THE WOODLANDS, Texas,
Nov. 7, 2019 /PRNewswire/
-- TETRA Technologies, Inc. ("TETRA") (NYSE:TTI) announced
consolidated third quarter net loss before discontinued
operations of $9.1 million, compared
to a net loss before discontinued operations of $8.2 million in the second quarter of 2019 and
$12.9 million in the same quarter of
last year. Net loss per share before discontinued operations
attributable to TETRA shareholders during the third quarter was
$0.06, unchanged from the second
quarter of 2019 and from the third quarter of 2018. Adjusted
per share(1) loss before discontinued operations and
excluding special items, was $0.02 in
the third quarter, unchanged from the second quarter of this year
and the third quarter of 2018.
Brady M. Murphy, TETRA's Chief
Executive Officer, stated, "Despite a challenging North America onshore market that is
experiencing a significant pullback in activity, I'm pleased with
our third quarter performance. We continue to focus on
differentiated offerings in each of our segments and on generating
free cash flow. Our third quarter results reflect great
progress on these objectives. Consolidated revenue from
continuing operations was $246
million in the third quarter, down 15% sequentially and down
4% from last year. During the quarter, consolidated cash
provided by operations was $46.6
million and TETRA only adjusted free cash flow from
continuing operations(1) was $9.7
million, which was a significant improvement over the second
quarter of this year and the third quarter of last year.
Adjusted EBITDA(1) on a consolidated basis was
$46 million, down from $50 million in the second quarter primarily as a
result of the seasonal decline in our northern Europe industrial chemicals business, while
Adjusted EBITDA as a percentage of revenue(1) improved
sequentially across all three divisions. The TETRA CS
Neptune® completion fluids project that we were expecting to be
materially completed in the third quarter has been delayed and is
now anticipated to be completed in the fourth quarter.
Despite the delay in TETRA CS Neptune® completion fluids activity,
our Completion Fluids & Products Division achieved income
before taxes as a percentage of revenue of 19.1% and delivered
solid Adjusted EBITDA as a percentage of revenue(1) of
23.7%, which is the highest Adjusted EBITDA as a percentage of
revenue(1) without the benefit of TETRA CS Neptune®
completion fluids sales since the fourth quarter of 2015. Our
Compression Division again achieved record high gross margins and
utilization for our compression services equipment. Water
& Flowback Services Division income before taxes and Adjusted
EBITDA(1) showed resiliency in a difficult market with
income before taxes of $2.6 million
and Adjusted EBITDA(1) increasing sequentially by
$0.3 million to $11.2 million, outperforming the macro market
indicators.
"Our Completion Fluids & Products Division continues to
experience high demand for our services and products in domestic
and most international offshore markets, with favorable product mix
and pricing improvements that is reflected in the Division's income
before taxes of $11.3 million.
In the second quarter of this year we signed a contract to provide
TETRA CS Neptune® completion fluids for an ultra-deepwater
Gulf of Mexico project that was
expected to be materially completed towards the end of the third
quarter. This project was delayed and is now expected to be
completed during the fourth quarter. These type of projects
are complex, ultra-deepwater wells that are prone to unforeseen
challenges, making the predictability on the timing of completing
the well very difficult. During the third quarter we also
launched the TETRA CS Neptune® completion fluids monovalent family
of products at the Society of Petroleum Engineering (SPE)
Europe conference. Monovalent
completion fluids are more compatible with certain reservoirs and
can also provide lower corrosion rates in some applications.
Feedback to-date has been very positive, and we believe that this
new technology will open more opportunities to deploy our highly
differentiated portfolio of TETRA CS Neptune® completion
fluids. Highlighting our progress with technology
differentiation, TETRA was a finalist for World Oil's Magazine's
Best Oilfield Fluids and Chemicals Award for the TETRA Advanced
Displacement System (TADS). Outside the oilfield services
market, our industrial chemicals business remains strong and
meaningfully contributed to our strong Completion Fluids &
Products Division results and helps offset some of the volatility
in our North America oilfield
onshore business.
"Water & Flowback Services Division income before taxes was
$2.6 million. The Division had
income before taxes as a percentage of revenue of 3.5% and Adjusted
EBITDA as a percent of revenue(1) of 15.4% on slightly
lower revenue from the second quarter of 2019, as we continue to
focus on integrated projects utilizing our automation
capabilities. We finished the quarter with 20 integrated
projects with 13 customers. Four of the projects were with
either new customers or in new basins. To support our closed
loop water management capability, we released our new TETRA
BlueLinxTM Automated Control System, which provides
remote control and monitoring for nearly every aspect of our
integrated water management services. In the third quarter,
our automation efforts and cost cutting initiatives helped us
successfully navigate through this challenging market. We also made
progress commercializing our TETRA Advanced Cyclone System (TACS),
which is achieving proven sand recovery efficiency greater than
95%, compared to traditional cyclones which typically have closer
to 50% sand recovery efficiency. We signed a take-or-pay
contract with a major E&P operator in the Permian Basin, who
was the first to run extensive trials with TACS, for multiple units
to displace their current technology. We have also been
awarded a contract for multiple test separators in Argentina, our first Latin American contract
for this type of equipment. TETRA was also a finalist for two
World Oil Magazine Best Water Management Technology Awards, one for
its TETRA SwiftWater Automated Treatment (SWAT™) System, and the
other for TETRA Lowest Cost Per Barrel Water Management
Solution. We were the only company that had two technology
solutions in the finals.
"Compression Division revenue decreased sequentially to
$114 million from $136 million on lower new equipment sales while
compression services and aftermarket services revenue both
increased. Compression services gross margins were once again
at record highs driven by price increases that we continue to
achieve, record high utilization of equipment, cost actions and the
deployment of new equipment at higher pricing. While we have
seen some of our customers slow down the need for additional
compression services going into 2020, the overall fundamentals for
the compression services business have not changed and this segment
remains one of the strongest in the oil and gas industry. We
continue to see centralized gas lift as a growing trend to increase
liquid production, and it, combined with our increased focus on
surface artificial lift methods with solutions such as the Gas
Assisted Plunger Lift (GAPL) and Backside Auto Injection
Systems (BAIS) technology, has resulted in a fourfold increase
since the beginning of the year in the number of GasJack®
units we have working for these unconventional
applications. We are extremely pleased with the amount of
interest and demand these new applications are creating for
GasJack® units."
