QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) | |||||||
(Zip Code) | ||||||||
(Address of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | No | ☐ |
☒ | No | ☐ |
Large accelerated filer | ☐ | ☒ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Yes | No | ☒ |
Page | |||||||||||
Part I – FINANCIAL INFORMATION | |||||||||||
Item 1. Financial Statements: | |||||||||||
Condensed Consolidated Financial Statements | |||||||||||
Unaudited Consolidated Statements of Operations | |||||||||||
Unaudited Consolidated Statements of Comprehensive Loss | |||||||||||
Consolidated Balance Sheets | |||||||||||
Unaudited Consolidated Statements of Stockholders' Equity | |||||||||||
Unaudited Consolidated Statements of Cash Flows | |||||||||||
Notes to Unaudited Condensed Consolidated Financial Statements | – | 18 | |||||||||
Cautionary Statement Regarding Forward-Looking Statements | – | ||||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | – | ||||||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |||||||||||
Item 4. Controls and Procedures | |||||||||||
Part II – OTHER INFORMATION | |||||||||||
Item 1. Legal Proceedings | |||||||||||
Item 1A. Risk Factors | |||||||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||
Item 3. Defaults Upon Senior Securities | |||||||||||
Item 4. Mine Safety Disclosures | |||||||||||
Item 5. Other Information | |||||||||||
Item 6. Exhibits | |||||||||||
Signature Page |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Products | $ | $ | |||||||||
Services | |||||||||||
Costs and expenses: | |||||||||||
Product costs | |||||||||||
Service costs | |||||||||||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | |||||||||||
Selling, general and administrative expense | |||||||||||
Depreciation and amortization expense | |||||||||||
Impairments of fixed assets | |||||||||||
Other operating (income) expense, net | ( | ||||||||||
Operating loss | ( | ( | |||||||||
Interest expense, net | ( | ( | |||||||||
Other income, net | |||||||||||
Loss before income taxes | ( | ( | |||||||||
Income tax (provision) benefit | ( | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Net loss per share: | |||||||||||
Basic | $ | ( | $ | ( | |||||||
Diluted | ( | ( | |||||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive income (loss): | |||||||||||
Currency translation adjustments | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Operating lease assets, net | |||||||||||
Goodwill, net | |||||||||||
Other intangible assets, net | |||||||||||
Other noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Current operating lease liabilities | |||||||||||
Income taxes payable | |||||||||||
Deferred revenue | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term operating lease liabilities | |||||||||||
Deferred income taxes | |||||||||||
Other noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, 2022 | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Currency translation adjustments (excluding intercompany advances) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Currency translation adjustments on intercompany advances | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||||||||||||||||
Restricted stock | — | — | — | ||||||||||||||||||||||||||||||||
Surrender of stock to settle taxes on restricted stock awards | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, 2021 | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Currency translation adjustments (excluding intercompany advances) | — | — | — | — | |||||||||||||||||||||||||||||||
Currency translation adjustments on intercompany advances | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||||||||||||||||
Restricted stock | — | — | — | ||||||||||||||||||||||||||||||||
Surrender of stock to settle taxes on restricted stock awards | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
— | ( | — | — | ( | |||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Impairments of fixed assets | |||||||||||
Stock-based compensation expense | |||||||||||
Amortization of debt discount and deferred financing costs | |||||||||||
Deferred income tax benefit | ( | ( | |||||||||
Gains on extinguishment of | ( | ||||||||||
Gains on disposals of assets | ( | ( | |||||||||
Other, net | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ||||||||||
Deferred revenue | ( | ||||||||||
Other operating assets and liabilities, net | |||||||||||
Net cash flows used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from disposition of property and equipment | |||||||||||
Other, net | ( | ( | |||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Revolving credit facility borrowings | |||||||||||
Revolving credit facility repayments | ( | ( | |||||||||
Issuance of | |||||||||||
Purchases of | ( | ||||||||||
Other debt and finance lease repayments, net | ( | ( | |||||||||
Payment of financing costs | ( | ( | |||||||||
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards | ( | ( | |||||||||
Net cash flows used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Cash paid for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net |
Offshore/ Manufactured Products | Well Site Services | Downhole Technologies | Corporate | Pre-tax Total | Tax | After-tax Total | |||||||||||||||||||||||||||||||||||
Impairments of fixed assets (Note 3) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Severance and restructuring costs | |||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Accounts receivable, net: | |||||||||||
Trade | $ | $ | |||||||||
Unbilled revenue | |||||||||||
Contract assets | |||||||||||
Other | |||||||||||
Total accounts receivable | |||||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
$ | $ | ||||||||||
Allowance for doubtful accounts as a percentage of total accounts receivable | % | % |
March 31, 2022 | December 31, 2021 | ||||||||||
Deferred revenue (contract liabilities) | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Allowance for doubtful accounts – January 1 | $ | $ | |||||||||
Provisions | |||||||||||
Write-offs | ( | ( | |||||||||
Other | |||||||||||
Allowance for doubtful accounts – March 31 | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Inventories, net: | |||||||||||
Finished goods and purchased products | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials | |||||||||||
Total inventories | |||||||||||
Allowance for excess or obsolete inventory | ( | ( | |||||||||
$ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
Property, plant and equipment, net: | ||||||||||||||
