Company Quick10K Filing
Quick10K
Oil States International
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$18.44 60 $1,110
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-07-16 Officers, Exhibits
8-K 2019-05-07 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-10-17 Exhibits
8-K 2018-08-07 Officers, Regulation FD, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-06-11 Officers, Exhibits
8-K 2018-06-04 Officers, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-28 Regulation FD, Other Events, Exhibits
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-21 Regulation FD, Exhibits
8-K 2018-02-14 Earnings, Exhibits
8-K 2018-02-06 Officers
8-K 2018-01-30 Enter Agreement, Off-BS Arrangement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-01-25 Other Events, Exhibits
8-K 2018-01-24 Other Events, Exhibits
8-K 2018-01-12 Enter Agreement, M&A, Earnings, Sale of Shares, Regulation FD, Other Events, Exhibits
MAR Marriott 45,610
AAL American Airlines Group 15,100
ATHM Autohome 12,440
ODC Oil-Dri Corp of America 234
CTIC CTI Biopharma 53
TRT Trio-Tech 11
XCO Exco Resources 0
ULTI Ultimate Software Group 0
ENRT Enertopia 0
ENGT Energy & Technology 0
OIS 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II -- Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 ois20190630ex101.htm
EX-10.2 ois20190630ex102.htm
EX-31.1 ois20190630ex311.htm
EX-31.2 ois20190630ex312.htm
EX-32.1 ois20190630ex321.htm
EX-32.2 ois20190630ex322.htm

Oil States International Earnings 2019-06-30

OIS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____

Commission file number: 001-16337

OIL STATES INTERNATIONAL, INC.
______________
(Exact name of registrant as specified in its charter)
Delaware
76-0476605
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
 
 
Three Allen Center, 333 Clay Street
 
Suite 4620
77002
Houston,
Texas
(Zip Code)
(Address of principal executive offices)
 
(713) 652-0582
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, par value $0.01 per share
 
OIS
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No

As of July 25, 2019, the number of shares of common stock outstanding was 60,507,750.



OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
 
Page No.
Part I – FINANCIAL INFORMATION
 
 
 
 
 
 
 
Item 1. Financial Statements:
 
 
 
 
 
 
 
Condensed Consolidated Financial Statements
 
 
 
Unaudited Consolidated Statements of Operations
Unaudited Consolidated Statements of Comprehensive Loss
Consolidated Balance Sheets
Unaudited Consolidated Statements of Stockholders' Equity
Unaudited Consolidated Statements of Cash Flows
Notes to Unaudited Condensed Consolidated Financial Statements
 
 
 
 
Cautionary Statement Regarding Forward-Looking Statements
 
 
 
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
 
 
Item 4. Controls and Procedures
 
 
 
 
Part II – OTHER INFORMATION
 
 
 
 
 
 
 
Item 1. Legal Proceedings
 
 
 
 
Item 1A. Risk Factors
 
 
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
 
Item 3. Defaults Upon Senior Securities
 
 
 
 
Item 4. Mine Safety Disclosures
 
 
 
 
Item 5. Other Information
 
 
 
 
Item 6. Exhibits
 
 
 
 
Signature Page

2


PART I – FINANCIAL INFORMATION
ITEM 1. Financial Statements
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Products
$
124,965

 
$
136,182

 
$
241,293

 
$
265,008

Services
139,720

 
149,663

 
274,003

 
274,413

 
264,685

 
285,845

 
515,296

 
539,421

 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
Product costs
95,289

 
95,324

 
184,557

 
188,300

Service costs
112,823

 
118,079

 
223,433

 
214,993

Cost of revenues (exclusive of depreciation and amortization expense presented below)
208,112

 
213,403

 
407,990

 
403,293

Selling, general and administrative expense
31,484

 
35,919

 
61,592

 
70,114

Depreciation and amortization expense
31,883

 
30,922

 
63,434

 
60,112

Other operating income, net
(399
)
 
(3,099
)
 
(485
)
 
(1,884
)
 
271,080

 
277,145

 
532,531

 
531,635

Operating income (loss)
(6,395
)
 
8,700

 
(17,235
)
 
7,786

 
 
 
 
 
 
 
 
Interest expense, net
(4,617
)
 
(4,790
)
 
(9,369
)
 
(9,244
)
Other income
1,009

 
571

 
1,676

 
1,218

Income (loss) before income taxes
(10,003
)
 
4,481

 
(24,928
)
 
(240
)
Income tax (provision) benefit
263

 
(1,739
)
 
540

 
(510
)
Net income (loss)
$
(9,740
)
 
$
2,742

 
$
(24,388
)
 
$
(750
)
 
 
 
 
 
 
 
 
Net income (loss) per share:
 
 
 
 
 
 
 
Basic
$
(0.16
)
 
$
0.05

 
$
(0.41
)
 
$
(0.01
)
Diluted
(0.16
)
 
0.05

 
(0.41
)
 
(0.01
)
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
59,406

 
59,005

 
59,332

 
58,396

Diluted
59,406

 
59,005

 
59,332

 
58,396


The accompanying notes are an integral part of these financial statements.

