Patterson-UTI Energy, Inc. PTEN Cash Flow

Patterson-uti energy, inc. (PTEN)

CashFlow / Quarterly

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	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Cash flows from operating activities:
Net loss
-434,722	-85,923	-261,719	-49,447	-28,614	-201,249	-75,042	-10,713	-34,417	195,402	-33,769	-92,184	-63,539	-78,122	-84,143	-85,866	-70,503	-58,658	-225,978	-18,975	9,125	57,583	15,976	54,283	34,822	16,591	74,420	40,768	56,230	58,859	50,806	92,538	97,274	87,595	81,928	81,638	71,252	53,854	29,374	29,528	4,186	-18,170	-18,580	-17,743	16,203
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and impairment
186,797	180,011	400,764	208,688	214,410	212,390	281,652	212,384	209,892	211,154	196,642	219,328	156,217	157,225	163,464	170,975	176,770	175,302	332,151	181,924	175,382	180,157	237,825	153,426	147,322	183,118	140,734	137,182	136,435	132,791	142,393	128,477	122,953	127,602	110,713	102,749	96,215	93,563	85,431	78,783	75,716	82,276	69,582	68,257	69,732
Impairment of goodwill
395,060	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dry holes and abandonments
174	15	0	73	21	346	7	466	96	-	-	-	-	-	-	-	-	1,065	45	68	46	213	16	38	283	35	39	5	10	191	32	29	56	992	71	102	48	40	-7	136	350	9	2	-9	127
Deferred income tax benefit
-68,194	-23,704	-64,631	-8,263	-6,604	-16,568	-16,517	-8,382	282	-226,156	-13,506	-53,737	-36,947	-43,115	-50,402	-47,027	-11,616	10,358	-70,006	-16,425	-23,800	94,503	-41,062	225	-9,993	-12,564	17,385	21,193	24,555	28,705	29,155	54,169	48,407	48,808	40,158	31,382	38,619	107,122	18,980	14,465	6,923	105,815	-6,295	-7,199	9,122
Stock-based compensation expense
9,160	9,270	9,670	11,050	9,338	9,476	9,177	9,907	9,365	9,382	12,931	15,039	7,131	7,194	6,938	6,981	7,211	7,324	7,355	6,976	6,855	7,087	6,986	6,248	6,711	6,863	6,909	6,216	5,903	5,982	5,963	5,782	5,458	5,538	5,516	5,543	4,307	4,898	3,894	3,861	4,126	4,366	4,409	4,825	4,614
Net gain on asset disposals
1,239	2,751	637	3,971	6,545	7,772	3,714	7,062	10,410	14,431	3,712	1,807	13,560	4,963	2,541	4,822	2,445	3,337	1,362	2,998	2,916	7,076	3,870	3,091	1,744	1,098	1,378	1,033	-125	1,111	1,963	28,332	2,400	941	1,437	1,017	1,604	872	250	21,939	-249	-3,808	868	-234	-211
Credit loss expense
1,055	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-500	0	0	1,600	-	-	-	-	-	-	-	-	-9,845	285	1,750	4,000
Tax expense related to stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-27	1,900	2,672	323	-	-	-	34	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-244	1,051	1,251	233	284	953	2,358	-591
Amortization of debt discount and issuance costs
228	269	225	222	221	223	220	217	170	86	87	86	87	86	1,461	361	362	361	362	359	163	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable
-19,490	-69,378	-90,022	-43,259	-10,929	-91,490	45,612	5,895	16,468	-6,925	110,865	73,251	62,291	2,415	16,817	-54,197	-37,362	-81,580	-29,128	-153,504	-176,672	71,020	86,076	21,529	35,434	-35,669	-12,363	10,805	25,220	-5,123	-57,937	-27,661	38,109	49,794	61,955	23,264	48,152	80,989	50,073	21,650	25,732	42,043	9,493	-460,256	194,907
Income taxes receivable
-1,978	-599	218	-2,958	-14	-4,830	3,297	-41	19	2,489	-2,640	1,389	-248	58,903	-30,853	-1,017	3,346	101,932	-145,564	-19,184	112,711	-106,053	27,174	-27,653	14,180	-1,139	-2,894	9,747	-1,267	-6,821	-1,143	10,265	-5,807	-1,600	-2,269	-71,417	-2,332	70,687	-519	-117,307	3,617	108,548	3,711	-2,443	-1,152
Inventory and other assets
-8,392	12,698	-46,059	10,559	-6,592	-6,552	-17,255	27,986	-2,709	-2,949	-2,788	39,117	-9,931	2,212	-4,081	-822	-2,973	-12,298	-15,140	-1,994	-9,561	-29	-15,477	24,409	-2,513	2,520	-15,895	19,477	-6,672	3,581	-2,749	-776	-5,332	2,866	-3,094	14,924	-1,205	1,908	-6,419	11,035	2,248	-6,440	-6,008	-6,334	4,604
