Nine Energy Service (NINE) 10-Q6 Nov 202020 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38347
Entity Registrant Name	Nine Energy Service, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0759121
Entity Address, Address Line One	2001 Kirby Drive, Suite 200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77019
City Area Code	281
Local Phone Number	730-5100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NINE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,561,578
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001532286
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 80,338	$ 92,989
Accounts receivable, net	34,805	96,889
Income taxes receivable	1,246	660
Inventories, net	52,683	60,945
Prepaid expenses and other current assets	19,526	17,434
Total current assets	188,598	268,917
Property and equipment, net	108,986	128,604
Intangible assets, net	136,615	148,991
Goodwill	0	296,196
Other long-term assets	4,260	8,187
Total assets	438,459	850,895
Current liabilities
Accounts payable	10,022	35,490
Accrued expenses	23,236	24,730
Current portion of long-term debt	844	0
Current portion of capital lease obligations	1,067	995
Total current liabilities	35,169	61,215
Long-term liabilities
Long-term debt	343,036	392,059
Deferred income taxes	0	1,588
Long-term capital lease obligations	1,391	2,201
Other long-term liabilities	5,264	3,955
Total liabilities	384,860	461,018
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock (120,000,000 shares authorized at $0.01 par value; 31,570,926 and 30,555,677 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively)	316	306
Additional paid-in capital	766,402	758,853
Accumulated other comprehensive loss	(4,731)	(4,467)
Accumulated deficit	(708,388)	(364,815)
Total stockholders’ equity	53,599	389,877
Total liabilities and stockholders’ equity	$ 438,459	$ 850,895

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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)	31,570,926	30,555,677
Common stock, shares outstanding (in shares)	31,570,926	30,555,677

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 49,521	$ 202,305	$ 248,880	$ 669,527
Cost and expenses
General and administrative expenses	10,701	19,222	38,380	60,979
Depreciation	7,763	12,196	24,753	39,572
Amortization of intangibles	4,091	4,609	12,376	13,925
Impairment of goodwill	0	0	296,196	0
(Gain) loss on revaluation of contingent liabilities	297	(5,771)	781	(20,701)
Loss on sale of subsidiaries	0	15,834	0	15,834
Gain on sale of property and equipment	(535)	(466)	(2,900)	(799)
Income (loss) from operations	(25,279)	(10,168)	(355,900)	30,723
Interest expense	9,130	9,843	28,144	29,940
Interest income	(43)	(111)	(593)	(439)
Gain on extinguishment of debt	(15,798)	0	(37,501)	0
Other income	(29)	0	(29)	0
Income (loss) before income taxes	(18,539)	(19,900)	(345,921)	1,222
Provision (benefit) for income taxes	(37)	727	(2,348)	(1,548)
Net income (loss)	$ (18,502)	$ (20,627)	$ (343,573)	$ 2,770
Earnings (loss) per share
Basic (in usd per share)	$ (0.62)	$ (0.70)	$ (11.56)	$ 0.09
Diluted (in usd per share)	$ (0.62)	$ (0.70)	$ (11.56)	$ 0.09
Weighted average shares outstanding
Basic (in shares)	29,849,753	29,361,633	29,708,673	29,288,113
Diluted (in shares)	29,849,753	29,361,633	29,708,673	29,397,636
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of $0 tax in each period	$ 132	$ (179)	$ (264)	$ 261
Total other comprehensive income (loss), net of tax	132	(179)	(264)	261
Total comprehensive income (loss)	(18,370)	(20,806)	(343,837)	3,031
Service
Revenues	35,639	161,632	187,713	519,072
Cost and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	38,445	134,984	179,508	420,445
Product
Revenues	13,882	40,673	61,167	150,455
Cost and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	$ 14,038	$ 31,865	$ 55,686	$ 109,549

