Delaware | 74-2148293 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
24955 Interstate 45 North | |||||
The Woodlands, | |||||
Texas | 77380 | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | TTI | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | ||||||||
Emerging growth company | ☐ |
TETRA Technologies, Inc. and Subsidiaries | |||||
Table of Contents | |||||
Page | |||||
PART I—FINANCIAL INFORMATION | |||||
PART II—OTHER INFORMATION | |||||
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales
|
$ | 45,032 | $ | 70,215 | |||||||||||||||||||
Services
|
32,292 | 62,489 | |||||||||||||||||||||
Total revenues
|
77,324 | 132,704 | |||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Cost of product sales
|
31,983 | 45,288 | |||||||||||||||||||||
Cost of services
|
28,631 | 48,827 | |||||||||||||||||||||
Depreciation, amortization, and accretion
|
8,951 | 9,552 | |||||||||||||||||||||
Insurance recoveries
|
(110) | — | |||||||||||||||||||||
Total cost of revenues
|
69,455 | 103,667 | |||||||||||||||||||||
Gross profit
|
7,869 | 29,037 | |||||||||||||||||||||
General and administrative expense | 20,012 | 20,348 | |||||||||||||||||||||
Interest expense, net | 4,404 | 5,292 | |||||||||||||||||||||
Warrants fair value adjustment expense (income) | 323 | (338) | |||||||||||||||||||||
Other (income) expense, net | (5,095) | 22 | |||||||||||||||||||||
(Loss) income before taxes and discontinued operations | (11,775) | 3,713 | |||||||||||||||||||||
Provision for income taxes | 168 | 721 | |||||||||||||||||||||
(Loss) income before discontinued operations | (11,943) | 2,992 | |||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 120,990 | (13,368) | |||||||||||||||||||||
Net income (loss) | 109,047 | (10,376) | |||||||||||||||||||||
Less: (income) loss attributable to noncontrolling interest ($333 income in 2021 and $8,834 loss in 2020 related to discontinued operations) | (333) | 8,825 | |||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 108,714 | $ | (1,551) | |||||||||||||||||||
Basic net income (loss) per common share: | |||||||||||||||||||||||
(Loss) income from continuing operations attributable to TETRA stockholders | $ | (0.10) | $ | 0.02 | |||||||||||||||||||
Income (loss) from discontinued operations attributable to TETRA stockholders | 0.96 | (0.03) | |||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 0.86 | $ | (0.01) | |||||||||||||||||||
Average shares outstanding | 126,149 | 125,587 | |||||||||||||||||||||
Diluted net income (loss) per common share: | |||||||||||||||||||||||
(Loss) income from continuing operations attributable to TETRA stockholders | $ | (0.10) | $ | 0.02 | |||||||||||||||||||
Income (loss) from discontinued operations attributable to TETRA stockholders | 0.96 | (0.03) | |||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 0.86 | $ | (0.01) | |||||||||||||||||||
Average diluted shares outstanding | 126,149 | 125,597 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income (loss) | $ | 109,047 | $ | (10,376) | |||||||||||||||||||
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2021 and 2020
|
(2,779) | (6,467) | |||||||||||||||||||||
Comprehensive income (loss) | 106,268 | (16,843) | |||||||||||||||||||||
Less: Comprehensive (loss) income attributable to noncontrolling interest | (333) | 9,054 | |||||||||||||||||||||
Comprehensive income (loss) attributable to TETRA stockholders | $ | 105,935 | $ | (7,789) |
March 31,
2021 |
December 31,
2020 |
||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents
|
$ | 54,163 | $ | 67,252 | |||||||
Restricted cash
|
65 | 65 | |||||||||
Trade accounts receivable, net of allowances of $6,840 in 2021 and $6,824 in 2020
|
62,408 | 64,078 | |||||||||
Inventories
|
74,460 | 76,658 | |||||||||
Assets of discontinued operations
|
— | 710,006 | |||||||||
Prepaid expenses and other current assets
|
