TETRA Technologies, Inc. Announces Update To Second Quarter 2020 Results
THE WOODLANDS, Texas, Aug. 7, 2020 /PRNewswire/ -- On August 4, 2020, TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI), after TETRA had released earnings but before the Company had filed its Form 10-Q for the three and six months ended June 30, 2020, one of TETRA's offshore completion fluids customers announced it had filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the "Customer Bankruptcy"). As a result of the Customer Bankruptcy, TETRA recorded bad debt expense of approximately $2.8 million in the three and six months ended June 30, 2020 to reflect TETRA's assessment of the collectability of the outstanding receivable from that customer. TETRA recorded this charge in the general and administrative expense line of the Consolidated Statements of Operations. Due to the timing of the Customer Bankruptcy announcement, our August 4th earnings release did not take into account this significant unusual bad debt expense. Please note such bad debt expense does not impact the Company's previously reported revenues, Adjusted EBITDA, Adjusted EBITDA margins, cash from operations or adjusted free cash flow.
The attached schedules have been updated from what was previously released to reflect this bad debt reserve.
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 (Adjusted EBITDA as a percent of revenue) 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.
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.
Schedule A: Consolidated Income Statement (Unaudited)
Three Months Ended
Six Months Ended
Jun 30, 2020 Mar 31, 2020 Jun 30, 2019 Jun 30, 2020 Jun 30, 2019
(In Thousands, Except per Share Amounts)
Revenues $
192,441 $
222,942 $
288,796 $
415,383 $
532,524
Cost of sales,
services, and rentals 133,892 148,694 206,302 282,586 383,046
Depreciation,
amortization, and
accretion 29,842 29,460 31,817 59,302 62,445
Impairments and other
charges 8,977 5,371 2,311 14,348 2,457
Insurance recoveries (591) (591)
Total cost of revenues 172,120 183,525 240,430 355,645 447,948
Gross profit 20,321 39,417 48,366 59,738 84,576
General and
administrative
expense 34,014 30,537 36,295 64,551 70,572
Interest expense, net 17,586 17,856 18,529 35,442 36,908
Warrants fair value
adjustment (income)
expense 11 (338) (1,520) (327) (1,113)
CCLP Series A
Preferred Units fair
value adjustment
(income) expense 146 1,309
Other (income)
expense, net 3,839 439 627 4,278 (324)
Loss before taxes and
discontinued
operations (35,129) (9,077) (5,711) (44,206) (22,776)
Provision for income
taxes 2,001 1,154 2,490 3,155 4,099
Loss before
discontinued
operations (37,130) (10,231) (8,201) (47,361) (26,875)
Discontinued
operations:
Loss from discontinued
operations, net of
taxes 163 (145) (345) 18 (771)
Net loss (36,967) (10,376) (8,546) (47,343) (27,646)
Less: loss
attributable to
noncontrolling
interest 15,712 8,825 1,633 24,537 9,895
Net loss attributable
to TETRA stockholders $
(21,255) $
(1,551) $
(6,913) $
(22,806) $
(17,751)
Basic per share
information:
---
Loss before
discontinued
operations
attributable to TETRA
stockholders $
(0.17) $
(0.01) $
(0.06) $
(0.18) $
(0.13)
Income (loss) from
discontinued
operations
attributable to TETRA
stockholders $
0.00 $
0.00 $
0.00 $
0.00 $
(0.01)
Net loss attributable
to TETRA stockholders $
(0.17) $
(0.01) $
(0.06) $
(0.18) $
(0.14)
Weighted average
shares outstanding 125,886 125,587 125,612 125,736 125,646
Diluted per share
information:
---
Loss before
discontinued
operations
attributable to TETRA