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 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, net of forfeitures (in shares)		489,529
Issuance of common stock under stock compensation plan, net of forfeitures	0	$ 5	(5)
Stock-based compensation expense	10,553		10,553
Exercise of stock options (in shares)		674
Exercise of stock options	15		15
Vesting of restricted stock (in shares)		(71,027)
Vesting of restricted stock	(1,643)	$ (1)	(1,642)
Other comprehensive income (loss)	261			261
Net income (loss)	2,770				2,770
Ending balance (in shares) at Sep. 30, 2019		30,582,584
Ending balance at Sep. 30, 2019	606,779	$ 306	755,349	(4,582)	(144,294)
Beginning balance (in shares) at Jun. 30, 2019		30,683,009
Beginning balance at Jun. 30, 2019	624,309	$ 307	752,072	(4,403)	(123,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock compensation plan, net of forfeitures (in shares)		(98,954)
Issuance of common stock under stock compensation plan, net of forfeitures	0	$ (1)	1
Stock-based compensation expense	3,286		3,286
Exercise of stock options	0
Vesting of restricted stock (in shares)		(1,471)
Vesting of restricted stock	(10)		(10)
Other comprehensive income (loss)	(179)			(179)
Net income (loss)	(20,627)				(20,627)
Ending balance (in shares) at Sep. 30, 2019		30,582,584
Ending balance at Sep. 30, 2019	606,779	$ 306	755,349	(4,582)	(144,294)
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]
Issuance of common stock under stock compensation plan, net of forfeitures (in shares)		1,164,797
Issuance of common stock under stock compensation plan, net of forfeitures	0	$ 11	(11)
Stock-based compensation expense	7,717		7,717
Exercise of stock options	0
Vesting of restricted stock (in shares)		(149,548)
Vesting of restricted stock	(158)	$ (1)	(157)
Other comprehensive income (loss)	(264)			(264)
Net income (loss)	(343,573)				(343,573)
Ending balance (in shares) at Sep. 30, 2020		31,570,926
Ending balance at Sep. 30, 2020	53,599	$ 316	766,402	(4,731)	(708,388)
Beginning balance (in shares) at Jun. 30, 2020		31,652,635
Beginning balance at Jun. 30, 2020	69,950	$ 317	764,382	(4,863)	(689,886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock compensation plan, net of forfeitures (in shares)		(80,882)
Issuance of common stock under stock compensation plan, net of forfeitures	0	$ (1)	1
Stock-based compensation expense	2,020		2,020
Exercise of stock options	0
Vesting of restricted stock (in shares)		(827)
Vesting of restricted stock	(1)		(1)
Other comprehensive income (loss)	132			132
Net income (loss)	(18,502)				(18,502)
Ending balance (in shares) at Sep. 30, 2020		31,570,926
Ending balance at Sep. 30, 2020	$ 53,599	$ 316	$ 766,402	$ (4,731)	$ (708,388)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income (loss)	$ (343,573)	$ 2,770
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation	24,753	39,572
Amortization of intangibles	12,376	13,925
Amortization of deferred financing costs	2,160	2,238
Provision for doubtful accounts	2,121	236
Benefit for deferred income taxes	(1,588)	(2,876)
Provision for inventory obsolescence	1,919	4,502
Stock-based compensation expense	7,717	10,553
Impairment of goodwill	296,196	0
Gain on extinguishment of debt	(37,501)	0
Gain on sale of property and equipment	(2,900)	(799)
(Gain) loss on revaluation of contingent liabilities	781	(20,701)
Loss on sale of subsidiaries	0	15,834
Changes in operating assets and liabilities, net of effects from acquisitions
Accounts receivable, net	59,964	20,453
Inventories, net	6,244	17,634
Prepaid expenses and other current assets	(1,457)	(405)
Accounts payable and accrued expenses	(27,073)	(16,953)
Income taxes receivable/payable	(586)	674
Other assets and liabilities	5,087	151
Net cash provided by operating activities	4,640	86,808
Cash flows from investing activities
Acquisitions, net of cash acquired	0	1,020
Proceeds from the sale of subsidiaries	0	17,222
Proceeds from sales of property and equipment	5,948	1,934
Proceeds from property and equipment casualty losses	555	1,503
Proceeds from notes receivable payments	0	7,626
Purchases of property and equipment	(7,053)	(48,898)
Net cash used in investing activities	(550)	(19,593)
Cash flows from financing activities
Purchases of Senior Notes	(14,410)	0
Proceeds from 2018 ABL Credit Facility	0	10,000
Payments on 2018 ABL Credit Facility	0	(45,000)
Payments on capital leases	(738)	(668)
Payments of contingent liability	(1,331)	(250)
Proceeds from exercise of stock options	0	15
Vesting of restricted stock	(158)	(1,643)
Net cash used in financing activities	(16,637)	(37,546)
Impact of foreign currency exchange on cash	(104)	37
Net decrease in cash and cash equivalents	(12,651)	29,706
Cash and cash equivalents
Cash and cash equivalents beginning of year	92,989	63,615
Cash and cash equivalents end of period	80,338	93,321
Supplemental disclosures of cash flow information:
Cash paid for interest	18,901	19,619
Cash paid (refunded) for income taxes	(482)	649
Capital expenditures in accounts payable and accrued expenses	150	1,183
Property and equipment obtained by capital lease	0	1,621
Receivable from property and equipment sale (including insurance)	4,359	0
Termination of contingent liability related to business acquisition	$ 3,375	$ 0

Company and Organization

Company and Organization	9 Months Ended
Company and Organization	Sep. 30, 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. 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 the 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. While the Company cannot predict the length of time that market disruptions resulting from the coronavirus pandemic and efforts to mitigate its effects will continue, the ultimate impact on its business, or the pace or extent of any subsequent recovery, the Company expects the coronavirus pandemic and related effects to continue to have a material adverse impact on commodity prices and its business generally. Historically, the Company has met its liquidity needs principally from cash on hand, cash flow from operations and, if needed, external borrowings. In response to the above events, the Company has implemented certain cost-cutting measures across the organization to continue to maintain its current liquidity position. Based on its current forecasts, the Company believes that cash on hand, together with cash flow from operations, and borrowings under the 2018 ABL Credit Facility (as defined in Note 8 – Debt Obligations), should be sufficient to fund its capital requirements for at least the next twelve months from the issuance date of its condensed consolidated financial statements.

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Condensed Consolidated Financial Information 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 relate to presenting “Revenues” and “Cost of revenues” by product and service as separate line items in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income (Loss).

New Accounting Standards

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Accounting Pronouncements Recently Adopted In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 gives companies the option to use the effective date as the date of initial application on transition. For emerging growth entities, the standard is effective for the fiscal years beginning after December 15, 2021 and interim periods within the fiscal years beginning after December 15, 2022. 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. To support the accounting and disclosure requirements under the new standard, the Company is currently in the process of accumulating and evaluating all the necessary information required to properly account for its lease portfolio and developing and implementing appropriate changes to its internal processes and controls. Based on initial evaluation, the Company expects to recognize a lease liability and offsetting right-of-use asset for all of its operating leases with durations greater than twelve months on its Condensed Consolidated Balance Sheets. The Company will provide additional information about the expected financial impact as it progresses through the evaluation and implementation of the standard. 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	9 Months Ended
Revenue	Sep. 30, 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 and nine months ended September 30, 2019, have not been adjusted and are reported under the previous revenue recognition guidance. Disaggregated revenue for the three and nine months ended September 30, 2020 and September 30, 2019 was as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Coiled tubing $ 7,278 $ 7,278 $ 31,064 $ — $ 31,064 Cement 15,332 15,332 55,799 — 55,799 Tools 13,882 13,882 40,673 — 40,673 Wireline 13,029 13,029 58,716 — 58,716 Well service — — — 16,053 16,053 Total revenues $ 49,521 $ 49,521 $ 186,252 $ 16,053 $ 202,305 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Coiled tubing $ 35,575 $ 35,575 $ 108,604 $ — $ 108,604 Cement 84,400 84,400 165,799 — 165,799 Tools 61,167 61,167 150,455 — 150,455 Wireline 67,738 67,738 186,397 — 186,397 Well service — — — 58,272 58,272 Total revenues $ 248,880 $ 248,880 $ 611,255 $ 58,272 $ 669,527 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Service (1) $ 35,639 $ 35,639 $ 145,579 $ 16,053 $ 161,632 Product (1) 13,882 13,882 40,673 — 40,673 Total revenues $ 49,521 $ 49,521 $ 186,252 $ 16,053 $ 202,305 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Service (1) $ 187,713 $ 187,713 $ 460,800 $ 58,272 $ 519,072 Product (1) 61,167 61,167 150,455 — 150,455 Total revenues $ 248,880 $ 248,880 $ 611,255 $ 58,272 $ 669,527 (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 Energy Service LLC (“Brigade”) on August 30, 2019. For additional information on the Production Solutions divestiture, see Note 13 – Segment Information. Performance Obligations At September 30, 2020 and December 31, 2019, the amount of remaining performance obligations were immaterial. Contract Balances At September 30, 2020 and December 31, 2019, contract assets and contract liabilities were immaterial.

