Company Quick10K Filing
Tetra Technologies
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 126 $227
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-04 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-05 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-04 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-04 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-01 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-12-10 Impairments, Regulation FD, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-24 Officers, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-22 Officers
8-K 2019-05-20 Officers
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-05-02 Officers, Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2019-03-27 Officers
8-K 2019-02-28 Earnings, Exhibits
8-K 2019-02-25 Officers, Exhibits
8-K 2018-12-26 Officers, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-09-30 Officers
8-K 2018-09-10 Enter Agreement, Leave Agreement, Off-BS Arrangement, Shareholder Rights, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-07-16 Officers
8-K 2018-07-13 Officers, Exhibits
8-K 2018-05-31 Regulation FD, Exhibits
8-K 2018-05-21 Regulation FD
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-05-04 Officers, Shareholder Vote, Regulation FD, Exhibits
8-K 2018-04-27 Regulation FD, Exhibits
8-K 2018-02-28 Sale of Shares, Regulation FD, Other Events, Exhibits
8-K 2018-02-28 Regulation FD, Other Events, Exhibits
8-K 2018-02-28 Earnings, Exhibits
8-K 2018-02-28 Enter Agreement, Regulation FD, Exhibits
8-K 2018-02-22 Officers
8-K 2018-02-13 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-02-08 Officers, Exhibits
TTI 2019-09-30
Part I
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 a20190930ex311.htm
EX-31.2 a20190930ex312.htm
EX-32.1 a20190930ex321.htm
EX-32.2 a20190930ex322.htm

Tetra Technologies Earnings 2019-09-30

TTI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RGCO 228 244 69 58 0 9 23 317 0% 14.0 4%
SD 227 1,047 215 331 0 47 165 270 0% 1.6 5%
TTI 227 1,439 1,144 1,072 171 -20 61 1,058 16% 17.5 -1%
PHX 224 207 70 63 0 16 39 264 0% 6.8 8%
EPM 221 96 16 43 0 18 28 190 0% 6.7 19%
REI 218 961 445 153 117 22 42 207 76% 4.9 2%
CHAP 205 1,291 553 246 107 -82 47 566 44% 12.0 -6%
AXAS 184 419 265 147 0 44 96 370 0% 3.9 10%
GDP 182 234 153 119 0 22 77 275 0% 3.6 9%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended SEPTEMBER 30, 2019
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from             to            .
 
Commission File Number 1-13455
 
TETRA Technologies, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
74-2148293
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
 
 
24955 Interstate 45 North
 
The Woodlands,
 
Texas
77380
(Address of Principal Executive Offices)
(Zip Code)
(281) 367-1983
(Registrant’s Telephone Number, Including Area Code)

_______________________________________________________________________
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
TTI
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes   No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

 As of November 6, 2019, there were 125,540,626 shares outstanding of the Company’s Common Stock, $0.01 par value per share.




TETRA Technologies, Inc. and Subsidiaries
Table of Contents
 
Page
PART I—FINANCIAL INFORMATION
 
 
 
 
PART II—OTHER INFORMATION
 




Table of Contents

PART I
FINANCIAL INFORMATION
 
Item 1. Financial Statements.
 
TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 

 
 

 
 
 
 
Product sales
$
93,377

 
$
102,070

 
$
320,508

 
$
285,136

Services
152,570

 
154,781

 
457,963

 
431,168

Total revenues
245,947

 
256,851

 
778,471

 
716,304

Cost of revenues:
 

 
 

 
 
 
 
Cost of product sales
71,957

 
81,817

 
254,798

 
228,146

Cost of services
98,356

 
101,304

 
298,911

 
283,224

Depreciation, amortization, and accretion
30,867

 
29,460

 
93,312

 
84,880

Impairments and other charges
849

 
2,940

 
3,306

 
2,940

Insurance recoveries
(1,042
)
 

 
(1,392
)
 

Total cost of revenues
200,987

 
215,521

 
648,935

 
599,190

Gross profit
44,960

 
41,330

 
129,536

 
117,114

General and administrative expense
34,926

 
34,446

 
105,498

 
98,866

Interest expense, net
18,146

 
18,894

 
55,054

 
52,246

Warrants fair value adjustment (income) expense
78

 
(179
)
 
