Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32693 | |
Entity Registrant Name | BASIC ENERGY SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 54-2091194 | |
Entity Address, Address Line One | 801 Cherry Street | |
Entity Address, Address Line Two | Suite 2100 | |
Entity Address, City or Town | Fort Worth | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76102 | |
City Area Code | 817 | |
Local Phone Number | 334-4100 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | BASX* | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 24,899,932 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001109189 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 94,347 | $ 128,403 |
Depreciation and amortization | 10,797 | 14,765 |
Loss (gain) on disposal of assets | (2,544) | 2,619 |
Nonoperating Income (Expense) [Abstract] | ||
Loss on derivative | (4,798) | (3,552) |
Loss from continuing operations before income taxes | (33,762) | (140,219) |
Income tax benefit | (287) | (3,790) |
Loss from continuing operations | (33,475) | (136,429) |
Loss from discontinued operations | (3,797) | (8,452) |
Net loss | $ (37,272) | $ (144,881) |
Earnings Per Share [Abstract] | ||
Loss from continuing operations per share, basic and diluted (in dollars per share) | $ (1.35) | $ (5.48) |
Loss from discontinued operations per share, basic and diluted (in dollars per share) | (0.15) | (0.34) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.50) | $ (5.82) |
Continuing Operations | ||
Revenues | $ 94,347 | $ 128,403 |
Costs of services, excluding depreciation and amortization | 77,171 | 102,175 |
Selling, general and administrative | 18,054 | 26,232 |
Depreciation and amortization | 10,797 | 14,765 |
Impairments and other charges | 7,258 | 99,694 |
Acquisition related costs | 0 | 11,684 |
Loss (gain) on disposal of assets | (1,993) | (37) |
Total operating expenses | 111,287 | 254,513 |
Operating loss | (16,940) | (126,110) |
Nonoperating Income (Expense) [Abstract] | ||
Interest expense, net | (12,024) | (10,557) |
Loss on derivative | $ (4,798) | $ (3,552) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,889 | $ 1,902 |
Restricted cash | 15,513 | 8,083 |
Trade accounts receivable, net of allowance of $1,805 and $3,053, respectively | 53,846 | 60,351 |
Inventories | 8,546 | 8,716 |
Assets held for sale | 7,344 | 4,383 |
Prepaid expenses and other current assets | 11,925 | 12,010 |
Total current assets | 102,063 | 95,445 |
Property and equipment, net of accumulated depreciation of $179,801 and $172,296, respectively | 197,766 | 210,563 |
Operating lease right-of-use assets | 8,896 | 9,614 |
Intangible assets, net of accumulated amortization of $1,222 and $1,099, respectively | 6,055 | 6,178 |
Other assets, net | 16,319 | 27,273 |
Total assets | 331,099 | 349,073 |
Current liabilities: | ||
Accounts payable | 68,463 | 64,944 |
Accrued expenses | 67,327 | 55,264 |
Current portion of insurance reserves | 24,181 | 22,587 |
Current portion of finance lease liabilities | 6,839 | 7,520 |
Current portion of operating lease liabilities | 1,800 | 1,936 |
Other current liabilities | 2,058 | 8,371 |
Total current liabilities | 170,668 | 160,622 |
Long-term debt, net | 327,572 | 317,763 |
Insurance reserves | 19,478 | 19,636 |
Asset retirement obligations | 10,157 | 9,697 |
Operating lease liabilities | 8,195 | 8,488 |
Other long-term liabilities | 12,881 | 13,499 |
Total liabilities | 548,951 | 529,705 |
Series A Participating Preferred Stock; $0.01 par value; 5,000,000 authorized and 118,805 outstanding | 22,000 | 22,000 |
Stockholders' deficit: | ||
Common stock; $0.01 par value; 198,805,000 shares authorized; 27,912,059 shares issued and 24,899,932 shares outstanding | 279 | 279 |
Additional paid-in capital | 493,819 | 493,767 |
Retained deficit | (728,616) | (691,344) |
Treasury stock, at cost, 3,012,127 shares | (5,334) | (5,334) |
Total stockholders' deficit | (239,852) | (202,632) |
Total liabilities and stockholders' deficit | $ 331,099 | $ 349,073 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Allowance for credit loss | $ 1,805 | $ 3,053 |
Property and equipment, accumulated depreciation | 179,801 | 172,296 |
Intangible assets , accumulated amortization | $ 1,222 | $ 1,099 |
Stockholders' deficit: | ||
Temporary equity, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Temporary equity, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Temporary equity, shares outstanding (in shares) | 118,805 | 118,805 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 198,805,000 | 198,805,000 |
Common stock, issued (in shares) | 27,912,059 | 27,912,059 |
Common stock, outstanding (in shares) | 24,899,932 | 24,899,932 |
Treasury stock (in shares) | 3,012,127 | 3,012,127 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (37,272) | $ (144,881) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 10,797 | 14,765 |
Goodwill and other long-lived asset impairments | 7,277 | 97,115 |
Loss on derivative | 4,798 | 3,552 |
Inventory write-downs | 0 | 4,846 |
Accretion of asset retirement obligations | 468 | 467 |
Provision for expected credit losses, net of recoveries | (576) | 1,567 |
Amortization of debt discounts and debt issuance costs | 2,273 | 1,108 |
Stock-based compensation | 52 | 1,336 |
Loss (gain) on disposal of assets | (2,544) | 2,619 |
Deferred income taxes | (262) | (3,674) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 7,081 | 17,473 |
Inventories | 170 | 700 |
Prepaid expenses and other assets | 166 | (1,800) |
Accounts payable | 3,432 | (5,839) |
Accrued expenses | 12,277 | 9,702 |
Other liabilities | (464) | (1,770) |
Net cash provided by (used in) operating activities | 7,673 | (2,714) |
Cash flows from investing activities: | ||
Capital expenditures | (331) | (5,595) |
Proceeds from sale of assets | 5,460 | 40,274 |
Payments to acquire business, net of cash acquired | 0 | (59,350) |
Net cash provided by (used in) investing activities | 5,129 | (24,671) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 0 | 23,000 |
Repayments of long-term debt | (2,385) | (8,999) |
Repurchases of common stock | 0 | (6) |
Payments of debt issuance costs | 0 | (225) |
Other financing activities | 0 | (1,525) |
Net cash provided by (used in) financing activities | (2,385) | 12,245 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 10,417 | (15,140) |
Cash, cash equivalents and restricted cash - beginning of period | 9,985 | 36,217 |
Cash, cash equivalents and restricted cash - end of period | 20,402 | 21,077 |
Supplemental cash flow information and non-cash investing and financing activities: | ||
Interest paid | 1,570 | 1,229 |
Income taxes paid, net of refunds | (5) | (119) |
Fair value of long-term debt issued to settle derivative obligation | 9,500 | 0 |
Operating lease liabilities incurred from obtaining right-of-use assets | 719 | 1,007 |
Finance lease liabilities incurred from obtaining right-of-use assets | 0 | 498 |
Capital expenditures included in accounts payable | (87) | (1,594) |
Issuance of Series A Participating Preferred Stock | 0 | 22,000 |
Recognition of derivative liability | $ 0 | $ 9,713 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury | Retained Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 27,912 | (3,008) | |||
Beginning balance at Dec. 31, 2019 | $ 41,123 | $ 279 | $ 472,594 | $ (8,581) | $ (423,169) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Amortization of stock-based compensation | 1,336 | 1,336 | |||
Purchase of treasury stock | (7) | (3,263) | $ 3,256 | ||
Purchase of treasury stock (in shares) | (73) | ||||
Acquisition related capital contribution | 22,904 | 22,904 | |||
Net loss | (144,881) | (144,881) | |||
Ending balance (in shares) at Mar. 31, 2020 | 27,912 | (2,935) | |||
Ending balance at Mar. 31, 2020 | (79,525) | $ 279 | 493,571 | $ (5,325) | (568,050) |
