Nine Energy Service (NINE) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Nine Energy Service, Inc.
Entity Central Index Key	0001532286
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		31,758,643

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 90,116	$ 92,989
Accounts receivable, net	92,645	96,889
Income taxes receivable	810	660
Inventories, net	63,113	60,945
Prepaid expenses and other current assets	14,977	17,434
Total current assets	261,661	268,917
Property and equipment, net	121,148	128,604
Intangible assets, net	144,822	148,991
Goodwill	0	296,196
Other long-term assets	7,377	8,187
Total assets	535,008	850,895
Current liabilities
Accounts payable	28,291	35,490
Accrued expenses	29,098	24,730
Current portion of capital lease obligations	1,019	995
Total current liabilities	58,408	61,215
Long-term liabilities
Long-term debt	379,007	392,059
Deferred income taxes	0	1,588
Long-term capital lease obligations	1,937	2,201
Other long-term liabilities	3,805	3,955
Total liabilities	443,157	461,018
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock (120,000,000 shares authorized at $.01 par value; 30,406,994 and 30,555,677 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	304	306
Additional paid-in capital	762,332	758,853
Accumulated other comprehensive loss	(5,070)	(4,467)
Accumulated deficit	(665,715)	(364,815)
Total stockholders’ equity	91,851	389,877
Total liabilities and stockholders’ equity	$ 535,008	$ 850,895

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	30,406,994	30,555,677
Common stock, shares outstanding (in shares)	30,406,994	30,555,677

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 146,624	$ 229,705
Cost and expenses
General and administrative expenses	16,395	19,939
Depreciation	8,541	13,530
Amortization of intangibles	4,169	4,688
Impairment of goodwill	296,196	0
Gain on revaluation of contingent liabilities	(426)	(13,955)
Gain on sale of property and equipment	(575)	(23)
Income (loss) from operations	(303,684)	26,936
Interest expense	9,828	9,326
Interest income	(371)	(160)
Gain on extinguishment of debt	(10,116)	0
Income (loss) before income taxes	(303,025)	17,770
Provision (benefit) for income taxes	(2,125)	460
Net income (loss)	$ (300,900)	$ 17,310
Earnings (loss) per share
Basic (in usd per share)	$ (10.22)	$ 0.59
Diluted (in usd per share)	$ (10.22)	$ 0.59
Weighted average shares outstanding
Basic (in shares)	29,430,475	29,150,996
Diluted (in shares)	29,430,475	29,471,753
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of $0 tax in each period	$ (603)	$ 248
Total other comprehensive income (loss), net of tax	(603)	248
Total comprehensive income (loss)	(301,503)	17,558
Service
Revenues	114,401	175,990
Cost and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	99,198	140,586
Product
Revenues	32,223	53,715
Cost and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	$ 26,810	$ 38,004

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2018		30,163,408
Beginning balance at Dec. 31, 2018	$ 594,823	$ 302	$ 746,428	$ (4,843)	$ (147,064)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock compensation plan (in shares)		622,021
Issuance (forfeitures) of common stock under stock compensation plan	0	$ 6	(6)
Stock-based compensation expense	3,153		3,153
Exercise of stock options (in shares)		674
Exercise of stock options	15		15
Vesting of restricted stock (in shares)		(3,503)
Vesting of restricted stock	(82)		(82)
Other comprehensive loss	248			248
Net loss	17,310				17,310
Ending balance (in shares) at Mar. 31, 2019		30,782,600
Ending balance at Mar. 31, 2019	615,467	$ 308	749,508	(4,595)	(129,754)
Beginning balance (in shares) at Dec. 31, 2019		30,555,677
Beginning balance at Dec. 31, 2019	389,877	$ 306	758,853	(4,467)	(364,815)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Forfeitures of common stock under stock compensation plan		(49,009)
Issuance (forfeitures) of common stock under stock compensation plan	0	$ (1)	1
Stock-based compensation expense	3,592		3,592
Exercise of stock options (in shares)		0
Exercise of stock options	0		0
Vesting of restricted stock (in shares)		(99,674)
Vesting of restricted stock	(115)	$ (1)	(114)
Other comprehensive loss	(603)			(603)
Net loss	(300,900)				(300,900)
Ending balance (in shares) at Mar. 31, 2020		30,406,994
Ending balance at Mar. 31, 2020	$ 91,851	$ 304	$ 762,332	$ (5,070)	$ (665,715)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income (loss)	$ (300,900)	$ 17,310
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation	8,541	13,530
Amortization of intangibles	4,169	4,688
Amortization of deferred financing costs	745	746
Provision for (recovery of) doubtful accounts	(288)	47
Benefit for deferred income taxes	(1,588)	(478)
Provision for inventory obsolescence	271	1,338
Stock-based compensation expense	3,592	3,153
Impairment of goodwill	296,196	0
Gain on extinguishment of debt	(10,116)	0
Gain on sale of property and equipment	(575)	(23)
Gain on revaluation of contingent liabilities	(426)	(13,955)
Changes in operating assets and liabilities, net of effects from acquisitions
Accounts receivable, net	4,458	(4,402)
Inventories, net	(2,651)	(7,879)
Prepaid expenses and other current assets	2,409	(6,060)
Accounts payable and accrued expenses	(3,213)	(3,703)
Income taxes receivable/payable	(150)	796
Other assets and liabilities	271	780
Net cash provided by operating activities	745	5,888
Cash flows from investing activities
Proceeds from sales of property and equipment	892	477
Proceeds from property and equipment casualty losses	428	1,238
Proceeds from notes receivable payments	0	532
Purchases of property and equipment	(785)	(20,386)
Net cash provided by (used in) investing activities	535	(18,139)
Cash flows from financing activities
Payments on Senior Notes	(3,455)	0
Payments on 2018 ABL Credit Facility	0	(20,000)
Payments on capital leases	(240)	(212)
Payments of contingent liability	(98)	0
Proceeds from exercise of stock options	0	15
Vesting of restricted stock	(115)	(82)
Net cash used in financing activities	(3,908)	(20,279)
Impact of foreign currency exchange on cash	(245)	72
Net decrease in cash and cash equivalents	(2,873)	(32,458)
Cash and cash equivalents
Cash and cash equivalents beginning of year	92,989	63,615
Cash and cash equivalents end of period	90,116	31,157
Supplemental disclosures of cash flow information:
Cash paid for interest	748	750
Cash paid (refunded) for income taxes	(577)	132
Capital expenditures in accounts payable and accrued expenses	648	6,227
Property and equipment obtained by capital lease	0	1,310
Receivable from property and equipment sale (including insurance)	$ 5,454	$ 24

