2018 Q1 Form 10-Q Financial Statement

#000168024718000044 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $385.2M $171.9M
YoY Change 124.05% 95.6%
Cost Of Revenue $298.1M $149.6M
YoY Change 99.26% 86.3%
Gross Profit $87.10M $22.37M
YoY Change 289.42% 192.71%
Gross Profit Margin 22.61% 13.01%
Selling, General & Admin $11.90M $19.90M
YoY Change -40.2% 243.1%
% of Gross Profit 13.66% 88.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.94M $11.15M
YoY Change 69.81% 0.6%
% of Gross Profit 21.74% 49.86%
Operating Expenses $30.90M $31.00M
YoY Change -0.32% 84.52%
Operating Profit $48.55M -$24.35M
YoY Change -299.38% 88.18%
Interest Expense $1.261M $5.175M
YoY Change -75.63% -4.43%
% of Operating Profit 2.6%
Other Income/Expense, Net -$1.491M -$5.149M
YoY Change -71.04% -9.87%
Pretax Income $47.06M -$24.24M
YoY Change -294.19% 22.82%
Income Tax $10.35M $116.0K
% Of Pretax Income 22.0%
Net Earnings $36.71M -$24.35M
YoY Change -250.75% 88.18%
Net Earnings / Revenue 9.53% -14.16%
Basic Earnings Per Share $0.44 -$0.43
Diluted Earnings Per Share $0.42 -$0.43
COMMON SHARES
Basic Shares Outstanding 83.08M shares 56.00M shares
Diluted Shares Outstanding 86.85M shares 56.00M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.40M $85.60M
YoY Change -45.79%
Cash & Equivalents $46.41M $85.63M
Short-Term Investments
Other Short-Term Assets $1.086M $4.418M
YoY Change -75.42%
Inventory $7.512M $5.154M
Prepaid Expenses $5.707M $3.938M
Receivables $253.1M $109.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $313.8M $209.0M
YoY Change 50.16%
LONG-TERM ASSETS
Property, Plant & Equipment $524.2M $298.4M
YoY Change 75.67%
Goodwill $9.425M $9.425M
YoY Change 0.0% -11.1%
Intangibles $229.0K $517.0K
YoY Change -55.71%
Long-Term Investments
YoY Change
Other Assets $2.550M $1.877M
YoY Change 35.86%
Total Long-Term Assets $536.5M $312.2M
YoY Change 71.85%
TOTAL ASSETS
Total Short-Term Assets $313.8M $209.0M
Total Long-Term Assets $536.5M $312.2M
Total Assets $850.3M $521.2M
YoY Change 63.15% 37.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $254.7M $118.3M
YoY Change 115.39%
Accrued Expenses $11.98M $9.681M
YoY Change 23.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.03M $6.087M
YoY Change 146.95%
Total Short-Term Liabilities $282.3M $134.0M
YoY Change 110.61%
LONG-TERM LIABILITIES
Long-Term Debt $102.3M $11.69M
YoY Change 775.34%
Other Long-Term Liabilities $127.0K $120.0K
YoY Change 5.83%
Total Long-Term Liabilities $102.4M $11.81M
YoY Change 767.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $282.3M $134.0M
Total Long-Term Liabilities $102.4M $11.81M
Total Liabilities $399.6M $147.0M
YoY Change 171.79%
SHAREHOLDERS EQUITY
Retained Earnings -$157.6M -$231.3M
YoY Change -31.86%
Common Stock $608.3M $605.4M
YoY Change 0.48%
Preferred Stock $0.00
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $450.7M $374.2M
YoY Change
Total Liabilities & Shareholders Equity $850.3M $521.2M
YoY Change 63.15%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $36.71M -$24.35M
YoY Change -250.75% 88.18%
Depreciation, Depletion And Amortization $18.94M $11.15M
YoY Change 69.81% 0.6%
Cash From Operating Activities $54.63M -$3.394M
YoY Change -1709.72% -123.83%
INVESTING ACTIVITIES
Capital Expenditures $75.15M $86.80M
YoY Change -13.42% 610.49%
Acquisitions
YoY Change
Other Investing Activities $300.0K $500.0K
YoY Change -40.0%
Cash From Investing Activities -$74.83M -$50.46M
YoY Change 48.3% 314.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.343M $71.80M
YoY Change -96.74% 1686.51%
Cash From Financing Activities $42.66M $5.881M
YoY Change 625.4% -212.1%
NET CHANGE
Cash From Operating Activities $54.63M -$3.394M
Cash From Investing Activities -$74.83M -$50.46M
Cash From Financing Activities $42.66M $5.881M
Net Change In Cash $22.46M -$47.97M
YoY Change -146.83% 1403.79%
FREE CASH FLOW
Cash From Operating Activities $54.63M -$3.394M
Capital Expenditures $75.15M $86.80M
Free Cash Flow -$20.51M -$90.19M
YoY Change -77.26% -4549.63%

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PaymentsOfDebtExtinguishmentCosts
500000 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1615000 USD
CY2018Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
360000 USD
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
15099000 USD
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
86800000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
50910000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
75148000 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5123000 USD
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5707000 USD
CY2017Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
185500000 USD
CY2018Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
46735000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
5600000 USD
CY2014Q4 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
25000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
452000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
317000 USD
CY2017Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
56461000 USD
CY2018Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
79954000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
470910000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
524154000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
71800000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
161669000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2343000 USD
CY2017Q1 us-gaap Repayments Of Longterm Loans From Vendors
RepaymentsOfLongtermLoansFromVendors
1236000 USD
CY2018Q1 us-gaap Repayments Of Longterm Loans From Vendors
RepaymentsOfLongtermLoansFromVendors
1371000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-194297000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-157589000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7369000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
758000 USD
CY2017Q1 us-gaap Revenue Oil And Gas Services
RevenueOilAndGasServices
171931000 USD
CY2018Q1 us-gaap Revenue Oil And Gas Services
RevenueOilAndGasServices
385219000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
24500000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P2M
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4044911 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.91
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.35
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
49600000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4636353 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4636353 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.20
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.20
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
48500000 USD
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M26D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M17D
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
758000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
413252000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
450718000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
138000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
0 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55996000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86848000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55996000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83081000 shares

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