Exhibit 99.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2019 | | Three Months Ended September 30, 2018 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised | | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 244,651 |
| | $ | (1,439 | ) | | $ | 243,212 |
| | $ | 283,102 |
| | $ | 466 |
| | $ | 283,568 |
|
| Other revenue | 33,730 |
| | (103 | ) | | 33,627 |
| | 33,366 |
| | (763 | ) | | 32,603 |
|
| Total revenue | 278,381 |
| | (1,542 | ) | | 276,839 |
| | 316,468 |
| | (297 | ) | | 316,171 |
|
| Cost of goods and services | 186,862 |
| | (2,722 | ) | | 184,140 |
| | 202,734 |
| | 1,110 |
| | 203,844 |
|
| Gross profit | 91,519 |
| | 1,180 |
| | 92,699 |
| | 113,734 |
| | (1,407 | ) | | 112,327 |
|
| Selling, general and administrative expense | 68,813 |
| | (408 | ) | | 68,405 |
| | 69,206 |
| | (60 | ) | | 69,146 |
|
| Interest expense, net | 9,537 |
| | 53 |
| | 9,590 |
| | 10,584 |
| | 53 |
| | 10,637 |
|
| Other (income) expense, net | (309 | ) | | — |
| | (309 | ) | | 725 |
| | 484 |
| | 1,209 |
|
| Income before income taxes | 13,478 |
| | 1,535 |
| | 15,013 |
| | 33,219 |
| | (1,884 | ) | | 31,335 |
|
| Provision for income taxes | 3,059 |
| | 366 |
| | 3,425 |
| | 7,723 |
| | (403 | ) | | 7,320 |
|
| Net income | 10,419 |
| | 1,169 |
| | 11,588 |
| | 25,496 |
| | (1,481 | ) | | 24,015 |
|
| Net income attributable to noncontrolling interest | 194 |
| | — |
| | 194 |
| | 232 |
| | (178 | ) | | 54 |
|
| Net income attributable to Apergy | $ | 10,225 |
| | $ | 1,169 |
| | $ | 11,394 |
| | $ | 25,264 |
| | $ | (1,303 | ) | | $ | 23,961 |
|
| | | | | | | | | | | | |
| Earnings per share attributable to Apergy: | | | | | | | | | | | |
| Basic | $ | 0.13 |
| | $ | 0.02 |
| | $ | 0.15 |
| | $ | 0.33 |
| | $ | (0.02 | ) | | $ | 0.31 |
|
| Diluted | $ | 0.13 |
| | $ | 0.02 |
| | $ | 0.15 |
| | $ | 0.33 |
| | $ | (0.02 | ) | | $ | 0.31 |
|
| | | | | | | | | | | | |
| Comprehensive income | $ | 7,587 |
| | $ | 1,169 |
| | $ | 8,756 |
| | $ | 25,420 |
| | $ | (1,481 | ) | | $ | 23,939 |
|
| Comprehensive income attributable to Apergy | $ | 7,393 |
| | $ | 1,169 |
| | $ | 8,562 |
| | $ | 25,188 |
| | $ | (1,303 | ) | | $ | 23,885 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2019 | | Three Months Ended June 30, 2018 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised | | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 273,513 |
| | $ | (603 | ) | | $ | 272,910 |
| | $ | 271,758 |
| | $ | 1,170 |
| | $ | 272,928 |
|
Other revenue (1) | 32,541 |
| | 719 |
| | 33,260 |
| | 34,092 |
| | (1,273 | ) | | 32,819 |
|
| Total revenue | 306,054 |
| | 116 |
| | 306,170 |
| | 305,850 |
| | (103 | ) | | 305,747 |
|
| Cost of goods and services | 196,285 |
| | 1,125 |
| | 197,410 |
| | 202,171 |
| | (514 | ) | | 201,657 |
|
| Gross profit | 109,769 |
| | (1,009 | ) | | 108,760 |
| | 103,679 |
| | 411 |
| | 104,090 |
|
| Selling, general and administrative expense | 66,642 |
| | 45 |
| | 66,687 |
| | 65,671 |
| | 665 |
| | 66,336 |
|
| Interest expense, net | 10,057 |
| | 52 |
| | 10,109 |
| | 6,062 |
| | 53 |
| | 6,115 |
|
| Other expense, net | 2,676 |
| | — |
| | 2,676 |
| | 499 |
| | (1 | ) | | 498 |
|
| Income before income taxes | 30,394 |
| | (1,106 | ) | | 29,288 |
| | 31,447 |
| | (306 | ) | | 31,141 |
|
| Provision for income taxes | 6,544 |
| | (264 | ) | | 6,280 |
| | 9,372 |
| | (110 | ) | | 9,262 |
|
| Net income | 23,850 |