Company and Organization

Company and Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company and Organization	Company and Organization Background Nine Energy Service, Inc. (the “Company” or “Nine”), a Delaware corporation, is an oilfield services business that provides services integral to the completion of unconventional wells through a full range of tools and methodologies. The Company is headquartered in Houston, Texas. On August 30, 2019, the Company entered into a Membership Interest Purchase Agreement (the “ Production Solutions Purchase Agreement”) with Brigade Energy Services LLC (“Brigade”). Pursuant to the Production Solutions Purchase Agreement, on such date, through the sale of all of the limited liability interests of its wholly owned subsidiary, Beckman Holding Production Services, LLC, the Company sold its Production Solutions segment to Brigade. The Production Solutions Purchase Agreement contained customary representations and warranties, covenants, and indemnification provisions. This divestiture did not qualify as discontinued operations in accordance with Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity as it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Risks and Uncertainties The Company’s business depends, to a significant extent, on the level of unconventional resource development activity and corresponding capital spending of oil and natural gas companies. These activity and spending levels are strongly influenced by the current and expected oil and natural gas prices. The worldwide coronavirus outbreak in early 2020, which was declared a pandemic by the World Health Organization in March 2020, the uncertainty regarding its impact, and various governmental actions taken to mitigate its impact have resulted in an unprecedented decline in demand for oil. In the midst of the ongoing pandemic, the Organization of Petroleum Exporting Countries and other oil producing nations, including Russia, were initially unable to reach an agreement on production levels for crude oil, at which point Saudi Arabia and Russia initiated efforts to aggressively increase production. The convergence of these events created the unprecedented dual impact of a massive decline in the demand for oil, coupled with the risk of a substantial increase in supply, which has directly affected the Company.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2019 and the Condensed Consolidated Statement of Stockholders’ Equity as of December 31, 2019 and 2018 are derived from audited consolidated financial statements . In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position have been included. These condensed consolidated financial statements include all accounts of the Company. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. 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 financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2019 , which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Principles of Consolidation The condensed consolidated financial statements include the accounts of Nine and its wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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. Actual results could differ from those estimates. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future. Such estimates include fair value assumptions used in purchase accounting and in analyzing goodwill, definite and indefinite-lived intangible assets, and property and equipment for possible impairment, useful lives used in depreciation and amortization expense, stock-based compensation fair value, estimated realizable value on excess and obsolete inventories, deferred taxes and income tax contingencies, and losses on accounts receivable. It is at least reasonably possible that the estimates used will change within the next year. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. These reclassifications primarily relate to presenting “Revenues” and “Cost of revenues” by product and service and by presenting “Interest income” as a separate line item in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) .

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	New Accounting Standards Accounting Pronouncements Recently Adopted In August 2018, the Financial Accounting Standards Board (the “FASB”) issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The standard is required to be applied retrospectively, except the new Level 3 disclosure requirements are applied prospectively. The Company adopted ASU 2018-13 in the first quarter of 2020, and it had an immaterial impact on the Company’s condensed consolidated financial statements . Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard, which requires the use of a modified retrospective transition approach, includes a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued a new, optional transition method that will give companies the option to use the effective date as the date of initial application on transition. Based on initial evaluation, the Company expects to include operating leases with durations greater than twelve months on its Condensed Consolidated Balance Sheets . The Company is currently in the process of accumulating and evaluating all the necessary information required to properly account for its lease portfolio under the new standard. The Company will provide additional information about the expected financial impact as it progresses through the evaluation and implementation of the standard. For emerging growth entities, the standard is effective for the fiscal years beginning after December 15, 2020 and interim periods within the fiscal years beginning after December 15, 2021. Early adoption is allowed, and the Company, as an emerging growth company, plans to early adopt the standard for the fiscal years beginning after December 15, 2019 and interim periods within the fiscal years beginning after December 15, 2020. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements . In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post implementation stages are expensed as the activities are performed. ASU 2018-15 is effective for public businesses for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. As an emerging growth company, the Company is permitted, and plans, to adopt the new standard for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments in ASU 2016-13 replace the current incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information. ASU 2016-13 is effective for SEC filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. As an emerging growth company, the Company is permitted, and plans, to adopt the new standard for the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements .

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The Company adopted Accounting Standards Codification 606 (“ASC 606”) on December 31, 2019, effective January 1, 2019, using the modified retrospective method. Accordingly, results for the year ended December 31, 2019 and periods thereafter are presented in accordance with ASC 606 while prior period results, including those presented below for the three months ended March 31, 2019, have not been adjusted and are reported under the previous revenue recognition guidance. Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Coiled tubing $ 20,731 $ 20,731 $ 38,643 $ — $ 38,643 Cement 48,637 48,637 53,258 — 53,258 Tools 32,223 32,223 53,715 — 53,715 Wireline 45,033 45,033 63,516 — 63,516 Well service — — — 20,573 20,573 Total revenues $ 146,624 $ 146,624 $ 209,132 $ 20,573 $ 229,705 Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Products (1) $ 32,223 $ 32,223 $ 53,715 $ — $ 53,715 Services (1) 114,401 114,401 155,417 20,573 175,990 Total revenues $ 146,624 $ 146,624 $ 209,132 $ 20,573 $ 229,705 (1) The Company recognizes revenues from the sales of products at a point in time and revenues from the sales of services over time. (2) The Production Solutions segment was sold to Brigade on August 30, 2019. For additional information on the Production Solutions divestiture, see Note 1 – Company and Organization . Performance Obligations At March 31, 2020 and December 31, 2019, the amount of remaining performance obligations were immaterial. Contract Balances At March 31, 2020 and December 31, 2019, contract assets and contract liabilities were immaterial.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, consisting primarily of finished goods and raw materials, are stated at the lower of cost or net realizable value. Cost is determined on an average cost basis. The Company reviews its inventory balances and writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. The reserve for obsolescence was $5.0 million and $5.4 million at March 31, 2020 and December 31, 2019 , respectively. Inventories, net as of March 31, 2020 and December 31, 2019 were comprised of the following: March 31, 2020 December 31, (in thousands) Raw materials $ 41,761 $ 38,823 Work in progress 434 — Finished goods 25,932 27,555 Inventories 68,127 66,378 Reserve for obsolescence (5,014 ) (5,433 ) Inventories, net $ 63,113 $ 60,945

