Forum Energy (FET) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	(281)
Local Phone Number	949-2500
Title of 12(b) Security	Common stock
Trading Symbol	FET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,720,957
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 155,174	$ 114,517
Cost of sales	116,555	88,332
Gross profit	38,619	26,185
Operating expenses
Selling, general and administrative expenses	44,305	41,474
Loss (gain) on disposal of assets and other	22	(909)
Total operating expenses	44,327	40,565
Operating loss	(5,708)	(14,380)
Other expense (income)
Interest expense	7,624	9,162
Foreign exchange and other losses (gains), net	(5,986)	3,470
Loss on extinguishment of debt	0	933
Total other expense	1,638	13,565
Loss before income taxes	(7,346)	(27,945)
Income tax expense	1,853	1,718
Net loss	$ (9,199)	$ (29,663)
Weighted average shares outstanding
Basic (in shares)	5,683	5,613
Diluted (in shares)	5,683	5,613
Loss per share
Basic (in USD per share)	$ (1.62)	$ (5.28)
Diluted (in USD per share)	$ (1.62)	$ (5.28)
Other comprehensive income (loss), net of tax:
Net loss	$ (9,199)	$ (29,663)
Change in foreign currency translation, net of tax of $0	(6,992)	3,152
Gain on pension liability	30	77
Comprehensive loss	$ (16,161)	$ (26,434)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 20,602	$ 46,858
Accounts receivable—trade, net of allowances of $9,965 and $11,114	132,211	123,903
Inventories, net	263,779	241,740
Prepaid expenses and other current assets	23,417	23,702
Accrued revenue	1,240	2,245
Costs and estimated profits in excess of billings	15,020	8,285
Total current assets	456,269	446,733
Property and equipment, net of accumulated depreciation	91,162	94,005
Operating lease assets	24,733	25,431
Deferred financing costs, net	1,404	1,484
Intangible assets, net	210,874	217,405
Deferred income taxes, net	460	203
Other long-term assets	6,027	6,075
Total assets	790,929	791,336
Current liabilities
Current portion of long-term debt	751	860
Accounts payable—trade	115,177	99,379
Accrued liabilities	62,426	58,436
Deferred revenue	7,904	7,276
Billings in excess of costs and profits recognized	5,851	9,705
Total current liabilities	192,109	175,656
Long-term debt, net of current portion	233,742	232,370
Deferred income taxes, net	1,188	834
Operating lease liabilities	32,763	34,745
Other long-term liabilities	16,371	18,605
Total liabilities	476,173	462,210
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 6,188,106 and 6,100,886 shares issued	62	61
Additional paid-in capital	1,251,752	1,249,962
Treasury stock at cost, 467,153 shares	(135,562)	(135,562)
Retained deficit	(693,506)	(684,307)
Accumulated other comprehensive loss	(107,990)	(101,028)
Total equity	314,756	329,126
Total liabilities and equity	$ 790,929	$ 791,336
Treasury stock (in shares)	467,153	467,153

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade accounts receivable allowance	$ 9,965	$ 11,114
Common Stock, par value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	14,800,000	14,800,000
Common Stock, shares issued (in shares)	6,188,106	6,100,886
Treasury stock (in shares)	467,153	467,153