(1,035
)
 
22

CCLP Series A Preferred Units fair value adjustment (income) expense

 
498

 
1,309

 
1,344

Other (income) expense, net
(690
)
 
619

 
(1,014
)
 
7,203

Loss before taxes and discontinued operations
(7,500
)
 
(12,948
)
 
(30,276
)
 
(42,567
)
Provision (benefit) for income taxes
1,579

 
(96
)
 
5,678

 
3,474

Loss before discontinued operations
(9,079
)
 
(12,852
)
 
(35,954
)
 
(46,041
)
Discontinued operations:
 
 
 
 
 
 
 
Income (loss) from discontinued operations (including 2018 loss on disposal of $33.8 million), net of taxes
(9,130
)
 
796

 
(9,901
)
 
(40,931
)
Net loss
(18,209
)
 
(12,056
)
 
(45,855
)
 
(86,972
)
Less: loss attributable to noncontrolling interest
2,378

 
5,120

 
12,273

 
20,423

Net loss attributable to TETRA stockholders
$
(15,831
)
 
$
(6,936
)
 
$
(33,582
)
 
$
(66,549
)
Basic net loss per common share:
 

 
 
 
 
 
 
Loss before discontinued operations attributable to TETRA stockholders
$
(0.06
)
 
$
(0.06
)
 
$
(0.19
)
 
$
(0.21
)
Loss from discontinued operations attributable to TETRA stockholders
$
(0.07
)
 
$
0.00

 
$
(0.08
)
 
$
(0.33
)
Net loss attributable to TETRA stockholders
$
(0.13
)
 
$
(0.06
)
 
$
(0.27
)
 
$
(0.54
)
Average shares outstanding
125,568

 
125,689

 
125,620

 
123,557

Diluted net loss per common share:
 

 
 

 
 
 
 
Loss before discontinued operations attributable to TETRA stockholders
$
(0.06
)
 
$
(0.06
)
 
$
(0.19
)
 
$
(0.21
)
Loss from discontinued operations attributable to TETRA stockholders
$
(0.07
)
 
$
0.00

 
$
(0.08
)
 
$
(0.33
)
Net loss attributable to TETRA stockholders
$
(0.13
)
 
$
(0.06
)
 
$
(0.27
)
 
$
(0.54
)
Average diluted shares outstanding
125,568

 
125,689

 
125,620

 
123,557


See Notes to Consolidated Financial Statements

1

Table of Contents

TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net loss
$
(18,209
)
 
$
(12,056
)
 
$
(45,855
)
 
$
(86,972
)
Foreign currency translation adjustment, net of taxes of $0 in 2019 and 2018
(3,742
)
 
(581
)
 
(3,300
)
 
(8,547
)
Comprehensive loss
(21,951
)
 
(12,637
)
 
(49,155
)
 
(95,519
)
Less: Comprehensive loss attributable to noncontrolling interest
2,358

 
5,025

 
11,994

 
22,467

Comprehensive loss attributable to TETRA stockholders
$
(19,593
)
 
$
(7,612
)
 
$
(37,161
)
 
$
(73,052
)
 

See Notes to Consolidated Financial Statements

2

Table of Contents

TETRA Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands)
 
 
September 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 

ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
35,918

 
$
40,038

Restricted cash
61

 
64

Trade accounts receivable, net of allowances of $4,466 in 2019 and $2,583 in 2018
170,168

 
187,592

Inventories
142,406

 
143,571

Assets of discontinued operations
16

 
1,354

Notes receivable

 
7,544

Prepaid expenses and other current assets
22,563

 
20,528

Total current assets
371,132

 
400,691

Property, plant, and equipment:
 

 
 

Land and building
75,206

 
78,746

Machinery and equipment
1,316,661

 
1,265,732

Automobiles and trucks
33,163

 
35,568

Chemical plants
189,416

 
188,641

Construction in progress
50,055

 
44,419

Total property, plant, and equipment
1,664,501

 
1,613,106

Less accumulated depreciation
(803,109
)
 