Property, plant and equipment | $ | $ | ||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
$ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Other intangible assets: | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Patents/Technology/Know-how | |||||||||||||||||||||||||||||||||||
Tradenames and other | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Other noncurrent assets: | |||||||||||
Deferred compensation plan | $ | $ | |||||||||
Deferred financing costs | |||||||||||
Deferred income taxes | |||||||||||
Other | |||||||||||
$ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Accrued liabilities: | |||||||||||
Accrued compensation | $ | $ | |||||||||
Accrued taxes, other than income taxes | |||||||||||
Insurance liabilities | |||||||||||
Accrued interest | |||||||||||
Accrued commissions | |||||||||||
Other | |||||||||||
$ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Revolving credit facilities(1) | $ | $ | |||||||||
2026 Notes(2) | |||||||||||
2023 Notes(3) | |||||||||||
Promissory note | |||||||||||
Other debt and finance lease obligations | |||||||||||
Total debt | |||||||||||
Less: Current portion | ( | ( | |||||||||
Total long-term debt | $ | $ |
Principal Amount | Carrying Value of Liability | Cash Paid | Non-cash Gains Recognized | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | $ | $ | $ | $ | |||||||||||||||||||
Shares of common stock outstanding – December 31, 2021 | |||||
Restricted stock awards, net of forfeitures | |||||
Shares withheld for taxes on vesting of stock awards | ( | ||||
Shares of common stock outstanding – March 31, 2022 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Numerators: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Less: Income attributable to unvested restricted stock awards | |||||||||||
Numerator for basic net loss per share | ( | ( | |||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted stock awards | |||||||||||
Numerator for diluted net loss per share | $ | ( | $ | ( | |||||||
Denominators: | |||||||||||
Weighted average number of common shares outstanding | |||||||||||
Less: Weighted average number of unvested restricted stock awards outstanding | ( | ( | |||||||||
Denominator for basic and diluted net loss per share | |||||||||||
Net loss per share: | |||||||||||
Basic | $ | ( | $ | ( | |||||||
Diluted | ( | ( |
Stock Options | Service-based Restricted Stock | Performance-based Stock Units | |||||||||||||||
Outstanding – December 31, 2021 | |||||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ||||||||||||||||
Forfeited | ( | ( | |||||||||||||||
Outstanding – March 31, 2022 | |||||||||||||||||
Weighted average grant date fair value (2022 awards) | $ | $ | $ |
Revenues | Depreciation and amortization | Operating income (loss) | Capital expenditures | Total assets | |||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
Offshore/Manufactured Products | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Well Site Services | ( | ||||||||||||||||||||||||||||
Downhole Technologies | ( | ||||||||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
Revenues | Depreciation and amortization | Operating income (loss) | Capital expenditures | Total assets | |||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Offshore/Manufactured Products | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Well Site Services(1) | ( | ||||||||||||||||||||||||||||
Downhole Technologies | ( | ||||||||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
Offshore/Manufactured Products | Well Site Services | Downhole Technologies | Total | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||||||||||||||
Major revenue categories - | |||||||||||||||||||||||||||||||||||||||||||||||
Project-driven products | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-cycle: | |||||||||||||||||||||||||||||||||||||||||||||||
Completion products and services | |||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | |||||||||||||||||||||||||||||||||||||||||||||||
Other products | |||||||||||||||||||||||||||||||||||||||||||||||
Total short-cycle | |||||||||||||||||||||||||||||||||||||||||||||||
Other products and services | |||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
Average Price(1) for quarter ended | Average Price(1) for year ended December 31 | |||||||||||||||||||||||||||||||
Year | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||
Brent Crude (per bbl) | ||||||||||||||||||||||||||||||||
2022 | $ | 100.87 | $ | — | $ | — | $ | — | $ | 100.87 | ||||||||||||||||||||||
2021 | 61.04 | 68.98 | 73.51 | 79.61 | 70.86 | |||||||||||||||||||||||||||
WTI Crude (per bbl) | ||||||||||||||||||||||||||||||||
2022 | $ | 95.18 | $ | — | $ | — | $ | — | $ | 95.18 | ||||||||||||||||||||||
2021 | 58.09 | 66.19 | 70.58 | 77.33 | 68.14 | |||||||||||||||||||||||||||
Henry Hub Natural Gas (per MMBtu) | ||||||||||||||||||||||||||||||||
2022 | $ | 4.67 | $ | — | $ | — | $ | — | $ | 4.67 | ||||||||||||||||||||||
2021 | 3.50 | 2.95 | 4.35 | 4.75 | 3.90 |
Backlog as of | ||||||||||||||||||||||||||
Year | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
2022 | $ | 265 | $ | — | $ | — | $ | — | ||||||||||||||||||
2021 | 226 | 214 | 249 | 260 | ||||||||||||||||||||||
2020 | 267 | 235 | 227 | 219 |
Average for the | |||||||||||||||||
As of April 22, 2022 | Three Months Ended March 31, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
United States Rig Count: | |||||||||||||||||
Land – Oil | 537 | 493 | 286 | ||||||||||||||
Land – Natural gas and other | 145 | 123 | 91 | ||||||||||||||
Offshore | 13 | 17 | 16 | ||||||||||||||
695 | 633 | 393 | |||||||||||||||
International Rig Count: | |||||||||||||||||
Land | 828 | 667 | |||||||||||||||
Offshore | 193 | 169 | |||||||||||||||
1,021 | 836 | ||||||||||||||||
1,654 | 1,229 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Variance | |||||||||||||||
Revenues: | |||||||||||||||||
Products | $ | 85,761 | $ | 61,445 | $ | 24,316 | |||||||||||
Services | 78,283 | 64,144 | 14,139 | ||||||||||||||
164,044 | 125,589 | 38,455 | |||||||||||||||
Costs and expenses: | |||||||||||||||||
Product costs | 64,801 | 49,463 | 15,338 | ||||||||||||||
Service costs | 61,803 | 52,847 | 8,956 | ||||||||||||||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 126,604 | 102,310 | 24,294 | ||||||||||||||
Selling, general and administrative expenses | 23,833 | 21,225 | 2,608 | ||||||||||||||
Depreciation and amortization expense | 17,817 | 21,520 | (3,703) | ||||||||||||||
