(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
of incorporation) | Identification Number) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of Each Class | Trading Symbol | Name of Each Exchange On Which Registered |
Exhibit No. | Description | |
99.1* | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* | Furnished herewith. |
Date: May 5, 2020 | NEXTIER OILFIELD SOLUTIONS INC | |||||
By: | /s/ Kevin McDonald | |||||
Name: | Kevin McDonald | |||||
Title: | Executive Vice President, Chief Administrative Officer & General Counsel | |||||
• | Reported GAAP revenue of $627.6 million in the first quarter of 2020, compared to $528.2 million of GAAP revenue and pro forma revenue of $648.4 million in the fourth quarter of 2019 |
• | Reported GAAP net loss of $71.8 million in the first quarter of 2020, compared to GAAP net loss of $82.9 million and pro forma net loss of $106.6 million in the fourth quarter of 2019 |
• | Achieved Adjusted EBITDA(2) of $72.0 million in the first quarter of 2020, compared to pro forma Adjusted EBITDA of $77.6 million in the fourth quarter of 2019 |
• | Averaged 27 fully-utilized fracturing fleets in the first quarter of 2020, compared to 25 average pro forma fully-utilized fracturing fleets in the fourth quarter of 2019 |
• | Generated Completion Services segment Adjusted Gross Profit of $97.9 million in the first quarter of 2020, compared to Adjusted Gross Profit of $105.1 million in the fourth quarter of 2019 |
• | Reported revenue of $460.4 million in the first quarter of 2020 when considering only fracturing and bundled wireline, as compared revenue of $403.8 and to pro forma revenue of $449.7 million in the fourth quarter of 2019 |
• | Achieved Adjusted Gross Profit(2), when taking only fracturing and bundled wireline into account, of $90.7 million in the first quarter of 2020, compared to pro forma Adjusted Gross Profit of $97.7 million in the fourth quarter of 2019 |
• | Generated annualized Adjusted gross profit per fully-utilized fracturing fleet(2), when only taking fracturing and bundled wireline into account, of $13.4 million in the first quarter of 2020, compared to pro forma annualized adjusted gross profit per fully-utilized fracturing fleet of $15.6 million in the fourth quarter of 2019 |
• | Nearing completion on integration program related to the merger between Keane and C&J, and recently achieved targeted annualized run rate cost synergies of $125 million |
• | Exited the first quarter of 2020 with total liquidity of $590.8 million and no term loan maturities through 2025 |
• | Divested our Well Support Services segment on March 9, 2020 to Basic Energy Services for $93.7 million in total consideration, before transaction costs, escrowed amounts and subject to customary working capital adjustments |
(1) | Pro forma information before management adjustments was determined in accordance with Article 11 of Regulation S-X and is presented to enhance comparability to the prior quarter pre-merger operating results by adjusting for the merger of Keane and C&J. |
(2) | The Company has included in this press release certain non-GAAP financial measures, some of which are calculated on a consolidated basis, segment basis, product line basis, combined basis or pro forma basis, including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Net Income (loss), free cash flow, Adjusted free cash flow, Adjusted SG&A and annualized adjusted gross profit per fully-utilized fracturing fleet. These measurements provide supplemental information which the Company believes is useful to analysts and investors to evaluate its ongoing results of operations, when considered alongside GAAP measures such as net income and operating income. These non-GAAP financial