Beginning balance (in shares) at Dec. 31, 2020 | 27,912 | (3,012) | |||
Beginning balance at Dec. 31, 2020 | (202,632) | $ 279 | 493,767 | $ (5,334) | (691,344) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Amortization of stock-based compensation | 52 | 52 | |||
Net loss | (37,272) | (37,272) | |||
Ending balance (in shares) at Mar. 31, 2021 | 27,912 | (3,012) | |||
Ending balance at Mar. 31, 2021 | $ (239,852) | $ 279 | $ 493,819 | $ (5,334) | $ (728,616) |
Basis of Presentation and Curre
Basis of Presentation and Current Environment | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Current Environment | Basis of Presentation and Current Environment Description of Business Basic Energy Services, Inc. and subsidiaries (“Basic”, the “Company”, “we”, “us” or “our”) provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company's operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado, and Montana. Our operations are focused in prolific basins that have historically exhibited strong drilling and production economics in recent years as well as natural gas-focused shale plays characterized by prolific reserves. Specifically, the Company has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature considered necessary for a fair presentation of the results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis and all intercompany accounts and transactions have been eliminated. Current Environment, Liquidity and Going Concern Demand for services offered by our industry is a function of our customers’ willingness and ability to make operating and capital expenditures to explore for, develop and produce hydrocarbons in the United States. Our customers’ expenditures are affected by both current and expected levels of commodity prices. Industry conditions during 2021 continue to be influenced by factors that impacted the supply and demand of the global oil markets in 2020, primarily the outbreak of the novel coronavirus ("COVID-19") and the resulting lower demand for oil. The increased price of West Texas Intermediate oil ("WTI") in the first quarter of 2021 increased our customers' activity levels; however, we continue to maintain discipline to only offer our services into the market at profitable job margins, which we began to realize in the second half of the first quarter. This trend has continued into the second quarter. Our first quarter results were also negatively impacted by the severe winter storm that affected our Texas operating locations in February 2021. As a result of weak energy sector conditions that began in 2020 and the resulting lower demand for our services, our customer pricing, our operating results, our working capital and our operating cash flows have been negatively impacted. During the last half of 2020, we had difficulty paying for our contractual obligations as they came due, and we continue to have this difficulty in 2021. Management has taken several steps to generate additional liquidity, including reducing operating and administrative costs, employee headcount reductions, closing operating locations, implementing employee furloughs, other cost reduction measures, and the suspension of growth capital expenditures. The decline in customers’ demand for our services has had a material adverse impact on the financial condition of the Company, resulting in recurring losses from operations, a net capital deficiency, and liquidity constraints that raise substantial doubt about the Company's ability to continue as a going concern within one year after the May 17, 2021 issuance date of these financial statements. Other steps that we may or are implementing to attempt to alleviate this substantial doubt include additional sales of non-strategic assets, obtaining waivers of debt covenant requirements from our lenders, restructuring or refinancing our debt agreements, or obtaining equity financing. In addition, we had a significant contractual obligation to pay cash or issue additional 10.75% senior secured notes due 2023 (the "Senior Notes") to our largest shareholder, Ascribe III Investments LLC ("Ascribe"), resulting from our acquisition of CJWS. On March 31, 2021, the Company negotiated a settlement of this obligation with Ascribe in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of $47.5 million. On April 15, 2021, the Company announced it elected to utilize the 30-day grace period under the terms of the indenture governing its Senior Notes with respect to a $16.3 million interest payment (the "Senior Notes Interest Payment") due that day. The Company believed it was in the best interests of all stakeholders to use the grace period to continue its ongoing discussions with its debtholders regarding strategic alternatives to improve the Company’s long-term capital structure. The Company also announced it had entered into a Forbearance Agreement (the "ABL Forbearance Agreement") on April 14, 2021 with a majority of the lenders under its revolving credit facility who agreed to forbear from exercising remedies in respect of certain events of default thereunder, including the failure to pay interest on the Senior Notes, until April 28, 2021 (subject to certain early termination events) (the "ABL Forbearance Period"). On April 28, 2021, the Company entered into the Limited Consent and First Amendment to the ABL Forbearance Agreement (the “ABL Forbearance Amendment”) with a majority of its lenders under its revolving credit facility who agreed to extend the ABL Forbearance Period to May 15, 2021 and consent to the incurrence of the New Term Loan Facility (as defined below), if the Company completed certain asset sales, amended the indenture governing its Senior Notes to allow for the incurrence of the New Term Loan Facility and, obtained a forbearance for certain of its other indebtedness, as applicable. The Company satisfied these conditions and on May 3, 2021, the Company entered into a Super Priority Credit Agreement (the “Super Priority Credit Agreement”), among the Company, as borrower, the lenders party thereto and Cantor Fitzgerald Securities, as administrative agent and collateral agent. The Super Priority Credit Agreement provides for a super priority loan facility consisting of term loans in a principal amount of $10.0 million (the “New Term Loan Facility”). The proceeds of the New Term Loan Facility will be used for working capital and other general corporate purposes and the payment of fees and expenses in connection with the New Term Loan Facility and the other agreements entered into in connection with the New Term Loan Facility. The New Term Loan Facility originally matured on May 15, 2021; provided that such date could be extended for up to thirty days with the prior written consent of lenders holding 66 2/3% of the aggregate outstanding amount of the term loans. At the Company’s election, loans outstanding under the New Term Loan Facility accrue interest at an annualized interest rate of either a base rate plus 10.00% or LIBOR plus 11.00%. The Company may prepay the New Term Loan Facility at any time if the Company simultaneously prepays the aggregate outstanding principal amount of its Senior Notes and Senior Secured Promissory Note, plus accrued and unpaid interest. On May 10, 2021, the Lenders under the New Term Loan Facility extended the maturity date of the facility to May 23, 2021 and corresponding adjustments to certain interim milestones therein. On May 3, 2021, the Company and Ascribe entered into a consent letter (the “Ascribe Consent Letter”) pursuant to which Ascribe agreed to forbear from exercising any rights or remedies they may have in respect of the Company's failure to pay interest on the notes described therein from. On May 14, 2021, the Company entered into an amendment to the Ascribe Consent Letter to extend the forbearance period to May 23, 2021. On May 14, 2021, the