Accounts payable
-22,999	-33,416	-27,329	917	-17,858	-37,518	-8,503	-918	-22,514	12,573	33,127	47,120	11,252	31,676	6,086	-10,850	-14,888	-10,909	-12,316	-43,228	-65,196	14,756	21,853	27,748	22,264	-10,876	-3,295	4,117	21,385	-12,097	-4,636	-38,884	30,418	-16,025	47,371	-3,404	14,053	17,902	13,233	-1,024	19,465	26,793	4,120	-9,985	-73,601
Accrued liabilities
-15,592	-1,225	1,891	-21,755	2,871	-21,344	26,022	-11,716	11,174	-30,107	28,919	-9,769	-3,233	-16,957	14,042	-14,462	-7,196	-17,577	9,168	-7,453	5,559	-9,576	10,292	13,770	-1,648	6,868	7,558	5,245	-17,698	1,982	3,232	972	-12,234	11,853	-5,403	17,212	-5,349	-155	1,889	18,970	-2,632	4,332	814	-2,795	-23,529
Other liabilities
-2,341	-4,130	-2,038	-2,056	-915	-401	269	9	67	692	183	-519	261	1,991	-343	-460	-628	-905	-1,380	-920	857	1,137	1,563	1,626	221	52	-167	-38	53	-97	68	89	-897	-1,662	-1,701	-5,268	520	1,016	1,028	684	506	-37	-22	-60	27
Net cash used in operating activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-339	-297	0	0	10,687	-22,363	15,209	30,283	9,630
Net cash provided by operating activities
73,291	112,362	218,542	181,467	183,832	241,924	188,511	150,270	149,965	169,446	115,880	9,828	5,557	52,328	70,779	68,194	113,733	193,398	165,378	235,676	404,985	162,393	206,154	180,682	179,497	232,171	273,357	173,626	209,717	222,990	286,881	231,804	263,665	212,700	220,624	262,166	173,107	123,231	108,886	205,835	87,746	40,169	60,507	138,697	214,304
Acquisitions, net of cash acquired
-	0	0	0	13	10,411	0	0	3,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment
71,928	64,224	68,028	96,919	118,341	160,890	162,785	194,862	122,921	237,236	143,061	118,350	68,440	39,288	28,677	30,533	21,301	135,556	144,587	222,167	241,466	278,550	285,753	317,666	170,372	179,177	150,686	158,437	174,161	229,640	232,283	248,662	263,403	300,142	283,818	245,066	182,552	224,411	214,834	189,907	108,938	102,205	103,898	156,751	89,792
Proceeds from disposal of assets and insurance claims
4,280	13,327	918	9,462	22,054	19,349	7,003	10,711	10,294	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from disposal of assets
-	-	-	-	-	-	-	-	-	-	4,675	9,136	25,861	3,505	6,034	7,250	5,100	4,894	5,192	4,901	5,827	10,734	7,508	8,401	6,590	2,104	3,689	3,886	707	2,332	4,750	54,294	4,651	13,441	1,580	5,520	1,954	2,185	1,993	24,943	288	186	2,555	214	404
Net cash provided by investing activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	25,500	-8	0	0	42,646	0	-143	58	31
Net cash used in investing activities
-67,648	-50,897	-67,110	-87,457	-96,300	-151,952	-155,782	-160,391	-116,427	-283,723	-140,906	-543,408	-42,579	-35,783	-22,488	-23,283	-16,201	-130,662	-139,395	-217,266	-235,639	-444,117	-278,245	-309,265	-163,782	-177,073	-146,997	-154,551	-173,454	-227,308	-227,533	-194,368	-258,752	-286,701	-282,238	-239,546	-155,098	-460,256	-212,841	-164,964	-66,004	-102,019	-101,486	-156,479	-89,357
Proceeds from equity offering
-	-	-	-	-	-	-	-	-	-	0	0	471,570	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of treasury stock
20,025	25,192	76,123	79,039	75,113	50,082	51,776	42,951	16,928	-	-	-	-	-	-	-	-	-	-	-	-	0	0	13,511	43	104	63,375	7,157	2,874	60,106	38,849	71,322	15	95	3	4,196	20	5	415	1,045	388	0	445	962	216
Dividends paid
7,629	7,738	7,847	8,344	8,499	8,629	8,685	8,832	4,443	4,449	4,271	4,269	3,326	2,961	2,953	2,953	14,712	14,711	14,712	14,712	14,640	14,636	14,634	14,562	14,456	7,208	7,231	7,361	7,312	7,346	7,518	7,650	7,788	7,788	7,777	7,772	7,708	7,709	7,704	7,706	7,677	7,676	7,675	7,675	7,655
Proceeds from long-term debt