measures exclude the financial impact of items management does not consider in assessing the Company’s ongoing operating performance, and thereby facilitate review of the Company’s operating performance on a period-to-period basis. Other companies may have different capital structures, and comparability to the Company’s results of operations may be impacted by the effects of acquisition accounting on its depreciation and amortization. As a result of the effects of these factors and factors specific to other companies, the Company believes Adjusted EBITDA, Adjusted Gross Profit, Adjusted SG&A and Adjusted Net Income provide helpful information to analysts and investors to facilitate a comparison of its operating performance to that of other companies. The Company believes free cash flow and Adjusted free cash flow is important to investors in that it provides a useful measure to assess management's effectiveness in the areas of profitability and capital management. Annualized Gross Profit per fully-utilized fracturing fleet is used to evaluate the operating performance of the business line for comparable periods, and the Company believes it is important as an indicator of operating performance of our fracturing and bundled wireline product line because it excludes the effects of the capital structure and certain non-cash items from the product line’s operating results. For a reconciliation of these non-GAAP measures, please see the tables at the end of this press release. |
(3) | Non-GAAP Measure Definitions: Adjusted EBITDA is defined as net income (loss) adjusted to eliminate the impact of interest, income taxes, depreciation and amortization, along with certain items management does not consider in assessing ongoing performance. Adjusted Gross Profit is defined as revenue less cost of services, further adjusted to eliminate items in cost of services that management does not consider in assessing ongoing performance. Adjusted Gross Profit at the segment level is not considered to be a non-GAAP financial measure as it is our segment measure of profit or loss and is required to be disclosed under GAAP pursuant to ASC 280. Adjusted Net Income (Loss) is defined as net income (loss) plus the after-tax amount of merger/transaction-related costs and other non-routine items. Adjusted SG&A is defined as selling, general and administrative expenses adjusted for severance and business divestiture costs, merger/transaction-related costs, and other non-routine items. Free cash flow is defined as the net increase (decrease) in cash and cash equivalents before financing activities, including share repurchase activity. Adjusted free cash flow adjusts free cash flow for certain management adjustments. Annualized Adjusted Gross Profit per fully-utilized fleet, is a non-GAAP measure and is defined as (i) revenue less cost of services attributable to the fracturing and bundled wireline product line, further adjusted to eliminate items in cost of services that management does not consider in assessing ongoing performance for the fracturing and bundled wireline product line, (ii) divided by the fully-utilized fracturing and bundled wireline fleets (average deployed fleets multiplied by fleet utilization) per quarter, and then (iii) multiplied by four. |
Three Months Ended March 31, 2020 | Three Months Ended December 31, 2019 | ||||||
Revenue | $ | 627,625 | $ | 528,216 | |||
Operating costs and expenses: | |||||||
Cost of services | 512,226 | 408,345 | |||||
Depreciation and amortization | 85,821 | 82,080 | |||||
Selling, general and administrative expenses | 56,884 | 42,698 | |||||
Merger and integration | 12,182 | 55,972 | |||||
(Gain) loss on disposal of assets | (7,962 | ) | 3,640 | ||||