(759,175
)
Net property, plant, and equipment
861,392

 
853,931

Other assets:
 

 
 

Goodwill
25,784

 
25,859

Patents, trademarks and other intangible assets, net of accumulated amortization of $85,911 in 2019 and $80,401 in 2018
76,225

 
82,184

Deferred tax assets, net
19

 
13

Operating lease right-of-use assets
57,848

 

Other assets
23,300

 
22,849

Total other assets
183,176

 
130,905

Total assets
$
1,415,700

 
$
1,385,527

 

See Notes to Consolidated Financial Statements

3

Table of Contents

TETRA Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share Amounts)
 
 
September 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 

LIABILITIES AND EQUITY
 

 
 

Current liabilities:
 

 
 

Trade accounts payable
$
97,142

 
$
80,279

Unearned income
26,896

 
26,695

Accrued liabilities and other
87,127

 
89,232

Liabilities of discontinued operations
1,907

 
4,145

Total current liabilities
213,072

 
200,351

Long-term debt, net
858,272

 
815,560

Deferred income taxes
3,729

 
3,242

Asset retirement obligations
12,603

 
12,202

CCLP Series A Preferred Units

 
27,019

Warrants liability
1,038

 
2,073

Operating lease liabilities
45,993

 

Other liabilities
7,465

 
12,331

Total long-term liabilities
929,100

 
872,427

Commitments and contingencies
 

 
 

Equity:
 

 
 

TETRA stockholders' equity:
 

 
 

Common stock, par value $0.01 per share; 250,000,000 shares authorized at September 30, 2019 and December 31, 2018; 128,363,817 shares issued at September 30, 2019 and 128,455,134 shares issued at December 31, 2018
1,284

 
1,285

Additional paid-in capital
465,615

 
460,680

Treasury stock, at cost; 2,823,191 shares held at September 30, 2019, and 2,717,569 shares held at December 31, 2018
(19,164
)
 
(18,950
)
Accumulated other comprehensive income (loss)
(55,242
)
 
(51,663
)
Retained deficit
(248,691
)
 
(217,952
)
Total TETRA stockholders' equity
143,802

 
173,400

Noncontrolling interests
129,726

 
139,349

Total equity
273,528

 
312,749

Total liabilities and equity
$
1,415,700

 
$
1,385,527

 

See Notes to Consolidated Financial Statements

4

Table of Contents

TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Equity
(In Thousands)

 
Common Stock
Par Value
 
Additional Paid-In
Capital
 
Treasury
Stock
 
Accumulated Other 
Comprehensive Income (Loss)
 
Retained
Earnings
 
Noncontrolling
Interest
 
Total
Equity
 
 
 
 
Currency
Translation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
1,285

 
$
460,680

 
$
(18,950
)
 
$
(51,663
)
 
$
(217,952
)
 
$
139,349

 
$
312,749

Net loss for first quarter 2019

 

 

 

 
(10,838
)
 
(8,262
)
 
(19,100
)
Translation adjustment, net of taxes of $0

 

 

 
(582
)
 

 
176

 
(406
)
Comprehensive loss

 

 

 

 

 

 
(19,506
)
Distributions to public unitholders

 

 

 

 

 
(307
)
 
(307
)
Equity award activity
(1
)
 

 

 

 

 

 
(1
)
Treasury stock activity, net

 

 
(155
)
 

 

 

 
(155
)
Equity compensation expense

 
1,628

 

 

 

 
311

 
1,939

Conversions of CCLP Series A Preferred

 

 

 

 

 
2,539

 
2,539

Cumulative effect adjustment

 

 

 

 
2,843

 

 
2,843

Other

 
(67
)
 

 

 

 
76

 
9

Balance at March 31, 2019
$
1,284

 
$
462,241

 
$
(19,105
)
 
$
(52,245
)
 
$
(225,947
)
 
$
133,882

 
$
300,110

Net loss for second quarter 2019

 

 

 

 
(6,913
)
 
(1,633
)
 
(8,546
)
Translation adjustment, net of taxes of $0

 

