Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 29, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001575828 | |
Entity Registrant Name | FRANK'S INTERNATIONAL N.V. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36053 | |
Entity Incorporation, State or Country Code | P7 | |
Entity Tax Identification Number | 98-1107145 | |
Entity Address, Address Line One | Mastenmakersweg 1 | |
Entity Address, Postal Zip Code | 1786 PB | |
Entity Address, City or Town | Den Helder | |
Entity Address, Country | NL | |
City Area Code | 22 | |
Local Phone Number | 367 0000 | |
Title of 12(b) Security | Common Stock, €0.01 par value | |
Trading Symbol | FI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 228,397,296 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 188,581 | $ 209,575 |
Restricted cash | 1,776 | 1,672 |
Short-term investments | 2,026 | 2,252 |
Accounts receivables, net | 127,931 | 110,607 |
Inventories, net | 94,680 | 81,718 |
Assets held for sale | 3,025 | 2,939 |
Other current assets | 6,415 | 7,744 |
Total current assets | 424,434 | 416,507 |
Property, plant and equipment, net | 244,457 | 272,707 |
Goodwill | 42,785 | 42,785 |
Intangible assets, net | 9,909 | 7,897 |
Deferred tax assets, net | 16,482 | 18,030 |
Operating lease right-of-use assets | 26,356 | 28,116 |
Other assets | 31,081 | 30,859 |
Total assets | 795,504 | 816,901 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 111,031 | 99,986 |
Current portion of operating lease liabilities | 7,625 | 7,832 |
Deferred revenue | 585 | 586 |
Other current liabilities | 241 | 1,674 |
Total current liabilities | 119,482 | 110,078 |
Deferred tax liabilities | 0 | 1,548 |
Non-current operating lease liabilities | 19,645 | 21,208 |
Other non-current liabilities | 25,235 | 22,818 |
Total liabilities | 164,362 | 155,652 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Common stock, €0.01 par value, 798,096,000 shares authorized, 231,246,958 and 228,806,301 shares issued and 228,188,566 and 226,324,559 shares outstanding | 2,896 | 2,866 |
Additional paid-in capital | 1,094,447 | 1,087,733 |
Accumulated deficit | (413,849) | (377,346) |
Accumulated other comprehensive loss | (30,384) | (31,966) |
Treasury stock (at cost), 3,058,392 and 2,481,742 shares | (21,968) | (20,038) |
Total stockholders’ equity | 631,142 | 661,249 |
Total liabilities and equity | $ 795,504 | $ 816,901 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - € / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock, par value (in EUR per share) | € 0.01 | € 0.01 |
Common stock, shares authorized (in shares) | 798,096,000 | 798,096,000 |
Common stock, shares issued (in shares) | 231,246,958 | 228,806,301 |
Common stock, shares outstanding (in shares) | 228,188,566 | 226,324,559 |
Treasury stock, shares (in shares) | 3,058,392 | 2,481,742 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenue | $ 107,841 | $ 86,101 | $ 202,652 | $ 209,593 | |
Operating expenses: | |||||
General and administrative expenses | 16,427 | 22,286 | 32,874 | 48,969 | |
Depreciation and amortization | 15,332 | 17,252 | 31,439 | 36,970 | |
Goodwill impairment | 0 | 0 | 0 | 57,146 | |
Severance and other charges, net | 3,399 | 5,162 | 10,775 | 25,887 | |
Gain on disposal of assets | (1,479) | (650) | (1,661) | (590) | |
Operating loss | (8,865) | (27,286) | (28,651) | (121,494) | |
Other income (expense): | |||||
Other income, net | 404 | 156 | 529 | 2,182 | |
Interest income (expense), net | (101) | 178 | (388) | 711 | |
Foreign currency gain (loss) | 2,718 | 1,693 | (150) | (8,199) | |
Total other income (expense) | 3,021 | 2,027 | (9) | (5,306) | |
Loss before income taxes | (5,844) | (25,259) | (28,660) | (126,800) | |
Income tax expense (benefit) | 6,773 | 8,986 | 7,843 | (6,577) | |
Net loss | $ (12,617) | $ (34,245) | $ (36,503) | $ (120,223) | |
Loss per common share: | |||||
Basic and diluted (in dollars per share) | $ (0.06) | $ (0.15) | $ (0.16) | $ (0.53) | |
Weighted average common shares outstanding: | |||||
Basic and diluted (in shares) | [1] | 228,013 | 225,853 | 227,519 | 225,855 |
Service [Member] | |||||
Revenue | $ 90,520 | $ 74,583 | $ 172,043 | $ 179,666 | |
Operating expenses: | |||||
Cost of revenue, exclusive of depreciation and amortization | 68,619 | 61,051 | 132,554 | 140,431 | |
Product [Member] | |||||
Revenue | 17,321 | 11,518 | 30,609 | 29,927 | |
Operating expenses: | |||||
Cost of revenue, exclusive of depreciation and amortization | $ 14,408 | $ 8,286 | $ 25,322 | $ 22,274 | |
[1] | Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. 1,329 707 1,688 955 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (12,617) | $ (34,245) | $ (36,503) | $ (120,223) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (134) | (139) | 1,583 | 285 |
Total other comprehensive income (loss) | (134) | (139) | 1,583 | 285 |
Comprehensive loss | $ (12,751) | $ (34,384) | $ (34,920) | $ (119,938) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 0 | 225,511 | ||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ (321) | $ 0 | $ 0 | $ (321) | $ 2,846 | $ 1,075,809 | $ (220,805) | $ (30,298) | $ (17,258) | $ 810,294 |
Net loss | 0 | 0 | (85,978) | 0 | 0 | (85,978) | ||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 424 | 0 | 424 | ||||||
Equity-based compensation expense | $ 0 | 2,146 | 0 | 0 | 0 | 2,146 | ||||||
Common shares issued upon vesting of share-based awards (in shares) | 937 | |||||||||||
Common shares issued upon vesting of share-based awards | $ 10 | (10) | 0 | 0 | 0 | 0 | ||||||
Common shares issued for employee stock purchase plan (in shares) | 126 | |||||||||||
Common shares issued for employee stock purchase plan | $ 1 | 551 | 0 | 0 | 0 | 552 | ||||||
Treasury shares withheld (in shares) | (293) | |||||||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | (1,056) | (1,056) | ||||||
Share repurchase program (in shares) | (373) | |||||||||||
Share repurchase program | $ 0 | 0 | 0 | 0 | (1,017) | (1,017) | ||||||
Balance (in shares) at Mar. 31, 2020 | 225,908 | |||||||||||
Balance at Mar. 31, 2020 | $ 2,857 | 1,078,496 | (307,104) | (29,874) | (19,331) | 725,044 | ||||||
Balance (in shares) at Dec. 31, 2019 | 0 | 225,511 | ||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ (321) | $ 0 | $ 0 | $ (321) | $ 2,846 | 1,075,809 | (220,805) | (30,298) | (17,258) | 810,294 |
Net loss | (120,223) | |||||||||||
Foreign currency translation adjustments | 285 | |||||||||||
Balance (in shares) at Jun. 30, 2020 | 225,927 | |||||||||||
Balance at Jun. 30, 2020 | $ 2,860 | 1,082,008 | (341,349) | (30,013) | (19,842) | 693,664 | ||||||
Balance (in shares) at Mar. 31, 2020 | 225,908 | |||||||||||
Balance at Mar. 31, 2020 | $ 2,857 | 1,078,496 | (307,104) | (29,874) | (19,331) | 725,044 | ||||||
Net loss | 0 | 0 | (34,245) | 0 | 0 | (34,245) | ||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (139) | 0 | (139) | ||||||
Equity-based compensation expense | 0 | 3,515 | 0 | 0 | 0 | 3,515 | ||||||
Common shares issued for employee stock purchase plan | $ 3 | (3) | 0 | 0 | 0 | 0 | ||||||
Treasury shares withheld (in shares) | (13) | |||||||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | (31) | (31) | ||||||
Share repurchase program (in shares) | (197) | |||||||||||
Share repurchase program | $ 0 | 0 | 0 | 0 | (480) | (480) | ||||||
Balance (in shares) at Jun. 30, 2020 | 225,927 | |||||||||||
Balance at Jun. 30, 2020 | $ 2,860 | 1,082,008 | (341,349) | (30,013) | (19,842) | 693,664 | ||||||
Balance (in shares) at Dec. 31, 2020 | 226,325 | |||||||||||
Balance at Dec. 31, 2020 | $ 2,866 | 1,087,733 | (377,346) | (31,966) | (20,038) | 661,249 | ||||||
Net loss | 0 | 0 | (23,886) | 0 | 0 | (23,886) | ||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 1,716 | 0 | 1,716 | ||||||
Equity-based compensation expense | $ 0 | 2,872 | 0 | 0 | 0 | 2,872 | ||||||
Common shares issued upon vesting of share-based awards (in shares) | 1,717 | |||||||||||
Common shares issued upon vesting of share-based awards | $ 21 | (21) | 0 | 0 | 0 | 0 | ||||||