| | (842 | ) | | 23,008 |
| | 22,075 |
| | (196 | ) | | 21,879 |
|
| Net income (loss) attributable to noncontrolling interest | 71 |
| | — |
| | 71 |
| | (79 | ) | | 142 |
| | 63 |
|
| Net income attributable to Apergy | $ | 23,779 |
| | $ | (842 | ) | | $ | 22,937 |
| | $ | 22,154 |
| | $ | (338 | ) | | $ | 21,816 |
|
| | | | | | | | | | | | |
| Earnings per share attributable to Apergy: | | | | | | | | | | | |
| Basic | $ | 0.31 |
| | $ | (0.01 | ) | | $ | 0.30 |
| | $ | 0.29 |
| | $ | (0.01 | ) | | $ | 0.28 |
|
| Diluted | $ | 0.31 |
| | $ | (0.01 | ) | | $ | 0.30 |
| | $ | 0.28 |
| | $ | — |
| | $ | 0.28 |
|
| | | | | | | | | | | | |
| Comprehensive income | $ | 24,892 |
| | $ | (842 | ) | | $ | 24,050 |
| | $ | 15,417 |
| | $ | (196 | ) | | $ | 15,221 |
|
Comprehensive income attributable to Apergy
| $ | 24,821 |
| | $ | (842 | ) | | $ | 23,979 |
| | $ | 15,496 |
| | $ | (338 | ) | | $ | 15,158 |
|
_______________________
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the condensed consolidated statements of income for the three months ended June 30, 2019 and 2018.
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2019 | | Three Months Ended March 31, 2018 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised | | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 269,534 |
| | $ | (192 | ) | | $ | 269,342 |
| | $ | 253,090 |
| | $ | 870 |
| | $ | 253,960 |
|
Other revenue (1) | 32,157 |
| | (1,005 | ) | | 31,152 |
| | 30,036 |
| | (891 | ) | | 29,145 |
|
| Total revenue | 301,691 |
| | (1,197 | ) | | 300,494 |
| | 283,126 |
| | (21 | ) | | 283,105 |
|
| Cost of goods and services | 196,142 |
| | 1,341 |
| | 197,483 |
| | 189,511 |
| | (398 | ) | | 189,113 |
|
| Gross profit | 105,549 |
| | (2,538 | ) | | 103,011 |
| | 93,615 |
| | 377 |
| | 93,992 |
|
| Selling, general and administrative expense | 65,347 |
| | 528 |
| | 65,875 |
| | 59,739 |
| | 415 |
| | 60,154 |
|
| Interest expense, net | 10,474 |
| | 53 |
| | 10,527 |
| | 166 |
| | 53 |
| | 219 |
|
| Other expense, net | 1,090 |
| | 12 |
| | 1,102 |
| | 2,452 |
| | 241 |
| | 2,693 |
|
| Income before income taxes | 28,638 |
| | (3,131 | ) | | 25,507 |
| | 31,258 |
| | (332 | ) | | 30,926 |
|
| Provision for income taxes | 6,069 |
| | (500 | ) | | 5,569 |
| | 7,064 |
| | (88 | ) | | 6,976 |
|
| Net income | 22,569 |
| | (2,631 | ) | | 19,938 |
| | 24,194 |
| | (244 | ) | | 23,950 |
|
| Net income attributable to noncontrolling interest | 282 |
| | — |
| | 282 |
| | 142 |
| | 35 |
| | 177 |
|
| Net income attributable to Apergy | $ | 22,287 |
| | $ | (2,631 | ) | | $ | 19,656 |
| | $ | 24,052 |
| | $ | (279 | ) | | $ | 23,773 |
|
| | | | | | | | | | | | |
| Earnings per share attributable to Apergy: | | | | | | | | | | | |
| Basic | $ | 0.29 |
| | $ | (0.04 | ) | | $ | 0.25 |
| | $ | 0.31 |
| | $ | — |
| | $ | 0.31 |
|
| Diluted | $ | 0.29 |
| | $ | (0.04 | ) | | $ | 0.25 |
| | $ | 0.31 |
| | $ | — |
| | $ | 0.31 |
|
| | | | | | | | | | | | |
| Comprehensive income | $ | 23,758 |
| | $ | (2,631 | ) | | $ | 21,127 |
| | $ | 22,552 |
| | $ | (244 | ) | | $ | 22,308 |
|
Comprehensive income attributable to Apergy
| $ | 23,476 |
| | $ | (2,631 | ) | | $ | 20,845 |
| | $ | 22,410 |
| | $ | (279 | ) | | $ | 22,131 |
|
_______________________
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the condensed consolidated statements of income for the three months ended March 31, 2019 and 2018.