Company entered into the (i) Second Amendment to the ABL Forbearance Agreement with a majority of its lenders under its revolving credit facility who agreed to extend the ABL Forbearance Period to May 23, 2021 and to make corresponding adjustments to certain interim milestones therein, and (ii) the Forbearance Agreement with the requisite number of lenders under the New Term Loan Facility who agreed to forbear from exercising remedies in respect of certain events of default thereunder, including the failure to pay interest on the Senior Notes following the expiration of the applicable grace period, until May 23, 2021 (subject to certain early termination events). In addition, on May 14, 2021, the holders of approximately $316.4 million in aggregate principal amount, or 91.06%, of the $347.5 million issued and outstanding Senior Notes, subject to certain conditions precedent and continuing conditions, agreed that during the Forbearance Period ending on May 23, 2021 (subject to certain early termination events) they would not enforce, or otherwise take any action to direct enforcement of, any of the rights and remedies available to the Holders, the Trustee of the Collateral Agent, under the Indenture for the Senior Notes, or otherwise, including, without limitation, any action to accelerate the Senior Notes with respect to the Senior Notes Interest Payment. We are in continuing discussions with the holders of the Company’s Senior Notes and other indebtedness regarding strategic alternatives including financings, refinancings, amendments, waivers, forbearances, asset sales, debt issuances, and exchanges of debt, a combination of the foregoing, or other out-of-court or in-court bankruptcy restructurings of our debt and other transactions to address our capital structure. If the Company is unable to effectuate a successful debt restructuring, the Company expects that it will continue to experience adverse pressures on its relationships with counterparties who are critical to its business, its ability to access the capital markets, its ability to execute on its operational and strategic goals and its business, prospects, results of operations and liquidity generally. There can be no assurance as to when or whether, or on what terms the Company will implement any action as a result of these strategic initiatives, whether the implementation of one or more such actions will be successful, whether the Company will be able to effect a refinancing of its Senior Notes or the effects the failure to take action may have on the Company’s business, its ability to achieve its operational and strategic goals or its ability to finance its business or refinance or restructure its indebtedness. A failure to address the Company’s level of corporate leverage in the near-term will have a material adverse effect on the Company’s business, prospects, results of operations, liquidity and financial condition, and its ability to service its corporate debt as it becomes due. Management has prepared these condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles applicable to a going concern, which contemplates that assets will be realized and liabilities will be discharged in the normal course of business as they become due. These condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported revenues and expenses and balance sheet classifications that would be necessary if the Company was unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material and adverse to the financial results of the Company. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications do not impact net loss and do not reflect a material change to the information previously presented in our condensed consolidated financial statements. Standards Adopted in 2021 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12"). ASU 2019-12 intends to simplify various aspects related to accounting for income taxes and removes certain exceptions to the general principles in the standard. Additionally, the ASU clarifies and amends existing guidance to improve consistent application of its requirements. The amendments of ASU 2019-12 were adopted as of January 1, 2021, and the impact of the adoption was not material. Standards Not Yet Adopted |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 4,889 $ 1,902 Restricted cash 15,513 8,083 Total cash, cash equivalents and restricted cash $ 20,402 $ 9,985 The Company’s restricted cash consisted of net advances made to the administrative agent under our asset-based revolving credit facility. See Note 4. Indebtedness and Borrowing Facility, for further discussion of the credit facility. The Company’s restricted cash is classified as current assets in the condensed consolidated balance sheets. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During the third and fourth quarters of 2019, the Company's management decided to divest all of its contract drilling rigs, and a majority of pressure pumping equipment and related ancillary equipment. The majority of the real estate and equipment was sold during late 2019 and the first quarter of 2020, with the remaining, primarily real estate assets classified as assets held for sale. The Company is pursuing additional transactions to divest the remainder of these non-strategic assets during 2021. The operating results of the pressure pumping operations and contract drilling operations, which were historically included in the Completions & Remedial Services and Other Services segments, have been reclassified as discontinued operations in the Condensed Consolidated Statement of Operations for the three month periods ended March 31, 2021 and 2020, and are detailed in the table below: Three Months Ended March 31, (in thousands) 2021 2020 Revenues $ — $ 95 Costs of services 1,393 1,520 Selling, general and administrative 113 1,938 Asset impairment 2,842 2,333 Loss (gain) on disposal of assets (551) 2,656 Total operating expenses 3,797 8,447 Operating loss (3,797) (8,352) Interest expense — (100) Loss from discontinued operations $ (3,797) $ (8,452) Interest expense in discontinued operations is related to interest expense on finance lease assets that operated in the discontinued Completions & Remedial Services and Other Services segments. Impairment expense was recorded during the three month periods ended March 31, 2021 and 2020, associated with certain non-strategic assets with carrying values that were in excess of current estimated selling price. During 2020 and 2021, a substantial majority of the assets related to these discontinued operations, were disposed. The remaining assets and liabilities related to the divested operations are included in the consolidated balance sheets as follows: (in thousands) March 31, 2021 December 31, 2020 Assets held for sale Property and equipment, net $ 3,194 $ 1,523 Total assets held for sale $ 3,194 $ 1,523 Other long term assets Real estate held for sale $ — $ 4,802 Liabilities related to assets held for sale Operating lease liabilities $ 422 $ 508 Total liabilities related to assets held for sale $ 422 $ 508 Consolidated statements of cash flow information related to these discontinued operations are detailed in the table below: Three Months Ended March 31, (in thousands) 2021 2020 Cash Flows from Discontinued Operations Net cash provided (used) by operating activities $ (1,506) $ (3,467) Net cash provided by investing activities $ — $ 39,021 Proceeds from the sale of assets related to discontinued operations totaled $39.0 million for the first quarter of 2020. |
Indebtedness and Borrowing Faci