Common shares issued for employee stock purchase plan (in shares) | 238 | |||||||||||
Common shares issued for employee stock purchase plan | $ 3 | 444 | 0 | 0 | 0 | 447 | ||||||
Treasury shares withheld (in shares) | (568) | |||||||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | (1,900) | (1,900) | ||||||
Balance (in shares) at Mar. 31, 2021 | 227,712 | |||||||||||
Balance at Mar. 31, 2021 | $ 2,890 | 1,091,028 | (401,232) | (30,250) | (21,938) | 640,498 | ||||||
Balance (in shares) at Dec. 31, 2020 | 226,325 | |||||||||||
Balance at Dec. 31, 2020 | $ 2,866 | 1,087,733 | (377,346) | (31,966) | (20,038) | 661,249 | ||||||
Net loss | (36,503) | |||||||||||
Foreign currency translation adjustments | 1,583 | |||||||||||
Balance (in shares) at Jun. 30, 2021 | 228,188 | |||||||||||
Balance at Jun. 30, 2021 | $ 2,896 | 1,094,447 | (413,849) | (30,384) | (21,968) | 631,142 | ||||||
Balance (in shares) at Mar. 31, 2021 | 227,712 | |||||||||||
Balance at Mar. 31, 2021 | $ 2,890 | 1,091,028 | (401,232) | (30,250) | (21,938) | 640,498 | ||||||
Net loss | 0 | 0 | (12,617) | 0 | 0 | (12,617) | ||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (134) | 0 | (134) | ||||||
Equity-based compensation expense | $ 0 | 3,425 | 0 | 0 | 0 | 3,425 | ||||||
Common shares issued upon vesting of share-based awards (in shares) | 485 | |||||||||||
Common shares issued for employee stock purchase plan | $ 6 | (6) | 0 | 0 | 0 | 0 | ||||||
Treasury shares withheld (in shares) | (9) | |||||||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | (30) | (30) | ||||||
Balance (in shares) at Jun. 30, 2021 | 228,188 | |||||||||||
Balance at Jun. 30, 2021 | $ 2,896 | $ 1,094,447 | $ (413,849) | $ (30,384) | $ (21,968) | $ 631,142 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (36,503) | $ (120,223) |
Adjustments to reconcile net loss to cash from operating activities | ||
Depreciation and amortization | 31,439 | 36,970 |
Equity-based compensation expense | 6,297 | 5,661 |
Goodwill impairment | 0 | 57,146 |
Loss on asset impairments and retirements | 307 | 20,532 |
Amortization of deferred financing costs | 194 | 194 |
Deferred tax provision (benefit) | 0 | (1,690) |
Provision for (recovery of) bad debts | 437 | 1,750 |
Gain on disposal of assets | (1,661) | (590) |
Changes in fair value of investments | (1,012) | 813 |
Other | 0 | (380) |
Changes in operating assets and liabilities | ||
Accounts receivable | (17,618) | 24,465 |
Inventories | (12,863) | (4,539) |
Other current assets | 1,320 | 2,272 |
Other assets | 672 | 390 |
Accounts payable and accrued liabilities | 13,085 | (15,187) |
Deferred revenue | (2) | (226) |
Other non-current liabilities | (152) | (3,212) |
Net cash provided by (used in) operating activities | (16,060) | 4,146 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and intangibles | (4,517) | (20,259) |
Proceeds from sale of assets | 4,209 | 6,565 |
Proceeds from sale of investments | 1,501 | 2,832 |
Purchase of investments | (1,294) | 0 |
Investment in intellectual property | (1,608) | 0 |
Other | (179) | (256) |
Net cash used in investing activities | (1,888) | (11,118) |
Cash flows from financing activities | ||
Repayments of borrowings | (1,431) | 0 |
Treasury shares withheld for taxes | (1,930) | (1,086) |
Treasury share repurchase | 0 | (1,498) |
Proceeds from the issuance of ESPP shares | 447 | 552 |
Net cash used in financing activities | (2,914) | (2,032) |
Effect of exchange rate changes on cash | (28) | 6,543 |
Net decrease in cash, cash equivalents and restricted cash | (20,890) | (2,461) |
Cash, cash equivalents and restricted cash at beginning of period | 211,247 | 196,740 |
Cash, cash equivalents and restricted cash at end of period | $ 190,357 | $ 194,279 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Basis of Presentation Nature of Business Frank’s International N.V. (“FINV”, “Frank's” or the “Company”, as the context requires), a limited liability company organized under the laws of the Netherlands, is a global provider of highly engineered tubular services, tubular fabrication and specialty well construction and well intervention solutions to the oil and gas industry. FINV provides services and products to leading exploration and production companies in both offshore and onshore environments with a focus on complex and technically demanding wells. The impact of the Coronavirus Disease 2019 19” 19 may Pending Merger with Expro Group Holdings International Limited On March 10, 2021, third 2021, The Merger Agreement contains termination rights for each of FINV and Expro, including, among others, a termination right for each party if the consummation of the Merger does not 5:00 October 31, 2021 ( January 31, 2022. In connection with the Merger Agreement, FINV, Frank’s International C.V. (“FICV”) and Mosing Holdings, LLC (“Mosing Holdings”) entered into an Amended and Restated Tax Receivable Agreement (the “A&R TRA”). Pursuant to the A&R TRA, FINV, FICV and Mosing Holdings have agreed, among other things to settle the early termination payment obligation that would otherwise be owed to Mosing Holdings under the TRA as a result of the Merger by the payment by FINV to Mosing Holdings of (i) $15 million cash at the closing of the Transactions and (ii) certain other contingent payments in the future in the event the Combined Company realizes cash tax savings from tax attributes covered under the TRA during the ten not Basis of Presentation The condensed consolidated financial statements of FINV for the three six June 30, 2021 2020 Our accompanying condensed consolidated financial statements have not December 31, 2020, December 31, 2020, 10 March 1, 2021 ( not The condensed consolidated financial statements have been prepared on a historical cost basis using the United States dollar as the reporting currency. Our functional currency is primarily the United States dollar. Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. ASUs not not In June 2016, January 1, 2020, not 3—Accounts |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 2 Cash, Cash Equivalents and Restricted Cash Amounts reported in the condensed consolidated balance sheets and condensed consolidated statements of cash flows as cash, cash equivalents and restricted cash at June 30, 2021 December 31, 2020 June 30, December 31, 2021 2020 Cash and cash equivalents $ 188,581 $ 209,575 Restricted cash 1,776 1,672 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 190,357 $ 211,247 Restricted cash primarily consists of cash deposits that collateralize our credit card program. Cash paid for income taxes, net, was $2.6 million and $8.6 million for the six June 30, 2021 2020 |
Note 3 - Accounts Receivable, N
Note 3 - Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Accounts Receivable, net Accounts receivable at June 30, 2021 December 31, 2020 June 30, December 31, 2021 2020 Trade accounts receivable, net of allowance for credit losses of $4,333 $3,857 $ 75,098 $ 65,684 Unbilled receivables 33,511 26,215 Taxes receivable 15,232 14,292 Affiliated (1) 549 549 Other receivables 3,541 3,867 Total accounts receivable, net $ 127,931 $ 110,607 ( 1 Amounts represent expenditures on behalf of non-consolidated affiliates. |
Note 4 - Inventories, Net