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2019 | | Nine Months Ended September 30, 2018 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised | | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 787,698 |
| | $ | (2,234 | ) | | $ | 785,464 |
| | $ | 807,949 |
| | $ | 2,507 |
| | $ | 810,456 |
|
| Other revenue | 98,428 |
| | (389 | ) | | 98,039 |
| | 97,495 |
| | (2,928 | ) | | 94,567 |
|
| Total revenue | 886,126 |
| | (2,623 | ) | | 883,503 |
| | 905,444 |
| | (421 | ) | | 905,023 |
|
| Cost of goods and services | 579,289 |
| | (256 | ) | | 579,033 |
| | 594,416 |
| | 198 |
| | 594,614 |
|
| Gross profit | 306,837 |
| | (2,367 | ) | | 304,470 |
| | 311,028 |
| | (619 | ) | | 310,409 |
|
| Selling, general and administrative expense | 200,790 |
| | 177 |
| | 200,967 |
| | 194,374 |
| | 1,262 |
| | 195,636 |
|
| Interest expense, net | 30,068 |
| | 158 |
| | 30,226 |
| | 16,813 |
| | 158 |
| | 16,971 |
|
| Other expense, net | 3,469 |
| | — |
| | 3,469 |
| | 3,917 |
| | 483 |
| | 4,400 |
|
| Income before income taxes | 72,510 |
| | (2,702 | ) | | 69,808 |
| | 95,924 |
| | (2,522 | ) | | 93,402 |
|
| Provision for income taxes | 15,672 |
| | (398 | ) | | 15,274 |
| | 24,159 |
| | (601 | ) | | 23,558 |
|
| Net income | 56,838 |
| | (2,304 | ) | | 54,534 |
| | 71,765 |
| | (1,921 | ) | | 69,844 |
|
| Net income attributable to noncontrolling interest | 547 |
| | — |
| | 547 |
| | 295 |
| | (1 | ) | | 294 |
|
| Net income attributable to Apergy | $ | 56,291 |
| | $ | (2,304 | ) | | $ | 53,987 |
| | $ | 71,470 |
| | $ | (1,920 | ) | | $ | 69,550 |
|
| | | | | | | | | | | | |
| Earnings per share attributable to Apergy: | | | | | | | | | | | |
| Basic | $ | 0.73 |
| | $ | (0.03 | ) | | $ | 0.70 |
| | $ | 0.92 |
| | $ | (0.02 | ) | | $ | 0.90 |
|
| Diluted | $ | 0.73 |
| | $ | (0.03 | ) | | $ | 0.70 |
| | $ | 0.92 |
| | $ | (0.03 | ) | | $ | 0.89 |
|
| | | | | | | | | | | | |
| Comprehensive income | $ | 56,237 |
| | $ | (2,304 | ) | | $ | 53,933 |
| | $ | 63,389 |
| | $ | (1,921 | ) | | $ | 61,468 |
|
Comprehensive income attributable to Apergy
| $ | 55,690 |
| | $ | (2,304 | ) | | $ | 53,386 |
| | $ | 63,094 |
