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March 2024
December 2023
November 2023
October 2023
August 2023
June 2023
April 2023
February 2023
October 2022
July 2022
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2019 | |||||||||||||||||||||||||
Cash expenses: | |||||||||||||||||||||||||||||
Compensation and benefits | $ | 3,720 | $ | 2,154 | $ | 3,969 | $ | 7,690 | $ | 11,384 | |||||||||||||||||||
Professional services | 6,147 | 2,934 | 3,538 | 9,684 | 6,723 | ||||||||||||||||||||||||
Other(a) | 2,100 | 3,381 | 2,309 | 4,409 | 6,626 | ||||||||||||||||||||||||
Total cash SG&A expense | 11,967 | 8,469 | 9,816 | 21,783 | 24,733 | ||||||||||||||||||||||||
Non-cash expenses: | |||||||||||||||||||||||||||||
Bad debt provision | 1,624 | 262 | 55 | 1,679 | 266 | ||||||||||||||||||||||||
Stock based compensation | 135 | 724 | 900 | 1,035 | 1,792 | ||||||||||||||||||||||||
Total non-cash SG&A expense | 1,759 | 986 | 955 | 2,714 | 2,058 | ||||||||||||||||||||||||
Total SG&A expense | $ | 13,726 | $ | 9,455 | $ | 10,771 | $ | 24,497 | $ | 26,791 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2019 | |||||||||||||||||||||||||
Infrastructure services(a) | $ | 43 | $ | 2,177 | $ | 77 | $ | 120 | $ | 5,431 | |||||||||||||||||||
Pressure pumping services(b) | 2,450 | 4,013 | 604 | 3,054 | 11,342 | ||||||||||||||||||||||||
Natural sand proppant services(c) | 354 | 990 | 521 | 875 | 1,975 | ||||||||||||||||||||||||
Drilling services(d) | 72 | 660 | 8 | 80 | 2,927 | ||||||||||||||||||||||||
Other(e) | 5 | 2,107 | 290 | 295 | 8,545 | ||||||||||||||||||||||||
Total capital expenditures | $ | 2,924 | $ | 9,947 | $ | 1,500 | $ | 4,424 | $ | 30,220 |
ASSETS | June 30, | December 31, | ||||||||||||
2020 | 2019 | |||||||||||||
CURRENT ASSETS | (in thousands) | |||||||||||||
Cash and cash equivalents | $ | 18,025 | $ | 5,872 | ||||||||||
Accounts receivable, net | 353,912 | 363,053 | ||||||||||||
Receivables from related parties | 27,316 | 7,523 | ||||||||||||
Inventories | 12,473 | 17,483 | ||||||||||||
Prepaid expenses | 6,236 | 12,354 | ||||||||||||
Other current assets | 740 | 695 | ||||||||||||
Total current assets | 418,702 | 406,980 | ||||||||||||
Property, plant and equipment, net | 293,150 | 352,772 | ||||||||||||
Sand reserves | 68,257 | 68,351 | ||||||||||||
Operating lease right-of-use assets | 33,210 | 43,446 | ||||||||||||
Intangible assets, net - customer relationships | 496 | 583 | ||||||||||||
Intangible assets, net - trade names | 4,786 | 5,205 | ||||||||||||
Goodwill | 12,608 | 67,581 | ||||||||||||
Other non-current assets | 7,261 | 7,467 | ||||||||||||
Total assets | $ | 838,470 | $ | 952,385 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Accounts payable | $ | 31,866 | $ | 39,220 | ||||||||||
Payables to related parties | 14 | 526 | ||||||||||||
Accrued expenses and other current liabilities | 36,741 | 40,754 | ||||||||||||
Current operating lease liability | 13,387 | 16,432 | ||||||||||||
Income taxes payable | 29,729 | 33,465 | ||||||||||||
Total current liabilities | 111,737 | 130,397 | ||||||||||||
Long-term debt | 89,250 | 80,000 | ||||||||||||
Deferred income tax liabilities | 37,593 | 36,873 | ||||||||||||
Long-term operating lease liability | 19,802 | 27,102 | ||||||||||||
Asset retirement obligation | 4,640 | 4,241 | ||||||||||||
Other liabilities | 5,383 | 5,031 | ||||||||||||
Total liabilities | 268,405 | 283,644 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
EQUITY | ||||||||||||||
Equity: | ||||||||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 45,762,200 and 45,108,545 issued and outstanding at June 30, 2020 and December 31, 2019 | 458 | 451 | ||||||||||||
