FTS International, Inc.

CIK:0001529463|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Predecessor	Successor	Predecessor
Revenue
Revenue	$ 90.9	$ 32.1	$ 286.6	$ 212.4
Revenue from related parties				0.7
Total revenue	90.9	32.1	286.6	213.1
Operating expenses
Costs of revenue (excluding depreciation of $0.0, $16.8, $0.0 and $56.5 respectively, included in depreciation and amortization below)	73.6	30.7	227.3	174.2
Selling, general and administrative	11.7	11.8	34.7	42.7
Depreciation and amortization	13.1	17.8	41.3	59.4
Impairments and other charges	0.5	19.4	1.0	34.0
Loss on disposal of assets, net	1.6		1.6	0.1
Total operating expenses	100.5	79.7	305.9	310.4
Operating loss	(9.6)	(47.6)	(19.3)	(97.3)
Interest expense, net		(7.4)	(0.2)	(22.1)
Gain on extinguishment of debt, net				2.0
Reorganization items	(0.3)	(13.7)	(0.8)	(13.7)
Loss before income taxes	(9.9)	(68.7)	(20.3)	(131.1)
Income tax expense	0.1	0.0	0.2	0.0
Net loss	$ (10.0)	$ (68.7)	$ (20.5)	$ (131.1)
Basic loss per share (in dollars per share)	$ (0.71)	$ (12.77)	$ (1.46)	$ (24.39)
Diluted loss per share (in dollars per share)	$ (0.71)	$ (12.77)	$ (1.46)	$ (24.39)
Shares used in computing basic earnings per share (in thousands)	14,062	5,381	14,016	5,376
Shares used in computing diluted earnings per share (in thousands)	14,062	5,381	14,016	5,376

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Predecessor
Cash flows from operating activities
Net loss	$ (20.5)	$ (131.1)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	41.3	59.4
Stock-based compensation	3.3	9.4
Amortization of debt discounts and issuance costs		2.0
Non-cash reorganization items		12.3
Loss on disposal of assets, net	1.6	0.1
Gain on extinguishment of debt, net		(2.0)
Non-cash provision for supply commitment charges		9.1
Cash paid to settle supply commitment charges		(18.8)
Inventory write-down		5.1
Other non-cash items	0.1	0.9
Changes in operating assets and liabilities:
Accounts receivable	(28.2)	47.5
Inventories	(7.4)	4.8
Prepaid expenses and other assets	0.6	(4.3)
Accounts payable	13.4	(20.9)
Accrued expenses and other liabilities	1.0	(4.3)
Net cash provided by (used in) operating activities	5.2	(30.8)
Cash flows from investing activities
Capital expenditures	(25.8)	(19.3)
Proceeds from disposal of assets	3.1	0.1
Net cash used in investing activities	(22.7)	(19.2)
Cash flows from financing activities
Repayments of long-term debt		(20.6)
Taxes paid related to net share settlement of equity awards	(1.3)	(0.1)
Net cash used in financing activities	(1.3)	(20.7)
Net decrease in cash, cash equivalents, and restricted cash	(18.8)	(70.7)
Cash, cash equivalents, and restricted cash at beginning of period	106.7	223.0
Cash and cash equivalents at end of period	87.9	152.3
Supplemental cash flow information:
Interest paid		14.6
Income tax payments	0.2	0.4
Noncash investing and financing activities:
Capital expenditures included in accounts payable	17.1	0.1
Operating lease liabilities incurred from obtaining right-of-use assets	1.5	0.6
Derecognition of lease liabilities and right-of-use assets due to lease termination	$ 1.1	$ 10.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 87.9	$ 94.0
Accounts receivable, net	55.0	26.9
Inventories	36.4	29.0
Prepaid expenses and other current assets	4.9	19.5
Total current assets	184.2	169.4
Property, plant, and equipment, net	129.2	132.3
Operating lease right-of-use assets	3.0	4.5
Intangible assets, net	7.0	7.4
Other assets	1.5	1.4
Total assets	324.9	315.0
Current liabilities
Accounts payable	57.0	26.9
Accrued expenses	13.8	12.5
Current portion of operating lease liabilities	1.8	3.0
Other current liabilities	0.3	0.3
Total current liabilities	72.9	42.7
Operating lease liabilities	1.9	3.3
Other liabilities	2.0	2.4
Total liabilities	76.8	48.4
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value	0.1	0.1
Additional paid-in capital	281.9	279.9
Accumulated deficit	(33.9)	(13.4)
Total stockholders' equity	248.1	266.6
Total liabilities and stockholders' equity	$ 324.9	$ 315.0