$PTEN
PATTERSON UTI ENERGY INC

2020 Q3 Form 10-Q Financial Statement

#000156459020047978 Filed on October 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $207.1M $598.5M $675.8M
YoY Change -65.39% -31.01% -20.91%
Cost Of Revenue $141.3M $453.2M $467.6M
YoY Change -68.82% -28.53% -24.8%
Gross Profit $65.90M $145.2M $208.1M
YoY Change -54.61% -37.79% -10.57%
Gross Profit Margin 31.81% 24.26% 30.79%
Selling, General & Admin $22.36M $34.23M $34.89M
YoY Change -34.69% 4.3% -2.16%
% of Gross Profit 33.92% 23.58% 16.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $157.3M $400.8M $208.7M
YoY Change -60.75% 42.33% -1.74%
% of Gross Profit 238.69% 276.03% 100.29%
Operating Expenses $22.36M $34.23M $34.89M
YoY Change -34.69% 4.3% -2.16%
Operating Profit -$114.6M -$307.3M -$48.13M
YoY Change -62.72% 282.79% 434.48%
Interest Expense $11.29M $20.74M $13.30M
YoY Change -45.57% 67.57% 4.98%
% of Operating Profit
Other Income/Expense, Net -$10.54M -$18.93M -$11.45M
YoY Change -44.32% 67.82% 13.47%
Pretax Income -$125.1M -$326.2M -$59.58M
YoY Change -61.65% 256.31% 211.99%
Income Tax -$12.99M -$64.51M -$10.13M
% Of Pretax Income
Net Earnings -$112.1M -$261.7M -$49.45M
YoY Change -57.16% 248.76% 361.56%
Net Earnings / Revenue -54.12% -43.73% -7.32%
Basic Earnings Per Share -$0.60 -$1.31 -$0.24
Diluted Earnings Per Share -$0.60 -$1.31 -$0.24
COMMON SHARES
Basic Shares Outstanding 187.3M 199.3M 207.5M
Diluted Shares Outstanding 187.3M 199.3M 207.5M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $303.7M $164.8M $255.5M
YoY Change 84.28% -22.99% 5.62%
Cash & Equivalents $303.7M $164.8M $255.5M
Short-Term Investments
Other Short-Term Assets $58.60M $58.26M $66.46M
YoY Change 0.58% -22.32% -17.95%
Inventory $33.69M $37.33M $68.61M
Prepaid Expenses
Receivables $131.3M $411.1M $501.2M
Other Receivables $4.800M $6.000M $6.000M
Total Short-Term Assets $532.1M $677.6M $897.7M
YoY Change -21.47% -32.7% -10.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.893B $3.433B $3.769B
YoY Change -15.74% -15.86% -10.44%
Goodwill $395.1M $412.9M
YoY Change -35.5% -32.48%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.10M $17.86M $18.39M
YoY Change -15.47% -64.9% -65.17%
Total Long-Term Assets $2.959B $3.932B $4.294B
YoY Change -24.73% -18.32% -13.18%
TOTAL ASSETS
Total Short-Term Assets $532.1M $677.6M $897.7M
Total Long-Term Assets $2.959B $3.932B $4.294B
Total Assets $3.491B $4.609B $5.192B
YoY Change -24.25% -20.8% -12.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.40M $208.8M $242.2M
YoY Change -64.37% -40.21% -34.81%
Accrued Expenses $181.6M $220.6M $218.6M
YoY Change -17.71% -13.95% -4.9%
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 $263.4M $438.9M $470.0M
YoY Change -39.98% -27.78% -21.84%
LONG-TERM LIABILITIES
Long-Term Debt $967.4M $969.9M $1.120B
YoY Change -0.26% -13.32% 0.07%
Other Long-Term Liabilities $17.41M $10.28M $10.13M
YoY Change 69.36% -20.29% -19.6%
Total Long-Term Liabilities $984.8M $980.2M $1.130B
YoY Change 0.47% -13.4% -0.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.4M $438.9M $470.0M
Total Long-Term Liabilities $984.8M $980.2M $1.130B
Total Liabilities $1.372B $1.666B $1.913B
YoY Change -17.67% -19.3% -7.73%
SHAREHOLDERS EQUITY
Retained Earnings $582.4M $1.389B $1.658B
YoY Change -58.06%
Common Stock $2.898B $2.869B $2.859B
YoY Change 1.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.366B $1.320B $1.244B
YoY Change 3.51%
Treasury Stock Shares $83.39M $74.71M $66.39M
Shareholders Equity $2.120B $2.943B $3.278B
YoY Change
Total Liabilities & Shareholders Equity $3.491B $4.609B $5.192B
YoY Change -24.25% -20.8% -12.8%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$112.1M -$261.7M -$49.45M
YoY Change -57.16% 248.76% 361.56%
Depreciation, Depletion And Amortization $157.3M $400.8M $208.7M
YoY Change -60.75% 42.33% -1.74%
Cash From Operating Activities $64.00M $218.5M $181.5M
YoY Change -70.71% 15.92% 20.84%
INVESTING ACTIVITIES
Capital Expenditures $13.44M $68.03M $96.92M
YoY Change -80.24% -58.21% -50.26%
Acquisitions
YoY Change
Other Investing Activities $10.40M $900.0K $9.500M
YoY Change 1055.56% -87.14% -72.46%
Cash From Investing Activities -$3.100M -$67.10M -$87.50M
YoY Change -95.38% -56.93% -45.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000M -242.2M -87.40M
YoY Change -98.35% 299.67% 68.4%
NET CHANGE
Cash From Operating Activities 64.00M 218.5M 181.5M
Cash From Investing Activities -3.100M -67.10M -87.50M
Cash From Financing Activities -4.000M -242.2M -87.40M
Net Change In Cash 56.90M -90.80M 6.600M
YoY Change -162.67% 225.45% -110.63%
FREE CASH FLOW
Cash From Operating Activities $64.00M $218.5M $181.5M
Capital Expenditures $13.44M $68.03M $96.92M
Free Cash Flow $50.56M $150.5M $84.58M
YoY Change -66.4% 485.15% -289.38%

