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Quarterly Financial Data (Unaudited)
 12 Months Ended
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