stockholders $
(0.17) $
(0.01) $
(0.06) $
(0.18) $
(0.13)
Income (loss) from
discontinued
operations
attributable to TETRA
stockholders $
0.00 $
0.00 $
0.00 $
0.00 $
(0.01)
Net loss attributable
to TETRA stockholders $
(0.17) $
(0.01) $
(0.06) $
(0.18) $
(0.14)
Weighted average
shares outstanding 125,886 125,587 125,612 125,736 125,646
Schedule B: Financial Results By Segment (Unaudited)
Three Months Ended Six Months Ended
Jun 30, 2020 Mar 31, 2020 Jun 30, 2019 Jun 30, 2020 Jun 30, 2019
(In Thousands)
Revenues by segment:
---
Completion Fluids &
Products Division $
71,346 $
75,237 $
79,767 $
146,583 $
141,348
Water & Flowback
Services Division 24,723 57,467 73,124 82,190 151,802
Compression Division 96,372 90,238 135,905 186,610 239,374
Eliminations and
other
Total revenues $
192,441 $
222,942 $
288,796 $
415,383 $
532,524
Gross profit (loss)
by segment:
---
Completion Fluids &
Products Division $
20,819 $
25,964 $
19,809 $
46,783 $
30,472
Water & Flowback
Services Division (4,836) 3,267 7,490 (1,569) 16,341
Compression Division 4,511 10,380 21,235 14,890 38,094
Corporate overhead
and eliminations (173) (194) (168) (366) (331)
Total gross profit $
20,321 $
39,417 $
48,366 $
59,738 $
84,576
Income (loss) before
taxes by segment:
---
Completion Fluids &
Products Division $
13,202 $
19,396 $
14,614 $
32,598 $
20,800
Water & Flowback
Services Division (8,418) (2,244) 2,460 (10,662) 4,691
Compression Division (23,006) (12,790) (3,483) (35,796) (11,284)
Corporate overhead
and eliminations (16,907) (13,439) (19,302) (30,346) (36,983)
Total income (loss)
before taxes $
(35,129) $
(9,077) $
(5,711) $
(44,206) $
(22,776)
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 (June 30, 2020 Unaudited)
June 30, 2020 December 31, 2019
(In Thousands)
Balance Sheet:
---
Cash (excluding restricted cash) $
56,722 $
17,704
Accounts receivable, net 114,306 175,918
Inventories 115,506 136,510
Other current assets 22,453 21,222
PP&E, net 713,584 758,637
Operating lease right-of-use assets 75,524 68,131
Other assets 90,499 93,800
Total assets $
1,188,594 $
1,271,922
Liabilities of discontinued operations $
1,873 $
2,098
Other current liabilities 145,454 186,625
Long-term debt (1) 843,292 842,871
Long-term portion of asset retirement obligations 12,862 12,762
Warrants liability 123 449
Operating lease liabilities 60,693 53,919
Other long-term liabilities 11,611 10,372
Equity 112,686 162,826
Total liabilities and equity $
1,188,594 $
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 exclude deferred financing costs.
June 30, 2020 December 31, 2019 June 30, 2019
(In Thousands)
TETRA
---
Asset-Based Credit Agreement
$ $
1,000 $
20,000
Term Credit Agreement 220,500 220,500 220,500
TETRA total debt 220,500 221,500 240,500
Less current portion
TETRA total long-term debt $
220,500 $
221,500 $
240,500
CSI Compressco LP
---
CCLP Credit Agreement 1,477 3,500
7.25% Senior Notes 80,722 295,930 295,930
7.50% Senior Notes 400,000 350,000 350,000
Second Lien Notes 155,529
Total debt 637,728 649,430 645,930
Less current portion
CCLP total long-term debt $
637,728 $
649,430 $
645,930
Consolidated total long-term debt $
858,228 $
870,930 $
886,430
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
June 30, 2020
Income (loss) Provision Non-cont. Net Income Diluted EPS
before taxes (Benefit) for Interest Attributable
and Tax to TETRA
discontinued Stockholders
operations
(In Thousands, Except per Share Amounts)
Income (loss)
attributable to TETRA
stockholders,
excluding special
items and discontinued
operations $