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (9,199)	$ (29,663)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3,423	4,953
Amortization of intangible assets	6,218	6,357
Inventory write down	194	1,410
Stock-based compensation expense	2,151	1,896
Loss on extinguishment of debt	0	933
Deferred income taxes	(266)	265
Noncash losses and other, net	2,283	2,065
Changes in operating assets and liabilities
Accounts receivable—trade	(9,168)	(8,999)
Inventories	(23,031)	13,726
Prepaid expenses and other assets	1,298	(2,458)
Cost and estimated profit in excess of billings	(6,871)	(281)
Accounts payable, deferred revenue and other accrued liabilities	11,851	7,692
Billings in excess of costs and estimated profits earned	(3,758)	766
Net cash used in operating activities	(24,875)	(1,338)
Cash flows from investing activities
Capital expenditures for property and equipment	(860)	(389)
Proceeds from sale of property and equipment	118	1,499
Net cash provided by (used in) investing activities	(742)	1,110
Cash flows from financing activities
Borrowings on revolving Credit Facility	95,883	0
Repayments on revolving Credit Facility	(95,883)	(13,126)
Cash paid to repurchase 2025 Notes	0	(13,711)
Payment of capital lease obligations	(239)	(482)
Repurchases of stock	(360)	(139)
Net cash used in financing activities	(599)	(27,458)
Effect of exchange rate changes on cash	(40)	(121)
Net decrease in cash, cash equivalents and restricted cash	(26,256)	(27,807)
Cash, cash equivalents and restricted cash at beginning of period	46,858	128,617
Cash, cash equivalents and restricted cash at end of period	20,602	100,810
Noncash activities
Operating lease right of use assets obtained in exchange for lease obligations	1,320	284
Finance lease right of use assets obtained in exchange for lease obligations	$ 100	$ 47

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained deficit	Accumulated other comprehensive income / (loss)
Balance at beginning of period at Dec. 31, 2020	$ 406,236	$ 60	$ 1,242,720	$ (134,499)	$ (601,656)	$ (100,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,896		1,896
Restricted stock issuance, net of forfeitures	(139)	0	(139)
Currency translation adjustment	3,152					3,152
Change in pension liability	77					77
Net loss	(29,663)				(29,663)
Balance at end of period at Mar. 31, 2021	381,559	60	1,244,477	(134,499)	(631,319)	(97,160)
Balance at beginning of period at Dec. 31, 2021	329,126	61	1,249,962	(135,562)	(684,307)	(101,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,151		2,151
Restricted stock issuance, net of forfeitures	(360)	1	(361)
Currency translation adjustment	(6,992)					(6,992)
Change in pension liability	30					30
Net loss	(9,199)				(9,199)
Balance at end of period at Mar. 31, 2022	$ 314,756	$ 62	$ 1,251,752	$ (135,562)	$ (693,506)	$ (107,990)

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Forum Energy Technologies, Inc. (the “Company,” "FET," “we,” “our,” or “us”), a Delaware corporation, is a global company serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, Texas with manufacturing, distribution and service facilities strategically located throughout the world. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or any other interim period. These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on March 4, 2022. COVID-19 Impacts The outbreak of COVID-19 in 2020 caused significant disruptions in the U.S. and world economies which led to significant reductions in demand for crude oil. During 2021, distribution of vaccines resulted in reopening of certain economies and increasing demand for oil and natural gas. However, ongoing COVID-19 outbreaks and related work restrictions continue to contribute to disruptions in global supply chains which have led to inflationary pressures for certain goods and services. We anticipate that our liquidity, financial condition and future results of operations will continue to be impacted by ongoing developments from the COVID-19 pandemic.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. Accounting Standards Adopted in 2022 Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This update reduces the number of accounting models for convertible debt instruments resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-share guidance.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. For a detailed discussion of our revenue recognition policies, refer to the Company’s 2021 Annual Report on Form 10-K. Disaggregated Revenue Refer to Note 10 Business Segments for disaggregated revenue by product line and geography. Contract Balances Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, we record a contract liability when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract. Such contract liabilities typically result from billings in excess of costs incurred on construction contracts and advance payments received on product sales. The following table reflects the changes in our contract assets and contract liabilities balances for the three months ended March 31, 2022 (in thousands): March 31, 2022 December 31, 2021 Increase / (Decrease) $ % Accrued revenue $ 1,240 $ 2,245 Costs and estimated profits in excess of billings 15,020 8,285 Contract assets $ 16,260 $ 10,530 $ 5,730 54 % Deferred revenue $ 7,904 $ 7,276 Billings in excess of costs and profits recognized 5,851 9,705 Contract liabilities $ 13,755 $ 16,981 $ (3,226) (19) % During the three months ended March 31, 2022, our contract assets increased by $5.7 million due to increasing project activity for process oil treatment equipment in our Production Equipment product line and our contract liabilities decreased by $3.2 million primarily due to lower customer advance payments for projects in our Subsea product line. During the three months ended March 31, 2022, we recognized $10.8 million of revenue that was included in the contract liability balance at the beginning of the period.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2021 Acquisition of Hawker Equipment Solutions On December 20, 2021, we acquired certain assets of Hawker Equipment Solutions, LLC (“Hawker”) for total cash consideration of $5.1 million, of which, $3.4 million was paid in the fourth quarter of 2021 with the balance expected to be paid over the next five years. Hawker is a manufacturer of hydraulic pickup and laydown units. This acquisition is included in the Drilling product line within the Drilling and Downhole segment. The fair values of the assets acquired and liabilities assumed, as well as the pro forma results of operations for this acquisition, have not been presented because they are not material to the consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Our significant components of inventory at March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, 2022 December 31, 2021 Raw materials and parts $ 103,917 $ 97,053 Work in process 30,045 24,618 Finished goods 189,523 182,954 Gross inventories 323,485 304,625 Inventory reserve (59,706) (62,885) Inventories $ 263,779 $ 241,740