Impairments of goodwill | — | — | — | ||||||||||||||
Impairments of fixed assets(1) | — | 650 | (650) | ||||||||||||||
Other operating (income) expense, net | 126 | (354) | 480 | ||||||||||||||
168,380 | 145,351 | 23,029 | |||||||||||||||
Operating loss | (4,336) | (19,762) | 15,426 | ||||||||||||||
Interest expense, net | (2,672) | (2,325) | (347) | ||||||||||||||
Other income, net(2) | 1,025 | 3,960 | (2,935) | ||||||||||||||
Loss before income taxes | (5,983) | (18,127) | 12,144 | ||||||||||||||
Income tax benefit | (3,441) | 2,317 | (5,758) | ||||||||||||||
Net loss | $ | (9,424) | $ | (15,810) | $ | 6,386 | |||||||||||
Net loss per share: | |||||||||||||||||
Basic | $ | (0.16) | $ | (0.26) | |||||||||||||
Diluted | (0.16) | (0.26) | |||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 60,498 | 60,098 | |||||||||||||||
Diluted | 60,498 | 60,098 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Variance | |||||||||||||||
Revenues | |||||||||||||||||
Offshore/Manufactured Products | |||||||||||||||||
Project-driven products | $ | 33,844 | $ | 21,374 | $ | 12,470 | |||||||||||
Short-cycle products | 20,624 | 12,250 | 8,374 | ||||||||||||||
Other products and services | 29,644 | 26,985 | 2,659 | ||||||||||||||
Total Offshore/Manufactured Products | 84,112 | 60,609 | 23,503 | ||||||||||||||
Well Site Services | 48,172 | 39,550 | 8,622 | ||||||||||||||
Downhole Technologies | 31,760 | 25,430 | 6,330 | ||||||||||||||
Total | $ | 164,044 | $ | 125,589 | $ | 38,455 | |||||||||||
Operating income (loss) | |||||||||||||||||
Offshore/Manufactured Products | $ | 10,196 | $ | 1,071 | $ | 9,125 | |||||||||||
Well Site Services(1) | (3,395) | (9,853) | 6,458 | ||||||||||||||
Downhole Technologies | (1,505) | (1,615) | 110 | ||||||||||||||
Corporate | (9,632) | (9,365) | (267) | ||||||||||||||
Total | $ | (4,336) | $ | (19,762) | $ | 15,426 |
Offshore/ Manufactured Products | Well Site Services | Downhole Technologies | Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Major revenue categories - | |||||||||||||||||||||||||||||||||||||||||||||||
Project-driven products | $ | 33,844 | $ | 21,374 | $ | — | $ | — | $ | — | $ | — | $ | 33,844 | $ | 21,374 | |||||||||||||||||||||||||||||||
Short-cycle: | |||||||||||||||||||||||||||||||||||||||||||||||
Completion products and services | 13,580 | 8,114 | 45,166 | 38,799 | 31,760 | 25,430 | 90,506 | 72,343 | |||||||||||||||||||||||||||||||||||||||
Drilling services | — | — | 3,006 | 751 | — | — | 3,006 | 751 | |||||||||||||||||||||||||||||||||||||||
Other products | 7,044 | 4,136 | — | — | — | — | 7,044 | 4,136 | |||||||||||||||||||||||||||||||||||||||
Total short-cycle | 20,624 | 12,250 | 48,172 | 39,550 | 31,760 | 25,430 | 100,556 | 77,230 | |||||||||||||||||||||||||||||||||||||||
Other products and services | 29,644 | 26,985 | — | — | — | — | 29,644 | 26,985 | |||||||||||||||||||||||||||||||||||||||
$ | 84,112 | $ | 60,609 | $ | 48,172 | $ | 39,550 | $ | 31,760 | $ | 25,430 | $ | 164,044 | $ | 125,589 |
Percentage of total revenue by type - | |||||||||||||||||||||||||||||||||||||||||||||||
Products | 71 | % | 65 | % | — | % | — | % | 82 | % | 86 | % | 52 | % | 49 | % | |||||||||||||||||||||||||||||||
Services | 29 | % | 35 | % | 100 | % | 100 | % | 18 | % | 14 | % | 48 | % | 51 | % |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1 through January 31, 2022 | — | $ | — | — | $ | — | ||||||||||||||||||||
February 1 through February 28, 2022 | 160,834 | 6.15 | — | — | ||||||||||||||||||||||
March 1 through March 31, 2022 | — | — | — | — | ||||||||||||||||||||||
Total | 160,834 | $ | 6.15 | — |
Exhibit No. | Description | |||||||
— | ||||||||
— | ||||||||
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101.INS* | — | XBRL Instance Document | ||||||
101.SCH* | — | XBRL Taxonomy Extension Schema Document | ||||||
101.CAL* | — | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||
101.DEF* | — | XBRL Taxonomy Extension Definition Linkbase Document | ||||||
101.LAB* | — | XBRL Taxonomy Extension Label Linkbase Document | ||||||
101.PRE* | — | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
OIL STATES INTERNATIONAL, INC. | |||||||||||||||||
Date: | April 29, 2022 | By: | /s/ LLOYD A. HAJDIK | ||||||||||||||
Lloyd A. Hajdik | |||||||||||||||||
Executive Vice President, Chief Financial Officer and | |||||||||||||||||
Treasurer (Duly Authorized Officer and Principal Financial Officer) |
/s/ Cindy B. Taylor | |||||||||||
Name: | Cindy B. Taylor | ||||||||||
President and Chief Executive Officer | |||||||||||
Date: | April 29, 2022 |
/s/ Lloyd A. Hajdik | |||||||||||
Name: | Lloyd A. Hajdik | ||||||||||
Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
Date: | April 29, 2022 |
/s/ Cindy B. Taylor | |||||||||||
Name: | Cindy B. Taylor | ||||||||||
President and Chief Executive Officer | |||||||||||
Date: | April 29, 2022 |
/s/ Lloyd A. Hajdik | |||||||||||
Name: | Lloyd A. Hajdik | ||||||||||
Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
Date: | April 29, 2022 |
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (9,424) | $ (15,810) |
Other comprehensive income (loss): | ||
Currency translation adjustments | 861 | (1,529) |
Comprehensive loss | $ (8,563) | $ (17,339) |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 74,573,660 | 73,900,160 |
Treasury stock, shares (in shares) | 12,682,668 | 12,521,834 |
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Common Stock |
Additional Paid-In Capital |
Additional Paid-In Capital
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated Other Comprehensive Loss |
Treasury Stock |
---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | $ 757,631 | $ (9,450) | $ 733 | $ 1,122,945 | $ (25,683) | $ 329,327 | $ 16,233 | $ (71,385) | $ (623,989) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (15,810) | (15,810) | |||||||
Currency translation adjustments (excluding intercompany advances) | 1,068 | 1,068 | |||||||
Currency translation adjustments on intercompany advances | (2,597) | (2,597) | |||||||
Stock-based compensation expense: | |||||||||
Restricted stock | 2,820 | 5 | 2,815 | ||||||
Surrender of stock to settle taxes on restricted stock awards | (1,500) | (1,500) | |||||||
Ending balance at Mar. 31, 2021 | 732,162 | 738 | 1,100,077 | 329,750 | (72,914) | (625,489) | |||
Beginning balance at Dec. 31, 2021 | 695,826 | 739 | 1,105,135 | 281,567 | (66,031) | (625,584) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (9,424) | (9,424) | |||||||