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 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 $6.1 million and $5.4 million at September 30, 2020 and December 31, 2019 , respectively. Inventories, net as of September 30, 2020 and December 31, 2019 were comprised of the following: September 30, 2020 December 31, (in thousands) Raw materials $ 35,968 $ 38,823 Work in progress 93 — Finished goods 22,685 27,555 Inventories 58,746 66,378 Reserve for obsolescence (6,063) (5,433) Inventories, net $ 52,683 $ 60,945

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 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 nine months ended September 30, 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 September 30, 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 in the first quarter of 2020 associated with its tools, cementing, and wireline reporting units. These charges represented a full write-off of goodwill and were 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). 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 nine months ended September 30, 2020. Intangible Assets The changes in the net carrying value of the components of intangible assets for the nine months ended September 30, 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 (5,538) (300) (6,538) — (12,376) Balance as of September 30, 2020 $ 26,998 $ 1,234 $ 107,383 $ 1,000 $ 136,615 Weighted average amortization period 5.6 3.1 12.9 Indefinite Amortization of intangibles expense was $4.1 million and $12.4 million for the three and nine months ended September 30, 2020, respectively. Amortization of intangibles expense was $4.6 million and $13.9 million for the three and nine months ended September 30, 2019, respectively. Future estimated amortization of intangibles is as follows: Year Ending December 31, (in thousands) 2020 $ 4,091 2021 16,116 2022 13,463 2023 11,516 2024 11,183 Thereafter 79,246 Total $ 135,615 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. No events triggered additional impairment tests under ASC 360 through September 30, 2020. However, the occurrence of future events or deteriorating market conditions could result in additional impairment assessments under ASC 360 subsequent to September 30, 2020.

Accrued Expenses

Accrued Expenses	9 Months Ended
Accrued Expenses	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, 2020 December 31, 2019 (in thousands) Accrued compensation and benefits $ 5,519 $ 7,009 Accrued interest 12,948 6,091 Accrued bonus — 5,043 Accrued sales tax 303 820 Contingent liabilities 396 391 Other accrued expenses 4,070 5,376 Accrued expenses $ 23,236 $ 24,730

