repayments to revolving credit agreements (1,685.2) (402.7) (35.5)
Payment of debt issuance costs (62.3) (38.6) (2.0)
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)  
Other   (1.7) (2.5)
Net cash provided by financing activities 149.7 645.9 36.9
Net increase (decrease) in cash, cash equivalents, and restricted cash (12.6) 32.5 2.4
Cash, cash equivalents, and restricted cash beginning of period 37.9 5.4 3.0
Cash, cash equivalents, and restricted cash end of period 25.3 37.9 5.4
Supplemental cash flow information:      
Cash payments for interest 139.1 35.0 23.5
Cash payments (refunds received) for income taxes 0.3 4.8 (0.2)
Non-cash investing and financing activities:      
Capital expenditures included in accounts payable 44.9 $ 26.9 $ 24.9
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)