Impairment | 34,327 | 12,346 | |||||
Total operating costs and expenses | 693,478 | 605,081 | |||||
Operating income | (65,853 | ) | (76,865 | ) | |||
Other income (expenses): | |||||||
Other income (expense), net | 416 | (7 | ) | ||||
Interest expense | (6,066 | ) | (5,769 | ) | |||
Total other income (expense) | (5,650 | ) | (5,776 | ) | |||
Loss before income taxes | (71,503 | ) | (82,641 | ) | |||
Income tax benefit (expense) | (253 | ) | (287 | ) | |||
Net loss | (71,756 | ) | (82,928 | ) | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 1,107 | (87 | ) | ||||
Hedging activities | (2,620 | ) | 1,036 | ||||
Total comprehensive loss | $ | (73,269 | ) | $ | (81,979 | ) | |
Net loss per share: basic | $ | (0.34 | ) | $ | (0.47 | ) | |
Net loss per share: diluted | $ | (0.34 | ) | $ | (0.47 | ) | |
Weighted-average shares: basic | 212,842 | 177,149 | |||||
Weighted-average shares: diluted | 212,842 | 177,149 |
March 31, | December 31, | |||||||
2020 | 2019 | |||||||
ASSETS | (Unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 489,422 | $ | 255,015 | ||||
Trade and other accounts receivable, net | 341,739 | 350,765 | ||||||
Inventories, net | 50,955 | 61,641 | ||||||
Assets held for sale | — | 141 | ||||||
Prepaid and other current assets | 47,571 | 20,492 | ||||||
Total current assets | 929,687 | 688,054 | ||||||
Operating lease right-of-use assets | 48,477 | 54,503 | ||||||
Finance lease right-of-use assets | 6,953 | 9,511 | ||||||
Property and equipment, net | 635,279 | 709,404 | ||||||
Goodwill | 104,198 | 137,458 | ||||||
Intangible assets | 54,801 | 55,021 | ||||||
Other noncurrent assets | 7,464 | 10,956 | ||||||
Total assets | $ | 1,786,859 | $ | 1,664,907 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 166,697 | $ | 115,251 | ||||
Accrued expenses | 209,799 | 234,895 | ||||||
Customer contract liabilities | 3,000 | 60 | ||||||
Current maturities of operating lease liabilities | 20,214 | 23,473 | ||||||
Current maturities of finance lease liabilities | 3,104 | 4,594 | ||||||
Current maturities of long-term debt | 177,302 | 2,311 | ||||||
Other current liabilities | 2,730 | 5,610 | ||||||
Total current liabilities | 582,846 | 386,194 | ||||||
Long-term operating lease liabilities, less current maturities | 31,642 | 35,123 | ||||||
Long-term finance lease liabilities, less current maturities | 4,057 | 4,844 | ||||||
Long-term debt, net less current maturities | 334,804 | 335,312 | ||||||
Other non-current liabilities | 15,803 | 16,662 | ||||||
Total non-current liabilities | 386,306 | 391,941 | ||||||
Total liabilities | 969,152 | 778,135 | ||||||
Shareholders’ equity: | ||||||||
Common stock | 2,133 | 2,124 | ||||||
Paid-in capital in excess of par value | 972,482 | 966,762 | ||||||
Retained deficit | (146,614 | ) | (73,333 | ) | ||||
Accumulated other comprehensive loss | (10,294 | ) | (8,781 | ) | ||||
Total shareholders’ equity | 817,707 | 886,772 | ||||||
Total liabilities and shareholders’ equity | $ | 1,786,859 | $ | 1,664,907 |
Three Months Ended | |||
December 31, 2019 | |||
Revenue | $ | 648,434 | |
Operating costs and expenses: | |||
Cost of services | 518,893 | ||
Depreciation and amortization | 89,794 | ||
Selling, general and administrative expenses | 70,104 | ||
Merger and integration | 55,023 | ||
Loss on disposal of assets | 2,335 | ||
Impairment | 12,346 | ||
Total operating costs and expenses | 748,495 | ||
Operating loss | (100,061 | ) | |
Other income (expenses): | |||
Other income, net | 347 | ||
Interest expense | (5,769 | ) | |
Total other expenses | (5,422 | ) | |
Loss before income taxes | (105,483 | ) | |
Income tax benefit (expense) | (1,070 | ) | |
Net loss | $ | (106,553 | ) |
Net loss per share: basic | $ | (0.50 | ) |
Net loss per share: diluted | $ | (0.50 | ) |
