XML 24 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) attributable to Flotek Industries, Inc. (Flotek) $ 18,394,000 $ (74,967,000)
Income (loss) from discontinued operations, net of tax 46,764,000 3,192,000
Loss from continuing operations (28,370,000) (78,159,000)
Adjustments to reconcile loss from continuing operations to net cash used in operating activities:    
Depreciation and amortization 4,379,000 4,676,000
Amortization of deferred financing costs 1,428,000 192,000
Provision for doubtful accounts 102,000 (471,000)
Provision for excess and obsolete inventory 0 1,942,000
Impairment of goodwill 0 37,180,000
Loss on write-down of assets held for sale 0 2,580,000
Loss on disposal of long-lived assets 1,093,000 62,000
Non-cash lease expense 464,000  
Stock compensation expense 1,669,000 4,385,000
Deferred income tax provision 17,855,000 15,459,000
Reduction in tax benefit related to share-based awards 24,000 72,000
Changes in current assets and liabilities:    
Restricted cash (661,000) 0
Accounts receivable, net 6,289,000 5,881,000
Inventories, net 907,000 (2,080,000)
Income taxes receivable (281,000) 63,000
Other current assets (16,209,000) 1,151,000
Accounts payable (4,157,000) 4,325,000
Accrued liabilities (10,216,000) (16,889,000)
Income taxes payable 1,182,000 0
Interest payable (8,000) (19,000)
Net cash used in operating activities (24,510,000) (19,650,000)
Cash flows from investing activities:    
Capital expenditures (767,000) (2,631,000)
Proceeds from sales of business 169,722,000 0
Proceeds from sale of assets 140,000 90,000
Purchase of patents and other intangible assets (227,000) (181,000)
Net cash provided by (used in) investing activities 168,868,000 (2,722,000)
Cash flows from financing activities:    
Borrowings on revolving credit facility 42,984,000 146,038,000
Repayments on revolving credit facility (92,715,000) (124,862,000)
Debt issuance costs 0 (98,000)
Purchase of treasury stock related to share-based awards (142,000) (24,000)
Proceeds from sale of common stock 0 247,000
Payments for finance leases (38,000)  
Loss from noncontrolling interest 0 (357,000)
Net cash (used in) provided by financing activities (49,911,000) 20,944,000
Discontinued operations:    
Net cash (used in) provided by operating activities (321,000) 644,000
Net cash provided by (used in) investing activities 337,000 (630,000)
Net cash flows provided by discontinued operations 16,000 14,000
Effect of changes in exchange rates on cash and cash equivalents 2,000 (74,000)
Net increase (decrease) in cash and cash equivalents 94,465,000 (1,488,000)
Cash and cash equivalents at the beginning of period 3,044,000 4,584,000
Cash and cash equivalents at the end of period $ 97,509,000 $ 3,096,000