Additional paid in capital | 536,333 | 535,094 | ||||||||||||
Retained earnings | 37,326 | 136,502 | ||||||||||||
Accumulated other comprehensive loss | (4,052) | (3,306) | ||||||||||||
Total equity | 570,065 | 668,741 | ||||||||||||
Total liabilities and equity | $ | 838,470 | $ | 952,385 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2019 | |||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||
REVENUE | |||||||||||||||||||||||||||||
Services revenue | $ | 44,878 | $ | 115,760 | $ | 68,845 | $ | 113,723 | $ | 308,861 | |||||||||||||||||||
Services revenue - related parties | 8,650 | 36,837 | 18,013 | 26,663 | 80,910 | ||||||||||||||||||||||||
Product revenue | 4,706 | 18,362 | 8,650 | 13,356 | 30,671 | ||||||||||||||||||||||||
Product revenue - related parties | 1,875 | 10,861 | 1,875 | 3,750 | 23,516 | ||||||||||||||||||||||||
Total revenue | 60,109 | 181,820 | 97,383 | 157,492 | 443,958 | ||||||||||||||||||||||||
COST AND EXPENSES | |||||||||||||||||||||||||||||
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $21,750, $25,597, $23,554, $45,305 and $51,280, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019) | 42,255 | 132,688 | 70,697 | 112,952 | 290,794 | ||||||||||||||||||||||||
Services cost of revenue - related parties (exclusive of depreciation, depletion, amortization and accretion of $0, $0, $0, $0 and $0, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019) | 97 | 2,650 | 101 | 198 | 3,363 | ||||||||||||||||||||||||
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $2,346, $4,525, $2,309, $4,654 and $7,395, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019) | 6,401 | 32,677 | 11,108 | 17,509 | 62,928 | ||||||||||||||||||||||||
Selling, general and administrative | 13,528 | 8,796 | 10,556 | 24,084 | 25,698 | ||||||||||||||||||||||||
Selling, general and administrative - related parties | 198 | 659 | 215 | 413 | 1,093 | ||||||||||||||||||||||||
Depreciation, depletion, amortization and accretion | 24,116 | 30,145 | 25,882 | 49,998 | 58,721 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 54,973 | 54,973 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 12,897 | 12,897 | — | ||||||||||||||||||||||||
Total cost and expenses | 86,595 | 207,615 | 186,429 | 273,024 | 442,597 | ||||||||||||||||||||||||
Operating (loss) income | (26,486) | (25,795) | (89,046) | (115,532) | 1,361 | ||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||
Interest expense, net | (1,471) | (1,551) | (1,638) | (3,109) | (2,074) | ||||||||||||||||||||||||
Other, net | 8,137 | 4,019 | 7,409 | 15,546 | 28,576 | ||||||||||||||||||||||||
Other, net - related parties | 1,133 | — | — | 1,133 | — | ||||||||||||||||||||||||
Total other income | 7,799 | 2,468 | 5,771 | 13,570 | 26,502 | ||||||||||||||||||||||||
(Loss) income before income taxes | (18,687) | (23,327) | (83,275) | (101,962) | 27,863 | ||||||||||||||||||||||||
(Benefit) provision for income taxes | (3,482) | (12,438) | 696 | (2,786) | 10,419 | ||||||||||||||||||||||||
Net (loss) income | $ | (15,205) | $ | (10,889) | $ | (83,971) | $ | (99,176) | $ | 17,444 | |||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax of ($150), $92, $361, $211 and $182, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019 | 668 | 350 | (1,414) | (746) | 706 | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (14,537) | $ | (10,539) | $ | (85,385) | $ | (99,922) | $ | 18,150 | |||||||||||||||||||
Net (loss) income per share (basic) | $ | (0.33) | $ | (0.24) | $ | (1.85) | $ | (2.18) | $ | 0.39 | |||||||||||||||||||