Weighted-average shares, basic | 211,909 | ||
Weighted-average shares, diluted | 211,909 |
Three Months Ended | |||||||
March 31, 2020 | December 31, 2019 | ||||||
Completion Services: | |||||||
Revenue | $ | 512,871 | $ | 440,253 | |||
Cost of services | 417,382 | 335,157 | |||||
Depreciation, amortization and administrative expenses, and impairment | 108,591 | 76,728 | |||||
Net income (loss) | (13,102 | ) | 28,367 | ||||
Adjusted gross profit(1) | $ | 97,876 | $ | 105,096 | |||
Well Construction and Intervention Services: | |||||||
Revenue | $ | 56,825 | $ | 39,380 | |||
Cost of services | 49,253 | 32,572 | |||||
Depreciation, amortization and administrative expenses, and impairment | 4,561 | 1,950 | |||||
Net income | 3,011 | 4,858 | |||||
Adjusted gross profit(1) | $ | 8,784 | $ | 6,808 | |||
Well Support Services: | |||||||
Revenue | $ | 57,929 | $ | 48,583 | |||
Cost of services | 45,591 | 40,616 | |||||
Depreciation, amortization and administrative expenses, and impairment | 1,398 | 1,008 | |||||
Net income | 10,940 | 6,959 | |||||
Adjusted gross profit(1) | $ | 12,338 | $ | 7,967 |
(1) | The Company uses adjusted gross profit as its measure of profitability for segment reporting. |
Three Months Ended | |||
December 31, 2019 | |||
Completion Services: | |||
Revenue | $ | 509,845 | |
Cost of services | 404,235 | ||
Depreciation, amortization, administrative expenses, and impairment | 127,086 | ||
Operating income (loss) | (21,476 | ) | |
Pro forma adjusted gross profit(1) | $ | 105,610 | |
Well Construction and Intervention Services: | |||
Revenue | $ | 57,650 | |
Cost of services | 48,579 | ||
Depreciation, amortization, administrative expenses, and impairment | 8,750 | ||
Operating income (loss) | 321 | ||
Pro forma adjusted gross profit(1) | $ | 9,071 | |
Well Support Services: | |||
Revenue | $ | 80,939 | |
Cost of services | 66,079 | ||
Depreciation, amortization, administrative expenses, and impairment | 9,540 | ||
Operating income (loss) | 5,320 | ||
Pro forma adjusted gross profit(1) | $ | 14,860 |
(1) | The Company uses adjusted gross profit as its measure of profitability for segment reporting. |
Three Months Ended March 31, 2020 | |||||||||||||||||||
Completion Services | WC&I | Well Support Services | Corporate and Other | NexTier | |||||||||||||||
Net income (loss) | $ | (13,102 | ) | $ | 3,011 | $ | 10,940 | $ | (72,605 | ) | $ | (71,756 | ) | ||||||
Interest expense, net | — | — | — | 6,066 | 6,066 | ||||||||||||||
Income tax benefit | — | — | — | 253 | 253 | ||||||||||||||
Depreciation and amortization | 75,540 | 4,273 | 1,527 | 4,481 | 85,821 | ||||||||||||||
EBITDA | $ | 62,438 | $ | 7,284 | $ | 12,467 | $ | (61,805 | ) | $ | 20,384 | ||||||||
Plus Management Adjustments: | |||||||||||||||||||
Acquisition, integration and expansion(1) | 3,136 | 142 | 36 | 9,445 | 12,759 | ||||||||||||||
Non-cash stock compensation(2) | — | — | — | 5,451 | 5,451 | ||||||||||||||
Impairment of assets | 32,228 | 372 | — | 1,727 | 34,327 | ||||||||||||||
Market-driven severance | 2,994 | 1,393 | — | 4,224 | 8,611 | ||||||||||||||
Gain on sale of business | — | — | — | (8,045 | ) | (8,045 | ) | ||||||||||||
Other | — | — | — | (1,460 | ) | (1,460 | ) | ||||||||||||
Adjusted EBITDA | $ | 100,796 | $ | 9,191 | $ | 12,503 | $ | (50,463 | ) | $ | 72,027 |
Three Months Ended March 31, 2020 | ||||
Selling, general and administrative expenses | $ | 56,884 | ||
Less Management Adjustments: | ||||
Non-cash stock compensation | (5,451 | ) | ||
Market-driven severance | (5,011 | ) | ||
Other | 1,460 | |||
Adjusted selling, general and administrative | $ | 47,882 |
(1) | Represents transaction costs related to the merger. |
