Delaware | 1-13455 | 74-2148293 |
(State or other jurisdiction | (Commission File Number) | (IRS Employer |
of incorporation) | Identification No.) | |
24955 Interstate 45 North | ||
The Woodlands, Texas 77380 | ||
(Address of Principal Executive Offices and Zip Code) | ||
Registrant’s telephone number, including area code: (281) 367-1983 |
• | Consolidated and Segment income before taxes, excluding the Company’s Maritech segment and unusual charges. Management believes that following the sale of essentially all of Maritech’s oil and gas properties, it is helpful to show the Company’s results excluding the impact of the costs and charges relating to the decommissioning of Maritech’s remaining properties since these results will show TETRA’s historical results of operations on a basis consistent with expected future operations. Management also believes that the exclusion of the unusual charges from the historical results of operations enables management to evaluate more effectively the Company’s operations over the prior periods and to identify operating trends that could be obscured by the excluded items. |
• | Adjusted EBITDA. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation, amortization and equity compensation expenses. Adjusted EBITDA may be presented on a consolidated and segment basis. Management uses Adjusted EBITDA as a supplemental financial measure to assess the financial performance of the Company’s assets, without regard to financing methods, capital structure or cost basis, and to assess the Company’s ability to incur and service debt and fund capital expenditures. |
• | Net Debt. Net Debt is defined as the sum of long-term and short-term debt on the Company’s consolidated balance sheet less cash, excluding restricted cash on the consolidated balance sheet and excluding the debt and cash of CSI Compressco LP. Management believes that Net Debt provides information concerning the Company’s ability to reduce debt, add to cash balances, pay dividends, repurchase stock, and fund investing and financing activities. |
• | Free cash flow. Free cash flow is cash from operations, excluding cash settlements of Maritech’s asset retirement obligations, less capital expenditures. Management believes this is an important supplemental financial measure because it allows management to assess the Company’s ability to retire debt, evaluate the capacity to further invest and grow and determine the ability to pay dividends. |
Exhibit Number | Description | |
99.1 | Press Release, dated August 7, 2015, issued by TETRA Technologies, Inc. |
TETRA Technologies, Inc. | |
By: | /s/Stuart M. Brightman |
Stuart M. Brightman | |
President & Chief Executive Officer | |
Date: August 7, 2015 |
Exhibit Number | Description | |
99.1 | Press Release, dated August 7, 2015, issued by TETRA Technologies, Inc. |
• | Record second quarter 2015 revenue, adjusted EBITDA, and operating income for the Fluids Division (adjusted EBITDA is a non-GAAP financial measure that is reconciled to the nearest GAAP measure in Schedule F). |
• | Second quarter free cash flow of $43 million(1), excluding the impact of $4 million of Maritech asset retirement obligation expenditures. |