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands): March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 268,946 $ (137,072) $ 131,874 10 - 15 Patents and technology 89,213 (31,129) 58,084 5 - 19 Non-compete agreements 190 (181) 9 2 - 6 Trade names 43,027 (25,682) 17,345 7 - 19 Trademarks 5,089 (1,527) 3,562 15 Intangible Assets Total $ 406,465 $ (195,591) $ 210,874 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 269,589 $ (133,451) $ 136,138 10 - 15 Patents and technology 89,449 (29,785) 59,664 5 - 19 Non-compete agreements 191 (173) 18 2 - 6 Trade names 43,125 (25,187) 17,938 7 - 19 Trademarks 5,089 (1,442) 3,647 15 Intangible Assets Total $ 407,443 $ (190,038) $ 217,405

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Notes payable and lines of credit as of March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 2025 Notes 256,970 256,970 Unamortized debt discount (18,909) (20,035) Debt issuance cost (4,641) (4,918) Credit Facility — — Other debt 1,073 1,213 Total debt 234,493 233,230 Less: current maturities (751) (860) Long-term debt $ 233,742 $ 232,370 2025 Notes In August 2020, we exchanged $315.5 million principal amount of our previous 6.25% unsecured notes due 2021 (“2021 Notes”) for new 9.00% convertible secured notes due August 2025 (the “2025 Notes”). This transaction was accounted for as an extinguishment of the 2021 Notes with the new 2025 Notes recorded at fair value on the transaction date. We estimated the fair value of the 2025 Notes to be $282.6 million at the issuance date, resulting in a $32.9 million discount (“Debt Discount”) at issuance. As a result, we recognized a $28.7 million gain on extinguishment of debt that reflects the difference in the $314.8 million net carrying value of the 2021 Notes exchanged, including debt issuance costs and unamortized debt premium, less the $282.6 million estimated fair value of 2025 Notes and a $3.5 million early participation fee paid to bondholders that participated in the exchange. The Debt Discount is being amortized as non-cash interest expense over the term of the 2025 Notes using the effective interest method. The 2025 Notes pay interest at the rate of 9.00%, of which 6.25% is payable in cash and 2.75% is payable in cash or additional notes, at the Company’s option. The 2025 Notes are secured by a first lien on substantially all of the Company’s assets, except for Credit Facility priority collateral, which secures the 2025 Notes on a second lien basis. As of March 31, 2022, approximately $116.0 million principal amount of the 2025 Notes is mandatorily convertible into shares of our common stock at a conversion rate of 37.0370 shares per $1,000 principal amount of 2025 Notes converted, equivalent to a conversion price of $27.00 per share, subject, however, to the condition that the average of the daily trading prices for the common stock over the preceding 20-trading day period is at least $30.00 per share. Holders of the 2025 Notes also have optional conversion rights in the event that the Company elects to redeem the 2025 Notes in cash and at the final maturity of the new notes. Any interest that the Company elects to pay in additional notes is also subject to the mandatory and optional conversion rights. During the three months ended March 31, 2021, we repurchased an aggregate $16.5 million of principal amount of our 2025 Notes for $15.6 million. The net carrying value of the extinguished debt, including unamortized debt discount and debt issuance costs, was $14.7 million, resulting in a $0.9 million loss on extinguishment of debt. Credit Facility In September 2021, we amended our senior secured revolving credit facility ("Credit Facility") to, among other things, extend the maturity date to September 2026, reduce the aggregate amount of the commitment under the Credit Facility, and change the interest rate applicable to outstanding loans. Following such amendment, our Credit Facility provides revolving credit commitments of $179.0 million (with a sublimit of up to $45.0 million available for the issuance of letters of credit for the account of the Company and certain of its domestic subsidiaries) (the “U.S. Line”), of which up to $20.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $3.