Net (loss) income per share (diluted) | $ | (0.33) | $ | (0.24) | $ | (1.85) | $ | (2.18) | $ | 0.39 | |||||||||||||||||||
Weighted average number of shares outstanding (basic) | 45,727 | 45,003 | 45,314 | 45,521 | 44,966 | ||||||||||||||||||||||||
Weighted average number of shares outstanding (diluted) | 45,727 | 45,003 | 45,314 | 45,521 | 45,060 | ||||||||||||||||||||||||
Dividends declared per share | $ | — | $ | 0.125 | $ | — | $ | — | $ | 0.25 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | (99,176) | $ | 17,444 | |||||||
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities: | |||||||||||
Stock based compensation | 1,246 | 2,233 | |||||||||
Depreciation, depletion, accretion and amortization | 49,998 | 58,721 | |||||||||
Amortization of coil tubing strings | 359 | 1,003 | |||||||||
Amortization of debt origination costs | 577 | 163 | |||||||||
Bad debt expense | 1,679 | 266 | |||||||||
(Gain) loss on disposal of property and equipment | (1,451) | 176 | |||||||||
Impairment of goodwill | 54,973 | — | |||||||||
Impairment of other long-lived assets | 12,897 | — | |||||||||
Deferred income taxes | 931 | (22,911) | |||||||||
Other | 623 | (199) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | 7,782 | (48,530) | |||||||||
Receivables from related parties | (19,793) | (26,236) | |||||||||
Inventories | 4,651 | (1,815) | |||||||||
Prepaid expenses and other assets | 6,079 | 1,115 | |||||||||
Accounts payable | (7,514) | 7,366 | |||||||||
Payables to related parties | (512) | 650 | |||||||||
Accrued expenses and other liabilities | (2,818) | (17,129) | |||||||||
Income taxes payable | (3,697) | (74,172) | |||||||||
Net cash provided by (used in) operating activities | 6,834 | (101,855) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (4,348) | (30,085) | |||||||||
Purchases of property and equipment from related parties | (76) | (135) | |||||||||
Contributions to equity investee | — | (680) | |||||||||
Proceeds from disposal of property and equipment | 2,544 | 2,465 | |||||||||
Net cash used in investing activities | (1,880) | (28,435) | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings from lines of credit | 22,800 | 108,000 | |||||||||
Repayments of lines of credit | (13,550) | (25,964) | |||||||||
Dividends paid | — | (11,219) | |||||||||
Principal payments on financing leases and equipment financing notes | (914) | (992) | |||||||||
Debt issuance costs | (1,000) | — | |||||||||
Net cash provided by financing activities | 7,336 | 69,825 | |||||||||
Effect of foreign exchange rate on cash | (137) | 85 | |||||||||
Net change in cash and cash equivalents | 12,153 | (60,380) | |||||||||
Cash and cash equivalents at beginning of period | 5,872 | 67,625 | |||||||||
Cash and cash equivalents at end of period | $ | 18,025 | $ | 7,245 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 2,683 | $ | 1,830 | |||||||
Cash (received) paid for income taxes | $ | (6) | $ | 116,442 | |||||||
Supplemental disclosure of non-cash transactions: | |||||||||||
Purchases of property and equipment included in accounts payable | $ | 2,780 | $ | 2,339 | |||||||
Three months ended June 30, 2020 | Infrastructure | Pressure Pumping | Sand | Drilling | All Other | Eliminations | Total | ||||||||||||||||
Revenue from external customers | $ | 30,579 | $ | 16,125 | $ | 6,237 | $ | 1,250 | $ | 5,918 | $ | — | $ | 60,109 | |||||||||
Intersegment revenues | — | 446 | — | 25 | 580 | (1,051) | — | ||||||||||||||||