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The changes in the net carrying amount of the components of goodwill for the three months ended March 31, 2020 were as follows: Goodwill Gross Value Accumulated Net (in thousands) Balance as of December 31, 2019 $ 408,732 $ (112,536 ) $ 296,196 Impairment — (296,196 ) (296,196 ) Balance as of March 31, 2020 $ 408,732 $ (408,732 ) $ — Q1 2020 Goodwill Impairment With a significant reduction in exploration and production capital budgets and activity, primarily driven by sharp declines in global crude oil demand and an economic recession associated with the coronavirus pandemic, as well as, sharp declines in oil and natural gas prices associated with international pricing and production disputes, the outlook for expected future cash flows associated with the Company’s reporting units decreased dramatically in the first quarter of 2020. Based on the above events, an indication of impairment associated with the Company’s reporting units occurred, triggering an interim goodwill impairment test of the Level 3 fair value of each reporting unit under Accounting Standards Codification 350, Intangibles - Goodwill and Other (“ASC 350”) at March 31, 2020. The Level 3 fair value of each reporting unit was determined by using the income approach (discounted cash flows of forecasted income) based on the Company’s best internal projections and the likelihood of various outcomes. Determining fair value requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating profit margins, weighted average cost of capital, terminal growth rates, future market share, the impact of new product development, and future market conditions, among others. The Company believes that the estimates and assumptions used in the interim goodwill impairment test are reasonable and appropriate. Based on its Level 3 fair value determination in connection with the interim goodwill impairment test under ASC 350, the Company recorded goodwill impairment charges of $296.2 million associated with its tools, cementing, and wireline reporting units. These charges represent a full write-off of goodwill and are primarily attributed to the events described above, coupled with an increased weighted average cost of capital driven by a reduction in the Company’s stock price and the Level 2 fair value of its Senior Notes (as defined in Note 8 – Debt Obligations ) at March 31, 2020. These charges are included in the line item “Impairment of goodwill” in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2020. Intangible Assets The changes in the net carrying value of the components of intangible assets for the three months ended March 31, 2020 were as follows: Customer Relationships Non- Compete Agreements Technology In-process R&D Total (in thousands, except weighted average amortization period information) Balance as of December 31, 2019 $ 32,536 $ 1,534 $ 113,921 $ 1,000 $ 148,991 Amortization expense (1,890 ) (100 ) (2,179 ) — (4,169 ) Balance as of March 31, 2020 $ 30,646 $ 1,434 $ 111,742 $ 1,000 $ 144,822 Weighted average amortization period 5.9 3.6 13.4 Indefinite Amortization of intangibles expense was $4.2 million and $4.7 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. Future estimated amortization of intangibles is as follows: Year Ending December 31, (in thousands) 2020 $ 12,298 2021 16,116 2022 13,463 2023 11,516 2024 11,183 Thereafter 79,246 Total $ 143,822 With a significant reduction in exploration and production capital budgets and activity, primarily driven by sharp declines in global crude oil demand and an economic recession associated with the coronavirus pandemic, as well as, sharp declines in oil and natural gas prices associated with international pricing and production disputes, the carrying amount of long-lived assets (inclusive of definite-lived intangible assets and property and equipment) associated with the Company’s asset groups may not be recoverable. As such, the Company performed an impairment assessment of long-lived assets in its asset groups under Accounting Standards Codification 360, Property, Plant and Equipment (“ASC 360”) at March 31, 2020, based on its best internal projections and the likelihood of various outcomes. Based on its assessment, the Company determined that the estimated future undiscounted cash flows derived from long-lived assets associated with its asset groups exceeded the carrying amount of long-lived assets associated with its asset groups, and no impairment to long-lived assets was required. However, the occurrence of future events or deteriorating market conditions could result in additional impairment assessments under ASC 360 subsequent to March 31, 2020.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses as of March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 December 31, 2019 (in thousands) Accrued compensation and benefits $ 9,346 $ 7,009 Accrued interest 14,333 6,091 Accrued bonus — 5,043 Accrued sales tax 606 820 Contingent liabilities 206 391 Other accrued expenses 4,607 5,376 Accrued expenses $ 29,098 $ 24,730

