| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||||
Net income | ||||||||||||
2,417 | -18,408 | 18,840 | 40,523 | 33,909 | 33,936 | 66,369 | 94,741 | 53,987 | 57,681 | 63,663 | 39,035 | 8,122 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | ||||||||||||
44,831 | 44,300 | 42,324 | 40,368 | 38,387 | 34,183 | 32,305 | 30,606 | 28,016 | 25,642 | 24,164 | 17,521 | 14,146 |
(Gain) loss on disposal of assets | ||||||||||||
102 | -1,359 | 124 | -143 | -1,223 | 5,608 | -701 | -485 | -80 | -160 | -21 | -10 | 43 |
Interest expense on finance lease liability | ||||||||||||
0 | - | 665 | 699 | 651 | - | 0 | 0 | 0 | - | - | - | - |
Amortization of debt issuance costs | ||||||||||||
548 | 549 | 551 | 549 | 556 | 589 | 574 | 558 | 2,310 | 632 | 1,399 | 171 | 109 |
Inventory write-down | ||||||||||||
700 | 1,400 | 600 | 0 | 0 | - | - | - | - | - | - | - | - |
Non-cash lease expense | ||||||||||||
518 | 131 | 233 | 2,409 | 419 | - | - | - | - | - | - | - | - |
Share based compensation expense | ||||||||||||
4,124 | 3,599 | 3,542 | 3,571 | 2,880 | 2,328 | 1,926 | 1,196 | 0 | - | - | - | - |
Gain on tax receivable agreements | ||||||||||||
37 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Provision for credit losses | ||||||||||||
2,523 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable and unbilled revenue | ||||||||||||
93,477 | 7,341 | -90,400 | 16,932 | 77,639 | -89,908 | 41,331 | 9,997 | 15,506 | -5,262 | 54,451 | 86,743 | -2,243 |
Accounts receivable and unbilled revenue—related party | ||||||||||||
-8,239 | -10,836 | 4,864 | 4,825 | -4,363 | 10,926 | 48 | -3,876 | 3,998 | -3,694 | -1,982 | 7,233 | -5,017 |
Unbilled revenue | ||||||||||||
- | - | - | - | - | - | - | 44,202 | 15,294 | - | - | 17,106 | 6,437 |
Unbilled revenuerelated party | ||||||||||||
- | - | - | - | - | - | - | 0 | -59 | - | - | 0 | -2,487 |
Inventories | ||||||||||||
-257 | 2,865 | 826 | 12,461 | 14,324 | 909 | -6,538 | 5,691 | 4,548 | 13,684 | 3,064 | 6,932 | 3,959 |
Other assets | ||||||||||||
-7,450 | 20,943 | 3,672 | 2,326 | -20,477 | 1,072 | 7,611 | 3,161 | 20,927 | -3,261 | 3,888 | 3,913 | 8,071 |
Accounts payable and accrued liabilities | ||||||||||||
22,789 | -9,354 | -21,603 | 8,660 | 44,683 | -20,340 | -11,233 | -1,748 | 6,523 | -2,896 | 18,414 | 25,934 | 69,900 |
Accounts payable and accrued liabilities—related party | ||||||||||||
0 | 0 | 0 | 0 | -1,000 | 300 | 0 | 0 | 0 | 250 | 250 | 269 | 775 |
Payment of operating lease liability | ||||||||||||
523 | 272 | 40 | 66 | 5,091 | 0 | 0 | 0 | 0 | - | - | - | - |
Net cash provided by operating activities | ||||||||||||
231 | 16,025 | 147,362 | 48,219 | 49,494 | 127,631 | 114,426 | 78,499 | 30,702 | 80,002 | 69,546 | -38,728 | 84,289 |
Cash flows from investing activities: | ||||||||||||
Purchases of property and equipment and construction in-progress | ||||||||||||
45,395 | 36,938 | 27,827 | 64,075 | 66,333 | 71,756 | 46,218 | 85,876 | 54,985 | 59,443 | 47,200 | 80,266 | 124,885 |
Proceeds from sale of assets | ||||||||||||