(14,258) $
2,001 $
(5,171) $
(11,088) $
(0.09)
Stock Warrant fair
value adjustment (11) (11) 0.00
Transaction and other
expenses (895) (475) (420) 0.00
Impairments and other
charges (8,922) (5,977) (2,945) (0.02)
Restructuring charges (486) (179) (307) 0.00
Debt Refinancing (4,754) (3,184) (1,570) (0.01)
Severance (3,003) (726) (2,277) (0.02)
Bad Debt (2,800) (2,800) (0.02)
Net income (loss)
before discontinued
operations (35,129) 2,001 (15,712) (21,418) (0.17)
Loss from discontinued
operations 163 0.00
Net Income (loss)
attributable to TETRA
stockholders, as
reported $
(21,255) $
(0.17)
Three Months Ended
---
March 31, 2020
Income (loss) Provision Non-cont. Net Income Diluted EPS
before taxes (Benefit) Interest Attributable
and for to TETRA
discontinued Tax Stockholders
operations
(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)
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
---
June 30, 2019
Income (loss) Provision Non-cont. Net Income Diluted EPS
before taxes (Benefit) Interest Attributable
and for to TETRA
discontinued Tax Stockholders
operations
(In Thousands, Except per Share Amounts)
Income (loss)
attributable to TETRA
stockholders,
excluding unusual
charges $
(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
Earnout Adjustment 400 84 316 0.00
Lee Plant Facility
Expenses 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)
Schedule G: Non-GAAP Reconciliation to GAAP Financials (Unaudited)(*)
Three Months Ended
June 30, 2020
Net
Tax
Income Impairments Adjusted Interest Adjusted Equity Adjusted
Income Provision (Loss) & Special Income Expense Depreciation Comp. EBITDA
(Loss), Before Charges (Loss) & Expense
as Tax, as Before Amortization
reported Reported Tax
---
(In Thousands)
Completion Fluids & Products Division $
13,202 $
3,310 $
16,512 $
(143) $
1,934
$ $
18,303
Water & Flowback Services Division (8,418) 1,203 (7,215) (2) 7,617 400
Compression Division (23,006) 15,736 (7,270) 12,982 20,116 488 26,316
Eliminations and other 2 2 2
Subtotal (18,220) 20,249 2,029 12,837 29,667 488 45,021
Corporate and other (16,909) 621 (16,288) 4,749 175 1,602 (9,762)
TETRA excluding
Discontinued
Operations $
(37,130) $
2,001 $
(35,129) $
20,870 $
(14,259) $
17,586 $
29,842 $
2,090 $
35,259
March 31, 2020
Net
Tax
Income Impairments Adjusted Adjusted Adjusted Equity Adjusted
Income Provision (Loss) & Special Income Interest Depreciation Comp. EBITDA
(Loss), Before Charges (Loss) Expense, & Expense
as Tax, as Before Net Amortization
reported Reported Tax
---
(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
Three Months Ended
June 30, 2019
Net
Tax
Income Impairments Adjusted Interest Adjusted Equity Adjusted
Income Provision (Loss) & Special Income Expense Depreciation Comp. EBITDA
(Loss), Before Charges (Loss) & Expense
as Tax, as Before Amortization
reported Reported Tax
---
(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
* 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 June 30, 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. Amounts presented are net of deferred financing costs.
June 30, 2020
TETRA CCLP Consolidated
(In Millions)
Non-restricted cash $
50.0 $
6.8 $
56.7
Carrying value of long-term debt:
Asset-Based Credit Agreement 0.7 0.7
Term Credit Agreement 205.7 205.7
Senior Notes outstanding 636.8 636.8
Net debt $
155.7 $
630.7 $
786.5
Schedule I: Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow (Unaudited)
Three Months Ended Six Months Ended
Jun 30, 2020 Mar 31, 2020 Jun 30, 2019 Jun 30, 2020 Jun 30, 2019
(In Thousands)