Total revenue | 30,579 | 16,571 | 6,237 | 1,275 | 6,498 | (1,051) | 60,109 | ||||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 25,368 | 8,744 | 6,025 | 2,027 | 6,589 | — | 48,753 | ||||||||||||||||
Intersegment cost of revenues | 27 | 333 | 28 | 21 | 642 | (1,051) | — | ||||||||||||||||
Total cost of revenue | 25,395 | 9,077 | 6,053 | 2,048 | 7,231 | (1,051) | 48,753 | ||||||||||||||||
Selling, general and administrative | 8,037 | 1,477 | 1,357 | 1,331 | 1,524 | — | 13,726 | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 7,816 | 7,685 | 2,348 | 2,700 | 3,567 | — | 24,116 | ||||||||||||||||
Operating loss | (10,669) | (1,668) | (3,521) | (4,804) | (5,824) | — | (26,486) | ||||||||||||||||
Interest expense, net | 720 | 346 | 53 | 143 | 209 | — | 1,471 | ||||||||||||||||
Other (income) expense, net | (7,809) | (1,179) | (2) | (298) | 18 | — | (9,270) | ||||||||||||||||
Loss before income taxes | $ | (3,580) | $ | (835) | $ | (3,572) | $ | (4,649) | $ | (6,051) | $ | — | $ | (18,687) |
Three months ended June 30, 2019 | Infrastructure | Pressure Pumping | Sand | Drilling | All Other | Eliminations | Total | ||||||||||||||||
Revenue from external customers | $ | 41,821 | $ | 82,973 | $ | 29,223 | $ | 7,450 | $ | 20,353 | $ | — | $ | 181,820 | |||||||||
Intersegment revenues | — | 1,668 | 11,170 | 207 | 687 | (13,732) | — | ||||||||||||||||
Total revenue | 41,821 | 84,641 | 40,393 | 7,657 | 21,040 | (13,732) | 181,820 | ||||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 44,864 | 59,835 | 32,676 | 9,175 | 21,465 | — | 168,015 | ||||||||||||||||
Intersegment cost of revenues | — | 11,797 | 1,141 | 229 | 643 | (13,810) | — | ||||||||||||||||
Total cost of revenue | 44,864 | 71,632 | 33,817 | 9,404 | 22,108 | (13,810) | 168,015 | ||||||||||||||||
Selling, general and administrative | 3,035 | 2,664 | 1,380 | 844 | 1,532 | — | 9,455 | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 7,818 | 10,174 | 4,528 | 3,193 | 4,432 | — | 30,145 | ||||||||||||||||
Operating (loss) income | (13,896) | 171 | 668 | (5,784) | (7,032) | 78 | (25,795) | ||||||||||||||||
Interest expense, net | 386 | 452 | 72 | 332 | 309 | — | 1,551 | ||||||||||||||||
Other (income) expense, net | (4,045) | 9 | (32) | — | 49 | — | (4,019) | ||||||||||||||||
(Loss) income before income taxes | $ | (10,237) | $ | (290) | $ | 628 | $ | (6,116) | $ | (7,390) | $ | 78 | $ | (23,327) |
Three months ended March 31, 2020 | Infrastructure | Pressure Pumping | Sand | Drilling | All Other | Eliminations | Total | ||||||||||||||||
Revenue from external customers | $ | 25,705 | $ | 42,686 | $ | 10,154 | $ | 4,723 | $ | 14,115 | $ | — | $ | 97,383 | |||||||||
Intersegment revenues | — | 936 | 95 | 55 | 775 | (1,861) | — | ||||||||||||||||
Total revenue | 25,705 | 43,622 | 10,249 | 4,778 | 14,890 | (1,861) | 97,383 | ||||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 26,946 | 26,208 | 10,657 | 5,635 | 12,460 | — | 81,906 | ||||||||||||||||
Intersegment cost of revenues | 8 | 627 | 302 | 130 | 794 | (1,861) | — | ||||||||||||||||
Total cost of revenue | 26,954 | 26,835 | 10,959 | 5,765 | 13,254 | (1,861) | 81,906 | ||||||||||||||||
Selling, general and administrative | 4,297 | 2,222 | 1,251 | 1,063 | 1,938 | — | 10,771 | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 7,934 | 8,492 | 2,312 | 2,877 | 4,267 | — | 25,882 | ||||||||||||||||
Impairment of goodwill | — | 53,406 | — | — | 1,567 | 54,973 | |||||||||||||||||
Impairment of other long-lived assets | — | 4,203 | — | 326 | 8,368 | — | 12,897 | ||||||||||||||||
Operating loss | (13,480) | (51,536) | (4,273) | (5,253) | (14,504) | — | (89,046) | ||||||||||||||||