Facts In Submission

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1229000
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51224000
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CY2020Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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24900000
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10000000.0
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0.50
CY2020Q2 pten Percentage Of Acquisition In Merger Or Other Unapproved Party Description
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more than 10% (12% for passive investors)
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0.50
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2021-04-21
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CY2020Q3 us-gaap Treasury Stock Shares
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CY2020Q1 pten Dividend Equivalents
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125000
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
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4335000
CY2020Q2 us-gaap Dividends Common Stock Cash
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3735000
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73000
CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
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910000
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-112111000
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218000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6592000
CY2020Q3 us-gaap Dividends Common Stock Cash
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3746000
CY2020Q3 pten Dividend Equivalents
DividendEquivalents
69000
CY2020Q3 us-gaap Treasury Stock Value Acquired Cost Method
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194000
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StockholdersEquity
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StockholdersEquity
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9219000
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11050000
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8344000
CY2019Q2 pten Dividend Equivalents
DividendEquivalents
126000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
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StockholdersEquity
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854000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9670000
CY2019Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
7847000
CY2019Q3 pten Dividend Equivalents
DividendEquivalents
160000
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
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76123000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
2942986000
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
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4056150
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.63
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4041150
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.64
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.128
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-112111000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-261719000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-697165000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-339780000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
187280000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199343000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188193000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206191000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.70
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.65
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-112111000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-261719000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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-697165000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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-339780000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
187280000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199343000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188193000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206191000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
187280000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199343000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188193000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
206191000
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.65
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8490000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9753000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8490000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9753000
us-gaap Number Of Reportable Segments
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3
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
207141000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
598452000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
903448000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1978388000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5606000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3594000
CY2020Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
238000
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1693000
us-gaap Investment Income Interest
InvestmentIncomeInterest
1229000
us-gaap Investment Income Interest
InvestmentIncomeInterest
4481000
CY2020Q3 us-gaap Interest Expense
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11288000
CY2019Q3 us-gaap Interest Expense
InterestExpense
20739000
us-gaap Interest Expense
InterestExpense
33496000
us-gaap Interest Expense
InterestExpense
47021000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
512000
CY2019Q3 us-gaap Other Nonoperating Income Expense
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119000
us-gaap Other Nonoperating Income Expense
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682000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
328000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-125104000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-326232000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-799645000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-421025000
CY2020Q3 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
157319000
CY2019Q3 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
400764000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
517201000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
823862000
CY2020Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13442000
CY2019Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
68028000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
135043000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
283288000
CY2020Q3 us-gaap Assets
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3491225000
CY2019Q4 us-gaap Assets
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4439615000
CY2020Q2 us-gaap Restructuring Costs
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38300000
CY2019Q2 us-gaap Restructuring Costs
RestructuringCosts
0
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
13511000

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