$PTEN
PATTERSON UTI ENERGY INC

2017 Q4 Form 10-K Financial Statement

#000156459018002481 Filed on February 20, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $787.3M $685.0M $579.2M
YoY Change 218.9% 232.3% 198.69%
Cost Of Revenue $566.7M $493.2M $427.2M
YoY Change 199.21% 221.09% 216.44%
Gross Profit $220.7M $191.8M $152.0M
YoY Change 283.83% 265.33% 158.06%
Gross Profit Margin 28.03% 28.0% 26.24%
Selling, General & Admin $36.00M $27.60M $23.50M
YoY Change 105.71% 66.27% 37.43%
% of Gross Profit 16.31% 14.39% 15.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $211.1M $196.7M $219.3M
YoY Change 34.29% 20.31% 28.32%
% of Gross Profit 95.65% 102.55% 144.28%
Operating Expenses $233.6M $220.4M $241.0M
YoY Change 36.85% 25.3% 31.55%
Operating Profit -$21.65M -$38.02M -$140.2M
YoY Change -80.88% -69.2% 12.79%
Interest Expense -$9.800M -$9.500M $9.075M
YoY Change 13.95% -6.86% -185.61%
% of Operating Profit
Other Income/Expense, Net $100.0K $100.0K -$8.302M
YoY Change -100.98%
Pretax Income -$31.40M -$47.40M -$148.5M
YoY Change -74.22% -64.51% 10.11%
Income Tax -$7.800M -$13.65M -$56.40M
% Of Pretax Income
Net Earnings $195.4M -$33.77M -$92.18M
YoY Change -350.12% -59.87% 7.36%
Net Earnings / Revenue 24.82% -4.93% -15.92%
Basic Earnings Per Share $0.88 -$0.16 -$0.46
Diluted Earnings Per Share $0.88 -$0.16 -$0.46
COMMON SHARES
Basic Shares Outstanding 211.9M
Diluted Shares Outstanding 211.9M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.80M $37.80M $40.10M
YoY Change 21.59% 2.16% -80.87%
Cash & Equivalents $42.83M $37.84M $40.13M
Short-Term Investments
Other Short-Term Assets $53.40M $54.60M $58.50M
YoY Change 29.23% -25.82% -15.58%
Inventory $69.17M $40.70M $36.10M
Prepaid Expenses
Receivables $580.4M $544.5M $433.4M
Other Receivables $1.100M $600.0K $3.600M
Total Short-Term Assets $746.9M $678.3M $571.7M
YoY Change 163.62% 141.99% 25.46%
LONG-TERM ASSETS
Property, Plant & Equipment $4.255B $4.198B $4.232B
YoY Change 24.81% 19.55% 16.24%
Goodwill $611.5M $524.7M $524.7M
YoY Change 609.09%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.97M $62.70M $59.80M
YoY Change 584.0% 132.22% 148.13%
Total Long-Term Assets $5.012B $4.795B $4.832B
YoY Change 43.65% 32.14% 28.66%
TOTAL ASSETS
Total Short-Term Assets $746.9M $678.3M $571.7M
Total Long-Term Assets $5.012B $4.795B $4.832B
Total Assets $5.759B $5.473B $5.404B
YoY Change 52.66% 40.01% 28.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $319.6M $303.5M $255.3M
YoY Change 154.34% 269.22% 285.07%
Accrued Expenses $226.6M $245.8M $217.5M
YoY Change 62.92% 59.4% 55.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $546.3M $549.3M $472.8M
YoY Change 106.28% 132.36% 61.92%
LONG-TERM LIABILITIES
Long-Term Debt $598.8M $742.7M $713.6M
YoY Change 0.06% 21.08% -3.72%
Other Long-Term Liabilities $12.49M $11.40M $11.20M
YoY Change 29.42% 9.62% 41.77%
Total Long-Term Liabilities $611.3M $754.1M $724.8M
YoY Change 0.52% 20.89% -3.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $546.3M $549.3M $472.8M
Total Long-Term Liabilities $611.3M $754.1M $724.8M
Total Liabilities $1.776B $1.880B $1.786B
YoY Change 14.17% 18.62% -1.29%
SHAREHOLDERS EQUITY
Retained Earnings $2.106B
YoY Change -0.49%
Common Stock $2.788B
YoY Change 166.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $918.7M
YoY Change 0.84%
Treasury Stock Shares $43.80M
Shareholders Equity $3.982B $3.593B $3.618B
YoY Change
Total Liabilities & Shareholders Equity $5.759B $5.473B $5.404B
YoY Change 51.37% 40.01% 28.32%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $195.4M -$33.77M -$92.18M
YoY Change -350.12% -59.87% 7.36%
Depreciation, Depletion And Amortization $211.1M $196.7M $219.3M
YoY Change 34.29% 20.31% 28.32%
Cash From Operating Activities $169.4M $115.9M $9.800M
YoY Change 223.9% 63.7% -85.63%
INVESTING ACTIVITIES
Capital Expenditures -$237.2M $143.1M $118.4M
YoY Change 503.56% 398.87% 287.61%
Acquisitions
YoY Change
Other Investing Activities -$46.50M $2.200M -$425.1M
YoY Change -1428.57% -63.93% -5923.29%
Cash From Investing Activities -$283.7M -$140.9M -$543.4M
YoY Change 692.46% 526.22% 2232.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 119.7M 21.70M 107.0M
YoY Change -776.27% -109.81% -595.37%
NET CHANGE
Cash From Operating Activities 169.4M 115.9M 9.800M
Cash From Investing Activities -283.7M -140.9M -543.4M
Cash From Financing Activities 119.7M 21.70M 107.0M
Net Change In Cash 5.400M -3.300M -426.6M
YoY Change -550.0% -98.09% -1930.9%
FREE CASH FLOW
Cash From Operating Activities $169.4M $115.9M $9.800M
Capital Expenditures -$237.2M $143.1M $118.4M
Free Cash Flow $406.6M -$27.16M -$108.6M
YoY Change 343.89% -164.48% -388.18%

