Forum energy technologies, inc. (FET)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net loss

-37,144

-12,448

-532,987

-13,734

-7,888

-383,743

-3,054

-15,349

28,066

49,069

-14,828

-77,873

-15,768

-12,503

-17,995

-28,502

-22,948

-163,623

6,718

8,865

28,656

46,097

52,231

39,543

36,506

34,545

33,181

29,940

31,938

23,938

40,943

44,138

42,511

31,713

35,590

13,892

12,398

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense

7,355

7,727

7,806

7,554

7,513

8,125

8,617

8,200

8,158

9,188

7,986

8,227

8,999

8,495

8,812

9,045

9,284

9,667

9,725

9,483

9,513

9,140

9,624

9,527

9,123

9,668

9,307

8,718

8,473

8,324

8,104

8,195

6,835

7,493

7,188

5,944

5,620

Amortization of intangible assets

6,838

6,979

8,013

8,762

8,846

10,495

9,973

10,432

10,500

10,670

6,926

6,581

6,523

6,415

6,478

6,619

6,612

6,737

6,887

6,902

6,769

7,050

6,930

6,903

6,775

6,935

6,418

5,597

5,463

5,375

4,896

5,085

4,990

5,336

4,403

2,554

2,237

Impairments of intangible assets, property and equipment

17,320

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairments of operating lease assets

9,483

-

-

-

2,481

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventory write down

11,567

4,549

4,211

1,187

377

27,426

1,178

5,547

2,455

13,244

607

238

531

1,058

1,746

22,124

609

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

3,223

3,923

3,661

4,352

3,910

2,754

6,557

5,314

5,302

5,091

5,369

5,185

4,665

5,014

5,199

5,238

5,084

4,585

5,276

6,783

5,031

4,436

4,920

5,075

4,339

3,596

7,269

4,685

3,488

2,626

2,392

2,026

1,135

1,159

1,333

1,335

1,329

Loss from unconsolidated subsidiary

0

-1

-38

570

-849

94

659

350

-963

-6,390

1,988

867

1,462

617

415

-188

577

1,262

1,149

1,062

4,571

1,716

-921

-7,479

5,308

-

-

-

-

-

-

-

-

-

-

-

-

Contingent consideration benefit

0

0

0

0

-4,629

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32

-8,500

4,900

-1,000

18,100

-200

-5,800

0

Gain on extinguishment of debt

7,500

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred loan costs written off

-1,800

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred loan costs written off

-

-

-

-

-

-

-

-

-

-

-

-

-

390

0

0

2,588

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-1,152

11,547

7,485

-7,068

1,021

-854

-7,841

19,512

2,735

-31,190

6,606

10,648

13,787

11,430

-20,424

22,580

10,832

21,718

1,597

-1,391

1,322

-1,207

10,784

-4,882

-1,425

-4,148

-8,321

-1,319

-1,834

4,804

2,739

-1,500

306

-

-

-

-

Gain on contribution of subsea rentals business

-

-

-

-

-

0

0

0

33,506

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings from equity investment, net of distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Noncash losses (gains) and other, net

-734

-1,898

1,445

2,127

2,366

-1,286

844

997

531

-662

1,195

2,655

698

252

2,069

2,497

-429

-656

1,935

1,677

911

465

1,307

345

1,992

-2,424

-325

174

733

1,500

-950

519

1,039

-887

5,995

-2,155

1,347

Changes in operating assets and liabilities
Accounts receivable—trade

-6,773

-29,217

3,572

-23,403

-684

-14,717

3,914

18,670

-3,034

21,677

5,523

18,048

19,596

6,223

6,006

-12,915

-28,764

-16,152

-38,657

-60,706

-30,238

-23,066

43,013

-9,565

34,345

-747

-20,766

1,523

18,802

-31,687

-5,306

5,993

18,128

11,969

23,220

8,830

18,331

Inventories

-6,704

-26,065

-19,867

-1,385

-6,948

-6,604

14,828

25,316

27,363

22,358

27,488

10,673

6,127

-12,756

-17,259

-18,840

-8,439

-31,686

-10,952

4,684

37,610

19,531

2,825

12,228

-533

12,222

-11,359

-2,188

-21,717

4,320

18,417

42,752

34,779

38,710

21,142

16,382

14,400

Prepaid expenses and other assets

11,002

-384

-1,505

-1,763

3,031

-4,571

10,429

-14,648

16,770

-10,778

548

2,354

-4,586

6,042

-771

420

-6,762

-5,595

-2,710

6,283

-1,554

-2,765

17,843

-2,181

-8,790

8,240

9,335

1,803

1,037

-5,306

-4,532

-6,093

295

5,974

7,146

-231

-2,412

Cost and estimated profit in excess of billings

1,374

442

3,485

-310

1,015

2,150

-986

3,529

-3,420

-180

-1,905

303

1,611

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable, deferred revenue and other accrued liabilities

-14,955

-26,728

-4,112

-18,467

1,251

-16,265

1,095

4,450

6,528

3,016

13,943

18,885

16,298

18,929

-4,910

-10,411

191

-29,768

-19,108

-74,981

12,593

-3,972

54,820

-10,743

22,667

7,537

-650

-5,396

-2,966

-20,961

-3,401

6,061

13,520

21,712

15,191

17,411

1,942

Billings in excess of costs and estimated profits earned

-757

982

2,223

858

-1,784

-1,950

-844

5,188

-1,065

331

380

-779

-2,177

1,646

-1,328

2,508

-6,691

3,843

-2,512

-4,685

-3,275

1,801

10,382

-12,332

10,389

5,093

-10,842

17,062

-22,347

9,177

9,640

-9,879

3,403

11,370

-1,674

-13,478

1,030

Net cash provided by operating activities

1,567

28,493

34,867

22,897

17,887

26,753

1,391

-6,415

-19,322

-22,950

-21,842

19,765

-15,006

20,522

-697

18,061

26,856

38,207

61,822

7,397

48,487

90,213

66,670

50,197

62,886

47,266

74,672

60,961

28,494

63,283

49,606

4,127

20,925

20,651

16,718

6,322

-4,416

Cash flows from investing activities
Capital expenditures for property and equipment