317 | 285 | 197 | 195 | 149 | 205 | 120 | 2,767 | 251 | 697 | 790 | 1 | 263 |
Net cash used in investing activities | ||||||||||||
-45,078 | -36,653 | -27,630 | -63,880 | -66,184 | -71,551 | -46,098 | -83,109 | -54,734 | -58,746 | -46,410 | -80,265 | -124,622 |
Cash flows from financing activities: | ||||||||||||
Cash flows from financing activities: | ||||||||||||
- | - | - | - | - | 0 | 0 | 0 | 230,174 | 0 | 0 | 0 | 0 |
Redemption of LLC Units from Legacy Owners | ||||||||||||
- | - | - | - | - | 0 | 0 | 0 | 25,897 | 0 | 0 | 0 | 0 |
Repayments of borrowings on term loan | ||||||||||||
438 | 437 | 875 | 0 | 438 | 875 | 437 | 438 | 61,097 | 438 | 51,000 | 3,000 | 3,000 |
Proceeds from borrowings on line-of-credit | ||||||||||||
- | - | - | - | - | - | - | - | - | 30,000 | 54,559 | 51,000 | 5,000 |
Repayments of borrowings on line-of-credit | ||||||||||||
- | - | - | - | - | 0 | 0 | 0 | 30,000 | 54,559 | 104,000 | 0 | 0 |
Proceeds from Liberty Oilfield Services Holdings LLC | ||||||||||||
- | - | - | - | - | 0 | 0 | 0 | 2,115 | 0 | 0 | 0 | 0 |
Payments on finance lease and capital lease obligations | ||||||||||||
2,470 | 1,639 | 3,710 | 3,512 | 3,282 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119 |
Class A Common Stock dividends | ||||||||||||
4,090 | 4,150 | 3,741 | 3,470 | 3,415 | 3,457 | 3,450 | 0 | 0 | - | - | - | - |
Per unit distributions to non-controlling interest unitholders | ||||||||||||
1,532 | 1,532 | 1,858 | 2,178 | 2,179 | 2,261 | -10,631 | 8,916 | 4,125 | 0 | 0 | 0 | 0 |
Other distributions and advance payments to non-controlling interest unitholders | ||||||||||||
2,782 | - | - | - | 222 | - | - | - | - | - | - | - | - |
Share repurchases | ||||||||||||
0 | 0 | 0 | 0 | 18,398 | 28,981 | 53,922 | 0 | 0 | - | - | - | - |
Proceeds from issuance of redeemable common units | ||||||||||||
- | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 39,794 |
Distributions to noncontrolling interest holders | ||||||||||||
- | - | - | - | - | - | - | - | 0 | - | - | - | - |
Payment of equity offering costs | ||||||||||||
- | - | - | - | - | 309 | 45 | 493 | 5,389 | 794 | 3,397 | 0 | 0 |
Net cash used in financing activities | ||||||||||||
-11,312 | -6,677 | -12,240 | -10,524 | -27,934 | -39,845 | -64,582 | -10,129 | 105,781 | -26,080 | -2,600 | 106,776 | 41,675 |
Net decrease in cash and cash equivalents | ||||||||||||
-56,159 | -27,305 | 107,492 | -26,185 | -44,624 | 16,235 | 3,746 | -14,739 | 81,749 | -4,824 | 20,536 | -12,217 | 1,342 |
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for income taxes | ||||||||||||
0 | 0 | 0 | 1,042 | 0 | 7,434 | 4,803 | 9,092 | 5,934 | 0 | 0 | 0 | 0 |
Cash paid for interest | ||||||||||||
2,927 | 3,002 | 4,065 | 2,308 | 3,267 | 3,197 | 3,205 | 3,114 | 4,441 | 4,634 | 1,694 | 1,434 | 2,004 |
Non-cash investing and financing activities: | ||||||||||||
Capital expenditures included in accounts payable and accrued liabilities | ||||||||||||
19,636 | 19,273 | 2,517 | -20,125 | 30,478 | 29,598 | 9,836 | -40,300 | 46,569 | 810 | -5,403 | -18,047 | 41,327 |