| | $ | (1,920 | ) | | $ | 61,174 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2019 | | Six Months Ended June 30, 2018 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised | | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 543,047 |
| | $ | (795 | ) | | $ | 542,252 |
| | $ | 524,847 |
| | $ | 2,041 |
| | $ | 526,888 |
|
Other revenue (1) | 64,698 |
| | (286 | ) | | 64,412 |
| | 64,129 |
| | (2,165 | ) | | 61,964 |
|
| Total revenue | 607,745 |
| | (1,081 | ) | | 606,664 |
| | 588,976 |
| | (124 | ) | | 588,852 |
|
| Cost of goods and services | 392,427 |
| | 2,466 |
| | 394,893 |
| | 391,682 |
| | (912 | ) | | 390,770 |
|
| Gross profit | 215,318 |
| | (3,547 | ) | | 211,771 |
| | 197,294 |
| | 788 |
| | 198,082 |
|
| Selling, general and administrative expense | 131,977 |
| | 585 |
| | 132,562 |
| | 125,168 |
| | 1,322 |
| | 126,490 |
|
| Interest expense, net | 20,531 |
| | 105 |
| | 20,636 |
| | 6,229 |
| | 105 |
| | 6,334 |
|
| Other expense, net | 3,778 |
| | — |
| | 3,778 |
| | 3,192 |
| | (1 | ) | | 3,191 |
|
| Income before income taxes | 59,032 |
| | (4,237 | ) | | 54,795 |
| | 62,705 |
| | (638 | ) | | 62,067 |
|
| Provision for income taxes | 12,613 |
| | (764 | ) | | 11,849 |
| | 16,436 |
| | (198 | ) | | 16,238 |
|
| Net income | 46,419 |
| | (3,473 | ) | | 42,946 |
| | 46,269 |
| | (440 | ) | | 45,829 |
|
| Net income attributable to noncontrolling interest | 353 |
| | — |
| | 353 |
| | 63 |
| | 177 |
| | 240 |
|
| Net income attributable to Apergy | $ | 46,066 |
| | $ | (3,473 | ) | | $ | 42,593 |
| | $ | 46,206 |
| | $ | (617 | ) | | $ | 45,589 |
|
| | | | | | | | | | | | |
| Earnings per share attributable to Apergy: | | | | | | | | | | | |
| Basic | $ | 0.60 |
| | $ | (0.05 | ) | | $ | 0.55 |
| | $ | 0.60 |
| | $ | (0.01 | ) | | $ | 0.59 |
|
| Diluted | $ | 0.59 |
| | $ | (0.04 | ) | | $ | 0.55 |
| | $ | 0.59 |
| | $ | — |
| | $ | 0.59 |
|
| | | | | | | | | | | | |
| Comprehensive income | $ | 48,650 |
| | $ | (3,473 | ) | | $ | 45,177 |
| | $ | 37,969 |
| | $ | (440 | ) | | $ | 37,529 |
|
Comprehensive income attributable to Apergy
| $ | 48,297 |
| | $ | (3,473 | ) | | $ | 44,824 |
| | $ | 37,906 |
| | $ | (617 | ) | | $ | 37,289 |
|
_______________________
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the condensed consolidated statements of income for the six months ended June 30, 2019 and 2018.
