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v3.20.2

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 15,213 |  |  | $ | 12,483 |  |  | $ | 7,430 |  |  | $ | 35,126 |
International | 37,713 |  |  | 4,000 |  |  | 7,578 |  |  | 49,291 |
Total Revenue | $ | 52,926 |  |  | $ | 16,483 |  |  | $ | 15,008 |  |  | $ | 84,417 |
| 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 |
| Nine Months Ended September 30, 2020
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 64,256 |  |  | $ | 27,270 |  |  | $ | 28,245 |  |  | $ | 119,771 |
International | 140,494 |  |  | 10,496 |  |  | 23,249 |  |  | 174,239 |
Total Revenue | $ | 204,750 |  |  | $ | 37,766 |  |  | $ | 51,494 |  |  | $ | 294,010 |
| 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 |
Revenue by geographic area were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
United States | $ | 35,126 |  |  | $ | 65,095 |  |  | $ | 119,771 |  |  | $ | 222,592 |
Europe/Middle East/Africa | 20,082 |  |  | 41,071 |  |  | 77,402 |  |  | 116,126 |
Latin America | 20,001 |  |  | 19,181 |  |  | 61,003 |  |  | 56,520 |
Asia Pacific | 6,928 |  |  | 9,727 |  |  | 25,231 |  |  | 27,753 |
Other countries | 2,280 |  |  | 5,343 |  |  | 10,603 |  |  | 17,488 |
Total Revenue | $ | 84,417 |  |  | $ | 140,417 |  |  | $ | 294,010 |  |  | $ | 440,479 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Net Loss | 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Segment Adjusted EBITDA: |  |  |  |  |  |  |
Tubular Running Services | $ | 982 |  |  | $ | 23,884 |  |  | $ | 18,336 |  |  | $ | 67,019 |
Tubulars | 1,806 |  |  | 456 |  |  | 3,883 |  |  | 8,502 |
Cementing Equipment | 3,376 |  |  | 3,031 |  |  | 6,806 |  |  | 9,854 |
Corporate (1) | (7,151) |  |  | (11,350) |  |  | (24,645) |  |  | (42,533) |
| (987) |  |  | 16,021 |  |  | 4,380 |  |  | 42,842 |
Goodwill impairment | — |  |  | — |  |  | (57,146) |  |  | — |
Severance and other charges, net | (3,549) |  |  | (5,222) |  |  | (29,436) |  |  | (6,492) |
Interest income (expense), net | (93) |  |  | 563 |  |  | 618 |  |  | 1,757 |
Depreciation and amortization | (15,950) |  |  | (21,482) |  |  | (52,920) |  |  | (70,637) |
Income tax (expense) benefit | (6,395) |  |  | (7,297) |  |  | 182 |  |  | (20,370) |
Gain (loss) on disposal of assets | 308 |  |  | (603) |  |  | 898 |  |  | (984) |
Foreign currency gain (loss) | 2,334 |  |  | (3,872) |  |  | (5,865) |  |  | (4,050) |
TRA related adjustments | — |  |  | — |  |  | — |  |  | 220 |
Charges and credits (2) | (3,459) |  |  | (1,897) |  |  | (8,725) |  |  | (9,522) |
Net loss | $ | (27,791) |  |  | $ | (23,789) |  |  | $ | (148,014) |  |  | $ | (67,236) |
(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, 2020 and 2019: $2,773 and $2,647, respectively, and for the nine months ended September 30, 2020 and 2019: $8,434 and $8,238, respectively), Unrealized and realized gains (losses) (for the three months ended September 30, 2020 and 2019: $(113) and $1,382, respectively, and for the nine months ended September 30, 2020 and 2019: $1,480 and $2,073, respectively) and Investigation-related matters (for the three months ended September 30, 2020 and 2019: $573 and $632, respectively, and for the nine months ended September 30, 2020 and 2019: $1,771 and $3,357, 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, 2020 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 52,926 |  |  | $ | 16,483 |  |  | $ | 15,008 |  |  | $ | — |  |  | $ | 84,417 |
Operating income (loss) | (13,717) |  |  | 860 |  |  | 1,160 |  |  | (12,049) |  |  | (23,746) |
Adjusted EBITDA | 982 |  |  | 1,806 |  |  | 3,376 |  |  | (7,151) |  |  | *
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) |  |  | *
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 204,750 |  |  | $ | 37,766 |  |  | $ | 51,494 |  |  | $ | — |  |  | $ | 294,010 |
Operating income (loss) | (28,284) |  |  | 1,327 |  |  | (78,824) |  |  | (39,459) |  |  | (145,240) |
Adjusted EBITDA | 18,336 |  |  | 3,883 |  |  | 6,806 |  |  | (24,645) |  |  | *
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) |  |  | *
* Non-GAAP financial measure not disclosed.

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