Currency translation adjustments (excluding intercompany advances) | (3,580) | (3,580) | |||||||
Currency translation adjustments on intercompany advances | 4,441 | 4,441 | |||||||
Stock-based compensation expense: | |||||||||
Restricted stock | 1,835 | 7 | 1,828 | ||||||
Surrender of stock to settle taxes on restricted stock awards | (990) | (990) | |||||||
Ending balance at Mar. 31, 2022 | $ 688,108 | $ 746 | $ 1,106,963 | $ 272,143 | $ (65,170) | $ (626,574) |
Unaudited Consolidated Statements of Cash Flows (Parenthetical) |
Mar. 31, 2022 |
Mar. 19, 2021 |
Jan. 30, 2018 |
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1.5% Convertible Unsecured Senior Notes | |||
Stated interest rate | 1.50% | 1.50% | |
4.75% Convertible Senior Notes | |||
Stated interest rate | 4.75% | 4.75% |
Organization and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial information. Certain information in footnote disclosures normally included with financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. As further discussed in Note 11, "Commitments and Contingencies," the impact of the Coronavirus Disease 2019 ("COVID-19") pandemic and the related economic, business and market disruptions continue to evolve and their future effects remain uncertain. The actual impact of these developments on the Company will depend on numerous factors, many of which are beyond management's control and knowledge. It is therefore difficult for management to assess or predict with precision the broad future effect of this health crisis on the global economy, the energy industry or the Company. During 2020 and 2021, the Company recorded asset impairments, severance and restructuring charges in response to these developments as further discussed in Note 2, "Asset Impairments and Other Restructuring Items." As additional information becomes available, events or circumstances change and strategic operational decisions are made by management, further adjustments may be required which could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include, but are not limited to, goodwill and long-lived asset impairments, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, which are adopted by the Company as of the specified effective date. Management believes that recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. The financial statements included in this report should be read in conjunction with the Company's audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2021.
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Asset Impairments and Other Restructuring Items |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairments and Other Restructuring Items | Asset Impairments and Other Restructuring ItemsIn March of 2020, the spot price of West Texas Intermediate ("WTI") crude oil declined over 50% in response to actual and forecasted reductions in global demand for crude oil due to the COVID-19 pandemic, coupled with announcements by Saudi Arabia and Russia of plans to increase crude oil production. As demand for most of the Company's products and services depends substantially on the level of capital expenditures by the oil and natural gas industry, these conditions caused rapid reductions to most of the Company's customers' drilling, completion and production activities and their related spending on the Company's products and services, particularly those supporting activities in the U.S. shale play regions, until the supply/demand imbalances eased. Following these March 2020 events, the Company immediately implemented significant cost reduction initiatives, which continued into 2021. In this regard, during the first quarter of 2021, the Company continued its restructuring efforts, closed additional facilities in the United States and continued to assess the carrying value of its assets based on management actions and the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands):
Additionally, during the first quarter of 2021, the Company recognized $4.8 million in aggregate reductions to payroll tax expense (within cost of revenues and selling, general and administrative expense) as part of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") employee retention credit program. Should, among other events and circumstances, the ongoing war between Russia and Ukraine escalate or spread, global economic and industry conditions deteriorate, the COVID-19 pandemic business, supply chain and market disruptions worsen, the outlook for future operating results and cash flow for any of the Company's segments decline, income tax rates increase or regulations change, climate and environmental regulations or rules change, costs of equity or debt capital increase, valuation for comparable public companies or comparable acquisition valuations decrease, or management implements strategic decisions based on industry conditions, the Company may need to recognize additional impairment losses and/or other costs in future periods.
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Details of Selected Balance Sheet Accounts |
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Details of Selected Balance Sheet Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of March 31, 2022 and December 31, 2021 is presented below (in thousands):
As of March 31, 2022, accounts receivable, net in the United States and the United Kingdom represented 78% and 12%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of March 31, 2022. For the three months ended March 31, 2022, the $0.2 million net increase in contract assets was attributable to $15.3 million in revenue recognized during the period, which was substantially offset by $15.1 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $4.3 million in the first three months of 2022, reflecting $10.9 million in new customer billings which were not recognized as revenue during the period, offset by the recognition of $6.6 million of revenue that was deferred at the beginning of the period. The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2022 and 2021 (in thousands):
For the three months ended March 31, 2022 and 2021, depreciation expense was $12.7 million and $16.4 million, respectively. During the first quarter of 2021, the Well Site Services segment recognized non-cash impairment charges of $0.7 million to reduce the carrying value of certain of the segment's fixed assets to their estimated realizable value.
For the three months ended March 31, 2022 and 2021, amortization expense was $5.2 million and $5.2 million, respectively.