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Availability under the Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Such eligible accounts receivable and eligible inventory serve as priority collateral for the Credit Facility, which is also secured on a second lien basis by substantially all of the Company's other assets. The amount of eligible inventory included in the borrowing base is restricted to the lesser of $127.0 million (subject to a quarterly reduction of $0.5 million) and 80.0% of the total borrowing base. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our receivables and inventory. As of March 31, 2022, our total borrowing base was $158.8 million, of which no amounts were drawn and $17.6 million was used for security of outstanding letters of credit, resulting in remaining availability of $141.2 million. Borrowings under the U.S. Line bear interest at a rate equal to, at our option, either (a) the LIBOR rate, subject to a floor of 0.00%, plus a margin of 2.25% to 2.75%, or (b) a base rate plus a margin of 1.25% to 1.75%, in each case based upon the Company's quarterly total net leverage ratio. The U.S. Line base rate is determined by reference to the greatest of (i) the federal funds rate plus 0.50% per annum, (ii) the one-month adjusted LIBOR plus 1.00% per annum, and (iii) the rate of interest announced, from time to time, by Wells Fargo at its principal office in San Francisco as its prime rate, subject to a floor of 0.00%. Borrowings under the Canadian Line bear interest at a rate equal to, at Forum Canada’s option, either (a) the CDOR rate, subject to a floor of 0.00%, plus a margin of 2.25% to 2.75%, or (b) a base rate plus a margin of 1.25% to 1.75%, in each case based upon the Company's quarterly net leverage ratio. The Canadian line base rate is determined by reference to the greater of (i) the one-month CDOR rate plus 1.00% and (ii) the prime rate for Canadian dollar commercial loans made in Canada as reported by Thomson Reuters, subject to a floor of 0.00%. The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% on the unused portion of commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% on the unused portion of commitments if average usage of the Credit Facility is less than or equal to 50%. If excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base and $22.4 million, we will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter until excess availability under the Credit Facility exceeds such thresholds for at least 60 consecutive days. Furthermore, the Credit Facility includes an obligation to prepay outstanding loans with cash on hand in excess of certain thresholds and includes a cross-default to the 2025 Notes. Deferred Loan Costs We have incurred loan costs that have been deferred and are amortized to interest expense over the term of the 2025 Notes and the Credit Facility. In connection with the September 2021 Credit Facility amendment, we deferred approximately $1.6 million of loan costs that will be amortized over the facility's remaining life. Other Debt Other debt consists primarily of various finance leases of equipment. Letters of Credit and Guarantees We execute letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee our fulfillment of performance obligations relating to certain large contracts. We had $17.6 million and $18.7 million in total outstanding letters of credit as of March 31, 2022 and December 31, 2021, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, our income tax expense or benefit is computed based on our estimated annual effective tax rate and any discrete items that impact the interim periods. For the three months ended March 31, 2022 and March 31, 2021, we recorded tax expense of $1.9 million and $1.7 million, respectively. The estimated annual effective tax rates for the three months ended March 31, 2022 and 2021 were impacted by losses in jurisdictions where the recording of a tax benefit is not available. Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction. We have deferred tax assets related to net operating loss and other tax carryforwards in the U.S. and in certain states and foreign jurisdictions. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning and recent operating results. As of March 31, 2022, we do not anticipate being able to fully utilize all of the losses prior to their expiration in the following jurisdictions: the U.S., the U.K., Germany, Singapore, China and