Operating Segments
Completion Fluids & Products Division
Completion Fluids & Products revenue was $59.3 million in the third quarter of 2019, a
decrease of 26% from the second quarter of 2019 following the
seasonal high industrial chemicals activity in Northern
Europe. Completion Fluids & Products income before taxes
was $11.3 million, or 19.1% of
revenue. Adjusted EBITDA(1) of $14.0 million decreased by $3.8 million sequentially and was 23.7% of
revenue, a 130 basis point improvement sequentially. We did
not have the benefit of an expected TETRA CS Neptune® completion
fluids project in this quarter.
Water & Flowback Services Division
Water & Flowback Services third quarter 2019 revenue
decreased 0.4% sequentially to $72.8
million. Income before taxes was $2.6 million, or 3.5% of revenue. Adjusted
EBITDA(1) increased 3% sequentially to $11.2 million, despite the sequential revenue
drop. Results in this division held up well across most
North America basins, despite the
headwinds the industry is facing. Adjusted EBITDA as a
percent of revenue(1) improved to 15.4% in the third
quarter of 2019 from 14.9% in the second quarter driven by our
transition towards integrated projects with automation and cost
cutting efforts.
Compression Division
Third quarter Compression revenue decreased 16% from the second
quarter of 2019 due to the timing on the shipment of new equipment,
to $114 million, and was 1% below the
third quarter of last year. Compression services gross
margins were 53.2%, up 50 basis points from the second quarter of
2019 and overall fleet utilization was 90.1%, both of which are the
highest since the acquisition of Compressor Systems, Inc. in
2014. As of September 30, 2019,
total active operating horsepower was 1,043,384, a sequential
improvement of over 14,000 horsepower. Compression Division net
loss before taxes was $3.5 million,
in-line with the net loss in the second quarter of 2019.
Third quarter 2019 Adjusted EBITDA(1) of $31.3 million decreased 5% from the second
quarter of 2019 primarily due to lower new equipment sales.
We received net new equipment orders of $29
million in the third quarter of 2019, up from $18 million in the second quarter of this
year. New equipment sales backlog increased to $63 million at September
30, 2019 from $60 million at
the end of the previous quarter.
|
|
|
1 These financial measures are not in
accordance with generally accepted accounting principles in the
United States ("GAAP"). Please see Schedules E, F, G, H. I, J and K
for reconciliations of these non-GAAP financial measures to the
most directly comparable GAAP measures.
|
A summary of key financial metrics for the second quarter is as
follows:
Third Quarter
2019 Results
|
|
Three Months
Ended
|
|
Sep 30,
2019
|
|
Jun 30,
2019
|
|
Sep 30,
2018
|
|
(In Thousands, Except
per Share Amounts)
|
Revenue
|
$
|
245,947
|
|
|
$
|
288,796
|
|
|
$
|
256,851
|
|
Loss before
discontinued operations
|
(9,079)
|
|
|
(8,201)
|
|
|
(12,852)
|
|
Adjusted EBITDA
before discontinued operations(2)
|
46,157
|
|
|
50,084
|
|
|
41,803
|
|
GAAP EPS before
discontinued operations attributable to TETRA
stockholders
|
(0.06)
|
|
|
(0.06)
|
|
|
(0.06)
|
|
Adjusted EPS
attributable to TETRA stockholders(2)
|
(0.02)
|
|
|
(0.02)
|
|
|
(0.02)
|
|
GAAP net cash
provided (used) by operating activities
|
46,605
|
|
|
30,965
|
|
|
13,760
|
|
TETRA only adjusted
free cash flow from continuing operations(2)
|
$
9,749
|
|
|
$
|
3,117
|
|
|
$
|
(558)
|
|
Free Cash Flow and Balance Sheet
Consolidated cash provided from operating activities for the
third quarter was $46.6
million. TETRA only adjusted free cash flow from
continuing operations(2) in the third quarter was
$9.7 million and compares to
$3.1 million in the second quarter of
2019. We have historically consumed cash in the first half of
the year and generated cash in the second half of the year,
reflecting the seasonality of some of our businesses. We
continue to forecast that TETRA only adjusted free cash flow from
continuing operations will be positive for the full year and above
last year's levels. Consolidated total debt(2) was
$858 million while consolidated net
debt([2]) was $822
million, with TETRA only net debt of $192 million (see Schedule H for a reconciliation
of these non-GAAP financial measures). At the end of the
third quarter of 2019, TETRA only non-restricted cash was
$21 million.
|
|
|
2 These financial measures are not in
accordance with generally accepted accounting principles in the
United States ("GAAP"). Please see Schedules E, F, G, H. I, J and K
for reconciliations of these non-GAAP financial measures to the
most directly comparable GAAP measures.
|
Special items
Special items in the third quarter, including Discontinued
Operations, are detailed on Schedule F, and include the
following:
- $1.8 million expense for bad debt
expenses, related to customers that filed for bankruptcy
- $0.8 million expense for asset
impairments for a compression unit destroyed by fire
- $0.1 million non-cash income for
TETRA stock warrant fair value adjustment
- $0.3 million expense related to
the final cash redemption of CSI Compressco's Series A Convertible
Preferred Units
- $0.4 million expense in severance
and other charges (credits)
Loss from discontinued operations of $9.1
million in the third quarter includes the impact of a
reserve for a promissory note and other receivables from the
counterparty on the sale of our Offshore Decommissioning to the
buyer that filed for bankruptcy.
Additionally, the Provision (Benefit) for Tax on Schedule F
reflects a normalized tax rate of 21%.
Conference Call
TETRA will host a conference call to discuss these results
today, November 7, 2019, at
10:30 a.m. EST. The phone number for
the call is 1-888-347-5303. The conference will also be available
by live audio webcast and may be accessed through TETRA's website
at www.tetratec.com. A replay of the conference call will be
available at 1-877-344-7529, conference number 10127861, for one
week following the conference call and the archived webcast call
will be available through the Company's website for 30 days
following the conference call.