• | A $38 million reduction in TETRA net debt(2) compared to the end of the first quarter of 2015, and an improvement in debt leverage ratio to 2.38x(3), marking the third consecutive quarter of debt improvements. |
• | The successful launch and completion of the first commercial application of our heavy zinc-free completion fluid. |
• | All TETRA Divisions excluding Maritech were profitable at the pretax income level in 2Q 2015, excluding the impact of a reserve for bad debts in Production Testing. |
• | DSOs improved by 13 days from 68 days at the end of March 2015. |
• | Continued reduction in operating expenses through staff reductions, multiple cost management initiatives including supplier consolidations and price reductions, and efficiency improvements driven by recent systems implementation initiatives. |
(1) | Refer to Schedule G for reconciliation. |
(2) | Refer to Schedule H for reconciliation. |
(3) | Leverage ratio is defined by TETRA’s credit agreement as outstanding debt plus letters of credit, divided by trailing twelve-month EBITDA excluding unusual charges, Maritech losses, and CSI Compressco distributions. |
Second Quarter 2015 Results, Excluding Unusual Charges and Maritech | |||||||||
Three Months Ended | Change | ||||||||
June 30, 2015 | June 30, 2014 | 2015 vs. 2014 | |||||||
(In Thousands, Except per Share Amounts) | |||||||||
Revenue | $ | 315,925 | $ | 240,942 | 31% | ||||
Income before taxes(1) | 18,741 | 12,792 | 47% | ||||||
Net income attributable to TETRA shareholders(2) | 12,654 | 8,356 | 51% | ||||||
Diluted EPS attributable to TETRA shareholders(3) | $ | 0.16 | $ | 0.10 | 60% | ||||
Adjusted pretax operating margin | 5.9 | % | 5.3 | % | 62 bps | ||||
Adjusted EBITDA | $ | 72,463 | $ | 40,783 | 78% |
(1) | Income before taxes, including unusual charges and Maritech was $18.1 million in the second quarter of 2015 and a loss of $(2.5) million in the second quarter of 2014. |
(2) | Net income attributable to TETRA shareholders, including unusual charges and Maritech was $14.9 million in the second quarter of 2015, and a loss of $(2.5) million in the second quarter of 2014. |
(3) | Diluted EPS, including unusual charges and Maritech, was $0.19 in the second quarter of 2015, and a loss of $(0.03) in the second quarter of 2014. See Schedule E for details. |
Segment Results | Three Months Ended | ||||||||||||||||||||||
June 30, 2015 | June 30, 2014 | ||||||||||||||||||||||
Revenue | Income Before Taxes(1) | Pretax Margin(2) | Adjusted EBITDA(3) | Revenue | Income Before Taxes(1) | Pretax Margin(2) | Adjusted EBITDA(3) | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Fluids Division | $ | 122,973 | $ | 32,754 | 26.6 | % | $ | 41,491 | $ | 116,650 | $ | 17,082 | 14.6 | % | $ | 24,185 | |||||||
Production Testing Division | 34,842 | (425 | ) | (1.2 | )% | 5,757 | 42,377 | (238 | ) | (0.6 | )% | 6,839 | |||||||||||
Compression Division | 126,456 | 9,504 | 7.5 | % | 30,917 | 32,015 | 6,527 | 20.4 | % | 10,550 | |||||||||||||
Offshore Services segment | 35,731 | 2,127 | 6.0 | % | 5,015 | 56,241 | 3,929 | 7.0 | % | 7,255 | |||||||||||||
Eliminations and other | (4,077 | ) | (12 | ) | 0.3 | % | (14 | ) | (6,341 | ) | 3 | — | — | ||||||||||
Subtotal | 315,925 | 43,948 | 13.9 | % | 83,166 | 240,942 | 27,303 | 11.3 | % | 48,829 | |||||||||||||
Corporate and other | — | (12,831 | ) | — | (10,703 | ) | — | (9,756 | ) | — | (8,046 | ) | |||||||||||
