Three Months Ended December 31, Three Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, 2013 2012 2013 2012 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(1): Net income $ 16,591 $ 58,859 $ 188,009 $ 299,477 Income tax expense 9,475 35,585 108,432 176,196 Net interest expense 6,947 5,738 27,441 22,196 Depreciation, depletion, amortization and impairment 183,118 132,791 597,469 526,614 EBITDA $ 216,131 $ 232,973 $ 921,351 $ 1,024,483 Total revenue $ 658,772 $ 652,750 $ 2,716,034 $ 2,723,414 EBITDA margin 32.8% 35.7% 33.9% 37.6% EBITDA by operating segment: Contract drilling $ 172,178 $ 168,982 $ 704,990 $ 739,709 Pressure pumping 45,757 60,856 217,228 243,857 Oil and natural gas 8,757 12,304 44,348 48,627 Corporate and other (10,561) (9,169) (45,215) (7,710) Consolidated EBITDA $ 216,131 $ 232,973 $ 921,351 $ 1,024,483 (1) EBITDA is not defined by generally accepted accounting principles ("GAAP"). We present EBITDA (a non-GAAP measure) because we believe it provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital expenditures and working capital requirements. EBITDA should not be construed as an alternative to the GAAP measures of net income or operating cash flow. (1) EBITDA is not defined by generally accepted accounting principles ("GAAP"). We present EBITDA (a non-GAAP measure) because we believe it provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital expenditures and working capital requirements. EBITDA should not be construed as an alternative to the GAAP measures of net income or operating cash flow. (1) EBITDA is not defined by generally accepted accounting principles ("GAAP"). We present EBITDA (a non-GAAP measure) because we believe it provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital expenditures and working capital requirements. EBITDA should not be construed as an alternative to the GAAP measures of net income or operating cash flow. (1) EBITDA is not defined by generally accepted accounting principles ("GAAP"). We present EBITDA (a non-GAAP measure) because we believe it provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital expenditures and working capital requirements. EBITDA should not be construed as an alternative to the GAAP measures of net income or operating cash flow. (1) EBITDA is not defined by generally accepted accounting principles ("GAAP"). We present EBITDA (a non-GAAP measure) because we believe it provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital expenditures and working capital requirements. EBITDA should not be construed as an alternative to the GAAP measures of net income or operating cash flow. PATTERSON-UTI ENERGY, INC. Non-GAAP Financial Measures (Unaudited) (dollars in thousands) Non-GAAP Financial Measures 49 |