Debt Obligations

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The Company’s debt obligations as of September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, (in thousands) Senior Notes $ 347,168 $ 400,000 2018 ABL Credit Facility — — Magnum Promissory Notes 2,250 — Total debt before deferred financing costs $ 349,418 $ 400,000 Deferred financing costs (5,538) (7,941) Total debt $ 343,880 $ 392,059 Less: Current portion of long-term debt (844) — Long-term debt $ 343,036 $ 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 September 30, 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 $5.5 million and $7.9 million at September 30, 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 The Company repurchased approximately $23.1 million and $52.8 million of Senior Notes at a repurchase price of approximately $7.0 million and $14.4 million in cash for the three and nine months ended September 30, 2020, respectively. Deferred financing costs associated with these transactions were $0.4 million and $0.9 million for the three and nine months ended September 30, 2020, respectively. As a result, for the three and nine months ended September 30, 2020, the Company recorded a $15.8 million gain and a $37.5 million gain, respectively, on the extinguishment of debt, which was calculated as the difference between the repurchase price and the carrying amount of the Senior Notes partially offset by the 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 and nine months ended September 30, 2020. Subsequent to September 30, 2020, the Company repurchased an additional $0.5 million of the Senior Notes for a repurchase price of approximately $0.2 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 September 30, 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 September 30, 2020, the Company’s availability under the 2018 ABL Credit Facility was approximately $39.5 million, net of outstanding letters of credit of $0.4 million. Magnum Promissory Notes 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 (the “Magnum Earnout”). On June 30, 2020, pursuant to an amendment to the Magnum Purchase Agreement to terminate the remaining Magnum Earnout and all obligations related thereto (the “Magnum Purchase Agreement Amendment”), the Company issued promissory notes with an aggregated principal amount of $2.3 million (the “Magnum Promissory Notes”) to the sellers of Magnum. The Magnum Promissory Notes bear interest at a rate of 6.0% per annum. The principal amount of the Magnum Promissory Notes will be paid in equal quarterly installments beginning January 1, 2021. The entire unpaid principal amount will be due and payable on the maturity date, which is the earlier of October 1, 2022 and the business day after the date on which the Company sells, transfers or otherwise disposes of the “E-Set” tools business to an unaffiliated third party, unless such sale, transfer or disposition is made, directly or indirectly, as part of the sale, transfer or disposition of the Dissolvable Plugs Business or due to the occurrence of a Change of Control Event (each as defined in the Magnum Purchase Agreement). For additional information regarding the termination of the Magnum Earnout, see Note 10 – Commitments and Contingencies. Fair Value of Debt Instruments The estimated fair value of the Company’s debt obligations as of September 30, 2020 and December 31, 2019 was as follows: September 30, 2020 December 31, 2019 (in thousands) Senior Notes $ 102,415 $ 324,000 2018 ABL Credit Facility $ — $ — Magnum Promissory Notes $ 2,250 $ — The fair value of the Senior Notes, 2018 ABL Credit Facility, and the Magnum Promissory Notes is classified as Level 2 in the fair value hierarchy. The fair value of the Senior Notes is established based on observable inputs in less active markets. The fair value of the 2018 ABL Credit Facility and the Magnum Promissory Notes approximates their carrying value.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 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 and $0.6 million for the three and nine months ended September 30, 2020, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2019, respectively. The Company also purchased $0.8 million and $1.3 million of equipment during the three and nine months ended September 30, 2020, respectively, and $0.7 million and $1.3 million of equipment during the three and nine months ended September 30, 2019, respectively, 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 September 30, 2020 and December 31, 2019. In addition, the Company leases office space in Corpus Christi and Midland, Texas from an entity affiliated with Warren Lynn Frazier, a beneficial owner of more than 5% of the Company’s stock. In the third quarter of 2020, another entity affiliated with Mr. Frazier began to sub-lease a portion of such space in Corpus Christi, Texas from the Company. Total rental expense associated with this office space, net of sub-leasing income, was $0.3 million and $1.0 million for the three and nine months ended September 30, 2020, respectively, and $0.4 million and $1.1 million for the three and nine months ended September 30, 2019, respectively. There were net outstanding payables due to the entity of $0.1 million at September 30, 2020. Additionally, on June 30, 2020, the Company issued the Magnum Promissory Notes to the sellers of Magnum, including Mr. Frazier. At September 30, 2020, the outstanding principal balance payable to Mr. Frazier was $2.1 million. For additional information regarding the Magnum Promissory Notes, see Note 8 – Debt Obligations. 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 $0.0 million and $0.4 million for the three and nine months ended September 30, 2020, respectively, and $0.6 million and $1.5 million for the three and nine months ended September 30, 2019, respectively. There were outstanding payables due to the entity of $0.3 million at December 31, 2019. The Company purchases coiled tubing string from another entity owned by Forum. The Company was billed $0.9 million and $3.0 million for coiled tubing string for the three and nine months ended September 30, 2020, respectively, and $2.0 million and $6.2 million for the three and nine months ended September 30, 2019, respectively. There were outstanding payables due to the entity of $0.2 million and $0.9 million at September 30, 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 $0.2 million and $1.0 million for the three and nine months ended September 30, 2020, respectively, and $0.5 million and $1.6 million for the three and nine months ended September 30, 2019, respectively. There were outstanding payables due to Select of $0.1 million at both September 30, 2020 and December 31, 2019. The Company provides products and rentals to National Energy Reunited Corp. (“NESR”), where one of the Company’s directors serves as a director. The Company billed NESR $0.2 million and $1.4 million for the three and nine months ended September 30, 2020, respectively, and issued credit memos of $0.5 million for both the three and nine months ended September 30, 2020. The Company billed NESR $0.6 million for both the three and nine months ended September 30, 2019. During the fourth quarter of 2019, the Company sold coiled tubing equipment for $5.9 million to NESR with payments due in 24 monthly equal installments beginning on January 31, 2020. Total outstanding receivables due to the Company from NESR (inclusive of the equipment sale above) were $4.4 million and $6.8 million at September 30, 2020 and December 31, 2019, respectively.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 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 $1.5 million and $1.8 million at September 30, 2020 and December 31, 2019, respectively, and is included under the caption “Accrued expenses” in the Company’s 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 September 30, 2020: Magnum Earnout 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. Pursuant to the Magnum Purchase Agreement Amendment, which terminated the remaining Magnum Earnout and all obligations related thereto, the Company made a cash payment of $1.1 million and issued the Magnum Promissory Notes with an aggregated principal amount of $2.3 million to the sellers of Magnum. For additional information regarding the Magnum Promissory Notes, see Note 8 – Debt Obligations. 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. The changes in the components of contingent liabilities for the nine months ended September 30, 2020 were as follows: Magnum Frac Tech Total (in thousands) Balance at December 31, 2019 $ 2,609 $ 1,359 $ 3,968 Revaluation adjustments 766 15 781 Payments — (206) (206) Termination (3,375) — (3,375) Balance at September 30, 2020 $ — $ 1,168 $ 1,168 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 $0.4 million reported in “Accrued expenses” at both September 30, 2020 and December 31, 2019, and $0.8 million and $3.6 million reported in “Other long-term liabilities” at September 30, 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	9 Months Ended
Taxes	Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands, except percentages) (in thousands, except percentages) Income tax provision (benefit) $ (37) $ 727 $ (2,348) $ (1,548) Effective tax rate 0.2 % (3.7) % 0.7 % (126.7) % The Company’s tax benefit for the three and nine months ended September 30, 2020 was less than $0.1 million and $2.3 million, respectively. The Company’s year-to-date tax benefit was primarily a result of the discrete tax benefit recorded in the first quarter of 2020 related to the Coronavirus Aid, Relief, and Economic Security Act as well as the release of valuation allowance due to the goodwill impairment which was also recorded in the first quarter of 2020.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
Earnings (Loss) Per Share	Sep. 30, 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 September 30, 2020 Three Months Ended September 30, 2019 Net Loss Average Shares Outstanding Loss Per Share Net Loss Average Shares Outstanding Loss Per Share (in thousands, except share and per share amounts) Basic $ (18,502) 29,849,753 $ (0.62) $ (20,627) 29,361,633 $ (0.70) Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — — — Diluted $ (18,502) 29,849,753 $ (0.62) $ (20,627) 29,361,633 $ (0.70) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 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 $ (343,573) 29,708,673 $ (11.56) $ 2,770 29,288,113 $ 0.09 Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — 109,523 — Diluted $ (343,573) 29,708,673 $ (11.56) $ 2,770 29,397,636 $ 0.09 For the three and nine months ended September 30, 2020 as well as the three months ended September 30, 2019, 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 (loss) per share for the periods in which the Company experienced a net loss were as follows: 2020 2019 Three months ended September 30, 723,608 71,574 Nine months ended September 30, 700,417 —