 

 
765

 

 
83

 
848

Comprehensive loss

 

 

 

 

 

 
(7,698
)
Distributions to public unitholders

 

 

 

 

 
(308
)
 
(308
)
Treasury stock activity, net

 

 
(11
)
 

 

 

 
(11
)
Equity compensation expense

 
2,100

 

 

 

 
567

 
2,667

Other

 
(36
)
 

 

 

 
(33
)
 
(69
)
Balance at June 30, 2019
$
1,284

 
$
464,305

 
$
(19,116
)
 
$
(51,480
)
 
$
(232,860
)
 
$
132,558

 
$
294,691

Net loss for third quarter 2019

 

 

 

 
(15,831
)
 
(2,378
)
 
(18,209
)
Translation adjustment, net of taxes of $0

 

 

 
(3,762
)
 

 
20

 
(3,742
)
Comprehensive loss

 

 

 

 

 

 
(21,951
)
Distributions to public unitholders

 

 

 

 

 
(309
)
 
(309
)
Treasury stock activity, net

 

 
(48
)
 

 

 

 
(48
)
Equity compensation expense

 
1,316

 

 

 

 
(211
)
 
1,105

Other

 
(6
)
 

 

 

 
46

 
40

Balance at September 30, 2019
$
1,284

 
$
465,615

 
$
(19,164
)
 
$
(55,242
)
 
$
(248,691
)
 
$
129,726

 
$
273,528


See Notes to Consolidated Financial Statements


5

Table of Contents

 
Common Stock
Par Value
 
Additional Paid-In
Capital
 
Treasury
Stock
 
Accumulated Other 
Comprehensive Income (Loss)
 
Retained
Earnings
 
Noncontrolling
Interest
 
Total
Equity
 
 
 
 
Currency
Translation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
$
1,185

 
$
425,648

 
$
(18,651
)
 
$
(43,767
)
 
$
(156,335
)
 
$
144,481

 
$
352,561

Net loss for first quarter 2018

 

 

 

 
(53,648
)
 
(9,115
)
 
(62,763
)
Translation adjustment, net of taxes of $0

 

 

 
1,668

 

 
(385
)
 
1,283

Comprehensive loss

 

 

 

 

 

 
(61,480
)
Distributions to public unitholders

 

 

 

 

 
(4,358
)
 
(4,358
)
Equity award activity
20

 

 

 

 

 

 
20

Treasury stock activity, net

 

 
(170
)
 

 

 

 
(170
)
Issuance of common stock for business combination
77

 
28,135

 

 

 

 

 
28,212

Equity compensation expense

 
1,434

 

 

 

 
(655
)
 
779

Conversions of CCLP Series A Preferred

 

 

 

 

 
10,103

 
10,103

Other

 
(171
)
 

 

 

 
(35
)
 
(206
)
Balance at March 31, 2018
$
1,282

 
$
455,046

 
$
(18,821
)
 
$
(42,099
)
 
$
(209,983
)
 
$
140,036

 
$
325,461

Net loss for second quarter 2018

 

 

 

 
(5,965
)
 
(6,188
)
 
(12,153
)
Translation adjustment, net of taxes of $0

 

 

 
(7,495
)
 

 
(1,754
)
 
(9,249
)
Comprehensive loss

 

 

 

 

 

 
(21,402
)
Distributions to public unitholders

 

 

 

 

 
(4,624
)
 
(4,624
)
Equity award activity
1

 

 

 

 

 

 
1

Treasury stock activity, net

 

 
(44
)
 

 

 

 
(44
)
Equity compensation expense

 
1,905

 

 

 

 
358

 
2,263

Conversions of CCLP Series A Preferred

 

 

 

 

 
9,272

 
9,272

Other

 
131

 

 

 

 
4

 
135

Balance at June 30, 2018
$
1,283

 
$
457,082

 
$
(18,865
)
 
$
(49,594
)
 
$
(215,948
)
 
$
137,104

 
$
311,062

Net loss for third quarter 2018

 

 

 

 
(6,936
)
 
(5,120
)
 
