v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (246,713) $ (116,082)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation and amortization 80,353 154,149
Impairment of long-lived assets 147,543  
Provision for losses on accounts receivable 12,031 434
Provision for losses on inventory obsolescence 620 359
Loss on disposal of assets 7,112 20,065
Amortization of discount on debt 3,609 1,581
Deferred financing costs amortization 1,287 1,410
Loss on extinguishment of debt   12,558
Share-based compensation expense 10,056 7,755
Changes in assets and liabilities:    
Accounts receivable 23,118 (21,950)
Inventory 468 2
Prepaids and other current assets 6,288 3,226
Accounts payable (23,999) (12,316)
Accrued liabilities (6,208) 5,463
Accrued interest (6,949) 18,190
Net cash provided by operating activities 8,616 74,844
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (55,943) (209,101)
Proceeds from sale of property and equipment and insurance proceeds from damaged property and equipment 20,944 807
Net cash used in investing activities (34,999) (208,294)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 68,957 49,960
Repayments of revolving credit facility (85,497) (65,844)
Proceeds from issuance of long-term debt 31,996 285,000
Repayments of long-term debt (3,750) (75,000)
Payment of fees related to debt extinguishment   (6,560)
Proceeds from issuance of note payable 1,121 9,928
Repayments of note payable (7,507) (6,421)
Repayments of amounts under equipment financing (3,199) (70,619)
Principal payments under finance lease obligation (10,474) (16,699)
Proceeds from issuance of preferred stock and warrants, net 19,596 54,524
Proceeds from issuance of common stock, net 400  
Deferred financing costs (21,402) (13,451)
Net cash (used in) provided by financing activities (9,759) 144,818
Net (decrease) increase in cash and cash equivalents and restricted cash (36,142) 11,368
Cash and cash equivalents and restricted cash, beginning of period 41,404 30,036
Cash and cash equivalents and restricted cash, end of period 5,262 41,404
Supplemental cash flow disclosure:    
Interest paid 26,287 8,838
Income tax paid 144 116
Non-cash investing and financing activities:    
Beneficial conversion feature of Series A preferred stock   20,132
Issuance of warrants to purchase common stock associated with Series A preferred stock offering   10,720
Conversion of Series A preferred stock to Class A common stock 5,032  
Deemed and imputed dividends on Series A preferred stock 11,666 11,206
Changes in accrued and unpaid capital expenditures 9,818 6,874
Assets under finance lease obligations 229 10,513
Financed equipment purchases   66,342
Common Class A [Member]    
Non-cash investing and financing activities:    
Issuance of stock to senior secured term loan lenders 1,438  
Series B Convertible Redeemable Preferred Stock [Member]    
Non-cash investing and financing activities:    
Issuance of stock to senior secured term loan lenders 1,050  
Dividends accrued on preferred stock 2,049  
Series A Convertible Redeemable Preferred Stock [Member]    
Non-cash investing and financing activities:    
Dividends accrued on preferred stock $ 7,214 $ 4,050

Source