Note 4 - Inventories, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 Inventories, net Inventories at June 30, 2021 December 31, 2020 June 30, December 31, 2021 2020 Pipe and connectors, net of allowance of $15,662 16,819 $ 28,851 $ 22,642 Finished goods, net of allowance of $84 $84 18,997 22,715 Work in progress 1,891 1,730 Raw materials, components and supplies, net of allowance of $106 none 44,941 34,631 Total inventories, net $ 94,680 $ 81,718 The increase in inventories was driven by higher activity levels, particularly in the Western Hemisphere. |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Property, Plant and Equipment The following is a summary of property, plant and equipment at June 30, 2021 December 31, 2020 Estimated Useful Lives June 30, December 31, in Years 2021 2020 Land — $ 31,148 $ 30,869 Land improvements 8 - 15 7,624 7,620 Buildings and improvements 13 - 39 118,864 121,105 Rental machinery and equipment 2 - 7 906,067 897,398 Machinery and equipment - other 7 55,282 54,842 Furniture, fixtures and computers 3 - 5 19,809 16,928 Automobiles and other vehicles 5 25,861 25,948 Leasehold improvements 7 - 15, or lease term if shorter 12,652 12,773 Construction in progress - machinery and equipment — 11,866 24,381 1,189,173 1,191,864 Less: Accumulated depreciation (944,716 ) (919,157 ) Total property, plant and equipment, net $ 244,457 $ 272,707 During the six June 30, 2020, first 2020, first 2020 not 15—Severance No three six June 30, 2021. During the first 2021, second 2021, During the second 2020, The following table presents the depreciation and amortization expense associated with each line item for the three six June 30, 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Services $ 13,683 $ 15,771 $ 28,154 $ 33,034 Products 126 184 265 423 General and administrative expenses 1,523 1,297 3,020 3,513 Total $ 15,332 $ 17,252 $ 31,439 $ 36,970 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Goodwill and Intangible Assets Goodwill Goodwill is not not not October 31 As a result of the decline in oil prices due to the ongoing COVID- 19 2020, not March 31, 2020, We used the income approach to estimate the fair value of the Cementing Equipment reporting unit, but also considered the market approach to validate the results. The income approach estimates the fair value by discounting the reporting unit’s estimated future cash flows using an estimated discount rate, or expected return, that a marketplace participant would have required as of the valuation date. The market approach includes the use of comparative multiples to corroborate the discounted cash flow results and involves significant judgment in the selection of the appropriate peer group companies and valuation multiples. The inputs used in the determination of fair value are generally level 3 Some of the more significant assumptions inherent in the income approach include the estimated future net annual cash flows for the reporting unit and the discount rate. We selected the assumptions used in the discounted cash flow projections using historical data supplemented by current and anticipated market conditions and estimated growth rates. Our estimates are based upon assumptions believed to be reasonable. However, given the inherent uncertainty in determining the assumptions underlying a discounted cash flow analysis, actual results may No goodwill impairment was recorded during the three six June 30, 2021. June 30, 2021, Intangible Assets Identifiable intangible assets are amortized using the straight-line method over the estimated useful lives of the assets. We evaluate impairment of our intangible assets on an asset group basis whenever circumstances indicate that the carrying value may not The following table provides information related to our intangible assets as of June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Customer Relationships $ 28,300 $ (27,509 ) $ 791 $ 28,300 $ (26,324 ) $ 1,976 Intellectual Property 18,135 (9,017 ) 9,118 13,860 (7,939 ) 5,921 Total intangible assets $ 46,435 $ (36,526 ) $ 9,909 $ 42,160 $ (34,263 ) $ 7,897 Our intangible assets are primarily associated with our Cementing Equipment and Tubular Running Services segments. Amortization expense for intangible assets was $1.2 million and $0.9 million for the three June 30, 2021 2020 six June 30, 2021 2020, first 2020, first not six June 30, 2020 No three six June 30, 2021 15—Severance |
Note 7 - Other Assets
Note 7 - Other Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 7 Other Assets Other assets at June 30, 2021 December 31, 2020 June 30, December 31, 2021 2020 Cash surrender value of life insurance policies (1) $ 27,261 $ 26,167 Deposits 1,830 2,182 Other 1,990 2,510 Total other assets $ 31,081 $ 30,859 ( 1 See Note 10—Fair |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 8 Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities at June 30, 2021 December 31, 2020 June 30, December 31, 2021 2020 Accounts payable $ 28,063 $ 22,277 Accrued compensation 21,846 23,212 Accrued property and other taxes 25,242 14,420 Accrued severance and other charges 766 2,666 Income taxes 6,800 16,029 Affiliated (1) 2,277 2,513 Accrued purchase orders and other 26,037 18,869 Total accounts payable and accrued liabilities $ 111,031 $ 99,986 ( 1 Represents amounts owed to non-consolidated affiliates. |
Note 9 - Debt
Note 9 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 9 Debt Credit Facility Asset Based Revolving Credit Facility On November 5, 2018, may All obligations under the ABL Credit Facility are fully and unconditionally guaranteed jointly and severally by FINV’s subsidiaries, including FICV, Frank’s International, LLC, Blackhawk, Frank’s International GP, LLC, Frank’s International, LP, Frank’s International LP B.V., Frank’s International Partners B.V., Frank’s International Management B.V., Blackhawk Intermediate Holdings, LLC, Blackhawk Specialty Tools, LLC, and Trinity Tool Rentals, L.L.C., subject to customary exceptions and exclusions. In addition, the obligations under the ABL Credit Facility are secured by first 0.00% one 1.00% 1.50% no The ABL Credit Facility contains various covenants and restrictive provisions which limit, subject to certain customary exceptions and thresholds, FINV’s ability to, among other things, ( 1 2 3 4 5 1.0 1.0 two 15% no thirty x 15% may As of June 30, 2021 no In connection with the closing of the Merger, Frank’s expects that the Combined Company will enter into a new revolving credit facility and terminate or otherwise replace the existing Frank’s and Expro credit facilities. |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 Fair Value Measurements We follow fair value measurement authoritative accounting guidance for measuring fair values of assets and liabilities in financial statements. We have consistently used the same valuation techniques for all periods presented. Please see Note 10—Fair A summary of financial assets and liabilities that are measured at fair value on a recurring basis, as of June 30, 2021 December 31, 2020 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total June 30, 2021 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 27,261 $ — $ 27,261 Marketable securities - other 2 — — 2 Liabilities: Deferred compensation plan — 20,185 — 20,185 December 31, 2020 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 26,167 $ — $ 26,167 Marketable securities - other 3 — — 3 Liabilities: Deferred compensation plan — 20,271 — 20,271 Our investments associated with our deferred compensation plan consist primarily of the cash surrender value of life insurance policies and are included in other assets on the condensed consolidated balance sheets. Our investments change as a result of contributions, payments, and fluctuations in the market. Our liabilities associated with our deferred compensation plan are included in other non-current liabilities on the condensed consolidated balance sheets. Assets and liabilities, measured using significant observable inputs, are reported at fair value based on third Assets and Liabilities Measured at Fair Value on a Non-recurring Basis We apply the provisions of the fair value measurement standard to our non-recurring, non-financial measurements including business combinations and assets identified as held for sale, as well as impairment related to goodwill and other long-lived assets. We perform our goodwill impairment assessment for each reporting unit by comparing the estimated fair value of each reporting unit to the reporting unit’s carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management’s short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not When conducting an impairment test on long-lived assets, other than goodwill, we first The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If crude oil prices decline significantly and remain at low levels for a sustained period of time, we could be required to record an impairment of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. Given the unobservable nature of the inputs, the discounted cash flow models are deemed to use Level 3 Other Fair Value Considerations The carrying values on our condensed consolidated balance sheets of our cash and cash equivalents, restricted cash, short-term investments, trade accounts receivable, other current assets, accounts payable and accrued liabilities and lines of credit approximate fair values due to their short maturities. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 11 Related Party Transactions We have engaged in certain transactions with other companies related to us by common ownership. We have entered into various operating leases to lease facilities from these affiliated companies. Rent expense associated with our related party leases was $0.7 million and $0.7 million for the three June 30, 2021 2020 six June 30, 2021 2020, June 30, 2021 Tax Receivable Agreement and Amended & Restated Tax Receivable Agreement Mosing Holdings converted all of its shares of our Series A convertible preferred stock into shares of our common stock on August 26, 2016, 754 not may may The tax receivable agreement (the “TRA”) that we entered into with FICV and Mosing Holdings in connection with our initial public offering (“IPO”) generally provides for the payment by FINV to Mosing Holdings of 85% 15% not The estimation of the amount and timing of payments under the TRA is by its nature imprecise. For purposes of the TRA, cash savings in tax generally are calculated by comparing FINV’s actual tax liability to the amount FINV would have been required to pay had it not June 30, 2021 no may The payment obligations under the TRA are FINV’s obligations and are not may may June 30, 2021, Because FINV is a holding company with no may In connection with the Merger Agreement, FINV, FICV and Mosing Holdings entered into the A&R TRA, pursuant to which FINV, FICV and Mosing Holdings have agreed, among other things, to settle the early termination payment obligation that would otherwise be owed to Mosing Holdings under the TRA as a result of the Merger by the payment by FINV to Mosing Holdings of (i) $15 million cash at the closing of the Transactions and (ii) certain other contingent payments in the future in the event the Combined Company realizes cash tax savings from tax attributes covered under the TRA during the ten not 1—Basis |
Note 12 - Loss Per Common Share
Note 12 - Loss Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 12 Loss Per Common Share Basic loss per common share is determined by dividing dividing The following table summarizes the basic and diluted loss per share calculations (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator Net loss $ (12,617 ) $ (34,245 ) $ (36,503 ) $ (120,223 ) Denominator Basic and diluted weighted average common shares (1) 228,013 225,853 227,519 225,855 Loss per common share: Basic and diluted $ (0.06 ) $ (0.15 ) $ (0.16 ) $ (0.53 ) (1) Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. 1,329 707 1,688 955 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13 Income Taxes For interim financial reporting, we estimate the annual tax rate based on projected pre-tax income (loss) for the full year and record a quarterly income tax provision (benefit) in accordance with accounting guidance for income taxes. As the year progresses, we refine the estimate of the year’s pre-tax income (loss) as new information becomes available. The continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, we adjust the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the most current expected annual tax rate. Our effective tax rate was (115.9)% and (35.6)% for the three June 30, 2021 2020 six June 30, 2021 2020, five We are under audit by certain non-U.S. jurisdictions for the years 2008 2019. not As of June 30, 2021 no December 31, 2020. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 Commitments and Contingencies We are the subject of lawsuits and claims arising in the ordinary course of business from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. We had no June 30, 2021 December 31, 2020 We are conducting an internal investigation of the operations of certain of our foreign subsidiaries in West Africa including possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”), our policies and other applicable laws. In June 2016, may not As disclosed above, our investigation into possible violations of the FCPA remains ongoing, and we will continue to cooperate with the SEC, DOJ and other relevant governmental entities in connection therewith. At this time, we are unable to predict the ultimate resolution of these matters with these agencies, including any financial impact to us. Our Board and management are committed to continuously enhancing our internal controls that support improved compliance and transparency throughout our global operations. |
Note 15 - Severance and Other C
Note 15 - Severance and Other Charges, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 15 Severance and Other Charges, net We recognize severance and other charges for costs associated with workforce reductions, facility closures, exiting or reducing our footprint in certain countries, asset impairments and the retirement of excess machinery and equipment based on economic utility. As a result of the downturn in the industry and its impact on our business outlook, we continue to take actions to adjust our operations and cost structure to reflect current and expected activity levels. Depending on future market conditions, further actions may may Our severance and other charges, net are summarized below (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Severance and other costs $ 845 $ 4,794 $ 1,110 $ 5,332 Mergers and acquisition expense 2,554 — 9,358 — Fixed asset impairments and retirements — — 171 15,479 Inventory write-offs — 368 136 368 Intangible asset impairments — — — 4,708 $ 3,399 $ 5,162 $ 10,775 $ 25,887 Severance and other costs Mergers and acquisition expense: three six June 30, 2021 Fixed asset impairments and retirements six June 30, 2020 six June 30, 2021 5—Property, Inventory write-offs: six June 30, 2020, six June 30, 2021, Intangible asset impairments: six June 30, 2020, No three six June 30, 2021 6—Goodwill |
Note 16 - Segment Information
Note 16 - Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 16 Segment Information Reporting Segments Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. We are comprised of three The TRS segment provides tubular running services globally. Internationally, the TRS segment operates in the majority of the offshore oil and gas markets and also in several onshore regions with operations in approximately 40 countries on six The Tubulars segment designs, manufactures and distributes connectors and casing attachments for large outside diameter (“OD”) heavy wall pipe. Additionally, the Tubulars segment sells large OD pipe originally manufactured by various pipe mills, as plain end or fully fabricated with proprietary welded or thread-direct connector solutions and provides specialized fabrication and welding services in support of offshore deepwater projects, including drilling and production risers, flowlines and pipeline end terminations, as well as long-length tubular assemblies up to 400 The CE segment provides specialty equipment to enhance the safety and efficiency of rig operations. It provides specialized equipment, services and products utilized in the construction of the wellbore in both onshore and offshore environments. The product portfolio includes casing accessories that serve to improve the installation of casing, centralization and wellbore zonal isolation, as well as enhance cementing operations through advance wiper plug and float equipment technology. The CE segment also provides services and products utilized in the