Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-16337 | |
Entity Registrant Name | OIL STATES INTERNATIONAL, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0476605 | |
Entity Address, Address Line One | Three Allen Center, 333 Clay Street | |
Entity Address, Address Line Two | Suite 4620 | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 652-0582 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | OIS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 64,254,578 | |
Entity Central Index Key | 0001121484 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Revenues | $ 196,199 | $ 164,044 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 150,735 | 126,604 |
Selling, general and administrative expense | 24,016 | 23,833 |
Depreciation and amortization expense | 15,256 | 17,817 |
Other operating expense, net | 317 | 126 |
Costs and expenses | 190,324 | 168,380 |
Operating income (loss) | 5,875 | (4,336) |
Interest expense, net | (2,391) | (2,672) |
Other income, net | 276 | 1,025 |
Income (loss) before income taxes | 3,760 | (5,983) |
Income tax provision | (1,602) | (3,441) |
Net income (loss) | $ 2,158 | $ (9,424) |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ 0.03 | $ (0.16) |
Diluted (in dollars per share) | $ 0.03 | $ (0.16) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 62,825 | 60,498 |
Diluted (in shares) | 63,072 | 60,498 |
Products | ||
Revenues: | ||
Revenues | $ 99,840 | $ 85,761 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 78,677 | 64,801 |
Services | ||
Revenues: | ||
Revenues | 96,359 | 78,283 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | $ 72,058 | $ 61,803 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,158 | $ (9,424) |
Other comprehensive income: | ||
Currency translation adjustments | 4,149 | 861 |
Comprehensive income (loss) | $ 6,307 | $ (8,563) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 15,807 | $ 42,018 |
Accounts receivable, net | 220,202 | 218,769 |
Inventories, net | 196,278 | 182,658 |
Prepaid expenses and other current assets | 18,130 | 19,317 |
Total current assets | 450,417 | 462,762 |
Property, plant, and equipment, net | 306,134 | 303,835 |
Operating lease assets, net | 23,828 | 23,028 |
Goodwill, net | 79,579 | 79,282 |
Other intangible assets, net | 165,673 | 169,798 |
Other noncurrent assets | 24,506 | 25,687 |
Total assets | 1,050,137 | 1,064,392 |
Current liabilities: | ||
Current portion of long-term debt | 527 | 17,831 |
Accounts payable | 73,478 | 73,251 |
Accrued liabilities | 35,414 | 49,057 |
Current operating lease liabilities | 6,528 | 6,142 |
Income taxes payable | 3,719 | 2,605 |
Deferred revenue | 48,969 | 44,790 |
Total current liabilities | 168,635 | 193,676 |
Long-term debt | 138,484 | 135,066 |
Long-term operating lease liabilities | 20,912 | 20,658 |
Deferred income taxes | 7,143 | 6,652 |
Other noncurrent liabilities | 19,445 | 18,782 |
Total liabilities | 354,619 | 374,834 |
Stockholders' equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 77,143,220 shares and 76,587,920 shares issued, respectively | 771 | 766 |
Additional paid-in capital | 1,123,876 | 1,122,292 |
Retained earnings | 274,185 | 272,027 |
Accumulated other comprehensive loss | (74,792) | (78,941) |
Treasury stock, at cost, 12,888,342 and 12,684,101 shares, respectively | (628,522) | (626,586) |
Total stockholders' equity | 695,518 | 689,558 |
Total liabilities and stockholders' equity | $ 1,050,137 | $ 1,064,392 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 77,143,220 | 76,587,920 |
Treasury stock, shares (in shares) | 12,888,342 | 12,684,101 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance at Dec. 31, 2021 | $ 695,826 | $ 739 | $ 1,105,135 | $ 281,567 | $ (66,031) | $ (625,584) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (9,424) | (9,424) | ||||
Currency translation adjustments (excluding intercompany advances) | (3,580) | (3,580) | ||||
Currency translation adjustments on intercompany advances | 4,441 | 4,441 | ||||
Stock-based compensation expense | 1,835 | 7 | 1,828 | |||
Surrender of stock to settle taxes on stock awards | (990) | (990) | ||||
Ending balance at Mar. 31, 2022 | 688,108 | 746 | 1,106,963 | 272,143 | (65,170) | (626,574) |
Beginning balance at Dec. 31, 2022 | 689,558 | 766 | 1,122,292 | 272,027 | (78,941) | (626,586) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 2,158 | 2,158 | ||||
Currency translation adjustments (excluding intercompany advances) | 3,494 | 3,494 | ||||
Currency translation adjustments on intercompany advances | 655 | 655 | ||||
Stock-based compensation expense | 1,589 | 5 | 1,584 | |||
Surrender of stock to settle taxes on stock awards | (1,936) | (1,936) | ||||
Ending balance at Mar. 31, 2023 | $ 695,518 | $ 771 | $ 1,123,876 | $ 274,185 | $ (74,792) | $ (628,522) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,158 | $ (9,424) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization expense | 15,256 | 17,817 |
Stock-based compensation expense | 1,589 | 1,835 |
Amortization of deferred financing costs | 449 | 469 |
Deferred income tax provision (benefit) | 396 | (174) |
Gains on disposals of assets | (210) | (543) |
Other, net | 17 | 550 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (745) | (9,086) |
Inventories | (12,802) | (13,090) |
Accounts payable and accrued liabilities | (18,329) | (4,555) |
Deferred revenue | 4,179 | 4,324 |
Other operating assets and liabilities, net | 2,124 | 1,142 |
Net cash flows used in operating activities | (5,918) | (10,735) |
Cash flows from investing activities: | ||
Capital expenditures | (6,568) | (2,858) |
Proceeds from disposition of property and equipment | 223 | 869 |
Other, net | (48) | (67) |
Net cash flows used in investing activities | (6,393) | (2,056) |