Consolidated
Net cash provided
(used) by operating
activities $
38,211 $
22,176 $
30,965 $
60,387 $
38,377
Capital expenditures,
net of sales proceeds (3,332) (10,965) (27,345) (14,297) (59,390)
Consolidated adjusted
free cash flow $
34,879 $
11,211 $
3,620 46,090 (21,013)
CSI Compressco LP
Net cash provided
(used) by operating
activities $
4,823 $
13,357 $
8,710 18,180 40,342
Capital expenditures,
net of sales proceeds (1,125) (6,483) (16,434) (7,608) (39,586)
CSI Compressco free
cash flow $
3,698 $
6,874 $
(7,724) 10,572 756
TETRA Only
Cash from operating
activities $
33,388 $
8,819 $
22,255 42,207 (1,965)
Investment in CCLP
Compressors (8,740) (11,142)
Capital expenditures,
net of sales proceeds (2,207) (4,482) (10,911) (6,689) (19,804)
Free cash flow 31,181 4,337 2,604 35,518 (32,911)
Distributions from CSI
Compressco LP 169 169 168 338 337
TETRA Only Adjusted
Free Cash Flow $
31,350 $
4,506 $
2,772 35,856 (32,574)
Schedule J: Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow From Continuing Operations (unaudited)
Three Months Ended Six Months Ended
Jun 30, 2020 Mar 31, 2020 Jun 30, 2019 Jun 30, 2020 Jun 30, 2019
(In Thousands)
TETRA Only
Cash from operating
activities $
33,388 $
8,819 $
22,255 $
42,207 $
(1,965)
Less: Discontinued
operations operating
activities (adjusted
EBITDA) 163 (145) (345) 18 (771)
Cash from continued
operating activities 33,225 8,964 22,600 42,189 (1,194)
Less: Continuing
operations capital
expenditures (2,207) (4,482) (10,911) (6,689) (19,804)
Less: Investment in
CCLP Compressors (8,740) (11,142)
Distributions from
CSI Compressco LP 169 169 168 338 337
TETRA Only Adjusted
Free Cash Flow From
Continuing
Operations $
31,187 $
4,651 $
3,117 $
35,838 $
(31,803)
Schedule K: Non-GAAP Reconciliation to TETRA Adjusted EBITDA Margins and Adjusted Income (Loss) before tax margins (Unaudited)
Three Months Ended
Jun 30, 2020 Mar 31, 2020 Jun 30, 2019
(In Thousands)
Consolidated
Revenue $
192,441 $
222,942 $
288,796
Income (loss) before
tax (35,129) (9,077) (5,711)
Adjusted income
(loss) before tax
(Schedule G) (14,259) (976) (2,525)
Adjusted EBITDA
(Schedule G) 35,259 47,809 50,084
Income (Loss) Before (18.3) (4.1) (2.0)
Tax Margin % % %
Adjusted Income
(Loss) Before Tax % % %
Margin (7.4) (0.4) (0.9)
Adjusted EBITDA
Margin 18.3
% 21.4
% 17.3
%
Completion Fluids &
Products
Revenue $
71,346 $
75,237 $
79,767
Income (loss) before
tax 13,202 19,396 14,614
Adjusted income
(loss) before tax
(Schedule G) 16,512 19,846 14,325
Adjusted EBITDA
(Schedule G) 18,303 21,626 17,891
Income (Loss) Before
Tax Margin 18.5
% 25.8
% 18.3
%
Adjusted Income
(Loss) Before Tax
Margin 23.1
% 26.4
% 18.0
%
Adjusted EBITDA
Margin 25.7
% 28.7
% 22.4
%
Water & Flowback
Services
Revenue $
24,723 $
57,467 $
73,124
Income (loss) before
tax (8,418) (2,244) 2,460
Adjusted income
(loss) before tax
(Schedule G) (7,215) (637) 2,060
Adjusted EBITDA
(Schedule G) 400 6,779 10,923
Income (Loss) Before (34.0) (3.9)
Tax Margin % % 3.4
%
Adjusted Income
(Loss) Before Tax % %
Margin (29.2) (1.1) 2.8
%
Adjusted EBITDA
Margin 1.6
% 11.8
% 14.9
%
Compression
Revenue $
96,372 $
90,238 $
135,905
Income (loss) before
tax (23,006) (12,790) (3,483)
Adjusted income
(loss) before tax
(Schedule G) (7,270) (6,819) 124
Adjusted EBITDA
(Schedule G) 26,316 25,977 32,766
Income (Loss) Before (23.9) (14.2) (2.6)
Tax Margin % % %
Adjusted Income
(Loss) Before Tax % %
Margin (7.5) (7.6) 0.1
%
Adjusted EBITDA
Margin 27.3
% 28.8
% 24.1
%
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SOURCE TETRA Technologies, Inc.
