THE WOODLANDS, Texas,
May 5, 2020 /PRNewswire/
-- TETRA Technologies, Inc. ("TETRA" or the "Company")
(NYSE:TTI) today announced consolidated net loss before
discontinued operations of $10
million in the first quarter 2020, compared to a loss of
$114 million in the fourth quarter of
2019 and a loss of $19 million in the
first quarter of 2019. Net loss per share before discontinued
operations attributable to TETRA shareholders during the first
quarter was $0.01, compared to a loss
of $0.91 in the fourth quarter of
2019 and a loss of $0.09 in the first
quarter of 2019. TETRA's adjusted per share earnings before
discontinued operations and excluding special items, was
$0.02 in the first quarter, compared
to earnings of $0.03 in the fourth
quarter 2019 and a loss of $0.08 in
the first quarter of 2019.
First quarter 2020 revenue was $223
million, a decrease of 14% over the fourth quarter of 2019
and a decrease of 9% compared to the first quarter of
2019. TETRA Only net cash from operating activities generated
$8.8 million in the first quarter of
2020 compared to $5.3 million in
fourth quarter of 2019 and a use of $24.2
million in the first quarter of last year. Our total
consolidated net loss before discontinued operations over the last
two quarters was $124 million.
First quarter 2020 income (loss) before tax by segment was
$19.4 million for Completion Fluids
& Products, $(2.2) million for
Water & Flowback Services and $(12.8)
million for Compression.
This press release includes the following financial measures
that are not presented in accordance with generally accepted
accounting principles in the United
States ("GAAP"): Adjusted earnings per share attributable to
TETRA stockholders, Adjusted EBITDA, and Adjusted EBITDA Margin on
consolidated and segment basis, Adjusted income (loss) before tax,
TETRA-only adjusted free cash flow from continuing operations, and
net debt. Please see Schedules E-K for reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP measures.
First Quarter 2020 Highlights
- Adjusted EBITDA on a consolidated basis before discontinued
operations of $48 million, our
highest first quarter Adjusted EBITDA in 5 years and a 33%
year-on-year quarterly improvement
- Completion Fluids & Products achieved $21.6 million of Adjusted EBITDA and 25.8% income
before tax margin, up from $10.4
million and 10.0%, respectively, from first quarter of
2019
- Water & Flowback Services Adjusted EBITDA increased
sequentially by $1.2 million on flat
revenue
- TETRA Only adjusted free cash flow from continuing operations
was $4.7 million, above previous
guidance and nearly a $40 million
improvement over the same period last year
- Implemented multiple cost cutting initiatives to address the
current downturn
Brady M. Murphy, TETRA's Chief
Executive Officer stated, "TETRA's first quarter 2020 results, with
the highest first quarter Adjusted EBITDA in five years and
year-on-year Adjusted EBITDA improvement of 33%, are a great
reflection of the successful strategies we have implemented and
tremendous execution by our management team and dedicated
employees. We understand very well that due to the COVID-19
pandemic the world has changed in a very short period of time since
we ended our first quarter, but with TETRA Only adjusted free cash
flow improvement of nearly $40
million in the first quarter of 2020 as compared to the same
period last year, we believe we have positioned ourselves well for
a deep and potentially prolonged downturn. The rapid and
unprecedented downturn we are in requires significant cost cutting
and sacrifice from every employee, but we will continue our path of
differentiating the Company through innovation and service delivery
for each of our business lines so that when the inevitable recovery
does come, we will be well positioned to build on our excellent
results demonstrated in the past two quarters where combined we
delivered over $100 million of
Adjusted EBITDA.
"Completion Fluids & Products segment had an outstanding
first quarter with income before tax margin of 25.8% and an
Adjusted EBITDA margin of 28.7%, without any significant
contribution from TETRA CS Neptune® completion fluids
("CS Neptune"), a 1190 basis point year-on-year improvement. We
continued to grow our international offshore fluids business with
market share gains from previously announced awards in Brazil, Asia-Pacific, West
Africa, Gulf of Mexico and
Middle East, all for higher value
completion fluids and services. In the first quarter, 35% of our
Completion Fluids & Products sales came from customers'
deepwater completion projects, demonstrating TETRA's value to this
market segment. Although we anticipate that the deepwater market
will be impacted by this downturn, we believe it will be impacted
less than the North America shale
market. Another 40% of our first quarter Completion Fluids &
Products sales came from the non-oil and gas industrial chemicals
market, as we continue to benefit from our market diversification
and from our new, long-term, lower cost raw material supply
agreements. With the new long-term raw material supply agreements
in place for our West Virginia and
Louisiana chemical process
manufacturing plants, we have decided to close our mechanical
evaporation process manufacturing plant in El Dorado, Arkansas. Operations for this plant
are targeted to wind down during the second quarter.
"Despite the challenging economic outlook for 2020, especially
for oil and gas, we expect the non-oil and gas industrial business
to hold up well for the foreseeable future. In the second quarter,
we expect to benefit from the seasonally strong Northern European
industrial chemicals business, which is expected to contribute up
to $10 million of cash from operating
activities.
