Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)



	December 31, 2019
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	14,461		$	—	$	10,158		$	—		$	24,619
Restricted cash	998			—		—			—			998
Receivables, net of allowance	107			92,394		30,908			117			123,526
Intercompany receivable (payable)	(28,664		)	64,485		(35,821		)	—			—
Inventory	—			10,325		12,128			—			22,453
Assets held for sale	—			3,447		—			—			3,447
Prepaid expenses and other current assets	2,849			4,122		898			—			7,869
Total current assets	(10,249		)	174,773		18,271			117			182,912
Net property and equipment	2,374			441,567		27,229			—			471,170
Investment in subsidiaries	547,123			47,953		—			(595,076		)	—
Deferred income taxes	44,224			—		11,540			(44,224		)	11,540
Operating lease assets	3,114			3,581		569			—			7,264
Other noncurrent assets	506			562		—			—			1,068
Total assets	$	587,092		$	668,436	$	57,609		$	(639,183	)	$	673,954
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,811		$	24,436	$	6,304		$	—		$	32,551
Deferred revenues	—			513		826			—			1,339
Accrued expenses	10,570			44,893		2,111			117			57,691
Total current liabilities	12,381			69,842		9,241			117			91,581
Long-term debt, less unamortized discount and debt issuance costs	467,699			—		—			—			467,699
Noncurrent operating lease liabilities	2,749			2,536		415			—			5,700
Deferred income taxes	—			48,641		—			(44,224		)	4,417
Other noncurrent liabilities	187			294		—			—			481
Total liabilities	483,016			121,313		9,656			(44,107		)	569,878
Total shareholders’ equity	104,076			547,123		47,953			(595,076		)	104,076
Total liabilities and shareholders’ equity	$	587,092		$	668,436	$	57,609		$	(639,183	)	$	673,954

	December 31, 2018
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	50,350		$	—	$	3,216		$	—		$	53,566
Restricted cash	998			—		—			—			998
Receivables, net of allowance	436			95,030		35,219			196			130,881
Intercompany receivable (payable)	(27,245		)	67,098		(39,853		)	—			—
Inventory	—			9,945		8,953			—			18,898
Assets held for sale	—			3,582		—			—			3,582
Prepaid expenses and other current assets	1,743			3,197		2,169			—			7,109
Total current assets	26,282			178,852		9,704			196			215,034
Net property and equipment	2,022			494,376		28,460			—			524,858
Investment in subsidiaries	574,695			25,370		—			(600,065		)	—
Deferred income taxes	42,585			—		—			(42,585		)	—
Other noncurrent assets	596			511		551			—			1,658
Total assets	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,093		$	26,795	$	8,878		$	—		$	36,766
Deferred revenues	—			95		1,627			—			1,722
Accrued expenses	14,020			49,640		2,424			196			66,280
Total current liabilities	15,113			76,530		12,929			196			104,768
Long-term debt, less unamortized discount and debt issuance costs	464,552			—		—			—			464,552
Deferred income taxes	—			46,273		—			(42,585		)	3,688
Other noncurrent liabilities	1,457			1,611		416			—			3,484
Total liabilities	481,122			124,414		13,345			(42,389		)	576,492
Total shareholders’ equity	165,058			574,695		25,370			(600,065		)	165,058
Total liabilities and shareholders’ equity	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)



	Year ended December 31, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	486,860		$	88,932		$	—		$	575,792
Costs and expenses:
Operating costs	—			366,352			65,001			—			431,353
Depreciation	944			84,275			5,665			—			90,884
General and administrative	43,376			45,451			2,898			(540		)	91,185
Bad debt expense	—			(79		)	—			—			(79		)
Impairment	—			2,667			—			—			2,667
Gain (loss) on dispositions of property and equipment, net	3			(3,752		)	(764		)	—			(4,513		)
Intercompany leasing	—			(4,860		)	4,860			—			—
Total costs and expenses	44,323			490,054			77,660			(540		)	611,497
Income (loss) from operations	(44,323		)	(3,194		)	11,272			540			(35,705		)
Other income (expense):
Equity in earnings of subsidiaries	18,184			23,008			—			(41,192		)	—
Interest expense, net of interest capitalized	(39,816		)	13			(32		)	—			(39,835		)
Other income	451			1,311			1,085			(540		)	2,307
Total other income (expense)	(21,181		)	24,332			1,053			(41,732		)	(37,528		)
Income (loss) before income taxes	(65,504		)	21,138			12,325			(41,192		)	(73,233		)
Income tax (expense) benefit ¹	1,600			(2,954		)	10,683			—			9,329
Net income (loss)	$	(63,904	)	$	18,184		$	23,008		$	(41,192	)	$	(63,904	)

