Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 $0.01 per share | |
Trading Symbol | NINE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,356,953 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001532286 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 22,408 | $ 21,509 |
Accounts receivable, net | 88,245 | 64,025 |
Income taxes receivable | 1,726 | 1,393 |
Inventories, net | 48,950 | 42,180 |
Prepaid expenses and other current assets | 11,362 | 10,195 |
Total current assets | 172,691 | 139,302 |
Property and equipment, net | 77,993 | 86,958 |
Operating lease right of use assets, net | 34,143 | 35,117 |
Finance lease right of use assets, net | 1,398 | 1,445 |
Intangible assets, net | 108,736 | 116,408 |
Other long-term assets | 784 | 2,383 |
Total assets | 395,745 | 381,613 |
Current liabilities | ||
Accounts payable | 35,470 | 28,680 |
Accrued expenses | 22,980 | 18,519 |
Current portion of long-term debt | 27,805 | 2,093 |
Current portion of operating lease obligations | 6,458 | 6,091 |
Current portion of finance lease obligations | 644 | 1,070 |
Total current liabilities | 93,357 | 56,453 |
Long-term liabilities | ||
Long-term debt | 318,147 | 332,314 |
Long-term operating lease obligations | 28,974 | 30,435 |
Long-term finance lease obligations | 0 | 65 |
Other long-term liabilities | 1,586 | 1,613 |
Total liabilities | 442,064 | 420,880 |
Commitments and contingencies | ||
Stockholders’ equity (deficit) | ||
Common stock (120,000,000 shares authorized at $0.01 par value; 33,369,148 and 32,826,325 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 334 | 328 |
Additional paid-in capital | 774,335 | 773,350 |
Accumulated other comprehensive loss | (4,701) | (4,535) |
Accumulated deficit | (816,287) | (808,410) |
Total stockholders’ equity (deficit) | (46,319) | (39,267) |
Total liabilities and stockholders’ equity (deficit) | $ 395,745 | $ 381,613 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 33,369,148 | 32,826,325 |
Common stock, shares outstanding (in shares) | 33,369,148 | 32,826,325 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 142,346 | $ 84,832 | $ 259,281 | $ 151,458 |
Cost and expenses | ||||
General and administrative expenses | 12,455 | 12,167 | 24,291 | 22,391 |
Depreciation | 6,511 | 7,438 | 13,015 | 15,227 |
Amortization of intangibles | 3,768 | 4,091 | 7,672 | 8,183 |
(Gain) loss on revaluation of contingent liability | 186 | 45 | 191 | (145) |
(Gain) loss on sale of property and equipment | 267 | 950 | (447) | 677 |
Income (loss) from operations | 6,418 | (16,497) | 7,500 | (33,796) |
Interest expense | 8,133 | 7,981 | 16,210 | 16,566 |
Interest income | (25) | (8) | (37) | (21) |
Gain on extinguishment of debt | 0 | 0 | 0 | (17,618) |
Other income | (190) | (35) | (386) | (69) |
Loss before income taxes | (1,500) | (24,435) | (8,287) | (32,654) |
Provision (benefit) for income taxes | (522) | 95 | (410) | 122 |
Net loss | $ (978) | $ (24,530) | $ (7,877) | $ (32,776) |
Loss per share | ||||
Basic (in usd per share) | $ (0.03) | $ (0.81) | $ (0.26) | $ (1.09) |
Diluted (in usd per share) | $ (0.03) | $ (0.81) | $ (0.26) | $ (1.09) |
Weighted average shares outstanding | ||||
Basic (in shares) | 30,832,566 | 30,424,026 | 30,663,212 | 30,152,733 |
Diluted (in shares) | 30,832,566 | 30,424,026 | 30,663,212 | 30,152,733 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments, net of $0 tax in each period | $ (174) | $ 29 | $ (166) | $ 70 |
Total other comprehensive income (loss), net of tax | (174) | 29 | (166) | 70 |
Total comprehensive loss | (1,152) | (24,501) | (8,043) | (32,706) |
Service | ||||
Revenues | 109,219 | 60,399 | 197,441 | 107,016 |
Cost and expenses | ||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) | 87,157 | 55,298 | 159,892 | 100,527 |
Product | ||||
Revenues | 33,127 | 24,433 | 61,840 | 44,442 |
Cost and expenses | ||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) | $ 25,584 | $ 21,340 | $ 47,167 | $ 38,394 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Tax associated with foreign currency translation | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - 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, 2020 | 31,557,809 | ||||
Beginning balance at Dec. 31, 2020 | $ 20,409 | $ 316 | $ 768,429 | $ (4,501) | $ (743,835) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under stock compensation plan, net of forfeitures (in shares) | (19,084) | ||||
Stock-based compensation expense | 3,038 | 3,038 | |||
Vesting of restricted stock and stock units (in shares) | (188,048) | ||||
Vesting of restricted stock and stock units | (472) | $ (2) | (470) | ||
Other comprehensive (loss) income | 70 | 70 | |||
Net loss | (32,776) | (32,776) | |||
Ending balance (in shares) at Jun. 30, 2021 | 31,350,677 | ||||
Ending balance at Jun. 30, 2021 | (9,731) | $ 314 | 770,997 | (4,431) | (776,611) |
Beginning balance (in shares) at Mar. 31, 2021 | 31,517,982 | ||||
Beginning balance at Mar. 31, 2021 | 14,083 | $ 315 | 770,309 | (4,460) | (752,081) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under stock compensation plan, net of forfeitures (in shares) | (16,596) | ||||
Stock-based compensation expense | 1,028 | 1,028 | |||
Vesting of restricted stock and stock units (in shares) | (150,709) | ||||
Vesting of restricted stock and stock units | (341) | $ (1) | (340) | ||
Other comprehensive (loss) income | 29 | 29 | |||
Net loss | (24,530) | (24,530) | |||
Ending balance (in shares) at Jun. 30, 2021 | 31,350,677 | ||||
Ending balance at Jun. 30, 2021 | $ (9,731) | $ 314 | 770,997 | (4,431) | (776,611) |
Beginning balance (in shares) at Dec. 31, 2021 | 32,826,325 | 32,826,325 | |||
Beginning balance at Dec. 31, 2021 | $ (39,267) | $ 328 | 773,350 | (4,535) | (808,410) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under stock compensation plan, net of forfeitures (in shares) | 648,098 | ||||