Cash flows from financing activities: | ||
Revolving credit facility borrowings | 27,865 | 367 |
Revolving credit facility repayments | (22,865) | (367) |
Repayment of 1.50% convertible senior notes | (17,315) | 0 |
Other debt and finance lease repayments, net | (106) | (165) |
Payment of financing costs | (21) | (68) |
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards | (1,936) | (990) |
Net cash flows used in financing activities | (14,378) | (1,223) |
Effect of exchange rate changes on cash and cash equivalents | 478 | 320 |
Net change in cash and cash equivalents | (26,211) | (13,694) |
Cash and cash equivalents, beginning of period | 42,018 | 52,852 |
Cash and cash equivalents, end of period | 15,807 | 39,158 |
Cash paid (received) for: | ||
Interest | 485 | 522 |
Income taxes, net | $ (2,465) | $ 119 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2023 | Feb. 15, 2023 |
1.5% Convertible Unsecured Senior Notes | ||
Stated interest rate (as a percent) | 1.50% | 1.50% |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial information. Certain information in footnote disclosures normally included with financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include, but are not limited to, goodwill and long-lived asset impairments, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, which are adopted by the Company as of the specified effective date. Management believes that recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. The financial statements included in this report should be read in conjunction with the Company's audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022. |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2023 | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of March 31, 2023 and December 31, 2022 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 163,360 $ 145,540 Unbilled revenue 27,849 29,679 Contract assets 27,731 42,599 Other 6,621 6,177 Total accounts receivable 225,561 223,995 Allowance for doubtful accounts (5,359) (5,226) $ 220,202 $ 218,769 Allowance for doubtful accounts as a percentage of total accounts receivable 2 % 2 % March 31, December 31, Deferred revenue (contract liabilities) $ 48,969 $ 44,790 As of March 31, 2023, accounts receivable, net in the United States and the United Kingdom represented 75% and 12%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of March 31, 2023. For the three months ended March 31, 2023, the $14.9 million net decrease in contract assets was attributable to $27.8 million transferred to accounts receivable during the period, which was partially offset by $12.9 million in revenue recognized. Deferred revenue (contract liabilities) increased by $4.2 million in the first three months of 2023, reflecting $13.2 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $9.0 million of revenue that was deferred at the beginning of the period. The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Allowance for doubtful accounts – January 1 $ 5,226 $ 4,471 Provisions 133 943 Write-offs (21) (635) Other 21 — Allowance for doubtful accounts – March 31 $ 5,359 $ 4,779 March 31, December 31, Inventories, net: Finished goods and purchased products $ 95,094 $ 90,443 Work in process 31,632 32,079 Raw materials 108,058 97,817 Total inventories 234,784 220,339 Allowance for excess or obsolete inventory (38,506) (37,681) $ 196,278 $ 182,658 March 31, December 31, Property, plant and equipment, net: Property, plant and equipment $ 1,139,138 $ 1,128,834 Accumulated depreciation (833,004) (824,999) $ 306,134 $ 303,835 For the three months ended March 31, 2023 and 2022, depreciation expense was $11.0 million and $12.7 million, respectively. March 31, 2023 December 31, 2022 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,259 $ 49,851 $ 91,408 $ 141,179 $ 47,629 $ 93,550 Patents/Technology/Know-how 69,925 30,537 39,388 69,830 29,214 40,616 Tradenames and other 52,497 17,620 34,877 52,488 16,856 35,632 $ 263,681 $ 98,008 $ 165,673 $ 263,497 $ 93,699 $ 169,798 For the three months ended March 31, 2023 and 2022, amortization expense was $4.3 million and $5.2 million, respectively. March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 18,349 $ 17,551 Deferred financing costs (1) — 1,893 Deferred income taxes 1,518 1,517 Other 4,639 4,726 $ 24,506 $ 25,687 ____________________ (1) Unamortized deferred financing costs are presented as an offset to outstanding borrowing under the ABL Facility as of March 31, 2023. March 31, December 31, Accrued liabilities: Accrued compensation $ 15,882 $ 33,659 Accrued taxes, other than income taxes 3,175 1,865 Insurance liabilities 4,976 4,640 Accrued interest 3,324 1,784 Accrued commissions 2,432 2,302 Other 5,625 4,807 $ 35,414 $ 49,057 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of March 31, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ 3,305 $ — 2026 Notes (2) 132,379 132,164 2023 Notes — 17,303 Other debt and finance lease obligations 3,327 3,430 Total debt 139,011 152,897 Less: Current portion (527) (17,831) Total long-term debt $ 138,484 $ 135,066 ____________________ (1) Outstanding borrowings under the revolving credit facility are presented net of $1.7 million of unamortized deferred financing costs as of March 31, 2023. Unamortized deferred financing costs of $1.9 million as of December 31, 2022 are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2023 and December 31, 2022. Revolving Credit Facility On February 10, 2021, the Company entered into a senior secured credit facility with certain lenders, which provides for a $125.0 million asset-based revolving credit facility (the "ABL Facility") under which credit availability is subject to a borrowing base calculation. The ABL Facility is governed by a credit agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (the "ABL Agreement"). The ABL Agreement matures on February 10, 2025 with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $17.5 million. The ABL Agreement provides funding based on a borrowing base calculation that includes eligible U.S. customer accounts receivable and inventory and provides for a $50.