Company Quick10K Filing
Select Energy Services
Price1.00 EPS-3,139,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-43 EBIT9
TEV-43 TEV/EBIT-5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-05-11
S-1 2018-01-24 Public Filing
10-K 2017-12-31 Filed 2018-03-19
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-19
8-K 2020-08-14 Officers
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-05-08
8-K 2020-05-05
8-K 2020-03-31
8-K 2020-02-24
8-K 2020-01-22
8-K 2019-12-18
8-K 2019-11-06
8-K 2019-08-06
8-K 2019-05-10
8-K 2019-05-07
8-K 2019-03-22
8-K 2019-02-26
8-K 2019-02-11
8-K 2018-11-06
8-K 2018-08-09
8-K 2018-05-21
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-05-04
8-K 2018-03-22
8-K 2018-03-07

WTTR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Business and Basis of Presentation
Note 2 - Significant Accounting Policies
Note 3 - Impairments and Other Costs
Note 4 - Acquisitions
Note 5 - Revenue
Note 6 - Inventories
Note 7 - Property and Equipment
Note 8 - Goodwill and Other Intangible Assets
Note 9 - Debt
Note 10 - Commitments and Contingencies
Note 11 - Equity - Based Compensation
Note 12 - Fair Value Measurement
Note 13 - Related - Party Transactions
Note 14 - Income Taxes
Note 15 - Noncontrolling Interests
Note 16 - (Loss) Earnings per Share
Note 17 - Segment Information
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-31.1 wttr-20200630xex31d1.htm
EX-31.2 wttr-20200630xex31d2.htm
EX-32.1 wttr-20200630xex32d1.htm
EX-32.2 wttr-20200630xex32d2.htm

Select Energy Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02017201820192020
Assets, Equity
0.40.30.20.10.0-0.12017201820192020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12017201820192020
Ops, Inv, Fin