Issuance of common stock under stock compensation plan, net of forfeitures | $ 7 | (7) | |||
Stock-based compensation expense | 1,422 | 1,422 | |||
Vesting of restricted stock and stock units (in shares) | (105,275) | ||||
Vesting of restricted stock and stock units | (431) | $ (1) | (430) | ||
Other comprehensive (loss) income | (166) | (166) | |||
Net loss | $ (7,877) | (7,877) | |||
Ending balance (in shares) at Jun. 30, 2022 | 33,369,148 | 33,369,148 | |||
Ending balance at Jun. 30, 2022 | $ (46,319) | $ 334 | 774,335 | (4,701) | (816,287) |
Beginning balance (in shares) at Mar. 31, 2022 | 32,821,113 | ||||
Beginning balance at Mar. 31, 2022 | (45,366) | $ 328 | 774,142 | (4,527) | (815,309) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under stock compensation plan, net of forfeitures (in shares) | 649,415 | ||||
Issuance of common stock under stock compensation plan, net of forfeitures | $ 7 | (7) | |||
Stock-based compensation expense | 495 | 495 | |||
Vesting of restricted stock and stock units (in shares) | (101,380) | ||||
Vesting of restricted stock and stock units | (296) | $ (1) | (295) | ||
Other comprehensive (loss) income | (174) | (174) | |||
Net loss | $ (978) | (978) | |||
Ending balance (in shares) at Jun. 30, 2022 | 33,369,148 | 33,369,148 | |||
Ending balance at Jun. 30, 2022 | $ (46,319) | $ 334 | $ 774,335 | $ (4,701) | $ (816,287) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (7,877) | $ (32,776) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 13,015 | 15,227 |
Amortization of intangibles | 7,672 | 8,183 |
Amortization of operating leases | 4,026 | 4,046 |
Amortization of deferred financing costs | 1,285 | 1,318 |
Recovery of doubtful accounts | (176) | (84) |
Provision for inventory obsolescence | 1,963 | 3,262 |
Stock-based compensation expense | 1,422 | 3,038 |
Gain on extinguishment of debt | 0 | (17,618) |
(Gain) loss on sale of property and equipment | (447) | 677 |
(Gain) loss on revaluation of contingent liability | 191 | (145) |
Changes in operating assets and liabilities | ||
Accounts receivable, net | (24,055) | (17,520) |
Inventories, net | (8,810) | (6,121) |
Prepaid expenses and other current assets | 260 | 6,292 |
Accounts payable and accrued expenses | 9,116 | 11,371 |
Income taxes receivable/payable | (330) | 146 |
Other assets and liabilities | (4,144) | (4,165) |
Net cash used in operating activities | (6,889) | (24,869) |
Cash flows from investing activities | ||
Proceeds from sales of property and equipment | 2,142 | 1,983 |
Proceeds from property and equipment casualty losses | 175 | 0 |
Purchases of property and equipment | (3,944) | (3,120) |
Net cash used in investing activities | (1,627) | (1,137) |
Cash flows from financing activities | ||
Proceeds from 2018 ABL Credit Facility | 12,000 | 0 |
Purchases of Senior Notes | 0 | (8,355) |
Payments of short-term debt | (726) | 0 |
Payments on Magnum Promissory Notes | (562) | (281) |
Payments on finance leases | (668) | (534) |
Payments of contingent liability | (92) | (64) |
Vesting of restricted stock and stock units | (431) | (472) |
Net cash provided by (used in) financing activities | 9,521 | (9,706) |
Impact of foreign currency exchange on cash | (106) | (24) |
Net increase (decrease) in cash and cash equivalents | 899 | (35,736) |
Cash and cash equivalents | ||
Cash and cash equivalents beginning of period | 21,509 | 68,864 |
Cash and cash equivalents end of period | 22,408 | 33,128 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 14,769 | 15,507 |
Cash refunded for income taxes | 77 | 24 |
Cash paid for operating leases | 4,009 | 4,136 |
Right of use assets obtained in exchange for operating lease obligations | 2,208 | 897 |
Right of use assets obtained in exchange for finance lease obligations | 183 | 0 |
Non-cash investing and financing activities: | ||
Capital expenditures in accounts payable and accrued expenses | 2,055 | 397 |
Receivable from property and equipment sale (including insurance) | $ 0 | $ 1,984 |
Company and Organization
Company and Organization | 6 Months Ended |
Jun. 30, 2022 | |
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. The Company’s chief operating decision maker, which is its Chief Executive Officer, and its board of directors allocate resources and assess performance based on financial information presented at a consolidated level. Accordingly, the Company determined that it operates as one reportable segment, known as Completion Solutions . 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 current and expected oil and natural gas prices. Following an extreme decline in activity levels and pricing in 2020, the Company has been focused on strategically implementing price increases. Thus far in 2022, oil and natural gas prices have improved, and activity levels have increased compared to 2021, resulting in higher demand for the Company’s products and services. Due to a heightened competition for qualified labor, an under-supply of equipment, and other supply chain-related constraints, the Company has, and continues to, implement price increases in most service lines. Finding and retaining qualified labor continues to be a challenge resulting in significant wage inflation, offsetting some of the price increases. Going forward, the Company’s earnings will be affected by its customers’ activity plans, the Company’s ability to implement further price increases, the impact of wage and labor inflation, and labor shortage and supply chain constraints. Additionally, activity levels could be affected as oilfield service providers raise prices and customers are impacted by cost inflation to drill, complete, and produce oil and natural gas wells. Historically, the Company has met its liquidity needs principally from cash on hand, cash flow from operations and, if needed, external borrowings and issuances of debt securities. At