Interest expense, net - Compression Division | — | (7,961 | ) | — | — | — | (145 | ) | — | — | |||||||||||||
Interest expense, net - TTI, excluding Compression Division | — | (4,415 | ) | — | — | — | (4,610 | ) | — | — | |||||||||||||
Unusual charges and Maritech(4) | 394 | (633 | ) | — | — | 1,547 | (15,286 | ) | — | — | |||||||||||||
As reported | 316,319 | 18,108 | 5.7 | % | 72,463 | 242,489 | (2,494 | ) | (1.0 | )% | 40,783 |
(1) | Segment Income Before Taxes are adjusted. Refer to Schedule F for reconciliation. |
(2) | GAAP pre-tax margins for second quarter 2015 are: Fluids Division, 26.5%; Production Testing Division, (1.4)%; Compression Division, 1.2%; and, Offshore Services segment, 5.9%. GAAP pretax margins for second quarter 2014 are: Fluids Division, 14.6%; Production Testing Division, (0.6)%; Compression Division, 17.1%; and, Offshore Services segment, 3.3%. Refer to Schedule B for GAAP dollar amounts. |
(3) | Adjusted EBITDA is a non-GAAP financial measure that is defined and reconciled to the nearest GAAP financial measure in Schedule F. |
(4) | Refer to Schedule E for unusual charges and reconciliations. |
As of June 30, 2015 | |||||||
TETRA | CSI Compressco LP | ||||||
(In Millions) | |||||||
Non-restricted cash | $ | 8.7 | $ | 33.3 | |||
Revolver debt outstanding | 92.9 | 233.0 | |||||
Current portion of long-term debt | 90.0 | — | |||||
Senior Notes outstanding | 175.0 | 345.2 | |||||
Net debt | $ | 349.2 | $ | 544.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In Thousands) | |||||||||||||||
Revenues | $ | 316,319 | $ | 242,489 | $ | 567,411 | $ | 455,346 | |||||||
Cost of sales, services, and rentals | 207,391 | 185,007 | 374,054 | 349,974 | |||||||||||
Depreciation, amortization, and accretion | 39,067 | 22,007 | 77,410 | 45,047 | |||||||||||
Total cost of revenues | 246,458 | 207,014 | 451,464 | 395,021 | |||||||||||
Gross profit | 69,861 | 35,475 | 115,947 | 60,325 | |||||||||||
General and administrative expense | 37,472 | 32,270 | 72,741 | 65,690 | |||||||||||
Interest expense, net | 12,340 | 4,604 | 25,226 | 9,315 | |||||||||||
Other (income) expense, net | 1,941 | 1,095 | 1,927 | (1,503 | ) | ||||||||||
Income (loss) before taxes and discontinued operations | 18,108 | (2,494 | ) | 16,053 | (13,177 | ) | |||||||||
Provision (benefit) for income taxes | 2,741 | (944 | ) | 4,310 | (5,537 | ) | |||||||||
Net income (loss) | 15,367 | (1,550 | ) | 11,743 | (7,640 | ) | |||||||||
Less: net income attributable to noncontrolling interest | (442 | ) | (907 | ) | (1,266 | ) | (1,751 | ) | |||||||
Net income (loss) attributable to TETRA stockholders | $ | 14,925 | $ | (2,457 | ) | $ | 10,477 | $ | (9,391 | ) | |||||
Basic per share information: | |||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 0.19 | $ | (0.03 | ) | $ | 0.13 | $ | (0.12 | ) | |||||
Weighted average shares outstanding | 79,165 | 78,525 | 79,037 | 78,416 | |||||||||||
Diluted per share information: | |||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 0.19 | $ | (0.03 | ) | $ | 0.13 | $ | (0.12 | ) | |||||
Weighted average shares outstanding | 79,915 | 78,525 | 79,506 | 78,416 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In Thousands) | |||||||||||||||
Revenues by segment: | |||||||||||||||