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Long-term Debt |
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Long-term Debt | Long-term Debt As of March 31, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands):
____________________ (1)Unamortized deferred financing costs of $2.5 million and $2.7 million as of March 31, 2022 and December 31, 2021, respectively, are presented in other noncurrent assets. (2)The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2022 and December 31, 2021. (3)The outstanding principal amount of the 2023 Notes was $26.0 million as of March 31, 2022 and December 31, 2021. Revolving Credit Facilities ABL Facility On February 10, 2021, the Company entered into a senior secured credit facility with certain lenders, which provides for a $125.0 million asset-based revolving credit facility (the "ABL Facility") under which credit availability is subject to a borrowing base calculation. Concurrent with entering into this facility, the Company's former senior secured revolving credit facility was terminated. On March 16, 2021, the Company entered into an amendment to the ABL Facility that permitted the Company to incur the indebtedness represented by the 2026 Notes discussed below. The ABL Facility is governed by a credit agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (the "ABL Agreement"). The ABL Agreement matures on February 10, 2025 with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $17.5 million (excluding the unsecured promissory note discussed below). The ABL Agreement provides funding based on a borrowing base calculation that includes eligible U.S. customer accounts receivable and inventory and provides for a $50.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement are secured by a pledge of substantially all of the Company's domestic assets (other than real property) and the stock of certain foreign subsidiaries. Borrowings under the ABL Agreement bear interest at a rate equal to the London Interbank Offered Rate ("LIBOR") plus a margin of 2.75% to 3.25% and subject to a LIBOR floor rate of 0.50%, or at a base rate plus a margin of 1.75% to 2.25%, in each case based on average borrowing availability. Quarterly, the Company must also pay a commitment fee of 0.375% to 0.50% per annum, based on unused commitments under the ABL Agreement. The ABL Agreement places restrictions on the Company's ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2023 Notes and the 2026 Notes discussed below), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contains customary default provisions, which, if triggered, could result in acceleration of repayment of all amounts then outstanding. The ABL Agreement also requires the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 for specified periods of time: in the event that availability under the ABL Agreement is less than the greater of 15% of the borrowing base and $14.1 million; to complete certain specified transactions; or if an event of default has occurred and is continuing. As of March 31, 2022, the Company had $19.6 million of outstanding letters of credit, but no borrowings outstanding under the ABL Agreement. The total amount available to be drawn as of March 31, 2022 was $51.0 million, calculated based on the current borrowing base less outstanding borrowings, if any, and letters of credit. As of March 31, 2022, the Company was in compliance with its debt covenants under the ABL Agreement. 2026 Notes On March 19, 2021, the Company issued $135.0 million aggregate principal amount of its 4.75% senior convertible notes (the "2026 Notes") pursuant to an indenture, dated as of March 19, 2021 (the "2026 Indenture"), between the Company and Wells Fargo Bank, National Association, as trustee. Computershare Trust Company, National Association, assumed the role of trustee as of March 1, 2022. Net proceeds from the 2026 Notes offering, after deducting issuance costs, totaled $130.6 million. The Company used $120.0 million of the cash proceeds to purchase $125.0 million principal amount of the outstanding 2023 Notes at a discount, with the balance added to cash on-hand. The 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The initial conversion rate is 95.3516 shares of the Company's common stock per $1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of approximately $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company's intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature in shares of the Company's common stock. As of March 31, 2022, none of the conditions allowing holders of the 2026 Notes to convert, or requiring us to repurchase the 2026 Notes, had been met. 2023 Notes On January 30, 2018, the Company issued $200.0 million aggregate principal amount of its 1.50% senior convertible notes (the "2023 Notes") pursuant to an indenture, dated as of January 30, 2018 (the "2023 Indenture"), between the Company and Wells Fargo Bank, National Association, as trustee. Computershare Trust Company, National Association, assumed the role of trustee as of March 1, 2022. The 2023 Notes bear interest at a rate of 1.50% per year and will mature on February 15, 2023, unless earlier repurchased, redeemed or converted. The initial conversion rate is 22.2748 shares of the Company's common stock per $1,000 principal amount of the 2023 Notes (equivalent to an initial conversion price of approximately $44.89 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2023 Indenture. The Company's intent is to repay the principal amount of the Notes in cash and settle the conversion feature, if any, in shares of the Company's common stock. As of March 31, 2022, $26.0 million principal amount of the 2023 Notes remained outstanding. The following table provides a summary of the Company's purchases of outstanding 2023 Notes during the three months ended March 31, 2021, with non-cash gains reported within other income, net (in thousands):
Promissory Note In connection with the 2018 acquisition of GEODynamics, Inc., (such company, "GEODynamics" and such acquisition, the "GEODynamics Acquisition"), the Company issued a $25.0 million promissory note that bears interest at 2.50% per annum (subject to adjustment) and was scheduled to mature on July 12, 2019. Payments due under the promissory note are subject to set-off, in full or in part, against certain indemnification claims related to matters occurring prior to the GEODynamics Acquisition. The Company has provided notice to and asserted indemnification claims against the seller of GEODynamics (the "Seller"), and the Seller has filed a breach of contract suit against the Company and one of its wholly-owned subsidiaries alleging that payments due under the promissory note are required to be, but have not been, repaid in accordance with the terms of such note. The Company has incurred settlement costs and expenses of $7.5 million related to such indemnification claims, and believes that the maturity date of such note is extended until the resolution of such indemnity claims and that it is permitted to set-off the principal amount owed by the amount of such costs and expenses. Accordingly, the Company has reduced the carrying amount of such note in the consolidated balance sheet to $17.5 million as of March 31, 2022, which is its current best estimate of what is owed after set-off for such indemnification matters. See Note 11, "Commitments and Contingencies."
