Company Quick10K Filing
SAExploration
Price3.27 EPS-13
Shares4 P/E-0
MCap13 P/FCF-0
Net Debt86 EBIT-48
TEV100 TEV/EBIT-2
TTM 2019-03-31, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-06-30 Filed 2020-08-14
10-Q 2020-03-31 Filed 2020-05-13
10-K 2019-12-31 Filed 2020-04-14
10-Q 2019-09-30 Filed 2020-02-07
10-Q 2019-06-30 Filed 2020-02-07
10-Q 2019-03-31 Filed 2019-05-14
10-K 2018-12-31 Filed 2019-03-25
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-21
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-16
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-25
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-04-03
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-28
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-04
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-04-12
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-08-03
8-K 2020-11-05
8-K 2020-11-01
8-K 2020-09-17
8-K 2020-09-15
8-K 2020-09-14
8-K 2020-08-27
8-K 2020-07-27
8-K 2020-06-29
8-K 2020-06-11
8-K 2020-05-27
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-04-29
8-K 2020-04-21
8-K 2020-04-13
8-K 2020-04-03
8-K 2020-04-01
8-K 2020-03-30
8-K 2020-02-27
8-K 2020-02-17
8-K 2020-02-11
8-K 2020-02-07
8-K 2020-01-23
8-K 2020-01-10
8-K 2019-12-30
8-K 2019-12-11
8-K 2019-12-06
8-K 2019-11-22
8-K 2019-11-19
8-K 2019-11-14
8-K 2019-09-26
8-K 2019-09-23
8-K 2019-09-06
8-K 2019-08-16
8-K 2019-08-14
8-K 2019-06-11
8-K 2019-05-07
8-K 2019-04-23
8-K 2019-03-29
8-K 2019-03-20
8-K 2019-03-05
8-K 2019-02-06
8-K 2018-11-26
8-K 2018-11-07
8-K 2018-10-16
8-K 2018-10-03
8-K 2018-09-26
8-K 2018-09-13
8-K 2018-09-06
8-K 2018-08-14
8-K 2018-08-03
8-K 2018-07-24
8-K 2018-07-05
8-K 2018-06-26
8-K 2018-06-15
8-K 2018-06-13
8-K 2018-05-21
8-K 2018-05-11
8-K 2018-04-09
8-K 2018-03-29
8-K 2018-03-20
8-K 2018-03-15
8-K 2018-03-05
8-K 2018-02-27
8-K 2018-01-30
8-K 2018-01-26
8-K 2018-01-25
8-K 2018-01-18
8-K 2018-01-11

SAEX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. General
Note 2. Tax Credits Receivable, Net
Note 3. Long - Term Debt and Finance Leases
Note 4. Commitments and Contingencies
Note 5. Stockholders' Equity
Note 6. Revenue From Services
Note 7. Equity - Based Compensation
Note 8. Leases
Note 9. Income Taxes
Note 10. Loss per Common Share
Note 11. Fair Value of Financial Instruments
Note 12. Other Supplemental Information
Note 13. Related Party Transactions
Note 14. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 3. Defaults Upon Senior Securities
Item 6. Exhibits
EX-31.1 saex-ex311_9.htm
EX-31.2 saex-ex312_6.htm
EX-32.1 saex-ex321_8.htm
EX-32.2 saex-ex322_7.htm

SAExploration Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2201691186716-352012201420172020
Assets, Equity
14510973371-352012201420172020
Rev, G Profit, Net Income
5035205-10-252012201420172020
Ops, Inv, Fin

10-Q 1 saex-10q_20200930.htm 10-Q saex-10q_20200930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10–Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2020

 

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 001-35471

 

SAExploration Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

27-4867100

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

13645 N. Promenade Blvd., Stafford, Texas, 77477

(Address of principal executive offices)

(Zip Code)

 

(281) 258-4400

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:  None

 

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.

 

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 November 6, 2020, the registrant has 6,612,332 shares of common stock outstanding.

 

 

 


TABLE OF CONTENTS

 

 

 

 

 

 

 

 

Page

Part I. FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

 

1

Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended September 30, 2020 and 2019

 

2

Condensed Consolidated Statements of Comprehensive Loss for the Three Months and Nine Months Ended September 30, 2020 and 2019

 

3

Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Three Months and Nine Months Ended September 30, 2020 and 2019

 

4

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

 

5

Notes to Unaudited Condensed Consolidated Financial Statements

 

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

Item 4. Controls and Procedures

 

30

Part II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

34

Item 1A. Risk Factors

 

34

Item 3. Defaults upon Senior Securities

 

38

Item 6. Exhibits

 

39

Signatures

 

41

 

 

 

 


PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS 

 

SAExploration Holdings, Inc.