00000001693256--12-312020Q286883049162211011622110135700000P5Y0P1YP4Yfalse0001693256srt:MinimumMemberus-gaap:PerformanceSharesMember2020-04-012020-06-300001693256wttr:ReturnOnAssetsLessThan9.6Memberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:ReturnOnAssets9.6Memberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:ReturnOnAssets14.40Memberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:ReturnOnAssets12Memberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:StockPriceAtVestingDateLessThan20.00Memberwttr:StockSettledIncentiveAwardsMember2018-05-172020-06-300001693256wttr:StockPriceAtVestingDateAtLeast20.00ButLessThan25.00Memberwttr:StockSettledIncentiveAwardsMember2018-05-172020-06-300001693256wttr:StockPriceAtVestingDate25.00OrGreaterMemberwttr:StockSettledIncentiveAwardsMember2018-05-172020-06-300001693256wttr:StockSettledIncentiveAwardsMember2020-06-300001693256wttr:StockSettledIncentiveAwardsMember2019-12-310001693256wttr:PeerGroupTopThreeMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:PeerGroupTopTenMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:PeerGroupTopSevenMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:PeerGroupRankingOutsideOfTopTenMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:AdjustedFcfPerformancePercentageSeventyPercentageMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:AdjustedFcfPerformancePercentageOneHundredThirtyPercentageMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:AdjustedFcfPerformancePercentageLessThanSeventyPercentageMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:AdjustedFcfPerformancePercentageHundredPercentageMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256wttr:ReturnOnAssetsFivePercentMember2020-01-012020-06-300001693256wttr:LegacyOwnerHoldcoAndCrestviewGPMemberwttr:TaxReceivableAgreementMember2020-01-012020-06-300001693256wttr:ContributingLegacyOwnersMemberwttr:TaxReceivableAgreementMember2020-01-012020-06-300001693256wttr:StockSettledIncentiveAwardsMember2018-05-172020-06-300001693256wttr:PermianBasinHaynesvilleE.TexasAndMidconMemberwttr:OilfieldChemicalsMember2020-04-012020-06-300001693256wttr:PermianBasinEagleFordAndMarcellusUticaMemberwttr:WaterServicesMember2020-04-012020-06-300001693256wttr:PermianBasinAndBakkenMemberwttr:WaterInfrastructureMember2020-04-012020-06-300001693256wttr:PermianBasinHaynesvilleE.TexasAndMidconMemberwttr:OilfieldChemicalsMember2020-01-012020-06-300001693256wttr:PermianBasinEagleFordAndMarcellusUticaMemberwttr:WaterServicesMember2020-01-012020-06-300001693256wttr:PermianBasinAndBakkenMemberwttr:WaterInfrastructureMember2020-01-012020-06-300001693256wttr:PermianBasinHaynesvilleE.TexasAndMidconMemberwttr:OilfieldChemicalsMember2019-04-012019-06-300001693256wttr:PermianBasinEagleFordAndMarcellusUticaMemberwttr:WaterServicesMember2019-04-012019-06-300001693256wttr:PermianBasinAndBakkenMemberwttr:WaterInfrastructureMember2019-04-012019-06-300001693256wttr:PermianBasinHaynesvilleE.TexasAndMidconMemberwttr:OilfieldChemicalsMember2019-01-012019-06-300001693256wttr:PermianBasinEagleFordAndMarcellusUticaMemberwttr:WaterServicesMember2019-01-012019-06-300001693256wttr:PermianBasinAndBakkenMemberwttr:WaterInfrastructureMember2019-01-012019-06-300001693256wttr:DistributionsAllowedScenarioTwoMemberwttr:SeniorSecuredCreditFacilityMember2017-11-012017-11-010001693256wttr:DistributionsAllowedScenarioOneMemberwttr:SeniorSecuredCreditFacilityMember2017-11-012017-11-010001693256wttr:CoverageRatioCriteriaMemberwttr:SeniorSecuredCreditFacilityMember2017-11-012017-11-010001693256wttr:DistributionsAllowedScenarioOneMemberwttr:SeniorSecuredCreditFacilityMember2017-11-010001693256wttr:SeniorSecuredCreditFacilityMember2020-01-012020-06-300001693256us-gaap:WaterPlantMember2020-01-012020-06-300001693256us-gaap:WaterPlantMember2019-01-012019-12-310001693256us-gaap:TrademarksMember2019-01-012019-12-310001693256wttr:DistributionsAllowedScenarioTwoMemberwttr:SeniorSecuredCreditFacilityMember2017-11-010001693256wttr:CoverageRatioCriteriaMemberwttr:SeniorSecuredCreditFacilityMember2017-11-010001693256wttr:CommonClassOneMemberus-gaap:PrivatePlacementMember2016-12-3100016932562016-12-200001693256srt:MinimumMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256srt:MaximumMemberus-gaap:PerformanceSharesMember2020-01-012020-06-300001693256srt:MinimumMemberwttr:StockSettledIncentiveAwardsMember2018-05-172018-05-170001693256srt:MaximumMemberwttr:StockSettledIncentiveAwardsMember2018-05-172018-05-170001693256us-gaap:CommonClassAMember2019-01-012019-12-310001693256us-gaap:CommonClassBMember2019-01-012019-12-310001693256wttr:SeniorSecuredCreditFacilityMemberwttr:NetRecoveryPercentageMember2017-11-010001693256wttr:SeniorSecuredCreditFacilityMemberwttr:EligibleInventoryMember2017-11-010001693256wttr:SeniorSecuredCreditFacilityMemberwttr:EligibleBilledReceivablesMember2017-11-010001693256wttr:EligibleUnbilledReceivablesMember2017-11-010001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMember2017-11-010001693256wttr:SeniorSecuredCreditFacilityMember2017-11-010001693256us-gaap:CommonClassBMember2020-04-012020-06-300001693256us-gaap:CommonClassBMember2020-01-012020-06-300001693256us-gaap:CommonClassBMember2019-04-012019-06-300001693256us-gaap:CommonClassBMember2019-01-012019-06-300001693256us-gaap:CommonClassAMemberus-gaap:IPOMember2017-04-262017-04-260001693256wttr:CommonClassOneMemberus-gaap:PrivatePlacementMember2016-12-202016-12-200001693256us-gaap:RetainedEarningsMember2020-06-300001693256us-gaap:ParentMember2020-06-300001693256us-gaap:NoncontrollingInterestMember2020-06-300001693256us-gaap:AdditionalPaidInCapitalMember2020-06-300001693256us-gaap:RetainedEarningsMember2020-03-310001693256us-gaap:ParentMember2020-03-310001693256us-gaap:NoncontrollingInterestMember2020-03-310001693256us-gaap:AdditionalPaidInCapitalMember2020-03-3100016932562020-03-310