"Water & Flowback Services segment will be challenged in
this difficult environment as it is largely dependent on
North America completions
activity. We are taking cost reduction actions to align with weaker
activity in each of the different basins. In addition to across the
Company pay reductions and other cost cutting initiatives, we
expect to exit the second quarter with about 35% fewer employees in
our U.S. land operations than when we started the quarter. Despite
the current market environment, there are several bright spots in
our Water & Flowback Services business, including the success
of our SandStormTM sand separation technology which
finished March at its highest utilization since it was introduced
to the market in the second half of last year. Even with our
reduced capital spend this year, this is one of the areas where we
continue to invest, as we continue to achieve market share gains at
good returns. Despite the decline in overall completion activity,
Water & Flowback Services first quarter revenue was flat
sequentially as we continue to gain traction with our integrated
water management strategy. We ended the quarter with 30 integrated
projects with 17 different customers while providing those services
in all major U.S. basins. We believe the combination of
aggressive cost cutting while increasing use of our automation and
delivering on new technologies should help us maneuver through this
downturn.
"First quarter 2020 Compression segment performed well despite
the unprecedented change in market conditions beginning in
March. The first quarter loss before tax of $12.8 million compares to a loss before tax of
$1.3 million in the fourth quarter of
2019. Net loss in the first quarter included $6.0 million of unusual items, primarily related
to impairments of long-lived assets and inventory related to the
planned closure of our Midland
fabrication facility. Adjusted EBITDA of $26.0 million for the first quarter was a
sequential decline of $6.6 million,
primarily from lower aftermarket services revenue and an
unfavorable mix of parts and services and lower equipment sales.
Despite the sequential decline in revenue and a 14.2% loss before
tax margin, we achieved Adjusted EBITDA margins of 28.8%, which are
240 basis points above the fourth quarter of 2019. Moving into the
second quarter, we expect a very different and challenging market
environment for the Compression segment. Although we have seen
dramatic market downturns before, unlike previous ones, customer
shut-ins are having a meaningful negative impact on this business.
As customers shut-in production, they are returning units or
shutting the equipment in place at lower stand-by rates. As a
result, we have already seen our utilization drop from 90.0% at the
end of 2019 to 86.5% at the end of the first quarter. By the end of
May, we expect up to 20% of our domestic horsepower to be impacted
by customer shutting in production, either by going on stand-by
service rates or through equipment returns. We expect utilization
to quickly mimic the low point of the previous 2014-2016 downturn
of 75.6%. We also announced closure of our Midland Compression
fabrication facility, which we target to close within 60 to 90
days.
"In order to combat the downturn, we have already implemented
many cost cutting initiatives including (1) salary reductions (2)
headcount reduction across the organization, (3) a 20% reduction in
Board of Directors cash retainers, (4) reduction of all
discretionary expenditures and (5) suspension of the employer
401(k) matching program and (6) negotiated reductions in
expenditures with many of our suppliers. In addition, we have
reduced our TETRA Only capital expenditures to between $10 million and $15
million for the year with a vast majority already committed
in the first half of the year. Beyond the second quarter of 2020,
we expect capital expenditure to be minimal and primarily related
to maintenance.
"Finally, I am pleased with the way our management team and
employees have responded to the COVID-19 pandemic. The Company has
implemented guidelines to keep our employees, their families, and
our customers safe, all while working to deliver our same standards
for service quality. We have followed guidelines from the Centers
for Disease Control and Prevention (CDC) and the Occupational
Safety and Health Administration (OSHA) to keep our employees
working in the safest environment possible. We continue to monitor
the changes in the guidelines and will communicate new
recommendations as available. We also want to thank all the members
of our organization for their contribution to an excellent quarter.
I would like to personally thank all of our employees and their
families for their continued efforts during this unprecedented
period."
A summary of key financial metrics for the first quarter is as
follows:
First Quarter
2020 Results
|
|
Three Months
Ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
|
(In Thousands, Except
per Share Amounts)
|
Revenue
|
$
|
222,942
|
|
|
$
|
259,462
|
|
|
$
|
243,728
|
|
Loss before
discontinued operations
|
(10,231)
|
|
|
(114,333)
|
|
|
(18,674)
|
|
Adjusted EBITDA
before discontinued operations
|
47,809
|
|
|
54,532
|
|
|
36,331
|
|
GAAP EPS before
discontinued operations attributable to TETRA
stockholders
|
(0.01)
|
|
|
(0.91)
|
|
|
(0.09)
|
|
Adjusted EPS
attributable to TETRA stockholders
|
0.02
|
|
|
0.03
|
|
|
(0.08)
|
|
GAAP net cash
provided (used) by operating activities
|
22,176
|
|
|
5,250
|
|
|
7,412
|
|
TETRA only adjusted
free cash flow from continuing operations
|
$
|
4,651
|
|
|
$
|
982
|
|
|
$
|
(34,920)
|
|
Operating Segments
Completion Fluids & Products Division
Completion Fluids & Products revenue was $75.2 million in the first quarter of 2020, a
decrease of 4% from the fourth quarter of 2019 aided by very strong
international offshore fluid sales with limited contribution from
CS Neptune projects. Completion Fluids & Products reported
income before taxes of $19.4 million
in the first quarter of 2020 and profit before tax margin of 25.8%.
Completion Fluids & Products Division adjusted income before
taxes was $19.8 million, or 26.4% of
revenue. Adjusted EBITDA of $21.6
million decreased by $6.1
million sequentially and Adjusted EBITDA margin was 28.7%, a
650 basis point decline sequentially. Excluding the CS Neptune
sale in the fourth quarter of 2019, our Completion Fluids &
Products business in the first quarter of 2020 outperformed what it
did in the previous quarter on revenue and Adjusted EBITDA.