CONDENSED CONSOLIDATED BALANCE SHEETS
|
| | | | | | | | | | | |
| | September 30, 2019 |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| Assets | | | | | |
| Receivables, net | $ | 236,381 |
| | $ | (428 | ) | | $ | 235,953 |
|
| Inventories, net | 219,614 |
| | (675 | ) | | 218,939 |
|
| Prepaid expenses and other current assets | 34,516 |
| | (2,143 | ) | | 32,373 |
|
| Total current assets | 531,138 |
| | (3,246 | ) | | 527,892 |
|
| Property, plant and equipment, net | 249,385 |
| | (340 | ) | | 249,045 |
|
| Other non-current assets | 29,626 |
| | 429 |
| | 30,055 |
|
| Total assets | 1,972,253 |
| | (3,157 | ) | | 1,969,096 |
|
| Liabilities and Equity | | | | | |
| Accounts payable | 114,185 |
| | 7,738 |
| | 121,923 |
|
| Accrued expenses and other current liabilities | 51,852 |
| | (2,035 | ) | | 49,817 |
|
| Total current liabilities | 206,453 |
| | 5,703 |
| | 212,156 |
|
| Deferred income taxes | 97,588 |
| | (2,674 | ) | | 94,914 |
|
| Total liabilities | 930,447 |
| | 3,029 |
| | 933,476 |
|
| Stockholders’ equity: | | | |
| | |
| Capital in excess of par value of common stock | 971,075 |
| | (4,599 | ) | | 966,476 |
|
| Retained earnings | 110,458 |
| | (1,587 | ) | | 108,871 |
|
| Total stockholders’ equity | 1,038,801 |
| | (6,186 | ) | | 1,032,615 |
|
| Total equity | 1,041,806 |
| | (6,186 | ) | | 1,035,620 |
|
| Total liabilities and equity | 1,972,253 |
| | (3,157 | ) | | 1,969,096 |
|
|
| | | | | | | | | | | |
| | June 30, 2019 |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| Assets | | | | | |
| Receivables, net | $ | 256,379 |
| | $ | 532 |
| | $ | 256,911 |
|
| Inventories, net | 234,254 |
| | (2,217 | ) | | 232,037 |
|
| Prepaid expenses and other current assets | 14,576 |
| | 4,109 |
| | 18,685 |
|
| Total current assets | 529,545 |
| | 2,424 |
| | 531,969 |
|
| Property, plant and equipment, net | 250,573 |
| | (1,578 | ) | | 248,995 |
|
| Other non-current assets | 31,513 |
| | 461 |
| | 31,974 |
|
| Total assets | 1,975,438 |
| | 1,307 |
| | 1,976,745 |
|
| Liabilities and Equity | | | | | |
| Accounts payable | 128,664 |
| | 7,485 |
| | 136,149 |
|
| Accrued compensation and employee benefits | 30,566 |
| | 2,581 |
| | 33,147 |
|
| Accrued expenses and other current liabilities | 41,874 |
| | (2,461 | ) | | 39,413 |
|
| Total current liabilities | 201,104 |
| | 7,605 |
| | 208,709 |
|
| Deferred income taxes | 91,022 |
| | 3,639 |
| | 94,661 |
|
| Other long-term liabilities | 38,274 |
| | (2,582 | ) | | 35,692 |
|
| Total liabilities | 943,701 |
| | 8,662 |
| | 952,363 |
|
| Stockholders’ equity: | | | |
| | |
| Capital in excess of par value of common stock | 968,593 |
| | (4,599 | ) | | 963,994 |
|
| Retained earnings | 100,233 |
| | (2,756 | ) | | 97,477 |
|
| Total stockholders’ equity | 1,028,926 |
| | (7,355 | ) | | 1,021,571 |
|
| Total equity | 1,031,737 |
| | (7,355 | ) | | 1,024,382 |
|
| Total liabilities and equity | 1,975,438 |
| | 1,307 |
| | 1,976,745 |
|
|
| | | | | | | | | | | |
| | March 31, 2019 |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| Assets | | | | | |
| Receivables, net | $ | 258,650 |
| | $ | 285 |
| | $ | 258,935 |
|
| Inventories, net | 232,933 |
| | (1,792 | ) | | 231,141 |
|
| Prepaid expenses and other current assets | 17,861 |
| | (1,672 | ) | | 16,189 |
|
| Total current assets | 537,798 |
| | (3,179 | ) | | 534,619 |
|
| Property, plant and equipment, net | 244,886 |
| | (959 | ) | | 243,927 |
|
| Other non-current assets | 29,931 |
| | 471 |
| | 30,402 |
|
| Total assets | 1,988,609 |