14,296 | 13,487 | |||||||||
Total current assets
|
205,392 | 931,546 | |||||||||
Property, plant, and equipment: | |||||||||||
Land and building
|
26,443 | 26,506 | |||||||||
Machinery and equipment
|
362,564 | 365,296 | |||||||||
Automobiles and trucks
|
17,982 | 18,446 | |||||||||
Chemical plants
|
61,605 | 62,714 | |||||||||
Construction in progress
|
955 | 1,526 | |||||||||
Total property, plant, and equipment
|
469,549 | 474,488 | |||||||||
Less accumulated depreciation
|
(376,994) | (377,632) | |||||||||
Net property, plant, and equipment
|
92,555 | 96,856 | |||||||||
Other assets: | |||||||||||
Patents, trademarks and other intangible assets, net of accumulated amortization of $67,279 in 2021 and $66,078 in 2020
|
40,340 | 41,487 | |||||||||
Deferred tax assets, net
|
89 | 52 | |||||||||
Operating lease right-of-use assets
|
41,293 | 43,448 | |||||||||
Investments | 13,320 | 2,675 | |||||||||
Other assets
|
14,189 | 16,775 | |||||||||
Total other assets
|
109,231 | 104,437 | |||||||||
Total assets | $ | 407,178 | $ | 1,132,839 |
March 31,
2021 |
December 31,
2020 |
||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable
|
$ | 29,057 | $ | 22,573 | |||||||
Unearned income
|
1,202 | 2,675 | |||||||||
Accrued liabilities and other
|
43,064 | 38,791 | |||||||||
Liabilities of discontinued operations
|
1,746 | 734,039 | |||||||||
Current portion of long-term debt | 8,157 | — | |||||||||
Total current liabilities
|
83,226 | 798,078 | |||||||||
Long-term debt, net | 163,003 | 199,894 | |||||||||
Deferred income taxes | 1,847 | 1,942 | |||||||||
Asset retirement obligations | 12,620 | 12,484 | |||||||||
Warrants liability | 521 | 198 | |||||||||
Operating lease liabilities | 35,608 | 37,569 | |||||||||
Other liabilities | 7,886 | 11,612 | |||||||||
Total long-term liabilities
|
221,485 | 263,699 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
TETRA stockholders’ equity: | |||||||||||
Common stock, par value 0.01 per share; 250,000,000 shares authorized at March 31, 2021 and December 31, 2020; 129,538,442 shares issued at March 31, 2021 and 128,930,047 shares issued at December 31, 2020
|
1,295 | 1,289 | |||||||||
Additional paid-in capital
|
472,522 | 472,134 | |||||||||
Treasury stock, at cost; 3,131,428 shares held at March 31, 2021, and 2,953,976 shares held at December 31, 2020
|
(19,933) | (19,484) | |||||||||
Accumulated other comprehensive (loss) | (45,525) | (49,914) | |||||||||
Retained deficit
|
(304,951) | (413,665) | |||||||||
Total TETRA stockholders’ equity | 103,408 | (9,640) | |||||||||
Noncontrolling interests
|
(941) | 80,702 | |||||||||
Total equity
|
102,467 | 71,062 | |||||||||
Total liabilities and equity | $ | 407,178 | $ | 1,132,839 |
Common Stock
Par Value |
Additional Paid-In
Capital |
Treasury
Stock |
Accumulated Other
Comprehensive Income (Loss) |
Retained
Deficit |
Noncontrolling
Interest |
Total
Equity |
|||||||||||||||||||||||||||||||||||
Currency
Translation |
|||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 1,289 | $ | 472,134 | $ | (19,484) | $ | (49,914) | $ | (413,665) | $ | 80,702 | $ | 71,062 | |||||||||||||||||||||||||||
Net income for first quarter 2021 | — | — | — | — | 108,714 | 333 | 109,047 | ||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $0
|
— | — | — | (2,779) | — | — | (2,779) | ||||||||||||||||||||||||||||||||||
Comprehensive income | 106,268 | ||||||||||||||||||||||||||||||||||||||||
Deconsolidation of CSI Compressco
|
— | — | — | 7,168 | — | (82,775) | (75,607) | ||||||||||||||||||||||||||||||||||
Equity award activity | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | (449) | — | — | — | (449) | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | 962 | — | — | — | 580 | 1,542 | ||||||||||||||||||||||||||||||||||
Other | — | (574) | — | — | — | 219 | (355) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 1,295 | $ | 472,522 | $ | (19,933) | $ | (45,525) | $ | (304,951) | $ | (941) | $ | 102,467 | |||||||||||||||||||||||||||