Water & Flowback Services Division
Water & Flowback Services first quarter 2020 revenue
remained flat sequentially at $57.5
million, showing resilience in a declining
market. Water & Flowback Services loss before tax was
$2.2 million, which was a
$26.2 million sequential improvement,
primarily due to goodwill impairment of our water management
reporting unit in the fourth quarter of 2019. Adjusted
EBITDA increased $1.2 million
sequentially to $6.8 million. The
Division's sequential Adjusted EBITDA and Adjusted EBITDA margin
improvement reflects our commitment to technology, automation and
integrated projects strategies, which helps us increase market
share in a rapidly changing market.
Compression Division
First quarter Compression revenue decreased 27% from the fourth
quarter of 2019 driven by lower equipment sales and aftermarket
services. Compression services gross margins were 51.9%, a 30
basis points increase from the fourth quarter of 2019. Overall
fleet utilization was 86.5%, compared to 90.0% at the end of the
fourth quarter as some customers returned equipment in March while
cutting their drilling and production plans in response to the
downturn in the industry. As of March 31, 2020, total
active operating horsepower was 1,033,256, a sequential decrease of
26,334 horsepower. Net loss before taxes was $12.8 million, an increased loss of $11.5 million sequentially. First quarter
2020 loss included $6.0 million of
unusual items, primarily related to impairments of long-lived
assets and inventory from the planned closure of our Midland fabrication facility. First
quarter 2020 Adjusted EBITDA of $26.0
million decreased 20% from the fourth quarter of 2019
primarily due to weak aftermarket and equipment sales. We
received new equipment orders of $2
million in the first quarter. New equipment sales
backlog was $30 million at
March 31, 2020, compared to $36
million at the end of the previous quarter.
Free Cash Flow and Balance Sheet
During the first quarter of 2020, consolidated cash provided by
operations was $22 million, a
$17 million improvement sequentially
and TETRA Only adjusted free cash flow from continuing operations
was $4.7 million, which was a
$3.7 million improvement over the
fourth quarter of 2019 and nearly a $40
million improvement over the first quarter of 2019. While
some of this cash generation was due to collection of large
receivables that slipped from the fourth quarter of 2019, a
significant portion was from our strong first quarter results.
Typically, the first quarter of each year consumes cash due to the
timing of large annual payments, yet despite this historical
seasonality, we were able to achieve significantly better cash
generation as we move into what we expect to be a challenging
balance of the year. TETRA Only liquidity at the end of first
quarter 2020 improved approximately $13 million from the
same period last year, positioning the Company well for this
downturn. TETRA Only liquidity is defined as unrestricted cash
on hand plus availability under our revolving credit facility.
Consolidated total debt was $846
million while consolidated net debt was $816 million, with TETRA Only net debt of
$185 million. At the end
of the first quarter TETRA Only non-restricted cash was
$22.1 million.
Special items
Special items, including discontinued operations, incurred in
the first quarter, as detailed on Schedule F, include the
following:
- $5.4 million non-cash impairment
expense for fixed assets and inventory
- $1.6 million of restructuring
expenses and severance
- $1.0 million of bad debt
expenses, related to a customer that filed for bankruptcy
- $0.3 million non-cash gain for
TETRA stock warrant fair value adjustment
- $0.4 million of transaction and
other expenses
Historically the Company used a normalized 21% effective tax
rate to reflect normalized EPS and normalized net income on
Schedule F. Given TETRA's net operating losses of approximately
$300 million, management does not
believe TETRA will pay U.S. income taxes in the near future and has
discontinued the use of that adjustment to report normalized
earnings.
Conference Call
TETRA will host a conference call to discuss these results
today, May 5, 2020, at 9:30 a.m. Eastern Time. The phone number for the
call is 1-888-347-5303. The conference call will also be available
by live audio webcast and may be accessed through the Company's
website at www.tetratec.com. A replay of the conference call will
be available at 1-877-344-7529 conference number 10138624, for one
week following the conference call and the archived webcast will be
available through the Company's website for thirty days following
the conference call.
Investor Contact
For further information: Elijio
Serrano, CFO, TETRA Technologies, Inc., The Woodlands, Texas, Phone: 281.367.1983,
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
Margins and Adjusted Income (Loss) Before Tax Margins
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.