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CY2017 pten Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
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-170000
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IncomeLossFromContinuingOperationsAllocableToNonVestedRestrictedShares
3022000
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5740000
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CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-291464000
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
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5740000
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1435000
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7781000
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36400000
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CY2016Q4 us-gaap Earnings Per Share Diluted
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32300000
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2738579000
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BusinessAcquisitionsProFormaRevenue
1567141000
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29584000
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-2.30
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BusinessAcquisitionProFormaEarningsPerShareDiluted
0.13
CY2016 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-2.30
CY2017Q4 us-gaap Inventory Finished Goods
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2270000
CY2017Q4 us-gaap Inventory Work In Process
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529000
CY2016Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1803000
CY2017Q4 us-gaap Inventory Raw Materials And Supplies
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66368000
CY2016Q4 us-gaap Inventory Raw Materials And Supplies
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18388000
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8490038000
CY2016Q4 us-gaap Property Plant And Equipment Gross
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7129996000
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4235308000
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3721033000
CY2017 pten Depreciation And Impairment Losses
DepreciationAndImpairmentLosses
753510000
CY2016 pten Depreciation And Impairment Losses
DepreciationAndImpairmentLosses
657571000
CY2015 pten Depreciation And Impairment Losses
DepreciationAndImpairmentLosses
845543000
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AmortizationExpenseOfIntangibleAssetsNetOfIntangibleLiabilities
21764000
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AmortizationExpenseOfIntangibleAssetsNetOfIntangibleLiabilities
3643000
CY2015 pten Amortization Expense Of Intangible Assets Net Of Intangible Liabilities
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3643000
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8067000
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7220000
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15573000
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29000000
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TangibleAssetImpairmentCharges
131000000
CY2016 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
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801000000
CY2015Q4 pten Expected Cash Flows From Backlog Of Commitments For Contract Drilling Revenues
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710000000
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46.42
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86234000
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0
CY2016Q4 us-gaap Goodwill
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86234000
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525239000
CY2017Q4 us-gaap Goodwill
Goodwill
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ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2016 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2015 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
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FiniteLivedIntangibleAssetsGross
97182000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
21583000
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75599000
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25500000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
22768000
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2732000
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AmortizationOfIntangibleAssets
24300000
CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3600000
CY2015 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3600000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
17580000
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FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
13630000
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
11686000
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4896000
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
4875000
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FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
22932000
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50443000
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21138000
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80751000
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29332000
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6766000
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10816000
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9566000
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7558000
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6740000
CY2017Q4 pten Accrued Merger And Integration Liability Current
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16101000
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31628000
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27163000
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2017-09-27
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2600000
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268000000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
300000000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
300000000
CY2017Q4 us-gaap Long Term Debt
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CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
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59500000
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172000000
CY2017Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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140000000
CY2017Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
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35900000
CY2015Q4 us-gaap Treasury Stock Shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
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50000
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600000
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5515968
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20.68
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.63
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
24.17
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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20.35
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20.49
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4.90
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.79
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ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValueOfOptionsVested
4565000
CY2016 pten Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value Of Options Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValueOfOptionsVested
4729000
CY2015 pten Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value Of Options Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValueOfOptionsVested
5077000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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209000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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366000
CY2017 us-gaap Operating Leases Rent Expense Net
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OperatingLeasesRentExpenseNet
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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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5165000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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3844000
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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2017 us-gaap Current State And Local Tax Expense Benefit
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CY2015 us-gaap Current State And Local Tax Expense Benefit
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2017 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CurrentForeignTaxExpenseBenefit
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CY2015 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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249000
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CY2017 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2016 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2015 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CurrentIncomeTaxExpenseBenefit
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CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
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0.350
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.019
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0.020
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0.021
CY2017 pten Effective Income Tax Rate Reconciliation
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EffectiveIncomeTaxRateReconciliation
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CY2017 pten Effective Income Tax Rate Reconciliation One Time Tax Effects Of Tax Reform
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.036
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CY2017Q1 us-gaap Sales Revenue Net
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CY2017Q4 us-gaap Unrecognized Tax Benefits
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CY2017 us-gaap Defined Contribution Plan Cost Recognized
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4400000
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CY2017 us-gaap Number Of Reportable Segments
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3
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CY2017Q4 pten Deposits In Insured Institutions Under Insurance Limits
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846000
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12866000
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CY2017Q4 pten Cash And Cash Equivalents
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142188000
CY2016Q4 pten Cash And Cash Equivalents
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41269000
CY2017Q4 pten Bank Checks Outstanding And Other Reconciling Items
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99360000
CY2016Q4 pten Bank Checks Outstanding And Other Reconciling Items
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6117000
CY2017 us-gaap Provision For Doubtful Accounts
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0
CY2016 us-gaap Provision For Doubtful Accounts
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0
CY2015 us-gaap Provision For Doubtful Accounts
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0
CY2017Q2 us-gaap Sales Revenue Net
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CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
684989000
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
787334000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-140236000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-38016000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-21647000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-92184000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-33769000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
195402000
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
268939000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
193907000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
206133000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
246887000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-95259000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-124332000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-70503000
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48

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