Nine Energy Service Inc
For the period ended Mar 31, 2024. Filed May 7, 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.
Mar 31, 2024 · Filed May 7, 2024
NINE$7.26+8.8%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
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(8,055) | $(6,109) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
| Depreciation | 6,734 | 7,420 |
| Amortization of intangibles | 2,796 | 2,896 |
| Amortization of operating leases | 3,294 | 2,596 |
| Amortization of deferred financing costs | 1,795 | 2,408 |
| Provision for (recovery of) doubtful accounts | (1) | 175 |
| Provision for inventory obsolescence | 220 | 319 |
| Stock-based compensation expense | 581 | 489 |
| Gain on sale of property and equipment | (26) | (330) |
| Gain on revaluation of contingent liability | (74) | (292) |
| Changes in operating assets and liabilities | ||
| Accounts receivable, net | (2,533) | 6,589 |
| Inventories, net | (2,229) | (5,421) |
| Prepaid expenses and other current assets | (430) | 1,222 |
| Accounts payable and accrued expenses | (7,796) | (6,357) |
| Income taxes receivable/payable | 148 | 867 |
| Operating lease obligations | (3,251) | (2,555) |
| Other assets and liabilities | (10) | 48 |
| Net cash provided by (used in) operating activities | (8,837) | 3,965 |
| Cash flows from investing activities | ||
| Proceeds from sales of property and equipment | 28 | 219 |
| Proceeds from property and equipment casualty losses | — | 840 |
| Purchases of property and equipment | (5,488) | (6,343) |
| Net cash used in investing activities | (5,460) | (5,284) |
| Cash flows from financing activities | ||
| Proceeds from ABL Credit Facility | — | 40,000 |
| Payments on ABL Credit Facility | (5,000) | — |
| Proceeds from Units offering, net of discount | — | 279,750 |
| Redemption of 2023 Notes | — | (307,339) |
| Payments of short-term debt | (1,054) | (962) |
| Cost of debt issuance | — | (5,915) |
| Payments on finance leases | (10) | (124) |
| Payments of contingent liability | (159) | (66) |
| Net cash provided by (used in) financing activities | (6,223) | 5,344 |
| Impact of foreign currency exchange on cash | (83) | (96) |
| Net increase (decrease) in cash and cash equivalents | (20,603) | 3,929 |
| Cash and cash equivalents | ||
| Cash and cash equivalents beginning of period | $30,840 | $17,445 |
| Cash and cash equivalents end of period | $10,237 | $21,374 |
| Supplemental disclosures of cash flow information: | ||
|---|---|---|
| Cash paid for interest | $20,883 | $7,502 |
| Cash paid for income taxes | $14 | $19 |
| Cash paid for operating leases | $3,251 | $2,555 |
| Right of use assets obtained in exchange for operating lease obligations | $1,256 | $5,320 |
| Supplemental schedule of non-cash investing and financing activities: | ||
| Right of use assets obtained in exchange for finance lease obligations | $— | $28 |
| Capital expenditures in accounts payable and accrued expenses | $1,211 | $2,073 |
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