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information On August 30, 2019, the Company entered into a Membership Interest Purchase Agreement (the “ Production Solutions Purchase Agreement”) with 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 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. 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) Revenues Completion Solutions $ 49,521 $ 186,252 $ 248,880 $ 611,255 Production Solutions — 16,053 — 58,272 $ 49,521 $ 202,305 $ 248,880 $ 669,527 Cost of revenues (exclusive of depreciation and amortization shown separately below) Completion Solutions $ 52,483 $ 152,679 $ 235,194 $ 480,140 Production Solutions — 14,170 — 49,854 $ 52,483 $ 166,849 $ 235,194 $ 529,994 Adjusted gross profit (loss) Completion Solutions $ (2,962) $ 33,573 $ 13,686 $ 131,115 Production Solutions — 1,883 — 8,418 $ (2,962) $ 35,456 $ 13,686 $ 139,533 General and administrative expenses 10,701 19,222 38,380 60,979 Depreciation 7,763 12,196 24,753 39,572 Amortization of intangibles 4,091 4,609 12,376 13,925 Impairment of goodwill — — 296,196 — (Gain) loss on revaluation of contingent liabilities 297 (5,771) 781 (20,701) Loss on sale of subsidiaries — 15,834 — 15,834 Gain on sale of property and equipment (535) (466) (2,900) (799) Income (loss) from operations $ (25,279) $ (10,168) $ (355,900) $ 30,723 Non-operating (income) expenses (6,740) 9,732 (9,979) 29,501 Income (loss) before income taxes (18,539) (19,900) (345,921) 1,222 Provision (benefit) for income taxes (37) 727 (2,348) (1,548) Net income (loss) $ (18,502) $ (20,627) $ (343,573) $ 2,770 Capital expenditures by segment for the three and nine months ended September 30, 2020 and 2019, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) Completion Solutions $ 2,193 $ 9,146 $ 7,193 $ 44,343 Production Solutions — 804 — 2,790 Corporate — — — 93 $ 2,193 $ 9,950 $ 7,193 $ 47,226 Total assets by segment as of September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 December 31, 2019 (in thousands) Completion Solutions $ 342,182 $ 739,142 Corporate 96,277 111,753 $ 438,459 $ 850,895

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	Condensed Consolidated Financial Information 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 relate to presenting “Revenues” and “Cost of revenues” by product and service as separate line items 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 Accounting Standards Update (“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 gives companies the option to use the effective date as the date of initial application on transition. For emerging growth entities, the standard is effective for the fiscal years beginning after December 15, 2021 and interim periods within the fiscal years beginning after December 15, 2022. 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. To support the accounting and disclosure requirements under the new standard, the Company is currently in the process of accumulating and evaluating all the necessary information required to properly account for its lease portfolio and developing and implementing appropriate changes to its internal processes and controls. Based on initial evaluation, the Company expects to recognize a lease liability and offsetting right-of-use asset for all of its operating leases with durations greater than twelve months on its Condensed Consolidated Balance Sheets. The Company will provide additional information about the expected financial impact as it progresses through the evaluation and implementation of the standard. 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)	9 Months Ended
Revenue (Tables)	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Disaggregated revenue for the three and nine months ended September 30, 2020 and September 30, 2019 was as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Coiled tubing $ 7,278 $ 7,278 $ 31,064 $ — $ 31,064 Cement 15,332 15,332 55,799 — 55,799 Tools 13,882 13,882 40,673 — 40,673 Wireline 13,029 13,029 58,716 — 58,716 Well service — — — 16,053 16,053 Total revenues $ 49,521 $ 49,521 $ 186,252 $ 16,053 $ 202,305 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Coiled tubing $ 35,575 $ 35,575 $ 108,604 $ — $ 108,604 Cement 84,400 84,400 165,799 — 165,799 Tools 61,167 61,167 150,455 — 150,455 Wireline 67,738 67,738 186,397 — 186,397 Well service — — — 58,272 58,272 Total revenues $ 248,880 $ 248,880 $ 611,255 $ 58,272 $ 669,527 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Service (1) $ 35,639 $ 35,639 $ 145,579 $ 16,053 $ 161,632 Product (1) 13,882 13,882 40,673 — 40,673 Total revenues $ 49,521 $ 49,521 $ 186,252 $ 16,053 $ 202,305 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Completion Solutions Total Completion Solutions Production Solutions (2) Total (in thousands) (in thousands) Service (1) $ 187,713 $ 187,713 $ 460,800 $ 58,272 $ 519,072 Product (1) 61,167 61,167 150,455 — 150,455 Total revenues $ 248,880 $ 248,880 $ 611,255 $ 58,272 $ 669,527 (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 Energy Service LLC (“Brigade”) on August 30, 2019. For additional information on the Production Solutions divestiture, see Note 13 – Segment Information.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories, net	Inventories, net as of September 30, 2020 and December 31, 2019 were comprised of the following: September 30, 2020 December 31, (in thousands) Raw materials $ 35,968 $ 38,823 Work in progress 93 — Finished goods 22,685 27,555 Inventories 58,746 66,378 Reserve for obsolescence (6,063) (5,433) Inventories, net $ 52,683 $ 60,945

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Sep. 30, 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 nine months ended September 30, 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 September 30, 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 nine months ended September 30, 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 (5,538) (300) (6,538) — (12,376) Balance as of September 30, 2020 $ 26,998 $ 1,234 $ 107,383 $ 1,000 $ 136,615 Weighted average amortization period 5.6 3.1 12.9 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 $ 4,091 2021 16,116 2022 13,463 2023 11,516 2024 11,183 Thereafter 79,246 Total $ 135,615

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses as of September 30, 2020 and December 31, 2019 consisted of the following: September 30, 2020 December 31, 2019 (in thousands) Accrued compensation and benefits $ 5,519 $ 7,009 Accrued interest 12,948 6,091 Accrued bonus — 5,043 Accrued sales tax 303 820 Contingent liabilities 396 391 Other accrued expenses 4,070 5,376 Accrued expenses $ 23,236 $ 24,730

