FORUM ENERGY TECHNOLOGIES INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
FET$72.08+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed consolidated statements of cash flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net loss | $(31,826) | $(2,096) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation expense | 12,660 | 7,920 |
| Amortization of intangible assets | 28,896 | 18,074 |
| Inventory write down | 3,313 | 1,918 |
| Stock-based compensation expense | 5,180 | 3,345 |
| Loss on extinguishment of debt | 2,302 | — |
| Deferred income taxes | (3,180) | (93) |
| Other | 5,572 | 4,702 |
| Changes in operating assets and liabilities | ||
| Accounts receivable—trade | 7,619 | (4,779) |
| Inventories | 23,441 | (35,613) |
| Prepaid expenses and other current assets | 4,572 | 413 |
| Cost and estimated profit in excess of billings | (2,766) | 6,819 |
| Accounts payable, deferred revenue and other accrued liabilities | (2,499) | (8,257) |
| Billings in excess of costs and profits recognized | 391 | 4,570 |
| Net cash provided by (used in) operating activities | 53,675 | (3,077) |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | (5,735) | (5,497) |
| Proceeds from sale of property and equipment | 236 | 1,341 |
| Payments related to business acquisition, net of cash acquired | (150,408) | — |
| Net cash used in investing activities | (155,907) | (4,156) |
| Cash flows from financing activities | ||
| Borrowings on Credit Facility | 568,293 | 351,635 |
| Repayments on Credit Facility | (459,250) | (351,635) |
| Cash paid to repurchase 2025 Notes | (72,996) | — |
| Proceeds from issuance of Seller Term Loan | 59,677 | — |
| Payment of Seller Term Loan | (1,250) | — |
| Payment of capital lease obligations | (887) | (910) |
| Deferred financing costs | (3,070) | — |
| Repurchases of stock | — | (3,497) |
| Payment of withheld taxes on stock-based compensation plans | (1,090) | (2,499) |
| Net cash provided by (used in) financing activities | 89,427 | (6,906) |
| Effect of exchange rate changes on cash | (47) | 261 |
| Net decrease in cash, cash equivalents and restricted cash | (12,852) | (13,878) |
| Cash, cash equivalents and restricted cash at beginning of period | 46,165 | 51,029 |
| Cash, cash equivalents and restricted cash at end of period | $33,313 | $37,151 |
| Noncash activities | ||
| Operating lease assets obtained in exchange for lease obligations | $6,574 | $5,194 |
| Finance lease assets obtained in exchange for lease obligations | 2,032 | 1,521 |
| Stock issuance related to business acquisition | 44,220 | — |
| Liability awards converted to shares settled | 337 | — |
| Accrued purchases of property and equipment | 1,225 | — |
| Conversion of debt to common stock | — | 113,650 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.