001693256us-gaap:RetainedEarningsMember2019-12-310001693256us-gaap:ParentMember2019-12-310001693256us-gaap:NoncontrollingInterestMember2019-12-310001693256us-gaap:AdditionalPaidInCapitalMember2019-12-310001693256us-gaap:RetainedEarningsMember2019-06-300001693256us-gaap:ParentMember2019-06-300001693256us-gaap:NoncontrollingInterestMember2019-06-300001693256us-gaap:AdditionalPaidInCapitalMember2019-06-300001693256us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001693256us-gaap:RetainedEarningsMember2019-03-310001693256us-gaap:ParentMember2019-03-310001693256us-gaap:NoncontrollingInterestMember2019-03-310001693256us-gaap:AdditionalPaidInCapitalMember2019-03-310001693256us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3100016932562019-03-310001693256us-gaap:RetainedEarningsMember2018-12-310001693256us-gaap:ParentMember2018-12-310001693256us-gaap:NoncontrollingInterestMember2018-12-310001693256us-gaap:AdditionalPaidInCapitalMember2018-12-310001693256us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001693256wttr:LongTermIncentivePlan2016Member2020-04-012020-06-300001693256wttr:LongTermIncentivePlan2016Member2020-01-012020-06-300001693256wttr:LongTermIncentivePlan2016Member2019-04-012019-06-300001693256wttr:LongTermIncentivePlan2016Member2019-01-012019-06-300001693256us-gaap:CommonClassBMember2020-03-310001693256us-gaap:CommonClassAMember2020-03-310001693256us-gaap:CommonClassBMember2019-06-300001693256us-gaap:CommonClassAMember2019-06-300001693256us-gaap:CommonClassBMember2019-03-310001693256us-gaap:CommonClassAMember2019-03-310001693256us-gaap:CommonClassBMember2018-12-310001693256us-gaap:CommonClassAMember2018-12-310001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2020-06-300001693256us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2019-12-310001693256us-gaap:EmployeeStockOptionMember2019-12-310001693256us-gaap:EmployeeStockOptionMember2019-01-012019-12-310001693256us-gaap:EmployeeStockOptionMember2020-06-300001693256wttr:RockwaterEquityPlanMember2020-06-300001693256wttr:SecondAmendmentTo2016PlanMemberus-gaap:CommonClassAMember2020-02-280001693256srt:MaximumMemberwttr:LongTermIncentivePlan2016Member2017-11-012017-11-010001693256us-gaap:PerformanceSharesMember2019-01-012019-12-310001693256us-gaap:PerformanceSharesMember2018-01-012018-12-310001693256us-gaap:PerformanceSharesMember2020-06-300001693256wttr:RestrictedStockAwardsMember2019-12-310001693256us-gaap:RestrictedStockUnitsRSUMember2019-12-310001693256us-gaap:PerformanceSharesMember2019-12-310001693256wttr:RestrictedStockAwardsMember2020-01-012020-06-300001693256us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001693256srt:MinimumMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001693256srt:MaximumMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001693256wttr:StockSettledIncentiveAwardsMember2018-05-172018-05-170001693256srt:MinimumMemberwttr:EmployeeStockPurchasePlanMember2020-01-012020-06-300001693256us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300001693256us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-06-300001693256us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-06-300001693256wttr:WellChemicalServicesAcquisitionMember2020-01-012020-06-300001693256wttr:RockiesMember2020-04-012020-06-300001693256wttr:PermianBasinMember2020-04-012020-06-300001693256wttr:MidconMember2020-04-012020-06-300001693256wttr:MarcellusUticaMember2020-04-012020-06-300001693256wttr:HaynesvilleE.TexasMember2020-04-012020-06-300001693256wttr:EagleFordMember2020-04-012020-06-300001693256wttr:BakkenMember2020-04-012020-06-300001693256wttr:AllOtherGeographicalAreasMember2020-04-012020-06-300001693256us-gaap:IntersegmentEliminationMember2020-04-012020-06-300001693256wttr:RockiesMember2020-01-012020-06-300001693256wttr:PermianBasinMember2020-01-012020-06-300001693256wttr:MidconMember2020-01-012020-06-300001693256wttr:MarcellusUticaMember2020-01-012020-06-300001693256wttr:HaynesvilleE.TexasMember2020-01-012020-06-300001693256wttr:EagleFordMember2020-01-012020-06-300001693256wttr:BakkenMember2020-01-012020-06-300001693256wttr:AllOtherGeographicalAreasMember2020-01-012020-06-300001693256us-gaap:IntersegmentEliminationMember2020-01-012020-06-300001693256wttr:RockiesMember2019-04-012019-06-300001693256wttr:PermianBasinMember2019-04-012019-06-300001693256wttr:MidconMember2019-04-012019-06-300001693256wttr:MarcellusUticaMember2019-04-012019-06-300001693256wttr:HaynesvilleE.TexasMember2019-04-012019-06-300001693256wttr:EagleFordMember2019-04-012019-06-300001693256wttr:BakkenMember2019-04-012019-06-300001693256wttr:AllOtherGeographicalAreasMember2019-04-012019-06-300001693256us-gaap:IntersegmentEliminationMember2019-04-012019-06-300001693256wttr:RockiesMember2019-01-012019-06-300001693256wttr:PermianBasinMember2019-01-012019-06-300001693256wttr:MidconMember2019-01-012019-06-300001693256wttr:MarcellusUticaMember2019-01-012019-06-300001693256wttr:HaynesvilleE.TexasMember2019-01-012019-06-300001693256wttr:EagleFordMember2019-01-012019-06-300001693256wttr:BakkenMember2019-01-012019-06-300001693256wttr:AllOtherGeographicalAreasMember2019-01-012019-06-300001693256us-gaap:IntersegmentEliminationMember2019-01-012019-06-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMember2020-04-012020-06-300001693256us-gaap:PropertyPlantAndEquipmentMember2020-04-012020-06-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMember2020-01-012020-06-300001693256wttr:ManagementConsultingAndOtherServicesMember2020-01-012020-06-300001693256wttr:InventoryAndConsumablesMember2020-01-012020-06-300001693256us-gaap:PropertyPlantAndEquipmentMember2020-01-012020-06-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMember2019-04-012019-06-300001693256wttr:ManagementConsultingAndOtherServicesMember2019-04-012019-06-300001693256us-gaap:PropertyPlantAndEquipmentMember2019-04-012019-06-300001693256wttr:RentOfCertainEquipmentOrOtherServicesMember2019-01-012019-06-300001693256wttr:ManagementConsultingAndOtherServicesMember2019-01-012019-06-300001693256us-gaap:PropertyPlantAndEquipmentMember2019-01-012019-06-300001693256wttr:FinanceLeasedVehiclesMember2020-06-300001693256wttr:FinanceLeasedMachineryAndEquipmentMember2020-06-300001693256wttr:FinanceLeasedComputerEquipmentMember2020-06-300001693256us-gaap:WellsAndRelatedEquipmentAndFacilitiesMember2020-06-300001693256us-gaap:VehiclesMember2020-06-300001693256us-gaap:PipelinesMember2020-06-300001693256us-gaap:OfficeEquipmentMember2020-06-300001693256us-gaap:MachineryAndEquipmentMember2020-06-300001693256us-gaap:LandMember2020-06-300001693256us-gaap:ConstructionInProgressMember2020-06-300001693256us-gaap:ComputerEquipmentMember2020-06-300001693256us-gaap:BuildingAndBuildingImprovementsMember2020-06-300001693256wttr:OtherPropertyPlantAndEquipmentMember2019-12-310001693256wttr:FinanceLeasedVehiclesMember2019-12-310001693256wttr:FinanceLeasedMachineryAndEquipmentMember2019-12-310001693256wttr:FinanceLeasedComputerEquipmentMember2019-12-310001693256us-gaap:WellsAndRelatedEquipmentAndFacilitiesMember2019-12-310001693256us-gaap:VehiclesMember2019-12-310001693256us-gaap:PipelinesMember2019-12-310001693256us-gaap:OfficeEquipmentMember2019-12-310001693256us-gaap:MachineryAndEquipmentMember2019-12-310001693256us-gaap:LandMember2019-12-310001693256us-gaap:ConstructionInProgressMember2019-12-310001693256us-gaap:ComputerEquipmentMember2019-12-310001693256us-gaap:BuildingAndBuildingImprovementsMember2019-12-310001693256wttr:SecondMeasurementDateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001693256us-gaap:RetainedEarningsMember2020-04-012020-06-300001693256us-gaap:RetainedEarningsMember2020-01-012020-06-300001693256us-gaap:RetainedEarningsMember2019-04-012019-06-300001693256us-gaap:RetainedEarningsMember2019-01-012019-06-300001693256wttr:EmployeeStockPurchasePlanMember2020-01-012020-06-300001693256us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001693256us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001693256wttr:SesHoldingsLlcMember2020-06-300001693256us-gaap:LondonInterbankOfferedRateLIBORMemberwttr:AverageExcessAvailabilityMoreThanOrEqualToSixtySixPointSixSevenPercentMember2020-06-300001693256us-gaap:LondonInterbankOfferedRateLIBORMemberwttr:AverageExcessAvailabilityLessThanThirtyThreePercentOfCommitmentsMember2020-06-300001693256us-gaap:LondonInterbankOfferedRateLIBORMemberwttr:AverageExcessAvailabilityLessThanSixtySixPointSixSevenPercentAndMoreThanOrEqualToThirtyThreePercentOfCommitmentsMember2020-06-300001693256us-gaap:BaseRateMemberwttr:AverageExcessAvailabilityMoreThanOrEqualToSixtySixPointSixSevenPercentMember2020-06-300001693256us-gaap:BaseRateMemberwttr:AverageExcessAvailabilityLessThanThirtyThreePercentOfCommitmentsMember2020-06-300001693256us-gaap:BaseRateMemberwttr:AverageExcessAvailabilityLessThanSixtySixPointSixSevenPercentAndMoreThanOrEqualToThirtyThreePercentOfCommitmentsMember2020-06-300001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMember2020-06-300001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMember2020-06-300001693256wttr:AverageExcessAvailabilityMoreThanOrEqualToFiftyPercentMember2020-01-012020-06-300001693256wttr:AverageExcessAvailabilityLessThanFiftyPercentMember2020-01-012020-06-300001693256us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMember2020-06-300001693256us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMember2019-12-310001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:LetterOfCreditMember2017-11-010001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:BridgeLoanMember2017-11-010001693256us-gaap:RevolvingCreditFacilityMember2017-11-010001693256us-gaap:LetterOfCreditMember2020-06-300001693256us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001693256us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001693256us-gaap:MaterialReconcilingItemsMember2019-04-012019-06-300001693256us-gaap:MaterialReconcilingItemsMember2019-01-012019-06-300001693256us-gaap:WaterPlantMember2020-06-300001693256us-gaap:TrademarksMember2020-06-300001693256us-gaap:WaterPlantMember2019-12-310001693256us-gaap:TrademarksMember2019-12-310001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300001693256wttr:SecondMeasurementDateMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-06-300001693256us-gaap:TrademarksMember2020-01-012020-06-300001693256wttr:FirstMeasurementDateMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-06-300001693256wttr:WaterServicesMember2020-01-012020-06-300001693256wttr:WaterInfrastructureMember2020-01-012020-06-300001693256wttr:WaterServicesMember2019-12-310001693256wttr:WaterInfrastructureMember2019-12-310001693256wttr:CanadianAssetsMember2020-01-012020-06-300001693256wttr:FirstMeasurementDateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001693256wttr:FirstMeasurementDateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001693256us-gaap:PatentsMember2020-06-300001693256us-gaap:OtherIntangibleAssetsMember2020-06-300001693256us-gaap:CustomerRelationshipsMember2020-06-300001693256us-gaap:PatentsMember2019-12-310001693256us-gaap:OtherIntangibleAssetsMember2019-12-310001693256us-gaap:CustomerRelationshipsMember2019-12-3100016932562019-01-012019-12-310001693256srt:MinimumMember2020-06-300001693256wttr:RestrictedStockAwardsMember2020-06-300001693256us-gaap:CommonClassAMember2020-04-012020-06-300001693256us-gaap:CommonClassAMember2020-01-012020-06-300001693256us-gaap:CommonClassAMember2019-04-012019-06-300001693256us-gaap:CommonClassAMember2019-01-012019-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2020-04-012020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2020-04-012020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2020-04-012020-06-300001693256us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