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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Summarized quarterly financial data for the years ended December 31, 2017 and 2016 is set forth below (in thousands, except per share data).
| First |  | Second |  | Third |  | Fourth |  |
| Quarter |  | Quarter |  | Quarter |  | Quarter |  | Total
2017 |  |  |  |  |  |  |  |  |
Revenue | $ | 110,731 |  |  | $ | 117,659 |  |  | $ | 108,083 |  |  | $ | 118,322 |  |  | $ | 454,795 |
Gross profit (1) | 8,827 |  |  | 11,811 |  |  | 9,411 |  |  | 7,141 |  |  | 37,190 |
Operating loss (2) | (36,610 | ) |  | (33,966 | ) |  | (35,080 | ) |  | (109,086 | ) |  | (214,742 | )
Net income (loss) attributable to Frank's International N.V. common shareholders (3) | (26,663 | ) |  | (25,950 | ) |  | 2,296 |  |  | (109,140 | ) |  | (159,457 | )
Income (loss) per common share: (4) |  |  |  |  |  |  |  |  |
Basic and diluted | $ | (0.12 | ) |  | $ | (0.12 | ) |  | $ | 0.01 |  |  | $ | (0.49 | ) |  | $ | (0.72 | )
2016 |  |  |  |  |  |  |  |  |
Revenue | $ | 153,486 |  |  | $ | 120,946 |  |  | $ | 105,114 |  |  | $ | 107,985 |  |  | $ | 487,531 |
Gross profit (1) | 41,945 |  |  | 10,168 |  |  | 6,919 |  |  | 5,717 |  |  | 64,749 |
Operating loss | (2,882 | ) |  | (50,678 | ) |  | (48,932 | ) |  | (60,870 | ) |  | (163,362 | )
Net loss | (2,408 | ) |  | (45,287 | ) |  | (42,198 | ) |  | (66,186 | ) |  | (156,079 | )
Net loss attributable to Frank's International N.V. common shareholders | (772 | ) |  | (31,398 | ) |  | (36,982 | ) |  | (66,186 | ) |  | (135,338 | )
Loss per common share: (4) |  |  |  |  |  |  |  |  |
Basic and diluted | $ | — |  |  | $ | (0.20 | ) |  | $ | (0.21 | ) |  | $ | (0.30 | ) |  | $ | (0.77 | )
(1) | Gross profit is defined as total revenue less cost of revenues less depreciation and amortization attributed to cost of revenues.
(2) | Fourth quarter includes inventory impairments of $51.2 million and accounts receivable write-offs of $15.0 million. Please see Note 19 – Severance and Other Charges in these Notes to Consolidated Financial Statements.
(3) | Third quarter includes the impact of the derecognition of the TRA liability. Please see Note 13 – Related Party Transactions in these Notes to Consolidated Financial Statements.
(4) | The sum of the individual quarterly income (losses) per share amounts may not agree with year-to-date net income (loss) per common share as each quarterly computation is based on the weighted average number of common shares outstanding during that period.
Our financial statements for the periods ended September 30, June 30 and March 31, 2017 will be revised to correct for immaterial misclassifications resulting in a decrease cost of revenues, services and increase cost of revenues, products by the following amounts associated with Blackhawk product cost. While the revisions do impact two financial statement line items, the revisions had no impact on our net income (loss), working capital, cash flows or total equity previously reported (in thousands). The 2017 quarterly revisions will be effected in connection with the 2018 unaudited interim financial statements filings on Form 10-Q.
| Three Months Ended |  | Six Months Ended |  | Nine Months Ended
| March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | June 30, 2017 |  | September 30, 2017
Cost of revenues, exclusive of depreciation and amortization |  |  |  |  |  |  |  |  |
Services, as previously reported | $ | 57,107 |  |  | $ | 60,777 |  |  | $ | 60,981 |  |  | $ | 117,884 |  |  | $ | 178,865 |
Blackhawk adjustment | (5,424 | ) |  | (5,460 | ) |  | (5,480 | ) |  | (10,884 | ) |  | (16,364 | )
Services, as revised | 51,683 |  |  | 55,317 |  |  | 55,501 |  |  | 107,000 |  |  | 162,501 |
Products, as previously reported | $ | 16,845 |  |  | $ | 17,567 |  |  | $ | 10,750 |  |  | $ | 34,412 |  |  | $ | 45,162 |
Blackhawk adjustment | 5,424 |  |  | 5,460 |  |  | 5,480 |  |  | 10,884 |  |  | 16,364 |
Products, as revised | 22,269 |  |  | 23,027 |  |  | 16,230 |  |  | 45,296 |  |  | 61,526 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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