| | (3,667 | ) | | 1,984,942 |
|
| Liabilities and Equity | | | | | |
| Accounts payable | 124,100 |
| | 7,186 |
| | 131,286 |
|
| Accrued compensation and employee benefits | 28,882 |
| | 2,243 |
| | 31,125 |
|
| Accrued expenses and other current liabilities | 59,291 |
| | (1,897 | ) | | 57,394 |
|
| Total current liabilities | 212,273 |
| | 7,532 |
| | 219,805 |
|
| Deferred income taxes | 96,469 |
| | (2,443 | ) | | 94,026 |
|
| Other long-term liabilities | 37,017 |
| | (2,243 | ) | | 34,774 |
|
| Total liabilities | 983,406 |
| | 2,846 |
| | 986,252 |
|
| Stockholders’ equity: | | | |
| | |
| Capital in excess of par value of common stock | 966,938 |
| | (4,599 | ) | | 962,339 |
|
| Retained earnings | 76,454 |
| | (1,914 | ) | | 74,540 |
|
| Total stockholders’ equity | 1,002,449 |
| | (6,513 | ) | | 995,936 |
|
| Total equity | 1,005,203 |
| | (6,513 | ) | | 998,690 |
|
| Total liabilities and equity | 1,988,609 |
| | (3,667 | ) | | 1,984,942 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| December 31, 2017 | $ | 1,640,385 |
| | $ | (4,876 | ) | | $ | 1,635,509 |
|
| Net income | 24,194 |
| | (244 | ) | | 23,950 |
|
| March 31, 2018 | 1,661,302 |
| | (5,120 | ) | | 1,656,182 |
|
| Net income | 22,075 |
| | (196 | ) | | 21,879 |
|
| June 30, 2018 | 935,527 |
| | (5,316 | ) | | 930,211 |
|
| Net income | 25,496 |
| | (1,481 | ) | | 24,015 |
|
| September 30, 2018 | 964,762 |
| | (6,797 | ) | | 957,965 |
|
|
| | | | | | | | | | | |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| December 31, 2018 | $ | 981,527 |
| | $ | (5,544 | ) | | $ | 975,983 |
|
| Cumulative effect of accounting changes | (1,662 | ) | | 1,662 |
| | — |
|
| Net income | 22,569 |
| | (2,631 | ) | | 19,938 |
|
| March 31, 2019 | 1,005,203 |
| | (6,513 | ) | | 998,690 |
|
| Net income | 23,850 |
| | (842 | ) | | 23,008 |
|
| June 30, 2019 | 1,031,737 |
| | (7,355 | ) | | 1,024,382 |
|
| Net income | 10,419 |
| | 1,169 |
| | 11,588 |
|
| September 30, 2019 | 1,041,806 |
| | (6,186 | ) | | 1,035,620 |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
| | | | | | | | | | | |
| | Year Ended December 31, 2018 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 1,085,471 |
| | $ | 4,747 |
| | $ | 1,090,218 |
|
Other revenue (1) | 131,175 |
| | (3,237 | ) | | 127,938 |
|
| Total revenue | 1,216,646 |
| | 1,510 |
| | 1,218,156 |
|
| Cost of goods and services | 800,347 |
| | 805 |
| | 801,152 |
|
| Gross profit | 416,299 |
| | 705 |
| | 417,004 |
|
| Selling, general and administrative expense | 262,625 |
| | 2,322 |
| | 264,947 |
|
| Interest expense, net | 27,440 |
| | 208 |
| | 27,648 |
|
| Other expense, net | 2,943 |
| | 113 |
| | 3,056 |
|
| Income before income taxes | 123,291 |
| | (1,938 | ) | | 121,353 |
|
| Provision for income taxes | 28,796 |
| | (634 | ) | | 28,162 |
|
| Net income | 94,495 |
| | (1,304 | ) | | 93,191 |
|
| Net income attributable to noncontrolling interest | 454 |
| | — |
| | 454 |
|
| Net income attributable to Apergy | $ | 94,041 |
| | $ | (1,304 | ) | | $ | 92,737 |
|
| | | | | | |
| Earnings per share attributable to Apergy: | | | | | |
| Basic | $ | 1.22 |
| | $ | (0.02 | ) | | $ | 1.20 |
|
| Diluted | $ | 1.21 |
| | $ | (0.02 | ) | | $ | 1.19 |
|
| | | | | | |
| Comprehensive income | $ | 81,741 |
| | $ | (1,304 | ) | | $ | 80,437 |
|
Comprehensive income attributable to Apergy
| $ | 81,287 |
| | $ | (1,304 | ) | | $ | 79,983 |
|
_______________________
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the consolidated statement of income for the year ended December 31, 2018.