Common Stock
Par Value |
Additional Paid-In
Capital |
Treasury
Stock |
Accumulated Other
Comprehensive Loss |
Retained
Deficit |
Noncontrolling
Interest |
Total
Equity |
|||||||||||||||||||||||||||||||||||
Currency
Translation |
|||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 1,283 | $ | 466,959 | $ | (19,164) | $ | (52,183) | $ | (362,522) | $ | 128,453 | $ | 162,826 | |||||||||||||||||||||||||||
Net loss for first quarter 2020 | — | — | — | — | (1,551) | (8,825) | (10,376) | ||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $0
|
— | — | — | (6,238) | — | (229) | (6,467) | ||||||||||||||||||||||||||||||||||
Comprehensive loss | (16,843) | ||||||||||||||||||||||||||||||||||||||||
Distributions to public unitholders | — | — | — | — | — | (309) | (309) | ||||||||||||||||||||||||||||||||||
Equity award activity | 4 | — | — | — | — | — | 4 | ||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | (89) | — | — | — | (89) | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | 1,145 | — | — | — | 228 | 1,373 | ||||||||||||||||||||||||||||||||||
Other | — | (16) | — | — | — | (15) | (31) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 1,287 | $ | 468,088 | $ | (19,253) | $ | (58,421) | $ | (364,073) | $ | 119,303 | $ | 146,931 | |||||||||||||||||||||||||||
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | 109,047 | $ | (10,376) | |||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion
|
8,981 | 29,460 | |||||||||
Gain on GP Sale | (120,574) | — | |||||||||
Impairment and other charges
|
— | 5,371 | |||||||||
Gain on retained CSI Compressco units and Standard Lithium shares
|
(3,992) | — | |||||||||
Equity-based compensation expense
|
2,478 | 784 | |||||||||
Amortization and expense of financing costs and deferred financing gains | 728 | 569 | |||||||||
Debt-related expenses | 93 | — | |||||||||
Warrants fair value adjustment
|
323 | (337) | |||||||||
Gain on sale of assets
|
(255) | (833) | |||||||||
Other non-cash charges | 14 | 1,435 | |||||||||
Changes in operating assets and liabilities:
|
|||||||||||
Accounts receivable
|
1,501 | 3,601 | |||||||||
Inventories
|
498 | (12,414) | |||||||||
Prepaid expenses and other current assets
|
(1,060) | (2,442) | |||||||||
Trade accounts payable and accrued expenses
|
8,521 | 8,742 | |||||||||
Other
|
(478) | (1,384) | |||||||||
Net cash provided by operating activities
|
5,825 | 22,176 | |||||||||
Investing activities: | |||||||||||
Purchases of property, plant, and equipment, net
|
(6,761) | (12,390) | |||||||||
Proceeds from sale of CCLP, net of cash divested | 18 | — | |||||||||
Proceeds on sale of property, plant, and equipment
|
561 | 1,425 | |||||||||
Insurance recoveries associated with damaged equipment
|
110 | — | |||||||||
Other investing activities
|
1,771 | 350 | |||||||||
Net cash used in investing activities | (4,301) | (10,615) | |||||||||
Financing activities: | |||||||||||
Proceeds from long-term debt
|
160 | 56,512 | |||||||||
Principal payments on long-term debt
|
(29,500) | (54,511) | |||||||||
CSI Compressco distributions
|
— | (309) | |||||||||
Tax remittances on equity based compensation
|
— | (319) | |||||||||
Repurchase of common stock | (449) | — | |||||||||
Debt issuance costs and other financing activities
|
(98) | (235) | |||||||||
Net cash provided by (used in) financing activities
|
(29,887) | 1,138 | |||||||||
Effect of exchange rate changes on cash | (1,303) | (940) | |||||||||
(Decrease) increase in cash and cash equivalents | (29,666) | 11,759 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 83,894 | 17,768 | |||||||||
Cash and cash equivalents at beginning of period associated with discontinued operations | 16,577 | 2,370 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period associated with continuing operations | 67,317 | 15,398 | |||||||||