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
Debt Obligations (Tables)	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of debt obligations	The Company’s debt obligations as of September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, (in thousands) Senior Notes $ 347,168 $ 400,000 2018 ABL Credit Facility — — Magnum Promissory Notes 2,250 — Total debt before deferred financing costs $ 349,418 $ 400,000 Deferred financing costs (5,538) (7,941) Total debt $ 343,880 $ 392,059 Less: Current portion of long-term debt (844) — Long-term debt $ 343,036 $ 392,059
Summary of fair value of debt obligations	The estimated fair value of the Company’s debt obligations as of September 30, 2020 and December 31, 2019 was as follows: September 30, 2020 December 31, 2019 (in thousands) Senior Notes $ 102,415 $ 324,000 2018 ABL Credit Facility $ — $ — Magnum Promissory Notes $ 2,250 $ —

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
Commitment and Contingencies (Tables)	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of contingent liabilities	The changes in the components of contingent liabilities for the nine months ended September 30, 2020 were as follows: Magnum Frac Tech Total (in thousands) Balance at December 31, 2019 $ 2,609 $ 1,359 $ 3,968 Revaluation adjustments 766 15 781 Payments — (206) (206) Termination (3,375) — (3,375) Balance at September 30, 2020 $ — $ 1,168 $ 1,168

Taxes (Tables)

Taxes (Tables)	9 Months Ended
Taxes (Tables)	Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands, except percentages) (in thousands, except percentages) Income tax provision (benefit) $ (37) $ 727 $ (2,348) $ (1,548) Effective tax rate 0.2 % (3.7) % 0.7 % (126.7) %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Table)	9 Months Ended
Earnings (Loss) Per Share (Table)	Sep. 30, 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 September 30, 2020 Three Months Ended September 30, 2019 Net Loss Average Shares Outstanding Loss Per Share Net Loss Average Shares Outstanding Loss Per Share (in thousands, except share and per share amounts) Basic $ (18,502) 29,849,753 $ (0.62) $ (20,627) 29,361,633 $ (0.70) Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — — — Diluted $ (18,502) 29,849,753 $ (0.62) $ (20,627) 29,361,633 $ (0.70) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 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 $ (343,573) 29,708,673 $ (11.56) $ 2,770 29,288,113 $ 0.09 Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — 109,523 — Diluted $ (343,573) 29,708,673 $ (11.56) $ 2,770 29,397,636 $ 0.09
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 (loss) per share for the periods in which the Company experienced a net loss were as follows: 2020 2019 Three months ended September 30, 723,608 71,574 Nine months ended September 30, 700,417 —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of financial data by segment	The amounts labeled “Corporate” relate to assets not allocated to either the Completion Solutions segment or the Production Solutions segment. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) Revenues Completion Solutions $ 49,521 $ 186,252 $ 248,880 $ 611,255 Production Solutions — 16,053 — 58,272 $ 49,521 $ 202,305 $ 248,880 $ 669,527 Cost of revenues (exclusive of depreciation and amortization shown separately below) Completion Solutions $ 52,483 $ 152,679 $ 235,194 $ 480,140 Production Solutions — 14,170 — 49,854 $ 52,483 $ 166,849 $ 235,194 $ 529,994 Adjusted gross profit (loss) Completion Solutions $ (2,962) $ 33,573 $ 13,686 $ 131,115 Production Solutions — 1,883 — 8,418 $ (2,962) $ 35,456 $ 13,686 $ 139,533 General and administrative expenses 10,701 19,222 38,380 60,979 Depreciation 7,763 12,196 24,753 39,572 Amortization of intangibles 4,091 4,609 12,376 13,925 Impairment of goodwill — — 296,196 — (Gain) loss on revaluation of contingent liabilities 297 (5,771) 781 (20,701) Loss on sale of subsidiaries — 15,834 — 15,834 Gain on sale of property and equipment (535) (466) (2,900) (799) Income (loss) from operations $ (25,279) $ (10,168) $ (355,900) $ 30,723 Non-operating (income) expenses (6,740) 9,732 (9,979) 29,501 Income (loss) before income taxes (18,539) (19,900) (345,921) 1,222 Provision (benefit) for income taxes (37) 727 (2,348) (1,548) Net income (loss) $ (18,502) $ (20,627) $ (343,573) $ 2,770 Capital expenditures by segment for the three and nine months ended September 30, 2020 and 2019, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) Completion Solutions $ 2,193 $ 9,146 $ 7,193 $ 44,343 Production Solutions — 804 — 2,790 Corporate — — — 93 $ 2,193 $ 9,950 $ 7,193 $ 47,226 Total assets by segment as of September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 December 31, 2019 (in thousands) Completion Solutions $ 342,182 $ 739,142 Corporate 96,277 111,753 $ 438,459 $ 850,895

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 49,521	$ 202,305	$ 248,880	$ 669,527
Coiled tubing
Disaggregation of Revenue [Line Items]
Revenues	7,278	31,064	35,575	108,604
Cement
Disaggregation of Revenue [Line Items]
Revenues	15,332	55,799	84,400	165,799
Tools
Disaggregation of Revenue [Line Items]
Revenues	13,882	40,673	61,167	150,455
Wireline
Disaggregation of Revenue [Line Items]
Revenues	13,029	58,716	67,738	186,397
Well service
Disaggregation of Revenue [Line Items]
Revenues	0	16,053	0	58,272
Service
Disaggregation of Revenue [Line Items]
Revenues	35,639	161,632	187,713	519,072
Product
Disaggregation of Revenue [Line Items]
Revenues	13,882	40,673	61,167	150,455
Completion Solutions
Disaggregation of Revenue [Line Items]
Revenues	49,521	186,252	248,880	611,255
Completion Solutions \| Coiled tubing
Disaggregation of Revenue [Line Items]
Revenues	7,278	31,064	35,575	108,604
Completion Solutions \| Cement
Disaggregation of Revenue [Line Items]
Revenues	15,332	55,799	84,400	165,799
Completion Solutions \| Tools
Disaggregation of Revenue [Line Items]
Revenues	13,882	40,673	61,167	150,455
Completion Solutions \| Wireline
Disaggregation of Revenue [Line Items]
Revenues	13,029	58,716	67,738	186,397
Completion Solutions \| Well service
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Completion Solutions \| Service
Disaggregation of Revenue [Line Items]
Revenues	35,639	145,579	187,713	460,800
Completion Solutions \| Product
Disaggregation of Revenue [Line Items]
Revenues	13,882	40,673	61,167	150,455
Production Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 0	16,053	$ 0	58,272
Production Solutions \| Coiled tubing
Disaggregation of Revenue [Line Items]
Revenues		0		0
Production Solutions \| Cement
Disaggregation of Revenue [Line Items]
Revenues		0		0
Production Solutions \| Tools
Disaggregation of Revenue [Line Items]
Revenues		0		0
Production Solutions \| Wireline
Disaggregation of Revenue [Line Items]
Revenues		0		0
Production Solutions \| Well service
Disaggregation of Revenue [Line Items]
Revenues		16,053		58,272
Production Solutions \| Service
Disaggregation of Revenue [Line Items]
Revenues		16,053		58,272
Production Solutions \| Product
Disaggregation of Revenue [Line Items]
Revenues		$ 0		$ 0