Investor Contact
For further information: Elijio
Serrano, CFO, TETRA Technologies, Inc., The Woodlands, Texas, Phone: 281.367.1983,
Fax: 281.364.4346, www.tetratec.com
Financial Statements, Schedules and Non-GAAP Reconciliation
Schedules (Unaudited)
Schedule A: Consolidated Income
Statement
Schedule B: Financial Results By Segment
Schedule C: Consolidated Balance Sheet
Schedule D: Long-Term Debt
Schedule E: Statement Regarding Use of Non-GAAP Financial
Measures
Schedule F: Special Items
Schedule G: Non-GAAP Reconciliation to GAAP Financials
Schedule H: Non-GAAP Reconciliation of TETRA Net Debt
Schedule I: Non-GAAP Reconciliation to TETRA Only Adjusted Free
Cash Flow
Schedule J: Non-GAAP Reconciliation to TETRA Only Adjusted Free
Cash Flow From Continuing Operations
Schedule K: Non-GAAP Reconciliation to TETRA Adjusted EBITDA as a
Percentage of Revenue
Company Overview and Forward-Looking Statements
TETRA Technologies, Inc. is a geographically diversified oil and
gas services company, focused on completion fluids and associated
products and services, water management, frac flowback, production
well testing, and compression services and equipment. TETRA
owns an equity interest, including all of the general partner
interest, in CSI Compressco LP (NASDAQ:CCLP), a master limited
partnership.
This news release includes certain statements that are deemed to
be forward-looking statements. Generally, the use of words such as
"may," "expectation," "expect," "intend," "estimate," "projects,"
"anticipate," "believe," "assume," "could," "should," "plans,"
"targets" or similar expressions that convey the uncertainty of
future events, activities, expectations or outcomes identify
forward-looking statements that the Company intends to be included
within the safe harbor protections provided by the federal
securities laws. These forward-looking statements include
statements concerning the anticipated recovery of the oil and gas
industry, expected results of operational business segments for
2019, including levels of CSI Compressco's cash distributions per
unit, projections concerning the Company's business activities,
financial guidance, estimated earnings, earnings per share, and
statements regarding the Company's beliefs, expectations, plans,
goals, future events and performance, and other statements that are
not purely historical. These forward-looking statements are based
on certain assumptions and analyses made by the Company in light of
its experience and its perception of historical trends, current
conditions, expected future developments and other factors it
believes are appropriate in the circumstances. Such statements are
subject to a number of risks and uncertainties, many of which are
beyond the control of the Company. Investors are cautioned that any
such statements are not guarantees of future performances or
results and that actual results or developments may differ
materially from those projected in the forward-looking statements.
Some of the factors that could affect actual results are described
in the section titled "Risk Factors" contained in the Company's
Annual Reports on Form 10-K, as well as other risks identified from
time to time in its reports on Form 10-Q and Form 8-K filed with
the Securities and Exchange Commission.
Schedule A:
Consolidated Income Statement (Unaudited)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In Thousands, Except
per Share Amounts)
|
Revenues
|
$
|
245,947
|
|
|
$
|
256,851
|
|
|
$
|
778,471
|
|
|
$
|
716,304
|
|
|
|
|
|
|
|
|
|
Cost of sales,
services, and rentals
|
170,313
|
|
|
183,121
|
|
|
553,709
|
|
|
511,370
|
|
Depreciation,
amortization, and accretion
|
30,867
|
|
|
29,460
|
|
|
93,312
|
|
|
84,880
|
|
Impairments and other
charges
|
849
|
|
|
2,940
|
|
|
3,306
|
|
|
2,940
|
|
Insurance recoveries
(credits)
|
(1,042)
|
|
|
—
|
|
|
(1,392)
|
|
|
—
|
|
Total cost of
revenues
|
200,987
|
|
|
215,521
|
|
|
648,935
|
|
|
599,190
|
|
Gross profit
|
44,960
|
|
|
41,330
|
|
|
129,536
|
|
|
117,114
|
|
|
|
|
|
|
|
|
|
General and
administrative expense
|
34,926
|
|
|
34,446
|
|
|
105,498
|
|
|
98,866
|
|
Interest expense,
net
|
18,146
|
|
|
18,894
|
|
|
55,054
|
|
|
52,246
|
|
Warrants fair value
adjustment (income) expense
|
78
|
|
|
(179)
|
|
|
(1,035)
|
|
|
22
|
|
CCLP Series A
Preferred Units fair value adjustment (income) expense
|
—
|
|
|
498
|
|
|
1,309
|
|
|
1,344
|
|
Other (income)
expense, net
|
(690)
|
|
|
619
|
|
|
(1,014)
|
|
|
7,203
|
|
Loss (benefit) before
taxes and discontinued operations
|
(7,500)
|
|
|
(12,948)
|
|
|
(30,276)
|
|
|
(42,567)
|
|
Provision (benefit)
for income taxes
|
1,579
|
|
|
(96)
|
|
|
5,678
|
|
|
3,474
|
|
Loss before
discontinued operations
|
(9,079)
|
|
|
(12,852)
|
|
|
(35,954)
|
|
|
(46,041)
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Loss from discontinued
operations, net of taxes
|
(9,130)
|
|
|
796
|
|
|
(9,901)
|
|
|
(40,931)
|
|
Net loss
|
(18,209)
|
|
|
(12,056)
|
|
|
(45,855)
|
|
|
(86,972)
|
|
Less: loss attributable
to noncontrolling interest