Indebtedness and Borrowing Facility | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Indebtedness and Borrowing Facility | Indebtedness and Borrowing Facility Long-term debt consisted of the following: (in thousands) March 31, 2021 December 31, 2020 10.75% Senior Notes due 2023 $ 347,500 $ 300,000 Senior Secured Promissory Note 15,000 15,000 Second Lien Delayed Draw Promissory Note 15,000 15,000 Finance lease liabilities 14,601 16,986 Total principal amount 392,101 346,986 Less unamortized discount and debt issuance costs (57,690) (21,703) Total debt 334,411 325,283 Less current portion of finance leases (6,839) (7,520) Total long-term debt $ 327,572 $ 317,763 Issuance of Senior Notes to Settle Make-Whole Reimbursement On March 31, 2021, the Company negotiated a settlement of the contractual make-whole obligation to its controlling shareholder in exchange for issuing additional Senior Notes to this shareholder with an aggregate par value of $47.5 million. The Company's make-whole obligation related to the acquisition of CJWS was accounted for as a derivative instrument until this settlement. The Senior Notes were issued at a fair value of $9.5 million based on the market pricing of our Senior Notes on March 31, 2021, and resulted in a discount of $38.0 million on these Senior Notes that will be accreted over the remaining term of the notes through 2023. We recorded a corresponding loss of $4.8 million on this derivative instrument for the first quarter of 2021. For further discussion of the Senior Notes, including events occurring subsequent to March 31, 2021, see Note 1. "Basis of Presentation and Current Environment." ABL Credit Facility On October 2, 2018, the Company entered into an asset-based lending credit agreement that expires on October 2, 2023. The credit agreement will expire on July 3, 2023, if the Senior Notes have not been redeemed by that time. The credit agreement included a revolving credit facility (the “ABL Credit Facility”) with a maximum aggregate principal amount of $75.0 million at December 31, 2020. The amount of borrowings available under the ABL Credit Facility are limited to a borrowing base capacity, which is based on eligible accounts receivable and eligible pledged cash, which the Company can advance to the administrative agent as necessary. The ABL Credit Facility includes a sublimit for letters of credit of up to $50.0 million. Borrowings under the ABL Credit Facility bear interest at a rate per annum equal to an applicable rate, plus, at the Company’s option, either a base rate or a LIBOR rate. The applicable rate in a fiscal quarter is determined by the average daily availability as a percentage of the borrowing base during the previous fiscal quarter. If the availability under the ABL Credit Facility falls below $9.4 million, then certain covenants including a consolidated fixed charge coverage ratio and cash dominion provisions will spring into effect. To avoid triggering certain of the consolidated fixed charge coverage ratios and cash dominion covenants which spring into effect under certain minimum availability covenant requirements defined in the ABL Credit Facility, we had $15.5 million of our available cash balance advanced to the administrative agent as of March 31, 2021. As of March 31, 2021, the Company had no borrowings and $35.6 million of letters of credit outstanding under the ABL Credit Facility. As of March 31, 2021, we had $11.2 million of availability under the ABL Credit Facility, but we are restricted from borrowing this amount because of restrictions regarding the minimum availability covenant noted above. The ABL Credit Facility has a covenant whereby the Company would be in default if the report of its independent registered public accounting firm on the Company’s annual financial statements included a going concern qualification or like exemption. On March 31, 2021, the Company obtained a waiver under the ABL Credit Facility with respect to any such default arising with respect to the 2020 audited financial statements and also agreed to reduce the maximum aggregate principal amount of the ABL Credit Facility from $75.0 million to $60.0 million. As a result, the Company was in compliance with the covenants under the ABL Credit Agreement at March 31, 2021. For further discussion of the ABL Credit Facility, including events occurring subsequent to March 31, 2021, see Note 1. "Basis of Presentation and Current Environment." The Company was also in compliance with the debt covenants under its other debt agreements as of March 31, 2021. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following table sets forth certain financial information with respect to the Company’s disaggregation of revenues by geographic location and segment: Reportable Segments (in thousands) Well Servicing Water Logistics Completion & Remedial Services Total Three Months Ended March 31, 2021 Central U.S. $ 24,742 $ 17,276 $ 7,732 $ 49,750 Western U.S. 30,114 11,299 4,203 45,616 Eliminations (49) (761) (209) (1,019) Total $ 54,807 $ 27,814 $ 11,726 $ 94,347 (in thousands) Well Servicing Water Logistics Completion & Remedial Services Total Discontinued Operations Three Months Ended March 31, 2020 Central U.S. $ 40,019 $ 38,416 $ 13,183 $ 91,618 $ 95 Western U.S. 19,662 8,206 13,595 41,463 — Eliminations (1,540) (2,241) (897) (4,678) — Total $ 58,141 $ 44,381 $ 25,881 $ 128,403 $ 95 The Company had $4.6 million and $2.1 million of contract assets and no contract liabilities at March 31, 2021 and December 31, 2020, respectively. |
Impairments and Other Charges
Impairments and Other Charges | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairments and Other Charges | Impairments and Other Charges The following table summarizes our impairments and other charges: Three Months Ended March 31, 2021 (in thousands) 2021 2020 Long lived asset impairments $ 4,435 $ 84,217 Transaction costs 2,589 — Field restructuring 234 66 Goodwill impairments — 10,565 Inventory write-downs — 4,846 $ 7,258 $ 99,694 Long-lived asset impairments - In the first quarter of 2021, we incurred $4.4 million of impairments for certain real estate held for sale, which was subsequently sold in May 2021. In March 2020, the reduction in demand for our services resulted in a long-lived asset impairment of $84.2 million related to property and equipment in our Well Servicing segment. Transaction costs - In connection with liability management, we incurred $2.6 million of legal and professional consulting costs during the first quarter of 2021. Field restructuring costs - In the first quarter of 2021, we incurred $0.2 million of costs associated with yard closures in connection with our field restructuring initiative. We incurred $0.1 million in the first quarter of 2020 related to yard closures. Goodwill impairments - On March 31, 2020, due to the reduction in demand for our services, we determined that the fair value of the Well Servicing reporting unit was less than its carrying value, which resulted in a goodwill impairment of $10.6 million for this reporting unit. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this evaluation, as of March 31, 2021, a valuation allowance continues to be recorded on the net deferred tax assets for all federal and state tax jurisdictions. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation FASB ASC 450 - "Contingencies" (“ASC 450”) governs the Company’s disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incurred in the operation of our business. ASC 450 uses the following defined terms to describe the likelihood of a future loss: probable – the future event or events are likely to occur, remote – the chance of the future event or events is slight, and reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. ASC 450 also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a material loss has been incurred. No accrual or disclosure is required for losses that are remote. Arlisa Ann Carr, Individually and as Representative of the Estate of Dexture Carr, Deceased v. Dewan Tyrel Mosley and C&J Well Services, Inc. : On or around October 2, 2018, Arlisa Carr filed a lawsuit against CJWS in the 115th District Court of Upshur County, Texas (Cause No.630-18), which alleged, among other things, that CJWS was negligent with respect to an automobile accident in March 2018. MS. Carr was seeking monetary relief of more than $1 million. CJWS denied these allegations and the case was set for trial in May 2021. Immediately before the commencement of the trial we settled this matter for $2.5 million, which resulted in a $1.4 million charge to earnings in the first quarter of 2021. We believe that costs associated with other litigation matters, individually or in the aggregate, will not have a material adverse effect on our consolidated financial statements. Sales and Use Tax Audits |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted loss per share: Three Months Ended March 31, (in thousands, except share and per share data) 2021 2020 Numerator (both basic and diluted): Loss from continuing operations $ (33,475) $ (136,429) Loss from discontinued operations, net of tax (3,797) (8,452) Net loss available to common stockholders $ (37,272) $ (144,881) Denominator: Weighted-average shares used for basic and diluted earnings per share (a) 24,900 24,914 Loss from continuing operations per share, basic and diluted: $ (1.35) $ (5.48) Loss from discontinued operations per share, basic and diluted: (0.15) (0.34) Net loss per share, basic and diluted: $ (1.50) $ (5.82) (a) The Company has issued potentially dilutive instruments. However, the Company did not include these instruments in its calculation of diluted loss per share, because to include them would be anti-dilutive. The following table sets forth weighted average shares outstanding of potentially dilutive instruments: Three Months Ended March 31, (in thousands) 2021 2020 Series A Preferred stock 118,805 28,722 Warrants 2,067 2,067 Unvested restricted stock units 159 420 Stock options 194 227 Total 121,225 31,436 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Nonrecurring Fair Value Measurements Certain assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value measurements only in certain circumstances. For further discussion of these measurements, see Note 6. "Impairments and Other Charges." and Note 4. " Indebtedness and Borrowing Facility.” The following table summarizes our fair value measurements made on a nonrecurring basis as of various dates during 2021. Please note that these amounts represent the carrying amounts and fair values at the time of each measurement. (in thousands) Date of Measurement Hierarchy Level Carrying Amount Fair Value Real estate held for sale March 31, 2021 3 $ 12,107 $ 4,830 Senior Notes March 31, 2021 2 $ 9,500 $ 9,500 The fair value of the real estate was based on a purchase and sale agreement entered into in April 2021. The fair value of the Senior Notes was based on their trading price as of March 31, 2021. Fair Values of Financial Instruments The fair values of cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximate their carrying amounts due to the short maturities of these instruments. The following is a summary of the carrying amounts and estimated fair values of the Company's long-term debt and make-whole derivative instrument: March 31, 2021 December 31, 2020 (in thousands, except hierarchy level) Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Fair Value of Debt 10.75% Senior Notes due 2023 2 $ 299,813 $ 69,500 $ 289,359 $ 44,992 Senior Secured Promissory Note 3 $ 9,776 $ 2,715 $ 9,184 $ 2,103 Second Lien Delayed Draw Promissory Note 3 $ 15,000 $ 15,000 $ 15,000 $ 15,000 Fair Value of Derivative Instrument Make-Whole 3 $ — $ — $ 4,847 $ 4,847 The fair values of the Senior Notes are based on their trading and bid/ask prices. The fair values of the Senior Secured Promissory Note as of March 31, 2021 are estimated considering its security as compared to the Senior Notes as well as the difference between the stated interest rate of this promissory note and market rates. The fair values of the Second Lien Promissory Note approximate its carrying amounts after considering the sufficiency of its security. The underlying of the make-whole derivative instrument was the fair value of our Senior Notes. Therefore, the fair value of this derivative was based on the trading price of our Senior Notes. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Company’s reportable business segments are Well Servicing, Water Logistics, and Completion & Remedial Services. Costs related to other business activities, primarily corporate headquarters functions, are disclosed separately from the three operating segments as "Corporate and Other." Corporate expenses include general corporate expenses associated with managing all reportable operating segments. Corporate assets consist principally of working capital and debt financing costs. The Company evaluates segment performance on revenue less cost of services. Products are transferred between segments and geographical areas on a basis intended to reflect as nearly as possible the market value of the products. The following table sets forth certain financial information with respect to the Company’s reportable segments: (in thousands) Well Servicing Water Logistics Completion & Remedial Services Corporate and Other Continuing Operations Total Discontinued Operations Three Months Ended March 31, 2021 Revenues $ 54,807 $ 27,814 $ 11,726 $ — $ 94,347 $ — Costs of services 44,124 24,287 8,760 — 77,171 1,393 Segment profits 10,683 3,527 2,966 — 17,176 (1,393) Depreciation and amortization 1,973 5,327 2,422 1,075 10,797 — Capital expenditures — 197 134 — 331 — Total assets $ 37,708 $ 97,041 $ 53,591 $ 139,565 $ 327,905 $ 3,194 Three Months Ended March 31, 2020 Revenues $ 58,141 $ 44,381 $ 25,881 $ — $ 128,403 $ 95 Costs of services 48,434 33,105 20,636 — 102,175 1,520 Segment profits 9,707 11,276 5,245 — 26,228 (1,425) Depreciation and amortization 2,455 6,681 4,070 1,559 14,765 — Capital expenditures 2,070 2,770 729 26 5,595 — Total assets $ 47,032 $ 134,893 $ 80,290 $ 219,159 $ 481,374 $ 10,346 The following table reconciles the segment profits reported above to the loss from continuing operations before income taxes as reported in the condensed consolidated statements of operations: Three Months Ended March 31, (in thousands) 2021 2020 Segment profits $ 17,176 $ 26,228 Selling, general and administrative (18,054) (26,232) Depreciation and amortization (10,797) (14,765) Gain on disposal of assets 1,993 37 Impairments and other charges (7,258) (99,694) Acquisition related costs — (11,684) Interest expense, net (12,024) (10,557) Loss on derivative (4,798) (3,552) Loss from continuing operations before income taxes $ (33,762) $ (140,219) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In April 2021, we entered into a purchase and sale agreement for the sale of certain non-core assets for a purchase price of $6.6 million, not including the assumption of certain capital leases and an earn-out payment of up to $1.0 million payable one year after closing. The closing date is expected to occur during the second quarter of 2021. In May 2021, the Company completed a sale-leaseback transaction related to certain real property in California. The purchase price for the property consisted of $10.5 million, subject to a holdback of approximately $2.6 million for certain improvements to be constructed at the property. We entered into a simultaneous lease of the property for an initial term of three years. |
Basis of Presentation and Cur_2
Basis of Presentation and Current Environment (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature considered necessary for a fair presentation of the results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis and all intercompany accounts and transactions have been eliminated. |