(2) | Represents non-cash amortization of equity awards issued under the Company’s Incentive Award Plan. |
Three Months Ended December 31, 2019 | |||||||||||||||||||
Completion Services | WC&I | Well Support Services | Corporate and Other | NexTier | |||||||||||||||
Pro forma net income (loss)(1) | $ | (21,476 | ) | $ | 321 | $ | 5,320 | $ | (90,718 | ) | $ | (106,553 | ) | ||||||
Interest expense, net | — | — | — | 5,769 | 5,769 | ||||||||||||||
Income tax benefit | — | — | — | 1,070 | 1,070 | ||||||||||||||
Depreciation and amortization | 79,243 | 2,801 | 2,123 | 5,627 | 89,794 | ||||||||||||||
Pro forma EBITDA | $ | 57,767 | $ | 3,122 | $ | 7,443 | $ | (78,252 | ) | $ | (9,920 | ) | |||||||
Plus Management Adjustments: | |||||||||||||||||||
Acquisition, integration and expansion(2) | 22,676 | 391 | 76 | 31,880 | 55,023 | ||||||||||||||
Non-cash stock compensation(3) | 363 | 25 | 626 | 4,632 | 5,646 | ||||||||||||||
Inventory adjustment | 2,218 | — | — | — | 2,218 | ||||||||||||||
Facility closure | 308 | 635 | 1,043 | — | 1,986 | ||||||||||||||
Litigation accrual | — | 3,000 | — | — | 3,000 | ||||||||||||||
Tax audit | 7,000 | 7,000 | |||||||||||||||||
Impairment of assets | — | — | — | 12,346 | 12,346 | ||||||||||||||
Restructuring costs and other | — | — | — | 265 | 265 | ||||||||||||||
Pro forma Adjusted EBITDA (1) | $ | 83,332 | $ | 7,173 | $ | 9,188 | $ | (22,129 | ) | $ | 77,564 |
Three Months Ended December 31, 2019 | ||||
Pro forma selling, general and administrative expenses(1) | $ | 70,104 | ||
Less Management Adjustments: | ||||
Non-cash stock compensation(3) | 5,615 | |||
Litigation accrual | 3,000 | |||
Tax audit | 7,000 | |||
Restructuring costs | 265 | |||
Pro forma adjusted selling, general and administrative | $ | 54,224 |
(1) | The pro forma net income (loss), pro forma Adjusted EBITDA and pro forma selling, general and administrative expenses, reflect the results of operations of legacy Keane and legacy C&J assuming the merger had occurred on January 1, 2019. Pro forma Adjusted EBITDA is calculated using NexTier management adjusted methodology; historical C&J amounts have been conformed accordingly. |
(2) | Represents transaction costs related to the merger. |
(3) | Represents non-cash amortization of equity awards issued under the Company’s Incentive Award Plan. |
Year Ended December 31, 2019 | |||
Pro forma net loss (1) | $ | (196,577 | ) |
Interest expense, net | 21,856 | ||
Income tax expense | 1,643 | ||
Depreciation and amortization | 369,276 | ||
Pro forma EBITDA | 196,198 | ||
Plus Management Adjustments: | |||
Acquisition, integration and expansion | 67,516 | ||
Non-cash stock compensation | 36,242 | ||
Impairment of assets | 92,281 | ||
Severance and stock compensation acceleration | 5,594 | ||
Facility Closures | 3,554 | ||
Inventory Adjustments | 4,666 | ||
Legal | 6,600 | ||
Tax Audit | 29,160 | ||
Other | 4,527 | ||
Pro forma Adjusted EBITDA (1)(2) | $ | 446,338 |
(1) | The pro forma net loss and pro forma Adjusted EBITDA reflect the results of operations of legacy Keane and legacy C&J assuming the merger had occurred on January 1, 2019. |
(2) | Pro forma Adjusted EBITDA is calculated using NexTier management adjustment methodology; historical C&J amounts have been conformed accordingly. |
Three Months Ended March 31, 2020 | |||||||||||||||
Completion Services | WC&I | Well Support Services | Total | ||||||||||||
Revenue | $ | 512,871 | $ | 56,825 | 57,929 | $ | 627,625 | ||||||||
Cost of services | 417,382 | 49,253 | 45,591 | 512,226 | |||||||||||
Gross profit excluding depreciation and amortization | 95,489 | 7,572 | 12,338 | 115,399 | |||||||||||
Management adjustments associated with cost of services | 2,387 | 1,212 | — | 3,599 | |||||||||||
Adjusted gross profit | $ | 97,876 | $ | 8,784 | $ | 12,338 | $ | 118,998 |