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Fair Value Measurements |
3 Months Ended |
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Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe Company's financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the 2023 Notes and 2026 Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2023 Notes as of March 31, 2022 was $24.9 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $26.0 million. The estimated fair value of the 2026 Notes as of March 31, 2022 was $146.7 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $135.0 million. |
Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity Common and Preferred Stock The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2022 (in thousands):
As of March 31, 2022 and December 31, 2021, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders' equity, primarily relates to fluctuations in currency exchange rates against the U.S. dollar as used to translate certain of the international operations of the Company's operating segments. Accumulated other comprehensive loss decreased from $66.0 million at December 31, 2021 to $65.2 million at March 31, 2022. For the three months ended March 31, 2022 and 2021, currency translation adjustments recognized as a component of other comprehensive loss due to exchange rate movements were primarily attributable to the United Kingdom and Brazil. During the three months ended March 31, 2022, the exchange rate for the British pound weakened by 3% compared to the U.S. dollar and the Brazilian real strengthened by 17% compared to the U.S. dollar, contributing to other comprehensive income of $0.9 million. During the three months ended March 31, 2021, the exchange rate for the British pound strengthened by 1% compared to the U.S. dollar while the Brazilian real weakened by 8% compared to the U.S. dollar, contributing to other comprehensive loss of $1.5 million.
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Income Taxes |
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Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended March 31, 2022, the Company's income tax expense was $3.4 million on a pre-tax loss of $6.0 million. Income tax expense in the first quarter of 2022 included the impact of valuation allowances recorded against U.S. tax assets as well as certain non-deductible expenses and discrete tax items. This compares to an income tax benefit of $2.3 million on a pre-tax loss of $18.1 million, which included certain non-deductible expenses and discrete tax items, for the three months ended March 31, 2021. |
Net Loss Per Share |
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Net Loss Per Share | Net Loss Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net loss per share for the three months ended March 31, 2022 and 2021 (in thousands, except per share amounts):
The calculation of diluted net loss per share for the three months ended March 31, 2022 and 2021 excluded 298 thousand shares and 500 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of both the 2023 Notes and the 2026 Notes were excluded due to, among other factors, their antidilutive effect.
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Long-Term Incentive Compensation |
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Long-Term Incentive Compensation | Long-Term Incentive Compensation The following table presents a summary of activity for stock options, service-based restricted stock awards and performance-based stock unit awards for the three months ended March 31, 2022 (in thousands):
The restricted stock program consists of a combination of service-based restricted stock and performance-based stock units. Service-based restricted stock awards generally vest on a straight-line basis over a term of three years. Performance-based stock awards generally vest at the end of a three-year period, with the number of shares ultimately issued under the program dependent upon achievement of predefined specific performance objectives. The performance objective for performance-based awards granted in 2022 and 2021 is the Company's cumulative EBITDA over a three-year period. The performance objective for outstanding awards granted in 2020 is the Company's EBITDA growth rate over a three-year period. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. During the first quarters of 2022 and 2021, the Company issued conditional long-term cash incentive awards ("Cash Awards") of $1.5 million and $1.5 million, respectively, with the ultimate dollar amount to be awarded ranging from zero to a maximum of $3.1 million for both the 2022 and 2021 Cash Awards. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The ultimate dollar amount to be awarded for the 2022 and 2021 Cash Awards is limited to their targeted award value ($1.5 million) if the Company's total stockholder return is negative over the performance period. The obligations, if any, related to the Cash Awards are classified as liabilities and recognized over the vesting period. Stock-based compensation expense recognized during the three months ended March 31, 2022 and 2021 totaled $1.8 million and $2.8 million, respectively. As of March 31, 2022, there was $11.0 million of pre-tax compensation costs related to service-based and performance-based stock awards, which will be recognized in future periods as vesting conditions are satisfied.
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Segments and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments and Related Information | Segments and Related Information The Company operates through three operating segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three months ended March 31, 2022 and 2021 is summarized in the following tables (in thousands).
________________ (1)Operating loss included a non-cash fixed asset impairment charge of $0.7 million. See Note 2, "Asset Impairments and Other Restructuring Items," and Note 3, "Details of Selected Balance Sheet Accounts," for further discussion of these and other charges and benefits recognized in first three months of 2021. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2022 and 2021 (in thousands):
Revenues from products and services transferred to customers over time accounted for approximately 62% and 62% of consolidated revenues for the three months ended March 31, 2022 and 2021, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2022, the Company had $152.0 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 35% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2022, with an additional 35% recognized in 2023 and the balance thereafter.
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Commitments and Contingencies |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies During 2021 and the first quarter of 2022, the distribution of COVID-19 vaccines progressed and many government-imposed restrictions were relaxed or rescinded. However, the effects of the COVID-19 pandemic and related economic, business and market disruptions continue and the macro outlook remains uncertain. The most direct impacts that the Company continues to experience are decreased pricing for its products and services due to the timing and rate of activity increases, market pressures driving increased capital discipline by its customers, supply chain disruptions, labor market constraints and inflation in wages, materials, parts, equipment and other costs. While the prices of and demand for crude oil have recovered from the lows seen in the initial stages of the pandemic, further outbreaks or the emergence of new strains of the COVID-19 virus could result in the reimposition of domestic and international regulations directing individuals to stay at home, limiting travel, requiring facility closures and imposing quarantines. Widespread implementation of these or similar restrictions could result in commodity price volatility, reduced demand for the Company's products and services, as well as delays in or inability of the Company to fulfill its contractual obligations to customers, logistic constraints, increases in the Company's costs and workforce and raw material shortages. The Company continues to monitor the effect of the COVID-19 pandemic on its employees, customers, critical suppliers and other stakeholders. The ultimate duration of the COVID-19 pandemic, along with resulting governmental restrictions and related impacts on the prices of and demand for crude oil, the global economy and capital markets remains uncertain. The Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of the Company's products or operations. Some of these claims relate to matters occurring prior to the acquisition of businesses, and some relate to businesses the Company has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses and, in other cases, the Company has indemnified the buyers of businesses. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. Following the GEODynamics Acquisition in January 2018, the Company determined that certain steel products historically imported by GEODynamics from China for use in its manufacturing process were potentially subject to anti-dumping and countervailing duties. Following an internal review, the Company voluntarily disclosed this matter to U.S. Customs and Border Protection ("CBP") and, in December 2020, reached an agreement with CBP to settle this matter for $7.3 million. The Company believes that the Seller is required to indemnify and hold the Company harmless against the amount of this and other settlements and related costs of $7.5 million, and the Company has provided notice to and asserted indemnification claims against the Seller. Additionally, the Company believes that its agreements with the Seller allow it to set-off such amounts against payments due under the $25.0 million promissory note and that, because the Company has asserted indemnification claims, the maturity date of such note is extended until the resolution of such claims. Accordingly, the Company reduced the carrying amount of such note in its consolidated balance sheet to $17.5 million as of March 31, 2022, which is the Company's current best estimate of what is owed after set-off for such indemnification matters, but without considering the outcome of the counterclaim described below. In August 2020, the Seller filed a breach of contract suit against the Company and one of its wholly-owned subsidiaries in federal court alleging that payments due under the promissory note are required to be, but have not been, repaid in accordance with the terms of the note. Additionally, the Seller alleged that it was entitled to approximately $19.0 million in U.S. federal income tax carryback claims received by the Company under the provisions of the CARES Act. On February 15, 2021, following the federal magistrate's report and recommendation that the federal district court dismiss the Seller's lawsuit for lack of federal jurisdiction, the Seller dismissed the federal lawsuit without prejudice and refiled its lawsuit in state court. On September 20, 2021, the state court denied the Seller's motion for partial summary judgement. In December 2021, the Company filed a counterclaim against the Seller alleging material misrepresentations and breaches of warranties by the Seller with respect to GEODynamics' liability for anti-dumping and countervailing duties. The Company denies the validity of the breach of contract claims asserted by the Seller and is vigorously defending against this lawsuit.
