Archrock Inc

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 21, 2024

AROC$27.88-3.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows



· · Year Ended December 31,
· · 2023 · 2022 · 2021
Cash flows from operating activities: · · · · · ·
Net income	$104,998	$44,296	$28,217
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	166,241	164,259	178,946
Long-lived and other asset impairment	12,041	21,442	21,397
Non-cash restructuring charges	221	—	—
Unrealized change in fair value of investment in unconsolidated affiliate	973	1,864	—
Inventory write-downs	545	1,640	997
Amortization of operating lease right-of-use assets	3,319	3,206	3,880
Amortization of deferred financing costs	5,729	5,152	10,127
Amortization of debt premium	(2,006)	(2,006)	(2,006)
Amortization of capitalized implementation costs	2,624	1,984	—
Amortization of dedesignated interest rate swap	—	410	863
Interest rate swaps	—	631	3,539
Stock-based compensation expense	12,998	11,928	11,336
Provision for (benefit from) credit losses	224	206	(90)
Gain on sale of assets, net	(10,199)	(12,396)	(11,313)
Gain on sale of business	—	(28,098)	(18,945)
Deferred income tax provision	35,658	15,229	10,379
Amortization of contract costs	21,289	19,162	19,990
Deferred revenue recognized in earnings	(16,464)	(20,956)	(10,382)
Changes in operating assets and liabilities:
Accounts receivable, net	(9,123)	(19,971)	4,445
Inventory	4,189	(10,520)	(12,989)
Other assets	(1,895)	(2,653)	635
Contract costs	(24,292)	(29,575)	(16,991)
Accounts payable and other liabilities	(12,166)	13,529	5,269
Deferred revenue	15,386	24,642	10,217
Other	(103)	45	(121)
Net cash provided by operating activities	310,187	203,450	237,400

Cash flows from investing activities:
Capital expenditures	(298,632)	(239,867)	(97,885)
Proceeds from sale of business	—	99,611	83,345
Proceeds from sale of property, equipment and other assets	72,206	20,654	29,562
Proceeds from insurance and other settlements	1,222	3,353	1,085
Investments in unconsolidated entities	(7,287)	(14,667)	—
Net cash provided by (used in) investing activities	(232,491)	(130,916)	16,107

Cash flows from financing activities:
Borrowings of long-term debt	802,825	826,733	704,751
Repayments of long-term debt	(767,050)	(809,983)	(863,251)
Payments of debt issuance costs	(6,031)	—	(2,451)
Payments for settlement of interest rate swaps that include financing elements	—	(1,334)	(4,390)
Dividends paid to stockholders	(95,796)	(90,315)	(89,343)
Net proceeds from issuance of common stock	—	4,176	3,401
Repurchases of common stock	(8,860)	—	—
Taxes paid related to net share settlement of equity awards	(3,829)	(2,447)	(2,465)
Proceeds from stock issued under ESPP	817	633	713
Net cash used in financing activities	(77,924)	(72,537)	(253,035)
Net increase (decrease) in cash and cash equivalents	(228)	(3)	472
Cash and cash equivalents, beginning of period	1,566	1,569	1,097
Cash and cash equivalents, end of period	$1,338	$1,566	$1,569

Supplemental disclosure of cash flow information: · · ·
Interest paid	$107,765	$98,406	$100,002
Income taxes paid, net	(1,311)	(407)	(247)

Supplemental disclosure of non-cash investing and financing transactions:
Accrued capital expenditures	$25,689	$9,899	$7,641

ARCHROCK, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ContentsView on SEC.gov

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