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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | ||||||||
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. | ☐ |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
TETRA Technologies, Inc. | ||||||||
By: | /s/ Brady M. Murphy | |||||||
Brady M. Murphy. | ||||||||
President and Chief Executive Officer |
Date: |
Third Quarter 2021 Results | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||||
Revenue | $ | 95,474 | $ | 102,326 | $ | 73,484 | |||||||||||
Income (loss) before discontinued operations | 2,495 | (6,654) | (9,559) | ||||||||||||||
Adjusted EBITDA before discontinued operations | 15,022 | 12,967 | 7,360 | ||||||||||||||
GAAP EPS from continuing operations | 0.02 | (0.05) | (0.08) | ||||||||||||||
Adjusted EPS from continuing operations | 0.01 | (0.02) | (0.06) | ||||||||||||||
GAAP net cash provided by operating activities | 2,817 | 1,788 | 4,440 | ||||||||||||||
Adjusted free cash flow from continuing operations | $ | 1,000 | $ | (4,450) | $ | 7,499 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||||||||||||||||
Revenues | $ | 95,474 | $ | 102,326 | $ | 73,484 | $ | 275,124 | $ | 302,257 | |||||||||||||||||||
Cost of sales, services, and rentals | 71,419 | 77,208 | 53,567 | 209,241 | 218,289 | ||||||||||||||||||||||||
Depreciation, amortization, and accretion | 8,308 | 8,236 | 9,657 | 25,495 | 28,934 | ||||||||||||||||||||||||
Impairments and other charges | — | 449 | 97 | 449 | 97 | ||||||||||||||||||||||||
Insurance recoveries | — | — | (52) | (110) | (126) | ||||||||||||||||||||||||
Total cost of revenues | 79,727 | 85,893 | 63,269 | 235,075 | 247,194 | ||||||||||||||||||||||||
Gross profit | 15,747 | 16,433 | 10,215 | 40,049 | 55,063 | ||||||||||||||||||||||||
General and administrative expense | 18,714 | 17,351 | 16,123 | 56,077 | 60,333 | ||||||||||||||||||||||||
Interest expense, net | 4,083 | 3,886 | 4,338 | 12,373 | 14,234 | ||||||||||||||||||||||||
Warrants fair value adjustment expense (income) | (3,164) | 2,698 | — | (143) | (327) | ||||||||||||||||||||||||
Other income, net | (6,968) | (2,232) | (788) | (14,295) | (1,308) | ||||||||||||||||||||||||
Income (loss) before taxes and discontinued operations | 3,082 | (5,270) | (9,458) | (13,963) | (17,869) | ||||||||||||||||||||||||
Provision for income taxes | 587 | 1,384 | 101 | 2,139 | 1,877 | ||||||||||||||||||||||||
Income (loss) before discontinued operations | 2,495 | (6,654) | (9,559) | (16,102) | (19,746) | ||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 18 | (126) | (12,039) | 120,882 | (49,195) | ||||||||||||||||||||||||
Net income (loss) | 2,513 | (6,780) | (21,598) | 104,780 | (68,941) | ||||||||||||||||||||||||
Less: (income) loss attributable to noncontrolling interest(1) | — | 27 | 8,296 | (306) | 32,833 | ||||||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 2,513 | $ | (6,753) | $ | (13,302) | $ | 104,474 | $ | (36,108) | |||||||||||||||||||
Basic per share information: | |||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.02 | $ | (0.05) | $ | (0.08) | $ | (0.13) | $ | (0.16) | |||||||||||||||||||
Income (loss) from discontinued operations | $ | 0.00 | $ | 0.00 | $ | (0.02) | $ | 0.96 | $ | (0.13) | |||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 0.02 | $ | (0.05) | $ | (0.10) | $ | 0.83 | $ | (0.29) | |||||||||||||||||||
Weighted average shares outstanding | 126,733 | 126,583 | 125,893 | 126,489 | 125,789 | ||||||||||||||||||||||||
Diluted per share information: | |||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.02 | $ | (0.05) | $ | (0.08) | $ | (0.13) | $ | (0.16) | |||||||||||||||||||
Income (loss) from discontinued operations | $ | 0.00 | $ | 0.00 | $ | (0.02) | $ | 0.96 | $ | (0.13) | |||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 0.02 | $ | (0.05) | $ | (0.10) | $ | 0.83 | $ | (0.29) | |||||||||||||||||||
Weighted average shares outstanding | 128,694 | 126,583 | 125,893 | 126,489 | 125,789 |
September 30, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 41,863 | $ | 67,252 | |||||||
