0001564590-22-036207.txt : 20221102 0001564590-22-036207.hdr.sgml : 20221102 20221102063525 ACCESSION NUMBER: 0001564590-22-036207 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221102 DATE AS OF CHANGE: 20221102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Select Energy Services, Inc. CENTRAL INDEX KEY: 0001693256 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 814561945 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38066 FILM NUMBER: 221352218 BUSINESS ADDRESS: STREET 1: 1233 W LOOP SOUTH, SUITE 1400 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: (713) 235-9500 MAIL ADDRESS: STREET 1: 1233 W LOOP SOUTH, SUITE 1400 CITY: HOUSTON STATE: TX ZIP: 77027 8-K 1 wttr-8k_20221101.htm 8-K wttr-8k_20221101.htm
false 0001693256 0001693256 2022-11-01 2022-11-01

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 1, 2022

 

SELECT ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

001-38066

81-4561945

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

 

 

 

1233 West Loop South, Suite 1400

Houston, TX 77027

(Address of Principal Executive Offices)

 

 

 

(713) 235-9500

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Ticker symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value

WTTR

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02.Results of Operations and Financial Condition.

On November 2, 2022, Select Energy Services, Inc. (the “Company”) issued a press release announcing, among other things, its financial results for the third quarter ended September 30, 2022. A copy of the Company’s press release covering such announcement and certain other matters is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 3.02 – Sale of Unregistered Securities.

On November 1, 2022, the Company and SES Holdings, LLC, a subsidiary of the Company, completed the acquisition of all of the equity interests in Breakwater Energy Services, LLC (“Breakwater”), a direct wholly-owned subsidiary of Break-Starr Holdings, LLC (“Break-Starr”) that provides water transfer, infrastructure and advanced recycling solutions in the Permian Basin and Eagle Ford Shale, for consideration of 9,181,144 shares of the Company’s Class A common stock, par value $0.01 per share (“Class A common stock”), which were issued to Break-Starr and certain other owners and employees of Breakwater, subject to standard post-closing adjustments. The Company also repaid or assumed approximately $12.6 million of outstanding borrowings and other obligations in conjunction with closing.

Also on November 1, 2022, the Company and Select Agua Libre Midstream, LLC, a subsidiary of the Company, completed the acquisition of certain water gathering pipeline and disposal assets in the Bakken Shale from Cypress Environmental Solutions, LLC (“Cypress”), for consideration of 952,753 shares of the Company’s Class A common stock, which were issued to Cypress.

The shares issued in each of the transactions described above were issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) of the Securities Act as sales by an issuer not involving any public offering. The Company’s reliance upon Section 4(a)(2) of the Securities Act, in each case, was based upon the following factors: (a) the issuance of the shares was an isolated private transaction by the Company that did not involve a public offering, (b) there was a limited number of recipients and (c) representations from the recipients to support such exemption, including with respect to their status as an “accredited investor” (as that term is defined in Rule 501(a) of Regulation D promulgated under Section 4(a)(2) of the Securities Act).

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.

Description

99.1

Press Release dated November 2, 2022

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

THE INFORMATION FURNISHED UNDER ITEM 2.02 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED “FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES AND EXCHANGE ACT OF 1934, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated November 2, 2022

SELECT ENERGY SERVICES, INC.

 

 

 

 

By:

/s/ Nick Swyka

 

 

 

Nick Swyka

 

 

Senior Vice President and Chief Financial Officer

 

 

 

 

 

 

 EX-99.1 2 d374769dex991.htm EX-99.1

Exhibit 99.1

SELECT ENERGY SERVICES ANNOUNCES ACQUISITION OF BREAKWATER ENERGY PARTNERS, REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS AND PROVIDES OTHER OPERATIONAL & ACQUISITION UPDATES

Revenue of $375 million generated during the third quarter of 2022, up 12% sequentially from the second quarter of 2022

Net income of $24.7 million & Adjusted EBITDA of $62.8 million during the third quarter of 2022, representing sequential increases of 70% and 32%, respectively

Acquired Breakwater Energy Partners, LLC ("Breakwater"), a leading provider of contracted water recycling and infrastructure solutions focused in the Permian Basin on November 1, 2022

Acquired Bakken Shale water gathering pipeline and disposal assets from Cypress Environmental Services, LLC ("Cypress") on November 1, 2022

HOUSTON, Nov. 2, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the energy industry, today announced the acquisitions of Breakwater and certain water gathering pipeline and disposal assets from Cypress, as well as its financial and operating results for the quarter ended September 30, 2022.