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement are secured by a pledge of substantially all of the Company's domestic assets (other than real property) and the stock of certain foreign subsidiaries. Since December 13, 2022, borrowings under the ABL Agreement bear interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") rate (subject to a floor rate of 0%) plus a margin of 2.75% to 3.25%, or at a base rate plus a margin of 1.75% to 2.25%, in each case based on average borrowing availability. Quarterly, the Company must also pay a commitment fee of 0.375% to 0.50% per annum, based on unused commitments under the ABL Agreement. The ABL Agreement places restrictions on the Company's ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2026 Notes discussed below), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contains customary default provisions, which, if triggered, could result in acceleration of repayment of all amounts then outstanding. The ABL Agreement also requires the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 (i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the borrowing base and (b) $14.1 million; (ii) to complete certain specified transactions; or (iii) if an event of default has occurred and is continuing. As of March 31, 2023, the Company had $5.0 million of outstanding ABL Facility borrowings and $15.9 million of outstanding letters of credit. The total amount available to be drawn as of March 31, 2023 was $92.8 million, calculated based on the current borrowing base less outstanding borrowings and letters of credit. As of March 31, 2023, the Company was in compliance with its debt covenants under the ABL Agreement. 2026 Notes The Company issued $135.0 million aggregate principal amount of its 4.75% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated as of March 19, 2021 (the "2026 Indenture"), between the Company and Computershare Trust Company, National Association, as successor trustee. Net proceeds from the 2026 Notes offering, after deducting issuance costs, totaled $130.6 million. The Company used $120.0 million of the cash proceeds to purchase $125.0 million principal amount of the outstanding 2023 Notes (as defined below) at a discount, with the balance added to cash on-hand. The 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The initial conversion rate is 95.3516 shares of the Company's common stock per $1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company's intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature (if any) in shares of the Company's common stock. As of March 31, 2023, none of the conditions allowing holders of the 2026 Notes to convert, or requiring us to repurchase the 2026 Notes, had been met. 2023 Notes On February 15, 2023, the Company's 1.50% convertible senior notes due 2023 (the "2023 Notes") matured and the outstanding $17.3 million principal amount was repaid in full. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe Company's financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the 2026 Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2026 Notes as of March 31, 2023 was $151.1 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $135.0 million. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common and Preferred Stock The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2023 (in thousands): Shares of common stock outstanding – December 31, 2022 63,904 Restricted stock awards, net of forfeitures 555 Shares withheld for taxes on vesting of stock awards (204) Shares of common stock outstanding – March 31, 2023 64,255 As of March 31, 2023 and December 31, 2022, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. On February 16, 2023, the Company's Board of Directors authorized $25.0 million for the repurchases of the Company's common stock, par value $0.01 per share, through February 2025. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. As of March 31, 2023, no repurchases were made under this authorization. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders' equity, primarily relates to fluctuations in currency exchange rates against the U.S. dollar as used to translate certain of the international operations of the Company's operating segments. Accumulated other comprehensive loss decreased from $78.9 million at December 31, 2022 to $74.8 million at March 31, 2023. For the three months ended March 31, 2023 and 2022, currency translation adjustments recognized as a component of other comprehensive income were primarily attributable to the United Kingdom and Brazil. During the three months ended March 31, 2023, the exchange rates for the British pound and the Brazilian real strengthened by 3% and 2%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $4.1 million. During the three months ended March 31, 2022, the exchange rate for the British pound weakened by 3% compared to the U.S. dollar while the Brazilian real strengthened by 17% compared to the U.S. dollar, contributing to other comprehensive income of $0.9 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe income tax expense for the three months ended March 31, 2023 was calculated using a discrete approach. This methodology was used because changes in the Company's results of operations and non-deductible expenses can materially impact the estimated annual effective tax rate. For the three months ended March 31, 2023, the Company's income tax expense was $1.6 million on pre-tax income of $3.8 million, which included certain non-deductible expenses and discrete tax items. This compares to an income tax expense of $3.4 million on a pre-tax loss of $6.0 million, which included the impact of valuation allowances recorded against tax assets as well as certain non-deductible expenses and discrete tax items, for the three months ended March 31, 2022. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended 2023 2022 Numerators: Net income (loss) $ 2,158 $ (9,424) Less: Income attributable to unvested restricted stock awards (42) — Numerator for basic net income (loss) per share 2,116 (9,424) Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net income (loss) per share $ 2,116 $ (9,424) Denominators: Weighted average number of common shares outstanding 64,068 61,627 Less: Weighted average number of unvested restricted stock awards outstanding (1,243) (1,129) Denominator for basic net income (loss) per share 62,825 60,498 Effect of dilutive securities: Unvested restricted stock awards — — Unvested performance share units 247 — Denominator for diluted net income (loss) per share 63,072 60,498 Net income (loss) per share: Basic $ 0.03 $ (0.16) Diluted 0.03 (0.16) The calculation of diluted earnings per share for the three months ended March 31, 2023 and 2022 excluded 209 thousand shares and 298 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of the Company's convertible senior notes were excluded from each period due to, among other factors, the Company's share price. |
Long-Term Incentive Compensatio
Long-Term Incentive Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Long-Term Incentive Compensation | Long-Term Incentive Compensation The following table presents a summary of activity for stock options, service-based restricted stock and stock unit awards, and performance-based stock unit awards for the three months ended March 31, 2023 (in thousands): Stock Options Service-based Restricted Stock Performance- and Service-based Stock Units Outstanding – December 31, 2022 245 1,222 494 Granted — 555 168 Vested — (513) — Forfeited (82) — — Outstanding – March 31, 2023 163 1,264 662 Weighted average grant date fair value (2023 awards) $ 9.11 $ 9.11 The restricted stock program consists of a combination of service-based restricted stock and stock units, as well as performance-based stock units. Service-based restricted stock awards generally vest on a straight-line basis over a term of three years. Service-based stock unit awards (39 thousand units outstanding as of March 31, 2023) vest over one-year, with the underlying shares issued at a specified future date. Performance-based stock unit awards generally vest at the end of a three-year period, with the number of shares ultimately issued under the program dependent upon achievement of predefined specific performance objectives based on the Company's cumulative EBITDA over a three-year period. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. The Company issued conditional long-term cash incentive awards ("Cash Awards") of $1.5 million in the first quarters of 2023 and 2022. The performance measure for each of these Cash Awards is relative total stockholder return compared to a peer group of companies over a three-year period. The ultimate dollar amount to be awarded for each annual grant may range from zero to a maximum of $3.1 million, limited to their targeted award value ($1.5 million) if the Company's total stockholder return were to be negative over the performance period. Obligations related to the Cash Awards are classified as liabilities and recognized over their respective vesting periods. Stock-based compensation expense recognized during the three months ended March 31, 2023 and 2022 totaled $1.6 million and $1.8 million, respectively. As of March 31, 2023, there was $11.4 million of pre-tax compensation costs related to service-based and performance-based stock awards, which will be recognized in future periods as vesting conditions are satisfied. |
Segments and Related Informatio
Segments and Related Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information The Company operates through three operating segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three months ended March 31, 2023 and 2022 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2023 Offshore/Manufactured Products $ 98,199 $ 4,668 $ 11,090 $ 535 $ 548,439 Well Site Services 67,058 6,146 6,966 5,772 212,415 Downhole Technologies 30,942 4,275 (1,519) 249 256,095 Corporate — 167 (10,662) 12 33,188 Total $ 196,199 $ 15,256 $ 5,875 $ 6,568 $ 1,050,137 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2022 Offshore/Manufactured Products $ 84,112 $ 5,330 $ 10,196 $ 902 $ 559,877 Well Site Services 48,172 7,932 (3,395) 1,548 197,077 Downhole Technologies 31,760 4,384 (1,505) 317 265,958 Corporate — 171 (9,632) 91 55,053 Total $ 164,044 $ 17,817 $ (4,336) $ 2,858 $ 1,077,965 The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2023 and 2022 (in thousands): Offshore/Manufactured Products Well Site Services Downhole Technologies Total 2023 2022 2023 2022 2023 2022 2023 2022 Three Months Ended March 31 Major revenue categories - Project-driven products $ 39,132 $ 33,844 $ — $ — $ — $ — $ 39,132 $ 33,844 Short-cycle: Completion products and services 17,955 13,580 65,406 45,166 30,942 31,760 114,303 90,506 Drilling services — — 1,652 3,006 — — 1,652 3,006 Other products 9,485 7,044 — — — — 9,485 7,044 Total short-cycle 27,440 20,624 67,058 48,172 30,942 31,760 125,440 100,556 Other products and services 31,627 29,644 — — — — 31,627 29,644 $ 98,199 $ 84,112 $ 67,058 $ 48,172 $ 30,942 $ 31,760 $ 196,199 $ 164,044 Revenues from products and services transferred to customers over time accounted for approximately 66% and 62% of consolidated revenues for the three months ended March 31, 2023 and 2022, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2023, the Company had $209.9 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 35% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2023, with an additional 46% recognized in 2024 and the balance thereafter. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of the Company's products or operations. Some of these claims relate to matters occurring prior to the acquisition of businesses, and some relate to businesses the Company has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses and, in other cases, the Company has indemnified the buyers of businesses. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts as of March 31, 2023 and December 31, 2022 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 163,360 $ 145,540 Unbilled revenue 27,849 29,679 Contract assets 27,731 42,599 Other 6,621 6,177 Total accounts receivable 225,561 223,995 Allowance for doubtful accounts (5,359) (5,226) $ 220,202 $ 218,769 Allowance for doubtful accounts as a percentage of total accounts receivable 2 % 2 % |
Schedule of Contract with Customer, Asset and Liability | March 31, December 31, Deferred revenue (contract liabilities) $ 48,969 $ 44,790 |
Schedule of Activity in Allowance for Doubtful Accounts | The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Allowance for doubtful accounts – January 1 $ 5,226 $ 4,471 Provisions 133 943 Write-offs (21) (635) Other 21 — Allowance for doubtful accounts – March 31 $ 5,359 $ 4,779 |
Schedule of Inventory, Net | March 31, December 31, Inventories, net: Finished goods and purchased products $ 95,094 $ 90,443 Work in process 31,632 32,079 Raw materials 108,058 97,817 Total inventories 234,784 220,339 Allowance for excess or obsolete inventory (38,506) (37,681) $ 196,278 $ 182,658 |
Schedule of Property, Plant and Equipment, Net | March 31, December 31, Property, plant and equipment, net: Property, plant and equipment $ 1,139,138 $ 1,128,834 Accumulated depreciation (833,004) (824,999) $ 306,134 $ 303,835 |
Schedule of Finite-Lived Intangible Assets | March 31, 2023 December 31, 2022 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,259 $ 49,851 $ 91,408 $ 141,179 $ 47,629 $ 93,550 Patents/Technology/Know-how 69,925 30,537 39,388 69,830 29,214 40,616 Tradenames and other 52,497 17,620 34,877 52,488 16,856 35,632 $ 263,681 $ 98,008 $ 165,673 $ 263,497 $ 93,699 $ 169,798 |
Schedule of Other Noncurrent Assets | For the three months ended March 31, 2023 and 2022, amortization expense was $4.3 million and $5.2 million, respectively. March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 18,349 $ 17,551 Deferred financing costs (1) — 1,893 Deferred income taxes 1,518 1,517 Other 4,639 4,726 $ 24,506 $ 25,687 ____________________ (1) Unamortized deferred financing costs are presented as an offset to outstanding borrowing under the ABL Facility as of March 31, 2023. |
Schedule of Accrued Liabilities | March 31, December 31, Accrued liabilities: Accrued compensation $ 15,882 $ 33,659 Accrued taxes, other than income taxes 3,175 1,865 Insurance liabilities 4,976 4,640 Accrued interest 3,324 1,784 Accrued commissions 2,432 2,302 Other 5,625 4,807 $ 35,414 $ 49,057 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of March 31, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ 3,305 $ — 2026 Notes (2) 132,379 132,164 2023 Notes — 17,303 Other debt and finance lease obligations 3,327 3,430 Total debt 139,011 152,897 Less: Current portion (527) (17,831) Total long-term debt $ 138,484 $ 135,066 ____________________ (1) Outstanding borrowings under the revolving credit facility are presented net of $1.7 million of unamortized deferred financing costs as of March 31, 2023. Unamortized deferred financing costs of $1.9 million as of December 31, 2022 are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2023 and December 31, 2022. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2023 (in thousands): Shares of common stock outstanding – December 31, 2022 63,904 Restricted stock awards, net of forfeitures 555 Shares withheld for taxes on vesting of stock awards (204) Shares of common stock outstanding – March 31, 2023 64,255 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended 2023 2022 Numerators: Net income (loss) $ 2,158 $ (9,424) Less: Income attributable to unvested restricted stock awards (42) — Numerator for basic net income (loss) per share 2,116 (9,424) Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net income (loss) per share $ 2,116 $ (9,424) Denominators: Weighted average number of common shares outstanding 64,068 61,627 Less: Weighted average number of unvested restricted stock awards outstanding (1,243) (1,129) Denominator for basic net income (loss) per share 62,825 60,498 Effect of dilutive securities: Unvested restricted stock awards — — Unvested performance share units 247 — Denominator for diluted net income (loss) per share 63,072 60,498 Net income (loss) per share: Basic $ 0.03 $ (0.16) Diluted 0.03 (0.16) |
Long-Term Incentive Compensat_2
Long-Term Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table presents a summary of activity for stock options, service-based restricted stock and stock unit awards, and performance-based stock unit awards for the three months ended March 31, 2023 (in thousands): Stock Options Service-based Restricted Stock Performance- and Service-based Stock Units Outstanding – December 31, 2022 245 1,222 494 Granted — 555 168 Vested — (513) — Forfeited (82) — — Outstanding – March 31, 2023 163 1,264 662 Weighted average grant date fair value (2023 awards) $ 9.11 $ 9.11 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by operating segment for the three months ended March 31, 2023 and 2022 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2023 Offshore/Manufactured Products $ 98,199 $ 4,668 $ 11,090 $ 535 $ 548,439 Well Site Services 67,058 6,146 6,966 5,772 212,415 Downhole Technologies 30,942 4,275 (1,519) 249 256,095 Corporate — 167 (10,662) 12 33,188 Total $ 196,199 $ 15,256 $ 5,875 $ 6,568 $ 1,050,137 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2022 Offshore/Manufactured Products $ 84,112 $ 5,330 $ 10,196 $ 902 $ 559,877 Well Site Services 48,172 7,932 (3,395) 1,548 197,077 Downhole Technologies 31,760 4,384 (1,505) 317 265,958 Corporate — 171 (9,632) 91 55,053 Total $ 164,044 $ 17,817 $ (4,336) $ 2,858 $ 1,077,965 |