2020-01-012020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2020-01-012020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2020-01-012020-06-300001693256us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2019-04-012019-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2019-04-012019-06-300001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2019-04-012019-06-300001693256us-gaap:CorporateNonSegmentMember2019-04-012019-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2019-01-012019-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2019-01-012019-06-300001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2019-01-012019-06-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300001693256us-gaap:CorporateNonSegmentMember2019-01-012019-06-300001693256wttr:SeniorSecuredCreditFacilityMember2020-06-300001693256wttr:SeniorSecuredCreditFacilityMember2019-12-310001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-11-012017-11-010001693256srt:MinimumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:BaseRateMember2017-11-012017-11-010001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-11-012017-11-010001693256srt:MaximumMemberwttr:SeniorSecuredCreditFacilityMemberus-gaap:BaseRateMember2017-11-012017-11-010001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:PrimeRateMember2017-11-012017-11-010001693256wttr:SeniorSecuredCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-11-012017-11-010001693256wttr:SeniorSecuredCreditFacilityMember2017-11-012017-11-010001693256wttr:WaterInfrastructureMember2020-04-012020-06-300001693256us-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001693256wttr:WaterInfrastructureMember2020-01-012020-06-300001693256us-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001693256wttr:WaterServicesMember2019-04-012019-06-300001693256wttr:WaterInfrastructureMember2019-04-012019-06-300001693256wttr:OilfieldChemicalsMember2019-04-012019-06-300001693256us-gaap:ProductAndServiceOtherMember2019-04-012019-06-300001693256wttr:WaterServicesMember2019-01-012019-06-300001693256wttr:WaterInfrastructureMember2019-01-012019-06-300001693256wttr:OilfieldChemicalsMember2019-01-012019-06-300001693256us-gaap:ProductAndServiceOtherMember2019-01-012019-06-300001693256wttr:CommonClassTwoMember2020-06-300001693256us-gaap:CommonClassBMember2020-06-300001693256us-gaap:CommonClassAMember2020-06-300001693256wttr:CommonClassTwoMember2019-12-310001693256us-gaap:CommonClassBMember2019-12-310001693256us-gaap:CommonClassAMember2019-12-310001693256wttr:CommonClassOneMember2016-12-200001693256us-gaap:CommonClassBMember2016-12-200001693256us-gaap:CommonClassAMember2016-12-2000016932562019-06-3000016932562018-12-310001693256wttr:WaterServicesMember2020-04-012020-06-300001693256wttr:OilfieldChemicalsMember2020-04-012020-06-300001693256us-gaap:CostOfSalesMember2020-04-012020-06-300001693256wttr:WaterServicesMember2020-01-012020-06-300001693256wttr:OilfieldChemicalsMember2020-01-012020-06-300001693256us-gaap:CostOfSalesMember2020-01-012020-06-300001693256wttr:WellChemicalServicesAcquisitionMember2019-09-300001693256wttr:WellChemicalServicesAcquisitionMember2019-09-302019-09-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2020-06-300001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-06-300001693256us-gaap:OperatingSegmentsMemberwttr:WaterServicesMember2019-12-310001693256us-gaap:OperatingSegmentsMemberwttr:WaterInfrastructureMember2019-12-310001693256us-gaap:OperatingSegmentsMemberwttr:OilfieldChemicalsMember2019-12-310001693256us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-12-310001693256wttr:StockSettledIncentiveAwardsMember2020-04-012020-06-300001693256us-gaap:RestrictedStockMember2020-04-012020-06-300001693256us-gaap:PerformanceSharesMember2020-04-012020-06-300001693256us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001693256wttr:StockSettledIncentiveAwardsMember2020-01-012020-06-300001693256us-gaap:RestrictedStockMember2020-01-012020-06-300001693256us-gaap:PerformanceSharesMember2020-01-012020-06-300001693256us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001693256wttr:StockSettledIncentiveAwardsMember2019-04-012019-06-300001693256us-gaap:RestrictedStockMember2019-04-012019-06-300001693256us-gaap:PerformanceSharesMember2019-04-012019-06-300001693256us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001693256wttr:StockSettledIncentiveAwardsMember2019-01-012019-06-300001693256us-gaap:RestrictedStockMember2019-01-012019-06-300001693256us-gaap:PerformanceSharesMember2019-01-012019-06-300001693256us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001693256us-gaap:ParentMember2020-04-012020-06-300001693256us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001693256us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-3000016932562020-04-012020-06-300001693256us-gaap:ParentMember2020-01-012020-06-300001693256us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001693256us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001693256us-gaap:ParentMember2019-04-012019-06-300001693256us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001693256us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-3000016932562019-04-012019-06-300001693256us-gaap:ParentMember2019-01-012019-06-300001693256us-gaap:NoncontrollingInterestMember2019-01-012019-06-300001693256us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-3000016932562019-01-012019-06-300001693256us-gaap:PatentsMember2020-01-012020-06-300001693256us-gaap:OtherIntangibleAssetsMember2020-01-012020-06-300001693256us-gaap:CustomerRelationshipsMember2020-01-012020-06-3000016932562020-06-3000016932562019-12-310001693256us-gaap:CommonClassBMember2020-08-030001693256us-gaap:CommonClassAMember2020-08-0300016932562020-01-012020-06-30xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purewttr:segmentwttr:itemwttr:leasewttr:region

