$PTEN
PATTERSON UTI ENERGY INC

2020 Q1 Form 10-Q Financial Statement

#000156459020019254 Filed on April 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $445.9M $704.2M
YoY Change -36.67% 2612.42%
Cost Of Revenue $326.6M $489.3M
YoY Change -33.25% -16.93%
Gross Profit $119.3M $214.8M
YoY Change -44.46% -2.45%
Gross Profit Margin 26.75% 30.5%
Selling, General & Admin $30.35M $32.56M
YoY Change -6.79% -0.8%
% of Gross Profit 25.44% 15.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $186.8M $214.4M
YoY Change -12.87% 2.14%
% of Gross Profit 156.58% 99.81%
Operating Expenses $30.35M $32.56M
YoY Change -6.79% -0.8%
Operating Profit -$494.4M -$23.38M
YoY Change 2014.4% 5.8%
Interest Expense $11.22M $12.98M
YoY Change -13.56% -4.7%
% of Operating Profit
Other Income/Expense, Net $85.00K -$11.84M
YoY Change -100.72% -1.65%
Pretax Income -$504.9M -$35.22M
YoY Change 1333.62% 3.17%
Income Tax -$70.20M -$6.604M
% Of Pretax Income
Net Earnings -$434.7M -$28.61M
YoY Change 1419.26% -16.86%
Net Earnings / Revenue -97.49% -4.06%
Basic Earnings Per Share -$2.28 -$0.14
Diluted Earnings Per Share -$2.28 -$0.14
COMMON SHARES
Basic Shares Outstanding 190.7M 211.9M
Diluted Shares Outstanding 190.7M 211.9M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.2M $248.9M
YoY Change -38.85% -18.21%
Cash & Equivalents $152.2M $248.9M
Short-Term Investments
Other Short-Term Assets $70.90M $60.90M
YoY Change 16.42% -5.73%
Inventory $34.14M $65.90M
Prepaid Expenses
Receivables $319.1M $548.0M
Other Receivables $8.300M $4.100M
Total Short-Term Assets $584.7M $927.7M
YoY Change -36.97% -10.71%
LONG-TERM ASSETS
Property, Plant & Equipment $3.187B $3.927B
YoY Change -18.84% -6.88%
Goodwill $412.9M
YoY Change -32.48%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.20M $37.00M
YoY Change -31.89% -47.37%
Total Long-Term Assets $3.286B $4.440B
YoY Change -26.0% -10.78%
TOTAL ASSETS
Total Short-Term Assets $584.7M $927.7M
Total Long-Term Assets $3.286B $4.440B
Total Assets $3.870B $5.368B
YoY Change -27.9% -10.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.1M $260.4M
YoY Change -46.2% -27.59%
Accrued Expenses $204.3M $249.4M
YoY Change -18.06% 3.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $354.3M $511.2M
YoY Change -30.7% -15.01%
LONG-TERM LIABILITIES
Long-Term Debt $966.8M $1.119B
YoY Change -13.64% 0.05%
Other Long-Term Liabilities $10.06M $34.20M
YoY Change -70.57% 171.19%
Total Long-Term Liabilities $976.8M $1.154B
YoY Change -15.32% 1.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $354.3M $511.2M
Total Long-Term Liabilities $976.8M $1.154B
Total Liabilities $1.491B $1.964B
YoY Change -24.08% -5.61%
SHAREHOLDERS EQUITY
Retained Earnings $852.4M
YoY Change
Common Stock $2.888B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.365B
YoY Change
Treasury Stock Shares $83.17M
Shareholders Equity $2.379B $3.403B
YoY Change
Total Liabilities & Shareholders Equity $3.870B $5.368B
YoY Change -27.9% -10.77%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$434.7M -$28.61M
YoY Change 1419.26% -16.86%
Depreciation, Depletion And Amortization $186.8M $214.4M
YoY Change -12.87% 2.14%
Cash From Operating Activities $73.29M $183.8M
YoY Change -60.13% 22.58%
INVESTING ACTIVITIES
Capital Expenditures $71.93M $118.3M
YoY Change -39.22% -3.73%
Acquisitions $13.00K
YoY Change -99.66%
Other Investing Activities $4.300M $22.00M
YoY Change -80.45% 238.46%
Cash From Investing Activities -$67.65M -$96.30M
YoY Change -29.75% -17.29%
FINANCING ACTIVITIES
Cash Dividend Paid $8.499M
YoY Change 91.29%
Common Stock Issuance & Retirement, Net $20.03M $75.11M
YoY Change -73.34% 343.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.65M -83.61M
YoY Change -66.93% -136.65%
NET CHANGE
Cash From Operating Activities 73.29M 183.8M
Cash From Investing Activities -67.65M -96.30M
Cash From Financing Activities -27.65M -83.61M
Net Change In Cash -21.99M 3.872M
YoY Change -667.79% -98.52%
FREE CASH FLOW
Cash From Operating Activities $73.29M $183.8M
Capital Expenditures $71.93M $118.3M
Free Cash Flow $1.363M $65.49M
YoY Change -97.92% 142.16%

Facts In Submission

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CY2020Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
12300000
CY2020Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
5600000
CY2020Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
2300000
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
77336387
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1345134000
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
83165792
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1365159000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.62
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4766150
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4736150
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.139
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-434722000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28614000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
190674000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211868000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.28
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-434722000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-28614000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
190674000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211868000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
190674000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
211868000
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.28
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9200000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10033000
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
445927000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704171000
CY2020Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-451000
CY2019Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
8736000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1055000
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
657000
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1032000
CY2020Q1 us-gaap Interest Expense
InterestExpense
11224000
CY2019Q1 us-gaap Interest Expense
InterestExpense
12984000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
85000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
117000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-504892000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-35218000
CY2020Q1 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
186797000
CY2019Q1 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
214410000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
71928000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
118341000
CY2020Q1 us-gaap Assets
Assets
3870284000
CY2019Q4 us-gaap Assets
Assets
4439615000
CY2020Q1 pten Percentage Of Beneficial Ownership Required To Exercise Right Under Rights Agreement Description
PercentageOfBeneficialOwnershipRequiredToExerciseRightUnderRightsAgreementDescription
10% (12% for passive investors) or more
CY2020Q2 pten Percentage Of Discount On Purchase Of Additional Share In Right Agreement
PercentageOfDiscountOnPurchaseOfAdditionalShareInRightAgreement
0.50
CY2020Q1 pten Percentage Of Acquisition In Merger Or Other Unapproved Party Description
PercentageOfAcquisitionInMergerOrOtherUnapprovedPartyDescription
more than 10% (12% for passive investors) 
CY2020Q2 pten Percentage Of Discount On Share Acquisition In Merger Or Other Unapproved Party
PercentageOfDiscountOnShareAcquisitionInMergerOrOtherUnapprovedParty
0.50
CY2020Q2 pten Redemption Price Of Rights
RedemptionPriceOfRights
0.001
CY2020Q1 pten Percentage Of Beneficial Ownership Not Exercisable Prior To Adoption Of Right Agreement Description
PercentageOfBeneficialOwnershipNotExercisablePriorToAdoptionOfRightAgreementDescription
10% (12% for passive investors) or more
CY2020Q1 pten Expire Period Of Right Agreement
ExpirePeriodOfRightAgreement
2021-04-21

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