Schedule of Supplemental Revenue Information by Segments | The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2023 and 2022 (in thousands): Offshore/Manufactured Products Well Site Services Downhole Technologies Total 2023 2022 2023 2022 2023 2022 2023 2022 Three Months Ended March 31 Major revenue categories - Project-driven products $ 39,132 $ 33,844 $ — $ — $ — $ — $ 39,132 $ 33,844 Short-cycle: Completion products and services 17,955 13,580 65,406 45,166 30,942 31,760 114,303 90,506 Drilling services — — 1,652 3,006 — — 1,652 3,006 Other products 9,485 7,044 — — — — 9,485 7,044 Total short-cycle 27,440 20,624 67,058 48,172 30,942 31,760 125,440 100,556 Other products and services 31,627 29,644 — — — — 31,627 29,644 $ 98,199 $ 84,112 $ 67,058 $ 48,172 $ 30,942 $ 31,760 $ 196,199 $ 164,044 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 225,561 | $ 223,995 |
Allowance for doubtful accounts | (5,359) | (5,226) |
Accounts receivable, net | $ 220,202 | $ 218,769 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 2% | 2% |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 163,360 | $ 145,540 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 27,849 | 29,679 |
Contract assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 27,731 | 42,599 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 6,621 | $ 6,177 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred revenue (contract liabilities) | $ 48,969 | $ 44,790 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Concentration Risk [Line Items] | ||
Decrease in contract with customer, asset | $ (14,900) | |
Contract with customer, asset, reclassified to receivable | 12,900 | |
Contract with customer, asset, decrease due to revenue recognized | (27,800) | |
Increase in deferred revenue | 4,179 | $ 4,324 |
Contract with customer, liability, increase due to billings | 13,200 | |
Contract with customer, liability, revenue recognized | (9,000) | |
Depreciation | 11,000 | 12,700 |
Amortization of intangible assets | $ 4,300 | $ 5,200 |
United States | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 75% | |
United Kingdom | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 12% |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for doubtful accounts beginning balance | $ 5,226 | $ 4,471 |
Provisions | 133 | 943 |
Write-offs | (21) | (635) |
Other | 21 | 0 |
Allowance for doubtful accounts ending balance | $ 5,359 | $ 4,779 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Finished goods and purchased products | $ 95,094 | $ 90,443 |
Work in process | 31,632 | 32,079 |
Raw materials | 108,058 | 97,817 |
Total inventories | 234,784 | 220,339 |
Allowance for excess or obsolete inventory | (38,506) | (37,681) |
Inventories, net | $ 196,278 | $ 182,658 |
Details of Selected Balance S_8
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Property, plant and equipment | $ 1,139,138 | $ 1,128,834 |
Accumulated depreciation | (833,004) | (824,999) |
Property, plant, and equipment, net | $ 306,134 | $ 303,835 |
Details of Selected Balance S_9
Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 263,681 | $ 263,497 |
Accumulated Amortization | 98,008 | 93,699 |
Net Carrying Amount | 165,673 | 169,798 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 141,259 | 141,179 |
Accumulated Amortization | 49,851 | 47,629 |
Net Carrying Amount | 91,408 | 93,550 |
Patents/Technology/Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 69,925 | 69,830 |
Accumulated Amortization | 30,537 | 29,214 |
Net Carrying Amount | 39,388 | 40,616 |
Tradenames and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 52,497 | 52,488 |
Accumulated Amortization | 17,620 | 16,856 |
Net Carrying Amount | $ 34,877 | $ 35,632 |
Details of Selected Balance _10
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred compensation plan | $ 18,349 | $ 17,551 |
Deferred financing costs | 0 | 1,893 |
Deferred income taxes | 1,518 | 1,517 |
Other | 4,639 | 4,726 |
Other noncurrent assets | $ 24,506 | $ 25,687 |
Details of Selected Balance _11
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Accrued compensation | $ 15,882 | $ 33,659 |
Accrued taxes, other than income taxes | 3,175 | 1,865 |
Insurance liabilities | 4,976 | 4,640 |
Accrued interest | 3,324 | 1,784 |
Accrued commissions | 2,432 | 2,302 |
Other | 5,625 | 4,807 |
Accrued liabilities | $ 35,414 | $ 49,057 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 139,011 | $ 152,897 |
Less: Current portion | (527) | (17,831) |
Total long-term debt | 138,484 | 135,066 |
Unamortized debt issuance costs | 1,700 | 1,900 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 132,379 | 132,164 |
Long-term debt, gross | 135,000 | 135,000 |
2023 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 17,303 |
Other debt and finance lease obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 3,327 | 3,430 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 3,305 | $ 0 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | 3 Months Ended | |||||
Feb. 15, 2023 USD ($) | Dec. 13, 2022 | Mar. 19, 2021 USD ($) $ / shares | Feb. 10, 2021 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 15,900,000 | |||||