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had no borrowings outstanding under the Credit Facility as of March 31, 2022 and December 31, 2021. The Credit Facility incurs interest at a variable interest rate, and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of our 2025 Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2022, the fair value and the carrying value of our 2025 Notes approximated $250.5 million and $233.4 million, respectively. At December 31, 2021, the fair value and the carrying value of our 2025 Notes approximated $225.0 million and $232.0 million, respectively. There were no other significant outstanding financial instruments as of March 31, 2022 and December 31, 2021 that required measuring the amounts at fair value on a recurring basis. We did not change our valuation techniques associated with recurring fair value measurements from prior periods, and there were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2022.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segments	Business Segments The Company reports results of operations in the following three reporting segments: Drilling & Downhole, Completions and Production. The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands): Three Months Ended March 31, 2022 2021 Revenue: Drilling & Downhole 71,260 48,656 Completions 52,542 37,843 Production 31,505 28,031 Eliminations (133) (13) Total revenue $ 155,174 $ 114,517 Operating income (loss): Drilling & Downhole $ 5,986 $ (4,506) Completions (715) 68 Production (1,752) (3,841) Corporate (9,205) (7,010) Segment operating loss (5,686) (15,289) Loss (gain) on disposal of assets and other 22 (909) Operating loss $ (5,708) $ (14,380) A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, 2022 December 31, 2021 Drilling & Downhole $ 313,151 $ 313,493 Completions 365,450 351,908 Production 88,011 83,150 Corporate 24,317 42,785 Total assets $ 790,929 $ 791,336 Corporate assets primarily include cash and certain prepaid assets. The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended March 31, 2022 2021 Drilling Technologies $ 29,235 $ 18,520 Downhole Technologies 19,564 15,093 Subsea Technologies 22,461 15,043 Stimulation and Intervention 30,159 18,702 Coiled Tubing 22,383 19,141 Production Equipment 15,167 14,394 Valve Solutions 16,338 13,637 Eliminations (133) (13) Total revenue $ 155,174 $ 114,517 The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended March 31, 2022 2021 United States $ 97,232 $ 68,314 Canada 11,389 8,961 Europe & Africa 15,377 12,664 Middle East 11,153 10,341 Asia-Pacific 9,059 8,880 Latin America 10,964 5,357 Total Revenue $ 155,174 $ 114,517

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at March 31, 2022 and December 31, 2021, respectively, are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.For further disclosure regarding certain litigation matters, refer to Note 13 of the notes to the consolidated financial statements included in Item 8 of the Company’s 2021 Annual Report on Form 10-K filed with the SEC on March 4, 2022. There have been no material changes related to these matters during the three months ended March 31, 2022.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Net loss (9,199) (29,663) Basic - weighted average shares outstanding 5,683 5,613 Dilutive effect of stock options and restricted stock — — Dilutive effect of convertible notes due 2025 — — Diluted - weighted average shares outstanding 5,683 5,613 Loss per share Basic $ (1.62) $ (5.28) Diluted $ (1.62) $ (5.28) For all periods presented, we excluded all potentially dilutive restricted shares, stock options and the assumed conversion of the 2025 Notes in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock-based compensation During the three months ended March 31, 2022, the Company granted 101,111 restricted stock units to employees that vest ratably over three years. Liability-classified awards

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has sold and purchased inventory, services and fixed assets to and from certain affiliates of certain directors. The dollar amounts of these related party activities are not significant to the Company’s unaudited condensed consolidated financial statements.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. Accounting Standards Adopted in 2022 Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This update reduces the number of accounting models for convertible debt instruments resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-share guidance.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Changes in Contract Assets and Contract Liabilities	The following table reflects the changes in our contract assets and contract liabilities balances for the three months ended March 31, 2022 (in thousands): March 31, 2022 December 31, 2021 Increase / (Decrease) $ % Accrued revenue $ 1,240 $ 2,245 Costs and estimated profits in excess of billings 15,020 8,285 Contract assets $ 16,260 $ 10,530 $ 5,730 54 % Deferred revenue $ 7,904 $ 7,276 Billings in excess of costs and profits recognized 5,851 9,705 Contract liabilities $ 13,755 $ 16,981 $ (3,226) (19) %