Table of Contents

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 June 30, 2020

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 001-38066

SELECT ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware

81-4561945

(State of incorporation)

(IRS Employer

Identification Number)

1233 W. Loop South, Suite 1400

Houston, TX

77027

(Address of principal executive offices)

(Zip Code)

(713) 235-9500

(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

WTTR

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 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 7(a)(2)(B) of the Securities Act.

Indicate by check mark whether the registrant is a shell company.   Yes      No  

As of August 3, 2020, the registrant had 86,883,049 shares of Class A common stock and 16,221,101 shares of Class B common stock outstanding.

Table of Contents

SELECT ENERGY SERVICES, INC.

TABLE OF CONTENTS

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “preliminary,” “forecast,” and similar expressions or variations are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in our most recent Annual Report on Form 10-K and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and under the heading “Part II―Item 1A. Risk Factors” in this Quarterly Report. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

the severity and duration of world health events, including the novel coronavirus (“COVID-19”) pandemic, which has caused a sharp decline in economic activity in the United States and around the world, resulting in lower demand for oil and gas, oversupply and therefore lower oil and gas prices, to which our exploration and production (“E&P”) customers have responded by cutting capital spending, leading to fewer oil and gas well completions and thus reduced demand for our services, all of which has had and will likely continue to have a negative impact on our financial results;
the current significant surplus in the supply of oil and actions by the members of the Organization of the Petroleum Exporting Countries and other allied producing countries, (“OPEC+”) with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations;
operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions;
the potential deterioration of our customers’ financial condition, including defaults resulting from actual or potential insolvencies;
the level of capital spending and access to capital markets by oil and gas companies, including significant recent reductions and potential additional reductions in capital expenditures by oil and gas producers in response to commodity prices and dramatically reduced demand;
trends and volatility in oil and gas prices, and our ability to manage through such volatility;
demand for our services;
our customers’ ability to complete and produce new wells;
potential shut-ins of production by producers due to lack of downstream demand or storage capacity;

3

Table of Contents

the impact of current and future laws, rulings and governmental regulations, including those related to hydraulic fracturing, accessing water, disposing of wastewater, transferring produced water, interstate freshwater transfer, chemicals, carbon pricing, taxation or emissions, drilling on federal lands and various other environmental matters;
capacity constraints on regional oil, natural gas and water gathering, processing and pipeline systems that result in a slowdown or delay in drilling and completion activity, and thus a slowdown or delay in the demand for our services in our core markets;
our ability to retain key management and employees;
our ability to hire and retain skilled labor;
regional impacts to our business, including our key infrastructure assets within the Bakken and Northern Delaware formation of the Permian Basin;
our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms;
our health, safety and environmental performance;
the impact of competition on our operations;
the degree to which our E&P customers may elect to bring their water-management services in-house rather than source these services from companies like us;
our level of indebtedness and our ability to comply with covenants contained in our Credit Agreement (as defined herein) or future debt instruments;
delays or restrictions in obtaining permits by us or our customers;
constraints in supply or availability of equipment used in our business;
the impact of advances or changes in well-completion technologies or practices that result in reduced demand for our services, either on a volumetric or time basis;
changes in global political or economic conditions, generally, and in the markets we serve;
the ability to source certain raw materials globally from economically advantaged sources;
accidents, weather, seasonality or other events affecting our business; and
the other risks identified in our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and under the headings “Part I―Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II―Item 1A. Risk Factors” in this Quarterly Report.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. Our future results will depend upon various other risks and uncertainties, including those described under the heading “Part I―Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and under the heading “Part II―Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter

4

Table of Contents

ended March 31, 2020 and this Quarterly Report. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. All forward-looking statements attributable to us are qualified in their entirety by this cautionary note.