|
| | | | | | | | | | | |
| | Year Ended December 31, 2017 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 919,669 |
| | $ | 3,023 |
| | $ | 922,692 |
|
Other revenue (1) | 90,797 |
| | (3,023 | ) | | 87,774 |
|
| Total revenue | 1,010,466 |
| | — |
| | 1,010,466 |
|
| Cost of goods and services | 689,990 |
| | 408 |
| | 690,398 |
|
| Gross profit | 320,476 |
| | (408 | ) | | 320,068 |
|
| Selling, general and administrative expense | 218,558 |
| | 2,849 |
| | 221,407 |
|
| Interest expense, net | 753 |
| | 110 |
| | 863 |
|
| Other expense, net | 10,377 |
| | (934 | ) | | 9,443 |
|
| Income before income taxes | 90,788 |
| | (2,433 | ) | | 88,355 |
|
| Benefit from income taxes | (21,876 | ) | | (288 | ) | | (22,164 | ) |
| Net income | 112,664 |
| | (2,145 | ) | | 110,519 |
|
| Net income attributable to noncontrolling interest | 930 |
| | — |
| | 930 |
|
| Net income attributable to Apergy | $ | 111,734 |
| | $ | (2,145 | ) | | $ | 109,589 |
|
| | | | | | |
| Earnings per share attributable to Apergy: | | | | | |
| Basic | $ | 1.44 |
| | $ | (0.02 | ) | | $ | 1.42 |
|
| Diluted | $ | 1.43 |
| | $ | (0.02 | ) | | $ | 1.41 |
|
| | | | | | |
| Comprehensive income | $ | 119,905 |
| | $ | (2,145 | ) | | $ | 117,760 |
|
Comprehensive income attributable to Apergy
| $ | 118,975 |
| | $ | (2,145 | ) | | $ | 116,830 |
|
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the consolidated statement of income for the year ended December 31, 2017.
|
| | | | | | | | | | | |
| | Year Ended December 31, 2016 |
| (in thousands, except per share data) | As Reported | | Adjustments | | As Revised |
| Product revenue | $ | 673,447 |
| | $ | 2,525 |
| | $ | 675,972 |
|
Other revenue (1) | 77,890 |
| | (2,525 | ) | | 75,365 |
|
| Total revenue | 751,337 |
| | — |
| | 751,337 |
|
| Cost of goods and services | 556,066 |
| | 180 |
| | 556,246 |
|
| Gross profit | 195,271 |
| | (180 | ) | | 195,091 |
|
| Selling, general and administrative expense | 204,383 |
| | 1,266 |
| | 205,649 |
|
| Interest expense, net | 477 |
| | 51 |
| | 528 |
|
| Other expense, net | 9,354 |
| | (366 | ) | | 8,988 |
|
| Loss before income taxes | (18,943 | ) | | (1,131 | ) | | (20,074 | ) |
| Benefit from income taxes | (8,043 | ) | | (416 | ) | | (8,459 | ) |
| Net loss | (10,900 | ) | | (715 | ) | | (11,615 | ) |
| Net income attributable to noncontrolling interest | 1,851 |
| | — |
| | 1,851 |
|
| Net loss attributable to Apergy | $ | (12,751 | ) | | $ | (715 | ) | | $ | (13,466 | ) |
| | | | | | |
| Loss per share attributable to Apergy: | | | | | |
| Basic | $ | (0.16 | ) | | $ | (0.01 | ) | | $ | (0.17 | ) |
| Diluted | $ | (0.16 | ) | | $ | (0.01 | ) | | $ | (0.17 | ) |
| | | | | | |
| Comprehensive loss | $ | (9,863 | ) | | $ | (715 | ) | | $ | (10,578 | ) |
| Comprehensive loss attributable to Apergy | $ | (11,714 | ) | | $ | (715 | ) | | $ | (12,429 | ) |
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the consolidated statement of loss for the year ended December 31, 2016.