Cash and cash equivalents and restricted cash at end of period | 54,228 | 29,527 | |||||||||
Cash and cash equivalents at end of period associated with discontinued operations | — | 7,416 | |||||||||
Cash and cash equivalents and restricted cash at end of period associated with continuing operations | $ | 54,228 | $ | 22,111 | |||||||
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 |
(in thousands) | |||||||||||
Supplemental cash flow information(1):
|
|||||||||||
Interest paid
|
$ | 3,973 | $ | 15,421 | |||||||
Income taxes paid
|
252 | 1,479 | |||||||||
Decrease in accrued capital expenditures | 1,051 | 1,489 |
Three Months Ended
March 31, 2021 |
|||||||||||||||||||||||||||||||||||||||||
Compression | Offshore Services | Total | |||||||||||||||||||||||||||||||||||||||
Major classes of line items constituting income from discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 18,968 | $ | — | $ | 18,968 | |||||||||||||||||||||||||||||||||||
Cost of revenues | 11,474 | 28 | 11,502 | ||||||||||||||||||||||||||||||||||||||
General and administrative expense | 2,795 | (5) | 2,790 | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | 4,336 | — | 4,336 | ||||||||||||||||||||||||||||||||||||||
Other expense, net | (106) | — | (106) | ||||||||||||||||||||||||||||||||||||||
Pretax income (loss) from discontinued operations | 469 | (23) | 446 | ||||||||||||||||||||||||||||||||||||||
Pretax gain on disposal of discontinued operations | 120,574 | ||||||||||||||||||||||||||||||||||||||||
Total pretax income from discontinued operations | 121,020 | ||||||||||||||||||||||||||||||||||||||||
Income tax provision | 30 | ||||||||||||||||||||||||||||||||||||||||
Total income from discontinued operations | $ | 120,990 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations attributable to noncontrolling interest | $ | (333) | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations attributable to TETRA stockholders | $ | 120,657 |
Three Months Ended
March 31, 2020 |
|||||||||||||||||||||||||||||||||||||||||
Compression | Offshore Services | Total | |||||||||||||||||||||||||||||||||||||||
Major classes of line items constituting loss from discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 90,238 | $ | — | $ | 90,238 | |||||||||||||||||||||||||||||||||||
Cost of revenues | 54,579 | (60) | 54,519 | ||||||||||||||||||||||||||||||||||||||
Depreciation, amortization, and accretion | 19,908 | — | 19,908 | ||||||||||||||||||||||||||||||||||||||
Impairments and other charges | 5,371 | — | 5,371 | ||||||||||||||||||||||||||||||||||||||
General and administrative expense | 10,189 | 205 | 10,394 | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | 12,564 | — | 12,564 | ||||||||||||||||||||||||||||||||||||||
Other expense, net | 417 | — | 417 | ||||||||||||||||||||||||||||||||||||||
Pretax (loss) from discontinued operations | (12,790) | (145) | (12,935) | ||||||||||||||||||||||||||||||||||||||
Income tax provision | 433 | ||||||||||||||||||||||||||||||||||||||||
Total loss from discontinued operations | $ | (13,368) | |||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to noncontrolling interest | $ | 8,834 | |||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to TETRA stockholders | $ | (4,534) |
March 31, 2021 | |||||||||||||||||||||||
Offshore Services | Maritech | Total | |||||||||||||||||||||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||||||||||||||||||||
Trade payables | $ | 1,222 | $ | — | $ | 1,222 | |||||||||||||||||
Accrued liabilities and other | 296 | 228 | 524 | ||||||||||||||||||||
Total liabilities associated with discontinued operations | $ | 1,518 | $ | 228 | $ | 1,746 |
December 31, 2020 | |||||||||||||||||||||||
Compression | Offshore Services | Maritech | Total | ||||||||||||||||||||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||||||||||||||||||||