construction, completion or abandonment of the wellbore. These solutions are primarily used to isolate portions of the wellbore through the setting of barriers downhole to allow for rig evacuation in case of inclement weather, maintenance work on other rig equipment, squeeze cementing, pressure testing within the wellbore and temporary and permanent abandonments. These offerings improve operational efficiencies and limit non-productive time if unscheduled events are encountered at the wellsite. Revenue We disaggregate our revenue from contracts with customers by geography for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Intersegment revenue is immaterial. The following tables presents our revenue disaggregated by geography, based on the location where our services were provided and products sold (in thousands): Three Months Ended June 30, 2021 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 20,246 $ 10,301 $ 11,213 $ 41,760 International 51,649 6,265 8,167 66,081 Total Revenue $ 71,895 $ 16,566 $ 19,380 $ 107,841 Three Months Ended June 30, 2020 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 18,874 $ 4,990 $ 7,284 $ 31,148 International 43,453 3,751 7,749 54,953 Total Revenue $ 62,327 $ 8,741 $ 15,033 $ 86,101 Six Months Ended June 30, 2021 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 38,613 $ 18,294 $ 20,558 $ 77,465 International 99,567 9,941 15,679 125,187 Total Revenue $ 138,180 $ 28,235 $ 36,237 $ 202,652 Six Months Ended June 30, 2020 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 49,043 $ 14,787 $ 20,815 $ 84,645 International 102,781 6,496 15,671 124,948 Total Revenue $ 151,824 $ 21,283 $ 36,486 $ 209,593 Revenue by geographic area were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 United States $ 41,760 $ 31,148 $ 77,465 $ 84,645 Europe/Middle East/Africa 29,571 21,886 57,825 57,320 Latin America 25,765 20,077 47,699 41,002 Asia Pacific 8,588 8,734 16,241 18,303 Other countries 2,157 4,256 3,422 8,323 Total Revenue $ 107,841 $ 86,101 $ 202,652 $ 209,593 Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, unrealized and realized gain or loss, net severance and other charges, other non-cash adjustments and other charges. We review Adjusted EBITDA on both a consolidated basis and on a segment basis. We use Adjusted EBITDA to assess our financial performance because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. Adjusted EBITDA has limitations as an analytical tool and should not Our CODM uses Adjusted EBITDA as the primary measure of segment reporting performance. The following table presents a reconciliation of Segment Adjusted EBITDA to net loss (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Segment Adjusted EBITDA: Tubular Running Services $ 9,750 $ 4,049 $ 17,878 $ 17,354 Tubulars 4,108 681 4,746 2,077 Cementing Equipment 4,851 886 9,647 3,430 Corporate (1) (6,297 ) (7,308 ) (13,207 ) (17,494 ) 12,412 (1,692 ) 19,064 5,367 Goodwill impairment — — — (57,146 ) Severance and other charges, net (3,399 ) (5,162 ) (10,775 ) (25,887 ) Interest income (expense), net (101 ) 178 (388 ) 711 Depreciation and amortization (15,332 ) (17,252 ) (31,439 ) (36,970 ) Income tax (expense) benefit (6,773 ) (8,986 ) (7,843 ) 6,577 Gain on disposal of assets 1,479 650 1,661 590 Foreign currency gain (loss) 2,718 1,693 (150 ) (8,199 ) Charges and credits (2) (3,621 ) (3,674 ) (6,633 ) (5,266 ) Net loss $ (12,617 ) $ (34,245 ) $ (36,503 ) $ (120,223 ) ( 1 Includes certain expenses not ( 2 Comprised of Equity-based compensation expense (for the three June 30, 2021 2020: six June 30, 2021 2020 three June 30, 2021 2020: six June 30, 2021 2020 three June 30, 2021 2020: six June 30, 2021 2020 The following tables set forth certain financial information with respect to our reportable segments (in thousands): Tubular Running Services Tubulars Cementing Equipment Corporate Total Three Months Ended June 30, 2021 Revenue from external customers $ 71,895 $ 16,566 $ 19,380 $ — $ 107,841 Operating income (loss) (2,598 ) 2,407 2,337 (11,011 ) (8,865 ) Adjusted EBITDA 9,750 4,108 4,851 (6,297 ) * Three Months Ended June 30, 2020 Revenue from external customers $ 62,327 $ 8,741 $ 15,033 $ — $ 86,101 Operating income (loss) (13,252 ) (184 ) (2,486 ) (11,364 ) (27,286 ) Adjusted EBITDA 4,049 681 886 (7,308 ) * Six Months Ended June 30, 2021 Revenue from external customers $ 138,180 $ 28,235 $ 36,237 $ — $ 202,652 Operating income (loss) (8,047 ) 1,528 4,331 (26,463 ) (28,651 ) Adjusted EBITDA 17,878 4,746 9,647 (13,207 ) * Six Months Ended June 30, 2020 Revenue from external customers $ 151,824 $ 21,283 $ 36,486 $ — $ 209,593 Operating income (loss) (14,567 ) 467 (79,984 ) (27,410 ) (121,494 ) Adjusted EBITDA 17,354 2,077 3,430 (17,494 ) * * Non-GAAP financial measure not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements of FINV for the three six June 30, 2021 2020 Our accompanying condensed consolidated financial statements have not December 31, 2020, December 31, 2020, 10 March 1, 2021 ( not The condensed consolidated financial statements have been prepared on a historical cost basis using the United States dollar as the reporting currency. Our functional currency is primarily the United States dollar. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. ASUs not not In June 2016, January 1, 2020, not 3—Accounts |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | June 30, December 31, 2021 2020 Cash and cash equivalents $ 188,581 $ 209,575 Restricted cash 1,776 1,672 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 190,357 $ 211,247 |
Note 3 - Accounts Receivable,_2
Note 3 - Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, December 31, 2021 2020 Trade accounts receivable, net of allowance for credit losses of $4,333 $3,857 $ 75,098 $ 65,684 Unbilled receivables 33,511 26,215 Taxes receivable 15,232 14,292 Affiliated (1) 549 549 Other receivables 3,541 3,867 Total accounts receivable, net $ 127,931 $ 110,607 |
Note 4 - Inventories, Net (Tabl
Note 4 - Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2021 2020 Pipe and connectors, net of allowance of $15,662 16,819 $ 28,851 $ 22,642 Finished goods, net of allowance of $84 $84 18,997 22,715 Work in progress 1,891 1,730 Raw materials, components and supplies, net of allowance of $106 none 44,941 34,631 Total inventories, net $ 94,680 $ 81,718 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives June 30, December 31, in Years 2021 2020 Land — $ 31,148 $ 30,869 Land improvements 8 - 15 7,624 7,620 Buildings and improvements 13 - 39 118,864 121,105 Rental machinery and equipment 2 - 7 906,067 897,398 Machinery and equipment - other 7 55,282 54,842 Furniture, fixtures and computers 3 - 5 19,809 16,928 Automobiles and other vehicles 5 25,861 25,948 Leasehold improvements 7 - 15, or lease term if shorter 12,652 12,773 Construction in progress - machinery and equipment — 11,866 24,381 1,189,173 1,191,864 Less: Accumulated depreciation (944,716 ) (919,157 ) Total property, plant and equipment, net $ 244,457 $ 272,707 |
Depreciation and Amortization Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Services $ 13,683 $ 15,771 $ 28,154 $ 33,034 Products 126 184 265 423 General and administrative expenses 1,523 1,297 3,020 3,513 Total $ 15,332 $ 17,252 $ 31,439 $ 36,970 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Customer Relationships $ 28,300 $ (27,509 ) $ 791 $ 28,300 $ (26,324 ) $ 1,976 Intellectual Property 18,135 (9,017 ) 9,118 13,860 (7,939 ) 5,921 Total intangible assets $ 46,435 $ (36,526 ) $ 9,909 $ 42,160 $ (34,263 ) $ 7,897 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, December 31, 2021 2020 Cash surrender value of life insurance policies (1) $ 27,261 $ 26,167 Deposits 1,830 2,182 Other 1,990 2,510 Total other assets $ 31,081 $ 30,859 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, December 31, 2021 2020 Accounts payable $ 28,063 $ 22,277 Accrued compensation 21,846 23,212 Accrued property and other taxes 25,242 14,420 Accrued severance and other charges 766 2,666 Income taxes 6,800 16,029 Affiliated (1) 2,277 2,513 Accrued purchase orders and other 26,037 18,869 Total accounts payable and accrued liabilities $ 111,031 $ 99,986 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total June 30, 2021 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 27,261 $ — $ 27,261 Marketable securities - other 2 — — 2 Liabilities: Deferred compensation plan — 20,185 — 20,185 December 31, 2020 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 26,167 $ — $ 26,167 Marketable securities - other 3 — — 3 Liabilities: Deferred compensation plan — 20,271 — 20,271 |