Fluids Division | $ | 122,973 | $ | 116,650 | $ | 222,261 | $ | 221,795 | |||||||
Production Testing Division | 34,842 | 42,377 | 71,944 | 86,015 | |||||||||||
Compression Division | 126,456 | 32,015 | 229,344 | 61,779 | |||||||||||
Offshore Division | |||||||||||||||
Offshore Services | 35,731 | 56,241 | 47,515 | 91,571 | |||||||||||
Maritech | 394 | 1,547 | 1,900 | 2,923 | |||||||||||
Intersegment eliminations | (2,909 | ) | (4,934 | ) | (3,180 | ) | (6,721 | ) | |||||||
Offshore Division total | 33,216 | 52,854 | 46,235 | 87,773 | |||||||||||
Eliminations and other | (1,168 | ) | (1,407 | ) | (2,373 | ) | (2,016 | ) | |||||||
Total revenues | $ | 316,319 | $ | 242,489 | $ | 567,411 | $ | 455,346 | |||||||
Gross profit (loss) by segment: | |||||||||||||||
Fluids Division | $ | 40,354 | $ | 26,273 | $ | 65,720 | $ | 50,664 | |||||||
Production Testing Division | 3,918 | 4,221 | 6,777 | 6,375 | |||||||||||
Compression Division | 21,150 | 11,085 | 43,937 | 21,050 | |||||||||||
Offshore Division | |||||||||||||||
Offshore Services | 4,690 | 4,780 | (1,279 | ) | (204 | ) | |||||||||
Maritech | 3 | (10,358 | ) | 1,301 | (16,484 | ) | |||||||||
Intersegment eliminations | — | — | — | — | |||||||||||
Offshore Division total | 4,693 | (5,578 | ) | 22 | (16,688 | ) | |||||||||
Corporate overhead and eliminations | (254 | ) | (526 | ) | (509 | ) | (1,076 | ) | |||||||
Total gross profit | $ | 69,861 | $ | 35,475 | $ | 115,947 | $ | 60,325 | |||||||
Income (loss) before taxes by segment: | |||||||||||||||
Fluids Division | $ | 32,583 | $ | 17,059 | $ | 50,320 | $ | 35,536 | |||||||
Production Testing Division | (472 | ) | (249 | ) | (433 | ) | (3,047 | ) | |||||||
Compression Division | 1,498 | 5,477 | 3,904 | 10,664 | |||||||||||
Offshore Division | |||||||||||||||
Offshore Services | 2,095 | 1,833 | (6,553 | ) | (6,139 | ) | |||||||||
Maritech | (313 | ) | (10,698 | ) | 662 | (17,237 | ) | ||||||||
Intersegment eliminations | — | — | — | — | |||||||||||
Offshore Division total | 1,782 | (8,865 | ) | (5,891 | ) | (23,376 | ) | ||||||||
Corporate overhead and eliminations | (17,283 | ) | (15,916 | ) | (31,847 | ) | (32,954 | ) | |||||||
Total income (loss) before taxes | $ | 18,108 | $ | (2,494 | ) | $ | 16,053 | $ | (13,177 | ) |
June 30, 2015 | December 31, 2014 | ||||||
(In Thousands) | |||||||
Balance Sheet: | |||||||
Cash (excluding restricted cash) | $ | 41,941 | $ | 48,384 | |||
Accounts receivable, net | 190,908 | 226,966 | |||||
Inventories | 181,942 | 189,357 | |||||
Other current assets | 36,682 | 36,144 | |||||
PP&E, net | 1,120,814 | 1,124,192 | |||||
Other assets | 431,358 | 442,590 | |||||
Total assets | $ | 2,003,645 | $ | 2,067,633 | |||
Current portion of decommissioning liabilities | $ | 11,521 | $ | 12,758 | |||
Other current liabilities | 315,590 | 365,683 | |||||
Long-term debt | 846,112 | 844,961 | |||||
Long-term portion of decommissioning liabilities | 47,887 | 49,983 | |||||
Other long-term liabilities | 27,491 | 28,647 | |||||
Equity | 755,044 | 765,601 | |||||
Total liabilities and equity | $ | 2,003,645 | $ | 2,067,633 |
June 30, 2015 | December 31, 2014 | ||||||
(In Thousands) | |||||||
TETRA | |||||||
Bank revolving line of credit facility | $ | 92,900 | $ | 90,000 | |||
TETRA Senior Notes at various rates | 265,000 | 305,000 | |||||
Other debt | — | 74 | |||||