June 30, 2022, the Company had $22.4 million of cash and cash equivalents and $52.1 million of availability under the 2018 ABL Credit Facility (as defined in Note 8 – Debt Obligations), which resulted in a total liquidity position of $74.5 million. The Company expects its liquidity position to continue to be impacted by semi-annual interest payments on May 1 and November 1 of each year of $14.0 million each on its Senior Notes (as defined in Note 8 – Debt Obligations). At June 30, 2022, the Company had $27.0 million of borrowings under 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. As of June 30, 2022, there were approximately $320.3 million aggregate principal amount of Senior Notes outstanding. The Senior Notes will mature on October 25, 2023. In the absence of redemption or repurchase of the Senior Notes, the effective maturity date of the 2018 ABL Credit Facility would be April 28, 2023. As such, the borrowings associated with the 2018 ABL Credit Facility are classified as current in the Company’s Condensed Consolidated Balance Sheet at June 30, 2022. Management’s plans to satisfy these obligations include refinancing or restructuring the Company’s indebtedness, seeking additional sources of capital, selling assets, or a combination thereof. Any such transactions may involve the issuance of additional equity or convertible debt securities that could result in material dilution to the Company’s stockholders, and these securities could have rights superior to holders of the Company’s common stock and could contain covenants that will restrict its operations. The Company’s ability to successfully execute these plans is dependent on its financial condition and operating performance, which are subject to prevailing economic and competitive conditions and certain financial, business, and other factors, many of which are beyond the Company’s control. There can be no assurance that the Company will succeed in executing these plans. If unsuccessful, the Company will not have sufficient liquidity and capital resources to repay its indebtedness when it matures, or otherwise meet its cash requirements over the next twelve months, which raises substantial doubt about its ability to continue as a going concern. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Condensed Consolidated Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2022, and its results of operations for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), in a manner consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, unless otherwise disclosed herein, and should be read in conjunction therewith. The Condensed Consolidated Balance Sheet at December 31, 2021 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Operating results for interim periods are not necessarily indicative of the results that may be expected 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 analyzing long-lived assets for possible impairment, useful lives used in depreciation and amortization expense, recognition of provisions for contingencies, and stock-based compensation fair value. It is at least reasonably possible that the estimates used will change within the next year. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for public businesses for fiscal years beginning after December 15, 2020 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, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company does not expect the standard to have a material impact on its financial position, results of operations, or liquidity. 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 does not expect the standard to have a material impact on its financial position, results of operations, or liquidity. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Disaggregation of Revenue Disaggregated revenue for the three and six months ended June 30, 2022 and 2021 was as follows: Three Months Ended June 30, 2022 2021 (in thousands) Cement $ 55,230 $ 27,294 Tools 33,127 24,433 Wireline 26,328 18,645 Coiled tubing 27,661 14,460 Total revenues $ 142,346 $ 84,832 Six Months Ended June 30, 2022 2021 (in thousands) Cement $ 100,468 $ 50,216 Tools 61,840 44,442 Wireline 47,731 31,397 Coiled tubing 49,242 25,403 Total revenues $ 259,281 $ 151,458 Three Months Ended June 30, 2022 2021 (in thousands) Service (1) $ 109,219 $ 60,399 Product (1) 33,127 24,433 Total revenues $ 142,346 $ 84,832 Six Months Ended June 30, 2022 2021 (in thousands) Service (1) $ 197,441 $ 107,016 Product (1) 61,840 44,442 Total revenues $ 259,281 $ 151,458 (1) The Company recognizes revenues from the sales of products at a point in time and revenues from the sales of services over time. Performance Obligations At June 30, 2022 and December 31, 2021, the amount of remaining performance obligations was not material. Contract Balances At June 30, 2022 and December 31, 2021, the amount of contract assets and contract liabilities was not material. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | InventoriesInventories, 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 $9.9 million and $9.0 million at June 30, 2022 and December 31, 2021, respectively. Inventories, net as of June 30, 2022 and December 31, 2021 were comprised of the following: June 30, 2022 December 31, 2021 (in thousands) Raw materials $ 37,149 $ 31,153 Work in progress 29 675 Finished goods 21,695 19,323 Inventories 58,873 51,151 Reserve for obsolescence (9,923) (8,971) Inventories, net $ 48,950 $ 42,180 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The gross carrying amount and accumulated amortization of intangible assets as of June 30, 2022 and December 31, 2021 was as follows: June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (in thousands, except weighted average amortization period information) Customer relationships $ 63,270 $ (48,456) $ 14,814 5.3 Non-compete agreements 6,500 (5,966) 