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The Company’s debt obligations as of March 31, 2020 and December 31, 2019 were as follows: March 31, December 31, (in thousands) Senior Notes $ 386,171 $ 400,000 2018 ABL Credit Facility — — Total debt before deferred financing costs $ 386,171 $ 400,000 Deferred financing costs (7,164 ) (7,941 ) Total debt $ 379,007 $ 392,059 Less: Current portion of long-term debt — — Long-term debt $ 379,007 $ 392,059 Senior Notes Background On October 25, 2018, the Company issued $400.0 million principal amount of 8.750% Senior Notes due 2023 (the “Senior Notes”). The Senior Notes were issued under an indenture, dated as of October 25, 2018 (the “Indenture”), by and among the Company, certain subsidiaries of the Company and Wells Fargo, National Association, as Trustee. The Senior Notes bear interest at an annual rate of 8.750% payable on May 1 and November 1 of each year, and the first interest payment was due on May 1, 2019. The Senior Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by each of the Company’s current domestic subsidiaries and by certain future subsidiaries. The Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to engage in certain activities. The Company was in compliance with the provisions of the Indenture at March 31, 2020 . Upon an event of default, the trustee or the holders of at least 25% in aggregate principal amount of then outstanding Senior Notes may declare the Senior Notes immediately due and payable, except that a default resulting from certain events of bankruptcy or insolvency with respect to the Company, any restricted subsidiary of the Company that is a significant subsidiary or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary, will automatically cause all outstanding Senior Notes to become due and payable. Unamortized deferred financing costs associated with the Senior Notes were $7.2 million and $7.9 million at March 31, 2020 and December 31, 2019 , respectively. These costs are direct deductions from the carrying amount of the Senior Notes and are being amortized through interest expense through the maturity date of the Senior Notes using the effective interest method. Extinguishment of Debt In the first quarter of 2020, the Company repurchased approximately $13.8 million of the Senior Notes for a repurchase price of approximately $3.5 million in cash. As a result, the Company recorded a $10.1 million gain on extinguishment of debt which was calculated as the difference between the repurchase price and the carrying amount of the Senior Notes partially offset by $0.2 million in deferred financing costs. The gain on extinguishment of debt is included as a separate line item in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2020. Subsequent to March 31, 2020, the Company repurchased an additional $15.9 million of the Senior Notes for a repurchase price of approximately $3.9 million in cash. 2018 ABL Credit Facility On October 25, 2018, the Company entered into a credit agreement dated as of October 25, 2018 (the “2018 ABL Credit Agreement”), by and among the Company, Nine Energy Canada, Inc., JP Morgan Chase Bank, N.A. as administrative agent and as an issuing lender, and certain other financial institutions party thereto as lenders and issuing lenders. The 2018 ABL Credit Agreement permits aggregate borrowings of up to $200.0 million , subject to a borrowing base, including a Canadian tranche with a sub-limit of up to $25.0 million and a sub-limit of $50.0 million for letters of credit (the “2018 ABL Credit Facility”). The 2018 ABL Credit Facility will mature on October 25, 2023 or, if earlier, on the date that is 180 days before the scheduled maturity date of the Senior Notes if they have not been redeemed or repurchased by such date. Loans to the Company and its domestic related subsidiaries (the “U.S. Credit Parties”) under the 2018 ABL Credit Facility may be base rate loans or LIBOR loans; and loans to Nine Energy Canada Inc., a corporation organized under the laws of Alberta, Canada, and its restricted subsidiaries (the “Canadian Credit Parties”) under the Canadian tranche may be Canadian Dollar Offered Rate (“CDOR”) loans or Canadian prime rate loans. The applicable margin for base rate loans and Canadian prime rate loans vary from 0.75% to 1.25% , and the applicable margin for LIBOR loans or CDOR loans vary from 1.75% to 2.25% , in each case depending on the Company’s leverage ratio. In addition, a commitment fee of 0.50% per annum will be charged on the average daily unused portion of the revolving commitments. The 2018 ABL Credit Agreement contains various affirmative and negative covenants, including financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, dividends and other restricted payments, investments (including acquisitions), and transactions with affiliates. In addition, the 2018 ABL Credit Agreement contains a minimum fixed charge ratio covenant of 1.00 to 1.00 that is tested quarterly when the availability under the 2018 ABL Credit Facility drops below $18.75 million or a default has occurred until the availability exceeds such threshold for 30 consecutive days and such default is no longer outstanding. The Company was in compliance with all covenants under the 2018 ABL Credit Agreement at March 31, 2020 . All of the obligations under the 2018 ABL Credit Facility are secured by first priority perfected security interests (subject to permitted liens) in substantially all of the personal property of U.S. Credit Parties, excluding certain assets. The obligations under the Canadian tranche are further secured by first priority perfected security interests (subject to permitted liens) in substantially all of the personal property of Canadian Credit Parties, excluding certain assets. The 2018 ABL Credit Facility is guaranteed by the U.S. Credit Parties, and the Canadian tranche is further guaranteed by the Canadian Credit Parties and the U.S. Credit Parties. At March 31, 2020 , the Company’s availability under the 2018 ABL Credit Facility was approximately $93.5 million , net of an outstanding letter of credit of $0.2 million . Fair Value of Debt Instruments The estimated fair value of the Company’s debt obligations as of March 31, 2020 and December 31, 2019 was as follows: March 31, 2020 December 31, 2019 (in thousands) Senior Notes $ 96,581 $ 324,000 2018 ABL Credit Facility $ — $ — The fair value of the Senior Notes is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The 2018 ABL Credit Facility is also classified within Level 2 of the fair value hierarchy. The fair value of the 2018 ABL Credit Facility approximates its carrying value.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company leases office space, yard facilities, and equipment and purchases building maintenance services from entities owned by David Crombie, an executive officer of the Company. Total lease expense and building maintenance expense associated with these entities was $0.2 million for both the three months ended March 31, 2020 and March 31, 2019 . The Company also purchased $0.1 million of equipment during both the three months ended March 31, 2020 and March 31, 2019 , from an entity in which Mr. Crombie is a limited partner. There were outstanding payables due to this entity relating to equipment purchases of $0.1 million at both March 31, 2020 and December 31, 2019. In addition, the Company leases office space in Corpus Christi and Midland, Texas from an entity affiliated with Lynn Frazier, a beneficial owner of more than 5% of the Company’s stock. Total rental expense associated with this office space was $0.3 million and $0.4 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. The Company purchases cable for its wireline trucks from an entity owned by Forum Energy Technologies (“Forum”). Two of the Company’s directors serve as directors of Forum. The Company was billed $0.4 million for both the three months ended March 31, 2020 and March 31, 2019 . There was an outstanding payable due to the entity of $0.2 million and $0.3 million at March 31, 2020 and December 31, 2019, respectively. The Company purchases coiled tubing string from another entity owned by Forum. The Company was billed $1.9 million and $2.3 million for coiled tubing string during the three months ended March 31, 2020 and March 31, 2019 , respectively. There was an outstanding payable due to the entity of $1.0 million and $0.9 million at March 31, 2020 and December 31, 2019, respectively. The Company purchases chemical additives used in cementing from Select Energy Services, Inc. (“Select”). One of the Company’s directors also serves as a director of Select. The Company was billed $0.6 million both for the three months ended March 31, 2020 and March 31, 2019 . There was an outstanding payable due to Select of $0.2 million and $0.1 million at March 31, 2020 and December 31, 2019, respectively. The Company provides products and rentals to National Energy Services, Inc. (“NESR”). One of the Company’s directors serves as a director of NESR. The Company billed $0.3 million and $0.0 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. There was an outstanding receivable due to the Company from NESR of $6.7 million and $6.8 million at March 31, 2020 and December 31, 2019, respectively. On June 5, 2019, Ann G. Fox, President and Chief Executive Officer and a director of the Company, was elected as a director of Devon Energy Corporation (“Devon”). The Company generated revenue from Devon of $1.7 million and $5.5 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. There was an outstanding receivable due from Devon of $0.9 million and $1.0 million at March 31, 2020 and December 31, 2019, respectively.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	Commitments and Contingencies Litigation From time to time, the Company has various claims, lawsuits, and administrative proceedings that are pending or threatened with respect to personal injury, workers’ compensation, contractual matters, and other matters. Although no assurance can be given with respect to the outcome of these claims, lawsuits, or proceedings or the effect such outcomes may have, the Company believes any ultimate liability resulting from the outcome of such claims, lawsuits, or administrative proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on its business, operating results, or financial condition. Self-insurance The Company uses a combination of third-party insurance and self-insurance for health insurance claims. The self-insured liability represents an estimate of the undiscounted ultimate cost of uninsured claims incurred as of the balance sheet date. The estimate is based on an analysis of trailing months of incurred medical claims to project the amount of incurred but not reported claims liability. The estimated liability for self-insured medical claims was $1.7 million and $1.8 million at March 31, 2020 and December 31, 2019 , respectively, and is included under the caption “Accrued expenses” on the Condensed Consolidated Balance Sheets . Although the Company does not expect the amounts ultimately paid to differ significantly from the estimates, the self-insurance liability could be affected if future claims experience differs significantly from historical trends and actuarial assumptions. Contingent Liabilities The Company has recorded the following contingent liabilities at March 31, 2020 : Magnum Earnout On October 25, 2018, pursuant to the terms of a Securities Purchase Agreement, dated October 15, 2018 (as amended on June 7, 2019, the “Magnum Purchase Agreement”), the Company acquired all of the equity interests of Magnum Oil Tools International, LTD, Magnum Oil Tools GP, LLC, and Magnum Oil Tools Canada Ltd. (such entities collectively, “Magnum”). The Magnum Purchase Agreement included the potential for additional future payments in cash of (i) up to 60% of net income (before interest, taxes, and certain gains or losses) for the “E-Set” tools business in 2019 through 2026 and (ii) up to $25.0 million based on sales of certain dissolvable plug products in 2019. In 2019, the Company did not meet the sales requirement of certain dissolvable plug products during the year. Frac Tech Earnout On October 1, 2018, pursuant to the terms and conditions of a Securities Purchase Agreement (the “Frac Tech Purchase Agreement”), the Company acquired Frac Technology AS, a Norwegian private limited company (“Frac Tech”) focused on the development of downhole technology, including a casing flotation tool and a number of patented downhole completion tools. The Frac Tech Purchase Agreement includes, among other things, the potential for additional future payments, based on certain Frac Tech sales volume metrics through December 31, 2023. Magnum Frac Tech Total (in thousands) Balance at December 31, 2019 $ 2,609 $ 1,359 $ 3,968 Revaluation adjustments 141 (567 ) (426 ) Payments — (98 ) (98 ) Balance at March 31, 2020 $ 2,750 $ 694 $ 3,444 The contingent consideration related to the contingent liabilities is reported at fair value, based on a Monte Carlo simulation model. Significant inputs used in the fair value measurement include estimated gross margin related to forecasted sales of the plugs, term of the agreement, and a risk adjusted discount factor. Contingent liabilities include $0.2 million and $0.4 million reported in “Accrued expenses” at March 31, 2020 and December 31, 2019 , respectively, and $3.2 million and $3.6 million reported in “Other long-term liabilities” at March 31, 2020 and December 31, 2019 , respectively, in the Company’s Condensed Consolidated Balance Sheets . The impact of the revaluation adjustments is included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) .