	Year ended December 31, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	505,936		$	84,161		$	—		$	590,097
Costs and expenses:
Operating costs	—			365,848			64,065			—			429,913
Depreciation	1,127			86,799			5,628			—			93,554
General and administrative	22,506			49,231			2,800			(420		)	74,117
Bad debt expense	—			271			—			—			271
Impairment	—			4,422			—			—			4,422
Gain (loss) on dispositions of property and equipment, net	1			(3,068		)	(54		)	—			(3,121		)
Intercompany leasing	—			(4,860		)	4,860			—			—
Total costs and expenses	23,634			498,643			77,299			(420		)	599,156
Income (loss) from operations	(23,634		)	7,293			6,862			420			(9,059		)
Other income (expense):
Equity in earnings of subsidiaries	8,966			5,669			—			(14,635		)	—
Interest expense, net of interest capitalized	(38,765		)	(16		)	(1		)	—			(38,782		)
Other income (expense)	578			867			(287		)	(420		)	738
Total other income (expense), net	(29,221		)	6,520			(288		)	(15,055		)	(38,044		)
Income (loss) before income taxes	(52,855		)	13,813			6,574			(14,635		)	(47,103		)
Income tax (expense) benefit ¹	3,844			(4,847		)	(905		)	—			(1,908		)
Net income (loss)	$	(49,011	)	$	8,966		$	5,669		$	(14,635	)	$	(49,011	)

¹ The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)



	Year ended December 31, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(81,025	)	$	81,945		$	11,102		$	—	$	12,022

Cash flows from investing activities:
Purchases of property and equipment	(814		)	(44,555		)	(4,677		)	—		(50,046		)
Proceeds from sale of property and equipment	—			7,619			114			—		7,733
Proceeds from insurance recoveries	—			641			828			—		1,469
	(814		)	(36,295		)	(3,735		)	—		(40,844		)

Cash flows from financing activities:
Purchase of treasury stock	(125		)	—			—			—		(125		)
Intercompany contributions/distributions	46,075			(45,650		)	(425		)	—		—
	45,950			(45,650		)	(425		)	—		(125		)

Net increase (decrease) in cash, cash equivalents and restricted cash	(35,889		)	—			6,942			—		(28,947		)
Beginning cash, cash equivalents and restricted cash	51,348			—			3,216			—		54,564
Ending cash, cash equivalents and restricted cash	$	15,459		$	—		$	10,158		$	—	$	25,617

	Year ended December 31, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(51,948	)	$	84,663		$	6,940		$	—	$	39,655

Cash flows from investing activities:
Purchases of property and equipment	(1,077		)	(59,478		)	(6,593		)	—		(67,148		)
Proceeds from sale of property and equipment	—			5,826			38			—		5,864
Proceeds from insurance recoveries	—			1,066			16			—		1,082
	(1,077		)	(52,586		)	(6,539		)	—		(60,202		)

Cash flows from financing activities:
Proceeds from exercise of options	12			—			—			—		12
Purchase of treasury stock	(549		)	—			—			—		(549		)
Intercompany contributions/distributions	32,525			(32,077		)	(448		)	—		—
	31,988			(32,077		)	(448		)	—		(537		)

Net decrease in cash, cash equivalents and restricted cash	(21,037		)	—			(47		)	—		(21,084		)
Beginning cash, cash equivalents and restricted cash	72,385			—			3,263			—		75,648
Ending cash, cash equivalents and restricted cash	$	51,348		$	—		$	3,216		$	—	$	54,564