534 1.3 Technology 125,110 (32,722) 92,388 11.2 In-process research and development 1,000 — 1,000 Indefinite Total $ 195,880 $ (87,144) $ 108,736 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (in thousands, except weighted average amortization period information) Customer relationships $ 63,270 $ (45,187) $ 18,083 5.3 Non-compete agreements 6,500 (5,766) 734 2.0 Technology 125,110 (28,519) 96,591 11.7 In-process research and development 1,000 — 1,000 Indefinite Total $ 195,880 $ (79,472) $ 116,408 Amortization of intangibles expense was $3.8 million and $7.7 million for the three and six months ended June 30, 2022, respectively. Amortization of intangibles expense was $4.1 million and $8.2 million for the three and six months ended June 30, 2021, respectively. Future estimated amortization of intangibles is as follows: Year Ending December 31, (in thousands) 2022 $ 5,791 2023 11,516 2024 11,183 2025 11,183 2026 11,082 2027 10,315 Thereafter 46,666 Total $ 107,736 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses as of June 30, 2022 and December 31, 2021 consisted of the following: June 30, 2022 December 31, 2021 (in thousands) Accrued interest $ 5,028 $ 4,980 Accrued compensation and benefits 8,107 6,897 Accrued bonus 3,928 1,125 Accrued legal fees and settlements 164 1,076 Other accrued expenses 5,753 4,441 Accrued expenses $ 22,980 $ 18,519 |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations The Company’s debt obligations as of June 30, 2022 and December 31, 2021 were as follows: June 30, 2022 December 31, 2021 (in thousands) Senior Notes $ 320,343 $ 320,343 2018 ABL Credit Facility 27,000 15,000 Magnum Promissory Notes 563 1,125 Other short-term debt 242 968 Total debt before deferred financing costs $ 348,148 $ 337,436 Deferred financing costs (2,196) (3,029) Total debt $ 345,952 $ 334,407 Less: Current portion of long-term debt (27,805) (2,093) Long-term debt $ 318,147 $ 332,314 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 June 30, 2022. 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 $2.2 million and $3.0 million at June 30, 2022 and December 31, 2021, 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 During the six months ended June 30, 2021, the Company repurchased approximately $26.3 million of Senior Notes at a repurchase price of approximately $8.4 million in cash. Deferred financing costs associated with these transactions were $0.3 million for the six months ended June 30, 2021. As a result, the Company recorded a $17.6 million gain on the extinguishment of debt for the six months ended June 30, 2021, 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 Statement of Income and Comprehensive Income (Loss) for the six months ended June 30, 2021. The Company did not repurchase any Senior Notes during the three months ended June 30, 2021. 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. At June 30, 2022, the Company had $27.0 million outstanding borrowings under the 2018 ABL Credit Facility, and its availability under the 2018 ABL Credit Facility was approximately $52.1 million, net of outstanding letters of credit of $1.3 million. 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 London Interbank Offered Rate (“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 varies from 0.75% to 1.25%, and the applicable margin for LIBOR loans or CDOR loans varies 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 June 30, 2022. 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. 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 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 is paid in equal quarterly installments which began 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 or 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). Other Short-Term Debt In the fourth quarter of 2021, the Company renewed certain insurance policies and financed the premium for its excess policy for $1.5 million. At June 30, 2022, the outstanding balance on this premium was $0.2 million. Fair Value of Debt Instruments The estimated fair value of the Company’s debt obligations as of June 30, 2022 and December 31, 2021 was as follows: June 30, 2022 December 31, 2021 (in thousands) Senior Notes $ 204,219 $ 153,765 2018 ABL Credit Facility $ 27,000 $ 15,000 Magnum Promissory Notes $ 563 $ 1,125 Other short-term debt $ 242 $ 968 The fair value of the Senior Notes, 2018 ABL Credit Facility, the Magnum Promissory Notes, and other short-term debt 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, the Magnum Promissory Notes, and other short-term debt approximates their carrying value. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
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 $0.4 million for the three and six months ended June 30, 2022, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2021, respectively. The Company also purchased $0.7 million and $1.4 million of products and services during the three and six months ended June 30, 2022, respectively, and $0.6 million and $0.8 million for the three and six months ended June 30, 2021, 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 $0.2 million and $0.7 million at June 30, 2022 and December 31, 2021, respectively. 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 $0.4 million and $0.7 million for the three and six months ended June 30, 2022, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2021, respectively. There were net outstanding payables due to this entity of $0.1 million at June 30, 2022. Additionally, on June 30, 2020, the Company issued the Magnum Promissory Notes to the sellers of Magnum, including Mr. Frazier. At June 30, 2022 and December 31, 2021, the outstanding principal balance payable to Mr. Frazier was $0.6 million and $1.1 million, respectively. For additional information regarding the Magnum Promissory Notes, see Note 8 – Debt Obligations. 