John Schmitz, Chairman of the Board, President and CEO, stated, "Our strong third quarter results, combined with our recent acquisitions, display our ability to execute on our strategy to improve and bolster the base business, advance our technology, sustainability and diversification efforts, and execute on strategic M&A. We progressed each of these initiatives while also commencing our previously announced regular quarterly dividend program. Reinforced by a steady activity backdrop, a challenging labor market and a tight equipment supply environment, we continue to capture market share and see pricing improvements across each of our segments. During the third quarter we achieved 12% sequential revenue growth and 59% incremental gross margins, resulting in significantly improved profitability with Net Income and Adjusted EBITDA growing 70% and 32%, respectively, quarter over quarter.

"Our Chemicals segment continues to produce record revenue and margins, we continue to improve efficiencies and gain market share in our Water Services segment, and our Water Infrastructure segment achieved quarterly revenue more than 10% above our previous pre-pandemic peak level. Overall, I'm very pleased with our financial and operational execution and believe we are well positioned to continue to improve the profitability of the business in the quarters to come.

"In addition to these improvements in the base business, we identified and completed the acquisition of Breakwater, a core Permian infrastructure, recycling and logistics business, to further our growth, consolidation and sustainability strategies, while our Cypress transaction adds to our infrastructure scale and development opportunities in the Bakken. With these additions, we have meaningfully enhanced our Water Infrastructure and Water Services footprints, and significantly expanded the capacity and reach of our sustainable recycling solutions. We expect to see immediately accretive benefits from both acquisitions and believe we have a meaningful opportunity to invest organically around the acquired operations and asset footprints as well.

"In Breakwater, we are acquiring one of the market leaders in advanced water recycling, infrastructure and logistics solutions focused in the Permian Basin. Importantly, we're also adding significant operational leadership depth to the organization and welcoming more than 300 new employees to the Select family. With a strategic portfolio of highly contracted recycling assets in the core of the Midland Basin, we believe Breakwater has developed one of the leading recycling footprints in the U.S. today. This footprint expands Select's recycling capabilities to nearly 3 million barrels of total daily capacity across fixed and mobile capabilities, while adding a number of new strategic customer relationships and strengthening existing relationships with new recycling opportunities. During the third quarter, we exceeded our full year 2022 target for produced water recycling volumes established in our sustainability-linked credit facility, while this acquisition positions us to quickly meet and meaningfully exceed our future targets as well. These recycling facilities also offer significant network flexibility via geographic and infrastructure interconnectedness, currently allowing for approximately 10 customers at any given time to deliver produced water and receive recycled water as demand ebbs and flows with their own activity needs, while reducing capital outlays and operating expenses for our customers.

"Through the Cypress acquisition, we've added a portfolio of strategic wastewater disposal facilities in North Dakota at an attractive value, further consolidating the Bakken region following our previous Agua Libre Midstream and Nuverra acquisitions. With more than 60% of the current volumes being delivered to these assets via contracted pipelines, we believe there is continued opportunity to expand and network the assets with our existing infrastructure footprint in the region.

"Additionally, I'm very confident in the strategic and clear financial benefits of these acquisitions. On a combined basis, the acquired operations from Breakwater and Cypress are expected to generate approximately $110 – $115 million of revenue and more than $30 million of Adjusted EBITDA on a 2022 full year basis, with a strong trajectory and room for growth in 2023.

"Ultimately, I am very pleased with our financial performance, supported by our recent acquisitions, pricing improvements, organic growth opportunities and our other strategic investments. I look forward to building upon our recent positive results, while meaningfully expanding our free cash flow generation in the quarters ahead. Supported by these factors, I am proud to have recently announced our first ever quarterly dividend payment of $0.05 per share for the third quarter of 2022. Returning capital to shareholders remains a core component of our overall capital allocation strategy and this represents an important commitment for Select," concluded Schmitz.