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Our significant components of inventory at March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, 2022 December 31, 2021 Raw materials and parts $ 103,917 $ 97,053 Work in process 30,045 24,618 Finished goods 189,523 182,954 Gross inventories 323,485 304,625 Inventory reserve (59,706) (62,885) Inventories $ 263,779 $ 241,740

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands): March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 268,946 $ (137,072) $ 131,874 10 - 15 Patents and technology 89,213 (31,129) 58,084 5 - 19 Non-compete agreements 190 (181) 9 2 - 6 Trade names 43,027 (25,682) 17,345 7 - 19 Trademarks 5,089 (1,527) 3,562 15 Intangible Assets Total $ 406,465 $ (195,591) $ 210,874 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 269,589 $ (133,451) $ 136,138 10 - 15 Patents and technology 89,449 (29,785) 59,664 5 - 19 Non-compete agreements 191 (173) 18 2 - 6 Trade names 43,125 (25,187) 17,938 7 - 19 Trademarks 5,089 (1,442) 3,647 15 Intangible Assets Total $ 407,443 $ (190,038) $ 217,405

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable and lines of credit as of March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 2025 Notes 256,970 256,970 Unamortized debt discount (18,909) (20,035) Debt issuance cost (4,641) (4,918) Credit Facility — — Other debt 1,073 1,213 Total debt 234,493 233,230 Less: current maturities (751) (860) Long-term debt $ 233,742 $ 232,370

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Income Statement by Segment	Summary financial data by segment follows (in thousands): Three Months Ended March 31, 2022 2021 Revenue: Drilling & Downhole 71,260 48,656 Completions 52,542 37,843 Production 31,505 28,031 Eliminations (133) (13) Total revenue $ 155,174 $ 114,517 Operating income (loss): Drilling & Downhole $ 5,986 $ (4,506) Completions (715) 68 Production (1,752) (3,841) Corporate (9,205) (7,010) Segment operating loss (5,686) (15,289) Loss (gain) on disposal of assets and other 22 (909) Operating loss $ (5,708) $ (14,380) A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, 2022 December 31, 2021 Drilling & Downhole $ 313,151 $ 313,493 Completions 365,450 351,908 Production 88,011 83,150 Corporate 24,317 42,785 Total assets $ 790,929 $ 791,336
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended March 31, 2022 2021 Drilling Technologies $ 29,235 $ 18,520 Downhole Technologies 19,564 15,093 Subsea Technologies 22,461 15,043 Stimulation and Intervention 30,159 18,702 Coiled Tubing 22,383 19,141 Production Equipment 15,167 14,394 Valve Solutions 16,338 13,637 Eliminations (133) (13) Total revenue $ 155,174 $ 114,517
Schedule of Revenue by Geography	The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended March 31, 2022 2021 United States $ 97,232 $ 68,314 Canada 11,389 8,961 Europe & Africa 15,377 12,664 Middle East 11,153 10,341 Asia-Pacific 9,059 8,880 Latin America 10,964 5,357 Total Revenue $ 155,174 $ 114,517

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Net loss (9,199) (29,663) Basic - weighted average shares outstanding 5,683 5,613 Dilutive effect of stock options and restricted stock — — Dilutive effect of convertible notes due 2025 — — Diluted - weighted average shares outstanding 5,683 5,613 Loss per share Basic $ (1.62) $ (5.28) Diluted $ (1.62) $ (5.28)

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 1,240	$ 2,245
Costs and estimated profits in excess of billings	15,020	8,285
Contract assets	16,260	10,530
Increase in contract with customer assets	$ 5,730
Increase in contract with customer asset, percentage	54.00%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 7,904	7,276
Billings in excess of costs and profits recognized	5,851	9,705
Contract liabilities	13,755	$ 16,981
Decrease in contract with customer liabilities	$ (3,226)
Decrease in contract with customer liability, percentage	(19.00%)

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Increase in contract with customer assets	$ 5,730
Decrease in contract with customer liabilities	3,226
Revenue recognized	$ 10,800
Contract with customer, contract duration (less than)	1 year