(12,056
)
Translation adjustment, net of taxes of $0

 

 

 
(676
)
 

 
95

 
(581
)
Comprehensive loss

 

 

 

 

 

 
(12,637
)
Distributions to public unitholders

 

 

 

 

 
(4,946
)
 
(4,946
)
Equity award activity
1

 
251

 


 

 

 

 
252

Treasury stock activity, net

 

 
(71
)
 

 

 

 
(71
)
Equity compensation expense

 
1,798

 

 

 

 
367

 
2,165

Conversions of CCLP Series A Preferred

 

 

 

 

 
10,294

 
10,294

Other

 
(8
)
 

 

 

 
78

 
70

Balance at September 30, 2018
$
1,284

 
$
459,123

 
$
(18,936
)
 
$
(50,270
)
 
$
(222,884
)
 
$
137,872

 
$
306,189


See Notes to Consolidated Financial Statements


6

Table of Contents

TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited) 
 
Nine Months Ended September 30,
 
2019
 
2018
Operating activities:
 

 
 

Net loss
$
(45,855
)
 
$
(86,972
)
Reconciliation of net loss to cash provided by operating activities:
 
 
 
Depreciation, amortization, and accretion
93,364

 
86,965

Impairment and other charges
3,306

 
2,940

Benefit for deferred income taxes
545

 
(837
)
Equity-based compensation expense
6,260

 
5,692

Provision for doubtful accounts
3,351

 
1,566

Non-cash loss on disposition of business
7,500

 
32,369

Amortization of deferred financing costs
2,890

 
3,188

Debt financing cost expense

 
398

CCLP Series A Preferred redemption premium
1,283

 

CCLP Series A Preferred accrued paid in kind distributions
982

 
3,933

CCLP Series A Preferred fair value adjustment
1,309

 
1,344

Warrants fair value adjustment
(1,035
)
 
22

Contingent consideration liability fair value adjustment
(800
)
 
3,700

Expense for unamortized finance costs and other non-cash charges and credits
1,649

 
3,919

Acquisition and transaction financing fees
75

 

Gain on sale of assets
(1,583
)
 
(454
)
Changes in operating assets and liabilities:
 

 
 

Accounts receivable
13,309

 
(7,708
)
Inventories
(6,847
)
 
(35,920
)
Prepaid expenses and other current assets
(1,831
)
 
(2,995
)
Trade accounts payable and accrued expenses
10,344

 
(6,776
)
Other
(3,234
)
 
(2,741
)
Net cash provided by operating activities
84,982

 
1,633

Investing activities:
 

 
 

Purchases of property, plant, and equipment, net
(89,192
)
 
(107,080
)
Acquisition of businesses, net of cash acquired
(12,024
)
 
(42,002
)
Proceeds from disposal of business

 
3,121

Proceeds on sale of property, plant, and equipment
2,152

 
774

Other investing activities
(890
)
 
(293
)
Net cash used in investing activities
(99,954
)
 
(145,480
)
Financing activities:
 

 
 

Proceeds from long-term debt
246,090

 
747,887

Principal payments on long-term debt
(204,718
)
 
(544,962
)
CCLP distributions
(924
)
 
(13,928
)
Proceeds from exercise of stock options

 
251

Redemptions of CCLP Series A Preferred
(28,049
)
 

Tax remittances on equity based compensation
(571
)
 
(708
)
Debt issuance costs and other financing activities
(373
)
 
(17,932
)
Net cash provided by financing activities
11,455

 
170,608

Effect of exchange rate changes on cash
(606
)
 
818

Increase (decrease) in cash and cash equivalents
(4,123
)
 
27,579

Cash and cash equivalents and restricted cash at beginning of period
40,102

 
26,389

Cash and cash equivalents and restricted cash at end of period
$
35,979

 
$
53,968

 
 
 
 
 
 
 
 
Supplemental cash flow information:
 

 
 
Interest paid
$
49,073

 
$
24,651

Income taxes paid
6,226

 
3,954

See Notes to Consolidated Financial Statements

7

Table of Contents

TETRA Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
NOTE A – ORGANIZATION,