Interest expense, net | 757 | 293 | 61 | 268 | 259 | — | 1,638 | ||||||||||||||||
Other (income) expense, net | (7,276) | (109) | (37) | 27 | (14) | — | (7,409) | ||||||||||||||||
Loss before income taxes | $ | (6,961) | $ | (51,720) | $ | (4,297) | $ | (5,548) | $ | (14,749) | $ | — | $ | (83,275) |
Six months ended June 30, 2020 | Infrastructure | Pressure Pumping | Sand | Drilling | All Other | Eliminations | Total | ||||||||||||||||
Revenue from external customers | $ | 56,285 | $ | 58,810 | $ | 16,391 | $ | 5,973 | $ | 20,033 | $ | — | $ | 157,492 | |||||||||
Intersegment revenues | — | 1,382 | 95 | 81 | 1,354 | (2,912) | — | ||||||||||||||||
Total revenue | 56,285 | 60,192 | 16,486 | 6,054 | 21,387 | (2,912) | 157,492 | ||||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 52,314 | 34,952 | 16,682 | 7,662 | 19,049 | — | 130,659 | ||||||||||||||||
Intersegment cost of revenues | 35 | 961 | 329 | 152 | 1,435 | (2,912) | — | ||||||||||||||||
Total cost of revenue | 52,349 | 35,913 | 17,011 | 7,814 | 20,484 | (2,912) | 130,659 | ||||||||||||||||
Selling, general and administrative | 12,334 | 3,699 | 2,608 | 2,395 | 3,461 | — | 24,497 | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 15,750 | 16,177 | 4,661 | 5,577 | 7,833 | — | 49,998 | ||||||||||||||||
Impairment of goodwill | — | 53,406 | — | — | 1,567 | — | 54,973 | ||||||||||||||||
Impairment of other long-lived assets | — | 4,203 | — | 326 | 8,368 | — | 12,897 | ||||||||||||||||
Operating loss | (24,148) | (53,206) | (7,794) | (10,058) | (20,326) | — | (115,532) | ||||||||||||||||
Interest expense, net | 1,477 | 639 | 113 | 412 | 468 | — | 3,109 | ||||||||||||||||
Other (income) expense, net | (15,086) | (1,288) | (39) | (271) | 5 | — | (16,679) | ||||||||||||||||
Loss before income taxes | $ | (10,539) | $ | (52,557) | $ | (7,868) | $ | (10,199) | $ | (20,799) | $ | — | $ | (101,962) |
Six months ended June 30, 2019 | Infrastructure | Pressure Pumping | Sand | Drilling | All Other | Eliminations | Total | ||||||||||||||||
Revenue from external customers | $ | 150,542 | $ | 173,568 | $ | 54,187 | $ | 21,026 | $ | 44,635 | $ | — | $ | 443,958 | |||||||||
Intersegment revenues | — | 3,212 | 24,067 | 426 | 1,453 | (29,158) | — | ||||||||||||||||
Total revenue | 150,542 | 176,780 | 78,254 | 21,452 | 46,088 | (29,158) | 443,958 | ||||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 103,828 | 124,047 | 62,928 | 21,826 | 44,456 | — | 357,085 | ||||||||||||||||
Intersegment cost of revenues | — | 25,334 | 2,188 | 501 | 1,195 | (29,218) | — | ||||||||||||||||
Total cost of revenue | 103,828 | 149,381 | 65,116 | 22,327 | 45,651 | (29,218) | 357,085 | ||||||||||||||||
Selling, general and administrative | 12,553 | 5,876 | 2,899 | 2,208 | 3,255 | — | 26,791 | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 15,537 | 20,068 | 7,401 | 6,770 | 8,945 | — | 58,721 | ||||||||||||||||
Operating income (loss) | 18,624 | 1,455 | 2,838 | (9,853) | (11,763) | 60 | 1,361 | ||||||||||||||||
Interest expense, net | 425 | 649 | 102 | 460 | 438 | — | 2,074 | ||||||||||||||||
Other (income) expense, net | (28,869) | 8 | (32) | (22) | 339 | — | (28,576) | ||||||||||||||||
Income (loss) before income taxes | $ | 47,068 | $ | 798 | $ | 2,768 | $ | (10,291) | $ | (12,540) | $ | 60 | $ | 27,863 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net (loss) income: | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||||||||||||||||||||