Cautionary Statement Regarding Forward Looking Statements
This news release includes certain statements that are deemed to
be forward-looking statements. Generally, the use of words such as
"may," "see," "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 economic and operating conditions that are
outside of our control, including the trading price of our common
stock; the current significant surplus in the supply of oil and the
ability of the OPEC and other oil producing nations to agree on and
comply with supply limitations; the duration and magnitude of the
unprecedented disruption in the oil and gas industry currently,
which is negatively impacting our business; the availability of
adequate sources of capital to us; expected customer drilling
activity and capital spending for 2020 and 2021, the planned
closures of our El Dorado calcium
chloride plant and CCLP's Midland,
Texas fabrication facility; the availability of raw
materials and labor at reasonable prices; risks related to
acquisitions and our growth strategy; restrictions under our debt
agreements and the consequences of any failure to comply with debt
covenants; the effect and results of litigation, regulatory
matters, settlements, audits, assessments, and contingencies; risks
related to our foreign operations; information technology risks
including the risk of cyber attack; the severity and duration of
the COVID-19 pandemic and related economic repercussions and the
resulting negative impact on the demand for oil and gas;
operational challenges relating to the COVID-19 pandemic and
efforts to mitigate the spread of the virus, including logistical
challenges, protecting the health and well-being of our employees,
remote work arrangements, performance of contracts, and supply
chain disruptions; other global or national health concerns; and
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
|
|
Mar 31,
2020
|
|
Dec 31,
2019
|
|
Mar 31,
2019
|
|
(In Thousands, Except
per Share Amounts)
|
Revenues
|
$
|
222,942
|
|
|
$
|
259,462
|
|
|
$
|
243,728
|
|
|
|
|
|
|
|
Cost of sales,
services, and rentals
|
148,694
|
|
|
174,774
|
|
|
176,744
|
|
Depreciation,
amortization, and accretion
|
29,460
|
|
|
30,914
|
|
|
30,628
|
|
Impairments and other
charges
|
5,371
|
|
|
91,890
|
|
|
146
|
|
Insurance
recoveries
|
—
|
|
|
(379)
|
|
|
—
|
|
Total cost of
revenues
|
183,525
|
|
|
297,199
|
|
|
207,518
|
|
Gross profit
|
39,417
|
|
|
(37,737)
|
|
|
36,210
|
|
|
|
|
|
|
|
General and
administrative expense
|
30,537
|
|
|
34,249
|
|
|
34,277
|
|
Goodwill
impairment
|
—
|
|
|
25,784
|
|
|
—
|
|
Interest expense,
net
|
17,856
|
|
|
18,176
|
|
|
18,379
|
|
Warrants fair value
adjustment (income) expense
|
(338)
|
|
|
(589)
|
|
|
407
|
|
CCLP Series A
Preferred Units fair value adjustment (income) expense
|
—
|
|
|
—
|
|
|
1,163
|
|
Other (income)
expense, net
|
439
|
|
|
(1,510)
|
|
|
(951)
|
|
Loss before taxes and
discontinued operations
|
(9,077)
|
|
|
(113,847)
|
|
|
(17,065)
|
|
Provision for income
taxes
|
1,154
|
|
|
486
|
|
|
1,609
|
|
Loss before
discontinued operations
|
(10,231)
|
|
|
(114,333)
|
|
|
(18,674)
|
|
Discontinued
operations:
|
|
|
|
|
|
Loss from discontinued
operations, net of taxes
|
(145)
|
|
|
(312)
|
|
|
(426)
|
|
Net loss
|
(10,376)
|
|
|
(114,645)
|
|
|
(19,100)
|
|
Less: loss attributable
to noncontrolling interest
|
8,825
|
|
|
814
|
|
|
8,262
|
|
Net loss attributable
to TETRA stockholders
|
$
|
(1,551)
|
|
|
$
|
(113,831)
|
|
|
$
|
(10,838)
|
|
|
|
|
|
|
|
Basic per share
information:
|
|
|
|
|
|
Loss before
discontinued operations attributable to TETRA
stockholders
|
$
|
(0.01)
|
|
|
$
|
(0.91)
|
|
|
$
|
(0.09)
|
|
Loss from discontinued
operations attributable to TETRA stockholders
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
Net loss attributable
to TETRA stockholders
|
$
|
(0.01)
|
|
|
$
|
(0.91)
|
|
|
$
|
(0.09)
|
|
Weighted average shares
outstanding
|
125,587
|
|
|
125,541
|
|
|
125,681
|
|
|
|
|
|
|
Diluted per share
information:
|
|
|
|
|
|
Loss before
discontinued operations attributable to TETRA
stockholders
|
$
|
(0.01)
|
|
|
$
|
(0.91)
|
|
|
$
|
(0.09)
|
|
Loss from discontinued
operations attributable to TETRA stockholders
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
Net loss attributable
to TETRA stockholders
|
$
|
(0.01)
|
|
|
$
|
(0.91)
|
|
|
$
|
(0.09)
|
|
Weighted average shares
outstanding
|
125,587
|
|
|
125,541
|
|
|
125,681
|
|
Schedule B:
Financial Results By Segment (Unaudited)
|
|
Revenues by
segment:
|
|
|
|
|
|
|
Completion Fluids &
Products Division
