$PTEN
PATTERSON UTI ENERGY INC

2023 Q3 Form 10-Q Financial Statement

#000095017023036578 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.011B $758.9M
YoY Change 39.03% 21.96%
Cost Of Revenue $691.5M $488.1M
YoY Change 38.13% 9.22%
Gross Profit $320.0M $270.8M
YoY Change 41.04% 54.44%
Gross Profit Margin 31.64% 35.68%
Selling, General & Admin $45.10M $33.26M
YoY Change 58.41% 27.52%
% of Gross Profit 14.09% 12.28%
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Depreciation & Amortization $188.0M $126.8M
YoY Change 53.91% 4.33%
% of Gross Profit 58.75% 46.83%
Operating Expenses $45.10M $160.5M
YoY Change 58.41% 515.42%
Operating Profit $9.704M $110.3M
YoY Change -87.29% 200.05%
Interest Expense $15.63M -$8.526M
YoY Change 42.37% -180.0%
% of Operating Profit 161.02% -7.73%
Other Income/Expense, Net -$14.11M $2.323M
YoY Change 11.2% -117.74%
Pretax Income -$4.408M $98.38M
YoY Change -106.92% 315.7%
Income Tax -$4.130M $13.77M
% Of Pretax Income 13.99%
Net Earnings $50.00K $84.61M
YoY Change -99.92% 286.61%
Net Earnings / Revenue 0.0% 11.15%
Basic Earnings Per Share $0.00 $0.41
Diluted Earnings Per Share $0.00 $0.40
COMMON SHARES
Basic Shares Outstanding 208.0M 208.2M
Diluted Shares Outstanding 282.0M 209.0M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.00M $150.3M
YoY Change 56.78% 665.37%
Cash & Equivalents $67.05M $150.3M
Short-Term Investments
Other Short-Term Assets $160.7M $91.95M
YoY Change 135.3% 23.07%
Inventory $186.5M $68.04M
Prepaid Expenses $57.27M $22.49M
Receivables $1.010B $491.0M
Other Receivables $11.10M $0.00
Total Short-Term Assets $1.424B $801.3M
YoY Change 99.77% 28.99%
LONG-TERM ASSETS
Property, Plant & Equipment $3.388B $2.282B
YoY Change 48.69% -0.31%
Goodwill $1.373B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.50M $28.38M
YoY Change 77.28% 149.45%
Total Long-Term Assets $5.996B $2.316B
YoY Change 157.46% -0.98%
TOTAL ASSETS
Total Short-Term Assets $1.424B $801.3M
Total Long-Term Assets $5.996B $2.316B
Total Assets $7.421B $3.117B
YoY Change 143.94% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $579.7M $245.6M
YoY Change 119.79% -2.82%
Accrued Expenses $389.9M $189.6M
YoY Change 107.14% 0.2%
Deferred Revenue $28.90M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.05M
YoY Change
Total Short-Term Liabilities $1.037B $454.3M
YoY Change 125.47% 1.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.228B $822.4M
YoY Change 44.0% -6.3%
Other Long-Term Liabilities $26.08M $61.66M
YoY Change -48.91% 478.18%
Total Long-Term Liabilities $1.254B $884.1M
YoY Change 38.75% -0.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.037B $454.3M
Total Long-Term Liabilities $1.254B $884.1M
Total Liabilities $2.561B $1.397B
YoY Change 81.94% 0.95%
SHAREHOLDERS EQUITY
Retained Earnings $28.92M $62.90M
YoY Change -117.01% -128.24%
Common Stock $6.401B $3.212B
YoY Change 100.01% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.578B $1.555B
YoY Change 13.05% 11.38%
Treasury Stock Shares $96.93M
Shareholders Equity $4.851B $1.720B
YoY Change
Total Liabilities & Shareholders Equity $7.421B $3.117B
YoY Change 143.94% 5.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $50.00K $84.61M
YoY Change -99.92% 286.61%
Depreciation, Depletion And Amortization $188.0M $126.8M
YoY Change 53.91% 4.33%
Cash From Operating Activities $156.1M $162.9M
YoY Change -12.42% 217.19%
INVESTING ACTIVITIES
Capital Expenditures $160.4M $132.4M
YoY Change 26.96% 37.38%
Acquisitions
YoY Change
Other Investing Activities -$411.0M $6.527M
YoY Change -8492.89% -43.46%
Cash From Investing Activities -$571.4M -$125.9M
YoY Change 370.45% 48.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 330.6M -43.92M
YoY Change -1081.8% -1367.9%
NET CHANGE
Cash From Operating Activities 156.1M 162.9M
Cash From Investing Activities -571.4M -125.9M
Cash From Financing Activities 330.6M -43.92M
Net Change In Cash -84.70M -6.930M
YoY Change -466.68% -76.91%
FREE CASH FLOW
Cash From Operating Activities $156.1M $162.9M
Capital Expenditures $160.4M $132.4M
Free Cash Flow -$4.322M $30.46M
YoY Change -108.33% -167.65%

Facts In Submission

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us-gaap Earnings Per Share Diluted
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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RevenueFromContractWithCustomerExcludingAssessedTax
1131613000
CY2023Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1212000
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
14000
us-gaap Investment Income Interest
InvestmentIncomeInterest
2452000
us-gaap Investment Income Interest
InvestmentIncomeInterest
29000
CY2023Q2 us-gaap Interest Expense
InterestExpense
9738000
CY2022Q2 us-gaap Interest Expense
InterestExpense
10658000
us-gaap Interest Expense
InterestExpense
18564000
us-gaap Interest Expense
InterestExpense
21223000
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2323000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2452000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3809000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-870000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
98379000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23666000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
218242000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4183000
CY2023Q2 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
126814000
CY2022Q2 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
121553000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
254994000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
238491000
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
132394000
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
96370000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
249995000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
191198000
CY2023Q2 us-gaap Assets
Assets
3117196000
CY2022Q4 us-gaap Assets
Assets
3143823000

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