2017 Q2 Form 10-Q Financial Statement

#000168024717000050 Filed on August 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $213.5M $68.20M
YoY Change 213.04%
Cost Of Revenue $176.8M $64.80M
YoY Change 172.84%
Gross Profit $36.72M $3.316M
YoY Change 1007.21%
Gross Profit Margin 17.2% 4.86%
Selling, General & Admin $7.900M $5.500M
YoY Change 43.64%
% of Gross Profit 21.52% 165.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.70M $10.80M
YoY Change 17.59%
% of Gross Profit 34.59% 325.69%
Operating Expenses $20.60M $16.40M
YoY Change 25.61%
Operating Profit $4.921M -$9.294M
YoY Change -152.95%
Interest Expense $650.0K $5.977M
YoY Change -89.12%
% of Operating Profit 13.21%
Other Income/Expense, Net -$1.277M $984.0K
YoY Change -229.78%
Pretax Income $5.029M -$14.20M
YoY Change -135.42%
Income Tax $108.0K -$4.905M
% Of Pretax Income 2.15%
Net Earnings $4.921M -$9.294M
YoY Change -152.95%
Net Earnings / Revenue 2.31% -13.63%
Basic Earnings Per Share $0.06 -$0.24
Diluted Earnings Per Share $0.06 -$0.24
COMMON SHARES
Basic Shares Outstanding 83.04M shares 39.50M shares
Diluted Shares Outstanding 86.28M shares 39.50M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.10M
YoY Change
Cash & Equivalents $25.11M $20.18M
Short-Term Investments
Other Short-Term Assets $3.689M
YoY Change
Inventory $4.819M
Prepaid Expenses $6.933M
Receivables $147.8M
Other Receivables $0.00
Total Short-Term Assets $188.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $360.3M
YoY Change
Goodwill $9.425M $10.60M
YoY Change -11.1%
Intangibles $445.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.830M
YoY Change
Total Long-Term Assets $373.5M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $188.4M
Total Long-Term Assets $373.5M
Total Assets $561.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $156.0M
YoY Change
Accrued Expenses $8.335M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $6.337M
YoY Change
Total Short-Term Liabilities $170.6M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $10.21M
YoY Change
Other Long-Term Liabilities $122.0K
YoY Change
Total Long-Term Liabilities $10.33M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $170.6M
Total Long-Term Liabilities $10.33M
Total Liabilities $182.2M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$226.3M
YoY Change
Common Stock $606.0M
YoY Change
Preferred Stock $0.00
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $379.7M
YoY Change
Total Liabilities & Shareholders Equity $561.9M
YoY Change

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $4.921M -$9.294M
YoY Change -152.95%
Depreciation, Depletion And Amortization $12.70M $10.80M
YoY Change 17.59%
Cash From Operating Activities $2.900M -$12.10M
YoY Change -123.97%
INVESTING ACTIVITIES
Capital Expenditures -$61.70M -$3.300M
YoY Change 1769.7%
Acquisitions
YoY Change
Other Investing Activities $700.0K $400.0K
YoY Change 75.0%
Cash From Investing Activities -$60.90M -$2.900M
YoY Change 2000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.500M 4.100M
YoY Change -160.98%
NET CHANGE
Cash From Operating Activities 2.900M -12.10M
Cash From Investing Activities -60.90M -2.900M
Cash From Financing Activities -2.500M 4.100M
Net Change In Cash -60.50M -10.90M
YoY Change 455.05%
FREE CASH FLOW
Cash From Operating Activities $2.900M -$12.10M
Capital Expenditures -$61.70M -$3.300M
Free Cash Flow $64.60M -$8.800M
YoY Change -834.09%

Facts In Submission

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2063000 USD
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us-gaap Net Income Loss
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-22231000 USD
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4921000 USD
us-gaap Net Income Loss
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us-gaap Number Of Operating Segments
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us-gaap Number Of Reportable Segments
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1 segment
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-15183000 USD
us-gaap Operating Income Loss
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-29199000 USD
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OperatingIncomeLoss
6306000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-12781000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2142000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
344000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
366000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
426000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
232000 USD
CY2016Q4 us-gaap Other Assets Current
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6684000 USD
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3689000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
304000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1830000 USD
CY2017Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
572000 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
572000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
117000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
122000 USD
CY2016Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
14000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
312000 USD
CY2017Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
627000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
602000 USD
CY2016Q2 us-gaap Payments Of Debt Extinguishment Costs
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525000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
525000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
115000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1653000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
15099000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15461000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
112630000 USD
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
16999990 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
16999990 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
16999990 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
17000 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense Current
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4608000 USD
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6933000 USD
CY2016Q2 us-gaap Proceeds From Contributed Capital
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40425000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
185500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
232000 USD
CY2016Q4 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
170000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
40000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
CY2017Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
200000 USD
CY2014Q4 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
25000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
410000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1229000 USD
CY2016Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3557000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
10052000 USD
CY2017Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
87349000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
143811000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
263862000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
360308000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
71800000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
38074000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
163128000 USD
us-gaap Repayments Of Longterm Loans From Vendors
RepaymentsOfLongtermLoansFromVendors
2426000 USD
us-gaap Repayments Of Longterm Loans From Vendors
RepaymentsOfLongtermLoansFromVendors
2476000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-206910000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-226341000 USD
CY2016Q2 us-gaap Revenue Oil And Gas Services
RevenueOilAndGasServices
68165000 USD
us-gaap Revenue Oil And Gas Services
RevenueOilAndGasServices
156095000 USD
CY2017Q2 us-gaap Revenue Oil And Gas Services
RevenueOilAndGasServices
213492000 USD
us-gaap Revenue Oil And Gas Services
RevenueOilAndGasServices
385423000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
413000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
619000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
609000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7978000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2354466 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3847763 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.77
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.96
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.49
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.20
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
226194 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.39
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
114456 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1088 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1274549 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
793738 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.35
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3485791 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4645884 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4640413 shares
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.96
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.96
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.00
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.25
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.00
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
1.77
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
3.35
CY2016Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
18007328 shares
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
162212 shares
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
226194 shares
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
170141000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
7978000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
221009000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
379697000 USD
CY2017Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.45
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-96000 USD
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
199000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39496000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37244000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86279000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69593000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39496000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37244000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83040000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69593000 shares

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