$PTEN
PATTERSON UTI ENERGY INC

2022 Q4 Form 10-Q Financial Statement

#000095017022020633 Filed on October 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $788.5M $727.5M
YoY Change 69.02% 103.28%
Cost Of Revenue $515.8M $500.6M
YoY Change 36.14% 75.62%
Gross Profit $272.7M $226.9M
YoY Change 211.27% 211.57%
Gross Profit Margin 34.58% 31.19%
Selling, General & Admin $34.58M $28.47M
YoY Change 52.28% 29.05%
% of Gross Profit 12.68% 12.55%
Research & Development $250.0K $250.0K
YoY Change 0.0% 0.4%
% of Gross Profit 0.09% 0.11%
Depreciation & Amortization $123.3M $122.2M
YoY Change -70.01% -13.41%
% of Gross Profit 45.22% 53.84%
Operating Expenses $157.9M $28.47M
YoY Change -63.63% 29.05%
Operating Profit $114.7M $76.35M
YoY Change -133.11% -184.82%
Interest Expense -$7.785M $10.98M
YoY Change -26.25% 2.73%
% of Operating Profit -6.78% 14.38%
Other Income/Expense, Net -$629.0K -$12.69M
YoY Change -43.59% 19.37%
Pretax Income $108.4M $63.65M
YoY Change -129.1% -163.25%
Income Tax $8.294M $2.202M
% Of Pretax Income 7.65% 3.46%
Net Earnings $100.1M $61.45M
YoY Change -127.66% -174.04%
Net Earnings / Revenue 12.69% 8.45%
Basic Earnings Per Share $0.28
Diluted Earnings Per Share $0.46 $0.28
COMMON SHARES
Basic Shares Outstanding 216.8M 216.8M
Diluted Shares Outstanding 220.5M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.6M $42.74M
YoY Change 17.04% -77.66%
Cash & Equivalents $137.6M $42.74M
Short-Term Investments
Other Short-Term Assets $67.91M $68.29M
YoY Change 0.43% 26.28%
Inventory $58.04M $55.22M
Prepaid Expenses $11.96M
Receivables $565.5M $546.4M
Other Receivables $399.0K $275.0K
Total Short-Term Assets $829.4M $712.9M
YoY Change 42.11% 31.17%
LONG-TERM ASSETS
Property, Plant & Equipment $2.261B $2.279B
YoY Change -3.05% -6.02%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.88M $10.43M
YoY Change -1.57% -5.11%
Total Long-Term Assets $2.314B $2.329B
YoY Change -2.52% -5.86%
TOTAL ASSETS
Total Short-Term Assets $829.4M $712.9M
Total Long-Term Assets $2.314B $2.329B
Total Assets $3.144B $3.042B
YoY Change 6.29% 0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $237.1M $263.8M
YoY Change 24.62% 59.1%
Accrued Expenses $304.1M $188.2M
YoY Change 27.52% 12.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $551.0M $460.0M
YoY Change 26.41% 35.75%
LONG-TERM LIABILITIES
Long-Term Debt $830.9M $852.9M
YoY Change -2.51% -5.45%
Other Long-Term Liabilities $48.07M $51.05M
YoY Change 274.25% 320.35%
Total Long-Term Liabilities $879.0M $904.0M
YoY Change 1.6% -1.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $551.0M $460.0M
Total Long-Term Liabilities $879.0M $904.0M
Total Liabilities $1.478B $1.408B
YoY Change 9.64% 8.96%
SHAREHOLDERS EQUITY
Retained Earnings -$87.39M -$170.1M
YoY Change -55.93% -201.31%
Common Stock $3.206B $3.200B
YoY Change 0.99% 9.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.453B $1.396B
YoY Change 5.86% 1.9%
Treasury Stock Shares $88.76M $85.50M
Shareholders Equity $1.666B $1.634B
YoY Change
Total Liabilities & Shareholders Equity $3.144B $3.042B
YoY Change 6.29% 0.81%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $100.1M $61.45M
YoY Change -127.66% -174.04%
Depreciation, Depletion And Amortization $123.3M $122.2M
YoY Change -70.01% -13.41%
Cash From Operating Activities $302.9M $178.2M
YoY Change 590.1% 2308.19%
INVESTING ACTIVITIES
Capital Expenditures $119.2M $126.4M
YoY Change -257.97% 268.77%
Acquisitions
YoY Change
Other Investing Activities $5.669M $4.897M
YoY Change -60.94% -7.45%
Cash From Investing Activities -$113.6M -$121.5M
YoY Change 86.28% 319.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -94.55M -33.67M
YoY Change 65.71% 778.73%
NET CHANGE
Cash From Operating Activities 302.9M 178.2M
Cash From Investing Activities -113.6M -121.5M
Cash From Financing Activities -94.55M -33.67M
Net Change In Cash 94.82M 23.10M
YoY Change -227.91% -190.93%
FREE CASH FLOW
Cash From Operating Activities $302.9M $178.2M
Capital Expenditures $119.2M $126.4M
Free Cash Flow $183.7M $51.88M
YoY Change 53.87% -293.11%

Facts In Submission

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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.083
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.157
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
61452000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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216822000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
216090000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3632000
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3291000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Earnings Per Share Diluted
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CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2021Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2022Q3 us-gaap Interest Expense
InterestExpense
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CY2021Q3 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
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CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1774000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2644000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
63654000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-100641000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
59471000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-347306000
CY2022Q3 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
122150000
CY2021Q3 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
141065000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
360641000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
437984000
CY2022Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
126355000
CY2021Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34264000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
317553000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
90837000
CY2022Q3 us-gaap Assets
Assets
3041999000
CY2021Q4 us-gaap Assets
Assets
2957848000

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