Company Quick10K Filing
Superior Energy Services
Price0.09 EPS-6
Shares157 P/E-0
MCap14 P/FCF0
Net Debt1,037 EBIT-895
TEV1,051 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-21
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-23
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-28
8-K 2020-06-03
8-K 2020-06-01
8-K 2020-05-21
8-K 2020-04-28
8-K 2020-03-30
8-K 2020-03-26
8-K 2020-03-25
8-K 2020-02-20
8-K 2020-02-20
8-K 2020-02-20
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-02-14
8-K 2020-02-06
8-K 2020-01-31
8-K 2020-01-27
8-K 2020-01-22
8-K 2020-01-16
8-K 2020-01-06
8-K 2019-12-18
8-K 2019-12-18
8-K 2019-12-18
8-K 2019-12-10
8-K 2019-11-05
8-K 2019-10-01
8-K 2019-08-09
8-K 2019-07-23
8-K 2019-06-06
8-K 2019-04-23
8-K 2019-02-18
8-K 2018-10-22
8-K 2018-07-24
8-K 2018-05-22
8-K 2018-04-24
8-K 2018-02-28
8-K 2018-02-19
8-K 2018-01-29

SPN 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements and Notes
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-22 spn-20200331xex22.htm
EX-31.1 spn-20200331xex31_1.htm
EX-31.2 spn-20200331xex31_2.htm
EX-32.1 spn-20200331xex32_1.htm
EX-32.2 spn-20200331xex32_2.htm

Superior Energy Services Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.30.90.4-0.0-0.5-0.92012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2020

or

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

For the Transition Period from to

Commission File No. 001-34037

Commission Company Name: SUPERIOR ENERGY SERVICES INC

SUPERIOR ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

75-2379388

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

1001 Louisiana Street, Suite 2900

77002

Houston, TX

(Zip Code)

(Address of principal executive offices)

Registrant’s telephone number, including area code: (713) 654-2200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $.001 par value

SPN

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 x 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x 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 x

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 x

The number of shares of the registrant’s common stock outstanding on May 18, 2020 was 14,826,507.

1


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Quarterly Report on Form 10-Q for

the Quarterly Period Ended March 31, 2020

TABLE OF CONTENTS

 


2


PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements and Notes

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share data)

(unaudited)

March 31, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

252,221

$

272,624

Accounts receivable, net of allowance for doubtful accounts of $11,891 and $12,156 at March 31, 2020 and December 31, 2019, respectively

310,902

332,047

Income taxes receivable

29,914

740

Prepaid expenses

38,902

49,132

Inventory and other current assets

125,718

117,629

Assets held for sale

121,080

216,197

Total current assets

878,737

988,369

Property, plant and equipment, net of accumulated depreciation and depletion of
$2,193,111 and $2,214,116 at March 31, 2020 and December 31, 2019, respectively

620,017

664,949

Operating lease right-of-use assets

76,533

80,906

Goodwill

136,155

137,695

Notes receivable

69,245

68,092

Restricted cash

2,773

2,764

Intangible and other long-term assets, net of accumulated amortization of $23,459
and $23,199 at March 31, 2020 and December 31, 2019, respectively

47,431

50,455

Total assets

$

1,830,891

$

1,993,230

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current liabilities:

Accounts payable

$

73,144

$

92,966

Accrued expenses

164,883

182,934

Current portion of decommissioning liabilities

3,677

3,649

Liabilities held for sale

8,226

44,938

Total current liabilities

249,930

324,487

Long-term debt, net

1,284,008

1,286,629

Decommissioning liabilities

134,031

132,632

Operating lease liabilities

57,948

62,354

Deferred income taxes

7,129

3,247

Other long-term liabilities

129,955

134,308

Stockholders’ equity (deficit):

Preferred stock of $0.01 par value. Authorized - 5,000,000 shares; none issued

-

-

Common stock of $0.001 par value

Authorized - 25,000,000, Issued - 15,798,428, Outstanding - 14,826,016 at March 31, 2020

16

16

Authorized - 25,000,000, Issued - 15,689,463, Outstanding - 14,717,051 at December 31, 2019

Additional paid-in capital

2,755,178

2,752,859

Treasury stock at cost, 972,412 shares at March 31, 2020 and December 31, 2019, respectively

(4,290)

(4,290)

Accumulated other comprehensive loss, net

(76,465)

(71,927)

Accumulated deficit

(2,706,549)

(2,627,085)

Total stockholders’ equity (deficit)

(32,110)

49,573

Total liabilities and stockholders’ equity (deficit)

$

1,830,891

$

1,993,230

See accompanying notes to condensed consolidated financial statements.