Taxes

Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Taxes	Taxes Income tax expense (benefit) included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) was as follows: Three Months Ended March 31, 2020 2019 (in thousands, except percentages) Income tax expense (benefit) $ (2,125 ) $ 460 Effective tax rate 0.7 % 2.6 % The Company’s tax provision prior to the discrete tax impact discussed below was approximately $0.3 million , primarily attributable to state and non-U.S. income taxes. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act was signed into law which, among other provisions, provides a five-year carryback of certain net operating losses. As a result, during the three months ended March 31, 2020, the Company recorded the tax benefit from the ability to carryback some of its net operating losses. In addition, the goodwill impairment recorded during the three months ended March 31, 2020 resulted in the release of some of the Company’s valuation allowance previously recorded. The total discrete impact for the three months ended March 31, 2020 was an income tax benefit of approximately $2.4 million .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is based on the weighted average number of shares outstanding during each period and the exercise of potentially dilutive stock options assumed to be purchased from the proceeds using the average market price of the Company’s stock for each of the periods presented as well as the potentially dilutive restricted stock, restricted stock units, and performance stock units. Basic and diluted earnings (loss) per common share was computed as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Net Loss Average Shares Outstanding Loss Per Share Net Income Average Shares Outstanding Earnings Per Share (in thousands, except share and per share amounts) Basic $ (300,900 ) 29,430,475 $ (10.22 ) $ 17,310 29,150,996 $ 0.59 Assumed exercise of stock options — — — — 2,709 — Unvested restricted stock and stock units — — — — 318,048 — Diluted $ (300,900 ) 29,430,475 $ (10.22 ) $ 17,310 29,471,753 $ 0.59 For the three months ended March 31, 2020 , the computation of diluted earnings (loss) per share excluded all stock options, unvested restricted stock, unvested restricted stock units, and unvested performance stock units because their inclusion would be anti-dilutive given the Company was in a net loss position. The average number of securities that were excluded from diluted earnings (loss) per share that would potentially dilute earnings per share for the periods in which the Company experienced a net loss were as follows: 2020 2019 Three months ended March 31, 119,075 —

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information On August 30, 2019, the Company sold its Production Solutions segment to Brigade. For additional information on the Production Solutions divestiture, see Note 1 – Company and Organization . Prior to August 30, 2019, the Company reported its results in two segments, the Completions Solutions segment and the Production Solutions segment. As a result of the Company’s sale of its Production Solutions segment, the Company considers the Completion Solutions segment to be its operating and reporting segment. This segmentation is representative of the manner in which the Chief Operating Decision Maker (“CODM”) and its Board of Directors view the business in allocating resources and measuring financial performance. The Company considers the CODM to be its Chief Executive Officer. The amounts labeled “Corporate” relate to assets not allocated to either the Completion Solutions segment or the Production Solutions segment. Three Months Ended March 31, 2020 2019 (in thousands) Revenues Completion Solutions $ 146,624 $ 209,132 Production Solutions — 20,573 $ 146,624 $ 229,705 Cost of revenues (exclusive of depreciation and amortization shown separately below) Completion Solutions $ 126,008 $ 161,439 Production Solutions — 17,151 $ 126,008 $ 178,590 Adjusted gross profit Completion Solutions $ 20,616 $ 47,693 Production Solutions — 3,422 $ 20,616 $ 51,115 General and administrative expenses 16,395 19,939 Depreciation 8,541 13,530 Amortization of intangibles 4,169 4,688 Impairment of goodwill 296,196 — Gain on revaluation of contingent liabilities (426 ) (13,955 ) Gain on sale of property and equipment (575 ) (23 ) Income (loss) from operations $ (303,684 ) $ 26,936 Non-operating (income) expenses (659 ) 9,166 Income (loss) before income taxes (303,025 ) 17,770 Provision (benefit) for income taxes (2,125 ) 460 Net income (loss) $ (300,900 ) $ 17,310 Capital expenditures by segment for the three months ended March 31, 2020 and 2019 , were as follows: Three Months Ended March 31, 2020 2019 (in thousands) Completion Solutions $ 1,423 $ 22,478 Production Solutions — 914 Corporate — 55 $ 1,423 $ 23,447 Total assets by segment as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 (in thousands) Completion Solutions $ 435,827 $ 739,142 Corporate 99,181 111,753 $ 535,008 $ 850,895