TETRA total debt | 357,900 | 395,074 | |||||
Less current portion | (90,000 | ) | (90,074 | ) | |||
TETRA total long-term debt | $ | 267,900 | $ | 305,000 | |||
CSI Compressco LP | |||||||
CCLP Bank Credit Facility | $ | 233,000 | $ | 195,000 | |||
CCLP 7.25% Senior Notes | 345,212 | 344,961 | |||||
CCLP total debt | 578,212 | 539,961 | |||||
Less current portion | — | — | |||||
CCLP total long-term debt | $ | 578,212 | $ | 539,961 | |||
Consolidated total long-term debt | $ | 846,112 | $ | 844,961 |
• | assess the Company’s ability to retire debt; |
• | evaluate the capacity of the Company to further invest and grow; |
• | to measure the performance of the Company as compared to its peer group of companies; and |
• | to determine the ability of the Company to pay dividends to shareholders. |
Three Months Ended | |||||||||||||||
June 30, 2015 | |||||||||||||||
Income Before Tax | Tax | Noncont. Interest | Net Income | Diluted EPS | |||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||
Adjusted | $ | 18,741 | $ | 5,623 | $ | 464 | $ | 12,654 | $ | 0.16 | |||||
Transaction related costs | — | — | — | — | — | ||||||||||
Severance expense | (320 | ) | (40 | ) | (22 | ) | (258 | ) | — | ||||||
Deferred tax valuation allowance and other related tax adj. | — | (2,842 | ) | — | 2,842 | 0.03 | |||||||||
Maritech profit (loss) | (313 | ) | — | — | (313 | ) | — | ||||||||
As reported | $ | 18,108 | $ | 2,741 | $ | 442 | $ | 14,925 | $ | 0.19 | |||||
June 30, 2014 | |||||||||||||||
Income (Loss) Before Tax | Tax | Noncont. Interest | Net Income (Loss) | Diluted EPS | |||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||
Adjusted | $ | 12,792 | $ | 3,194 | $ | 1,242 | $ | 8,356 | $ | 0.10 | |||||
Transaction related costs | (2,048 | ) | (175 | ) | (257 | ) | (1,616 | ) | (0.02 | ) | |||||
Severance expense | (115 | ) | (10 | ) | — | (105 | ) | — | |||||||
Maritech profit (loss) | (10,698 | ) | (3,745 | ) | — | (6,953 | ) | (0.09 | ) | ||||||
Other | (2,425 | ) | (208 | ) | (78 | ) | (2,139 | ) | (0.02 | ) | |||||
As reported | $ | (2,494 | ) | $ | (944 | ) | $ | 907 | $ | (2,457 | ) | $ | (0.03 | ) |
Six Months Ended | |||||||||||||||
June 30, 2015 | |||||||||||||||
Income Before Tax | Tax | Noncont. Interest | Net Income | Diluted EPS | |||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||
Adjusted | $ | 16,662 | $ | 4,948 | $ | 1,451 | $ | 10,263 | $ | 0.13 | |||||
Transaction related costs | (208 | ) | (78 | ) | (73 | ) | (57 | ) | — | ||||||
Severance expense | (1,063 | ) | (195 | ) | (112 | ) | (756 | ) | (0.01 | ) | |||||
Effect of Deferred Tax Valuation Allowance and other related tax adj | — | (365 | ) | — | 365 | — | |||||||||
Maritech profit (loss) | 662 | — | — | 662 | 0.01 | ||||||||||
As reported | $ | 16,053 | $ | 4,310 | $ | 1,266 | $ | 10,477 | $ | 0.13 | |||||
June 30, 2014 | |||||||||||||||
Income (Loss)Before Tax | Tax | Noncont. Interest | Net Income (Loss) | Diluted EPS | |||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||
Adjusted | $ | 8,673 | $ | 1,824 | $ | 2,008 | $ | 4,841 | $ | 0.06 | |||||
Transaction related costs | 595 | (243 | ) | (257 | ) | 1,095 | 0.01 | ||||||||
Severance expense | (784 | ) | (249 | ) | — | (535 | ) | (0.01 | ) | ||||||
Maritech profit (loss) | (17,237 | ) | (6,033 | ) | — | (11,204 | ) | (0.14 | ) | ||||||