3


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31,

2020

2019

Revenues:

Services

$

180,236

$

239,274

Rentals

100,105

91,036

Product sales

41,156

34,964

Total revenues

321,497

365,274

Costs and expenses:

Cost of services

140,199

178,725

Cost of rentals

40,043

41,687

Cost of sales

31,444

19,641

Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)

211,686

240,053

Depreciation, depletion, amortization and accretion - services

23,159

36,622

Depreciation, depletion, amortization and accretion - rentals

12,820

15,663

Depreciation, depletion, amortization and accretion - sales

5,376

4,058

General and administrative expenses

65,157

71,112

Reduction in value of assets

16,522

-

Loss from operations

(13,223)

(2,234)

Other expense:

Interest expense, net

(25,134)

(25,121)

Other expense

(4,232)

(1,612)

Loss from continuing operations before income taxes

(42,589)

(28,967)

Income taxes

(10,254)

3,677

Net loss from continuing operations

(32,335)

(32,644)

Loss from discontinued operations, net of income tax

(47,129)

(15,061)

Net loss

$

(79,464)

$

(47,705)

Basic and diluted loss per share:

Net loss from continuing operations

$

(2.18)

$

(2.10)

Loss from discontinued operations

(3.18)

(0.97)

Net loss

$

(5.36)

$

(3.07)

Weighted average shares outstanding

14,809

15,578

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

Three Months Ended March 31,

2020

2019

Net loss

(79,464)

(47,705)

Change in cumulative translation adjustment, net of tax

(4,538)

1,073

Comprehensive loss

$

(84,002)

$

(46,632)

See accompanying notes to condensed consolidated financial statements.

 

4


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three Months Ended March 31,

2020

2019

Cash flows from operating activities:

Net loss

$

(79,464)

$

(47,705)

Adjustments to reconcile net loss to net cash provided by operating
  activities:

Depreciation, depletion, amortization and accretion

41,355

82,439

Deferred income taxes

3,882

-

Reduction in value of assets

16,522

-

Reduction in value of assets held for sale

46,358

-

Right-of-use assets amortization

4,373

5,741

Stock-based compensation expense

3,584

8,453

Other reconciling items, net

1,776

(9,727)

Changes in operating assets and liabilities:

Accounts receivable

(3,448)

26,590

Prepaid expenses

4,129

(7,333)

Inventory and other current assets

(2,077)

1,392

Accounts payable

(17,086)

(8,172)

Accrued expenses

(20,540)

(17,709)

Income taxes

(28,479)

-

Other, net

(3,125)

(6,590)

Net cash provided by (used in) operating activities

(32,240)

27,379

Cash flows from investing activities:

Payments for capital expenditures

(18,563)

(41,160)

Proceeds from sales of assets

33,045

5,066

Net cash provided by (used in) investing activities

14,482

(36,094)

Cash flows from financing activities:

Tax withholdings for vested restricted stock units

(208)

(1,667)

Net cash used in financing activities

(208)

(1,667)

Effect of exchange rate changes on cash

(2,428)

924

Net change in cash, cash equivalents, and restricted cash

(20,394)

(9,458)

Cash, cash equivalents, and restricted cash at beginning of period

275,388

163,748

Cash, cash equivalents, and restricted cash at end of period

$

254,994

$

154,290

See accompanying notes to condensed consolidated financial statements.

 

5


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

Three Months Ended March 31, 2020 and 2019

(in thousands, except share data)

(unaudited)

Accumulated

Common

Additional

other

stock

Common

paid-in

Treasury

comprehensive

Accumulated

shares

stock

capital

stock

loss, net

deficit

Total

Balances, December 31, 2019

15,689,463 

$

16 

$

2,752,859 

$

(4,290)

$

(71,927)

$

(2,627,085)

$

49,573 

Net loss

-

-

-

-

-

(79,464)

(79,464)

Foreign currency translation adjustment

-

-

-