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements have not been audited by the Company’s independent registered public accounting firm, except that the Condensed Consolidated Balance Sheet at December 31, 2019 and the Condensed Consolidated Statement of Stockholders’ Equity as of December 31, 2019 and 2018 are derived from audited consolidated financial statements . In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for the fair statement of the Company’s financial position have been included. These condensed consolidated financial statements include all accounts of the Company. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. 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 financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2019 , which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Nine and its wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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. Actual results could differ from those estimates. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future. Such estimates include fair value assumptions used in purchase accounting and in analyzing goodwill, definite and indefinite-lived intangible assets, and property and equipment for possible impairment, useful lives used in depreciation and amortization expense, stock-based compensation fair value, estimated realizable value on excess and obsolete inventories, deferred taxes and income tax contingencies, and losses on accounts receivable. It is at least reasonably possible that the estimates used will change within the next year.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. These reclassifications primarily relate to presenting “Revenues” and “Cost of revenues” by product and service and by presenting “Interest income” as a separate line item in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) .
New Accounting Standards	New Accounting Standards Accounting Pronouncements Recently Adopted In August 2018, the Financial Accounting Standards Board (the “FASB”) issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The standard is required to be applied retrospectively, except the new Level 3 disclosure requirements are applied prospectively. The Company adopted ASU 2018-13 in the first quarter of 2020, and it had an immaterial impact on the Company’s condensed consolidated financial statements . Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard, which requires the use of a modified retrospective transition approach, includes a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued a new, optional transition method that will give companies the option to use the effective date as the date of initial application on transition. Based on initial evaluation, the Company expects to include operating leases with durations greater than twelve months on its Condensed Consolidated Balance Sheets . The Company is currently in the process of accumulating and evaluating all the necessary information required to properly account for its lease portfolio under the new standard. The Company will provide additional information about the expected financial impact as it progresses through the evaluation and implementation of the standard. For emerging growth entities, the standard is effective for the fiscal years beginning after December 15, 2020 and interim periods within the fiscal years beginning after December 15, 2021. Early adoption is allowed, and the Company, as an emerging growth company, plans to early adopt the standard for the fiscal years beginning after December 15, 2019 and interim periods within the fiscal years beginning after December 15, 2020. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements . In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post implementation stages are expensed as the activities are performed. ASU 2018-15 is effective for public businesses for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. As an emerging growth company, the Company is permitted, and plans, to adopt the new standard for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments in ASU 2016-13 replace the current incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information. ASU 2016-13 is effective for SEC filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. As an emerging growth company, the Company is permitted, and plans, to adopt the new standard for the fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements .

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Coiled tubing $ 20,731 $ 20,731 $ 38,643 $ — $ 38,643 Cement 48,637 48,637 53,258 — 53,258 Tools 32,223 32,223 53,715 — 53,715 Wireline 45,033 45,033 63,516 — 63,516 Well service — — — 20,573 20,573 Total revenues $ 146,624 $ 146,624 $ 209,132 $ 20,573 $ 229,705 Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Products (1) $ 32,223 $ 32,223 $ 53,715 $ — $ 53,715 Services (1) 114,401 114,401 155,417 20,573 175,990 Total revenues $ 146,624 $ 146,624 $ 209,132 $ 20,573 $ 229,705 (1) The Company recognizes revenues from the sales of products at a point in time and revenues from the sales of services over time. (2) The Production Solutions segment was sold to Brigade on August 30, 2019. For additional information on the Production Solutions divestiture, see Note 1 – Company and Organization .

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net as of March 31, 2020 and December 31, 2019 were comprised of the following: March 31, 2020 December 31, (in thousands) Raw materials $ 41,761 $ 38,823 Work in progress 434 — Finished goods 25,932 27,555 Inventories 68,127 66,378 Reserve for obsolescence (5,014 ) (5,433 ) Inventories, net $ 63,113 $ 60,945

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Net Carrying Amount of Components of Goodwill	The changes in the net carrying amount of the components of goodwill for the three months ended March 31, 2020 were as follows: Goodwill Gross Value Accumulated Net (in thousands) Balance as of December 31, 2019 $ 408,732 $ (112,536 ) $ 296,196 Impairment — (296,196 ) (296,196 ) Balance as of March 31, 2020 $ 408,732 $ (408,732 ) $ —
Schedule of Changes in Net Carrying Amount of Components of Intangible Assets	The changes in the net carrying value of the components of intangible assets for the three months ended March 31, 2020 were as follows: Customer Relationships Non- Compete Agreements Technology In-process R&D Total (in thousands, except weighted average amortization period information) Balance as of December 31, 2019 $ 32,536 $ 1,534 $ 113,921 $ 1,000 $ 148,991 Amortization expense (1,890 ) (100 ) (2,179 ) — (4,169 ) Balance as of March 31, 2020 $ 30,646 $ 1,434 $ 111,742 $ 1,000 $ 144,822 Weighted average amortization period 5.9 3.6 13.4 Indefinite
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future estimated amortization of intangibles is as follows: Year Ending December 31, (in thousands) 2020 $ 12,298 2021 16,116 2022 13,463 2023 11,516 2024 11,183 Thereafter 79,246 Total $ 143,822 With a significant reduction in exploration and production capital budgets and activity, primarily driven by sharp declines in global crude oil demand and an economic recession associated with the coronavirus pandemic, as well as, sharp declines in oil and natural gas prices associated with international pricing and production disputes, the carrying amount of long-lived assets (inclusive of definite-lived intangible assets and property and equipment) associated with the Company’s asset groups may not be recoverable. As such, the Company performed an impairment assessment of long-lived assets in its asset groups under Accounting Standards Codification 360, Property, Plant and Equipment (“ASC 360”) at March 31, 2020, based on its best internal projections and the likelihood of various outcomes. Based on its assessment, the Company determined that the estimated future undiscounted cash flows derived from long-lived assets associated with its asset groups exceeded the carrying amount of long-lived assets associated with its asset groups, and no impairment to long-lived assets was required. However, the occurrence of future events or deteriorating market conditions could result in additional impairment assessments under ASC 360 subsequent to March 31, 2020.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses as of March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 December 31, 2019 (in thousands) Accrued compensation and benefits $ 9,346 $ 7,009 Accrued interest 14,333 6,091 Accrued bonus — 5,043 Accrued sales tax 606 820 Contingent liabilities 206 391 Other accrued expenses 4,607 5,376 Accrued expenses $ 29,098 $ 24,730

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Debt Obligations	The Company’s debt obligations as of March 31, 2020 and December 31, 2019 were as follows: March 31, December 31, (in thousands) Senior Notes $ 386,171 $ 400,000 2018 ABL Credit Facility — — Total debt before deferred financing costs $ 386,171 $ 400,000 Deferred financing costs (7,164 ) (7,941 ) Total debt $ 379,007 $ 392,059 Less: Current portion of long-term debt — — Long-term debt $ 379,007 $ 392,059
Summary of Fair Value of Debt Obligations	The estimated fair value of the Company’s debt obligations as of March 31, 2020 and December 31, 2019 was as follows: March 31, 2020 December 31, 2019 (in thousands) Senior Notes $ 96,581 $ 324,000 2018 ABL Credit Facility $ — $ —

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contingent Liabilities	Magnum Frac Tech Total (in thousands) Balance at December 31, 2019 $ 2,609 $ 1,359 $ 3,968 Revaluation adjustments 141 (567 ) (426 ) Payments — (98 ) (98 ) Balance at March 31, 2020 $ 2,750 $ 694 $ 3,444

Taxes (Tables)

Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense (benefit) included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss) was as follows: Three Months Ended March 31, 2020 2019 (in thousands, except percentages) Income tax expense (benefit) $ (2,125 ) $ 460 Effective tax rate 0.7 % 2.6 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Table)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of Basic and Diluted Income (Loss) per Common Share	Basic and diluted earnings (loss) per common share was computed as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Net Loss Average Shares Outstanding Loss Per Share Net Income Average Shares Outstanding Earnings Per Share (in thousands, except share and per share amounts) Basic $ (300,900 ) 29,430,475 $ (10.22 ) $ 17,310 29,150,996 $ 0.59 Assumed exercise of stock options — — — — 2,709 — Unvested restricted stock and stock units — — — — 318,048 — Diluted $ (300,900 ) 29,430,475 $ (10.22 ) $ 17,310 29,471,753 $ 0.59
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The average number of securities that were excluded from diluted earnings (loss) per share that would potentially dilute earnings per share for the periods in which the Company experienced a net loss were as follows: 2020 2019 Three months ended March 31, 119,075 —

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Financial Data by Segment	e amounts labeled “Corporate” relate to assets not allocated to either the Completion Solutions segment or the Production Solutions segment. Three Months Ended March 31, 2020 2019 (in thousands) Revenues Completion Solutions $ 146,624 $ 209,132 Production Solutions — 20,573 $ 146,624 $ 229,705 Cost of revenues (exclusive of depreciation and amortization shown separately below) Completion Solutions $ 126,008 $ 161,439 Production Solutions — 17,151 $ 126,008 $ 178,590 Adjusted gross profit Completion Solutions $ 20,616 $ 47,693 Production Solutions — 3,422 $ 20,616 $ 51,115 General and administrative expenses 16,395 19,939 Depreciation 8,541 13,530 Amortization of intangibles 4,169 4,688 Impairment of goodwill 296,196 — Gain on revaluation of contingent liabilities (426 ) (13,955 ) Gain on sale of property and equipment (575 ) (23 ) Income (loss) from operations $ (303,684 ) $ 26,936 Non-operating (income) expenses (659 ) 9,166 Income (loss) before income taxes (303,025 ) 17,770 Provision (benefit) for income taxes (2,125 ) 460 Net income (loss) $ (300,900 ) $ 17,310 Capital expenditures by segment for the three months ended March 31, 2020 and 2019 , were as follows: Three Months Ended March 31, 2020 2019 (in thousands) Completion Solutions $ 1,423 $ 22,478 Production Solutions — 914 Corporate — 55 $ 1,423 $ 23,447 Total assets by segment as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 (in thousands) Completion Solutions $ 435,827 $ 739,142 Corporate 99,181 111,753 $ 535,008 $ 850,895

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 146,624	$ 229,705
Coiled tubing
Disaggregation of Revenue [Line Items]
Revenues	20,731	38,643
Cement
Disaggregation of Revenue [Line Items]
Revenues	48,637	53,258
Tools
Disaggregation of Revenue [Line Items]
Revenues	32,223	53,715
Wireline
Disaggregation of Revenue [Line Items]
Revenues	45,033	63,516
Well service
Disaggregation of Revenue [Line Items]
Revenues	0	20,573
Product
Disaggregation of Revenue [Line Items]
Revenues	32,223	53,715
Service
Disaggregation of Revenue [Line Items]
Revenues	114,401	175,990
Completion Solutions
Disaggregation of Revenue [Line Items]
Revenues	146,624	209,132
Completion Solutions | Coiled tubing
Disaggregation of Revenue [Line Items]
Revenues	20,731	38,643
Completion Solutions | Cement
Disaggregation of Revenue [Line Items]
Revenues	48,637	53,258
Completion Solutions | Tools
Disaggregation of Revenue [Line Items]
Revenues	32,223	53,715
Completion Solutions | Wireline
Disaggregation of Revenue [Line Items]
Revenues	45,033	63,516
Completion Solutions | Well service
Disaggregation of Revenue [Line Items]
Revenues	0	0
Completion Solutions | Product
Disaggregation of Revenue [Line Items]
Revenues	32,223	53,715
Completion Solutions | Service
Disaggregation of Revenue [Line Items]
Revenues	114,401	155,417
Production Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 0	20,573
Production Solutions | Coiled tubing
Disaggregation of Revenue [Line Items]
Revenues		0
Production Solutions | Cement
Disaggregation of Revenue [Line Items]
Revenues		0
Production Solutions | Tools
Disaggregation of Revenue [Line Items]
Revenues		0
Production Solutions | Wireline
Disaggregation of Revenue [Line Items]
Revenues		0
Production Solutions | Well service
Disaggregation of Revenue [Line Items]
Revenues		20,573
Production Solutions | Product
Disaggregation of Revenue [Line Items]
Revenues		0
Production Solutions | Service
Disaggregation of Revenue [Line Items]
Revenues		$ 20,573

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 41,761	$ 38,823
Work in progress	434	0
Finished goods	25,932	27,555
Inventories	68,127	66,378
Reserve for obsolescence	(5,014)	(5,433)
Inventories, net	$ 63,113	$ 60,945

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill [Roll Forward]
Gross Value, beginning balance	$ 408,732
Accumulated Impairment Loss, beginning balance	(112,536)
Net, beginning balance	296,196
Impairment	(296,196)	$ 0
Gross Value, ending balance	408,732
Accumulated Impairment Loss, ending balance	(408,732)
Net, ending balance	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 296,196,000	$ 0
Amortization of intangibles	4,169,000	$ 4,688,000
Impairment of long-lived assets	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Beginning balance	$ 148,991
Amortization of intangibles	(4,169)	$ (4,688)
Finite-lived intangible assets, Ending balance	143,822
Indefinite-lived intangible assets, Ending balance	144,822
In-process R&D
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Beginning balance	1,000
Indefinite-lived intangible assets, Ending balance	1,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Beginning balance	32,536
Amortization of intangibles	(1,890)
Finite-lived intangible assets, Ending balance	$ 30,646
Finite-lived intangible assets, weighted average amortization period	5 years 11 months 1 day
Non- Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Beginning balance	$ 1,534
Amortization of intangibles	(100)
Finite-lived intangible assets, Ending balance	$ 1,434
Finite-lived intangible assets, weighted average amortization period	3 years 7 months 8 days
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Beginning balance	$ 113,921
Amortization of intangibles	(2,179)
Finite-lived intangible assets, Ending balance	$ 111,742
Finite-lived intangible assets, weighted average amortization period	13 years 5 months

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Estimated Amortization of Intangibles (Details) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 12,298
2021	16,116
2022	13,463
2023	11,516
2024	11,183
Thereafter	79,246
Total	$ 143,822