Consolidated Financial Information

Revenue for the third quarter of 2022 was $375.1 million as compared to $335.9 million in the second quarter of 2022 and $204.6 million in the third quarter of 2021. Net income for the third quarter of 2022 was $24.7 million as compared to $14.6 million in the second quarter of 2022 and a net loss of $14.2 million in the third quarter of 2021.

For the third quarter of 2022, gross profit was $58.8 million, as compared to $35.7 million in the second quarter of 2022 and $9.0 million in the third quarter of 2021. Total gross margin was 15.7% in the third quarter of 2022 as compared to 10.6% in the second quarter of 2022 and 4.4% in the third quarter of 2021. Gross margin before depreciation and amortization ("D&A") for the third quarter of 2022 was 22.8% as compared to 19.3% for the second quarter of 2022 and 15.6% for the third quarter of 2021.

Selling, general and administrative expense ("SG&A") during the third quarter of 2022 was $29.8 million as compared to $26.7 million during the second quarter of 2022 and $22.0 million during the third quarter of 2021. SG&A during the third and second quarters of 2022 and the third quarter of 2021 was impacted by non-recurring transaction costs of $0.7 million, $0.6 million and $2.4 million, respectively.

Adjusted EBITDA was $62.8 million in the third quarter of 2022 as compared to $47.7 million in the second quarter of 2022 and $15.1 million in the third quarter of 2021. Adjusted EBITDA during the third quarter of 2022 was impacted by a $3.3 million bargain purchase gain adjustment, $1.0 million of non-recurring transaction costs, $1.6 million of non-cash losses on asset sales, $0.1 million in lease abandonment costs, and $0.2 million in other adjustments. Non-cash compensation expense accounted for an additional $3.8 million adjustment during the third quarter of 2022. Please refer to the end of this release for reconciliations of gross profit before D&A (non-GAAP measure) to gross profit and of Adjusted EBITDA (non-GAAP measure) to net income (loss).

Business Segment Information

The Water Services segment generated revenues of $221.2 million in the third quarter of 2022 as compared to $196.0 million in the second quarter of 2022 and $112.5 million in the third quarter of 2021. Gross margin before D&A for Water Services was 22.8% in the third quarter of 2022 as compared to 19.4% in the second quarter of 2022 and 15.8% in the third quarter of 2021. Revenues for this segment improved 12.9% sequentially, supported by continued pricing improvements, resulting in strong 49% incremental gross margins before D&A. Looking at the fourth quarter of 2022, the Company expects to see relatively steady revenue and gross margins before D&A, as partial quarter contributions from Breakwater partially offset normal seasonal impacts to the base business.

The Water Infrastructure segment generated revenues of $74.4 million in the third quarter of 2022 as compared to $60.3 million in the second quarter of 2022 and $36.8 million in the third quarter of 2021. Gross margin before D&A for Water Infrastructure was 27.2% in the third quarter of 2022 as compared to 25.5% in the second quarter of 2022 and 22.5% in the third quarter of 2021. Revenues improved 23.4% sequentially, with 34% incremental gross margins before D&A, driven by significantly increased volumes at our recycling and disposal facilities, which more than offset modest decreases in our traditional water sourcing activities. For the fourth quarter of 2022, the Company anticipates low double digit percentage revenue growth, with gross margins before D&A in the high-20 percent range, as partial quarter contributions from our recent acquisitions complement our existing base business.

The Oilfield Chemicals segment generated revenues of $79.4 million in the third quarter of 2022 as compared to $79.6 million in the second quarter of 2022 and $55.4 million in the third quarter of 2021. Gross margin before D&A for Oilfield Chemicals was 18.8% in the third quarter of 2022 as compared to 14.6% in the second quarter of 2022 and 10.5% in the third quarter of 2021. While revenues held relatively flat sequentially, this segment generated significant margin improvement as the Company expanded its manufacturing focus on its higher margin, proprietary products to meet customer demand, while ceasing the manufacturing and distribution of several lower margin commoditized products. For the fourth quarter of 2022, the Company anticipates mid-single digit percentage revenue growth and relatively stable margins for the Oilfield Chemicals segment as the segment continues to perform well at its recent high water mark levels.