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 $0.4 million and $0.8 million for the three and six months ended June 30, 2022, respectively and $0.3 million and $0.6 million for the three and six months ended June 30, 2021, respectively. There were outstanding payables due to Select of $0.1 million at both June 30, 2022 and December 31, 2021. 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 for both the three and six months ended June 30, 2022 and $0.8 million and $1.0 million for the three and six months ended June 30, 2021, respectively. During the fourth quarter of 2019, the Company sold coiled tubing equipment for $5.9 million to NESR with payments due in 24 equal monthly installments beginning on January 31, 2020. Total outstanding receivables due to the Company from NESR (inclusive of the equipment sale above) were $0.2 million and $0.5 million at June 30, 2022 and December 31, 2021, respectively. Ann G. Fox, President and Chief Executive Officer and a director of the Company, is a director of Devon Energy Corporation (“Devon”). The Company generated revenue from Devon of $0.6 million and $1.1 million for the three and six months ended June 30, 2022, respectively, $0.6 million and $1.6 million for the three and six months ended June 30, 2021, respectively. There were outstanding receivables due from Devon of $0.5 million and $0.4 million at June 30, 2022 and December 31, 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments 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 $1.1 million and $1.0 million at June 30, 2022 and December 31, 2021, 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 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, as amended, includes, among other things, the potential for additional future payments, based on certain Frac Tech revenue metrics through December 31, 2025 (the “Frac Tech Earnout”). The Company’s contingent liability (Level 3) associated with the Frac Tech Earnout at June 30, 2022 and 2021 was as follows: Frac Tech (in thousands) Balance at December 31, 2021 $ 910 Revaluation adjustments 191 Payments (92) Balance at June 30, 2022 $ 1,009 Frac Tech (in thousands) Balance at December 31, 2020 $ 604 Revaluation adjustments (145) Payments (64) Balance at June 30, 2021 $ 395 All contingent liabilities that relate to contingent consideration are 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 $0.3 million and $0.1 million reported in “Accrued expenses” at June 30, 2022 and December 31, 2021, respectively, and $0.7 million and $0.8 million reported in “Other long-term liabilities” at June 30, 2022 and December 31, 2021, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes The Company’s provision (benefit) for income taxes included in its Condensed Consolidated Statements of Income and Comprehensive Income (Loss) was as follows: Three Months Ended June 30, 2022 2021 (in thousands, except percentages) Provision (benefit) for income taxes $ (522) $ 95 Effective tax rate 34.8 % (0.4) % Six Months Ended June 30, 2022 2021 (in thousands, except percentages) Provision (benefit) for income taxes $ (410) $ 122 Effective tax rate 4.9 % (0.4) % |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per ShareBasic 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 June 30, 2022 Three Months Ended June 30, 2021 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 $ (978) 30,832,566 $ (0.03) $ (24,530) 30,424,026 $ (0.81) Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — — — Diluted $ (978) 30,832,566 $ (0.03) $ (24,530) 30,424,026 $ (0.81) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 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 $ (7,877) 30,663,212 $ (0.26) $ (32,776) 30,152,733 $ (1.09) Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — — — Diluted $ (7,877) 30,663,212 $ (0.26) $ (32,776) 30,152,733 $ (1.09) The diluted earnings (loss) per share calculation excludes all stock options, unvested restricted stock, unvested restricted stock units, and unvested performance stock units for the three and six months ended June 30, 2022 and 2021 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: 2022 2021 Three months ended June 30, 1,177,509 523,779 Six months ended June 30, 949,789 778,849 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Condensed Consolidated Financial Information | Condensed Consolidated Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2022, and its results of operations for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), in a manner consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, unless otherwise disclosed herein, and should be read in conjunction therewith. The Condensed Consolidated Balance Sheet at December 31, 2021 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Operating results for interim periods are not necessarily indicative of the results that may be expected 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 analyzing long-lived assets for possible impairment, useful lives used in depreciation and amortization expense, recognition of provisions for contingencies, and stock-based compensation fair value. It is at least reasonably possible that the estimates used will change within the next year. |