-	-	-	-	-	0	0	0	521,194	-	-	-	-	-	-	-	-	0	0	0	200,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	0	230,000	15,000	10,000	10,000	7,500	7,500	2,500	2,500	2,500	2,500	2,500	2,500	1,250	1,250	1,250	1,250	0	90,000	2,500	2,500	1,250	1,250	1,250	-	-	-	-	-	-	-	-
Tax benefit related to stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	47	126	6,595	1,961	3	-71	2,125	2,737	-	-	-	166	555	597	4,906	335	-	-	-	-	-	-	-	-
Proceeds from borrowings under revolving credit facility
-	-	-	-	-	0	0	0	79,000	317,000	121,000	151,000	10,000	-	-	-	-	0	0	0	54,000	-	-	-	-	-	-	-	-	0	0	68,900	54,500	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of borrowings under revolving credit facility
-	-	-	-	-	0	0	0	347,000	193,000	92,000	36,000	10,000	-	-	-	-	0	0	0	357,000	-	-	-	-	-	-	-	-	0	0	177,400	56,000	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
-	-	-	-	-	20	136	135	4,198	-	-	-	-	-	-	-	-	0	0	39	1,940	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	621	5,548
Proceeds from exercise of stock options
-	-	-	-	-	0	0	0	485	-	-	-	-	-	-	-	-	-	-	-	-	116	8,461	14,232	8,033	0	0	664	6,295	674	65	0	195	2,771	1,032	12,609	399	235	0	127	163	190	108	234	37
Net cash provided by financing activities
-27,654	-52,045	-242,181	-87,383	-83,612	-58,731	-60,597	-51,918	228,110	119,674	21,647	107,004	468,244	-17,692	-221,310	-21,564	-24,712	-25,169	-22,883	-29,132	-122,080	286,027	-8,547	-9,746	-7,005	-9,809	-71,927	-12,979	-2,404	31,922	-52,284	20,813	-11,442	87,143	8,399	4,297	-8,244	290,820	81,553	-8,624	-7,902	-7,486	-8,012	-9,024	-13,382
Effect of foreign exchange rate changes on cash
26	-64	64	-14	-48	-244	-8	-304	-225	-408	1,086	100	234	-673	364	-277	391	-686	-3,141	311	-3,361	115	-1,605	1,420	-473	-416	1,326	-1,250	-551	-354	1,110	-775	408	159	-724	-3	293	-99	339	-152	167	-30	569	2,183	-500
Net increase in cash and cash equivalents
-21,985	9,356	-90,685	6,613	3,872	30,997	-27,876	-62,343	261,423	4,989	-2,293	-426,476	431,456	-1,820	-172,655	23,070	73,211	36,881	-41	-10,411	43,905	4,418	-82,243	-136,909	8,237	44,873	55,759	4,846	33,308	27,250	8,174	57,474	-6,121	13,301	-53,939	26,914	10,058	-46,304	-22,063	32,095	14,007	-69,366	-48,422	-24,623	111,065
Supplemental disclosure of cash flow information:
Net cash paid during the period for:
Interest, net of capitalized interest of $252 in 2020 and $257 in 2019
11,401	33,589	18,357	14,235	10,689	13,878	11,733	13,367	2,206	16,617	1,696	16,006	634	14,578	1,721	16,479	3,773	14,718	2,228	15,723	783	-	-	-	-	13,525	17	12,686	0	24,059	745	-7,789	-364	-7,482	512	-4,520	-1,687	-5,251	1,298	3,433	-1,700	3,244	-923	-502	-15
Income taxes
-2	-591	266	-1,112	-15	-105	3,256	0	21	81	2,899	719	248	7,729	25,384	-22	19,625	33,548	127,525	19,395	-83,135	200,205	-20,163	-44,088	-10,001	11,239	44,599	-9,695	-3,543	16,084	-870	-5,860	-1,390	-782	-1,318	61,530	-179	5	-66	114,815	912	6,275	-321	8,339	-264
Non-cash investing and financing activities:
Receivable from property and equipment insurance
-	-	-	-	-	0	0	0	15,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in payables for purchases of property and equipment
-7,365	-4,916	-6,006	-19,171	-10,764	-24,304	-14,487	12,544	62,488	-31,691	14,981	12,641	21,297	12,042	7,601	-4,780	14,063	-71,937	-44,884	-49,603	-884	-3,123	29,128	27,341	68,802	2,919	-13,649	-40,208	24,039	-41,126	4,955	5,780	2,553	-10,268	-9,702	40,587	17,221	-	-	-	-	-	-	-	-
Net decrease in deposits on equipment purchases
1,336	-813	59	3,193	1,535	7,018	2,712	-3,125	-2,294	-1,324	-2,110	6,189	-3,056	1,650	270	425	3,972	13,496	11,878	32,418	32,220	-91	-34,170	-20,881	-4,677	-11,533	-11,040	5,926	7,863	11,005	33,792	9,070	1,900	-18,611	-14,629	5,284	-20,503	-1,224	-16,920	-15,228	-16,798	-915	13,328	10,199	20,417