Cash and cash equivalents | $ | 16,577 | $ | — | $ | — | $ | 16,577 | |||||||||||||||
Trade receivables | 43,837 | — | — | 43,837 | |||||||||||||||||||
Inventories | 31,220 | — | — | 31,220 | |||||||||||||||||||
Other current assets | 5,231 | — | — | 5,231 | |||||||||||||||||||
Property, plant, and equipment | 551,401 | — | — | 551,401 | |||||||||||||||||||
Other assets | 61,740 | — | — | 61,740 | |||||||||||||||||||
Total assets associated with discontinued operations | $ | 710,006 | $ | — | $ | — | $ | 710,006 | |||||||||||||||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||||||||||||||||||||
Trade payables | $ | 19,766 | $ | 1,222 | $ | — | $ | 20,988 | |||||||||||||||
Unearned Income | 269 | — | — | 269 | |||||||||||||||||||
Accrued liabilities and other | 36,318 | 352 | 228 | 36,898 | |||||||||||||||||||
Long-term debt, net | 638,631 | — | — | 638,631 | |||||||||||||||||||
Other liabilities | 37,253 | — | — | 37,253 | |||||||||||||||||||
Total liabilities associated with discontinued operations | $ | 732,237 | $ | 1,574 | $ | 228 | $ | 734,039 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Completion Fluids & Products | |||||||||||||||||||||||
United States | $ | 24,597 | $ | 37,958 | |||||||||||||||||||
International | 21,925 | 37,279 | |||||||||||||||||||||
46,522 | 75,237 | ||||||||||||||||||||||
Water & Flowback Services | |||||||||||||||||||||||
United States | 28,931 | 54,384 | |||||||||||||||||||||
International | 1,871 | 3,083 | |||||||||||||||||||||
30,802 | 57,467 | ||||||||||||||||||||||
Total Revenue | |||||||||||||||||||||||
United States | 53,528 | 92,342 | |||||||||||||||||||||
International | 23,796 | 40,362 | |||||||||||||||||||||
$ | 77,324 | $ | 132,704 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
Finished goods | $ | 64,484 | $ | 68,121 | |||||||
Raw materials | 3,288 | 2,910 | |||||||||
Parts and supplies | 5,018 | 4,001 | |||||||||
Work in progress | 1,670 | 1,626 | |||||||||
Total inventories
|
$ | 74,460 | $ | 76,658 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Operating lease expense | $ | 3,241 | $ | 3,704 | |||||||||||||||||||
Short-term lease expense | 6,457 | 9,010 | |||||||||||||||||||||
Total lease expense | $ | 9,698 | $ | 12,714 |
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
(In Thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows - operating leases | $ | 3,296 | $ | 3,745 | |||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | $ | 1,017 | $ | 4,218 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
Operating leases: | |||||||||||
Operating lease right-of-use assets | $ | 41,293 | $ | 43,448 | |||||||
Accrued liabilities and other | $ | 8,507 | $ | 8,795 | |||||||
Operating lease liabilities | 35,608 | 37,569 | |||||||||
Total operating lease liabilities | $ | 44,115 | $ | 46,364 |
March 31, 2021 | December 31, 2020 | ||||||||||
Weighted average remaining lease term: | |||||||||||
Operating leases | 6.6 years | 6.8 years | |||||||||
Weighted average discount rate: | |||||||||||
Operating leases | 9.64 | % | 9.62 | % | |||||||
Operating Leases | |||||||||||
(In Thousands) | |||||||||||
Remainder of 2021 | $ | 9,393 | |||||||||
2022 | 10,827 | ||||||||||
2023 | 8,784 | ||||||||||
2024 | 7,299 | ||||||||||
2025 | 5,419 | ||||||||||
Thereafter | 18,474 | ||||||||||
Total lease payments | 60,196 | ||||||||||
Less imputed interest | (16,081) | ||||||||||
Total lease liabilities | $ | 44,115 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
Investment in CSI Compressco
|
$ | 9,533 | $ | — | |||||||
Investment in Standard Lithium | 3,787 | 2,675 | |||||||||
Total Investments | 13,320 | 2,675 |
Scheduled Maturity | March 31, 2021 | December 31, 2020 | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
TETRA | ||||||||||||||||||||
Asset-based credit agreement | September 10, 2023 | $ | — | $ | — | |||||||||||||||