Other | (4,424 | ) | (836 | ) | — | (3,588 | ) | (0.04 | ) | ||||||
As reported | $ | (13,177 | ) | $ | (5,537 | ) | $ | 1,751 | $ | (9,391 | ) | $ | (0.12 | ) |
Three Months Ended | |||||||||||||||||||||
June 30, 2015 | |||||||||||||||||||||
Income (Loss) Before Tax, as Reported | Impairments & Unusual Charges | Adjusted Income Before Tax | Interest Expense, Net | Depreciation & Amortization | Stock Option Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 32,583 | $ | 171 | $ | 32,754 | $ | (76 | ) | $ | 8,813 | $ | — | $ | 41,491 | ||||||
Production Testing Division | (472 | ) | 47 | (425 | ) | 14 | 6,168 | — | 5,757 | ||||||||||||
Compression Division | 1,498 | 45 | 1,543 | 7,961 | 20,686 | 727 | 30,917 | ||||||||||||||
Offshore Services Segment | 2,095 | 32 | 2,127 | — | 2,888 | — | 5,015 | ||||||||||||||
Eliminations and other | (12 | ) | — | (12 | ) | — | (2 | ) | — | (14 | ) | ||||||||||
Subtotal | 35,692 | 295 | 35,987 | 7,899 | 38,553 | 727 | 83,166 | ||||||||||||||
Corporate and other | (17,271 | ) | 25 | (17,246 | ) | 4,415 | 254 | 1,874 | (10,703 | ) | |||||||||||
TETRA excl Maritech | 18,421 | 320 | 18,741 | 12,314 | 38,807 | 2,601 | 72,463 | ||||||||||||||
Maritech | (313 | ) | — | (313 | ) | 26 | 260 | — | (27 | ) | |||||||||||
Total TETRA | $ | 18,108 | $ | 320 | $ | 18,428 | $ | 12,340 | $ | 39,067 | $ | 2,601 | $ | 72,436 | |||||||
June 30, 2014 | |||||||||||||||||||||
Income (loss) Before Tax, As Reported | Impairments & Unusual Charges | Adjusted Income Before Tax | Interest Expense, net | Depreciation & Amortization | Stock Option Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 17,059 | $ | 23 | $ | 17,082 | $ | (103 | ) | $ | 7,206 | $ | — | $ | 24,185 | ||||||
Production Testing Division | (249 | ) | 11 | (238 | ) | (57 | ) | 7,134 | — | 6,839 | |||||||||||
Compression Division | 5,477 | 905 | 6,382 | 145 | 3,788 | 235 | 10,550 | ||||||||||||||
Offshore Services Segment | 1,833 | 2,096 | 3,929 | 9 | 3,317 | — | 7,255 | ||||||||||||||
Eliminations and other | 3 | — | 3 | — | (3 | ) | — | — | |||||||||||||
Subtotal | 24,123 | 3,035 | 27,158 | (6 | ) | 21,442 | 235 | 48,829 | |||||||||||||
Corporate and other | (15,919 | ) | 1,553 | (14,366 | ) | 4,610 | 526 | 1,184 | (8,046 | ) | |||||||||||
TETRA excl Maritech | 8,204 | 4,588 | 12,792 | 4,604 | 21,968 | 1,419 | 40,783 | ||||||||||||||
Maritech | (10,698 | ) | — | (10,698 | ) | — | 39 | — | (10,659 | ) | |||||||||||
Total TETRA | $ | (2,494 | ) | $ | 4,588 | $ | 2,094 | $ | 4,604 | $ | 22,007 | $ | 1,419 | $ | 30,124 |
Six Months Ended | |||||||||||||||||||||
June 30, 2015 | |||||||||||||||||||||
Income (Loss) Before Tax, as Reported | Impairments & Unusual Charges | Adjusted Income Before Tax | Interest Expense, Net | Depreciation & Amortization | Stock Option Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 50,320 | $ | 284 | $ | 50,604 | $ | (84 | ) | $ | 17,532 | $ | — | $ | 68,052 | ||||||
Production Testing Division | (433 | ) | 433 | — | 5 | 12,431 | — | 12,436 | |||||||||||||
Compression Division | 3,904 | 452 | 4,356 | 15,867 | 40,731 | 1,204 | 62,158 | ||||||||||||||
Offshore Services Segment | (6,553 | ) | 42 | (6,511 | ) | — | 5,692 | — | (819 | ) | |||||||||||
Eliminations and other | (10 | ) | — | (10 | ) | — | (9 | ) | — | (9 | ) | ||||||||||