|
2,378
|
|
|
5,120
|
|
|
12,273
|
|
|
20,423
|
|
Net loss attributable
to TETRA stockholders
|
$
|
(15,831)
|
|
|
$
|
(6,936)
|
|
|
$
|
(33,582)
|
|
|
$
|
(66,549)
|
|
|
|
|
|
|
|
|
|
Basic per share
information:
|
|
|
|
|
|
|
|
Loss before
discontinued operations attributable to TETRA
stockholders
|
$
|
(0.06)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.21)
|
|
Loss from discontinued
operations attributable to TETRA stockholders
|
$
|
(0.07)
|
|
|
$
|
0.00
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.33)
|
|
Net loss attributable
to TETRA stockholders
|
$
|
(0.13)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.54)
|
|
Weighted average shares
outstanding
|
125,568
|
|
125,689
|
|
125,620
|
|
|
123,557
|
|
|
|
|
|
|
|
|
Diluted per share
information:
|
|
|
|
|
|
|
|
Loss before
discontinued operations attributable to TETRA
stockholders
|
$
|
(0.06)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.21)
|
|
Loss from discontinued
operations attributable to TETRA stockholders
|
$
|
(0.07)
|
|
|
$
|
0.00
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.33)
|
|
Net loss attributable
to TETRA stockholders
|
$
|
(0.13)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.54)
|
|
Weighted average shares
outstanding
|
125,568
|
|
|
125,689
|
|
125,620
|
|
|
123,557
|
|
Schedule B:
Financial Results By Segment
(Unaudited)(1)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In
Thousands)
|
Revenues by
segment:
|
|
|
|
|
|
|
|
Completion Fluids &
Products Division
|
$
|
59,340
|
|
|
$
|
63,073
|
|
|
$
|
200,688
|
|
|
$
|
192,733
|
|
Water & Flowback
Services Division
|
72,841
|
|
|
78,568
|
|
|
224,643
|
|
|
223,289
|
|
Compression
Division
|
113,766
|
|
|
115,261
|
|
|
353,140
|
|
|
300,607
|
|
Eliminations and
other
|
—
|
|
|
(51)
|
|
|
—
|
|
|
(325)
|
|
Total
revenues
|
$
|
245,947
|
|
|
$
|
256,851
|
|
|
$
|
778,471
|
|
|
$
|
716,304
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) by segment:
|
|
|
|
|
|
|
|
Completion Fluids &
Products Division
|
$
|
16,181
|
|
|
$
|
13,129
|
|
|
$
|
46,653
|
|
|
$
|
34,211
|
|
Water & Flowback
Services Division
|
8,236
|
|
|
11,522
|
|
|
24,577
|
|
|
41,556
|
|
Compression
Division
|
20,710
|
|
|
16,847
|
|
|
58,804
|
|
|
41,820
|
|
Corporate overhead and
eliminations
|
(167)
|
|
|
(168)
|
|
|
(498)
|
|
|
(473)
|
|
Total gross
profit
|
$
|
44,960
|
|
|
$
|
41,330
|
|
|
$
|
129,536
|
|
|
$
|
117,114
|
|
|
|
|
|
|
|
|
|
Income (loss)
before taxes by segment:
|
|
|
|
|
|
|
|
Completion Fluids &
Products Division
|
$
|
11,318
|
|
|
$
|
8,713
|
|
|
$
|
32,118
|
|
|
$
|
21,143
|
|
Water & Flowback
Services Division
|
2,578
|
|
|
5,809
|
|
|
7,269
|
|
|
20,668
|
|
Compression
Division
|
(3,464)
|
|
|
(7,844)
|
|
|
(14,748)
|
|
|
(30,517)
|
|
Corporate overhead and
eliminations
|
(17,932)
|
|
|
(19,626)
|
|
|
(54,915)
|
|
|
(53,861)
|
|
Total income (loss)
before taxes
|
$
|
(7,500)
|
|
|
$
|
(12,948)
|
|
|
$
|
(30,276)
|
|
|
$
|
(42,567)
|
|
Please note that the above results by Segment include special
charges and expenses. Please see Schedule F for details of those
special charges and expenses.
(1)
|
Excludes
discontinued operations
|
Schedule C:
Consolidated Balance Sheet (Unaudited)
|
|
|
September 30,
2019
|
|
December 31,
2018
|
|
(In
Thousands)
|
Balance
Sheet:
|
|
|
|
Cash (excluding
restricted cash)
|
$
|
35,918
|
|
|
$
|
40,038
|
|
Accounts receivable,
net
|
170,168
|
|
|
187,592
|
|
Inventories
|
142,406
|
|
|
143,571
|
|
Assets of
discontinued operations
|
16
|
|
|
1,354
|
|
Note receivable,
including accrued interest
|
—
|
|
|
7,544
|
|
Other current
assets
|
22,624
|
|
|
20,592
|
|
PP&E,
net
|
861,392
|
|
|
853,931
|
|
Operating lease
right-of-use assets
|
57,848
|
|
|
—
|
|
Other
assets
|
125,328
|
|
|
130,905
|
|
Total
assets
|
$
|
1,415,700
|
|
|
$
|
1,385,527
|
|
|
|
|
|
Liabilities of
discontinued operations
|
$
|
1,907
|
|
|
$
|
4,145
|
|
Other current
liabilities
|
211,165
|
|
|
196,206
|
|
Long-term debt
(1)
|
858,272
|
|
|
815,560
|
|
Long-term portion of
asset retirement obligations
|
12,603
|
|
|
12,202
|
|
CCLP Series A
Preferred
|
—
|
|
|
27,019
|
|
Warrants
liability
|
1,038
|
|
|
2,073
|
|
Operating lease
liabilities
|
45,993
|
|
|
—
|
|
Other long-term
liabilities
|
11,194
|
|
|
15,573
|
|
Equity
|
273,528
|
|
|
312,749
|
|
Total liabilities and
equity
|
$
|
1,415,700
|
|
|
$
|
1,385,527
|
|
|
|
(1)
|
Please see Schedule D
for the individual debt obligations of TETRA and CSI Compressco
LP.
|
Schedule D: Long-Term Debt (Unaudited)
TETRA Technologies Inc. and its subsidiaries, other than CSI
Compressco LP and its subsidiaries, are obligated under an
asset-based bank credit agreement and term credit agreement,
neither of which are obligations of CSI Compressco LP and its
subsidiaries. CSI Compressco LP and its subsidiaries are obligated
under a separate asset-based bank credit agreement and two series
of senior notes, neither of which are obligations of TETRA and its
other subsidiaries. Amounts presented are net of deferred financing
costs.