Cash Flow and Capital Expenditures

Cash flow from operations for the third quarter of 2022 was $5.4 million as compared to $11.1 million in the second quarter of 2022 and ($2.5) million in the third quarter of 2021. Cash flow from operations during the third quarter of 2022 was significantly impacted by a $54.2 million use of cash to fund the working capital needs of the business resulting from growing revenues and the systems integration efforts of recent acquisitions.

Net capital expenditures for the third quarter of 2022 were $16.1 million, comprised of $19.8 million of capital expenditures partially offset by $3.8 million of cash proceeds from asset sales, including the divestment of underutilized equipment and real estate from recently acquired businesses. Cash flow from operations less net capital expenditures was ($10.7) million during the third quarter of 2022.

Cash flow used in investing activities during the third quarter of 2022 included an incremental $2.5 million investment in ICE Thermal Solutions, LLC, while cash flow from financing activities accounted for $0.3 million of cash outflows.

Balance Sheet and Capital Structure

Total cash and cash equivalents were $13.2 million as of September 30, 2022 as compared to $25.7 million as of June 30, 2022. The Company had no borrowings outstanding under its sustainability-linked credit facility as of September 30, 2022 or June 30, 2022 or its prior credit facility as of December 31, 2021.

As of September 30, 2022 and June 30, 2022, the borrowing base under the sustainability-linked credit facility was $254.4 million and $216.5 million, respectively. The Company had available borrowing capacity under its sustainability-linked credit facility as of September 30, 2022 and June 30, 2022, of approximately $231.5 million and $195.6 million, respectively, after giving effect to $22.9 million and $20.9 million of outstanding letters of credit as of September 30, 2022 and June 30, 2022.

Total liquidity was $244.7 million as of September 30, 2022, as compared to $221.3 million as of June 30, 2022. The Company had 94,014,963 weighted average shares of Class A common stock outstanding and 16,221,101 weighted average shares of Class B common stock outstanding during the third quarter of 2022.

Breakwater Acquisition

On November 1, 2022, Select completed the acquisition of Breakwater Energy Partners, LLC through a stock-for-stock transaction. In connection with closing, Select issued a total of approximately 9.2 million shares of Select Class A common stock and repaid or assumed approximately $12.6 million of outstanding indebtedness and other obligations, subject to customary post-closing adjustments.

Breakwater is a leading provider of water infrastructure, recycling, transfer and disposal solutions to leading E&P customers in the Permian Basin, with complementary water logistics operations in the Eagle Ford Shale. Breakwater operates four commercial recycling facilities, supported by a portfolio of long-term contracts, with 0.6 million barrels per day of operational capacity. Breakwater has an incremental 1.4 million barrels per day of permitted recycling capacity available for development across its four currently operating fixed facilities as well as a fifth facility location yet to be developed. Additionally, Breakwater currently operates nine active modular recycling facilities with 1.5 million barrels per day of throughput capacity. These facilities are supported by 46 miles of gathering and distribution pipelines, 70,000 barrels per day of wastewater disposal capacity and 4.7 million barrels of storage capacity, with an additional 3.7 million barrels of permitted storage capacity available for development.

BofA Securities, Inc. acted as financial advisor and Vinson & Elkins acted as legal counsel to Select. Jefferies LLC acted as exclusive financial advisor and Locke Lord LLP acted as legal counsel to Breakwater.

Cypress Asset Acquisition

On November 1, 2022, Select completed the acquisition of a portfolio of water gathering pipeline and disposal assets in the Bakken Shale from Cypress Environmental Services, LLC. As consideration for the transaction, Select issued approximately 950,000 shares of Select Class A common stock. Cypress's water solutions operations consist of eight saltwater disposal facilities with daily permitted capacity of 85,000 barrels per day across North Dakota. The acquired business currently receives more than 60% of its daily volumes via pipelines and is supported by a number of long-term contracts with key customers in the region.