Reclassifications | ReclassificationsCertain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications do not impact net loss and do not reflect a material change to the information previously presented in our condensed consolidated financial statements. |
Standards Adopted in 2021 and Standards Not Yet Adopted | Standards Adopted in 2021 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12"). ASU 2019-12 intends to simplify various aspects related to accounting for income taxes and removes certain exceptions to the general principles in the standard. Additionally, the ASU clarifies and amends existing guidance to improve consistent application of its requirements. The amendments of ASU 2019-12 were adopted as of January 1, 2021, and the impact of the adoption was not material. Standards Not Yet Adopted |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 4,889 $ 1,902 Restricted cash 15,513 8,083 Total cash, cash equivalents and restricted cash $ 20,402 $ 9,985 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 4,889 $ 1,902 Restricted cash 15,513 8,083 Total cash, cash equivalents and restricted cash $ 20,402 $ 9,985 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Operating Results of Discontinued Operations | The operating results of the pressure pumping operations and contract drilling operations, which were historically included in the Completions & Remedial Services and Other Services segments, have been reclassified as discontinued operations in the Condensed Consolidated Statement of Operations for the three month periods ended March 31, 2021 and 2020, and are detailed in the table below: Three Months Ended March 31, (in thousands) 2021 2020 Revenues $ — $ 95 Costs of services 1,393 1,520 Selling, general and administrative 113 1,938 Asset impairment 2,842 2,333 Loss (gain) on disposal of assets (551) 2,656 Total operating expenses 3,797 8,447 Operating loss (3,797) (8,352) Interest expense — (100) Loss from discontinued operations $ (3,797) $ (8,452) During 2020 and 2021, a substantial majority of the assets related to these discontinued operations, were disposed. The remaining assets and liabilities related to the divested operations are included in the consolidated balance sheets as follows: (in thousands) March 31, 2021 December 31, 2020 Assets held for sale Property and equipment, net $ 3,194 $ 1,523 Total assets held for sale $ 3,194 $ 1,523 Other long term assets Real estate held for sale $ — $ 4,802 Liabilities related to assets held for sale Operating lease liabilities $ 422 $ 508 Total liabilities related to assets held for sale $ 422 $ 508 Consolidated statements of cash flow information related to these discontinued operations are detailed in the table below: Three Months Ended March 31, (in thousands) 2021 2020 Cash Flows from Discontinued Operations Net cash provided (used) by operating activities $ (1,506) $ (3,467) Net cash provided by investing activities $ — $ 39,021 |
Indebtedness and Borrowing Fa_2
Indebtedness and Borrowing Facility (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following: (in thousands) March 31, 2021 December 31, 2020 10.75% Senior Notes due 2023 $ 347,500 $ 300,000 Senior Secured Promissory Note 15,000 15,000 Second Lien Delayed Draw Promissory Note 15,000 15,000 Finance lease liabilities 14,601 16,986 Total principal amount 392,101 346,986 Less unamortized discount and debt issuance costs (57,690) (21,703) Total debt 334,411 325,283 Less current portion of finance leases (6,839) (7,520) Total long-term debt $ 327,572 $ 317,763 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table sets forth certain financial information with respect to the Company’s disaggregation of revenues by geographic location and segment: Reportable Segments (in thousands) Well Servicing Water Logistics Completion & Remedial Services Total Three Months Ended March 31, 2021 Central U.S. $ 24,742 $ 17,276 $ 7,732 $ 49,750 Western U.S. 30,114 11,299 4,203 45,616 Eliminations (49) (761) (209) (1,019) Total $ 54,807 $ 27,814 $ 11,726 $ 94,347 (in thousands) Well Servicing Water Logistics Completion & Remedial Services Total Discontinued Operations Three Months Ended March 31, 2020 Central U.S. $ 40,019 $ 38,416 $ 13,183 $ 91,618 $ 95 Western U.S. 19,662 8,206 13,595 41,463 — Eliminations (1,540) (2,241) (897) (4,678) — Total $ 58,141 $ 44,381 $ 25,881 $ 128,403 $ 95 |
Impairments and Other Charges (
Impairments and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impairment Charges | The following table summarizes our impairments and other charges: Three Months Ended March 31, 2021 (in thousands) 2021 2020 Long lived asset impairments $ 4,435 $ 84,217 Transaction costs 2,589 — Field restructuring 234 66 Goodwill impairments — 10,565 Inventory write-downs — 4,846 $ 7,258 $ 99,694 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted loss per share: Three Months Ended March 31, (in thousands, except share and per share data) 2021 2020 Numerator (both basic and diluted): Loss from continuing operations $ (33,475) $ (136,429) Loss from discontinued operations, net of tax (3,797) (8,452) Net loss available to common stockholders $ (37,272) $ (144,881) Denominator: Weighted-average shares used for basic and diluted earnings per share (a) 24,900 24,914 Loss from continuing operations per share, basic and diluted: $ (1.35) $ (5.48) Loss from discontinued operations per share, basic and diluted: (0.15) (0.34) Net loss per share, basic and diluted: $ (1.50) $ (5.82) |
Schedule of Potentially Dilutive Instruments | The following table sets forth weighted average shares outstanding of potentially dilutive instruments: Three Months Ended March 31, (in thousands) 2021 2020 Series A Preferred stock 118,805 28,722 Warrants 2,067 2,067 Unvested restricted stock units 159 420 Stock options 194 227 Total 121,225 31,436 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Nonrecurring Fair Value Measurements | The following table summarizes our fair value measurements made on a nonrecurring basis as of various dates during 2021. Please note that these amounts represent the carrying amounts and fair values at the time of each measurement. (in thousands) Date of Measurement Hierarchy Level Carrying Amount Fair Value Real estate held for sale March 31, 2021 3 $ 12,107 $ 4,830 Senior Notes March 31, 2021 2 $ 9,500 $ 9,500 |
Schedule of Carrying Amount and Fair Value of Financial Instruments | The following is a summary of the carrying amounts and estimated fair values of the Company's long-term debt and make-whole derivative instrument: March 31, 2021 December 31, 2020 (in thousands, except hierarchy level) Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Fair Value of Debt 10.75% Senior Notes due 2023 2 $ 299,813 $ 69,500 $ 289,359 $ 44,992 Senior Secured Promissory Note 3 $ 9,776 $ 2,715 $ 9,184 $ 2,103 Second Lien Delayed Draw Promissory Note 3 $ 15,000 $ 15,000 $ 15,000 $ 15,000 Fair Value of Derivative Instrument Make-Whole 3 $ — $ — $ 4,847 $ 4,847 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments Financial Information | The following table sets forth certain financial information with respect to the Company’s reportable segments: (in thousands) Well Servicing Water Logistics Completion & Remedial Services Corporate and Other Continuing Operations Total Discontinued Operations Three Months Ended March 31, 2021 Revenues $ 54,807 $ 27,814 $ 11,726 $ — $ 94,347 $ — Costs of services 44,124 24,287 8,760 — 77,171 1,393 Segment profits 10,683 3,527 2,966 — 17,176 (1,393) Depreciation and amortization 1,973 5,327 2,422 1,075 10,797 — Capital expenditures — 197 134 — 331 — Total assets $ 37,708 $ 97,041 $ 53,591 $ 139,565 $ 327,905 $ 3,194 Three Months Ended March 31, 2020 Revenues $ 58,141 $ 44,381 $ 25,881 $ — $ 128,403 $ 95 Costs of services 48,434 33,105 20,636 — 102,175 1,520 Segment profits 9,707 11,276 5,245 — 26,228 (1,425) Depreciation and amortization 2,455 6,681 4,070 1,559 14,765 — Capital expenditures 2,070 2,770 729 26 5,595 — Total assets $ 47,032 $ 134,893 $ 80,290 $ 219,159 $ 481,374 $ 10,346 |