|
September 30,
2019
|
|
December 31,
2018
|
|
(In
Thousands)
|
TETRA
|
|
|
|
Asset-Based Credit
Agreement
|
$
|
8,585
|
|
|
$
|
—
|
|
Term Credit
Agreement
|
204,112
|
|
|
182,547
|
|
TETRA total
debt
|
212,697
|
|
|
182,547
|
|
Less current
portion
|
—
|
|
|
—
|
|
TETRA total
long-term debt
|
$
|
212,697
|
|
|
$
|
182,547
|
|
|
|
|
|
CSI Compressco
LP
|
|
|
|
CCLP Credit
Agreement
|
10,559
|
|
|
—
|
|
7.25% Senior
Notes
|
291,028
|
|
|
289,797
|
|
7.50% Senior
Notes
|
343,988
|
|
|
343,216
|
|
Total debt
|
645,575
|
|
|
633,013
|
|
Less current
portion
|
—
|
|
|
—
|
|
CCLP total
long-term debt
|
$
|
645,575
|
|
|
$
|
633,013
|
|
Consolidated total
long-term debt
|
$
|
858,272
|
|
|
$
|
815,560
|
|
Schedule E: Statement Regarding Use of Non-GAAP Financial
Measures
In addition to financial results determined in accordance with
GAAP, this press release may include the following non-GAAP
financial measures for the Company: net debt; adjusted consolidated
and segment income (loss) before taxes and special charges;
adjusted diluted earnings (loss) per share before discontinued
operations; consolidated and segment adjusted EBITDA; TETRA only
adjusted free cash flow and TETRA only free cash flow from
continuing operations; and segment adjusted EBITDA as a percent of
revenue. The following schedules provide reconciliations of these
non-GAAP financial measures to their most directly comparable GAAP
measures. The non-GAAP financial measures should be considered in
addition to, not as a substitute for, financial measures prepared
in accordance with GAAP, as more fully discussed in the Company's
financial statements and filings with the Securities and Exchange
Commission.
Management believes that the exclusion of the special charges
from the historical results of operations enables management to
evaluate more effectively the Company's operations over the prior
periods and to identify operating trends that could be obscured by
the excluded items.
Adjusted income (loss) before taxes (and adjusted income (loss)
before taxes as a percent of revenue) is defined as the Company's
(or the Segment's) income (loss) before taxes excluding certain
special or other charges (or credits). Adjusted income (loss)
before taxes (and adjusted income (loss) before taxes as a percent
of revenue) is used by management as a supplemental financial
measure to assess financial performance, without regard to charges
or credits that are considered by management to be outside of its
normal operations.
Adjusted diluted earnings (loss) per share before discontinued
operations is defined as the Company's diluted earnings (loss) per
share excluding certain special or other charges (or credits) and
using a normalized effective income tax rate. Adjusted diluted
earnings (loss) per share is used by management as a supplemental
financial measure to assess financial performance, without regard
to charges or credits that are considered by management to be
outside of its normal operations.
Adjusted EBITDA before discontinued operations (and Adjusted
EBITDA before discontinued operations as a percent of revenue) is
defined as earnings before interest, taxes, depreciation,
amortization, impairments and certain non-cash charges and
non-recurring adjustments. Adjusted EBITDA before discontinued
operations (and Adjusted EBITDA before discontinued operations as a
percent of revenue) is used by management as a supplemental
financial measure to assess the financial performance of the
Company's assets, without regard to financing methods, capital
structure or historical cost basis and to assess the Company's
ability to incur and service debt and fund capital
expenditures.
TETRA only adjusted free cash flow is a non-GAAP measure that
the Company defines as cash from TETRA's operations, less capital
expenditures net of sales proceeds and cost of equipment sold, and
including cash distributions to TETRA from CSI Compressco LP. TETRA
only adjusted free cash flow from continuing operations is defined
as TETRA only adjusted free cash flow less discontinued operations
EBITDA and discontinued operations capital expenditures. Management
uses this supplemental financial measure to:
- assess the Company's ability to retire debt;
- evaluate the capacity of the Company to further invest and
grow; and
- to measure the performance of the Company as compared to its
peer group.
TETRA only adjusted free cash flow and TETRA only adjusted free
cash flow from continuing operations do not necessarily imply
residual cash flow available for discretionary expenditures, as
they exclude cash requirements for debt service or other
non-discretionary expenditures that are not deducted.
TETRA net debt is defined as the sum of the carrying value of
long-term and short-term debt on its consolidated balance sheet,
less cash, excluding restricted cash on the consolidated balance
sheet and excluding the debt and cash of CSI Compressco LP.
Management views TETRA net debt as a measure of TETRA's ability to
reduce debt, add to cash balances, pay dividends, repurchase stock,
and fund investing and financing activities.
Schedule F:
Special Items (Unaudited)
|
|
|
Three Months
Ended
|
|
September 30,
2019
|
|
Income (loss)
before taxes
and
discontinued
operations
|
Provision
(Benefit) for
Tax
|
Noncont.
Interest
|
Net Income
Attributable
to TETRA
Stockholders
|
Diluted
EPS
|
|
(In Thousands, Except
per Share Amounts)
|
Income (loss)
attributable to TETRA stockholders, excluding special items and
discontinued operations
|
$
|
(4,143)
|
|
$
|
(871)
|
|
$
|
(354)
|
|
$
|
(2,918)
|
|
$
|
(0.02)
|
|
Stock Warrant fair
value adjustment
|
(78)
|
|
(16)
|
|
—
|
|
(62)
|
|
0.00
|
|
5% Cash Redemption on
CCLP Series A Preferred
|
(341)
|
|
(72)
|
|
(238)
|
|
(31)
|
|
0.00
|
|
Lee Plant Facility
Vandalism
|
736
|
|
155
|
|
—
|
|
581
|
|
0.00
|
|
Transaction
Expense
|
(643)
|
|
(135)
|
|
(152)
|
|
(356)
|
|
0.00
|
|
Asset
Impairment
|
(848)
|
|
(178)
|
|
(507)
|
|
(163)
|
|
(0.00)
|
|
Severance
|
(339)
|
|
(71)
|
|
(70)
|
|
(198)
|
|
0.00
|
|
Bad debt
|
(1,844)
|
|
(387)
|
|
(1,057)
|
|
(400)
|
|
0.00
|
|
Effect of deferred tax
valuation allowance and other related tax adjustments
|
—
|
|
3,154
|
|
—
|
|
(3,154)
|
|
(0.03)
|
|
Net income (loss)
before discontinued operations
|
(7,500)
|
|
1,579
|
|
(2,378)
|
|
(6,701)
|
|
(0.06)
|
|
Loss from discontinued
operations
|
|
|
|
(9,130)
|
|
(0.07)
|
|
Net Income (loss)
attributable to TETRA stockholders, as reported
|
|
|
|
$
|
(15,831)
|
|
$
|
(0.13)
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2019
|
|
|
Income (loss)
before taxes
and
discontinued
operations
|
Provision
(Benefit) for
Tax
|
Noncont.