New Accounting Standards | New Accounting Standards In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for public businesses for fiscal years beginning after December 15, 2020 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, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company does not expect the standard to have a material impact on its financial position, results of operations, or liquidity. 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 does not expect the standard to have a material impact on its financial position, results of operations, or liquidity. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Disaggregated revenue for the three and six months ended June 30, 2022 and 2021 was as follows: Three Months Ended June 30, 2022 2021 (in thousands) Cement $ 55,230 $ 27,294 Tools 33,127 24,433 Wireline 26,328 18,645 Coiled tubing 27,661 14,460 Total revenues $ 142,346 $ 84,832 Six Months Ended June 30, 2022 2021 (in thousands) Cement $ 100,468 $ 50,216 Tools 61,840 44,442 Wireline 47,731 31,397 Coiled tubing 49,242 25,403 Total revenues $ 259,281 $ 151,458 Three Months Ended June 30, 2022 2021 (in thousands) Service (1) $ 109,219 $ 60,399 Product (1) 33,127 24,433 Total revenues $ 142,346 $ 84,832 Six Months Ended June 30, 2022 2021 (in thousands) Service (1) $ 197,441 $ 107,016 Product (1) 61,840 44,442 Total revenues $ 259,281 $ 151,458 (1) The Company recognizes revenues from the sales of products at a point in time and revenues from the sales of services over time. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | Inventories, net as of June 30, 2022 and December 31, 2021 were comprised of the following: June 30, 2022 December 31, 2021 (in thousands) Raw materials $ 37,149 $ 31,153 Work in progress 29 675 Finished goods 21,695 19,323 Inventories 58,873 51,151 Reserve for obsolescence (9,923) (8,971) Inventories, net $ 48,950 $ 42,180 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Components of Intangible Assets, Finite Lived | The gross carrying amount and accumulated amortization of intangible assets as of June 30, 2022 and December 31, 2021 was as follows: June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (in thousands, except weighted average amortization period information) Customer relationships $ 63,270 $ (48,456) $ 14,814 5.3 Non-compete agreements 6,500 (5,966) 534 1.3 Technology 125,110 (32,722) 92,388 11.2 In-process research and development 1,000 — 1,000 Indefinite Total $ 195,880 $ (87,144) $ 108,736 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (in thousands, except weighted average amortization period information) Customer relationships $ 63,270 $ (45,187) $ 18,083 5.3 Non-compete agreements 6,500 (5,766) 734 2.0 Technology 125,110 (28,519) 96,591 11.7 In-process research and development 1,000 — 1,000 Indefinite Total $ 195,880 $ (79,472) $ 116,408 |
Schedule of Components of Intangible Assets, Indefinite-Lived | The gross carrying amount and accumulated amortization of intangible assets as of June 30, 2022 and December 31, 2021 was as follows: June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (in thousands, except weighted average amortization period information) Customer relationships $ 63,270 $ (48,456) $ 14,814 5.3 Non-compete agreements 6,500 (5,966) 534 1.3 Technology 125,110 (32,722) 92,388 11.2 In-process research and development 1,000 — 1,000 Indefinite Total $ 195,880 $ (87,144) $ 108,736 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (in thousands, except weighted average amortization period information) Customer relationships $ 63,270 $ (45,187) $ 18,083 5.3 Non-compete agreements 6,500 (5,766) 734 2.0 Technology 125,110 (28,519) 96,591 11.7 In-process research and development 1,000 — 1,000 Indefinite Total $ 195,880 $ (79,472) $ 116,408 |
Schedule of Future Estimated Amortization Expense | Future estimated amortization of intangibles is as follows: Year Ending December 31, (in thousands) 2022 $ 5,791 2023 11,516 2024 11,183 2025 11,183 2026 11,082 2027 10,315 Thereafter 46,666 Total $ 107,736 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses as of June 30, 2022 and December 31, 2021 consisted of the following: June 30, 2022 December 31, 2021 (in thousands) Accrued interest $ 5,028 $ 4,980 Accrued compensation and benefits 8,107 6,897 Accrued bonus 3,928 1,125 Accrued legal fees and settlements 164 1,076 Other accrued expenses 5,753 4,441 Accrued expenses $ 22,980 $ 18,519 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt Obligations | The Company’s debt obligations as of June 30, 2022 and December 31, 2021 were as follows: June 30, 2022 December 31, 2021 (in thousands) Senior Notes $ 320,343 $ 320,343 2018 ABL Credit Facility 27,000 15,000 Magnum Promissory Notes 563 1,125 Other short-term debt 242 968 Total debt before deferred financing costs $ 348,148 $ 337,436 Deferred financing costs (2,196) (3,029) Total debt $ 345,952 $ 334,407 Less: Current portion of long-term debt (27,805) (2,093) Long-term debt $ 318,147 $ 332,314 |
Summary of Fair Value of Debt Obligations | The estimated fair value of the Company’s debt obligations as of June 30, 2022 and December 31, 2021 was as follows: June 30, 2022 December 31, 2021 (in thousands) Senior Notes $ 204,219 $ 153,765 2018 ABL Credit Facility $ 27,000 $ 15,000 Magnum Promissory Notes $ 563 $ 1,125 Other short-term debt $ 242 $ 968 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingent Liabilities | The Company’s contingent liability (Level 3) associated with the Frac Tech Earnout at June 30, 2022 and 2021 was as follows: Frac Tech (in thousands) Balance at December 31, 2021 $ 910 Revaluation adjustments 191 Payments (92) Balance at June 30, 2022 $ 1,009 Frac Tech (in thousands) Balance at December 31, 2020 $ 604 Revaluation adjustments (145) Payments (64) Balance at June 30, 2021 $ 395 |
Taxes (Tables)
Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of the Provision (Benefit) For Income Taxes | The Company’s provision (benefit) for income taxes included in its Condensed Consolidated Statements of Income and Comprehensive Income (Loss) was as follows: Three Months Ended June 30, 2022 2021 (in thousands, except percentages) Provision (benefit) for income taxes $ (522) $ 95 Effective tax rate 34.8 % (0.4) % Six Months Ended June 30, 2022 2021 (in thousands, except percentages) Provision (benefit) for income taxes $ (410) $ 122 Effective tax rate 4.9 % (0.4) % |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Three Months Ended June 30, 2021 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 $ (978) 30,832,566 $ (0.03) $ (24,530) 30,424,026 $ (0.81) Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — — — Diluted $ (978) 30,832,566 $ (0.03) $ (24,530) 30,424,026 $ (0.81) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 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 $ (7,877) 30,663,212 $ (0.26) $ (32,776) 30,152,733 $ (1.09) Assumed exercise of stock options — — — — — — Unvested restricted stock and stock units — — — — — — Diluted $ (7,877) 30,663,212 $ (0.26) $ (32,776) 30,152,733 $ (1.09) |