Note 12 - Loss Per Common Sha_2
Note 12 - Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator Net loss $ (12,617 ) $ (34,245 ) $ (36,503 ) $ (120,223 ) Denominator Basic and diluted weighted average common shares (1) 228,013 225,853 227,519 225,855 Loss per common share: Basic and diluted $ (0.06 ) $ (0.15 ) $ (0.16 ) $ (0.53 ) (1) Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. 1,329 707 1,688 955 |
Note 15 - Severance and Other_2
Note 15 - Severance and Other Charges, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Severance and other costs $ 845 $ 4,794 $ 1,110 $ 5,332 Mergers and acquisition expense 2,554 — 9,358 — Fixed asset impairments and retirements — — 171 15,479 Inventory write-offs — 368 136 368 Intangible asset impairments — — — 4,708 $ 3,399 $ 5,162 $ 10,775 $ 25,887 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2021 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 20,246 $ 10,301 $ 11,213 $ 41,760 International 51,649 6,265 8,167 66,081 Total Revenue $ 71,895 $ 16,566 $ 19,380 $ 107,841 Three Months Ended June 30, 2020 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 18,874 $ 4,990 $ 7,284 $ 31,148 International 43,453 3,751 7,749 54,953 Total Revenue $ 62,327 $ 8,741 $ 15,033 $ 86,101 Six Months Ended June 30, 2021 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 38,613 $ 18,294 $ 20,558 $ 77,465 International 99,567 9,941 15,679 125,187 Total Revenue $ 138,180 $ 28,235 $ 36,237 $ 202,652 Six Months Ended June 30, 2020 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 49,043 $ 14,787 $ 20,815 $ 84,645 International 102,781 6,496 15,671 124,948 Total Revenue $ 151,824 $ 21,283 $ 36,486 $ 209,593 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 United States $ 41,760 $ 31,148 $ 77,465 $ 84,645 Europe/Middle East/Africa 29,571 21,886 57,825 57,320 Latin America 25,765 20,077 47,699 41,002 Asia Pacific 8,588 8,734 16,241 18,303 Other countries 2,157 4,256 3,422 8,323 Total Revenue $ 107,841 $ 86,101 $ 202,652 $ 209,593 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Segment Adjusted EBITDA: Tubular Running Services $ 9,750 $ 4,049 $ 17,878 $ 17,354 Tubulars 4,108 681 4,746 2,077 Cementing Equipment 4,851 886 9,647 3,430 Corporate (1) (6,297 ) (7,308 ) (13,207 ) (17,494 ) 12,412 (1,692 ) 19,064 5,367 Goodwill impairment — — — (57,146 ) Severance and other charges, net (3,399 ) (5,162 ) (10,775 ) (25,887 ) Interest income (expense), net (101 ) 178 (388 ) 711 Depreciation and amortization (15,332 ) (17,252 ) (31,439 ) (36,970 ) Income tax (expense) benefit (6,773 ) (8,986 ) (7,843 ) 6,577 Gain on disposal of assets 1,479 650 1,661 590 Foreign currency gain (loss) 2,718 1,693 (150 ) (8,199 ) Charges and credits (2) (3,621 ) (3,674 ) (6,633 ) (5,266 ) Net loss $ (12,617 ) $ (34,245 ) $ (36,503 ) $ (120,223 ) |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Tubular Running Services Tubulars Cementing Equipment Corporate Total Three Months Ended June 30, 2021 Revenue from external customers $ 71,895 $ 16,566 $ 19,380 $ — $ 107,841 Operating income (loss) (2,598 ) 2,407 2,337 (11,011 ) (8,865 ) Adjusted EBITDA 9,750 4,108 4,851 (6,297 ) * Three Months Ended June 30, 2020 Revenue from external customers $ 62,327 $ 8,741 $ 15,033 $ — $ 86,101 Operating income (loss) (13,252 ) (184 ) (2,486 ) (11,364 ) (27,286 ) Adjusted EBITDA 4,049 681 886 (7,308 ) * Six Months Ended June 30, 2021 Revenue from external customers $ 138,180 $ 28,235 $ 36,237 $ — $ 202,652 Operating income (loss) (8,047 ) 1,528 4,331 (26,463 ) (28,651 ) Adjusted EBITDA 17,878 4,746 9,647 (13,207 ) * Six Months Ended June 30, 2020 Revenue from external customers $ 151,824 $ 21,283 $ 36,486 $ — $ 209,593 Operating income (loss) (14,567 ) 467 (79,984 ) (27,410 ) (121,494 ) Adjusted EBITDA 17,354 2,077 3,430 (17,494 ) * |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended | |||
Sep. 30, 2021USD ($)$ / shares | Oct. 31, 2021USD ($) | Jun. 30, 2021€ / shares | Dec. 31, 2020€ / shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | € / shares | € 0.01 | € 0.01 | ||
Forecast [Member] | Mosing Holdings [Member] | Affiliated Entity [Member] | ||||
Tax Receivable Agreement, Cash Payment for Settlement of Early Termination Payment Obligation | $ 15,000,000 | |||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Period Over Which Future Contingent Payments May Be Made (Year) | 10 years | |||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Future Contingent Payments, Cash Tax Savings Threshold | $ 18,057,000 | |||
Forecast [Member] | Merger with Expro [Member] | ||||
Merger Exchange Ratio | 7.2720 | |||
Merger, Percentage of Post-merger Stock of Combined Company Owned By Reporting Entity Shareholders | 35.00% | |||
Merger, Percentage of Post-merger Stock of Combined Company Owned By the Other Entity's Shareholders | 65.00% | |||
Potential Termination of Merger Agreement Under Specified Circumstances, Potential Termination Fee Payable | $ 37,500,000 | |||
Potential Termination of Merger Agreement Under Specified Circumstances, Potential Termination Fee Receivable | $ 71,500,000 | |||
Expro [Member] | Forecast [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes Paid, Net, Total | $ 2.6 | $ 8.6 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 188,581 | $ 209,575 | ||
Restricted cash | 1,776 | 1,672 | ||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 190,357 | $ 211,247 | $ 194,279 | $ 196,740 |
Note 3 - Accounts Receivable,_3
Note 3 - Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Trade accounts receivable, net of allowance for credit losses of $4,333 and $3,857, respectively | $ 75,098 | $ 65,684 | |
Unbilled receivables | 33,511 | 26,215 | |
Taxes receivable | 15,232 | 14,292 | |
Affiliated | [1] | 549 | 549 |
Other receivables | 3,541 | 3,867 | |
Total accounts receivable, net | $ 127,931 | $ 110,607 | |
[1] | Amounts represent expenditures on behalf of non-consolidated affiliates. |
Note 3 - Accounts Receivable,_4
Note 3 - Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade accounts receivable, allowance for credit losses | $ 4,333 | $ 3,857 |
Note 4 - Inventories, Net - Sum
Note 4 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Pipe and connectors, net of allowance of $15,662 and $16,819, respectively | $ 28,851 | $ 22,642 |
Finished goods, net of allowance of $84 and $84, respectively | 18,997 | 22,715 |
Work in progress | 1,891 | 1,730 |
Raw materials, components and supplies, net of allowance of $106 and none, respectively | 44,941 | 34,631 |
Total inventories, net | $ 94,680 | $ 81,718 |
Note 4 - Inventories, Net - S_2
Note 4 - Inventories, Net - Summary of Inventories (Details) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Pipe and Connectors [Member] | ||
Allowance | $ 15,662 | $ 16,819 |
Finished Goods [Member] | ||
Allowance | 84 | 84 |
Raw Materials [Member] | ||
Allowance | $ 106 | $ 0 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | $ 0 | $ 15,500 | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 4,209 | $ 6,565 | |||
Building and Building Improvements [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 1,800 | $ 1,900 | $ 5,400 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,300 | 200 | $ 600 | ||
Property, Plant and Equipment, Transfers and Changes | $ 2,600 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Property, plant and equipment, gross | $ 1,189,173 | $ 1,191,864 |
Less: Accumulated depreciation | (944,716) | (919,157) |
