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v3.19.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Disaggregation of Revenue | The following tables presents our revenue disaggregated by geography, based on the location where our services were provided and products sold (in thousands):
| Three Months Ended September 30, 2019
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 34,903 |  |  | $ | 10,148 |  |  | $ | 20,044 |  |  | $ | 65,095 |
International | 67,374 |  |  | 2,371 |  |  | 5,577 |  |  | 75,322 |
Total Revenue | $ | 102,277 |  |  | $ | 12,519 |  |  | $ | 25,621 |  |  | $ | 140,417 |
| Three Months Ended September 30, 2018
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 36,817 |  |  | $ | 14,310 |  |  | $ | 19,096 |  |  | $ | 70,223 |
International | 52,972 |  |  | 955 |  |  | 4,836 |  |  | 58,763 |
Total Revenue | $ | 89,789 |  |  | $ | 15,265 |  |  | $ | 23,932 |  |  | $ | 128,986 |
| Nine Months Ended September 30, 2019
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 114,466 |  |  | $ | 45,163 |  |  | $ | 62,963 |  |  | $ | 222,592 |
International | 192,505 |  |  | 8,347 |  |  | 17,035 |  |  | 217,887 |
Total Revenue | $ | 306,971 |  |  | $ | 53,510 |  |  | $ | 79,998 |  |  | $ | 440,479 |
| Nine Months Ended September 30, 2018
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 101,117 |  |  | $ | 46,857 |  |  | $ | 54,568 |  |  | $ | 202,542 |
International | 159,064 |  |  | 3,134 |  |  | 11,900 |  |  | 174,098 |
Total Revenue | $ | 260,181 |  |  | $ | 49,991 |  |  | $ | 66,468 |  |  | $ | 376,640 |
Revenue by geographic area were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
United States | $ | 65,095 |  |  | $ | 70,223 |  |  | $ | 222,592 |  |  | $ | 202,542 |
Europe/Middle East/Africa | 41,071 |  |  | 30,064 |  |  | 116,126 |  |  | 91,154 |
Latin America | 19,181 |  |  | 11,984 |  |  | 56,520 |  |  | 32,441 |
Asia Pacific | 9,727 |  |  | 8,934 |  |  | 27,753 |  |  | 26,200 |
Other countries | 5,343 |  |  | 7,781 |  |  | 17,488 |  |  | 24,303 |
Total Revenue | $ | 140,417 |  |  | $ | 128,986 |  |  | $ | 440,479 |  |  | $ | 376,640 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated | The following table presents a reconciliation of Segment Adjusted EBITDA to net loss (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Segment Adjusted EBITDA: |  |  |  |  |  |  |
Tubular Running Services | $ | 23,884 |  |  | $ | 17,070 |  |  | $ | 67,019 |  |  | $ | 40,876 |
Tubulars | 456 |  |  | 1,541 |  |  | 8,502 |  |  | 8,461 |
Cementing Equipment | 3,031 |  |  | 1,972 |  |  | 9,854 |  |  | 7,074 |
Corporate (1) | (11,350 | ) |  | (8,967 | ) |  | (42,533 | ) |  | (36,001 | )
| 16,021 |  |  | 11,616 |  |  | 42,842 |  |  | 20,410 |
Interest income, net | 563 |  |  | 866 |  |  | 1,757 |  |  | 2,419 |
Depreciation and amortization | (21,482 | ) |  | (26,998 | ) |  | (70,637 | ) |  | (84,160 | )
Income tax (expense) benefit | (7,297 | ) |  | 7,461 |  |  | (20,370 | ) |  | 1,901 |
Gain (loss) on disposal of assets | (603 | ) |  | 2,242 |  |  | (984 | ) |  | 1,790 |
Foreign currency loss | (3,872 | ) |  | (879 | ) |  | (4,050 | ) |  | (3,442 | )
TRA related adjustments | — |  |  | (1,170 | ) |  | 220 |  |  | (5,282 | )
Charges and credits (2) | (7,119 | ) |  | (137 | ) |  | (16,014 | ) |  | (8,471 | )
Net loss | $ | (23,789 | ) |  | $ | (6,999 | ) |  | $ | (67,236 | ) |  | $ | (74,835 | )
(1) | Includes certain expenses not attributable to a particular segment, such as costs related to support functions and corporate executives.
(2) Comprised of Equity-based compensation expense (for the three months ended September 30, 2019 and 2018: $2,647 and $3,008, respectively, and for the nine months ended September 30, 2019 and 2018: $8,238 and $8,176, respectively), Mergers and acquisition expense (for the three months ended September 30, 2019 and 2018: none and none, respectively, and for the nine months ended September 30, 2019 and 2018: none and $58, respectively), Severance and other (charges) credits, net (for the three months ended September 30, 2019 and 2018: $(5,222) and $4,852, respectively, and for the nine months ended September 30, 2019 and 2018: $(6,492) and $2,483, respectively), Unrealized and realized gains (for the three months ended September 30, 2019 and 2018: $1,382 and $360, respectively, and for the nine months ended September 30, 2019 and 2018: $2,073 and $1,521, respectively) and Investigation-related matters (for the three months ended September 30, 2019 and 2018: $632 and $2,341, respectively, and for the nine months ended September 30, 2019 and 2018: $3,357 and $4,241, respectively).
Schedule of Financial Information, by Reportable Segments | The following tables set forth certain financial information with respect to our reportable segments (in thousands):
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Corporate |  | Total
Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 102,277 |  |  | $ | 12,519 |  |  | $ | 25,621 |  |  | $ | — |  |  | $ | 140,417 |
Operating income (loss) | 8,253 |  |  | (377 | ) |  | (1,610 | ) |  | (21,069 | ) |  | (14,803 | )
Adjusted EBITDA | 23,884 |  |  | 456 |  |  | 3,031 |  |  | (11,350 | ) |  | *
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 89,789 |  |  | $ | 15,265 |  |  | $ | 23,932 |  |  | $ | — |  |  | $ | 128,986 |
Operating income (loss) | 4,099 |  |  | 46 |  |  | (2,226 | ) |  | (15,510 | ) |  | (13,591 | )
Adjusted EBITDA | 17,070 |  |  | 1,541 |  |  | 1,972 |  |  | (8,967 | ) |  | *
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 306,971 |  |  | $ | 53,510 |  |  | $ | 79,998 |  |  | $ | — |  |  | $ | 440,479 |
Operating income (loss) | 17,094 |  |  | 5,906 |  |  | (4,744 | ) |  | (65,867 | ) |  | (47,611 | )
Adjusted EBITDA | 67,019 |  |  | 8,502 |  |  | 9,854 |  |  | (42,533 | ) |  | *
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 260,181 |  |  | $ | 49,991 |  |  | $ | 66,468 |  |  | $ | — |  |  | $ | 376,640 |
Operating income (loss) | (16,409 | ) |  | 5,702 |  |  | (5,981 | ) |  | (55,592 | ) |  | (72,280 | )
Adjusted EBITDA | 40,876 |  |  | 8,461 |  |  | 7,074 |  |  | (36,001 | ) |  | *
* Non-GAAP financial measure not disclosed.

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