Repayments of convertible debt | $ 17,315,000 | $ 0 | ||||
Conversion price (in dollars per share) | $ / shares | $ 10.49 | |||||
4.75% Convertible Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 135,000,000 | |||||
Stated interest rate (as a percent) | 4.75% | |||||
Proceeds from debt, net | $ 130,600,000 | |||||
Conversion ratio | 0.0953516 | |||||
1.5% Convertible Unsecured Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 1.50% | 1.50% | ||||
Repayments of convertible debt | $ 120,000,000 | |||||
Debt instrument, repurchased face amount | $ 125,000,000 | |||||
Debt Instrument, principal amount repurchased | $ 17,300,000 | |||||
Revolving Credit Facility Due January 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 5,000,000 | |||||
Remaining borrowing capacity | $ 92,800,000 | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 125,000,000 | |||||
Debt instrument, springing maturity, term (in days) | 91 days | |||||
Debt instrument, amount of indebtedness subject to springing maturity | $ 17,500,000 | |||||
Debt instrument, covenant, minimum fixed charge coverage ratio | 1 | |||||
Debt instrument, percentage of borrowing base outstanding subject to covenant (as a percent) | 15% | |||||
Debt instrument, amount of borrowing base outstanding subject to covenant | $ 14,100,000 | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage (as a percent) | 0.375% | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage (as a percent) | 0.50% | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 0% | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | SOFR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.75% | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | SOFR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 3.25% | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.25% | |||||
Letter of Credit | Asset-based Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - 4.75% Convertible Senior Notes $ in Millions | Mar. 31, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Principal amount | $ 135 |
Level 2 | Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 151.1 |
Stockholders' Equity - Common a
Stockholders' Equity - Common and Preferred Stock (Details) - USD ($) | Mar. 31, 2023 | Feb. 16, 2023 | Dec. 31, 2022 |
Equity [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common stock shares, authorized repurchase (in shares) | $ 0 | $ 25,000,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Outstanding Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2023 shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares of common stock outstanding beginning period (in shares) | 63,904 |
Restricted stock awards, net of forfeitures (in shares) | 555 |
Shares withheld for taxes on vesting of stock awards (in shares) | (204) |
Shares of common stock outstanding ending period (in shares) | 64,255 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ 695,518 | $ 688,108 | $ 689,558 | $ 695,826 |
Total other comprehensive income | 4,100 | |||
Currency translation adjustments | $ 4,149 | $ 861 | ||
United Kingdom, Pounds | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | 3% | (3.00%) | ||
Brazil, Brazil Real | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | 2% | 17% | ||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ (74,792) | $ (65,170) | $ (78,941) | $ (66,031) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Total income tax provision (benefit) | $ 1,602 | $ 3,441 |
Income (loss) before income taxes | $ 3,760 | $ (5,983) |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerators: | ||
Net income (loss) | $ 2,158 | $ (9,424) |
Less: Income attributable to unvested restricted stock awards | (42) | 0 |
Numerator for basic net income (loss) per share | 2,116 | (9,424) |
Effect of dilutive securities: | ||
Unvested restricted stock awards | 0 | 0 |
Numerator for diluted net income (loss) per share | $ 2,116 | $ (9,424) |
Denominators: | ||
Weighted average number of common shares outstanding (in shares) | 64,068 | 61,627 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,243) | (1,129) |
Denominator for basic net loss per share (in shares) | 62,825 | 60,498 |
Denominator for diluted net loss per share (in shares) | 63,072 | 60,498 |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ 0.03 | $ (0.16) |
Diluted (in dollars per share) | $ 0.03 | $ (0.16) |
Unvested restricted stock awards | ||
Effect of dilutive securities: | ||
Unvested restricted stock awards | $ 0 | $ 0 |
Performance-based Stock Units | ||
Effect of dilutive securities: | ||
Unvested restricted stock awards | $ 247 | $ 0 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 209 | 298 |
Long-Term Incentive Compensat_3
Long-Term Incentive Compensation - Restricted Stock Awards and Related Information (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Stock Options | |
Outstanding, beginning balance (in shares) | 245 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited (in shares) | (82) |
Outstanding, ending balance (in shares) | 163 |
Weighted average grant date fair value (in dollars per share) | $ / shares | |
Service-based Restricted Stock | |
Number of Shares | |
Outstanding, beginning balance (in shares) | 1,222 |
Granted (in shares) | 555 |
Vested (in shares) | (513) |
Forfeited (in shares) | 0 |
Outstanding, ending balance (in shares) | 1,264 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.11 |
Performance- and Service-based Stock Units | |
Number of Shares | |
Outstanding, beginning balance (in shares) | 494 |
Granted (in shares) | 168 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Outstanding, ending balance (in shares) | 662 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.11 |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Narrative (Details) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, recorded liability | $ 1,500,000 | $ 1,500,000 |