Three Months Ended December 31, 2019 | |||||||||||||||
Completion Services | WC&I | Well Support Services | Total | ||||||||||||
Pro forma revenue (1) | $ | 509,845 | $ | 57,650 | $ | 80,939 | $ | 648,434 | |||||||
Pro forma cost of services (1) | 404,235 | 48,579 | 66,079 | 518,893 | |||||||||||
Pro forma gross profit excluding depreciation and amortization | 105,610 | 9,071 | 14,860 | 129,541 | |||||||||||
Management adjustments associated with cost of services | — | — | — | — | |||||||||||
Pro forma adjusted gross profit | $ | 105,610 | $ | 9,071 | $ | 14,860 | $ | 129,541 |
(1) | The pro forma revenue and pro forma cost of services reflects the results of operations of legacy Keane and legacy C&J assuming the merger had occurred on January 1, 2019. |
Three Months Ended | ||||
March 31, 2020 | ||||
Frac & Bundled Wireline | ||||
Revenue | $ | 460,372 | ||
Cost of services | 369,702 | |||
Gross profit excluding depreciation and amortization | 90,670 | |||
Management adjustments associated with cost of services | — | |||
Adjusted gross profit | $ | 90,670 | ||
Average hydraulic fracturing fleets deployed | 29 | |||
Fully-utilized hydraulic fracturing fleets | 27 | |||
Annualized adjusted gross profit per fully-utilized fleet | $ | 13,433 |
Three Months Ended | ||||
December 31, 2019 | ||||
Frac & Bundled Wireline | ||||
Revenue | $ | 403,862 | ||
Cost of services | 304,670 | |||
Gross profit excluding depreciation and amortization | 99,192 | |||
Management adjustments associated with cost of services | — | |||
Adjusted gross profit | $ | 99,192 |
Three Months Ended | ||||
December 31, 2019 | ||||
Frac & Bundled Wireline | ||||
Pro forma revenue (1) | $ | 449,707 | ||
Pro forma cost of services (1) | 351,968 | |||
Pro forma gross profit excluding depreciation and amortization | 97,739 | |||
Management adjustments associated with cost of services | — | |||
Pro forma adjusted gross profit | $ | 97,739 | ||
Average hydraulic fracturing fleets deployed | 30 | |||
Fully-utilized hydraulic fracturing fleets | 25 | |||
Pro forma annualized adjusted gross profit per fully-utilized fleet | $ | 15,638 |
Three Months Ended | ||||
March 31, 2020 | ||||
Net cash provided by operating activities | $ | 48,487 | ||
Cash flows used in investing activities (1) | 39,142 | |||
Combined free cash flow generation | 9,345 | |||
Acquisition, integration and expansion | 14,665 | |||
Market-driven severance | 137 | |||
Adjusted combined free cash flow generation | $ | 24,147 |
NexTier Three Months Ended | C&J Historical Month Ended | Combined Three Months Ended | |||||||||
December 31, 2019 | October 31, 2019 | December 31, 2019 | |||||||||
Net cash provided by (used in) operating activities | $ | 79,884 | $ | (32,285 | ) | $ | 47,599 | ||||
Cash flows used in investing activities (2) | (44,102 | ) | (9,660 | ) | (53,762 | ) | |||||
Combined free cash flow generation (usage) | 35,782 | (41,945 | ) | (6,163 | ) | ||||||
Acquisition, integration and expansion | 54,993 | 5,979 | 60,972 | ||||||||
Adjusted combined free cash flow generation (usage) | $ | 90,775 | $ | (35,966 | ) | $ | 54,809 |
(1) | Excludes the $53.3 million of proceeds from the WSS Sale. |
(2) | Excludes the $68.8 million of legacy C&J cash on hand as of the merger date. |
March 31, 2020 | |||
Net loss | $ | (71,756 | ) |
Plus Management Adjustments: | |||
Acquisition, integration and expansion | 12,759 | ||
Non-cash stock compensation | 5,451 | ||
Impairment of assets | 34,327 | ||
Market-driven severance | 8,611 | ||
Gain on sale of business | (8,045 | ) | |
Other | (1,460 | ) | |
Adjusted net loss | $ | (20,113 | ) |
Adjusted net loss per share, basic and diluted | $ | (0.09 | ) |
Weighted-average shares, basic and diluted | 212,842 |