3


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In Thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(9,740
)
 
$
2,742

 
$
(24,388
)
 
$
(750
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
Currency translation adjustments
(2,329
)
 
(13,733
)
 
137

 
(8,699
)
Comprehensive loss
$
(12,069
)
 
$
(10,991
)
 
$
(24,251
)
 
$
(9,449
)

The accompanying notes are an integral part of these financial statements.

4


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
 
June 30,
2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
12,406

 
$
19,316

Accounts receivable, net
263,453

 
283,607

Inventories, net
210,006

 
209,393

Prepaid expenses and other current assets
25,514

 
21,715

Total current assets
511,379

 
534,031

 
 
 
 
Property, plant, and equipment, net
520,324

 
540,427

Operating lease assets, net
48,235

 

Goodwill, net
646,984

 
647,018

Other intangible assets, net
242,886

 
255,301

Other noncurrent assets
27,893

 
27,044

Total assets
$
1,997,701

 
$
2,003,821

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt
$
25,583

 
$
25,561

Accounts payable
83,909

 
77,511

Accrued liabilities
53,478

 
60,730

Current operating lease liabilities
8,997

 

Income taxes payable
4,243

 
3,072

Deferred revenue
15,360

 
14,160

Total current liabilities
191,570

 
181,034

 
 
 
 
Long-term debt
272,784

 
306,177

Long-term operating lease liabilities
39,268

 

Deferred income taxes
50,224

 
53,831

Other noncurrent liabilities
24,127

 
23,011

Total liabilities
577,973

 
564,053

 
 
 
 
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 200,000,000 shares authorized, 72,521,801 shares and 71,753,937 shares issued, respectively
726

 
718

Additional paid-in capital
1,106,340

 
1,097,758

Retained earnings
1,005,130

 
1,029,518

Accumulated other comprehensive loss
(71,260
)
 
(71,397
)
Treasury stock, at cost, 12,039,547 and 11,784,242 shares, respectively
(621,208
)
 
(616,829
)
Total stockholders' equity
1,419,728

 
1,439,768

Total liabilities and stockholders' equity
$
1,997,701

 
$
2,003,821


The accompanying notes are an integral part of these financial statements.

5


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Thousands)
Three Months Ended June 30, 2019
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Stockholders'
Equity
Balance, March 31, 2019
$
725

 
$
1,102,176

 
$
1,014,870

 
$
(68,931
)
 
$
(621,196
)
 
$
1,427,644

Net loss

 

 
(9,740
)
 

 

 
(9,740
)
Currency translation adjustments (excluding intercompany advances)

 

 

 
(2,946
)
 

 
(2,946
)
Currency translation adjustments on intercompany advances

 

 

 
617

 

 
617

Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Restricted stock
1

 
4,164

 

 

 

 
4,165

Stock options

 

 

 

 

 

Stock repurchases

 

 

 

 

 

Surrender of stock to settle taxes on restricted stock awards

 

 

 

 
(12
)
 
(12
)
Balance, June 30, 2019
$
726

 
$
1,106,340

 
$
1,005,130

 
$
(71,260
)
 
$
(621,208
)
 
$
1,419,728


Six Months Ended June 30, 2019
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Stockholders'
Equity
Balance, December 31, 2018
$
718

 
$
1,097,758

 
$
1,029,518

 
$
(71,397
)
 
$
(616,829
)
 
$
1,439,768

Net loss

 

 
(24,388
)
 

 

 
(24,388
)
Currency translation adjustments (excluding intercompany advances)

 

 

 
(393
)
 

 
(393
)
Currency translation adjustments on intercompany advances

 

 

 
530

 

 
530

Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Restricted stock
8

 
8,529

 

 

 

 
8,537

Stock options

 
53

 

 

 

 
53

Stock repurchases

 

 

 

 
(757
)
 
(757
)
Surrender of stock to settle taxes on restricted stock awards

 

 

 

 
(3,622
)
 
(3,622
)
Balance, June 30, 2019
$
726

 
$
1,106,340

 
$
1,005,130

 
$
(71,260
)
 
$
(621,208
)
 