Total property, plant and equipment, net | 244,457 | 272,707 |
Land [Member] | ||
Property, plant and equipment, gross | 31,148 | 30,869 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | $ 7,624 | 7,620 |
Land Improvements [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 8 years | |
Land Improvements [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 15 years | |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | $ 118,864 | 121,105 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 13 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 39 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 906,067 | 897,398 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 7 years | |
Other Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 55,282 | 54,842 |
Estimated useful lives (Year) | 7 years | |
Furniture, Fixtures and Computers [Member] | ||
Property, plant and equipment, gross | $ 19,809 | 16,928 |
Furniture, Fixtures and Computers [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 3 years | |
Furniture, Fixtures and Computers [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Vehicles [Member] | ||
Property, plant and equipment, gross | $ 25,861 | 25,948 |
Estimated useful lives (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 12,652 | 12,773 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 11,866 | $ 24,381 |
Note 5 - Property, Plant and _5
Note 5 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation and amortization | $ 15,332 | $ 17,252 | $ 31,439 | $ 36,970 |
General and Administrative Expense [Member] | ||||
Depreciation and amortization | 1,523 | 1,297 | 3,020 | 3,513 |
Service [Member] | ||||
Depreciation and amortization | 13,683 | 15,771 | 28,154 | 33,034 |
Product [Member] | ||||
Depreciation and amortization | $ 126 | $ 184 | $ 265 | $ 423 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 57,146 | |
Sensitivity Analysis of Fair Value, Goodwill, Impairment Loss, Potential Increase (Decrease) on Basis Spread of Discount Rate | 0.50% | ||||
Sensitivity Analysis of Fair Value, Goodwill, Impairment Loss, Impact of 50 Basis Points Adverse Change in Discount Rate | $ 4,300 | ||||
Goodwill, Ending Balance | 42,785 | 42,785 | $ 42,785 | ||
Amortization of Intangible Assets, Total | 1,200 | 900 | 2,300 | 2,600 | |
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | 0 | $ 4,708 | |
Cementing Equipment [Member] | |||||
Goodwill, Ending Balance | 24,100 | 24,100 | |||
Tubular Running Services [Member] | |||||
Goodwill, Ending Balance | $ 18,700 | $ 18,700 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Gross Carrying Amount | $ 46,435 | $ 42,160 |
Accumulated Amortization | (36,526) | (34,263) |
Customer Relationships | 9,909 | 7,897 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 28,300 | 28,300 |
Accumulated Amortization | (27,509) | (26,324) |
Customer Relationships | 791 | 1,976 |
Intellectual Property [Member] | ||
Gross Carrying Amount | 18,135 | 13,860 |
Accumulated Amortization | (9,017) | (7,939) |
Customer Relationships | $ 9,118 | $ 5,921 |
Note 7 - Other Assets - Summary
Note 7 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Cash surrender value of life insurance policies | [1] | $ 27,261 | $ 26,167 |
Deposits | 1,830 | 2,182 | |
Other | 1,990 | 2,510 | |
Total other assets | $ 31,081 | $ 30,859 | |
[1] | See Note 10—Fair Value Measurements for additional information. |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts payable | $ 28,063 | $ 22,277 | |
Accrued compensation | 21,846 | 23,212 | |
Accrued property and other taxes | 25,242 | 14,420 | |
Accrued severance and other charges | 766 | 2,666 | |
Income taxes | 6,800 | 16,029 | |
Affiliated | [1] | 2,277 | 2,513 |
Accrued purchase orders and other | 26,037 | 18,869 | |
Total accounts payable and accrued liabilities | $ 111,031 | $ 99,986 | |
[1] | Represents amounts owed to non-consolidated affiliates. |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - ABL Credit Facility [Member] - Secured Debt [Member] - USD ($) $ in Thousands | Nov. 05, 2018 | Jun. 30, 2021 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Expiration Period (Year) | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Line of Credit Facility, Maximum Borrowing Capacity, Potential Increase | $ 200,000 | |
Federal Funds Effective Rate, Interest Rate Floor | 0.00% | |
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | |
Line Of Credit Facility, Covenant Terms, Triggering Event, Remaining Borrowing Capacity, Threshold Consecutive Days | 2 | |
Line of Credit Facility, Covenant Term, Minimum Fixed Charges | $ 12,500 | |
Line of Credit Facility, Covenant Term, Minimum Fixed Charges, Percentage | 15.00% | |
Line Of Credit Facility, Covenant Terms, Post Triggering Event, Remaining Borrowing Capacity, Threshold Consecutive Days | 30 | |
Long-term Line of Credit, Total | $ 0 | |
Letters of Credit Outstanding, Amount | 9,400 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 34,000 | |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |
Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Revolving Credit Facility [Member] | Alternate Base Rate [Member] | Minimum [Member] | ||
Debt Instrument, Additional Basis Spread on Variable Rate | 1.00% | |
Revolving Credit Facility [Member] | Alternate Base Rate [Member] | Maximum [Member] | ||
Debt Instrument, Additional Basis Spread on Variable Rate | 1.50% | |
Revolving Credit Facility [Member] | Eurodollar [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Revolving Credit Facility [Member] | Eurodollar [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Summary of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments: | ||
Cash surrender value of life insurance policies - deferred compensation plan | $ 27,261 | $ 26,167 |
Marketable securities - other | 2 | 3 |
Liabilities: | ||
Deferred compensation plan | 20,185 | 20,271 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments: | ||
Cash surrender value of life insurance policies - deferred compensation plan | 0 | 0 |
Marketable securities - other | 2 | 3 |
Liabilities: | ||
Deferred compensation plan | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Investments: | ||
Cash surrender value of life insurance policies - deferred compensation plan | 27,261 | 26,167 |
Marketable securities - other | 0 | 0 |
Liabilities: | ||
Deferred compensation plan | 20,185 | 20,271 |
Fair Value, Inputs, Level 3 [Member] | ||
Investments: | ||
Cash surrender value of life insurance policies - deferred compensation plan | 0 | 0 |
Marketable securities - other | 0 | 0 |
Liabilities: | ||
Deferred compensation plan | $ 0 | $ 0 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | Aug. 26, 2016 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Operating Lease, Right-of-Use Asset | $ 26,356,000 | $ 26,356,000 | $ 28,116,000 | ||||
Affiliated Entity [Member] | |||||||
Operating Lease, Expense | 700,000 | $ 700,000 | 1,400,000 | $ 1,400,000 | |||
Operating Lease, Right-of-Use Asset | 2,700,000 | 2,700,000 | |||||
Operating Lease, Liability, Total | 3,900,000 | $ 3,900,000 | |||||
Affiliated Entity [Member] | Mosing Holdings [Member] | |||||||
Percentage of Tax Benefits Realized Payable Under Tax Receivable Agreement | 85.00% | ||||||
Percentage of Tax Benefits Retained Under Tax Receivable Agreement | 15.00% | ||||||
Cumulative Earnings (Deficit), Period (Month) | 36 months | ||||||
Tax Receivable Agreement, Liability, Estimated Termination Payment | $ 66,500,000 | $ 66,500,000 | |||||
Tax Receivable Agreement, Liability, Discount Rate | 5.00% | 5.00% | |||||
Affiliated Entity [Member] | Mosing Holdings [Member] | Forecast [Member] | |||||||
Tax Receivable Agreement, Cash Payment for Settlement of Early Termination Payment Obligation | $ 15,000,000 | ||||||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Period Over Which Future Contingent Payments May Be Made (Year) | 10 years | ||||||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Future Contingent Payments, Cash Tax Savings Threshold | $ 18,057,000 | ||||||