Restricted cash | — | 65 | |||||||||
Trade accounts receivable | 79,118 | 64,078 | |||||||||
Inventories | 72,286 | 76,658 | |||||||||
Assets of discontinued operations | — | 710,006 | |||||||||
Prepaid expenses and other current assets | 16,121 | 13,487 | |||||||||
Total current assets | 209,388 | 931,546 | |||||||||
Property, plant, and equipment, net | 87,348 | 96,856 | |||||||||
Patents, trademarks and other intangible assets, net | 38,071 | 41,487 | |||||||||
Deferred tax assets, net | 44 | 52 | |||||||||
Operating lease right-of-use assets | 38,795 | 43,448 | |||||||||
Investments | 22,412 | 2,675 | |||||||||
Other assets | 15,178 | 16,775 | |||||||||
Total long-term assets | 201,848 | 201,293 | |||||||||
Total assets | $ | 411,236 | $ | 1,132,839 |
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | 41,268 | $ | 22,573 | |||||||
Unearned income | 1,432 | 2,675 | |||||||||
Accrued liabilities and other | 48,552 | 38,791 | |||||||||
Liabilities of discontinued operations | 1,327 | 734,039 | |||||||||
Total current liabilities | 92,579 | 798,078 | |||||||||
Long-term debt, net | 164,228 | 199,894 | |||||||||
Deferred income taxes | 1,817 | 1,942 | |||||||||
Asset retirement obligations | 12,840 | 12,484 | |||||||||
Warrants liability | 56 | 198 | |||||||||
Operating lease liabilities | 33,145 | 37,569 | |||||||||
Other liabilities | 6,493 | 11,612 | |||||||||
Total long-term liabilities | 218,579 | 263,699 | |||||||||
Commitments and contingencies | |||||||||||
TETRA stockholders’ equity | 101,191 | (9,640) | |||||||||
Noncontrolling interests | (1,113) | 80,702 | |||||||||
Total equity | 100,078 | 71,062 | |||||||||
Total liabilities and equity | $ | 411,236 | $ | 1,132,839 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In Thousands) | |||||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | 104,780 | $ | (68,941) | |||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion | 25,524 | 88,906 | |||||||||
Gain on GP Sale | (120,574) | — | |||||||||
Impairment and other charges | 449 | 14,445 | |||||||||
Gain on retained CSI Compressco units and Standard Lithium shares | (11,803) | — | |||||||||
Equity-based compensation expense | 3,611 | 4,847 | |||||||||
Amortization and expense of financing costs and deferred financing gains | 2,320 | 3,698 | |||||||||
Debt-related expenses | — | 4,777 | |||||||||
Warrants fair value adjustment | (143) | (326) | |||||||||
Gain on sale of assets | (479) | (4,340) | |||||||||
Other non-cash charges | (340) | 5,814 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (15,246) | 62,039 | |||||||||
Inventories | 2,449 | 11,780 | |||||||||
Prepaid expenses and other current assets | (2,927) | (916) | |||||||||
Trade accounts payable and accrued expenses | 25,231 | (57,844) | |||||||||
Other | (2,428) | 888 | |||||||||
Net cash provided by operating activities | 10,424 | 64,827 | |||||||||
Investing activities: | |||||||||||
Purchases of property, plant, and equipment, net | (14,620) | (22,011) | |||||||||
Proceeds from sale of CCLP, net of cash divested | 566 | — | |||||||||
Proceeds on sale of property, plant, and equipment | 1,016 | 24,704 | |||||||||
Insurance recoveries associated with damaged equipment | 110 | 643 | |||||||||
Other investing activities | 764 | (576) | |||||||||
Net cash (used in) provided by investing activities | (12,164) | 2,760 | |||||||||
Financing activities: | |||||||||||
Proceeds from long-term debt | — | 404,060 | |||||||||
Principal payments on long-term debt | (37,477) | (408,666) | |||||||||
CSI Compressco distributions | — | (932) | |||||||||
Tax remittances on equity based compensation | — | (341) | |||||||||
Dividend payments attributable to noncontrolling interest | (99) | — | |||||||||
Debt issuance costs and other financing activities | (1,080) | (3,897) | |||||||||
Net cash used in financing activities | (38,656) | (9,776) | |||||||||
Effect of exchange rate changes on cash | (1,635) | (355) | |||||||||
(Decrease) increase in cash and cash equivalents | (42,031) | 57,456 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 83,894 | 17,768 | |||||||||