Deferred compensation arrangement, requisite performance period | 3 years | |
Stock-based compensation expense | $ 1,600,000 | $ 1,800,000 |
Share-based compensation costs not yet recognized | 11,400,000 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | 0 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | $ 3,100,000 | |
Service-based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period (in years) | 3 years | |
Service-based Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period (in years) | 1 year | |
Service- based stock units awards (in shares) | 39 | |
Performance-based Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period (in years) | 3 years | |
Performance period (in years) | 3 years | |
Percentage of additional performance-based awards issued (as a percent) | 200% |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 | |
Segment Reporting [Abstract] | ||
Number of operating segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation, percentage of obligations, remaining fiscal year (as a percent) | 35% | |
Revenue, remaining performance obligation, percentage of obligations, remaining in year two (as a percent) | 46% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | ||
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation | $ | $ 209.9 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 1 year | |
Transferred over Time | ||
Segment Reporting Information [Line Items] | ||
Revenue from contract with customer, percentage of revenue (as a percent) | 66% | 62% |
Segments and Related Informat_4
Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 196,199 | $ 164,044 | |
Depreciation and amortization | 15,256 | 17,817 | |
Operating income (loss) | 5,875 | (4,336) | |
Capital expenditures | 6,568 | 2,858 | |
Total assets | 1,050,137 | 1,077,965 | $ 1,064,392 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Depreciation and amortization | 167 | 171 | |
Operating income (loss) | (10,662) | (9,632) | |
Capital expenditures | 12 | 91 | |
Total assets | 33,188 | 55,053 | |
Offshore/ Manufactured Products | |||
Segment Reporting Information [Line Items] | |||
Revenues | 98,199 | 84,112 | |
Offshore/ Manufactured Products | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 98,199 | 84,112 | |
Depreciation and amortization | 4,668 | 5,330 | |
Operating income (loss) | 11,090 | 10,196 | |
Capital expenditures | 535 | 902 | |
Total assets | 548,439 | 559,877 | |
Well Site Services | |||
Segment Reporting Information [Line Items] | |||
Revenues | 67,058 | 48,172 | |
Well Site Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 67,058 | 48,172 | |
Depreciation and amortization | 6,146 | 7,932 | |
Operating income (loss) | 6,966 | (3,395) | |
Capital expenditures | 5,772 | 1,548 | |
Total assets | 212,415 | 197,077 | |
Downhole Technologies | |||
Segment Reporting Information [Line Items] | |||
Revenues | 30,942 | 31,760 | |
Downhole Technologies | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 30,942 | 31,760 | |
Depreciation and amortization | 4,275 | 4,384 | |
Operating income (loss) | (1,519) | (1,505) | |
Capital expenditures | 249 | 317 | |
Total assets | $ 256,095 | $ 265,958 |
Segments and Related Informat_5
Segments and Related Information - Supplemental Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 196,199 | $ 164,044 |
Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 39,132 | 33,844 |
Total short-cycle | ||
Segment Reporting Information [Line Items] | ||
Revenues | 125,440 | 100,556 |
Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 114,303 | 90,506 |
Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,652 | 3,006 |
Other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,485 | 7,044 |
Other products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 31,627 | 29,644 |
Offshore/ Manufactured Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 98,199 | 84,112 |
Offshore/ Manufactured Products | Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 39,132 | 33,844 |
Offshore/ Manufactured Products | Total short-cycle | ||
Segment Reporting Information [Line Items] | ||
Revenues | 27,440 | 20,624 |
Offshore/ Manufactured Products | Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17,955 | 13,580 |
Offshore/ Manufactured Products | Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Offshore/ Manufactured Products | Other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,485 | 7,044 |
Offshore/ Manufactured Products | Other products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 31,627 | 29,644 |
Well Site Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 67,058 | 48,172 |
Well Site Services | Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | Total short-cycle | ||
Segment Reporting Information [Line Items] | ||
Revenues | 67,058 | 48,172 |
Well Site Services | Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 65,406 | 45,166 |
Well Site Services | Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,652 | 3,006 |
Well Site Services | Other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | Other products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | ||
Segment Reporting Information [Line Items] | ||
Revenues | 30,942 | 31,760 |
Downhole Technologies | Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Total short-cycle | ||
Segment Reporting Information [Line Items] | ||
Revenues | 30,942 | 31,760 |
Downhole Technologies | Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 30,942 | 31,760 |
Downhole Technologies | Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Other products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 0 | $ 0 |