Subtotal | 47,228 | 1,211 | 48,439 | 15,788 | 76,377 | 1,204 | 141,808 | ||||||||||||||
Corporate and other | (31,837 | ) | 60 | (31,777 | ) | 9,412 | 512 | 2,993 | (18,860 | ) | |||||||||||
TETRA excl Maritech | 15,391 | 1,271 | 16,662 | 25,200 | 76,889 | 4,197 | 122,948 | ||||||||||||||
Maritech | 662 | — | 662 | 26 | 521 | — | 1,209 | ||||||||||||||
Total TETRA | $ | 16,053 | $ | 1,271 | $ | 17,324 | $ | 25,226 | $ | 77,410 | $ | 4,197 | $ | 124,157 | |||||||
June 30, 2014 | |||||||||||||||||||||
Income (Loss) Before Tax, as Reported | Impairments & Unusual Charges | Adjusted Income Before Tax | Interest Expense, Net | Depreciation & Amortization | Stock Option Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 35,536 | $ | (2,252 | ) | $ | 33,284 | $ | (107 | ) | $ | 15,036 | $ | — | $ | 48,213 | |||||
Production Testing Division | (3,047 | ) | 1,758 | (1,289 | ) | (59 | ) | 14,697 | — | 13,349 | |||||||||||
Compression Division | 10,664 | 905 | 11,569 | 304 | 7,508 | 437 | 19,818 | ||||||||||||||
Offshore Services Segment | (6,139 | ) | 2,130 | (4,009 | ) | 36 | 6,649 | — | 2,676 | ||||||||||||
Eliminations and other | 6 | — | 6 | — | (6 | ) | — | — | |||||||||||||
Subtotal | 37,020 | 2,541 | 39,561 | 174 | 43,884 | 437 | 84,056 | ||||||||||||||
Corporate and other | (32,960 | ) | 2,072 | (30,888 | ) | 9,141 | 1,080 | 2,836 | (17,831 | ) | |||||||||||
TETRA excl Maritech | 4,060 | 4,613 | 8,673 | 9,315 | 44,964 | 3,273 | 66,225 | ||||||||||||||
Maritech | (17,237 | ) | — | (17,237 | ) | — | 83 | — | (17,154 | ) | |||||||||||
Total TETRA | $ | (13,177 | ) | $ | 4,613 | $ | (8,564 | ) | $ | 9,315 | $ | 45,047 | $ | 3,273 | $ | 49,071 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||
(In Thousands) | |||||||||||||||
TTI Consolidated | |||||||||||||||
Cash from operations | $ | 54,347 | $ | 4,551 | $ | 82,162 | $ | 40,620 | |||||||
ARO settlements | 3,845 | 16,459 | 4,411 | 29,766 | |||||||||||
Capital expenditures, net of sales proceeds | (23,188 | ) | (23,154 | ) | (69,326 | ) | (47,990 | ) | |||||||
Free cash flow before ARO settlements | 35,004 | (2,144 | ) | 17,247 | 22,396 | ||||||||||
CSI Compressco LP | |||||||||||||||
Cash from operations | 19,721 | 4,722 | 52,202 | 20,956 | |||||||||||
Capital expenditures, net of sales proceeds | (19,934 | ) | (4,878 | ) | (57,092 | ) | (10,882 | ) | |||||||
Free cash flow | (213 | ) | (156 | ) | (4,890 | ) | 10,074 | ||||||||
TTI Only | |||||||||||||||
Cash from operations | 34,626 | (171 | ) | 29,960 | 19,665 | ||||||||||
ARO settlements | 3,845 | 16,459 | 4,411 | 29,766 | |||||||||||
Capital expenditures, net of sales proceeds | (3,254 | ) | (18,276 | ) | (12,234 | ) | (37,108 | ) | |||||||
Free cash flow before ARO settlements | 35,217 | (1,988 | ) | 22,137 | 12,323 | ||||||||||
Distributions from CSI Compressco LP | 7,651 | 6,049 | 14,992 | 11,750 | |||||||||||
Free cash flow before ARO settlements and after distributions from CSI Compressco LP | $ | 42,868 | $ | 4,061 | $ | 37,129 | $ | 24,073 |
June 30, 2015 | December 31, 2014 | ||||||
(In Thousands) | |||||||
TETRA Net Debt: | |||||||
Total debt, excluding CSI Compressco LP debt | $ | 357,900 | $ | 395,074 | |||
Less: cash, excluding CSI Compressco LP cash | (8,662 | ) | (14,318 | ) | |||
Net debt | $ | 349,238 | $ | 380,756 |