$PTEN
PATTERSON UTI ENERGY INC

2020 Q2 Form 10-Q Financial Statement

#000156459020033874 Filed on July 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $250.4M $675.8M $704.2M
YoY Change -62.95% -20.91% 2612.42%
Cost Of Revenue $164.7M $467.6M $489.3M
YoY Change -64.78% -24.8% -16.93%
Gross Profit $85.60M $208.1M $214.8M
YoY Change -58.87% -10.57% -2.45%
Gross Profit Margin 34.19% 30.79% 30.5%
Selling, General & Admin $23.99M $34.89M $32.56M
YoY Change -31.25% -2.16% -0.8%
% of Gross Profit 28.03% 16.77% 15.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $173.1M $208.7M $214.4M
YoY Change -17.06% -1.74% 2.14%
% of Gross Profit 202.22% 100.29% 99.81%
Operating Expenses $23.99M $34.89M $32.56M
YoY Change -31.25% -2.16% -0.8%
Operating Profit -$159.1M -$48.13M -$23.38M
YoY Change 230.56% 434.48% 5.8%
Interest Expense $10.98M $13.30M $12.98M
YoY Change -17.4% 4.98% -4.7%
% of Operating Profit
Other Income/Expense, Net -$10.57M -$11.45M -$11.84M
YoY Change -7.73% 13.47% -1.65%
Pretax Income -$169.6M -$59.58M -$35.22M
YoY Change 184.77% 211.99% 3.17%
Income Tax -$19.32M -$10.13M -$6.604M
% Of Pretax Income
Net Earnings -$150.3M -$49.45M -$28.61M
YoY Change 204.03% 361.56% -16.86%
Net Earnings / Revenue -60.04% -7.32% -4.06%
Basic Earnings Per Share -$0.81 -$0.24 -$0.14
Diluted Earnings Per Share -$0.81 -$0.24 -$0.14
COMMON SHARES
Basic Shares Outstanding 186.6M 207.5M 211.9M
Diluted Shares Outstanding 186.6M 207.5M 211.9M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $246.8M $255.5M $248.9M
YoY Change -3.41% 5.62% -18.21%
Cash & Equivalents $246.8M $255.5M $248.9M
Short-Term Investments
Other Short-Term Assets $69.10M $66.46M $60.90M
YoY Change 3.97% -17.95% -5.73%
Inventory $34.98M $68.61M $65.90M
Prepaid Expenses
Receivables $158.0M $501.2M $548.0M
Other Receivables $8.700M $6.000M $4.100M
Total Short-Term Assets $517.5M $897.7M $927.7M
YoY Change -42.36% -10.94% -10.71%
LONG-TERM ASSETS
Property, Plant & Equipment $3.034B $3.769B $3.927B
YoY Change -19.51% -10.44% -6.88%
Goodwill $412.9M $412.9M
YoY Change -32.48% -32.48%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.40M $18.39M $37.00M
YoY Change -10.83% -65.17% -47.37%
Total Long-Term Assets $3.107B $4.294B $4.440B
YoY Change -27.64% -13.18% -10.78%
TOTAL ASSETS
Total Short-Term Assets $517.5M $897.7M $927.7M
Total Long-Term Assets $3.107B $4.294B $4.440B
Total Assets $3.625B $5.192B $5.368B
YoY Change -30.18% -12.8% -10.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.00M $242.2M $260.4M
YoY Change -69.86% -34.81% -27.59%
Accrued Expenses $190.4M $218.6M $249.4M
YoY Change -12.93% -4.9% 3.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $272.1M $470.0M $511.2M
YoY Change -42.11% -21.84% -15.01%
LONG-TERM LIABILITIES
Long-Term Debt $967.1M $1.120B $1.119B
YoY Change -13.62% 0.07% 0.05%
Other Long-Term Liabilities $40.90M $10.13M $34.20M
YoY Change 303.71% -19.6% 171.19%
Total Long-Term Liabilities $1.008B $1.130B $1.154B
YoY Change -10.78% -0.15% 1.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $272.1M $470.0M $511.2M
Total Long-Term Liabilities $1.008B $1.130B $1.154B
Total Liabilities $1.396B $1.913B $1.964B
YoY Change -27.05% -7.73% -5.61%
SHAREHOLDERS EQUITY
Retained Earnings $1.658B
YoY Change
Common Stock $2.859B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.366B $1.244B
YoY Change 9.83%
Treasury Stock Shares $83.33M $66.39M
Shareholders Equity $2.229B $3.278B $3.403B
YoY Change
Total Liabilities & Shareholders Equity $3.625B $5.192B $5.368B
YoY Change -30.18% -12.8% -10.77%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$150.3M -$49.45M -$28.61M
YoY Change 204.03% 361.56% -16.86%
Depreciation, Depletion And Amortization $173.1M $208.7M $214.4M
YoY Change -17.06% -1.74% 2.14%
Cash From Operating Activities $146.0M $181.5M $183.8M
YoY Change -19.56% 20.84% 22.58%
INVESTING ACTIVITIES
Capital Expenditures $49.67M $96.92M $118.3M
YoY Change -48.75% -50.26% -3.73%
Acquisitions $13.00K
YoY Change -99.66%
Other Investing Activities $3.000M $9.500M $22.00M
YoY Change -68.42% -72.46% 238.46%
Cash From Investing Activities -$46.70M -$87.50M -$96.30M
YoY Change -46.63% -45.45% -17.29%
FINANCING ACTIVITIES
Cash Dividend Paid $8.499M
YoY Change 91.29%
Common Stock Issuance & Retirement, Net $75.11M
YoY Change 343.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.700M -87.40M -83.61M
YoY Change -94.62% 68.4% -136.65%
NET CHANGE
Cash From Operating Activities 146.0M 181.5M 183.8M
Cash From Investing Activities -46.70M -87.50M -96.30M
Cash From Financing Activities -4.700M -87.40M -83.61M
Net Change In Cash 94.60M 6.600M 3.872M
YoY Change 1333.33% -110.63% -98.52%
FREE CASH FLOW
Cash From Operating Activities $146.0M $181.5M $183.8M
Capital Expenditures $49.67M $96.92M $118.3M
Free Cash Flow $96.33M $84.58M $65.49M
YoY Change 13.89% -289.38% 142.16%