Cash and cash equivalents at beginning of period associated with discontinued operations | 16,577 | 2,370 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period associated with continuing operations | 67,317 | 15,398 | |||||||||
Cash and cash equivalents and restricted cash at end of period | 41,863 | 75,224 | |||||||||
Cash and cash equivalents at end of period associated with discontinued operations | — | 6,757 | |||||||||
Cash and cash equivalents and restricted cash at end of period associated with continuing operations | $ | 41,863 | $ | 68,467 | |||||||
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||||
Income (loss) before taxes and discontinued operations | $ | 3,082 | $ | (5,270) | $ | (9,458) | |||||||||||
Provision for income taxes | (587) | (1,384) | (101) | ||||||||||||||
Noncontrolling interest attributed to continuing operations | — | 27 | 46 | ||||||||||||||
Income (loss) from continuing operations | 2,495 | (6,627) | (9,513) | ||||||||||||||
Adjustment to long-term incentives | 656 | 627 | — | ||||||||||||||
Transaction and other expenses | 1,350 | (345) | 124 | ||||||||||||||
Former CEO stock appreciation right expense | (466) | 714 | — | ||||||||||||||
Restructuring charges | 295 | 1,033 | 665 | ||||||||||||||
Stock warrant fair value adjustment | (3,164) | 2,698 | — | ||||||||||||||
Severance expenses | — | — | 1,260 | ||||||||||||||
Adjusted income (loss) from continuing operations | $ | 1,166 | $ | (1,900) | $ | (7,464) | |||||||||||
Diluted per share information | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.02 | $ | (0.05) | $ | (0.08) | |||||||||||
Adjusted income (loss) from continuing operations | $ | 0.01 | $ | (0.02) | $ | (0.06) | |||||||||||
Diluted weighted average shares outstanding | 128,694 | 126,583 | 125,893 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Completion Fluids & Products | Water & Flowback Services | Corporate SG&A | Other and Eliminations | Total | |||||||||||||||||||||||||
(In Thousands, Except Percents) | |||||||||||||||||||||||||||||
Revenues | $ | 48,691 | $ | 46,783 | $ | — | $ | — | $ | 95,474 | |||||||||||||||||||
Net income (loss) before taxes and discontinued operations | 14,675 | (1,807) | (8,408) | (1,378) | 3,082 | ||||||||||||||||||||||||
Adjustment to long-term incentives | — | — | 656 | — | 656 | ||||||||||||||||||||||||
Transaction and other expenses | 630 | 693 | 27 | — | 1,350 | ||||||||||||||||||||||||
Former CEO stock appreciation right expense | — | — | (466) | — | (466) | ||||||||||||||||||||||||
Restructuring expenses | 254 | 41 | — | — | 295 | ||||||||||||||||||||||||
Stock warrant fair value adjustment | — | — | — | (3,164) | (3,164) | ||||||||||||||||||||||||
Adjusted income (loss) before taxes and discontinued operations | $ | 15,559 | $ | (1,073) | $ | (8,191) | $ | (4,542) | $ | 1,753 | |||||||||||||||||||
Adjusted interest (income) expense, net | (165) | 2 | — | 4,246 | 4,083 | ||||||||||||||||||||||||
Adjusted depreciation and amortization | 1,712 | 6,192 | — | 225 | 8,129 | ||||||||||||||||||||||||
Equity compensation expense | — | — | 1,057 | — | 1,057 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 17,106 | $ | 5,121 | $ | (7,134) | $ | (71) | $ | 15,022 | |||||||||||||||||||
Adjusted EBITDA as a % of revenue | 35.1 | % | 10.9 | % | 15.7 | % |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Completion Fluids & Products | Water & Flowback Services | Corporate SG&A | Other and Eliminations | Total | |||||||||||||||||||||||||
(In Thousands, Except Percents) | |||||||||||||||||||||||||||||
Revenues | $ | 64,607 | $ | 37,719 | $ | — | $ | — | $ | 102,326 | |||||||||||||||||||
Net income (loss) before taxes and discontinued operations | 16,427 | (4,978) | (9,543) | (7,176) | (5,270) | ||||||||||||||||||||||||
Adjustment to long-term incentives | — | — | 627 | — | 627 | ||||||||||||||||||||||||
Transaction and other expenses | (391) | 145 | (99) | — | (345) | ||||||||||||||||||||||||
Former CEO stock appreciation right expense | — | — | 714 | — | 714 | ||||||||||||||||||||||||