December 31, 2019 | |||
Pro forma net loss | $ | (106,553 | ) |
Plus Management Adjustments: | |||
Acquisition, integration and expansion | 55,023 | ||
Non-cash stock compensation | 5,646 | ||
Severance and stock compensation acceleration | — | ||
Inventory adjustment | 2,218 | ||
Facility closure | 1,986 | ||
Litigation accrual | 3,000 | ||
Tax audit | 7,000 | ||
Impairment of assets | 12,346 | ||
Other | 265 | ||
Pro forma adjusted net income (loss) | $ | (19,069 | ) |
Pro forma adjusted net income (loss) per share, basic and diluted | $ | (0.09 | ) |
Weighted-average shares, basic and diluted | 211,909 |
Adjustments | ||||||||||||||||||||
NexTier (1) | Historical C&J (2) | Reclass (3) | Pro forma (4) | Pro Forma | ||||||||||||||||
Revenue | $ | 528,216 | $ | 120,218 | $ | — | $ | — | $ | 648,434 | ||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of services | 408,345 | 115,516 | (4,968 | ) | — | 518,893 | ||||||||||||||
Depreciation and amortization | 82,081 | 17,673 | — | (9,960 | ) | 89,794 | ||||||||||||||
Selling, general and administrative expenses | 42,698 | 22,007 | 5,399 | — | 70,104 | |||||||||||||||
Merger and integration | 55,972 | 30,978 | — | (31,927 | ) | 55,023 | ||||||||||||||
Research and development | — | 431 | (431 | ) | — | — | ||||||||||||||
Impairment | 12,346 | — | — | — | 12,346 | |||||||||||||||
(Gain) loss on disposal of assets | 3,639 | (1,304 | ) | — | — | 2,335 | ||||||||||||||
Total operating costs and expenses | 605,081 | 185,301 | — | (41,887 | ) | 748,495 | ||||||||||||||
Operating loss | (76,865 | ) | (65,083 | ) | — | 41,887 | (100,061 | ) | ||||||||||||
Other income (expenses): | ||||||||||||||||||||
Other income, net | (6 | ) | 353 | — | — | 347 | ||||||||||||||
Interest expense | (5,769 | ) | (55 | ) | — | 55 | (5,769 | ) | ||||||||||||
Total other expenses | (5,775 | ) | 298 | — | 55 | (5,422 | ) | |||||||||||||
Loss before income taxes | (82,640 | ) | (64,785 | ) | — | 41,942 | (105,483 | ) | ||||||||||||
Income tax expense | (287 | ) | (783 | ) | — | — | (1,070 | ) | ||||||||||||
Net loss | $ | (82,927 | ) | $ | (65,568 | ) | $ | — | $ | 41,942 | $ | (106,553 | ) |
Net loss per share: | ||||
Basic net loss per share | $ | (0.50 | ) | |
Diluted net loss per share | $ | (0.50 | ) |
Weighted-average shares outstanding - basic | 211,909 | ||
Weighted-average shares outstanding - diluted | 211,909 |
(1) | The condensed consolidated statements of operations for the three months ended December 31, 2019, reflects the results of legacy Keane for the period presented and the results of legacy C&J for the period beginning on and after November 1, 2019. |
(2) | Reflects legacy C&J activity for the period from October 1, 2019 to October 31, 2019. |
(3 | Certain reclassifications were made to historical C&J to conform to NexTier presentation. |
(4) | Certain pro forma adjustments were made to illustrate the estimated effects of the merger, assuming the merger had been consummated on January 1, 2019. |
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Cover Page |
Mar. 10, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | May 05, 2020 |
Entity Registrant Name | NexTier Oilfield Solutions Inc. |
Entity Central Index Key | 0001688476 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37988 |
Entity Tax Identification Number | 38-4016639 |
Entity Address, Address Line One | 3990 Rogerdale Rd. |
Entity Address, City or Town | Houston, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77042 |
City Area Code | 713 |
Local Phone Number | 325-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01, par value |
Trading Symbol | NEX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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