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: 2022 2021 Three months ended June 30, 1,177,509 523,779 Six months ended June 30, 949,789 778,849 |
Company and Organization (Detai
Company and Organization (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | ||
Number of reportable segments | segment | 1 | |
Cash and cash equivalents | $ 22,408 | $ 21,509 |
Liability position | 74,500 | |
Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, periodic payment, interest | 14,000 | |
2018 ABL Credit Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Current borrowing capacity | 52,100 | |
Proceeds from lines of credit | 27,000 | |
2018 ABL Credit Facility | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 320,300 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 142,346 | $ 84,832 | $ 259,281 | $ 151,458 |
Cement | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 55,230 | 27,294 | 100,468 | 50,216 |
Tools | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33,127 | 24,433 | 61,840 | 44,442 |
Wireline | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 26,328 | 18,645 | 47,731 | 31,397 |
Coiled tubing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27,661 | 14,460 | 49,242 | 25,403 |
Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 109,219 | 60,399 | 197,441 | 107,016 |
Service | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 109,219 | 60,399 | 197,441 | 107,016 |
Product | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33,127 | 24,433 | 61,840 | 44,442 |
Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 33,127 | $ 24,433 | $ 61,840 | $ 44,442 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Reserve for obsolescence | $ 9,923 | $ 8,971 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 37,149 | $ 31,153 |
Work in progress | 29 | 675 |
Finished goods | 21,695 | 19,323 |
Inventories | 58,873 | 51,151 |
Reserve for obsolescence | (9,923) | (8,971) |
Inventories, net | $ 48,950 | $ 42,180 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Accumulated Amortization | $ (87,144) | $ (79,472) |
Total | 107,736 | |
Intangible assets, gross | 195,880 | 195,880 |
Intangible assets, net | 108,736 | 116,408 |
In-process research and development | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Indefinite-lived intangible assets | 1,000 | 1,000 |
Customer relationships | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross Carrying Amount | 63,270 | 63,270 |
Accumulated Amortization | (48,456) | (45,187) |
Total | $ 14,814 | $ 18,083 |
Weighted Average Amortization Period | 5 years 3 months 18 days | 5 years 3 months 18 days |
Non-compete agreements | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross Carrying Amount | $ 6,500 | $ 6,500 |
Accumulated Amortization | (5,966) | (5,766) |
Total | $ 534 | $ 734 |
Weighted Average Amortization Period | 1 year 3 months 18 days | 2 years |
Technology | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross Carrying Amount | $ 125,110 | $ 125,110 |
Accumulated Amortization | (32,722) | (28,519) |
Total | $ 92,388 | $ 96,591 |
Weighted Average Amortization Period | 11 years 2 months 12 days | 11 years 8 months 12 days |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 3,768 | $ 4,091 | $ 7,672 | $ 8,183 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 5,791 |
2023 | 11,516 |
2024 | 11,183 |
2025 | 11,183 |
2026 | 11,082 |
2027 | 10,315 |
Thereafter | 46,666 |
Total | $ 107,736 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued interest | $ 5,028 | $ 4,980 |
Accrued compensation and benefits | 8,107 | 6,897 |
Accrued bonus | 3,928 | 1,125 |
Accrued legal fees and settlements | 164 | 1,076 |
Other accrued expenses | 5,753 | 4,441 |
Accrued expenses | $ 22,980 | $ 18,519 |
Debt Obligations - Summary of D
Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Total debt before deferred financing costs | $ 348,148 | $ 337,436 |
Deferred financing costs | (2,196) | (3,029) |
Total debt | 345,952 | 334,407 |
Less: Current portion of long-term debt | (27,805) | (2,093) |
Long-term debt | 318,147 | 332,314 |
Other short-term debt | ||
Line of Credit Facility [Line Items] | ||
Total debt before deferred financing costs | 242 | 968 |
Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Total debt before deferred financing costs | 320,343 | 320,343 |
Deferred financing costs | (2,200) | (3,000) |
Line of Credit | 2018 ABL Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total debt before deferred financing costs | 27,000 | 15,000 |
Line of Credit | Magnum Promissory Notes | ||
Line of Credit Facility [Line Items] | ||
Total debt before deferred financing costs | $ 563 | $ 1,125 |
Debt Obligations - Narrative (D
Debt Obligations - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||||
Oct. 25, 2018 USD ($) day | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||
Unamortized deferred finance costs | $ 2,196,000 | $ 3,029,000 | $ 2,196,000 | ||||
Extinguishment of debt | 0 | $ 0 | 0 | $ 17,618,000 | |||
Debt covenant, fixed charge covenant, ratio | 1 | ||||||
Financing agreement, insurance premium | 1,500,000 | ||||||
Outstanding premium, amount | 200,000 | 200,000 | |||||
Beneficial Owner | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable, related parties | 600,000 | 1,100,000 | 600,000 | ||||