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Hawker Equipment Solutions, LLC - USD ($) $ in Millions	Dec. 20, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Cash consideration	$ 5.1
Payments to acquire productive assets		$ 3.4
Term of expected payment	5 years

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and parts	$ 103,917	$ 97,053
Work in process	30,045	24,618
Finished goods	189,523	182,954
Gross inventories	323,485	304,625
Inventory reserve	(59,706)	(62,885)
Inventories	$ 263,779	$ 241,740

Intangible Assets - Finite-Live

Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (195,591)	$ (190,038)
Gross Carrying Amount	406,465	407,443
Net Intangibles	210,874	217,405
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	268,946	269,589
Accumulated Amortization	(137,072)	(133,451)
Net Intangibles	131,874	136,138
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	89,213	89,449
Accumulated Amortization	(31,129)	(29,785)
Net Intangibles	58,084	59,664
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	190	191
Accumulated Amortization	(181)	(173)
Net Intangibles	9	18
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43,027	43,125
Accumulated Amortization	(25,682)	(25,187)
Net Intangibles	17,345	17,938
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,089	5,089
Accumulated Amortization	(1,527)	(1,442)
Net Intangibles	$ 3,562	$ 3,647
Amortization period	15 years	15 years
Minimum | Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	10 years	10 years
Minimum | Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	5 years	5 years
Minimum | Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	2 years	2 years
Minimum | Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	7 years	7 years
Maximum | Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years
Maximum | Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years
Maximum | Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	6 years	6 years
Maximum | Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Aug. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 234,493,000	$ 233,230,000
Unamortized debt discount	(18,909,000)	(20,035,000)
Debt issuance cost	(4,641,000)	(4,918,000)
Less: current maturities	(751,000)	(860,000)
Long-term debt, net of current portion	233,742,000	232,370,000
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	256,970,000	256,970,000	$ 282,600,000
Total debt			314,800,000
Unamortized debt discount			$ (32,900,000)
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	1,073,000	1,213,000
2017 Credit Facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended		3 Months Ended
	Sep. 30, 2021USD ($)	Aug. 31, 2020USD ($)d$ / shares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Unamortized debt discount			$ 18,909,000		$ 20,035,000
Gain (loss) on extinguishment of debt			0	$ (933,000)
Long-term debt			234,493,000		233,230,000
Bond exchange early participant payment		$ 3,500,000
Borrowings on credit facility			95,883,000	$ 0
Outstanding letters of credit			17,600,000		18,700,000
2025 Notes
Debt Instrument [Line Items]
Face amount		$ 315,500,000
Debt conversion, interest rate of debt		9.00%
Long-term debt, gross		$ 282,600,000	256,970,000		256,970,000
Unamortized debt discount		32,900,000
Gain (loss) on extinguishment of debt		28,700,000
Long-term debt		$ 314,800,000
Debt conversion, percent payable in cash		6.25%
Debt conversion, percent payable in cash or additional notes		2.75%
Debt instrument, mandatorily convertible, face amount			116,000,000
Conversion ratio		0.037037
Conversion price (in usd per share) | $ / shares		$ 27
Threshold trading days | d		20
Trading period conversion price (in dollars per share) | $ / shares		$ 30
Debt repurchased face amount			16,500,000
Debt repurchase amount			15,600,000
2021 Notes
Debt Instrument [Line Items]
Debt conversion, interest rate of debt		6.25%
Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount			14,700,000
Gain (loss) on extinguishment of debt			(900,000)
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			141,200,000
Percentage of borrowing base	50.00%
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 179,000,000
Deferred loan costs	1,600,000
Credit Facility | Revolving Credit Facility | Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	20,000,000
Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	45,000,000
Credit Facility | Letter of Credit | Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	3,000,000
80% of Borrowing Base | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	127,000,000
Current borrowing capacity quarterly reduction	$ 500,000
Borrowing base percentage	80.00%
2017 Credit Facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	0.375%
2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
2017 Credit Facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross			0		$ 0
Line of credit facility, current borrowing capacity			158,800,000
Borrowings on credit facility			0
2017 Credit Facility | Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit outstanding			$ 17,600,000
12.5% of Borrowing Base | Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 22,400,000
Percentage of borrowing base	12.50%
Interest Rate Floor | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	0.00%
London Interbank Offered Rate (LIBOR) | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.00%
Federal Funds Effective Swap Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	0.50%
CDOR Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.00%
Minimum | Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio	1
Fixed charge coverage ratio consecutive days threshold	60 days
Minimum | London Interbank Offered Rate (LIBOR) | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.25%
Minimum | Base Rate | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.25%
Minimum | Base Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.25%
Minimum | CDOR Rate | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.25%
Maximum | London Interbank Offered Rate (LIBOR) | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.75%
Maximum | Base Rate | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.75%
Maximum | Base Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.75%
Maximum | CDOR Rate | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.75%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,853	$ 1,718