(Debtors–in–Possession)

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

September 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21,987

 

 

$

5,441

 

Restricted cash

 

 

75

 

 

 

74

 

Accounts receivable, net

 

 

6,891

 

 

 

51,582

 

Deferred costs on contracts

 

 

343

 

 

 

14,966

 

Prepaid expenses and other current assets

 

 

6,903

 

 

 

5,324

 

Total current assets

 

 

36,199

 

 

 

77,387

 

 

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization of $98,011

   and $92,204, respectively

 

 

28,730

 

 

 

37,289

 

Multiclient seismic data library, net

 

 

 

 

 

2,719

 

Operating lease right-of-use assets

 

 

5,505

 

 

 

6,421

 

Goodwill

 

 

1,720

 

 

 

1,766

 

Intangible assets, net of accumulated amortization of $1,522 and $1,270, respectively

 

 

3,487

 

 

 

3,751

 

Tax credits receivable, net

 

 

 

 

 

12,104

 

Other assets

 

 

777

 

 

 

778

 

Total assets

 

$

76,418

 

 

$

142,215

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,485

 

 

$

30,966

 

Accrued liabilities

 

 

3,506

 

 

 

6,526

 

Income and other taxes payable

 

 

928

 

 

 

5,410

 

Operating lease liabilities

 

 

1,517

 

 

 

2,576

 

Current portion of long-term debt and finance leases

 

 

28,326

 

 

 

112,401

 

Deferred revenue

 

 

633

 

 

 

8,724

 

Total current liabilities

 

 

36,395

 

 

 

166,603

 

 

 

 

 

 

 

 

 

 

Long-term debt and finance leases

 

 

 

 

 

7,145

 

Other long-term liabilities

 

 

4,107

 

 

 

4,280

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

 

99,755

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

Additional paid-in capital

 

 

239,677

 

 

 

240,068

 

Accumulated deficit

 

 

(301,495

)

 

 

(274,535

)

Accumulated other comprehensive loss

 

 

(209

)

 

 

(2,912

)

Treasury stock

 

 

(2,232

)

 

 

(2,232

)

SAExploration stockholders’ deficit

 

 

(64,259

)

 

 

(39,611

)

Noncontrolling interest

 

 

420

 

 

 

3,798

 

Total stockholders’ deficit

 

 

(63,839

)

 

 

(35,813

)

Total liabilities and stockholders’ deficit

 

$

76,418

 

 

$

142,215

 

 

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

1


SAExploration Holdings, Inc.

(Debtors–in–Possession)

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue from services

 

$

2,171

 

 

$

23,274

 

 

$

163,370

 

 

$

205,866

 

Cost of services

 

 

7,873

 

 

 

17,075

 

 

 

121,298

 

 

 

162,122

 

Depreciation and amortization

 

 

3,096

 

 

 

2,930

 

 

 

12,038

 

 

 

9,405

 

Gross (loss) profit

 

 

(8,798

)

 

 

3,269

 

 

 

30,034

 

 

 

34,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

5,917

 

 

 

13,698

 

 

 

27,329

 

 

 

33,806

 

Misappropriation of funds

 

 

 

 

 

55

 

 

 

 

 

 

328

 

Total operating expenses

 

 

5,917

 

 

 

13,753

 

 

 

27,329

 

 

 

34,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

 

(14,715

)

 

 

(10,484

)

 

 

2,705

 

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(2,635

)

 

 

(3,714

)

 

 

(9,950

)

 

 

(10,843

)

Foreign exchange gain (loss), net

 

 

109

 

 

 

(1,351

)

 

 

(4,665

)

 

 

(851

)

Other income, net

 

 

242

 

 

 

1,875

 

 

 

1,344

 

 

 

2,788

 

Reorganization expenses

 

 

(12,940

)

 

 

 

 

 

(12,940

)

 

 

 

Total other expense, net

 

 

(15,224

)

 

 

(3,190

)

 

 

(26,211

)

 

 

(8,906

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(29,939

)

 

 

(13,674

)

 

 

(23,506

)

 

 

(8,701

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

76

 

 

 

(689

)

 

 

847

 

 

 

5,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(30,015

)

 

 

(12,985

)

 

 

(24,353

)

 

 

(14,531

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to noncontrolling

   interest

 

 

 

 

 

 

 

 

2,607

 

 

 

2,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to SAExploration

 

$

(30,015

)

 

$

(12,985

)

 

$

(26,960

)

 

$

(17,104

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share (basic and diluted)

 

$

(3.01

)

 

$

(1.64

)

 

$

(2.55

)

 

$

(2.19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

   (basic and diluted)

 

 

9,969

 

 

 

7,930

 

 

 

10,582

 

 

 

7,818

 

 

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

2


SAExploration Holdings, Inc.

(Debtors–in–Possession)

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(30,015

)

 

$

(12,985

)

 

$

(24,353

)

 

$

(14,531

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

113

 

 

 

990

 

 

 

2,703

 

 

 

600

 

Comprehensive loss

 

 

(29,902

)

 

 

(11,995

)

 

 

(21,650

)

 

 

(13,931

)

Less: comprehensive income attributable to noncontrolling

  interest

 

 

 

 

 

 

 

 

2,607

 

 

 

2,573

 

Comprehensive loss attributable to SAExploration

 

$

(29,902

)

 

$

(11,995

)

 

$

(24,257

)

 

$

(16,504

)

 

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

3


SAExploration Holdings, Inc.