CONDENSED CONSOLIDATED BALANCE SHEETS
|
| | | | | | | | | | | |
| | December 31, 2018 |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| Assets | | | | | |
| Receivables, net | $ | 249,948 |
| | $ | 1,488 |
| | $ | 251,436 |
|
| Inventories, net | 218,319 |
| | 1,102 |
| | 219,421 |
|
| Prepaid expenses and other current assets | 20,211 |
| | (1,677 | ) | | 18,534 |
|
| Total current assets | 530,310 |
| | 913 |
| | 531,223 |
|
| Other non-current assets | 8,445 |
| | 447 |
| | 8,892 |
|
| Total assets | 1,971,756 |
| | 1,360 |
| | 1,973,116 |
|
| Liabilities and Equity | | | | | |
| Accounts payable | 131,058 |
| | 9,067 |
| | 140,125 |
|
| Accrued expenses and other current liabilities | 30,391 |
| | 2,690 |
| | 33,081 |
|
| Total current liabilities | 201,995 |
| | 11,757 |
| | 213,752 |
|
| Long-term debt | 666,108 |
| | (2,901 | ) | | 663,207 |
|
| Deferred income taxes | 101,724 |
| | (1,952 | ) | | 99,772 |
|
| Total liabilities | 990,229 |
| | 6,904 |
| | 997,133 |
|
| Stockholders’ equity: | |
| | |
| | |
| Capital in excess of par value of common stock | 965,372 |
| | (4,599 | ) | | 960,773 |
|
| Retained earnings | 55,829 |
| | (945 | ) | | 54,884 |
|
| Total stockholders’ equity | 979,069 |
| | (5,544 | ) | | 973,525 |
|
| Total equity | 981,527 |
| | (5,544 | ) | | 975,983 |
|
| Total liabilities and equity | 1,971,756 |
| | 1,360 |
| | 1,973,116 |
|
|
| | | | | | | | | | | |
| | December 31, 2017 |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| Assets | | | | | |
| Inventories, net | $ | 201,402 |
| | $ | (207 | ) | | $ | 201,195 |
|
| Total current assets | 441,475 |
| | (207 | ) | | 441,268 |
|
| Total assets | 1,906,615 |
| | (207 | ) | | 1,906,408 |
|
| Liabilities and Equity | | | | | |
| Accounts payable | 98,826 |
| | 3,859 |
| | 102,685 |
|
| Accrued expenses and other current liabilities | 21,375 |
| | 1,731 |
| | 23,106 |
|
| Total current liabilities | 150,490 |
| | 5,590 |
| | 156,080 |
|
| Deferred income taxes | 96,985 |
| | (921 | ) | | 96,064 |
|
| Total liabilities | 266,230 |
| | 4,669 |
| | 270,899 |
|
| Stockholders’ equity: | | | |
| | |
| Net parent investment in Apergy | 1,662,052 |
| | (4,876 | ) | | 1,657,176 |
|
| Total stockholders’ equity | 1,635,636 |
| | (4,876 | ) | | 1,630,760 |
|
| Total equity | 1,640,385 |
| | (4,876 | ) | | 1,635,509 |
|
| Total liabilities and equity | 1,906,615 |
| | (207 | ) | | 1,906,408 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | |
| (in thousands) | As Reported | | Adjustments | | As Revised |
| December 31, 2015 | $ | 1,644,993 |
| | $ | (2,028 | ) | | $ | 1,642,965 |
|
| Net loss | (10,900 | ) | | (715 | ) | | (11,615 | ) |
| Net transfer to Dover | (81,964 | ) | | 29 |
| | (81,935 | ) |
| December 31, 2016 | 1,551,218 |
| | (2,714 | ) | | 1,548,504 |
|
| Net income | 112,664 |
| | (2,145 | ) | | 110,519 |
|
| Net transfers to Dover | (29,526 | ) | | (17 | ) | | (29,543 | ) |
| December 31, 2017 | 1,640,385 |
| | (4,876 | ) | | 1,635,509 |
|
| Net income | 94,495 |
| | (1,304 | ) | | 93,191 |
|
| Net transfers to/from Dover | (742,690 | ) | | 636 |
| | (742,054 | ) |
| December 31, 2018 | 981,527 |
| | (5,544 | ) | | 975,983 |
|