|
|
$
|
75,237
|
|
|
$
|
78,567
|
|
|
$
|
61,581
|
|
Water & Flowback
Services Division
|
|
57,467
|
|
|
57,343
|
|
|
78,678
|
|
Compression
Division
|
|
90,238
|
|
|
123,552
|
|
|
103,469
|
|
Eliminations and
other
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
revenues
|
|
$
|
222,942
|
|
|
$
|
259,462
|
|
|
$
|
243,728
|
|
|
|
|
|
|
|
|
Gross profit
(loss) by segment:
|
|
|
|
|
|
|
Completion Fluids &
Products Division
|
|
$
|
25,964
|
|
|
$
|
(61,687)
|
|
|
$
|
10,664
|
|
Water & Flowback
Services Division
|
|
3,267
|
|
|
2,881
|
|
|
8,851
|
|
Compression
Division
|
|
10,380
|
|
|
21,188
|
|
|
16,859
|
|
Corporate overhead and
eliminations
|
|
(194)
|
|
|
(119)
|
|
|
(164)
|
|
Total gross
profit
|
|
$
|
39,417
|
|
|
$
|
(37,737)
|
|
|
$
|
36,210
|
|
|
|
|
|
|
|
|
Income (loss)
before taxes by segment:
|
|
|
|
|
|
|
Completion Fluids &
Products Division
|
|
$
|
19,396
|
|
|
$
|
(66,087)
|
|
|
$
|
6,186
|
|
Water & Flowback
Services Division
|
|
(2,244)
|
|
|
(28,442)
|
|
|
2,231
|
|
Compression
Division
|
|
(12,790)
|
|
|
(1,266)
|
|
|
(7,801)
|
|
Corporate overhead and
eliminations
|
|
(13,439)
|
|
|
(18,052)
|
|
|
(17,681)
|
|
Total income (loss)
before taxes
|
|
$
|
(9,077)
|
|
|
$
|
(113,847)
|
|
|
$
|
(17,065)
|
|
|
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)
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
(In
Thousands)
|
Balance
Sheet:
|
|
|
|
Cash (excluding
restricted cash)
|
$
|
29,473
|
|
|
$
|
17,704
|
|
Accounts receivable,
net
|
169,231
|
|
|
176,291
|
|
Inventories
|
142,116
|
|
|
136,510
|
|
Other current
assets
|
23,160
|
|
|
20,849
|
|
PP&E,
net
|
740,247
|
|
|
758,637
|
|
Operating lease
right-of-use assets
|
75,344
|
|
|
68,131
|
|
Other
assets
|
90,193
|
|
|
93,800
|
|
Total
assets
|
$
|
1,269,764
|
|
|
$
|
1,271,922
|
|
|
|
|
|
Liabilities of
discontinued operations
|
$
|
2,011
|
|
|
$
|
2,098
|
|
Other current
liabilities
|
193,185
|
|
|
186,625
|
|
Long-term debt
(1)
|
845,842
|
|
|
842,871
|
|
Long-term portion of
asset retirement obligations
|
12,878
|
|
|
12,762
|
|
Warrants
liability
|
112
|
|
|
449
|
|
Operating lease
liabilities
|
59,845
|
|
|
53,919
|
|
Other long-term
liabilities
|
8,960
|
|
|
10,372
|
|
Equity
|
146,931
|
|
|
162,826
|
|
Total liabilities and
equity
|
$
|
1,269,764
|
|
|
$
|
1,271,922
|
|
|
|
(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 a 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.
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
|
(In
Thousands)
|
|
|
TETRA
|
|
|
|
|
|
Asset-Based Credit
Agreement
|
$
|
2,246
|
|
|
$
|
—
|
|
|
$
|
29,131
|
|
Term Credit
Agreement
|
205,167
|
|
|
204,633
|
|
|
183,020
|
|
TETRA total
debt
|
207,413
|
|
|
204,633
|
|
|
212,151
|
|
Less current
portion
|
—
|
|
|
—
|
|
|
—
|
|
TETRA total
long-term debt
|
$
|
207,413
|
|
|
$
|
204,633
|
|
|
$
|
212,151
|
|
|
|
|
|
|
|
CSI Compressco
LP
|
|
|
|
|
|
CCLP Credit
Agreement
|
2,184
|
|
|
2,622
|
|
|
—
|
|
7.25% Senior
Notes
|
291,863
|
|
|
291,444
|
|
|
290,204
|
|
7.50% Senior
Notes
|
344,382
|
|
|
344,172
|
|
|
343,488
|
|
Total debt
|
638,429
|
|
|
638,238
|
|
|
633,692
|
|
Less current
portion
|
—
|
|
|
—
|
|
|
—
|
|
CCLP total
long-term debt
|
$
|
638,429
|
|
|
$
|
638,238
|
|
|
$
|
633,692
|
|
Consolidated total
long-term debt
|
$
|
845,842
|
|
|
$
|
842,871
|
|
|
$
|
845,843
|
|
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; net income
(loss) before taxes, Adjusted income (loss) before tax, Adjusted
income (loss) before tax as a % of revenue, TETRA only adjusted
free cash flow and TETRA only free cash flow from continuing
operations; and segment adjusted EBITDA as a percent of revenue
("Adjusted EBITDA margin"). 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).
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 margin) 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.
Adjusted income before tax is defined as earnings (loss) before
interest, taxes, impairments and certain non-cash charges and
non-recurring adjustments. Adjusted income before tax
(and Adjusted income before tax as a percent of revenue or Adjusted
income before tax margin which is Adjusted income before tax
divided by revenue) is used by management as a supplemental
financial measure to assess the financial performance of the
Company's normalized profitability while excluding any unusual,
non-recurring items and tax benefits or detriment.
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
|
|
March 31,
2020
|
|
Income (loss)
before taxes
and
discontinued
operations
|
Provision
(Benefit) for
Tax
|
Noncont.