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Subsequent Events |
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Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn April 14, 2022, the Offshore/Manufactured Products segment acquired E-Flow Control Holdings Limited ("E-Flow"), a global provider of fully integrated handling, control, monitoring and instrumentation solutions. E-Flow, founded in 1988, provides a broad range of engineering, design, manufacturing, installation and commissioning services to its customers in the energy industry. The purchase price of $8.6 million, which is subject to customary post-closing adjustments, was funded with cash on-hand. |
Asset Impairments and Other Restructuring Items (Tables) |
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Schedule of Asset Impairment Charges | In this regard, during the first quarter of 2021, the Company continued its restructuring efforts, closed additional facilities in the United States and continued to assess the carrying value of its assets based on management actions and the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands):
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Details of Selected Balance Sheet Accounts (Tables) |
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Selected Balance Sheet Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts as of March 31, 2022 and December 31, 2021 is presented below (in thousands):
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Schedule of Contract with Customer, Asset and Liability |
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Summary of Activity in Allowance for Doubtful Accounts | The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2022 and 2021 (in thousands):
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Schedule of Inventory, Net |
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Schedule of Property, Plant and Equipment, Net |
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Schedule of Finite-Lived Intangible Assets |
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Schedule of Other Noncurrent Assets |
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Schedule of Accrued Liabilities |
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Long-term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | As of March 31, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands):
____________________ (1)Unamortized deferred financing costs of $2.5 million and $2.7 million as of March 31, 2022 and December 31, 2021, respectively, are presented in other noncurrent assets. (2)The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2022 and December 31, 2021. (3)The outstanding principal amount of the 2023 Notes was $26.0 million as of March 31, 2022 and December 31, 2021. The following table provides a summary of the Company's purchases of outstanding 2023 Notes during the three months ended March 31, 2021, with non-cash gains reported within other income, net (in thousands):
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward | The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2022 (in thousands):
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Net Loss Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The table below provides a reconciliation of the numerators and denominators of basic and diluted net loss per share for the three months ended March 31, 2022 and 2021 (in thousands, except per share amounts):
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Long-Term Incentive Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | The following table presents a summary of activity for stock options, service-based restricted stock awards and performance-based stock unit awards for the three months ended March 31, 2022 (in thousands):
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Segments and Related Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Financial information by operating segment for the three months ended March 31, 2022 and 2021 is summarized in the following tables (in thousands).
________________ (1)Operating loss included a non-cash fixed asset impairment charge of $0.7 million.
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Supplemental Revenue Information by Segments | The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2022 and 2021 (in thousands):
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Asset Impairments and Other Restructuring Items - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2021 |
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Restructuring and Related Activities [Abstract] | ||
Percentage decline in crude oil prices | 50.00% | |
Reduction of payroll tax expense | $ 4.8 |
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 199,036 | $ 190,551 |
Allowance for doubtful accounts | (4,779) | (4,471) |
Accounts receivable, net | $ 194,257 | $ 186,080 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 2.00% | 2.00% |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 124,692 | $ 116,434 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 24,368 | 24,389 |
Contract assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 39,937 | 39,755 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 10,039 | $ 9,973 |
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred revenue (contract liabilities) | $ 47,560 | $ 43,236 |
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Concentration Risk [Line Items] | ||
Increase in contract with customer, asset | $ 200 | |
Contract with customer, asset, increase due to revenue recognized | 15,300 | |
Contract with customer, asset, reclassified to receivable | 15,100 | |
Increased (decreased) deferred revenue | 4,324 | $ (206) |
Contract with customer, liability, increase due to billings | 10,900 | |
Contract with customer, liability, revenue recognized | 6,600 | |
Depreciation | 12,700 | 16,400 |
Impairment of fixed asset | 650 | |
Amortization | $ 5,200 | 5,200 |
Well Site Services | ||
Concentration Risk [Line Items] | ||
Impairment of fixed asset | $ 700 | |
United States | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 78.00% | |
United Kingdom | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% |
Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for doubtful accounts beginning balance | $ 4,471 | $ 8,304 |
Provisions | 943 | 214 |
Write-offs | (635) | (116) |
Other | 0 | 143 |
Allowance for doubtful accounts ending balance | $ 4,779 | $ 8,545 |
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Details of Selected Balance Sheet Accounts [Abstract] | ||
Finished goods and purchased products | $ 91,215 | $ 87,934 |