Schedule of Reconciliation of Segment Profits to Operating Income | The following table reconciles the segment profits reported above to the loss from continuing operations before income taxes as reported in the condensed consolidated statements of operations: Three Months Ended March 31, (in thousands) 2021 2020 Segment profits $ 17,176 $ 26,228 Selling, general and administrative (18,054) (26,232) Depreciation and amortization (10,797) (14,765) Gain on disposal of assets 1,993 37 Impairments and other charges (7,258) (99,694) Acquisition related costs — (11,684) Interest expense, net (12,024) (10,557) Loss on derivative (4,798) (3,552) Loss from continuing operations before income taxes $ (33,762) $ (140,219) |
Basis of Presentation and Cur_3
Basis of Presentation and Current Environment (Details) - USD ($) | Apr. 28, 2021 | Apr. 15, 2021 | May 14, 2021 | Mar. 31, 2021 | Mar. 09, 2020 | Oct. 02, 2018 |
New Term Loan Facility | Subsequent Event | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Aggregate principal amount | $ 10,000,000 | |||||
Term of extension | 30 days | |||||
Percentage of debt held by lenders | 66.67% | |||||
New Term Loan Facility | Subsequent Event | Base Rate | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Annualized interest rate | 10.00% | |||||
New Term Loan Facility | Subsequent Event | London Interbank Offered Rate (LIBOR) | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Annualized interest rate | 11.00% | |||||
Senior Notes | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stated interest rate | 10.75% | 10.75% | ||||
Senior Notes | Subsequent Event | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Payment grace period | 30 days | |||||
Semi - annual interest payment due | $ 16,300,000 | |||||
Aggregate principal amount which would not enforce rights and remedies available to Holders | $ 316,400,000 | |||||
Percentage of issued and outstanding debt | 91.06% | |||||
Issued and outstanding debt | $ 347,500,000 | |||||
Senior Notes | Ascribe Senior Notes | Ascribe | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Aggregate principal amount | $ 47,500,000 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 4,889 | $ 1,902 | ||
Restricted cash | 15,513 | 8,083 | ||
Total cash, cash equivalents and restricted cash | $ 20,402 | $ 9,985 | $ 21,077 | $ 36,217 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from sales of assets | $ 39 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Statement Disclosures | |||
Loss from discontinued operations | $ (3,797) | $ (8,452) | |
Balance Sheet Disclosures | |||
Total assets held for sale | 7,344 | $ 4,383 | |
Discontinued Operations | |||
Income Statement Disclosures | |||
Revenues | 0 | 95 | |
Costs of services | 1,393 | 1,520 | |
Selling, general and administrative | 113 | 1,938 | |
Asset impairment | 2,842 | 2,333 | |
Loss (gain) on disposal of assets | (551) | 2,656 | |
Total operating expenses | 3,797 | 8,447 | |
Operating loss | (3,797) | (8,352) | |
Interest expense | 0 | (100) | |
Loss from discontinued operations | (3,797) | (8,452) | |
Balance Sheet Disclosures | |||
Property and equipment, net | 3,194 | 1,523 | |
Total assets held for sale | 3,194 | 1,523 | |
Real estate held for sale | 0 | 4,802 | |
Operating lease liabilities | 422 | 508 | |
Total liabilities related to assets held for sale | 422 | $ 508 | |
Cash Flows from Discontinued Operations | |||
Net cash provided (used) by operating activities | (1,506) | (3,467) | |
Net cash provided by investing activities | $ 0 | $ 39,021 |
Indebtedness and Borrowing Fa_3
Indebtedness and Borrowing Facility - Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 09, 2020 | Oct. 02, 2018 |
Debt Instrument [Line Items] | ||||
Finance lease liabilities | $ 14,601 | $ 16,986 | ||
Total principal amount | 392,101 | 346,986 | ||
Less unamortized discount and debt issuance costs | (57,690) | (21,703) | ||
Total debt | 334,411 | 325,283 | ||
Less current portion of finance leases | (6,839) | (7,520) | ||
Total long-term debt | 327,572 | 317,763 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 10.75% | 10.75% | ||
Aggregate principal amount | 347,500 | 300,000 | ||
Secured Debt | Senior Secured Promissory Note | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | 15,000 | 15,000 | ||
Secured Debt | Second Lien Delayed Draw Promissory Note | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 15,000 | $ 15,000 |
Indebtedness and Borrowing Fa_4
Indebtedness and Borrowing Facility - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Oct. 02, 2018 | |
Debt Instrument [Line Items] | ||||
Loss on derivative | $ 4,798,000 | $ 3,552,000 | ||
ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 60,000,000 | $ 75,000,000 | ||
Maximum borrowing capacity covenants | 9,400,000 | |||
Borrowings | 0 | |||
Letters of credit outstanding | 35,600,000 | |||
Available borrowing capacity | 11,200,000 | |||
ABL Facility | Administrative Service | ||||
Debt Instrument [Line Items] | ||||
Available cash balance | 15,500,000 | |||
ABL Facility | Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | |||
Ascribe | CJWS | ||||
Debt Instrument [Line Items] | ||||
Debt fair value | 9,500,000 | |||
Debt discount | 38,000,000 | |||
Loss on derivative | 4,800,000 | |||
Ascribe | Ascribe Senior Notes | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 47,500,000 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 94,347 | $ 128,403 |
Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 94,347 | 128,403 |
Discontinued Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 0 | 95 |
Central U.S. | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 49,750 | 91,618 |
Central U.S. | Discontinued Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 95 | |
Western U.S. | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 45,616 | 41,463 |
Western U.S. | Discontinued Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 0 | |
Eliminations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (1,019) | (4,678) |
Eliminations | Discontinued Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 0 | |
Well Servicing | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 54,807 | 58,141 |
Well Servicing | Central U.S. | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 24,742 | 40,019 |
Well Servicing | Western U.S. | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 30,114 | 19,662 |
Well Servicing | Eliminations | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (49) | (1,540) |
Water Logistics | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 27,814 | 44,381 |
Water Logistics | Central U.S. | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 17,276 | 38,416 |
Water Logistics | Western U.S. | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 11,299 | 8,206 |
Water Logistics | Eliminations | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (761) | (2,241) |
Completion & Remedial Services | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 11,726 | 25,881 |
Completion & Remedial Services | Central U.S. | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 7,732 | 13,183 |
Completion & Remedial Services | Western U.S. | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 4,203 | 13,595 |
Completion & Remedial Services | Eliminations | Continuing Operations | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ (209) | $ (897) |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 4,600,000 | $ 2,100,000 |
Contract liabilities | $ 0 | $ 0 |
Impairments and Other Charges -
Impairments and Other Charges - Schedule of Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Transaction costs | $ 2,600 | |
Field restructuring | 200 | $ 100 |