Conference Call

Select has scheduled a conference call on Thursday, November 3, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://investors.selectenergy.com/events-and-presentations/current. A telephonic replay of the conference call will be available through November 17, 2022 and may be accessed by calling 201-612-7415 using passcode 13733891#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.

About Select Energy Services, Inc.

Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the continued success of the Company. For more information, please visit Select's website, https://www.selectenergy.com/.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "intend," "project," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include the risks that the benefits contemplated from our recent acquisitions may not be realized, the ability of Select to successfully integrate the acquired businesses' operations, including Breakwater's employees, and realize anticipated synergies and cost savings and the potential impact of the consummation of the acquisitions on relationships, including with employees, suppliers, customers, competitors and creditors. Factors that could materially impact such forward-looking statements include, but are not limited to: the severity and duration of world health events, including the COVID-19 pandemic, which had a negative impact on our business; the global macroeconomic uncertainty related to the Russia-Ukraine war; actions by the members of OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the level of capital spending and access to capital markets by oil and gas companies, trends and volatility in oil and gas prices, and our ability to manage through such volatility; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

WTTR-ER

SELECT ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) 
(in thousands, except share and per share data)

Three months ended

Nine months ended

September 30,
2022

June 30,
2022

September 30,
2021

September 30,
2022

September 30,
2021

Revenue
















Water Services

$

221,243

$

195,996

$

112,474

$

580,845

$

253,348

Water Infrastructure

74,396

60,284

36,787

193,234

107,916

Oilfield Chemicals

79,433

79,623

55,372

231,665

148,228

Total revenue

375,072

335,903

204,633

1,005,744

509,492

Costs of revenue














Water Services

170,845

158,060

94,667

465,951

227,736

Water Infrastructure

54,197

44,939

28,494

143,514

81,130

Oilfield Chemicals

64,519

67,988

49,583

194,670

132,103

Other

(1)

1

—

—

—

Depreciation and amortization

26,672

29,253

22,904

82,425

65,572

Total costs of revenue

316,232

300,241

195,648

886,560

506,541

Gross profit

58,840

35,662

8,985

119,184

2,951

Operating expenses














Selling, general and administrative

29,782

26,695

22,044

84,792

57,828

Depreciation and amortization

543

526

562

1,636

1,835

Lease abandonment costs

83

162

154

336

480

Total operating expenses

30,408

27,383

22,760

86,764

60,143

Income (loss) from operations

28,432

8,279

(13,775)

32,420

(57,192)

Other income (expense)














(Loss) gain on sales of property and
equipment and divestitures, net

(479)

731

315

1,905

(1,921)

Interest expense, net

(616)

(494)

(419)

(1,830)

(1,254)

Foreign currency (loss) gain, net

(6)

(6)

(6)

(9)

1

Bargain purchase gain

(3,273)

5,607

—

13,768

—

Other



1,153

875

(222)

2,277

(956)

Income (loss) before income tax (expense)
benefit



25,211

14,992

(14,107)

48,531

(61,322)

Income tax (expense) benefit

(276)

(182)

32

(672)

211

Equity in losses of unconsolidated entities

(218)

(229)

(129)

(576)

(129)

Net income (loss)

24,717

14,581

(14,204)

47,283

(61,240)

Less: net (income) loss attributable to
noncontrolling interests

(3,393)

(2,078)

2,160

(6,654)

9,522

Net income (loss) attributable to Select Energy
Services, Inc.