nterest
|
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
|
$
|
(976)
|
|
$
|
1,154
|
|
$
|
(4,892)
|
|
$
|
2,762
|
|
$
|
0.02
|
|
Stock Warrant fair
value adjustment
|
338
|
|
—
|
|
—
|
|
338
|
|
0.00
|
|
Transaction and other
expenses
|
(457)
|
|
—
|
|
(216)
|
|
(241)
|
|
0.00
|
|
Impairments and other
charges
|
(5,371)
|
|
—
|
|
(3,538)
|
|
(1,833)
|
|
(0.01)
|
|
Restructuring
charges
|
(259)
|
|
—
|
|
—
|
|
(259)
|
|
0.00
|
|
Severance
|
(1,334)
|
|
—
|
|
(179)
|
|
(1,155)
|
|
(0.01)
|
|
Bad debt
|
(1,018)
|
|
—
|
|
—
|
|
(1,018)
|
|
(0.01)
|
|
Effect of deferred tax
valuation allowance and other related tax adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
0.00
|
|
Net income (loss)
before discontinued operations
|
(9,077)
|
|
1,154
|
|
(8,825)
|
|
(1,406)
|
|
(0.01)
|
|
Loss from discontinued
operations
|
|
|
|
(145)
|
|
0.00
|
|
Net Income (loss)
attributable to TETRA stockholders, as reported
|
|
|
|
$
|
(1,551)
|
|
$
|
(0.01)
|
|
|
Three Months
Ended
|
|
December 31,
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
|
$
|
3,574
|
|
$
|
486
|
|
$
|
(814)
|
|
$
|
3,902
|
|
$
|
0.03
|
|
Stock Warrant fair
value adjustment
|
588
|
|
—
|
|
—
|
|
588
|
|
0.00
|
|
Earnout
Adjustment
|
200
|
|
—
|
|
—
|
|
200
|
|
0.00
|
|
Lee Plant Facility
Vandalism
|
202
|
|
—
|
|
—
|
|
202
|
|
0.00
|
|
Transaction
Expense
|
(185)
|
|
—
|
|
—
|
|
(185)
|
|
0.00
|
|
Impairments and other
charges
|
(91,890)
|
|
—
|
|
—
|
|
(91,890)
|
|
(0.73)
|
|
Goodwill
Impairment
|
(25,784)
|
|
—
|
|
—
|
|
(25,784)
|
|
(0.21)
|
|
Restructuring
charges
|
(552)
|
|
—
|
|
—
|
|
(552)
|
|
0.00
|
|
Effect of deferred tax
valuation allowance and other related tax adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
0.00
|
|
Net income (loss)
before discontinued operations
|
(113,847)
|
|
486
|
|
(814)
|
|
(113,519)
|
|
(0.91)
|
|
Loss from discontinued
operations
|
|
|
|
(312)
|
|
0.00
|
|
Net Income (loss)
attributable to TETRA stockholders, as reported
|
|
|
|
$
|
(113,831)
|
|
$
|
(0.91)
|
|
|
Three Months
Ended
|
|
March 31,
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 unusual
charges
|
$
|
(14,841)
|
|
$
|
1,609
|
|
$
|
(6,472)
|
|
$
|
(9,978)
|
|
$
|
(0.08)
|
|
Stock warrant fair
value adjustment
|
(407)
|
|
—
|
|
—
|
|
(407)
|
|
0.00
|
|
Convertible Series A
preferred fair value adjustments
|
(1,163)
|
|
—
|
|
(1,333)
|
|
170
|
|
0.00
|
|
5% Cash Redemption on
CCLP Series A Preferred
|
(372)
|
|
—
|
|
(457)
|
|
85
|
|
0.00
|
|
Earnout
Adjustment
|
400
|
|
—
|
|
—
|
|
400
|
|
0.00
|
|
Lee Plant Facility
Vandalism
|
(536)
|
|
—
|
|
—
|
|
(536)
|
|
0.00
|
|
Impairments and other
charges
|
(146)
|
|
—
|
|
—
|
|
(146)
|
|
0.00
|
|
Effect of deferred tax
valuation allowance and other related tax adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
0.00
|
|
Net income (loss)
before discontinued operations
|
(17,065)
|
|
1,609
|
|
(8,262)
|
|
(10,412)
|
|
(0.09)
|
|
Loss from discontinued
operations
|
|
|
|
(426)
|
|
0.00
|
|
Net Income (loss)
attributable to TETRA stockholders, as reported
|
|
|
|
(10,838)
|
|
$
|
(0.09)
|
|
Schedule G:
Non-GAAP Reconciliation to GAAP Financials
(Unaudited)*
|
|
|
Three Months
Ended
|
|
March 31,
2020
|
|
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
|
|
|
$
|
19,396
|
|
$
|
450
|
|
$
|
19,846
|
|
$
|
(154)
|
|
$
|
1,934
|
|
$
|
—
|
|
$
|
21,626
|
|
Water & Flowback
Services Division
|
|
|
(2,244)
|
|
1,607
|
|
(637)
|
|
(9)
|
|
7,425
|
|
—
|
|
6,779
|
|
Compression
Division
|
|
|
(12,790)
|
|
5,971
|
|
(6,819)
|
|
12,564
|
|
19,908
|
|
324
|
|
25,977
|
|
Eliminations and
other
|
|
|
5
|
|
—
|
|
5
|
|
—
|
|
(4)
|
|
—
|
|
1
|
|
Subtotal
|
|
|
4,367
|
|
8,028
|
|
12,395
|
|
12,401
|
|
29,263
|
|
324
|
|
54,383
|
|
Corporate and
