$PTEN
PATTERSON UTI ENERGY INC

2023 Q2 Form 10-Q Financial Statement

#000095017023016051 Filed on May 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $758.9M $791.8M $788.5M
YoY Change 21.96% 55.45% 69.02%
Cost Of Revenue $488.1M $512.7M $515.8M
YoY Change 9.22% 33.78% 36.14%
Gross Profit $270.8M $279.1M $272.7M
YoY Change 54.44% 121.26% 211.27%
Gross Profit Margin 35.68% 35.25% 34.58%
Selling, General & Admin $33.26M $30.57M $34.58M
YoY Change 27.52% 11.31% 52.28%
% of Gross Profit 12.28% 10.95% 12.68%
Research & Development $0.00 $136.0K $250.0K
YoY Change -100.0% -44.49% 0.0%
% of Gross Profit 0.0% 0.05% 0.09%
Depreciation & Amortization $126.8M $128.2M $123.3M
YoY Change 4.33% 9.61% -70.01%
% of Gross Profit 46.83% 45.92% 45.22%
Operating Expenses $160.5M $30.57M $157.9M
YoY Change 515.42% 11.31% -63.63%
Operating Profit $110.3M $126.0M $114.7M
YoY Change 200.05% -767.14% -133.11%
Interest Expense -$8.526M $8.826M -$7.785M
YoY Change -180.0% -16.46% -26.25%
% of Operating Profit -7.73% 7.01% -6.78%
Other Income/Expense, Net $2.323M -$6.100M -$629.0K
YoY Change -117.74% -31.98% -43.59%
Pretax Income $98.38M $119.9M $108.4M
YoY Change 315.7% -530.4% -129.1%
Income Tax $13.77M $20.19M $8.294M
% Of Pretax Income 13.99% 16.84% 7.65%
Net Earnings $84.61M $99.68M $100.1M
YoY Change 286.61% -446.38% -127.66%
Net Earnings / Revenue 11.15% 12.59% 12.69%
Basic Earnings Per Share $0.41 $0.47
Diluted Earnings Per Share $0.40 $0.46 $0.46
COMMON SHARES
Basic Shares Outstanding 208.2M 213.7M 216.8M
Diluted Shares Outstanding 209.0M 215.9M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.3M $157.2M $137.6M
YoY Change 665.37% 225.75% 17.04%
Cash & Equivalents $150.3M $157.2M $137.6M
Short-Term Investments
Other Short-Term Assets $91.95M $64.21M $67.91M
YoY Change 23.07% 4.06% 0.43%
Inventory $68.04M $65.28M $58.04M
Prepaid Expenses $22.49M $7.923M $11.96M
Receivables $491.0M $493.0M $565.5M
Other Receivables $0.00 $525.0K $399.0K
Total Short-Term Assets $801.3M $780.3M $829.4M
YoY Change 28.99% 46.42% 42.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.282B $2.253B $2.261B
YoY Change -0.31% -2.26% -3.05%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.38M $10.53M $10.88M
YoY Change 149.45% -17.58% -1.57%
Total Long-Term Assets $2.316B $2.312B $2.314B
YoY Change -0.98% -1.87% -2.52%
TOTAL ASSETS
Total Short-Term Assets $801.3M $780.3M $829.4M
Total Long-Term Assets $2.316B $2.312B $2.314B
Total Assets $3.117B $3.092B $3.144B
YoY Change 5.31% 7.04% 6.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $245.6M $271.4M $237.1M
YoY Change -2.82% 31.26% 24.62%
Accrued Expenses $189.6M $204.0M $304.1M
YoY Change 0.2% 11.88% 27.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $454.3M $486.8M $551.0M
YoY Change 1.32% 22.88% 26.41%
LONG-TERM LIABILITIES
Long-Term Debt $822.4M $822.2M $830.9M
YoY Change -6.3% -3.56% -2.51%
Other Long-Term Liabilities $61.66M $44.58M $48.07M
YoY Change 478.18% 177.89% 274.25%
Total Long-Term Liabilities $884.1M $866.8M $879.0M
YoY Change -0.49% -0.21% 1.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $454.3M $486.8M $551.0M
Total Long-Term Liabilities $884.1M $866.8M $879.0M
Total Liabilities $1.397B $1.419B $1.478B
YoY Change 0.95% 8.16% 9.64%
SHAREHOLDERS EQUITY
Retained Earnings $62.90M -$4.895M -$87.39M
YoY Change -128.24% -97.92% -55.93%
Common Stock $3.212B $3.205B $3.206B
YoY Change 0.54% 0.82% 0.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.555B $1.527B $1.453B
YoY Change 11.38% 11.27% 5.86%
Treasury Stock Shares $96.93M $94.39M $88.76M
Shareholders Equity $1.720B $1.673B $1.666B
YoY Change
Total Liabilities & Shareholders Equity $3.117B $3.092B $3.144B
YoY Change 5.31% 7.04% 6.29%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $84.61M $99.68M $100.1M
YoY Change 286.61% -446.38% -127.66%
Depreciation, Depletion And Amortization $126.8M $128.2M $123.3M
YoY Change 4.33% 9.61% -70.01%
Cash From Operating Activities $162.9M $234.3M $302.9M
YoY Change 217.19% 595.93% 590.1%
INVESTING ACTIVITIES
Capital Expenditures $132.4M $117.6M $119.2M
YoY Change 37.38% 24.02% -257.97%
Acquisitions
YoY Change
Other Investing Activities $6.527M $1.256M $5.669M
YoY Change -43.46% -13.97% -60.94%
Cash From Investing Activities -$125.9M -$116.3M -$113.6M
YoY Change 48.38% 24.61% 86.28%
FINANCING ACTIVITIES
Cash Dividend Paid $16.92M
YoY Change 96.45%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.92M -98.34M -94.55M
YoY Change -1367.9% 1040.29% 65.71%
NET CHANGE
Cash From Operating Activities 162.9M 234.3M 302.9M
Cash From Investing Activities -125.9M -116.3M -113.6M
Cash From Financing Activities -43.92M -98.34M -94.55M
Net Change In Cash -6.930M 19.67M 94.82M
YoY Change -76.91% -128.39% -227.91%
FREE CASH FLOW
Cash From Operating Activities $162.9M $234.3M $302.9M
Capital Expenditures $132.4M $117.6M $119.2M
Free Cash Flow $30.46M $116.7M $183.7M
YoY Change -167.65% -290.91% 53.87%

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