Restructuring expenses | 291 | 742 | — | — | 1,033 | ||||||||||||||||||||||||
Stock warrant fair value adjustment | — | — | — | 2,698 | 2,698 | ||||||||||||||||||||||||
Adjusted income (loss) before taxes and discontinued operations | $ | 16,327 | $ | (4,091) | $ | (8,301) | $ | (4,478) | $ | (543) | |||||||||||||||||||
Adjusted interest (income) expense, net | (162) | 3 | — | 4,044 | 3,885 | ||||||||||||||||||||||||
Adjusted depreciation and amortization | 1,701 | 6,087 | — | 245 | 8,033 | ||||||||||||||||||||||||
Equity compensation expense | — | — | 1,592 | — | 1,592 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 17,866 | $ | 1,999 | $ | (6,709) | $ | (189) | $ | 12,967 | |||||||||||||||||||
Adjusted EBITDA as a % of revenue | 27.7 | % | 5.3 | % | 12.7 | % |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Completion Fluids & Products | Water & Flowback Services | Corporate SG&A | Other and Eliminations | Total | |||||||||||||||||||||||||
(In Thousands, Except Percents) | |||||||||||||||||||||||||||||
Revenues | $ | 51,950 | $ | 21,534 | $ | — | $ | — | $ | 73,484 | |||||||||||||||||||
Net income (loss) before taxes and discontinued operations | 11,756 | (7,746) | (8,958) | (4,510) | (9,458) | ||||||||||||||||||||||||
Severance | 177 | 150 | 933 | — | 1,260 | ||||||||||||||||||||||||
Transaction and other expenses | — | 124 | — | — | 124 | ||||||||||||||||||||||||
Restructuring and severance expenses | 665 | — | — | — | 665 | ||||||||||||||||||||||||
Impairments and other charges | (113) | — | 97 | — | (16) | ||||||||||||||||||||||||
Adjusted income (loss) before taxes and discontinued operations | 12,485 | (7,472) | (7,928) | (4,510) | (7,425) | ||||||||||||||||||||||||
Adjusted interest (income) expense, net | (291) | (77) | — | 4,706 | 4,338 | ||||||||||||||||||||||||
Adjusted depreciation and amortization | 1,710 | 7,584 | — | 170 | 9,464 | ||||||||||||||||||||||||
Equity compensation expense | — | — | 983 | — | 983 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 13,904 | $ | 35 | $ | (6,945) | $ | 366 | $ | 7,360 | |||||||||||||||||||
Adjusted EBITDA as a % of revenue | 26.8 | % | 0.2 | % | 10.0 | % |
September 30, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
Non-restricted cash | $ | 41,863 | $ | 67,252 | |||||||
Asset-Based Credit Agreement | — | — | |||||||||
Term Credit Agreement | $ | 164,228 | $ | 199,894 | |||||||
Net debt | $ | 122,365 | $ | 132,642 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Cash from operating activities | $ | 2,817 | $ | 1,788 | $ | 4,440 | $ | 10,424 | $ | 64,827 | |||||||||||||||||||
Discontinued operations operating activities (adjusted EBITDA) | — | — | (4,451) | (416) | 13,729 | ||||||||||||||||||||||||
Cash from continued operating activities | 2,817 | 1,788 | 8,891 | 10,840 | 51,098 | ||||||||||||||||||||||||
Less: Continuing operations capital expenditures, net of proceeds from asset sales | (1,869) | (6,290) | (1,560) | (10,624) | (8,249) | ||||||||||||||||||||||||
Distributions from CSI Compressco LP (1) | 52 | 52 | 168 | 104 | 506 | ||||||||||||||||||||||||
Cash (distributed to partners) received from other investments | — | — | — | 2,354 | — | ||||||||||||||||||||||||
Adjusted Free Cash Flow From Continuing Operations | $ | 1,000 | $ | (4,450) | $ | 7,499 | $ | 2,674 | $ | 43,355 | |||||||||||||||||||
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Cover |
Nov. 01, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 01, 2021 |
Entity File Number | 1-13455 |
Entity Tax Identification Number | 74-2148293 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 24955 Interstate 45 North |
Entity Address, City or Town | The Woodlands |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77380 |
City Area Code | 281 |
Local Phone Number | 367-1983 |
Trading Symbol | TTI |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Stock |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Registrant Name | TETRA Technologies, Inc. |
Entity Central Index Key | 0000844965 |
Amendment Flag | false |
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