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 9,346	$ 7,009
Accrued interest	14,333	6,091
Accrued bonus	0	5,043
Accrued sales tax	606	820
Contingent liabilities	206	391
Other accrued expenses	4,607	5,376
Accrued expenses	$ 29,098	$ 24,730

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Total debt before deferred financing costs	$ 386,171	$ 400,000
Deferred financing costs	(7,164)	(7,941)
Total debt	379,007	392,059
Less: Current portion of long-term debt	0	0
Long-term debt	379,007	392,059
Senior Notes
Line of Credit Facility [Line Items]
Total debt before deferred financing costs	386,171	400,000
2018 ABL Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Total debt before deferred financing costs	$ 0	$ 0

Debt Obligations - Additional I

Debt Obligations - Additional Information (Details)	Oct. 25, 2018USD ($)	May 07, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Deferred financing costs			$ 7,164,000			$ 7,941,000
Gain on extinguishment of debt			10,116,000	$ 0
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Debt instrument, interest rate	8.75%
Default trigger percentage					25.00%
Repurchased debt amount			13,800,000
Repurchase price			3,500,000
Gain on extinguishment of debt			10,100,000
Deferred financing costs			$ 200,000
2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Commitment fee percentage			0.50%
Debt covenant, fixed charge covenant, ratio			1
Maximum remaining borrowing capacity, that does not require quarterly testing			$ 18,750,000
Current borrowing capacity			93,500,000
Canadian Tranche | 2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	25,000,000
Letter of Credit | 2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
2018 IPO Term Loan Credit Facility
Debt Instrument [Line Items]
Outstanding letter of credit			$ 200,000
Minimum | LIBOR | Canadian Tranche | 2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Applicable margin for base rate loans	0.75%
Minimum | LIBOR | Letter of Credit | 2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Applicable margin for base rate loans	1.75%
Maximum | LIBOR | Canadian Tranche | 2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Applicable margin for base rate loans	1.25%
Maximum | LIBOR | Letter of Credit | 2018 ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Applicable margin for base rate loans	2.25%
Subsequent Event | Senior Notes
Debt Instrument [Line Items]
Repurchased debt amount		$ 15,900,000
Repurchase price		$ 3,900,000

Debt Obligations - Fair Value o

Debt Obligations - Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Senior Notes
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 96,581	$ 324,000
Line of Credit | 2018 ABL Credit Facility
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lynn Frazier
Related Party Transaction [Line Items]
Beneficial owners of entity stock, percentage owned	5.00%
Rent expense	$ 0.3	$ 0.4
Forum Energy Technologies
Related Party Transaction [Line Items]
Billings to related party	0.4	0.4
Due to related party	0.2		$ 0.3
Entity Owned By Forum Energy Technologies
Related Party Transaction [Line Items]
Billings to related party	1.9	2.3
Due to related party	1		0.9
Select Energy Services, Inc.
Related Party Transaction [Line Items]
Billings to related party	0.6	0.6
Due to related party	0.2		0.1
National Energy Services Reunited
Related Party Transaction [Line Items]
Due from related parties	6.7		6.8
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties	1.7	5.5
Due from related parties	0.9		1
Mr. Crombie
Related Party Transaction [Line Items]
Lease and building maintenance expense	0.2	0.2
Payments to acquire equipment	0.1	0.1
Equipment | Mr. Crombie
Related Party Transaction [Line Items]
Payables due to entities	0.1		$ 0.1
Products and Rentals | National Energy Services Reunited
Related Party Transaction [Line Items]
Billings to related party	$ 0.3	$ 0

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Oct. 25, 2018
Loss Contingencies [Line Items]
Contingent liabilities	$ 3,444	$ 3,968
Accrued Expenses
Loss Contingencies [Line Items]
Contingent liabilities	200	400
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Contingent liabilities	3,200	3,600
Scorpion | Accrued Expenses
Loss Contingencies [Line Items]
Estimated liability for self-insured medical claims	1,700	1,800
Magnum
Loss Contingencies [Line Items]
Percentage of net income on potential future cash payments			60.00%
Value of potential future cash payments			$ 25,000
Contingent liabilities	$ 2,750	$ 2,609

Commitment and Contingencies _2

Commitment and Contingencies - Contingent Consideration (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 3,968
Revaluation adjustments	(426)
Loss Contingency Accrual, Payments	(98)
Ending balance	3,444
Magnum
Loss Contingency Accrual [Roll Forward]
Beginning balance	2,609
Revaluation adjustments	141
Loss Contingency Accrual, Payments	0
Ending balance	2,750
Frac Tech
Loss Contingency Accrual [Roll Forward]
Beginning balance	1,359
Revaluation adjustments	(567)
Loss Contingency Accrual, Payments	(98)
Ending balance	$ 694

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (2,125)	$ 460
Effective tax rate	0.70%	2.60%
Income tax expense prior to the CARES Act	$ 300
Income tax benefit related to the CARES Act	$ 2,400

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (300,900)	$ 17,310
Average Shares Outstanding, Basic (in shares)	29,430,475	29,150,996
Earnings Per Share, Basic (in usd per share)	$ (10.22)	$ 0.59
Assumed exercise of stock options (in shares)	0	2,709
Unvested restricted stock (in shares)	0	318,048
Average Shares Outstanding, Diluted (in shares)	29,430,475	29,471,753
Earnings Per Share, Diluted (in usd per share)	$ (10.22)	$ 0.59

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	119,075	0

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		8 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Aug. 31, 2019segment	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment			2
Revenues	$ 146,624	$ 229,705
Cost of revenues (exclusive of depreciation and amortization shown separately below)	126,008	178,590
Adjusted gross profit	20,616	51,115
General and administrative expenses	16,395	19,939
Depreciation	8,541	13,530
Amortization of intangibles	4,169	4,688
Impairment of goodwill	296,196	0
Gain on revaluation of contingent liabilities	(426)	(13,955)
Gain on sale of property and equipment	(575)	(23)
Income (loss) from operations	(303,684)	26,936
Non-operating (income) expenses	(659)	9,166
Income (loss) before income taxes	(303,025)	17,770
Provision (benefit) for income taxes	(2,125)	460
Net income (loss)	(300,900)	17,310
Capital expenditures	1,423	23,447
Total Assets	535,008			$ 850,895
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	0	55
Total Assets	99,181			111,753
Completion Solutions
Segment Reporting Information [Line Items]
Revenues	146,624	209,132
Cost of revenues (exclusive of depreciation and amortization shown separately below)	126,008	161,439
Adjusted gross profit	20,616	47,693
Completion Solutions | Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	1,423	22,478
Total Assets	435,827			$ 739,142
Production Solutions
Segment Reporting Information [Line Items]
Revenues	0	20,573
Cost of revenues (exclusive of depreciation and amortization shown separately below)	0	17,151
Adjusted gross profit	0	3,422
Production Solutions | Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	$ 0	$ 914