$
1,419,728



6


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Thousands)
Three Months Ended June 30, 2018
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Stockholders' Equity
Balance, March 31, 2018
$
717

 
$
1,080,216

 
$
1,045,131

 
$
(53,459
)
 
$
(616,590
)
 
$
1,456,015

Net income

 

 
2,742

 

 

 
2,742

Currency translation adjustments (excluding intercompany advances)

 

 

 
(11,242
)
 

 
(11,242
)
Currency translation adjustments on intercompany advances

 

 

 
(2,491
)
 

 
(2,491
)
Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Restricted stock
1

 
5,617

 

 

 

 
5,618

Stock options

 
94

 

 

 

 
94

Issuance of common stock in connection with GEODynamics acquisition

 

 

 

 

 

Issuance of 1.50% convertible senior notes, net of income taxes of $7,744

 

 

 

 

 

Surrender of stock to settle taxes on restricted stock awards

 

 

 

 
(83
)
 
(83
)
Balance, June 30, 2018
$
718

 
$
1,085,927

 
$
1,047,873

 
$
(67,192
)
 
$
(616,673
)
 
$
1,450,653


Six Months Ended June 30, 2018
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Stockholders' Equity
Balance, December 31, 2017
$
627

 
$
754,607

 
$
1,048,623

 
$
(58,493
)
 
$
(612,651
)
 
$
1,132,713

Net loss

 

 
(750
)
 

 

 
(750
)
Currency translation adjustments (excluding intercompany advances)

 

 

 
(6,138
)
 

 
(6,138
)
Currency translation adjustments on intercompany advances

 

 

 
(2,561
)
 

 
(2,561
)
Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Restricted stock
4

 
10,557

 

 

 

 
10,561

Stock options

 
300

 

 

 

 
300

Issuance of common stock in connection with GEODynamics acquisition
87

 
294,823

 

 

 

 
294,910

Issuance of 1.50% convertible senior notes, net of income taxes of $7,744

 
25,640

 

 

 

 
25,640

Surrender of stock to settle taxes on restricted stock awards

 

 

 

 
(4,022
)
 
(4,022
)
Balance, June 30, 2018
$
718

 
$
1,085,927

 
$
1,047,873

 
$
(67,192
)
 
$
(616,673
)
 
$
1,450,653


The accompanying notes are an integral part of these financial statements.

7


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net loss
$
(24,388
)
 
$
(750
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
63,434

 
60,112

Stock-based compensation expense
8,590

 
10,861

Amortization of debt discount and deferred financing costs
3,894

 
3,613

Deferred income tax provision (benefit)
(3,495
)
 
481

Gain on disposals of assets
(1,245
)
 
(927
)
Other, net
141

 
2,520

Changes in operating assets and liabilities, net of effect from acquired businesses:
 
 
 
Accounts receivable
19,884

 
(19,134
)
Inventories
(534
)
 
(1,768
)
Accounts payable and accrued liabilities
1,200

 
(2,251
)
Income taxes payable
943

 
(31
)
Other operating assets and liabilities, net
(2,421
)
 
(5,792
)
Net cash flows provided by operating activities
66,003

 
46,934

 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(31,577
)
 
(38,261
)
Acquisitions of businesses, net of cash acquired

 
(379,676
)
Proceeds from disposition of property, plant and equipment
2,151

 
1,197

Other, net
(1,459
)
 
(985
)
Net cash flows used in investing activities
(30,885
)
 
(417,725
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Issuance of 1.50% convertible senior notes

 
200,000

Revolving credit facility borrowings
119,252

 
704,469

Revolving credit facility repayments
(156,208
)
 
(546,564
)
Other debt and finance lease repayments, net
(301
)
 
(266
)
Payment of financing costs
(8
)
 
(7,366
)
Purchase of treasury stock
(757
)
 

Shares added to treasury stock as a result of net share settlements
due to vesting of restricted stock
(3,622
)
 
(4,022
)
Net cash flows provided by (used in) financing activities
(41,644
)
 
346,251

 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(384
)
 
183

Net change in cash and cash equivalents
(6,910
)
 
(24,357
)
Cash and cash equivalents, beginning of period
19,316

 
53,459

Cash and cash equivalents, end of period
$
12,406

 
$
29,102

 
 
 
 
Cash paid for:
 
 
 
Interest
$
5,285

 
$
4,033

Income taxes, net of refunds
2,002

 
2,978


The accompanying notes are an integral part of these financial statements.