958

2,495

3,336

5,584

3,687

4,187

5,716

9,060

5,080

7,053

6,636

9,552

3,468

3,390

3,398

5,779

4,261

4,245

8,366

8,259

11,421

13,860

11,214

17,635

11,083

15,546

14,652

19,957

10,108

11,906

12,642

12,818

12,319

10,882

9,741

13,809

6,731

Payments to Acquire Businesses, Net of Cash Acquired

-

-

-

-

-

-

-

-

-

114,299

39,152

0

8,738

1,372

0

2,700

0

0

0

0

60,836

0

607

37,682

0

1

179,106

1,109

1,502

137,050

0

0

2,839

4,451

440,157

33,740

31,509

Proceeds from sale of equity investment, property and equipment

37

3,432

39,380

291

134

64

385

3,735

5,074

122

150

1,659

40

6,053

0

3,401

309

122

291

746

662

3,415

139

1,922

6,674

225

357

200

182

267

2,106

1,275

1,403

-100

42

433

531

Investment in unconsolidated subsidiary

-

-

-

-

-

-

-

-

-

0

0

0

1,041

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-921

937

36,044

-5,293

-3,553

-56,745

-13,331

-5,325

-6

-121,230

-45,638

-7,893

-13,207

1,291

-3,398

-5,078

-3,952

-4,123

-8,075

-7,513

-71,595

-1,205

-11,682

-53,395

-4,409

-15,322

-241,414

-20,866

-11,428

-148,689

-10,536

-11,543

-13,755

-15,433

-449,856

-47,116

-37,709

Cash flows from financing activities
Borrowings of debt

55,000

40,000

15,000

62,000

20,000

121,980

50,000

50,000

0

-

-

-

-

-

-

-

8

-

-

-

65,008

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt

3,463

39,567

94,250

72,020

51,063

69,917

50,188

40,949

50,729

-1,140

129

120

891

-254

16

39

199

14,092

35,405

45,257

25,323

6,655

16,249

40,041

35,470

479,785

167,263

26,078

42,005

21,230

48,992

331,400

52,397

34,205

27,768

-136

136

Repurchases of stock related to shares withheld for taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

838

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings under Credit Facility due to acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,502

-

-

-

2,839

4,451

440,157

33,740

31,509

Borrowings under credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,423

0

0

0

59,433

167,597

169,532

8,391

124,769

53

39,151

39,313

10,490

-11,256

3,817

7,439

Repurchases of stock

179

44

13

64

973

278

287

266

1,946

75

103

161

4,403

-

-

-

-

192

52

309

5,885

95,304

447

661

220

3,466

319

531

0

-

-

-

-

-

-

-

-

Deferred financing costs

254

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

451

2,112

3,325

1,854

2,977

1,434

1,279

1,512

347

6,901

0

89

609

418

0

0

Proceeds from stock issuance

-

-

-

-

-

-

-

-

-

-1,405

876

263

1,757

84,934

1,605

134

1,003

657

2,338

1,396

884

769

3,586

3,775

2,971

690

1,454

1,577

1,737

4,304

6,137

3,217

774

821

4,421

51,804

0

Deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

253

0

0

513

0

0

0

0

0

1

-1

6

4,403

7,587

13

0

-1

1

215

-200

3,655

28

2,252

0

Net cash provided by (used in) financing activities

51,104

-808

-79,263

-10,084

-32,036

50,737

-325

8,785

-52,675

103,474

644

-18

-3,537

85,493

1,442

-201

-539

527

-33,019

-29,129

34,684

-86,547

-10,999

-33,601

-30,871

-22,228

-4,684

132,829

-28,863

107,727

-36,457

3,694

-9,182

-21,799

405,890

87,245

38,812

Effect of exchange rate changes on cash

-712

392

-116

151

155

-444

100

-280

-873

-470

2,758

3,702

2,242

-5,418

-2,042

-7,530

363

-1,547

-2,384

3,195

-4,264

34

-2,547

2,487

-234

1,665

147

-389

-2,321

810

517

2,698

-2,710

201

-1,961

1,326

1,325

Net increase (decrease) in cash, cash equivalents and restricted cash

51,038

29,014

-8,468

7,671

-17,547

20,301

-12,165

-3,235

-72,876

-41,176

-64,078

15,556

-29,508

101,888

-4,695

5,252

22,728

33,064

18,344

-26,050

7,312

2,495

41,442

-34,312

27,372

11,381

-171,279

172,535

-14,118

23,131

3,130

-1,024

-4,722

-16,380

-29,209

47,777

-1,988

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Noncash activities
Operating lease right of use assets obtained in exchange for lease obligations

688

-

-

-

6,568

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Finance lease right of use assets obtained in exchange for lease obligations

931

-

-

-

453

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition via issuance of stock

-

-

-

-

-

-

-

-

-

173,472

0

0

4,500

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assets contributed for equity method investment

-

-

-

-

-

0

0

0

18,070

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Note receivable related to equity method investment transaction

-

-

-

-

-

0

0

0

4,067

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition via contingent consideration and stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

100

19,054

24,300

25,300