$PTEN
PATTERSON UTI ENERGY INC

2013 Q4 Form 10-K Financial Statement

#000119312514054910 Filed on February 14, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $658.8M $2.716B $652.8M
YoY Change 0.92% -0.27% -9.91%
Cost Of Revenue $426.1M $1.726B $404.7M
YoY Change 5.29% 3.49% -7.71%
Gross Profit $232.7M $990.1M $248.1M
YoY Change -6.21% -6.21% -13.31%
Gross Profit Margin 35.32% 36.45% 38.01%
Selling, General & Admin $18.60M $73.85M $16.20M
YoY Change 14.81% 14.55% 3.85%
% of Gross Profit 7.99% 7.46% 6.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $183.1M $597.5M $132.8M
YoY Change 37.88% 13.46% 4.08%
% of Gross Profit 78.69% 60.35% 53.53%
Operating Expenses $201.7M $73.85M $148.9M
YoY Change 35.46% 14.55% 4.05%
Operating Profit $31.00M $322.2M $99.20M
YoY Change -68.75% -35.22% -30.68%
Interest Expense -$6.900M $28.36M -$5.700M
YoY Change 21.05% 24.65% 29.55%
% of Operating Profit -22.26% 8.8% -5.75%
Other Income/Expense, Net $900.0K -$25.75M $0.00
YoY Change 18.73%
Pretax Income $26.10M $296.4M $94.40M
YoY Change -72.35% -37.68% -32.33%
Income Tax $9.500M $108.4M $35.60M
% Of Pretax Income 36.4% 36.58% 37.71%
Net Earnings $16.60M $188.0M $58.90M
YoY Change -71.82% -37.22% -32.76%
Net Earnings / Revenue 2.52% 6.92% 9.02%
Basic Earnings Per Share $1.29
Diluted Earnings Per Share $115.5K $1.28 $405.9K
COMMON SHARES
Basic Shares Outstanding 144.2M shares 144.4M 149.4M shares
Diluted Shares Outstanding 145.3M

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $249.5M $249.5M $110.7M
YoY Change 125.38% 125.38% 363.18%
Cash & Equivalents $249.5M $249.5M $110.7M
Short-Term Investments
Other Short-Term Assets $53.42M $86.40M $43.90M
YoY Change 21.69% -10.84% -10.15%
Inventory $21.25M $21.20M $26.89M
Prepaid Expenses
Receivables $451.5M $451.5M $465.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $808.7M $808.7M $700.0M
YoY Change 15.52% 15.53% -8.49%
LONG-TERM ASSETS
Property, Plant & Equipment $3.636B $3.636B $3.615B
YoY Change 0.56% 0.56% 14.15%
Goodwill $153.8M $153.8M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.91M $75.50M $26.30M
YoY Change -12.9% 7.7% 80.51%
Total Long-Term Assets $3.878B $3.878B $3.857B
YoY Change 0.56% 0.56% 11.57%
TOTAL ASSETS
Total Short-Term Assets $808.7M $808.7M $700.0M
Total Long-Term Assets $3.878B $3.878B $3.857B
Total Assets $4.687B $4.687B $4.557B
YoY Change 2.86% 2.86% 7.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $173.2M $173.2M $188.8M
YoY Change -8.3% -8.26% -21.85%
Accrued Expenses $160.5M $160.5M $158.6M
YoY Change 1.15% 2.16% -3.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $10.00M $6.250M
YoY Change 60.0% 58.73% -37.5%
Total Short-Term Liabilities $354.3M $354.3M $359.9M
YoY Change -1.55% -1.56% -14.05%
LONG-TERM LIABILITIES
Long-Term Debt $682.5M $682.5M $692.5M
YoY Change -1.44% -1.44% 40.61%
Other Long-Term Liabilities $6.489M $6.500M $6.589M
YoY Change -1.52% -1.52% -11.27%
Total Long-Term Liabilities $689.0M $689.0M $699.1M
YoY Change -1.44% -1.44% 9314.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $354.3M $354.3M $359.9M
Total Long-Term Liabilities $689.0M $689.0M $699.1M
Total Liabilities $1.931B $1.931B $1.916B
YoY Change 0.78% 0.77% 12.37%
SHAREHOLDERS EQUITY
Retained Earnings $2.707B $2.549B
YoY Change 6.23% 11.81%
Common Stock $1.865M $1.841M
YoY Change 1.3% 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $880.9M $795.1M
YoY Change 10.8% 27.26%
Treasury Stock Shares $42.27M $38.15M
Shareholders Equity $2.756B $2.756B $2.641B
YoY Change
Total Liabilities & Shareholders Equity $4.687B $4.687B $4.557B
YoY Change 2.86% 2.86% 7.94%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $16.60M $188.0M $58.90M
YoY Change -71.82% -37.22% -32.76%
Depreciation, Depletion And Amortization $183.1M $597.5M $132.8M
YoY Change 37.88% 13.46% 4.08%
Cash From Operating Activities $232.2M $888.9M $222.9M
YoY Change 4.17% -11.59% 4.8%
INVESTING ACTIVITIES
Capital Expenditures -$179.2M $662.5M -$229.7M
YoY Change -21.99% -31.98% -23.48%
Acquisitions
YoY Change
Other Investing Activities $2.100M $10.40M $2.300M
YoY Change -8.7% -84.24% -82.84%
Cash From Investing Activities -$177.1M -$652.1M -$227.3M
YoY Change -22.09% -28.18% -20.72%
FINANCING ACTIVITIES
Cash Dividend Paid $29.11M
YoY Change -3.93%
Common Stock Issuance & Retirement, Net $73.51M
YoY Change -56.83%
Debt Paid & Issued, Net $6.250M
YoY Change -93.33%
Cash From Financing Activities -9.800M -97.12M 31.90M
YoY Change -130.72% 783.62% -63.38%
NET CHANGE
Cash From Operating Activities 232.2M 888.9M 222.9M
Cash From Investing Activities -177.1M -652.1M -227.3M
Cash From Financing Activities -9.800M -97.12M 31.90M
Net Change In Cash 45.30M 139.7M 27.50M
YoY Change 64.73% 61.69% 109.92%
FREE CASH FLOW
Cash From Operating Activities $232.2M $888.9M $222.9M
Capital Expenditures -$179.2M $662.5M -$229.7M
Free Cash Flow $411.4M $226.4M $452.6M
YoY Change -9.1% 622.15% -11.76%

Facts In Submission

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PTEN
CY2013 dei Entity Registrant Name
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PATTERSON UTI ENERGY INC
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<div> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Management estimates</i> &#x2014; The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.</font></p> </div>
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