5

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SELECT ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

June 30, 2020

December 31, 2019

    

(unaudited)

    

Assets

Current assets

 

Cash and cash equivalents

$

166,407

$

79,268

Accounts receivable trade, net of allowance for credit losses of $9,474 and $5,773, respectively

 

105,465

 

267,628

Accounts receivable, related parties

 

1,649

 

4,677

Inventories

 

38,186

 

37,542

Prepaid expenses and other current assets

 

22,790

 

26,486

Total current assets

 

334,497

 

415,601

Property and equipment

 

930,308

 

1,015,379

Accumulated depreciation

 

(537,323)

 

(562,986)

Property and equipment held-for-sale, net

885

Total property and equipment, net

 

392,985

 

453,278

Right-of-use assets, net

59,431

70,635

Goodwill

 

 

266,934

Other intangible assets, net

 

121,761

 

136,952

Other assets, net

 

2,640

 

4,220

Total assets

$

911,314

$

1,347,620

Liabilities and Equity

 

 

  

Current liabilities

 

 

  

Accounts payable

$

11,151

$

35,686

Accrued accounts payable

13,248

47,547

Accounts payable and accrued expenses, related parties

 

240

 

2,789

Accrued salaries and benefits

 

10,624

 

20,079

Accrued insurance

 

10,379

 

8,843

Sales tax payable

1,014

2,119

Accrued expenses and other current liabilities

 

12,957

 

15,375

Current operating lease liabilities

14,746

19,315

Current portion of finance lease obligations

 

297

 

128

Total current liabilities

 

74,656

 

151,881

Long-term operating lease liabilities

 

65,928

 

72,143

Other long-term liabilities

 

11,093

 

10,784

Total liabilities

 

151,677

 

234,808

Commitments and contingencies (Note 10)

 

 

  

Class A common stock, $0.01 par value; 350,000,000 shares authorized and 86,883,049 shares issued and outstanding as of June 30, 2020; 350,000,000 shares authorized and 87,893,525 shares issued and outstanding as of December 31, 2019

 

869

 

879

Class A-2 common stock, $0.01 par value; 40,000,000 shares authorized; no shares issued or outstanding as of June 30, 2020 and December 31, 2019

 

 

Class B common stock, $0.01 par value; 150,000,000 shares authorized and 16,221,101 shares issued and outstanding as of June 30, 2020; 150,000,000 shares authorized and 16,221,101 shares issued and outstanding as of December 31, 2019

 

162

 

162

Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2020 and December 31, 2019

 

 

Additional paid-in capital

 

906,164

 

914,699

Accumulated (deficit) retained earnings

 

(268,723)

 

21,437

Total stockholders’ equity

 

638,472

 

937,177

Noncontrolling interests

 

121,165

 

175,635

Total equity

 

759,637

 

1,112,812

Total liabilities and equity

$

911,314

$

1,347,620

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

6

Table of Contents

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)

Three Months Ended June 30, 

Six months ended June 30, 

    

2020

    

2019

    

2020

    

2019

Revenue

 

  

 

  

Water Services

$

55,807

$

202,011

$

205,318

$

422,606

Water Infrastructure

15,300

51,710

73,062

105,326

Oilfield Chemicals

 

21,132

 

63,001

92,144

129,830

Other

 

 

7,165

28,771

Total revenue

 

92,239

 

323,887

370,524

686,533

Costs of revenue

 

  

 

  

Water Services

54,014

155,151

183,128

318,272

Water Infrastructure

13,871

38,456

61,684

79,886

Oilfield Chemicals

 

22,562

54,051

82,438

113,578

Other

 

3

7,447

7

28,500

Depreciation and amortization

 

25,508

28,843

51,690

60,361

Total costs of revenue

 

115,958

 

283,948

378,947

600,597

Gross (loss) profit

 

(23,719)

 

39,939

(8,423)

85,936

Operating expenses

 

  

 

  

Selling, general and administrative

 

17,658

27,297

42,947

59,673

Depreciation and amortization

 

834

906

1,519

1,906

Impairment of goodwill and trademark

 

276,016

4,396

Impairment and abandonment of property and equipment

4,726

374

7,910

893

Lease abandonment costs

 

868

183

1,821

1,256

Total operating expenses

 

24,086

 