Net (loss) income | $ | (15,205) | $ | (10,889) | $ | (83,971) | $ | (99,176) | $ | 17,444 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion expense | 24,116 | 30,145 | 25,882 | 49,998 | 58,721 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 54,973 | 54,973 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 12,897 | 12,897 | — | ||||||||||||||||||||||||
Acquisition related costs | — | 45 | — | — | 45 | ||||||||||||||||||||||||
Stock based compensation | 196 | 944 | 1,049 | 1,246 | 2,233 | ||||||||||||||||||||||||
Interest expense, net | 1,471 | 1,551 | 1,638 | 3,109 | 2,074 | ||||||||||||||||||||||||
Other income, net | (9,270) | (4,019) | (7,409) | (16,679) | (28,576) | ||||||||||||||||||||||||
(Benefit) provision for income taxes | (3,482) | (12,438) | 696 | (2,786) | 10,419 | ||||||||||||||||||||||||
Interest on trade accounts receivable | 9,071 | 3,234 | 7,696 | 16,767 | 28,969 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 6,897 | $ | 8,573 | $ | 13,451 | $ | 20,349 | $ | 91,329 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net (loss) income: | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||||||||||||||||||||
Net (loss) income | $ | (4,529) | $ | 6,210 | $ | (9,452) | $ | (13,980) | $ | 41,875 | |||||||||||||||||||
Depreciation and amortization expense | 7,816 | 7,818 | 7,934 | 15,750 | 15,537 | ||||||||||||||||||||||||
Acquisition related costs | — | 12 | — | — | 12 | ||||||||||||||||||||||||
Stock based compensation | 45 | 9 | 251 | 297 | 471 | ||||||||||||||||||||||||
Interest expense | 720 | 386 | 757 | 1,477 | 425 | ||||||||||||||||||||||||
Other income, net | (7,809) | (4,045) | (7,276) | (15,086) | (28,869) | ||||||||||||||||||||||||
Provision for income taxes | 949 | (16,447) | 2,491 | 3,440 | 5,193 | ||||||||||||||||||||||||
Interest on trade accounts receivable | 7,929 | 3,234 | 7,696 | 15,625 | 28,969 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 5,121 | $ | (2,823) | $ | 2,401 | $ | 7,523 | $ | 63,613 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net (loss) income: | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||||||||||||||||||||
Net (loss) income | $ | (835) | $ | (290) | $ | (51,720) | $ | (52,556) | $ | 798 | |||||||||||||||||||
Depreciation and amortization expense | 7,685 | 10,174 | 8,492 | 16,177 | 20,068 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 53,406 | 53,406 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 4,203 | 4,203 | — | ||||||||||||||||||||||||
Acquisition related costs | — | 18 | — | — | 18 | ||||||||||||||||||||||||
Stock based compensation | 53 | 489 | 335 | 388 | 899 | ||||||||||||||||||||||||
Interest expense | 346 | 452 | 293 | 639 | 649 | ||||||||||||||||||||||||
Other (income) expense, net | (1,179) | 9 | (109) | (1,288) | 8 | ||||||||||||||||||||||||
Interest on trade accounts receivable | 1,133 | — | — | 1,133 | — | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 7,203 | $ | 10,852 | $ | 14,900 | $ | 22,102 | $ | 22,440 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net (loss) income: | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||||||||||||||||||||
Net (loss) income | $ | (3,572) | $ | 628 | $ | (4,297) | $ | (7,868) | $ | 2,768 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion expense | 2,348 | 4,528 | 2,312 | 4,661 | 7,401 | ||||||||||||||||||||||||
Acquisition related costs | — | 8 | — | — | 8 | ||||||||||||||||||||||||
Stock based compensation | 45 | 236 | 225 | 271 | 439 | ||||||||||||||||||||||||
Interest expense | 53 | 72 | 61 | 113 | 102 | ||||||||||||||||||||||||
