SEC Filings

10-K
HORNBECK OFFSHORE SERVICES INC /LA filed this Form 10-K on 02/28/2018
Entire Document
 

HORNBECK OFFSHORE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Year Ended December 31,
 
2017
 
2016
 
2015
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Income (loss) from operations
$
27,421

 
$
(63,846
)
 
$
66,821

Adjustments to reconcile income (loss) from operations to net cash provided by operating activities:
 
 
 
 
 
Depreciation
98,733

 
93,071

 
82,566

Amortization
13,168

 
20,485

 
26,463

Stock-based compensation expense
6,999

 
9,983

 
10,293

Gain on early extinguishment of debt
(15,478
)
 

 

Provision for bad debts
3,934

 
(757
)
 
(816
)
Deferred tax expense (benefit)
(141,525
)
 
(45,958
)
 
34,086

Amortization of deferred financing costs
8,119

 
11,371

 
9,675

(Gain) loss on sale of assets
121

 
(54
)
 
(44,060
)
Changes in operating assets and liabilities:
 
 
 
 
 
Accounts receivable
(8,525
)
 
58,322

 
39,743

Other current and long-term assets
2,106

 
(2,272
)
 
8,472

Deferred drydocking charges
(8,063
)
 
(3,978
)
 
(13,267
)
Accounts payable
9,405

 
(10,901
)
 
(10,486
)
Accrued liabilities and other liabilities
(11,044
)
 
(11,935
)
 
7,700

Accrued interest
(29
)
 
(31
)
 
(95
)
Net cash provided by (used in) operating activities
(14,658
)
 
53,500

 
217,095

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Costs incurred for OSV newbuild program #5
(18,104
)
 
(76,277
)
 
(190,070
)
Net proceeds from sale of assets
43

 
524

 
152,000

Vessel capital expenditures
(1,687
)
 
(20,689
)
 
(86,792
)
Non-vessel capital expenditures
(1,552
)
 
(569
)
 
(16,487
)
Net cash used in investing activities
(21,300
)
 
(97,011
)
 
(141,349
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Proceeds from first-lien credit facility
66,640

 

 

Repurchase of senior notes
(5,057
)
 

 

Repurchase of convertible notes
(49,631
)
 

 

Deferred financing costs
(5,636
)
 
(1,102
)
 
(2,089
)
Shares withheld for payment of employee withholding taxes
(575
)
 
(450
)
 
(1,252
)
Net cash proceeds from other shares issued
485

 
1,300

 
3,112

Net cash provided by (used in) financing activities
6,226

 
(252
)
 
(229
)
Effects of exchange rate changes on cash
(446
)
 
989

 
(839
)
Net increase (decrease) in cash and cash equivalents
(30,178
)
 
(42,774
)
 
74,678

Cash and cash equivalents at beginning of period
217,027

 
259,801

 
185,123

Cash and cash equivalents at end of period
$
186,849

 
$
217,027

 
$
259,801

SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
 
 
 
 
 
Cash paid for interest
$
52,194

 
$
50,152

 
$
50,492

Cash paid for (refunds of) income taxes
$
(9,042
)
 
$
3,732

 
$
4,808

SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES:
 
 
 
 
 
Exchange of convertible notes for first-lien term loan
$
127,096

 
$

 
$


The accompanying notes are an integral part of these consolidated statements
F - 7