Interest
|
Net Income
Attributable
to TETRA
Stockholders
|
Diluted
EPS
|
|
|
(In Thousands, Except
per Share Amounts)
|
|
Income (loss)
attributable to TETRA stockholders, excluding special items and
discontinued operations
|
$
|
(2,545)
|
$
|
(530)
|
$
|
(11)
|
$
|
(2,004)
|
$
|
(0.02)
|
|
|
Stock Warrant fair
value adjustment
|
1,520
|
319
|
—
|
1,201
|
0.01
|
|
|
Convertible Series A
preferred fair value adjustments
|
(146)
|
(35)
|
(74)
|
(37)
|
0.00
|
|
|
5% Cash Redemption on
CCLP Series A Preferred
|
(546)
|
(115)
|
(278)
|
(153)
|
0.00
|
|
|
SwiftWater Earnout
adjustment
|
400
|
84
|
—
|
316
|
0.00
|
|
|
Lee Plant Facility
Vandalism
|
289
|
61
|
—
|
228
|
0.00
|
|
|
CEO
Retirement
|
(1,843)
|
(387)
|
—
|
(1,456)
|
(0.01)
|
|
|
Transaction
Expense
|
(376)
|
(79)
|
(168)
|
(129)
|
0.00
|
|
|
Inventory
Adjustment
|
(153)
|
(32)
|
(68)
|
(53)
|
0.00
|
|
|
Impairments and other
charges
|
(2,311)
|
(485)
|
(1,034)
|
(792)
|
(0.01)
|
|
|
Effect of deferred tax
valuation allowance and other related tax adjustments
|
—
|
3,689
|
—
|
(3,689)
|
(0.03)
|
|
|
Net income (loss)
before discontinued operations
|
(5,711)
|
2,490
|
(1,633)
|
(6,568)
|
(0.06)
|
|
|
Loss from discontinued
operations
|
|
|
|
(345)
|
0.00
|
|
|
Net Income (loss)
attributable to TETRA stockholders, as reported
|
|
|
|
$
|
(6,913)
|
$
|
(0.06)
|
|
|
Three Months
Ended
|
|
|
September 30,
2018
|
|
|
Income (loss)
before taxes
and
discontinued
operations
|
Provision
(Benefit) for
Tax
|
Noncont.
Interest
|
Net Income
Attributable
to TETRA
Stockholders
|
Diluted
EPS
|
|
|
(In Thousands, Except
per Share Amounts)
|
|
Income (loss)
attributable to TETRA stockholders, excluding unusual
charges
|
$
|
(8,823)
|
|
$
|
(1,854)
|
|
$
|
(4,646)
|
|
$
|
(2,323)
|
|
$
|
(0.02)
|
|
|
Stock warrant fair
value adjustment
|
179
|
|
38
|
|
—
|
|
141
|
|
0.00
|
|
|
Convertible Series A
preferred fair value adjustments
|
(498)
|
|
(105)
|
|
(362)
|
|
(31)
|
|
0.00
|
|
|
Transaction
Expense
|
(426)
|
|
(89)
|
|
(112)
|
|
(225)
|
|
0.00
|
|
|
SwiftWater Earnout
Adjustment
|
600
|
|
126
|
|
—
|
|
474
|
|
0.00
|
|
|
Bank Fees
|
(1,040)
|
|
(218)
|
|
—
|
|
(822)
|
|
(0.01)
|
|
|
Impairments and other
charges
|
(2,940)
|
|
(617)
|
|
—
|
|
(2,323)
|
|
(0.02)
|
|
|
Effect of deferred tax
valuation allowance and other related tax adjustments
|
—
|
|
2,623
|
|
—
|
|
(2,623)
|
|
(0.02)
|
|
|
Net income (loss)
before discontinued operations
|
(12,948)
|
|
(96)
|
|
(5,120)
|
|
(7,732)
|
|
(0.06)
|
|
|
Loss from Discontinued
Operations
|
|
|
|
796
|
|
0.00
|
|
|
Net Income (loss)
attributable to TETRA stockholders, as reported
|
|
|
|
(6,936)
|
|
$
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule G:
Non-GAAP Reconciliation to GAAP Financials
(Unaudited)*
|
|
|
Three Months
Ended
|
|
September 30,
2019
|
|
Net
Income
(Loss),
as
reported
|
Tax
Provision
|
Income
(Loss)
Before
Tax, as
Reported
|
Impairments
& Special
Charges
|
Adjusted
Income
(Loss)
Before
Tax
|
Interest
Expense
|
Adjusted
Depreciation
&
Amortization
|
Equity
Comp.
Expense
|
Adjusted
EBITDA
|
|
(In
Thousands)
|
Completion Fluids &
Products Division
|
|
|
$
|
11,318
|
|
$
|
(736)
|
|
$
|
10,582
|
|
$
|
(216)
|
|
$
|
3,676
|
|
$
|
—
|
|
$
|
14,042
|
|
Water & Flowback
Services Division
|
|
|
2,578
|
|
76
|
|
2,654
|
|
(2)
|
|
8,568
|
|
—
|
|
11,220
|
|
Compression
Division
|
|
|
(3,464)
|
|
3,597
|
|
133
|
|
12,869
|
|
18,459
|
|
(211)
|
|
31,250
|
|
Eliminations and
other
|
|
|
(1)
|
|
—
|
|
(1)
|
|
—
|
|
(3)
|
|
—
|
|
(4)
|
|
Subtotal
|
|
|
10,431
|
|
2,937
|
|
13,368
|
|
12,651
|
|
30,700
|
|
(211)
|
|
56,508
|
|
Corporate and
other
|
|
|
(17,931)
|
|
379
|
|
(17,552)
|
|
5,495
|
|
167
|
|
1,539
|
|
(10,351)
|
|
TETRA excluding
Discontinued Operations
|
$
|
(9,079)
|
|
$
|
1,579
|
|
$
|
(7,500)
|
|
$
|
3,316
|
|
$
|
(4,184)
|
|
$
|
18,146
|
|
$
|
30,867
|
|
$
|
1,328
|
|
$
|
46,157
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
Net
Income
(Loss)
as
reported
|
Tax
Provision
|
Income
(Loss)
Before
Tax, as
Reported
|
Impairments
& Special
Charges
|
Adjusted
Income
(Loss)
Before
Tax
|
Adjusted
Interest
Expense,
Net
|
Adjusted
Depreciation
&
Amortization
|
Equity
Comp.