other
|
|
|
(13,444)
|
|
73
|
|
(13,371)
|
|
5,455
|
|
197
|
|
1,145
|
|
(6,574)
|
|
TETRA excluding
Discontinued Operations
|
$
|
(10,231)
|
|
$
|
1,154
|
|
$
|
(9,077)
|
|
$
|
8,101
|
|
$
|
(976)
|
|
$
|
17,856
|
|
$
|
29,460
|
|
$
|
1,469
|
|
$
|
47,809
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
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
|
|
|
$
|
(66,086)
|
|
$
|
91,482
|
|
$
|
25,396
|
|
$
|
(167)
|
|
$
|
2,454
|
|
$
|
—
|
|
$
|
27,683
|
|
Water & Flowback
Services Division
|
|
|
(28,441)
|
|
26,343
|
|
(2,098)
|
|
5
|
|
7,717
|
|
—
|
|
5,624
|
|
Compression
Division
|
|
|
(1,265)
|
|
—
|
|
(1,265)
|
|
12,894
|
|
20,618
|
|
320
|
|
32,567
|
|
Eliminations and
other
|
|
|
5
|
|
—
|
|
5
|
|
—
|
|
(4)
|
|
—
|
|
1
|
|
Subtotal
|
|
|
(95,787)
|
|
117,825
|
|
22,038
|
|
12,732
|
|
30,785
|
|
320
|
|
65,875
|
|
Corporate and
other
|
|
|
(18,060)
|
|
(403)
|
|
(18,463)
|
|
5,444
|
|
129
|
|
1,547
|
|
(11,343)
|
|
TETRA excluding
Discontinued Operations
|
$
|
(114,333)
|
|
$
|
486
|
|
$
|
(113,847)
|
|
$
|
117,422
|
|
$
|
3,575
|
|
$
|
18,176
|
|
$
|
30,914
|
|
$
|
1,867
|
|
$
|
54,532
|
|
|
Three Months
Ended
|
|
March 31,
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
|
|
|
$
|
6,186
|
|
$
|
683
|
|
$
|
6,869
|
|
$
|
(179)
|
|
$
|
3,665
|
|
$
|
—
|
|
$
|
10,355
|
|
Water & Flowback
Services Division
|
|
|
2,231
|
|
(400)
|
|
1,831
|
|
4
|
|
8,267
|
|
—
|
|
10,102
|
|
Compression
Division
|
|
|
(7,801)
|
|
1,610
|
|
(6,191)
|
|
13,213
|
|
18,532
|
|
365
|
|
25,919
|
|
Eliminations and
other
|
|
|
6
|
|
—
|
|
6
|
|
(1)
|
|
(4)
|
|
—
|
|
1
|
|
Subtotal
|
|
|
622
|
|
1,893
|
|
2,515
|
|
13,037
|
|
30,460
|
|
365
|
|
46,377
|
|
Corporate and
other
|
|
|
(17,687)
|
|
331
|
|
(17,356)
|
|
5,342
|
|
168
|
|
1,800
|
|
(10,046)
|
|
TETRA excluding
Discontinued Operations
|
$
|
(18,674)
|
|
$
|
1,609
|
|
$
|
(17,065)
|
|
$
|
2,224
|
|
$
|
(14,841)
|
|
$
|
18,379
|
|
$
|
30,628
|
|
$
|
2,165
|
|
$
|
36,331
|
|
* 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
March 31, 2020, are shown below. TETRA and CSI Compressco LP's
debt agreements are distinct and separate with no cross-default
provisions. 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.
|
March 31,
2020
|
|
TETRA
|
|
CCLP
|
|
Consolidated
|
|
(In
Millions)
|
Non-restricted
cash
|
$
|
22.1
|
|
|
$
|
7.4
|
|
|
$
|
29.5
|
|
|
|
|
|
|
|
Carrying value of
long-term debt:
|
|
|
|
|
|
Asset-Based Credit
Agreement
|
2.2
|
|
|
2.2
|
|
|
4.4
|
|
Term Credit
Agreement
|
205.2
|
|
|
—
|
|
|
205.2
|
|
Senior Notes
outstanding
|
—
|
|
|
636.2
|
|
|
636.2
|
|
Net debt
|
$
|
185.3
|
|
|
$
|
631.0
|
|
|
$
|
816.3
|
|
Schedule I:
Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow
(Unaudited)
|
|
|
Three Months
Ended
|
|
Mar 31,
2020
|
|
Dec 31,
2019
|
|
Mar 31,
2019
|
|
(In
Thousands)
|
Consolidated
|
|
|
|
|
|
Net cash provided
(used) by operating activities
|
$
|
22,176
|
|
|
$
|
5,250
|
|
|
$
|
7,412
|
|
Capital expenditures,
net of sales proceeds
|
(10,965)
|
|
|
(8,348)
|
|
|
(32,045)
|
|
Consolidated adjusted
free cash flow
|
$
|
11,211
|
|
|
$
|
(3,098)
|
|
|
$
|
(24,633)
|
|
|
|
|
|
|
|
CSI Compressco
LP
|
|
|
|
|
|
Net cash provided
(used) by operating activities
|
$
|
13,357
|
|
|
$
|
(90)
|
|
|
$
|
31,632
|
|
Capital expenditures,
net of sales proceeds
|
(6,483)
|
|
|
(4,320)
|
|
|
(23,152)
|
|
CSI Compressco free
cash flow
|
$
|
6,874
|
|
|
$
|
(4,410)
|
|
|
$
|
8,480
|
|
|
|
|
|
|
|
TETRA
Only
|
|
|
|
|
|
Cash from operating
activities
|
$
|
8,819
|
|
|
$
|
5,340
|
|
|
$
|
(24,220)
|
|
Investment in CCLP
Compressors
|
—
|
|
|
(810)
|
|
|
(2,402)
|
|
Capital expenditures,
net of sales proceeds
|
(4,482)
|
|
|
(4,028)
|
|
|
(8,893)
|
|
Free cash
flow
|
4,337
|
|
|
502
|
|
|