8

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

 
1.
Organization and Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (referred to in this report as "we" or the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "Commission") pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. Certain prior-year amounts in the Company's unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.
The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include goodwill and long-lived asset impairment analyses, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, the fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, reserves on inventory, allowances for doubtful accounts, warranty obligations and potential future adjustments related to contractual indemnification and other agreements. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements.
The financial statements included in this report should be read in conjunction with the Company's audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Form 10‑K").
2.
Recent Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB"), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption.
In February 2016, the FASB issued guidance on leases which, as amended, introduced the recognition of lease assets and lease liabilities by lessees for all leases that are not short-term in nature. The Company adopted this guidance on January 1, 2019, using the optional transition method of recognizing any cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings. The cumulative impact of the adoption of the new standard was not material to the Company's consolidated financial statements. Prior periods were not retrospectively adjusted. In addition, the Company elected a package of practical expedients permitted under transition guidance for the new standard which, among other things, allowed for the carryforward of historical lease classification. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company's leases do not provide an implicit interest rate. Therefore, the Company's incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments.
In connection with the adoption of the new standard, the Company recorded $47.7 million of operating lease assets and liabilities as of January 1, 2019. The standard did not materially impact our consolidated statement of operations and had no impact on cash flows.

9

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

3.
Business Acquisitions, Goodwill and Other Intangible Assets
GEODynamics Acquisition
On January 12, 2018, the Company acquired GEODynamics, Inc. ("GEODynamics"), which provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations (the "GEODynamics Acquisition"). Total recorded purchase price consideration was $615.3 million, consisting of (i) $295.4 million in cash (net of cash acquired), which was funded through borrowings under the Company's Revolving Credit Facility (as defined in Note 6, "Long-term Debt"), (ii) approximately 8.66 million shares of the Company's common stock (having a market value of approximately $295 million based on the closing share price of $34.05 as of the closing date of the acquisition) and (iii) an unsecured $25 million promissory note that bears interest at 2.5% per annum. Under the terms of the purchase agreement, the Company is entitled to indemnification in respect of certain matters occurring prior to the acquisition and payments due under the promissory note are subject to set-off, in part or in full, regarding such indemnified matters. See Note 14, "Commitments and Contingencies."
GEODynamics' results of operations have been included in the Company's financial statements subsequent to the closing of the acquisition on January 12, 2018. The acquired GEODynamics operations are reported as the Downhole Technologies segment. See Note 13, "Segments and Related Information" for further information with respect to the Downhole Technologies segment operations.
Falcon Acquisition
On February 28, 2018, the Company acquired Falcon Flowback Services, LLC ("Falcon"), a full service provider of flowback and well testing services for the separation and recovery of fluids, solid debris and proppant used during hydraulic fracturing operations. Falcon provides additional scale and diversity to our Completion Services well testing operations in key shale plays in the United States. The purchase price was $84.2 million (net of cash acquired). The Falcon acquisition was funded by borrowings under the Company's Revolving Credit Facility. Under the terms of the purchase agreement, the Company may be entitled to indemnification in respect of certain matters occurring prior to acquisition. Falcon's results of operations have been included in the Company's financial statements and has been reported within the Completion Services business subsequent to the closing of the acquisition on February 28, 2018.
Transaction-Related Costs
During the first quarter of 2018, the Company expensed transaction-related costs of $2.6 million, which are included in selling, general and administrative expense and in other operating income for the six months ended June 30, 2018.
Supplemental Unaudited Pro Forma Financial Information
The following supplemental unaudited pro forma results of operations data for the six months ended June 30, 2018 gives pro forma effect to the consummation of the GEODynamics and Falcon acquisitions as if they had occurred on January 1, 2018. The supplemental unaudited pro forma financial information was prepared based on historical financial information, adjusted to give pro forma effect to fair value adjustments on depreciation and amortization expense, interest expense, and related tax effects, among others. The pro forma results for the six months ended June 30, 2018 also reflect adjustments to exclude the after-tax impact of transaction costs totaling $2.0 million. The supplemental unaudited pro forma financial information may not reflect what the results of the combined operations would have been had the acquisitions occurred on January 1, 2018. As such, it is presented for informational purposes only (in thousands, except per share amount).
 