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Reserve for obsolescence	$ 6,063	$ 5,433

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 35,968	$ 38,823
Work in progress	93	0
Finished goods	22,685	27,555
Inventories	58,746	66,378
Reserve for obsolescence	(6,063)	(5,433)
Inventories, net	$ 52,683	$ 60,945

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Gross Value, beginning balance		$ 408,732		$ 408,732
Accumulated impairment loss, beginning balance		(112,536)		(112,536)
Net, beginning balance		296,196		296,196
Impairment	$ 0	$ (296,200)	$ 0	(296,196)	$ 0
Gross Value, ending balance	408,732			408,732
Accumulated impairment loss, ending balance	(408,732)			(408,732)
Net, ending balance	$ 0			$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 296,200,000	$ 0	$ 296,196,000	$ 0
Amortization of intangibles	$ 4,091,000		$ 4,609,000	12,376,000	$ 13,925,000
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-lived Intangible Assets [Roll Forward]
Amortization of intangibles	$ (4,091)	$ (4,609)	$ (12,376)	$ (13,925)
Finite-lived intangible assets, ending balance	135,615		135,615
Indefinite-lived Intangible Assets [Roll Forward]
Intangible assets, beginning of the period			148,991
Intangible assets, end of the period	136,615		136,615
In-process R&D
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite-lived intangible assets, beginning balance			1,000
Indefinite-lived intangible assets, ending balance	1,000		1,000
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning balance			32,536
Amortization of intangibles			(5,538)
Finite-lived intangible assets, ending balance	26,998		$ 26,998
Finite-lived intangible assets, weighted average amortization period			5 years 7 months 6 days
Non- Compete Agreements
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning balance			$ 1,534
Amortization of intangibles			(300)
Finite-lived intangible assets, ending balance	1,234		$ 1,234
Finite-lived intangible assets, weighted average amortization period			3 years 1 month 6 days
Technology
Finite-lived Intangible Assets [Roll Forward]
Finite-lived intangible assets, beginning balance			$ 113,921
Amortization of intangibles			(6,538)
Finite-lived intangible assets, ending balance	$ 107,383		$ 107,383
Finite-lived intangible assets, weighted average amortization period			12 years 10 months 24 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Estimated Amortization of Intangibles (Details) $ in Thousands	Sep. 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 4,091
2021	16,116
2022	13,463
2023	11,516
2024	11,183
Thereafter	79,246
Total	$ 135,615

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 5,519	$ 7,009
Accrued interest	12,948	6,091
Accrued bonus	0	5,043
Accrued sales tax	303	820
Contingent liabilities	396	391
Other accrued expenses	4,070	5,376
Accrued expenses	$ 23,236	$ 24,730

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Total debt before deferred financing costs	$ 349,418	$ 400,000
Deferred financing costs	(5,538)	(7,941)
Total debt	343,880	392,059
Less: Current portion of long-term debt	(844)	0
Long-term debt	343,036	392,059
Senior Notes
Line of Credit Facility [Line Items]
Total debt before deferred financing costs	347,168	400,000
Magnum Promissory Notes
Line of Credit Facility [Line Items]
Total debt before deferred financing costs	2,250	0
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) - USD ($)	Oct. 25, 2018	Nov. 05, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred financing costs			$ 5,538,000		$ 5,538,000			$ 7,941,000
Gain on extinguishment of debt			15,798,000	$ 0	37,501,000	$ 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			23,100,000		52,800,000
Repurchase price			7,000,000		14,400,000
Payments of debt issuance costs			400,000		900,000
Gain on extinguishment of debt			15,800,000		$ 37,500,000
Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repurchased debt amount		$ 500,000
Repurchase price		$ 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		$ 18,750,000
Current borrowing capacity			39,500,000		39,500,000
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			400,000		400,000
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%
Beneficial Owner
Debt Instrument [Line Items]
Notes payable, related parties			$ 2,100,000		$ 2,100,000
Beneficial Owner \| Magnum Promissory Notes
Debt Instrument [Line Items]
Debt instrument, interest rate							6.00%
Magnum
Debt Instrument [Line Items]
Percentage of net income on potential future cash payments	60.00%		60.00%		60.00%
Value of potential future cash payments	$ 25,000,000		$ 25,000,000		$ 25,000,000
Magnum \| Beneficial Owner
Debt Instrument [Line Items]
Notes payable, related parties							$ 2,300,000