2018 IPO Term Loan Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding, amount | 1,300,000 | $ 1,300,000 | |||||
Magnum Promissory Notes | Magnum Acquisition | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of potential future payment of net income in 2019 through 2026 | 60% | ||||||
Sale on dissolvable plug products in 2019 | $ 25,000,000 | ||||||
Magnum Promissory Notes | Magnum Acquisition | Beneficial Owner | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable, related parties | $ 2,300,000 | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Debt instrument, annual interest rate | 8.75% | ||||||
Debt instrument, redemption price, percentage of principal, default trigger | 25% | ||||||
Unamortized deferred finance costs | 2,200,000 | $ 3,000,000 | $ 2,200,000 | ||||
Repurchased debt amount | $ 0 | 26,300,000 | |||||
Repurchase price | 8,400,000 | ||||||
Payments of debt issuance costs | 300,000 | ||||||
Extinguishment of debt | $ 17,600,000 | ||||||
Line of Credit | 2018 ABL Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 200,000,000 | ||||||
Proceeds from lines of credit | 27,000,000 | ||||||
Current borrowing capacity | $ 52,100,000 | $ 52,100,000 | |||||
Commitment fee percentage | 0.50% | ||||||
Maximum remaining borrowing capacity, that does not require quarterly testing | $ 18,750,000 | ||||||
Debt instrument, convertible, threshold consecutive trading days | day | 30 | ||||||
Line of Credit | 2018 ABL Credit Facility | Canadian Tranche | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||
Line of Credit | 2018 ABL Credit Facility | Canadian Tranche | Minimum | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.75% | ||||||
Line of Credit | 2018 ABL Credit Facility | Canadian Tranche | Maximum | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 1.25% | ||||||
Line of Credit | 2018 ABL Credit Facility | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||
Line of Credit | 2018 ABL Credit Facility | Letter of Credit | Minimum | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 1.75% | ||||||
Line of Credit | 2018 ABL Credit Facility | Letter of Credit | Maximum | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 2.25% | ||||||
Magnum Promissory Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, annual interest rate | 6% |
Debt Obligations - Fair Value (
Debt Obligations - Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other short-term debt | ||
Debt Instrument [Line Items] | ||
Fair value of debt instruments | $ 242 | $ 968 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value of debt instruments | 204,219 | 153,765 |
Line of Credit | 2018 ABL Credit Facility | ||
Debt Instrument [Line Items] | ||
Fair value of debt instruments | 27,000 | 15,000 |
Line of Credit | Magnum Promissory Notes | ||
Debt Instrument [Line Items] | ||
Fair value of debt instruments | $ 563 | $ 1,125 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Rental expense | $ 0.4 | $ 0.7 | ||||
Beneficial Owner | ||||||
Related Party Transaction [Line Items] | ||||||
Payables due to entities | 0.1 | 0.1 | ||||
Notes payable, related parties | 0.6 | 0.6 | $ 1.1 | |||
Select Energy Services, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Costs and expenses | 0.4 | $ 0.3 | 0.8 | $ 0.6 | ||
Accounts payable | 0.1 | 0.1 | 0.1 | |||
National Energy Services Reunited | ||||||
Related Party Transaction [Line Items] | ||||||
Costs and expenses | 0.2 | 0.8 | 0.2 | 1 | ||
Accounts receivable | 0.2 | 0.2 | 0.5 | |||
National Energy Services Reunited | Coiled tubing | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | $ 5.9 | |||||
Monthly installments | 24 months | |||||
Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 0.6 | 0.6 | 1.1 | 1.6 | ||
Due from related parties | 0.5 | 0.5 | 0.4 | |||
Mr. Crombie | ||||||
Related Party Transaction [Line Items] | ||||||
Lease and building maintenance expense | 0.2 | 0.2 | 0.4 | 0.4 | ||
Equipment purchased | 0.7 | 0.6 | $ 1.4 | 0.8 | ||
Percent of company stock owned (more than) | 5% | |||||
Rental expense | $ 0.4 | $ 0.7 | ||||
Mr. Crombie | Equipment | ||||||
Related Party Transaction [Line Items] | ||||||
Payables due to entities | $ 0.2 | $ 0.2 | $ 0.7 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Expenses | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 0.3 | $ 0.1 |
Other Long-Term Liabilities | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | 0.7 | 0.8 |
Scorpion | Accrued Expenses | ||
Loss Contingencies [Line Items] | ||
Estimated liability for self-insured medical claims | $ 1.1 | $ 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Contingent Liabilities (Details) - Frac Tech - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Loss Contingency Accrual [Roll Forward] | ||
Beginning balance | $ 910 | $ 604 |
Revaluation adjustments | 191 | (145) |
Payments | (92) | (64) |
Ending balance | $ 1,009 | $ 395 |
Taxes - Schedule of Components
Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ (522) | $ 95 | $ (410) | $ 122 |
Effective tax rate | 34.80% | (0.40%) | 4.90% | (0.40%) |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net Loss | $ (978) | $ (24,530) | $ (7,877) | $ (32,776) |
Average shares outstanding, basic (in shares) | 30,832,566 | 30,424,026 | 30,663,212 | 30,152,733 |
Loss per share, basic (in usd per share) | $ (0.03) | $ (0.81) | $ (0.26) | $ (1.09) |
Assumed exercise of stock options (in shares) | 0 | 0 | 0 | 0 |
Unvested restricted stock and stock units (in shares) | 0 | 0 | 0 | 0 |
Average shares outstanding, diluted (in shares) | 30,832,566 | 30,424,026 | 30,663,212 | 30,152,733 |
Loss per share, diluted (in usd per share) | $ (0.03) | $ (0.81) | $ (0.26) | $ (1.09) |
Earnings (Loss) Per Share - Ant
Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Options To Purchase Shares Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,177,509 | 523,779 | 949,789 | 778,849 |