(35,515)
|
|
Distributions from CSI
Compressco LP
|
169
|
|
|
168
|
|
|
169
|
|
TETRA Only
Adjusted Free Cash Flow
|
$
|
4,506
|
|
|
$
|
670
|
|
|
$
|
(35,346)
|
|
Schedule J: Non-GAAP Reconciliation
to TETRA Only Adjusted Free Cash Flow From Continuing
Operations (unaudited)
|
|
|
Three Months
Ended
|
|
Mar 31,
2020
|
|
Dec 31,
2019
|
|
Mar 31,
2019
|
|
(In
Thousands)
|
TETRA
Only
|
|
|
|
|
|
Cash from operating
activities
|
$
|
8,819
|
|
|
$
|
5,340
|
|
|
$
|
(24,220)
|
|
Less: Discontinued
operations operating activities (adjusted EBITDA)
|
(145)
|
|
|
(312)
|
|
|
(426)
|
|
Cash from continued
operating activities
|
8,964
|
|
|
5,652
|
|
|
(23,794)
|
|
Less: Continuing
operations capital expenditures
|
(4,482)
|
|
|
(4,028)
|
|
|
(8,893)
|
|
Less: Investment
in CCLP Compressors
|
—
|
|
|
(810)
|
|
|
(2,402)
|
|
Distributions from CSI
Compressco LP
|
169
|
|
|
168
|
|
|
169
|
|
TETRA Only Adjusted
Free Cash Flow From Continuing Operations
|
$
|
4,651
|
|
|
$
|
982
|
|
|
$
|
(34,920)
|
|
Schedule K:
Non-GAAP Reconciliation to TETRA Adjusted
EBITDA Margins and Adjusted Income (Loss) before tax
margins (Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Mar 31,
2020
|
|
Dec 31,
2019
|
|
Mar 31,
2019
|
|
|
(In
Thousands)
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
Revenue
|
|
$
|
222,942
|
|
|
$
|
259,462
|
|
|
$
|
243,728
|
|
Income (loss) before
tax
|
|
(9,077)
|
|
|
(113,847)
|
|
|
(17,065)
|
|
Adjusted income
(loss) before tax (Schedule G)
|
|
(976)
|
|
|
3,575
|
|
|
(14,841)
|
|
Adjusted EBITDA
(Schedule G)
|
|
47,809
|
|
|
54,532
|
|
|
36,331
|
|
Income (Loss) Before
Tax Margin
|
|
(4.1)
|
%
|
|
(43.9)
|
%
|
|
(7.0)
|
%
|
Adjusted Income
(Loss) Before Tax Margin
|
|
(0.4)
|
%
|
|
1.4
|
%
|
|
(6.1)
|
%
|
Adjusted EBITDA
Margin
|
|
21.4
|
%
|
|
21.0
|
%
|
|
14.9
|
%
|
|
|
|
|
|
|
|
Completion Fluids
& Products
|
|
|
|
|
|
|
Revenue
|
|
$
|
75,237
|
|
|
$
|
78,567
|
|
|
$
|
61,581
|
|
Income (loss) before
tax
|
|
19,396
|
|
|
(66,087)
|
|
|
6,186
|
|
Adjusted income
(loss) before tax (Schedule G)
|
|
19,846
|
|
|
25,396
|
|
|
6,869
|
|
Adjusted EBITDA
(Schedule G)
|
|
21,626
|
|
|
27,683
|
|
|
10,355
|
|
Income (Loss) Before
Tax Margin
|
|
25.8
|
%
|
|
(84.1)
|
%
|
|
10.0
|
%
|
Adjusted Income
(Loss) Before Tax Margin
|
|
26.4
|
%
|
|
32.3
|
%
|
|
11.2
|
%
|
Adjusted EBITDA
Margin
|
|
28.7
|
%
|
|
35.2
|
%
|
|
16.8
|
%
|
|
|
|
|
|
|
|
Water &
Flowback Services
|
|
|
|
|
|
|
Revenue
|
|
$
|
57,467
|
|
|
$
|
57,343
|
|
|
$
|
78,678
|
|
Income (loss) before
tax
|
|
(2,244)
|
|
|
(28,442)
|
|
|
2,231
|
|
Adjusted income
(loss) before tax (Schedule G)
|
|
(637)
|
|
|
(2,098)
|
|
|
1,831
|
|
Adjusted EBITDA
(Schedule G)
|
|
6,779
|
|
|
5,624
|
|
|
10,102
|
|
Income (Loss) Before
Tax Margin
|
|
(3.9)
|
%
|
|
(49.6)
|
%
|
|
2.8
|
%
|
Adjusted Income
(Loss) Before Tax Margin
|
|
(1.1)
|
%
|
|
(3.7)
|
%
|
|
2.3
|
%
|
Adjusted EBITDA
Margin
|
|
11.8
|
%
|
|
9.8
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
Compression
|
|
|
|
|
|
|
Revenue
|
|
$
|
90,238
|
|
|
$
|
123,552
|
|
|
$
|
103,469
|
|
Income (loss) before
tax
|
|
(12,790)
|
|
|
(1,266)
|
|
|
(7,801)
|
|
Adjusted income
(loss) before tax (Schedule G)
|
|
(6,819)
|
|
|
(1,265)
|
|
|
(6,191)
|
|
Adjusted EBITDA
(Schedule G)
|
|
25,977
|
|
|
32,567
|
|
|
25,919
|
|
Income (Loss) Before
Tax Margin
|
|
(14.2)
|
%
|
|
(1.0)
|
%
|
|
(7.5)
|
%
|
Adjusted Income
(Loss) Before Tax Margin
|
|
(7.6)
|
%
|
|
(1.0)
|
%
|
|
(6.0)
|
%
|
Adjusted EBITDA
Margin
|
|
28.8
|
%
|
|
26.4
|
%
|
|
25.1
|
%
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tetra-technologies-incs-portfolio-mix-and-completion-fluids--products-segment-drive-strong-first-quarter-2020-results-301052598.html
SOURCE TETRA Technologies, Inc.