Expense
|
Adjusted
EBITDA
|
|
(In
Thousands)
|
Completion Fluids &
Products Division
|
|
|
$
|
14,614
|
|
$
|
(289)
|
|
$
|
14,325
|
|
$
|
(157)
|
|
$
|
3,723
|
|
$
|
—
|
|
$
|
17,891
|
|
Water & Flowback
Services Division
|
|
|
2,460
|
|
(400)
|
|
2,060
|
|
(8)
|
|
8,871
|
|
—
|
|
10,923
|
|
Compression
Division
|
|
|
(3,483)
|
|
3,607
|
|
124
|
|
12,998
|
|
19,054
|
|
590
|
|
32,766
|
|
Eliminations and
other
|
|
|
1
|
|
—
|
|
1
|
|
—
|
|
(3)
|
|
—
|
|
(2)
|
|
Subtotal
|
|
|
13,592
|
|
2,918
|
|
16,510
|
|
12,833
|
|
31,645
|
|
590
|
|
61,578
|
|
Corporate and
other
|
|
|
(19,303)
|
|
268
|
|
(19,035)
|
|
5,696
|
|
172
|
|
1,673
|
|
(11,494)
|
|
TETRA excluding
Discontinued Operations
|
$
|
(8,201)
|
|
$
|
2,490
|
|
$
|
(5,711)
|
|
$
|
3,186
|
|
$
|
(2,525)
|
|
$
|
18,529
|
|
$
|
31,817
|
|
$
|
2,263
|
|
$
|
50,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2018
|
|
Net
Income
(Loss),
as
reported
|
Tax
Provision
|
Income
(Loss)
Before
Tax, as
Reported
|
Impairments
& Special
Charges
|
Adjusted
Income
(Loss)
Before
Tax
|
Interest
Expense
|
Adjusted
Depreciation
&
Amortization
|
Equity
Comp.
Expense
|
Adjusted
EBITDA
|
|
(In
Thousands)
|
Completion Fluids &
Products Division
|
|
|
|
|
|
|
$
|
8,713
|
|
$
|
—
|
|
$
|
8,713
|
|
$
|
(70)
|
|
$
|
3,846
|
|
$
|
—
|
|
$
|
12,489
|
|
Water & Flowback
Services Division
|
|
|
|
|
|
|
|
5,809
|
|
|
2,340
|
|
|
8,149
|
|
|
5
|
|
|
7,765
|
|
|
—
|
|
|
15,919
|
|
Compression
Division
|
|
|
|
|
|
|
|
(7,844)
|
|
|
675
|
|
|
(7,169)
|
|
|
13,690
|
|
|
17,682
|
|
|
367
|
|
|
24,570
|
|
Eliminations and
other
|
|
|
|
|
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
(5)
|
|
|
—
|
|
|
1
|
|
Subtotal
|
|
|
|
|
|
|
|
6,683
|
|
|
3,015
|
|
|
9,698
|
|
|
13,626
|
|
|
29,288
|
|
|
367
|
|
|
52,979
|
|
Corporate and
other
|
|
|
|
|
|
|
|
(19,631)
|
|
|
1,111
|
|
|
(18,520)
|
|
|
5,268
|
|
|
172
|
|
|
1,904
|
|
|
(11,176)
|
|
TETRA excluding
Discontinued Operations
|
$
|
(12,852)
|
|
$
|
(96)
|
|
$
|
(12,948)
|
|
$
|
4,126
|
|
$
|
(8,822)
|
|
$
|
18,894
|
|
$
|
29,460
|
|
$
|
2,271
|
|
$
|
41,803
|
|
* Excludes the
impact from discontinued operations.
|
Schedule H: Non-GAAP Reconciliation of TETRA Net Debt
(Unaudited)
The cash and debt positions of TETRA and CSI Compressco LP as of
September 30, 2019, are shown below.
TETRA and CSI Compressco LP's debt agreements are distinct and
separate with no cross default provisions, no cross collateral
provisions and no cross guarantees. Management believes that the
most appropriate method to analyze the debt positions of each
company is to view them separately, as noted below.
The following reconciliation of net debt is presented as a
supplement to financial results prepared in accordance with
GAAP.
