| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
74,864 | 249,033 | 168,501 | -60,560 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
165,379 | 125,110 | 81,473 | 41,362 | |||
(Gain) loss on disposal of assets | ||||||
-2,601 | 4,342 | -148 | 2,673 | |||
Gain on tax receivable agreements | ||||||
122 | 0 | 0 | - | |||
Amortization of debt issuance costs | ||||||
2,205 | 4,031 | 2,311 | 630 | |||
Inventory write-down | ||||||
2,000 | 3,400 | 259 | 0 | |||
Non-cash lease expense | ||||||
3,192 | 0 | 0 | - | |||
Share based compensation expense | ||||||
13,592 | 5,450 | 0 | - | |||
Deferred income tax expense | ||||||
23,408 | 20,488 | 0 | - | |||
Bad debt provision | ||||||
1,053 | 0 | 0 | - | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable and unbilled revenue | ||||||
11,512 | -23,074 | 133,689 | 41,023 | |||
Accounts receivable and unbilled revenue—related party | ||||||
-5,510 | 11,096 | -3,460 | 1,942 | |||
Inventories | ||||||
30,476 | 4,610 | 27,639 | 11,687 | |||
Other assets | ||||||
6,464 | 32,771 | 12,611 | 3,388 | |||
Accounts payable and accrued liabilities | ||||||
22,386 | -26,798 | 111,352 | 38,563 | |||
Accounts payable and accrued liabilities—related party | ||||||
-1,000 | 300 | 1,544 | 10 | |||
Payment of operating lease liability | ||||||
5,469 | 0 | 0 | - | |||
Net cash provided by operating activities | ||||||
261,100 | 351,258 | 195,109 | -40,708 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment and construction in-progress | ||||||
195,173 | 258,835 | 311,794 | 102,428 | |||
Proceeds from sale of assets | ||||||
826 | 3,343 | 1,751 | 6,077 | |||
Net cash used in investing activities | ||||||
-194,347 | -255,492 | -310,043 | -96,351 | |||
Cash flows from financing activities: | ||||||
Cash flows from financing activities: | ||||||
0 | 230,174 | 0 | 0 | |||
Redemption of LLC Units from Legacy Owners | ||||||
0 | 25,897 | 0 | 0 | |||
Proceeds from borrowings on term loan | ||||||
0 | 0 | 171,500 | 0 | |||
Repayments of borrowings on term loan | ||||||
1,750 | 62,847 | 57,438 | 49,000 | |||
Proceeds from borrowings on line-of-credit | ||||||
0 | 0 | 140,559 | 84,700 | |||
Repayments of borrowings on line-of-credit | ||||||
0 | 30,000 | 158,559 | 36,700 | |||
Proceeds from Liberty Oilfield Services Holdings LLC | ||||||
0 | 2,115 | 0 | 0 | |||
Payments on finance lease and capital lease obligations | ||||||
12,143 | 0 | 119 | 5,525 | |||
Class A Common Stock dividends | ||||||
14,776 | 6,907 | 0 | 0 | |||
Member contributions | ||||||
- | - | - | 155,481 | |||
Per unit distributions to non-controlling interest unitholders | ||||||
7,747 | 4,671 | 0 | 0 | |||
Other distributions and advance payments to non-controlling interest unitholders | ||||||
6 | 21,288 | 0 | - | |||
Tax withholding on restricted stock unit vesting | ||||||
1,039 | 0 | 0 | - | |||
Share repurchases | ||||||
18,398 | 82,903 | 0 | 0 | |||
Proceeds from related party bridge loans | ||||||
0 | 0 | 60,000 | 0 | |||
Payments of debt issuance costs | ||||||
0 | 315 | 9,036 | 413 | |||
Proceeds from issuance of redeemable common units | ||||||
0 | 0 | 39,794 | 0 | |||
Payments for redemption of redeemable common units | ||||||
0 | 0 | 62,739 | 0 | |||
Payment of equity offering costs | ||||||
1,516 | 6,236 | 4,191 | 0 | |||
Net cash used in financing activities | ||||||
-57,375 | -8,775 | 119,771 | 148,543 | |||
Net decrease in cash and cash equivalents | ||||||
9,378 | 86,991 | 4,837 | 11,484 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for income taxes | ||||||
1,042 | 27,263 | 0 | 0 | |||
Cash paid for interest | ||||||
12,642 | 13,957 | 9,766 | 4,725 | |||
Non-cash investing and financing activities: | ||||||
Capital expenditures included in accounts payable and accrued liabilities | ||||||
32,143 | 45,703 | 18,687 | 29,688 | |||
Related party bridge loans exchanged for Redeemable Class 2 Common Units | ||||||
0 | 0 | 60,679 | 0 | |||