Affiliated Entity [Member] | Mosing Holdings [Member] | Long-term Treasury Rate [Member] | |||||||
Tax Receivable Agreement, Basis Spread on Variable Rate | 3.00% |
Note 12 - Loss Per Common Sha_3
Note 12 - Loss Per Common Share - Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Numerator | |||||||
Net loss | $ (12,617) | $ (23,886) | $ (34,245) | $ (85,978) | $ (36,503) | $ (120,223) | |
Denominator | |||||||
Basic and diluted weighted average common shares (in shares) | [1] | 228,013 | 225,853 | 227,519 | 225,855 | ||
Loss per common share: | |||||||
Basic and diluted (in dollars per share) | $ (0.06) | $ (0.15) | $ (0.16) | $ (0.53) | |||
Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. (in shares) | 1,329 | 707 | 1,688 | 955 | |||
[1] | Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. 1,329 707 1,688 955 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (115.90%) | (35.60%) | (27.40%) | 5.20% |
Foreign Tax Authority [Member] | ||||
Income Tax Examination, Year under Examination | 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 |
Note 15 - Severance and Other_3
Note 15 - Severance and Other Charges, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Combination, Acquisition Related Costs | $ 2,554 | $ 0 | $ 9,358 | $ 0 |
Impairment of Long-Lived Assets to be Disposed of | 200 | 15,500 | ||
Inventory Write-down | 0 | 368 | 136 | 368 |
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | 0 | 4,708 |
Cementing Equipment [Member] | ||||
Inventory Write-down | $ 400 | |||
Tubular Running Services [Member] | ||||
Inventory Write-down | 200 | |||
Merger with Expro [Member] | ||||
Business Combination, Acquisition Related Costs | $ 2,600 | $ 9,400 |
Note 15 - Severance and Other_4
Note 15 - Severance and Other Charges, Net - Summary of Severance and Other Charges, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Severance and other costs | $ 845 | $ 4,794 | $ 1,110 | $ 5,332 |
Mergers and acquisition expense | 2,554 | 0 | 9,358 | 0 |
Fixed asset impairments and retirements | 0 | 0 | 171 | 15,479 |
Inventory write-offs | 0 | 368 | 136 | 368 |
Intangible asset impairments | 0 | 0 | 0 | 4,708 |
Restructuring, Settlement and Impairment Provisions (Credits) | $ 3,399 | $ 5,162 | $ 10,775 | $ 25,887 |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Number of Reportable Segments | 3 | |||
Number of Countries in which Entity Operates | 40 | 40 | ||
Number Of Continents in which Entity Operates | 6 | 6 | ||
Share-based Payment Arrangement, Expense | $ 3,399 | $ 3,515 | $ 6,297 | $ 5,661 |
Unrealized and Realized Gains (Losses) | (108) | (111) | (206) | 1,593 |
Investigation-related Matters Expense | $ 88 | $ 48 | $ 130 | $ 1,198 |
Note 16 - Segment Information -
Note 16 - Segment Information - Disaggregation of Revenue by Revenue Source and Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | $ 107,841 | $ 86,101 | $ 202,652 | $ 209,593 |
UNITED STATES | ||||
Revenue | 41,760 | 31,148 | 77,465 | 84,645 |
Non-US [Member] | ||||
Revenue | 66,081 | 54,953 | 125,187 | 124,948 |
EMEA [Member] | ||||
Revenue | 29,571 | 21,886 | 57,825 | 57,320 |
Latin America [Member] | ||||
Revenue | 25,765 | 20,077 | 47,699 | 41,002 |
Asia Pacific [Member] | ||||
Revenue | 8,588 | 8,734 | 16,241 | 18,303 |
Other Geographical Areas [Member] | ||||
Revenue | 2,157 | 4,256 | 3,422 | 8,323 |
Tubular Running Services [Member] | ||||
Revenue | 71,895 | 62,327 | 138,180 | 151,824 |
Tubular Running Services [Member] | UNITED STATES | ||||
Revenue | 20,246 | 18,874 | 38,613 | 49,043 |
Tubular Running Services [Member] | Non-US [Member] | ||||
Revenue | 51,649 | 43,453 | 99,567 | 102,781 |
Tubulars [Member] | ||||
Revenue | 16,566 | 8,741 | 28,235 | 21,283 |
Tubulars [Member] | UNITED STATES | ||||
Revenue | 10,301 | 4,990 | 18,294 | 14,787 |
Tubulars [Member] | Non-US [Member] | ||||
Revenue | 6,265 | 3,751 | 9,941 | 6,496 |
Cementing Equipment [Member] | ||||
Revenue | 19,380 | 15,033 | 36,237 | 36,486 |
Cementing Equipment [Member] | UNITED STATES | ||||
Revenue | 11,213 | 7,284 | 20,558 | 20,815 |
Cementing Equipment [Member] | Non-US [Member] | ||||
Revenue | $ 8,167 | $ 7,749 | $ 15,679 | $ 15,671 |
Note 16 - Segment Information_3
Note 16 - Segment Information - Reconciliation of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization From Segments to Net Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Adjusted EBITDA | $ 12,412 | $ (1,692) | $ 19,064 | $ 5,367 | |||
Goodwill impairment | 0 | 0 | 0 | 57,146 | |||
Severance and other charges, net | (3,399) | (5,162) | (10,775) | (25,887) | |||
Interest income (expense), net | (101) | 178 | (388) | 711 | |||
Depreciation and amortization | (15,332) | (17,252) | (31,439) | (36,970) | |||
Income tax (expense) benefit | (6,773) | (8,986) | (7,843) | 6,577 | |||
Gain on disposal of assets | 1,479 | 650 | 1,661 | 590 | |||
Foreign currency gain (loss) | 2,718 | 1,693 | (150) | (8,199) | |||
Charges and credits | [1] | (3,621) | (3,674) | (6,633) | (5,266) | ||
Net loss | (12,617) | $ (23,886) | (34,245) | $ (85,978) | (36,503) | (120,223) | |
Operating Segments [Member] | Tubular Running Services [Member] | |||||||
Segment Adjusted EBITDA | 9,750 | 4,049 | 17,878 | 17,354 | |||
Operating Segments [Member] | Tubulars [Member] | |||||||
Segment Adjusted EBITDA | 4,108 | 681 | 4,746 | 2,077 | |||
Operating Segments [Member] | Cementing Equipment [Member] | |||||||
Segment Adjusted EBITDA | 4,851 | 886 | 9,647 | 3,430 | |||
Corporate, Non-Segment [Member] | |||||||
Segment Adjusted EBITDA | [2] | $ (6,297) | $ (7,308) | $ (13,207) | $ (17,494) | ||
[1] | Comprised of Equity-based compensation expense (for the three months ended June 30, 2021 and 2020: $3,399 and $3,515, respectively, and for the six months ended June 30, 2021 and 2020: $6,297 and $5,591, respectively), Unrealized and realized gains (losses) (for the three months ended June 30, 2021 and 2020: $(108) and $(111), respectively and for the six months ended June 30, 2021 and 2020: $(206) and $1,593, respectively) and Investigation-related matters (for the three months ended June 30, 2021 and 2020: $88 and $48, respectively, and for the six months ended June 30, 2021 and 2020: $130 and $1,198, respectively). | ||||||
[2] | Includes certain expenses not attributable to a particular segment, such as costs related to support functions and corporate executives. |
Note 16 - Segment Information_4
Note 16 - Segment Information - Financial Information with Respect to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenue | $ 107,841 | $ 86,101 | $ 202,652 | $ 209,593 | |
Operating income (loss) | (8,865) | (27,286) | (28,651) | (121,494) | |
Adjusted EBITDA | 12,412 | (1,692) | 19,064 | 5,367 | |
Tubular Running Services [Member] | |||||
Revenue | 71,895 | 62,327 | 138,180 | 151,824 | |
Tubulars [Member] | |||||
Revenue | 16,566 | 8,741 | 28,235 | 21,283 | |
Cementing Equipment [Member] | |||||
Revenue | 19,380 | 15,033 | 36,237 | 36,486 | |
Operating Segments [Member] | Tubular Running Services [Member] | |||||
Revenue | 71,895 | 62,327 | 138,180 | 151,824 | |
Operating income (loss) | (2,598) | (13,252) | (8,047) | (14,567) | |
Adjusted EBITDA | 9,750 | 4,049 | 17,878 | 17,354 | |
Operating Segments [Member] | Tubulars [Member] | |||||
Revenue | 16,566 | 8,741 | 28,235 | 21,283 | |
Operating income (loss) | 2,407 | (184) | 1,528 | 467 | |
Adjusted EBITDA | 4,108 | 681 | 4,746 | 2,077 | |
Operating Segments [Member] | Cementing Equipment [Member] | |||||
Revenue | 19,380 | 15,033 | 36,237 | 36,486 | |
Operating income (loss) | 2,337 | (2,486) | 4,331 | (79,984) | |
Adjusted EBITDA | 4,851 | 886 | 9,647 | 3,430 | |
Corporate, Non-Segment [Member] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Operating income (loss) | (11,011) | (11,364) | (26,463) | (27,410) | |
Adjusted EBITDA | [1] | $ (6,297) | $ (7,308) | $ (13,207) | $ (17,494) |
[1] | Includes certain expenses not attributable to a particular segment, such as costs related to support functions and corporate executives. |