Debt Obligations - Fair Value o

Debt Obligations - Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Senior Notes
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 102,415	$ 324,000
Line of Credit \| 2018 ABL Credit Facility
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	0	0
Magnum Promissory Notes
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 2,250	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Issued credit memos	$ 0.5			$ 0.5
Beneficial Owner
Related Party Transaction [Line Items]
Payables due to entities	0.1			0.1
Rent expense	0.3		$ 0.4	1	$ 1.1
Notes payable, related parties	2.1			2.1
Forum Energy Technologies
Related Party Transaction [Line Items]
Billings to related party	0		0.6	0.4	1.5
Due to related party		$ 0.3
Entity Owned By Forum Energy Technologies
Related Party Transaction [Line Items]
Billings to related party	0.9		2	3	6.2
Due to related party	0.2	0.9		0.2
Select Energy Services, Inc.
Related Party Transaction [Line Items]
Billings to related party	0.2		0.5	1	1.6
Due to related party	0.1	0.1		0.1
National Energy Services Reunited
Related Party Transaction [Line Items]
Due from related parties	4.4	6.8		4.4
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties	1.2		5.4	4.6	15.8
Due from related parties	0.4	1		0.4
Mr. Crombie
Related Party Transaction [Line Items]
Lease and building maintenance expense	0.2		0.2	0.6	0.6
Payments to acquire equipment	0.8		0.7	1.3	1.3
Equipment \| Mr. Crombie
Related Party Transaction [Line Items]
Payables due to entities	0.1	0.1		0.1
Products and Rentals \| National Energy Services Reunited
Related Party Transaction [Line Items]
Billings to related party	$ 0.2		$ 0.6	$ 1.4	$ 0.6
Coiled tubing \| National Energy Services Reunited
Related Party Transaction [Line Items]
Revenue from related parties		$ 5.9
Lynn Frazier \| Beneficial Owner
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	5.00%			5.00%

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Oct. 25, 2018
Loss Contingencies [Line Items]
Loss contingency accrual	$ 1,168,000		$ 3,968,000
Accrued Expenses
Loss Contingencies [Line Items]
Loss contingency accrual	400,000		400,000
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Loss contingency accrual	800,000		3,600,000
Scorpion \| Accrued Expenses
Loss Contingencies [Line Items]
Estimated liability for self-insured medical claims	$ 1,500,000		1,800,000
Magnum
Loss Contingencies [Line Items]
Percentage of net income on potential future cash payments	60.00%			60.00%
Value of potential future cash payments	$ 25,000,000			$ 25,000,000
Payment for contingent consideration liability	1,100,000
Loss contingency accrual	0		$ 2,609,000
Beneficial Owner
Loss Contingencies [Line Items]
Notes payable, related parties	$ 2,100,000
Beneficial Owner \| Magnum
Loss Contingencies [Line Items]
Notes payable, related parties		$ 2,300,000

Commitment and Contingencies _2

Commitment and Contingencies - Contingent Consideration (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 3,968
Revaluation adjustments	781
Payments	(206)
Termination	(3,375)
Ending balance	1,168
Magnum
Loss Contingency Accrual [Roll Forward]
Beginning balance	2,609
Revaluation adjustments	766
Payments	0
Termination	(3,375)
Ending balance	0
Frac Tech
Loss Contingency Accrual [Roll Forward]
Beginning balance	1,359
Revaluation adjustments	15
Payments	(206)
Termination	0
Ending balance	$ 1,168

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 37	$ (727)	$ 2,348	$ 1,548
Effective tax rate	0.20%	(3.70%)	0.70%	(126.70%)

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (18,502)	$ (20,627)	$ (343,573)	$ 2,770
Average shares outstanding, basic (in shares)	29,849,753	29,361,633	29,708,673	29,288,113
Loss per share, basic (in usd per share)	$ (0.62)	$ (0.70)	$ (11.56)	$ 0.09
Assumed exercise of stock options (in shares)	0	0	0	0
Unvested restricted stock (in shares)	0	0	0	109,523
Average shares outstanding, diluted (in shares)	29,849,753	29,361,633	29,708,673	29,397,636
Loss per share, diluted (in usd per share)	$ (0.62)	$ (0.70)	$ (11.56)	$ 0.09

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	723,608	71,574	700,417	0

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended			8 Months Ended	9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Aug. 31, 2019segment	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of segments \| segment				2
Revenues	$ 49,521		$ 202,305		$ 248,880	$ 669,527
Cost of revenues (exclusive of depreciation and amortization shown separately below)	52,483		166,849		235,194	529,994
Adjusted gross profit (loss)	(2,962)		35,456		13,686	139,533
General and administrative expenses	10,701		19,222		38,380	60,979
Depreciation	7,763		12,196		24,753	39,572
Amortization of intangibles	4,091		4,609		12,376	13,925
Impairment of goodwill	0	$ 296,200	0		296,196	0
(Gain) loss on revaluation of contingent liabilities	297		(5,771)		781	(20,701)
Loss on sale of subsidiaries	0		15,834		0	15,834
Gain on sale of property and equipment	(535)		(466)		(2,900)	(799)
Income (loss) from operations	(25,279)		(10,168)		(355,900)	30,723
Non-operating (income) expenses	(6,740)		9,732		(9,979)	29,501
Income (loss) before income taxes	(18,539)		(19,900)		(345,921)	1,222
Provision (benefit) for income taxes	(37)		727		(2,348)	(1,548)
Net income (loss)	(18,502)		(20,627)		(343,573)	2,770
Capital expenditures	2,193		9,950		7,193	47,226
Total assets	438,459				438,459		$ 850,895
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	0		0		0	93
Total assets	96,277				96,277		111,753
Completion Solutions
Segment Reporting Information [Line Items]
Revenues	49,521		186,252		248,880	611,255
Cost of revenues (exclusive of depreciation and amortization shown separately below)	52,483		152,679		235,194	480,140
Adjusted gross profit (loss)	(2,962)		33,573		13,686	131,115
Completion Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	2,193		9,146		7,193	44,343
Total assets	342,182				342,182		$ 739,142
Production Solutions
Segment Reporting Information [Line Items]
Revenues	0		16,053		0	58,272
Cost of revenues (exclusive of depreciation and amortization shown separately below)	0		14,170		0	49,854
Adjusted gross profit (loss)	0		1,883		0	8,418
Production Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	$ 0		$ 804		$ 0	$ 2,790