$

21,324

$

12,503

$

(12,044)

$

40,629

$

(51,718)














Net income (loss) per share attributable to
common stockholders:














Class A—Basic

$

0.23

$

0.13

$

(0.14)

$

0.44

$

(0.60)

Class B—Basic

$

—

$

—

$

—

$

—

$

—














Net income (loss) per share attributable to
common stockholders:














Class A—Diluted

$

0.22

$

0.13

$

(0.14)

$

0.43

$

(0.60)

Class B—Diluted

$

—

$

—

$

—

$

—

$

—

SELECT ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

September 30, 2022

December 31, 2021

(unaudited)

Assets





Current assets





Cash and cash equivalents

$

13,222

$

85,801

Accounts receivable trade, net of allowance for credit losses of $4,891 and $4,401, respectively

388,797

232,824

Accounts receivable, related parties

303

219

Inventories

40,314

44,456

Prepaid expenses and other current assets



37,334

31,486

Total current assets

479,970

394,786

Property and equipment

1,018,402

943,515

Accumulated depreciation

(591,340)

(551,727)

Total property and equipment, net

427,062

391,788

Right-of-use assets, net

48,275

47,732

Other intangible assets, net

100,455

108,472

Other long-term assets, net

16,639

7,414

Total assets

$

1,072,401

$

950,192

Liabilities and Equity





Current liabilities





Accounts payable

$

55,844

$

36,049

Accrued accounts payable

64,861

52,051

Accounts payable and accrued expenses, related parties

3,775

1,939

Accrued salaries and benefits

21,704

22,233

Accrued insurance

21,520

13,408

Sales tax payable

2,863

2,706

Accrued expenses and other current liabilities

21,957

19,544

Current operating lease liabilities

16,957

13,997

Current portion of finance lease obligations

19

113

Total current liabilities

209,500

162,040

Long-term operating lease liabilities

48,552

53,198

Other long-term liabilities

44,947

39,780

Total liabilities

302,999

255,018

Commitments and contingencies





Class A common stock, $0.01 par value; 350,000,000 shares authorized and 98,097,930 shares issued
and outstanding as of September 30, 2022; 350,000,000 shares authorized and 94,172,920 shares
issued and outstanding as of December 31, 2021

981

942

Class A-2 common stock, $0.01 par value; 40,000,000 shares authorized; no shares issued or
outstanding as of September 30, 2022 and December 31, 2021

—

—

Class B common stock, $0.01 par value; 150,000,000 shares authorized and 16,221,101 shares issued
and outstanding as of September 30, 2022 and December 31, 2021

162

162

Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of
September 30, 2022 and December 31, 2021

—

—

Additional paid-in capital

977,063

950,464

Accumulated deficit



(318,843)

(359,472)

Total stockholders' equity

659,363

592,096

Noncontrolling interests

110,039

103,078

Total equity

769,402

695,174

Total liabilities and equity

$

1,072,401

$

950,192

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Three months ended

Nine months ended



September 30, 2022

June 30, 2022

September 30, 2022

September 30, 2021

Cash flows from operating activities











Net income (loss)


$

24,717

$

14,581

$

47,283

$

(61,240)

Adjustments to reconcile net income (loss) to net cash provided
by (used in) operating activities











Depreciation and amortization

27,215

29,779

84,061

67,407

Loss (gain) on disposal of property and equipment and
divestitures

479

(731)

(1,905)

1,921

Equity in losses of unconsolidated entities

218

229

576

129

Bad debt expense (recovery)

828

692

2,091

(651)

Amortization of debt issuance costs

122

123

539

516

Inventory write-downs

(801)

189

(612)

139

Equity-based compensation

3,804

3,944

11,023

6,248

Bargain purchase gain

3,273

(5,607)

(13,768)

—

Unrealized (gain) loss on short-term investment

(40)

—

—

1,406

Other operating items, net

(232)

(577)

(710)

(309)

Changes in operating assets and liabilities











Accounts receivable

(51,815)

(43,031)

(141,468)

(32,509)

Prepaid expenses and other assets

(5,820)

1,066

(200)

(10,284)

Accounts payable and accrued liabilities

3,413

10,425

10,983

13,331

Net cash provided by (used in) operating activities

5,361

11,082

(2,107)

(13,896)

Cash flows from investing activities











Purchase of property and equipment

(19,839)

(15,513)

(50,815)

(29,925)

Investment in note receivable

—

—

—

(1,101)

Purchase of equity method investments

(2,500)

(800)

(6,767)

(2,200)

Collection of note receivable

—

—

184

—

Distribution from cost method investment

—

40

60

120

Acquisitions and divestitures

984

(1,084)