Inventory write-downs | 0 | 4,846 |
Continuing Operations | ||
Finite-Lived Intangible Assets [Line Items] | ||
Long lived asset impairments | 4,435 | 84,217 |
Transaction costs | 2,589 | 0 |
Field restructuring | 234 | 66 |
Goodwill impairments | 0 | 10,565 |
Inventory write-downs | 0 | 4,846 |
Restructuring and other charges | $ 7,258 | $ 99,694 |
Impairments and Other Charges_2
Impairments and Other Charges - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill [Line Items] | |||
Transaction costs | $ 2,600 | ||
Field restructuring | 200 | $ 100 | |
Inventory impairment expense | 0 | 4,846 | |
Real Estate | |||
Goodwill [Line Items] | |||
Long-lived assets, impairment loss | $ 4,400 | ||
Well Servicing | |||
Goodwill [Line Items] | |||
Goodwill, impairment loss | 10,600 | ||
Inventory impairment expense | $ 4,800 | ||
Well Servicing | Equipment | |||
Goodwill [Line Items] | |||
Long-lived assets, impairment loss | $ 84,200 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Oct. 02, 2018 | Mar. 31, 2021 |
Loss Contingencies [Line Items] | ||
Loss contingency, settlement | $ 2.5 | |
Loss contingency charged to earnings | 1.4 | |
Minimum | Sales and Use Tax Audit | ||
Loss Contingencies [Line Items] | ||
Estimate of possible liability | 6 | |
Minimum | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Loss contingency, monetary relief | $ 1 | |
Maximum | Sales and Use Tax Audit | ||
Loss Contingencies [Line Items] | ||
Estimate of possible liability | $ 31 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator (both basic and diluted): | ||
Loss from continuing operations | $ (33,475) | $ (136,429) |
Loss from discontinued operations | (3,797) | (8,452) |
Net loss available to common stockholders, basic | (37,272) | (144,881) |
Net loss available to common stockholders, diluted | $ (37,272) | $ (144,881) |
Denominator: | ||
Weighted-average shares used for basic and diluted earnings per share (in shares) | 24,900,000 | 24,914,000 |
Loss from continuing operations per share, basic and diluted (in dollars per share) | $ (1.35) | $ (5.48) |
Loss from discontinued operations per share, basic and diluted (in dollars per share) | (0.15) | (0.34) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.50) | $ (5.82) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Instruments (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 121,225 | 31,436 |
Series A Preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 118,805 | 28,722 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 2,067 | 2,067 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 159 | 420 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 194 | 227 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 09, 2020 | Oct. 02, 2018 |
Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Stated interest rate | 10.75% | 10.75% | ||
Carrying Amount | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Make-Whole | $ 0 | $ 4,847 | ||
Carrying Amount | Level 3 | Secured Debt | Senior Secured Promissory Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 9,776 | 9,184 | ||
Carrying Amount | Level 3 | Secured Debt | Second Lien Delayed Draw Promissory Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 15,000 | 15,000 | ||
Carrying Amount | Level 2 | Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 299,813 | 289,359 | ||
Fair Value | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Make-Whole | 0 | 4,847 | ||
Fair Value | Level 3 | Secured Debt | Senior Secured Promissory Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 2,715 | 2,103 | ||
Fair Value | Level 3 | Secured Debt | Second Lien Delayed Draw Promissory Note | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 15,000 | 15,000 | ||
Fair Value | Level 2 | Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 69,500 | $ 44,992 | ||
Nonrecurring | Carrying Amount | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Real Estate Held-for-sale | 12,107 | |||
Nonrecurring | Carrying Amount | Level 2 | Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | 9,500 | |||
Nonrecurring | Fair Value | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Real Estate Held-for-sale | 4,830 | |||
Nonrecurring | Fair Value | Level 2 | Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt fair value | $ 9,500 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Business Segment Information _2
Business Segment Information - Financial Information with Respect to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 94,347 | $ 128,403 | |
Depreciation and amortization | 10,797 | 14,765 | |
Capital expenditures | 331 | 5,595 | |
Total assets | 331,099 | $ 349,073 | |
Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 94,347 | 128,403 | |
Costs of services | 77,171 | 102,175 | |
Segment profits | 17,176 | 26,228 | |
Depreciation and amortization | 10,797 | 14,765 | |
Capital expenditures | 331 | 5,595 | |
Total assets | 327,905 | 481,374 | |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 95 | |
Costs of services | 1,393 | 1,520 | |
Segment profits | (1,393) | (1,425) | |
Depreciation and amortization | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Total assets | 3,194 | 10,346 | |
Corporate and Other | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Costs of services | 0 | 0 | |
Segment profits | 0 | 0 | |
Depreciation and amortization | 1,075 | 1,559 | |
Capital expenditures | 0 | 26 | |
Total assets | 139,565 | 219,159 | |
Well Servicing | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 54,807 | 58,141 | |
Well Servicing | Operating Segments | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 54,807 | 58,141 | |
Costs of services | 44,124 | 48,434 | |
Segment profits | 10,683 | 9,707 | |
Depreciation and amortization | 1,973 | 2,455 | |
Capital expenditures | 0 | 2,070 | |
Total assets | 37,708 | 47,032 | |
Water Logistics | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 27,814 | 44,381 | |
Water Logistics | Operating Segments | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 27,814 | 44,381 | |
Costs of services | 24,287 | 33,105 | |
Segment profits | 3,527 | 11,276 | |
Depreciation and amortization | 5,327 | 6,681 | |
Capital expenditures | 197 | 2,770 | |
Total assets | 97,041 | 134,893 | |
Completion & Remedial Services | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 11,726 | 25,881 | |
Completion & Remedial Services | Operating Segments | Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 11,726 | 25,881 | |
Costs of services | 8,760 | 20,636 | |
Segment profits | 2,966 | 5,245 | |
Depreciation and amortization | 2,422 | 4,070 | |
Capital expenditures | 134 | 729 | |
Total assets | $ 53,591 | $ 80,290 |
Business Segment Information _3
Business Segment Information - Reconciliation of Segment Profits to Consolidated Operating Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ (10,797) | $ (14,765) |
Gain on disposal of assets | 2,544 | (2,619) |
Loss on derivative | (4,798) | (3,552) |
Loss from continuing operations before income taxes | (33,762) | (140,219) |
Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Segment profits | 17,176 | 26,228 |
Selling, general and administrative | (18,054) | (26,232) |
Depreciation and amortization | (10,797) | (14,765) |
Gain on disposal of assets | 1,993 | 37 |
Impairments and other charges | (7,258) | (99,694) |
Acquisition related costs | 0 | (11,684) |
Interest expense, net | (12,024) | (10,557) |
Loss on derivative | $ (4,798) | $ (3,552) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions | May 17, 2021 | Apr. 30, 2021 |
Subsequent Event [Line Items] | ||
Sale leaseback, purchase price | $ 10.5 | |
Sale leaseback, holdback amount | $ 2.6 | |
Lease initial term | 3 years | |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Subsequent Event [Line Items] | ||
Purchase price | $ 6.6 | |
Earn out payment | $ 1 |