Work in process | 30,706 | 24,722 |
Raw materials | 98,285 | 96,357 |
Total inventories | 220,206 | 209,013 |
Allowance for excess or obsolete inventory | (39,320) | (40,440) |
Inventories, net | $ 180,886 | $ 168,573 |
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Details of Selected Balance Sheet Accounts [Abstract] | ||
Property, plant and equipment | $ 1,140,743 | $ 1,151,533 |
Accumulated depreciation | (810,625) | (812,950) |
Property, plant, and equipment, net | $ 330,118 | $ 338,583 |
Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 301,299 | $ 300,813 |
Accumulated Amortization | 120,660 | 115,064 |
Net Carrying Amount | 180,639 | 185,749 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 168,276 | 168,284 |
Accumulated Amortization | 69,509 | 66,734 |
Net Carrying Amount | 98,767 | 101,550 |
Patents/Technology/Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 78,815 | 78,821 |
Accumulated Amortization | 34,679 | 33,151 |
Net Carrying Amount | 44,136 | 45,670 |
Tradenames and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,682 | 53,708 |
Accumulated Amortization | 15,946 | 15,179 |
Net Carrying Amount | $ 37,736 | $ 38,529 |
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred compensation plan | $ 21,607 | $ 23,348 |
Deferred financing costs | 2,525 | 2,674 |
Deferred income taxes | 1,341 | 1,878 |
Other | 4,815 | 4,989 |
Other noncurrent assets | $ 30,288 | $ 32,889 |
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Details of Selected Balance Sheet Accounts [Abstract] | ||
Accrued compensation | $ 16,586 | $ 20,904 |
Accrued taxes, other than income taxes | 6,758 | 5,130 |
Insurance liabilities | 5,231 | 6,361 |
Accrued interest | 5,337 | 3,629 |
Accrued commissions | 2,502 | 2,194 |
Other | 5,127 | 5,183 |
Accrued liabilities | $ 41,541 | $ 43,401 |
Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 178,837 | $ 178,750 |
Less: Current portion | (44,047) | (18,262) |
Long-term debt | 134,790 | 160,488 |
Unamortized debt issuance costs | 2,500 | 2,700 |
4.75% Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 131,506 | 131,291 |
Long-term debt, gross | 135,000 | |
1.5% Convertible Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 25,839 | 25,802 |
Long-term debt, gross | 26,000 | |
Promissory note | ||
Debt Instrument [Line Items] | ||
Total debt | 17,534 | 17,534 |
Other debt and finance lease obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 3,958 | 4,123 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 0 |
Long-term Debt - Repurchase of Outstanding Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 19, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Debt Instrument [Line Items] | |||
Cash Paid | $ 0 | $ 120,000 | |
Non-cash Gains Recognized | $ 0 | 3,637 | |
1.5% Convertible Unsecured Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal Amount | 125,000 | ||
Carrying Value of Liability | 123,637 | ||
Cash Paid | $ 120,000 | 120,000 | |
Non-cash Gains Recognized | $ 3,637 |
Stockholders' Equity - Common and Preferred Stock (Details) - $ / shares |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Equity [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Stockholders' Equity - Common Stock Outstanding Activity (Details) shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
shares
| |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares of common stock outstanding beginning period (in shares) | 61,378 |
Restricted stock awards, net of forfeitures (in shares) | 674 |
Shares withheld for taxes on vesting of stock awards (in shares) | (161) |
Shares of common stock outstanding ending period (in shares) | 61,891 |
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ 688,108 | $ 732,162 | $ 695,826 | $ 757,631 |
Currency translation adjustments | $ 861 | $ (1,529) | ||
United Kingdom, Pounds | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | (3.00%) | 1.00% | ||
Brazil, Brazil Real | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | 17.00% | (8.00%) | ||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ (65,170) | $ (72,914) | $ (66,031) | $ (71,385) |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 3,441 | $ (2,317) |
Income (loss) before income taxes | $ (5,983) | $ (18,127) |
Net Loss Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Numerators: | ||
Net loss | $ (9,424) | $ (15,810) |
Less: Income attributable to unvested restricted stock awards | 0 | 0 |
Numerator for basic net loss per share | (9,424) | (15,810) |
Effect of dilutive securities: | ||
Unvested restricted stock awards | 0 | 0 |
Numerator for diluted net loss per share | $ (9,424) | $ (15,810) |
Denominators: | ||
Weighted average number of common shares outstanding (in shares) | 61,627 | 61,169 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,129) | (1,071) |
Denominator for basic loss per share (in shares) | 60,498 | 60,098 |
Denominator for diluted net loss per share (in shares) | 60,498 | 60,098 |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.16) | $ (0.26) |
Diluted (in dollars per share) | $ (0.16) | $ (0.26) |
Net Loss Per Share - Narrative (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 298 | 500 |
Segments and Related Information - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
segment
|
Mar. 31, 2021 |
|
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation, percentage of obligations, remaining fiscal year | 35.00% | |
Revenue, remaining performance obligation, percentage of obligations, remaining in year two | 35.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation | $ | $ 152.0 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Transferred over Time | ||
Segment Reporting Information [Line Items] | ||
Revenue from contract with customer, percentage of revenue | 62.00% | 62.00% |
Commitments and Contingencies (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jan. 12, 2018 |
Aug. 31, 2020 |
Dec. 31, 2020 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Business Acquisition [Line Items] | |||||
Payments for settlements | $ 7,300,000 | ||||
Long-term debt | $ 134,790,000 | $ 160,488,000 | |||
Income tax carryback claims, CARES Act | $ 19,000,000 | ||||
Promissory Note | |||||
Business Acquisition [Line Items] | |||||
Settlement costs and expenses | $ 7,500,000 | ||||
Debt instrument, face amount | $ 25,000,000 | ||||
Long-term debt | $ 17,500,000 |
Subsequent Events (Details) $ in Millions |
Apr. 14, 2022
USD ($)
|
---|---|
Subsequent Event | E-Flow Control Holdings Limited | |
Subsequent Event [Line Items] | |
Purchase price | $ 8.6 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |
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