Other income, net | (2) | (32) | (37) | (39) | (32) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (1,128) | $ | 5,440 | $ | (1,736) | $ | (2,862) | $ | 10,686 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net (loss) income: | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||||||||||||||||||||
Net loss | $ | (4,649) | $ | (6,116) | $ | (5,548) | $ | (10,199) | $ | (10,291) | |||||||||||||||||||
Depreciation expense | 2,700 | 3,193 | 2,877 | 5,577 | 6,770 | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 326 | 326 | — | ||||||||||||||||||||||||
Acquisition related costs | — | 2 | — | — | 2 | ||||||||||||||||||||||||
Stock based compensation | 34 | 88 | 94 | 128 | 189 | ||||||||||||||||||||||||
Interest expense | 143 | 332 | 268 | 412 | 460 | ||||||||||||||||||||||||
Other (income) expense, net | (298) | — | 27 | (271) | (22) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (2,070) | $ | (2,501) | $ | (1,956) | $ | (4,027) | $ | (2,892) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to net loss: | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||||||||||||||||||||
Net loss | $ | (1,620) | $ | (11,399) | $ | (12,954) | $ | (14,573) | $ | (17,766) | |||||||||||||||||||
Depreciation, amortization and accretion expense | 3,567 | 4,432 | 4,267 | 7,833 | 8,945 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 1,567 | 1,567 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 8,368 | 8,368 | — | ||||||||||||||||||||||||
Acquisition related costs | — | 5 | — | — | 5 | ||||||||||||||||||||||||
Stock based compensation | 19 | 122 | 144 | 162 | 235 | ||||||||||||||||||||||||
Interest expense, net | 209 | 309 | 259 | 468 | 438 | ||||||||||||||||||||||||
Other expense (income), net | 18 | 49 | (14) | 5 | 339 | ||||||||||||||||||||||||
(Benefit) provision for income taxes | (4,431) | 4,009 | (1,795) | (6,226) | 5,226 | ||||||||||||||||||||||||
Interest on trade accounts receivable | 9 | — | — | 9 | — | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (2,229) | $ | (2,473) | $ | (158) | $ | (2,387) | $ | (2,578) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2019 | |||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||
Net (loss) income, as reported | $ | (15,205) | $ | (10,889) | $ | (83,971) | $ | (99,176) | $ | 17,444 | |||||||||||||||||||
Impairment of goodwill | — | — | 54,973 | 54,973 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 12,897 | 12,897 | — | ||||||||||||||||||||||||
Adjusted net (loss) income | $ | (15,205) | $ | (10,889) | $ | (16,101) | $ | (31,306) | $ | 17,444 | |||||||||||||||||||
Basic (loss) earnings per share, as reported | $ | (0.33) | $ | (0.24) | $ | (1.85) | $ | (2.18) | $ | 0.39 | |||||||||||||||||||
Impairment of goodwill | — | — | 1.21 | 1.21 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 0.28 | 0.28 | — | ||||||||||||||||||||||||
Adjusted basic (loss) earnings per share | $ | (0.33) | $ | (0.24) | $ | (0.36) | $ | (0.69) | $ | 0.39 | |||||||||||||||||||
Diluted (loss) earnings per share, as reported | $ | (0.33) | $ | (0.24) | $ | (1.85) | $ | (2.18) | $ | 0.39 | |||||||||||||||||||
Impairment of goodwill | — | — | 1.21 | 1.21 | — | ||||||||||||||||||||||||
Impairment of other long-lived assets | — | — | 0.28 | 0.28 | — | ||||||||||||||||||||||||
Adjusted diluted (loss) earnings per share | $ | (0.33) | $ | (0.24) | $ | (0.36) | $ | (0.69) | $ | 0.39 |
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Ticker: TUSKEvents:
CIK: 1679268
Form Type: 8-K Corporate News
Accession Number: 0001679268-20-000057
Submitted to the SEC: Thu Jul 30 2020 7:04:02 PM EST
Accepted by the SEC: Thu Jul 30 2020
Period: Thursday, July 30, 2020
Industry: Oil And Gas Field Services