Six Months Ended
June 30, 2018
Revenue
$
566,045

Net income
$
1,750

Diluted net income per share
$
0.03

Diluted weighted average common shares outstanding
58,922



10

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

Goodwill
Changes in the carrying amount of goodwill for the six-month period ended June 30, 2019 were as follows (in thousands):
 
Well Site Services
 
Downhole Technologies
 
Offshore/
Manufactured Products
 
Total
Completion Services
 
Drilling Services
 
Subtotal
Balance as of December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$
221,582

 
$
22,767

 
$
244,349

 
$
357,502

 
$
162,462

 
$
764,313

Accumulated impairment losses
(94,528
)
 
(22,767
)
 
(117,295
)
 

 

 
(117,295
)
 
127,054

 

 
127,054

 
357,502

 
162,462

 
647,018

Foreign currency translation

 

 

 

 
(34
)
 
(34
)
Balance as of June 30, 2019
$
127,054

 
$

 
$
127,054

 
$
357,502

 
$
162,428

 
$
646,984


Other Intangible Assets
The following table presents the gross carrying amount, accumulated amortization and net carrying amount for major intangible asset classes as of June 30, 2019 and December 31, 2018 (in thousands):
 
June 30, 2019
 
December 31, 2018
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying Amount
Customer relationships
$
168,266

 
$
38,729

 
$
129,537

 
$
167,811

 
$
33,247

 
$
134,564

Patents/Technology/Know-how
85,423

 
27,268

 
58,155

 
84,903

 
23,418

 
61,485

Noncompete agreements
17,100

 
8,418

 
8,682

 
18,705

 
7,544

 
11,161

Tradenames and other
53,708

 
7,196

 
46,512

 
53,708

 
5,617

 
48,091

 
$
324,497

 
$
81,611

 
$
242,886

 
$
325,127

 
$
69,826

 
$
255,301


For the three months ended June 30, 2019 and 2018, amortization expense was $6.8 million and $6.4 million, respectively. Amortization expense was $13.5 million and $12.0 million for the six months ended June 30, 2019 and 2018, respectively.
The Company's industry is highly cyclical, and this cyclicality impacts the determination of whether a decline in value of the Company's long-lived assets, including definite-lived intangibles, and/or goodwill has occurred. The Company is required to periodically review the long-lived assets and goodwill of its reporting units for potential impairment in value if circumstances, some of which are beyond the Company's control, indicate that the carrying amounts will not be recoverable. The Company performed a qualitative assessment at June 30, 2019 and concluded that no further impairment evaluation was required. As a result, no impairments were recorded in the second quarter of 2019. Should, among other events and circumstances, global economic and industry conditions deteriorate, the outlook for future operating results and cash flow for any of the Company's reporting units decline, income tax rates increase or regulations change, costs of equity or debt capital increase, valuations for comparable public companies or comparable acquisition valuations decrease, or the Company's market capitalization experiences a material, sustained decline below its book value, the Company may need to recognize impairment losses in future periods.

11

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

4.
Details of Selected Balance Sheet Accounts
Additional information regarding selected balance sheet accounts at June 30, 2019 and December 31, 2018 is presented below (in thousands):
 
June 30,
2019
 
December 31,
2018
Accounts receivable, net:
 
 
 
Trade
$
208,175

 
$
227,052

Unbilled revenue
37,518

 
35,674

Contract assets
20,113

 
21,201

Other
3,950

 
6,381

Total accounts receivable
269,756

 
290,308

Allowance for doubtful accounts
(6,303
)
 
(6,701
)
 
$
263,453

 
$
283,607


 
June 30,
2019
 
December 31,
2018
Deferred revenue (contract liabilities)
$
15,360

 
$
14,160


For the six months ended June 30, 2019, the $1.1 million net decrease in contract assets was primarily attributable to $13.1 million transferred to accounts receivable, which was partially offset by $12.1 million in revenue recognized during the period. Deferred revenue increased by $1.2 million in 2019, primarily reflecting $5.9 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $5.0 million of revenue that was deferred at the beginning of the period.
 
June 30,
2019
 
December 31,
2018
Inventories, net:
 
 
 
Finished goods and purchased products
$
105,285

 
$
96,195

Work in process
21,838

 
20,552

Raw materials
103,139

 
111,197

Total inventories
230,262

 
227,944

Allowance for excess or obsolete inventory
(20,256
)
 
(18,551
)
 
$
210,006

 
$
209,393


 
Estimated
Useful Life (years)
 
June 30,
2019
 
December 31,
2018
Property, plant and equipment, net:
 
 
 
 
 
 
 
 
 
Land
 
$
37,758

 
$
37,545

Buildings and leasehold improvements
2
 
 
40
 
259,981

 
259,834

Machinery and equipment
1
 
 
28
 
493,121

 
483,629

Completion Services equipment
2
 
 
10
 
505,427

 
492,183

Office furniture and equipment
3
 
 
10
 
45,013

 
43,654

Vehicles
2
 
 
10
 
114,729

 
122,982

Construction in progress
 
23,337

 
29,451

Total property, plant and equipment
 
1,479,366

 
1,469,278

Accumulated depreciation
 
(959,042
)
 
(928,851
)
 
 
 
 
 
 
 
$
520,324

 
$
540,427



12