2019 Q1 Form 10-Q Financial Statement

#000156459019013754 Filed on April 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $704.2M $25.96M
YoY Change 2612.42% -91.49%
Cost Of Revenue $489.3M $589.0M
YoY Change -16.93% 155.53%
Gross Profit $214.8M $220.2M
YoY Change -2.45% 194.78%
Gross Profit Margin 30.5% 848.2%
Selling, General & Admin $32.56M $32.82M
YoY Change -0.8% 74.08%
% of Gross Profit 15.16% 14.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $214.4M $209.9M
YoY Change 2.14% 34.38%
% of Gross Profit 99.81% 95.32%
Operating Expenses $32.56M $32.82M
YoY Change -0.8% 74.08%
Operating Profit -$23.38M -$22.10M
YoY Change 5.8% -76.14%
Interest Expense $12.98M $13.63M
YoY Change -4.7% 64.75%
% of Operating Profit
Other Income/Expense, Net -$11.84M -$12.03M
YoY Change -1.65% 53.35%
Pretax Income -$35.22M -$34.14M
YoY Change 3.17% -66.03%
Income Tax -$6.604M $282.0K
% Of Pretax Income
Net Earnings -$28.61M -$34.42M
YoY Change -16.86% -45.83%
Net Earnings / Revenue -4.06% -132.57%
Basic Earnings Per Share -$0.14 -$0.16
Diluted Earnings Per Share -$0.14 -$0.16
COMMON SHARES
Basic Shares Outstanding 211.9M 220.8M
Diluted Shares Outstanding 211.9M 220.8M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.9M $304.3M
YoY Change -18.21% -34.78%
Cash & Equivalents $248.9M $304.3M
Short-Term Investments
Other Short-Term Assets $60.90M $64.60M
YoY Change -5.73% 113.2%
Inventory $65.90M $72.10M
Prepaid Expenses
Receivables $548.0M $596.9M
Other Receivables $4.100M $1.100M
Total Short-Term Assets $927.7M $1.039B
YoY Change -10.71% 42.35%
LONG-TERM ASSETS
Property, Plant & Equipment $3.927B $4.217B
YoY Change -6.88% 26.68%
Goodwill $412.9M $611.5M
YoY Change -32.48%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.00M $70.30M
YoY Change -47.37% 121.07%
Total Long-Term Assets $4.440B $4.977B
YoY Change -10.78% 44.31%
TOTAL ASSETS
Total Short-Term Assets $927.7M $1.039B
Total Long-Term Assets $4.440B $4.977B
Total Assets $5.368B $6.016B
YoY Change -10.77% 43.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $260.4M $359.6M
YoY Change -27.59% 127.31%
Accrued Expenses $249.4M $241.9M
YoY Change 3.1% 78.0%
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 $511.2M $601.5M
YoY Change -15.01% 104.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.119B $1.119B
YoY Change 0.05% 86.93%
Other Long-Term Liabilities $34.20M $12.61M
YoY Change 171.19% 26.63%
Total Long-Term Liabilities $1.154B $1.131B
YoY Change 1.96% 85.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $511.2M $601.5M
Total Long-Term Liabilities $1.154B $1.131B
Total Liabilities $1.964B $2.081B
YoY Change -5.61% 37.19%
SHAREHOLDERS EQUITY
Retained Earnings $2.067B
YoY Change 0.86%
Common Stock $2.798B
YoY Change 83.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $935.6M
YoY Change 2.67%
Treasury Stock Shares
Shareholders Equity $3.403B $3.935B
YoY Change
Total Liabilities & Shareholders Equity $5.368B $6.016B
YoY Change -10.77% 43.96%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$28.61M -$34.42M
YoY Change -16.86% -45.83%
Depreciation, Depletion And Amortization $214.4M $209.9M
YoY Change 2.14% 34.38%
Cash From Operating Activities $183.8M $150.0M
YoY Change 22.58% 2577.95%
INVESTING ACTIVITIES
Capital Expenditures $118.3M $122.9M
YoY Change -3.73% -279.71%
Acquisitions $13.00K $3.800M
YoY Change -99.66%
Other Investing Activities $22.00M $6.500M
YoY Change 238.46% -74.9%
Cash From Investing Activities -$96.30M -$116.4M
YoY Change -17.29% 173.3%
FINANCING ACTIVITIES
Cash Dividend Paid $8.499M $4.443M
YoY Change 91.29% 33.58%
Common Stock Issuance & Retirement, Net $75.11M $16.93M
YoY Change 343.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.61M 228.1M
YoY Change -136.65% -51.28%
NET CHANGE
Cash From Operating Activities 183.8M 150.0M
Cash From Investing Activities -96.30M -116.4M
Cash From Financing Activities -83.61M 228.1M
Net Change In Cash 3.872M 261.6M
YoY Change -98.52% -39.32%
FREE CASH FLOW
Cash From Operating Activities $183.8M $150.0M
Capital Expenditures $118.3M $122.9M
Free Cash Flow $65.49M $27.04M
YoY Change 142.16% -63.45%

Facts In Submission

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1890000
CY2018Q4 pten Accrued Merger And Integration Liability Current
AccruedMergerAndIntegrationLiabilityCurrent
2403000
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
351000
CY2018Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
938000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
300000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
300000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
525000000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
1125000000
CY2019Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
51400000
CY2019Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
89900000
CY2019Q1 pten Agreement Expire Description
AgreementExpireDescription
The agreements expire in years 2019 through 2023.
CY2019Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
50000000
CY2019Q1 pten Number Of Plaintiffs Finalized For Settlement Alleging Wrongful Death Lawsuits
NumberOfPlaintiffsFinalizedForSettlementAllegingWrongfulDeathLawsuits
4
CY2018 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.14
CY2018 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
30589000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5501150
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5501150
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5432679
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.63
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008

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