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Aug. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets amount outstanding	$ 0	$ 0
2025 Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	256,970,000	256,970,000	$ 282,600,000
2025 Notes | Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	233,400,000	232,000,000
Fair value	250,500,000	225,000,000
2017 Credit Facility | Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	$ 0	$ 0

Business Segments - Income Stat

Business Segments - Income Statement by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Segment Reporting Information [Line Items]
Total revenue	$ 155,174	$ 114,517
Segment operating loss	(5,708)	(14,380)
Loss (gain) on disposal of assets and other	22	(909)
Operating Segments
Segment Reporting Information [Line Items]
Segment operating loss	(5,686)	(15,289)
Operating Segments | Drilling & Downhole
Segment Reporting Information [Line Items]
Total revenue	71,260	48,656
Segment operating loss	5,986	(4,506)
Operating Segments | Completions
Segment Reporting Information [Line Items]
Total revenue	52,542	37,843
Segment operating loss	(715)	68
Operating Segments | Production
Segment Reporting Information [Line Items]
Total revenue	31,505	28,031
Segment operating loss	(1,752)	(3,841)
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(133)	(13)
Corporate
Segment Reporting Information [Line Items]
Segment operating loss	(9,205)	(7,010)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Loss (gain) on disposal of assets and other	$ 22	$ (909)

Business Segments - Assets by S

Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 790,929	$ 791,336
Operating Segments | Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	313,151	313,493
Operating Segments | Completions
Segment Reporting Information [Line Items]
Assets	365,450	351,908
Operating Segments | Production
Segment Reporting Information [Line Items]
Assets	88,011	83,150
Corporate
Segment Reporting Information [Line Items]
Assets	$ 24,317	$ 42,785

Business Segments - Schedule of

Business Segments - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 155,174	$ 114,517
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(133)	(13)
Drilling Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	29,235	18,520
Downhole Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	19,564	15,093
Subsea Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	22,461	15,043
Stimulation and Intervention | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	30,159	18,702
Coiled Tubing | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	22,383	19,141
Production Equipment | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	15,167	14,394
Valve Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	$ 16,338	$ 13,637

Business Segments - Schedule _2

Business Segments - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 155,174	$ 114,517
United States
Segment Reporting Information [Line Items]
Total revenue	97,232	68,314
Canada
Segment Reporting Information [Line Items]
Total revenue	11,389	8,961
Europe & Africa
Segment Reporting Information [Line Items]
Total revenue	15,377	12,664
Middle East
Segment Reporting Information [Line Items]
Total revenue	11,153	10,341
Asia-Pacific
Segment Reporting Information [Line Items]
Total revenue	9,059	8,880
Latin America
Segment Reporting Information [Line Items]
Total revenue	$ 10,964	$ 5,357

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (9,199)	$ (29,663)
Basic - weighted average shares outstanding	5,683	5,613
Dilutive effect of stock options and restricted stock (in shares)	0	0
Dilutive effect of convertible notes due 2025 (in shares)	0	0
Diluted - weighted average shares outstanding	5,683	5,613
Loss per share
Basic (in USD per share)	$ (1.62)	$ (5.28)
Diluted (in USD per share)	$ (1.62)	$ (5.28)

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	101,111
Award vesting period	3 years
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading days	20 days
Contingent Restricted Stock | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	101,111
Award vesting period	3 years
Contingent Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) | $ / shares	$ 23.68