28,760

330,213

68,124

(Loss) income from operations

 

(47,805)

 

11,179

(338,636)

17,812

Other expense

 

  

 

  

Losses on sales of property and equipment and divestitures, net

(2,183)

(1,709)

(2,618)

(6,200)

Interest expense, net

 

(513)

(839)

(844)

(1,932)

Foreign currency gain (loss), net

27

67

(19)

327

Other (expense) income, net

 

(2,700)

(59)

(2,441)

210

(Loss) income before income tax benefit (expense)

 

(53,174)

 

8,639

(344,558)

10,217

Income tax benefit (expense)

 

130

(571)

294

(749)

Net (loss) income

 

(53,044)

 

8,068

(344,264)

9,468

Less: net loss (income) attributable to noncontrolling interests

 

8,746

(1,868)

54,104

(2,133)

Net (loss) income attributable to Select Energy Services, Inc.

$

(44,298)

$

6,200

$

(290,160)

$

7,335

Net (loss) income per share attributable to common stockholders (Note 16):

 

Class A—Basic

$

(0.52)

$

0.08

$

(3.39)

$

0.09

Class B—Basic

$

$

$

$

Net (loss) income per share attributable to common stockholders (Note 16):

 

Class A—Diluted

$

(0.52)

$

0.08

$

(3.39)

$

0.09

Class B—Diluted

$

$

$

$

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

7

Table of Contents

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)

Three Months Ended June 30, 

Six months ended June 30, 

    

2020

    

2019

    

2020

    

2019

Net (loss) income

$

(53,044)

$

8,068

$

(344,264)

$

9,468

Other comprehensive (loss) income

 

  

 

  

Foreign currency translation adjustment, net of tax of $0

(66)

(12)

Net change in unrealized gain

 

 

(66)

(12)

Comprehensive (loss) income

 

(53,044)

 

8,002

(344,264)

9,456

Less: comprehensive loss (income) attributable to noncontrolling interests

 

8,746

 

(1,853)

54,104

(2,130)

Comprehensive (loss) income attributable to Select Energy Services, Inc.

$

(44,298)

$

6,149

$

(290,160)

$

7,326

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

8

Table of Contents

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six months ended June 30, 2020 and 2019

(unaudited)

(in thousands, except share data)

Class A

Class B

Stockholders

Stockholders

Accumulated

Accumulated

Class A

Class B

Additional

(Deficit)

Other

Total

Common

Common

Paid-In

Retained

Comprehensive

Stockholders’

Noncontrolling

   

Shares

   

Stock

   

Shares

   

Stock

   

Capital

   

Earnings

   

Income

   

Equity

   

Interests

   

Total

Balance as of December 31, 2019

 

87,893,525

$

879

 

16,221,101

$

162

 

$

914,699

$

21,437

$

$

937,177

$

175,635

$

1,112,812

ESPP shares issued

7,640

48

48

(4)

44

Equity-based compensation

1,530

1,530

286

1,816

Issuance of restricted shares

 

1,477,488

15

2,407

2,422

(2,422)

Exercise of restricted stock units

 

625

1

1

(1)

Repurchase of common stock

(2,155,901)

(22)

(12,021)

(12,043)

1,405

(10,638)

Restricted shares forfeited

(340,328)

(3)

(508)

(511)

511

Noncontrolling interest in subsidiary

 

(133)

(133)

NCI income tax adjustment

8

8

(8)

Net loss

 

(290,160)

(290,160)

(54,104)

(344,264)

Balance as of June 30, 2020

 

86,883,049

$

869

 

16,221,101

$

162

 

$

906,164

$

(268,723)

$

$

638,472

$

121,165

$

759,637

Class A

Class B

Stockholders

Stockholders

Accumulated

Class A

Class B

Additional

Other

Total

Common

Common

Paid-In

Retained

Comprehensive

Stockholders’

Noncontrolling

   

Shares

   

Stock

   

Shares

   

Stock

   

Capital

   

Earnings

   

Loss

   

Equity

   

Interests

   

Total

Balance as of December 31, 2018

 

78,956,555

$

790

 

26,026,843

$

260

 

$

813,599

$

18,653

$

(368)

$

832,934

$

277,839

$

1,110,773

ESPP shares issued

5,667

58

58

(2)

56

Equity-based compensation

6,271

6,271

2,037

8,308

Issuance of restricted shares

1,373,930

14

3,549

3,563

(3,563)

Exercise of restricted stock units

1,250

4

4

(4)

Repurchase of common stock

(152,502)

(2)

(1,539)

(1,541)

25

(1,516)

Restricted shares forfeited

(8,822)

(23)

(23)

23

Distributions to noncontrolling interests, net

(225)

(225)

NCI income tax adjustment

49

49

(49)

Foreign currency translation adjustment

(12)

(12)

(4)

(16)

Net income

 

 

 

 

 

 

 

7,335

 

 

7,335

 

2,133

 

 

9,468

Balance as of June 30, 2019

 

80,176,078

$