Facts In Submission

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944000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9338000
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
8499000
CY2019Q1 pten Dividend Equivalents
DividendEquivalents
110000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
75113000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
3403369000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-49447000
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
848000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
9219000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11050000
CY2019Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
8344000
CY2019Q2 pten Dividend Equivalents
DividendEquivalents
126000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
88258000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
3278311000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
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 Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4766150
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.62
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
710000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
14.83
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4056150
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4026150
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.65
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188654000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
209671000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.114
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.170
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.133
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.177
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-150332000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-49447000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-585054000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-78061000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
186633000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
207499000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188654000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
209671000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-150332000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-49447000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-585054000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-78061000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188654000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
209671000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
186633000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207499000
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9101000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10289000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9101000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10289000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
250380000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
675765000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
696307000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1379936000
CY2020Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4551000
CY2019Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3594000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5606000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3594000
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
334000
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1756000
us-gaap Investment Income Interest
InvestmentIncomeInterest
991000
us-gaap Investment Income Interest
InvestmentIncomeInterest
2788000
CY2020Q2 us-gaap Interest Expense
InterestExpense
10984000
CY2019Q2 us-gaap Interest Expense
InterestExpense
13298000
us-gaap Interest Expense
InterestExpense
22208000
us-gaap Interest Expense
InterestExpense
26282000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
85000
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
92000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
170000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
209000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-169649000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-59575000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-674541000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-94793000
CY2020Q2 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
173085000
CY2019Q2 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
208688000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
359882000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
423098000
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
49673000
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
96919000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
121601000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
215260000
CY2020Q2 us-gaap Assets
Assets
3624805000
CY2019Q4 us-gaap Assets
Assets
4439615000
CY2020Q2 us-gaap Restructuring Costs
RestructuringCosts
38300000
us-gaap Restructuring Costs
RestructuringCosts
38300000
us-gaap Restructuring Costs
RestructuringCosts
0
CY2019Q2 us-gaap Restructuring Costs
RestructuringCosts
0
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
20329000

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