6,412

(18,644)

Proceeds received from sales of property and equipment

3,750

5,560

21,433

6,491

Net cash used in investing activities

(17,605)

(11,797)

(29,493)

(45,259)

Cash flows from financing activities











Borrowings from revolving line of credit

52,000

10,000

82,000

—

Payments on revolving line of credit

(52,000)

(10,000)

(82,000)

—

Payments on long-term debt

—

—

(18,780)

—

Payments of finance lease obligations

(5)

(42)

(108)

(238)

Payment of debt issuance costs

—

(113)

(2,144)

—

Proceeds from share issuance

10

13

35

43

Distributions to noncontrolling interests

—

—

—

(1,074)

Repurchase of common stock

(272)

(787)

(19,967)

(1,206)

Net cash used in financing activities

(267)

(929)

(40,964)

(2,475)

Effect of exchange rate changes on cash

(9)

(13)

(15)

4

Net decrease in cash and cash equivalents



(12,520)

(1,657)

(72,579)

(61,626)

Cash and cash equivalents, beginning of period

25,742

27,399

85,801

169,039

Cash and cash equivalents, end of period

$

13,222

$

25,742

$

13,222

$

107,413

Comparison of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). We define EBITDA as net income (loss), plus interest expense, income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment charges or asset write-offs pursuant to GAAP, plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains) and plus/(minus) losses/(gains) on unconsolidated entities less bargain purchase gains from business combinations. We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.

Net income (loss) is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP measure for the periods presented:












Three months ended, 

(unaudited) (in thousands)

September 30, 2022

June 30, 2022

September 30, 2021




Net income (loss)

$

24,717

$

14,581

$

(14,204)

Interest expense, net

616


494

419

Income tax expense (benefit)

276


182

(32)

Depreciation and amortization

27,215


29,779

23,466

EBITDA

52,824


45,036

9,649

Non-cash compensation expenses

3,804


3,944

2,302

Nonrecurring severance expenses



—


—

—

Non-cash loss on sale of assets or subsidiaries

1,608


1,013

189

Nonrecurring transaction costs

965


2,879

2,709

Lease abandonment costs

83


162

154

Bargain purchase gain

3,273


(5,607)

—

Equity in losses of unconsolidated entities

218


229

129

Foreign currency loss, net

6


6

6

Adjusted EBITDA

$

62,781

$

47,662

$

15,138

















The following table presents a reconciliation of gross profit before D&A to total gross profit (loss), which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:











Three months ended,

(unaudited) (in thousands)

September 30, 2022

June 30, 2022

September 30, 2021

Gross profit (loss) by segment








Water services

$

33,471

$

22,567

$

4,109

Water infrastructure

12,728

3,907

1,433

Oilfield chemicals

12,640

9,188

3,443

Other

1

(1)

—

As reported gross profit

58,840

35,661

8,985








Plus depreciation and amortization








Water services

16,927

15,369

13,698

Water infrastructure

7,471

11,438

6,860

Oilfield chemicals

2,274

2,447

2,346

Other

—

—

—

Total depreciation and amortization

26,672

29,254

22,904








Gross profit before D&A

$

85,512

$

64,915

$

31,889








Gross profit (loss) before D&A by segment








Water services

50,398

37,936

17,807

Water infrastructure

20,199

15,345

8,293

Oilfield chemicals

14,914

11,635

5,789

Other

1

(1)

—

Total gross profit before D&A

$

85,512

$

64,915

$

31,889








Gross margin before D&A by segment








Water services

22.8 %

19.4 %

15.8 %

Water infrastructure

27.2 %

25.5 %

22.5 %

Oilfield chemicals

18.8 %

14.6 %

10.5 %

Other

n/a



n/a



n/a

Total gross margin before D&A

22.8 %

19.3 %

15.6 %

Contacts:

Select Energy Services


Chris George – Senior Vice President,
Corporate Development, Investor Relations & Sustainability


(713) 296-1073


IR@selectenergyservices.com

Dennard Lascar Investor Relations


Ken Dennard


(713) 529-6600


WTTR@dennardlascar.com



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