(Debtors–in–Possession)

Condensed Consolidated Statements of Changes in Stockholders’ Deficit

(In thousands)

(Unaudited)

 

Three Months Ended September 30, 2020

 

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

SAExploration

Stockholders’

Deficit

 

 

Noncontrolling

Interest

 

 

Total

Stockholders’

Deficit

 

Balances at June 30, 2020

 

$

 

 

$

240,366

 

 

$

(271,480

)

 

$

(322

)

 

$

(2,232

)

 

$

(33,668

)

 

$

423

 

 

$

(33,245

)

Net loss

 

 

 

 

 

 

 

 

(30,015

)

 

 

 

 

 

 

 

 

(30,015

)

 

 

 

 

 

(30,015

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

113

 

 

 

 

 

 

113

 

 

 

 

 

 

113

 

Equity-based compensation cost

 

 

 

 

 

(689

)

 

 

 

 

 

 

 

 

 

 

 

(689

)

 

 

 

 

 

(689

)

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Balances at September 30, 2020

 

$

 

 

$

239,677

 

 

$

(301,495

)

 

$

(209

)

 

$

(2,232

)

 

$

(64,259

)

 

$

420

 

 

$

(63,839

)

 

Three Months Ended September 30, 2019

 

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

SAExploration

Stockholders’

Deficit

 

 

Noncontrolling

Interest

 

 

Total

Stockholders’

Deficit

 

Balances at June 30, 2019

 

$

 

 

$

235,638

 

 

$

(253,468

)

 

$

(3,425

)

 

$

(2,232

)

 

$

(23,487

)

 

$

5,298

 

 

$

(18,189

)

Net loss

 

 

 

 

 

 

 

 

(12,985

)

 

 

 

 

 

 

 

 

(12,985

)

 

 

 

 

 

(12,985

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

990

 

 

 

 

 

 

990

 

 

 

 

 

 

990

 

Equity-based compensation cost

 

 

 

 

 

(55

)

 

 

 

 

 

 

 

 

 

 

 

(55

)

 

 

 

 

 

(55

)

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(750

)

 

 

(750

)

Balances at September. 30, 2019

 

$

 

 

$

235,583

 

 

$

(266,453

)

 

$

(2,435

)

 

$

(2,232

)

 

$

(35,537

)

 

$

4,548

 

 

$

(30,989

)

 

Nine Months Ended September 30, 2020

 

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

SAExploration

Stockholders’

Deficit

 

 

Noncontrolling

Interest

 

 

Total

Stockholders’

Deficit

 

Balances at December 31, 2019

 

$

 

 

$

240,068

 

 

$

(274,535

)

 

$

(2,912

)

 

$

(2,232

)

 

$

(39,611

)

 

$

3,798

 

 

$

(35,813

)

Net (loss) income

 

 

 

 

 

 

 

 

(26,960

)

 

 

 

 

 

 

 

 

(26,960

)

 

 

2,607

 

 

 

(24,353

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

2,703

 

 

 

 

 

 

2,703

 

 

 

 

 

 

2,703

 

Equity-based compensation cost

 

 

 

 

 

(391

)

 

 

 

 

 

 

 

 

 

 

 

(391

)

 

 

 

 

 

(391

)

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,985

)

 

 

(5,985

)

Balances at September 30, 2020

 

$

 

 

$

239,677

 

 

$

(301,495

)

 

$

(209

)

 

$

(2,232

)

 

$

(64,259

)

 

$

420

 

 

$

(63,839

)

 

Nine Months Ended September 30, 2019

 

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

SAExploration

Stockholders’

Deficit

 

 

Noncontrolling

Interest

 

 

Total

Stockholders’

Deficit

 

Balances at December 31, 2018

 

$

 

 

$

232,661

 

 

$

(249,349

)

 

$

(3,035

)

 

$

(1,866

)

 

$

(21,589

)

 

$

4,225

 

 

$

(17,364

)

Net (loss) income

 

 

 

 

 

 

 

 

(17,104

)

 

 

 

 

 

 

 

 

(17,104

)

 

 

2,573

 

 

 

(14,531

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

600

 

 

 

 

 

 

600

 

 

 

 

 

 

600

 

Issuance of common stock

 

 

 

 

 

578

 

 

 

 

 

 

 

 

 

 

 

 

578

 

 

 

 

 

 

578

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(366

)

 

 

(366

)

 

 

 

 

 

(366

)

Equity-based compensation cost

 

 

 

 

 

2,344

 

 

 

 

 

 

 

 

 

 

 

 

2,344

 

 

 

 

 

 

2,344

 

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,250

)

 

 

(2,250

)

Balances at September 30, 2019

 

$

 

 

$

235,583

 

 

$

(266,453

)

 

$

(2,435

)

 

$

(2,232

)

 

$

(35,537

)

 

$

4,548

 

 

$

(30,989

)

 

 

 

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

4


SAExploration Holdings, Inc.

(Debtors–in–Possession)

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)