|
September 30,
2019
|
|
TETRA
|
|
CCLP
|
|
Consolidated
|
|
(In
Millions)
|
Non-restricted
cash
|
$
|
20.6
|
|
|
$
|
15.3
|
|
|
$
|
35.9
|
|
|
|
|
|
|
|
Carrying value of
long-term debt:
|
|
|
|
|
|
Asset-Based Credit
Agreement
|
8.6
|
|
|
10.6
|
|
|
19.2
|
|
Term Credit
Agreement
|
204.1
|
|
|
—
|
|
|
204.1
|
|
Senior Notes
outstanding
|
—
|
|
|
635.0
|
|
|
635.0
|
|
Net debt
|
$
|
192.1
|
|
|
$
|
630.3
|
|
|
$
|
822.4
|
|
Schedule I:
Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow
(Unaudited) *
|
|
|
Three Months
Ended
|
|
September 30,
2019
|
|
June 30,
2019
|
|
September 30,
2018
|
|
(In
Thousands)
|
Consolidated
|
|
|
|
|
|
Net cash provided
(used) by operating activities
|
$
|
46,605
|
|
|
$
|
30,965
|
|
|
$
|
13,760
|
|
Capital expenditures,
net of sales proceeds
|
(27,650)
|
|
|
(27,345)
|
|
|
(39,172)
|
|
Consolidated adjusted
free cash flow
|
$
|
18,955
|
|
|
$
|
3,620
|
|
|
$
|
(25,412)
|
|
|
|
|
|
|
|
CSI Compressco
LP
|
|
|
|
|
|
Net cash provided
(used) by operating activities
|
$
|
27,444
|
|
|
$
|
8,710
|
|
|
$
|
10,789
|
|
Capital expenditures,
net of sales proceeds
|
(20,867)
|
|
|
(16,434)
|
|
|
(30,902)
|
|
CSI Compressco free
cash flow
|
$
|
6,577
|
|
|
$
|
(7,724)
|
|
|
$
|
(20,113)
|
|
|
|
|
|
|
|
TETRA
Only
|
|
|
|
|
|
Cash from operating
activities
|
$
|
19,161
|
|
|
$
|
22,255
|
|
|
$
|
2,971
|
|
Investment in CCLP
Compressors
|
(2,830)
|
|
|
(8,740)
|
|
|
—
|
|
Capital expenditures,
net of sales proceeds
|
(6,783)
|
|
|
(10,911)
|
|
|
(8,270)
|
|
Free cash
flow
|
9,548
|
|
|
2,604
|
|
|
(5,299)
|
|
Distributions from CSI
Compressco LP
|
169
|
|
|
168
|
|
|
3,037
|
|
Adjusted TETRA only
free cash flow
|
$
|
9,717
|
|
|
$
|
2,772
|
|
|
$
|
(2,262)
|
|
|
|
*
|
Includes the impact
from discontinued operations. See schedule J to exclude the
impact from discontinued operations.
|
Schedule J:
Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow From
Continuing
Operations (Unaudited)
|
|
|
Three Months
Ended
|
|
Sep 30,
2019
|
|
Jun 30,
2019
|
|
Sep 30,
2018
|
|
|
|
|
(In
Thousands)
|
TETRA
Only
|
|
|
|
|
|
Cash from operating
activities
|
$
19,161
|
|
$
(22,255)
|
|
$
2,971
|
|
|
|
|
|
|
Less: Discontinued
operations operating activities (adjusted EBITDA)
|
(32)
|
|
(345)
|
|
(1,704)
|
|
|
|
|
|
|
Cash from continued
operating activities
|
19,193
|
|
(22,600)
|
|
4,675
|
|
|
|
|
|
|
Less: Continuing
operations capital expenditures
|
(6,783)
|
|
(10,911)
|
|
(8,270)
|
Less: Investment in
CCLP Compressors
|
(2,830)
|
|
(8,740)
|
|
__
|
|
|
|
|
|
|
Plus: Distributions
from CSI Compressco LP
|
169
|
|
168
|
|
3,037
|
|
|
|
|
|
|
TETRA only adjusted
free cash flow from continuing operations
|
$
9,749
|
|
$
(3,117)
|
|
$
(558)
|
|
|
|
|
|
|
Schedule K:
Non-GAAP Reconciliation to TETRA Adjusted EBITDA as a Percentage of
Revenue (Unaudited)
|
|
|
Three Months
Ended
|
|
September 30,
2019
|
|
June
30, 2019
|
|
September 30,
2018
|
|
(In
Thousands)
|
Consolidated
|
|
|
|
|
|
Revenue
|
$
|
245,947
|
|
|
$
|
288,796
|
|
|
$
|
256,851
|
|
Income Before
Tax
|
(7,500)
|
|
|
(5,711)
|
|
|
(12,948)
|
|
Adjusted EBITDA
(Schedule G)
|
46,157
|
|
|
50,084
|
|
|
41,803
|
|
Income Before Tax as a
% of Revenue
|
|
(3.0) %
|
|
|
|
(2.0) %
|
|
|
|
(5.0) %
|
|
Adjusted EBITDA as a %
of Revenue
|
|
18.8 %
|
|
|
|
17.3 %
|
|
|
|
16.3 %
|
|
|
|
|
|
|
|
Completion Fluids
& Products
|
|
|
|
|
|
Revenue
|
$
|
59,340
|
|
|
$
|
79,767
|
|
|
$
|
63,073
|
|
Income Before
Tax
|
11,318
|
|
|
14,614
|
|
|
8,713
|
|
Adjusted EBITDA
(Schedule G)
|
14,042
|
|
|
17,891
|
|
|
12,489
|
|
Income Before Tax as a
% of Revenue
|
|
19.1 %
|
|
|
|
18.3 %
|
|
|
|
13.8 %
|
|
Adjusted EBITDA as a %
of Revenue
|
|
23.7%
|
|
|
|
22.4%
|
|
|
|
19.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water &
Flowback Services
|
|
|
|
|
|
Revenue
|
$
|
72,841
|
|
|
$
|
73,124
|
|
|
$
|
78,568
|
|
Income Before
Tax
|
2,578
|
|
|
2,460
|
|
|
5,809
|
|
Adjusted EBITDA
(Schedule G)
|
11,220
|
|
|
10,923
|
|
|
15,919
|
|
Income Before Tax as a
% of Revenue
|
|
3.5 %
|
|
|
|
3.4 %
|
|
|
|
7.4 %
|
|
Adjusted EBITDA as a %
of Revenue
|
|
15.4 %
|
|
|
|
14.9 %
|
|
|
|
20.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compression
|
|
|
|
|
|
Revenue
|
$
|
113,766
|
|
|
$
|
135,905
|
|
|
$
|
115,261
|
|
Income Before
Tax
|
(3,464)
|
|
|
(3,483)
|
|
|
(7,844)
|
|
Adjusted EBITDA
(Schedule G)
|
31,250
|
|
|
32,766
|
|
|
24,570
|
|
Income Before Tax as a
% of Revenue
|
|
(3.0) %
|
|
|
|
(2.6) %
|
|
|
|
(6.8) %
|
|
Adjusted EBITDA as a %
of Revenue
|
|
27.5 %
|
|
|
|
24.1 %
|
|
|
|
21.3 %
|
|
|
|
|
|
|
|
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SOURCE TETRA Technologies, Inc.