Term credit agreement (1)
|
September 10, 2025 | 171,160 | 199,894 | |||||||||||||||||
Total long-term debt | $ | 171,160 | $ | 199,894 |
Fair Value Measurements Using | ||||||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Description | March 31, 2021 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Investment in CSI Compressco
|
$ | 9,533 | $ | 9,533 | $ | — | $ | — | ||||||||||||||||||
Investment in Standard Lithium | 3,787 | 3,787 | — | — | ||||||||||||||||||||||
Warrants liability | (521) | — | — | (521) | ||||||||||||||||||||||
Net asset | $ | 12,799 |
Fair Value Measurements Using | ||||||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Description | December 31, 2020 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Investment in Standard Lithium | $2,675 | $ | 2,675 | — | $ | — | ||||||||||||||||||||
Warrants liability | (198) | — | — | (198) | ||||||||||||||||||||||
Net asset | $ | 2,477 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Number of weighted average common shares outstanding
|
126,149 | 125,587 | |||||||||||||||||||||
Assumed exercise of equity awards and warrants
|
— | 10 | |||||||||||||||||||||
Average diluted shares outstanding
|
126,149 | 125,597 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Revenues from external customers | |||||||||||||||||||||||
Product sales | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | 45,019 | $ | 70,190 | |||||||||||||||||||
Water & Flowback Services Division | 13 | 25 | |||||||||||||||||||||
Consolidated | $ | 45,032 | $ | 70,215 | |||||||||||||||||||
Services | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | 1,503 | $ | 5,047 | |||||||||||||||||||
Water & Flowback Services Division | 30,789 | 57,442 | |||||||||||||||||||||
Consolidated | $ | 32,292 | $ | 62,489 | |||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | 46,522 | $ | 75,237 | |||||||||||||||||||
Water & Flowback Services Division | 30,802 | 57,467 | |||||||||||||||||||||
Consolidated | $ | 77,324 | $ | 132,704 | |||||||||||||||||||
Income (loss) before taxes | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | 9,010 | $ | 19,396 | |||||||||||||||||||
Water & Flowback Services Division | (5,480) | (2,244) | |||||||||||||||||||||
Interdivision eliminations | 3 | 5 | |||||||||||||||||||||
Corporate Overhead(1)
|
(15,308) | (13,444) | |||||||||||||||||||||
Consolidated | $ | (11,775) | $ | 3,713 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
General and administrative expense | $ | 13,020 | $ | 8,081 | |||||||||||||||||||
Depreciation and amortization | 169 | 197 | |||||||||||||||||||||
Interest expense | 5,064 | 5,455 | |||||||||||||||||||||
Warrants fair value adjustment (income) expense | 323 | (338) | |||||||||||||||||||||
Other general corporate income, net | (3,268) | 49 | |||||||||||||||||||||
Total | $ | 15,308 | $ | 13,444 |
Three Months Ended
March 31, |
Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 77,324 | $ | 132,704 | $ | (55,380) | (41.7) | % | |||||||||||||||
Gross profit | 7,869 | 29,037 | (21,168) | (72.9) | % | ||||||||||||||||||
Gross profit as a percentage of revenue
|
10.2 | % | 21.9 | % | |||||||||||||||||||
General and administrative expense | 20,012 | 20,348 | (336) | (1.7) | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue
|
25.9 | % | 15.3 | % | |||||||||||||||||||
Interest expense, net | 4,404 | 5,292 | (888) | (16.8) | % | ||||||||||||||||||
Warrants fair value adjustment expense | 323 | (338) | 661 | (195.6) | % | ||||||||||||||||||
Other (income) expense, net | (5,095) | 22 | (5,117) | NM(1) | |||||||||||||||||||
(Loss) income before taxes and discontinued operations | (11,775) | 3,713 | (15,488) | (417.1) | % | ||||||||||||||||||
Loss before taxes and discontinued operations as a percentage of revenue
|
(15.2) | % | 2.8 | % | |||||||||||||||||||
Provision for income taxes | 168 | 721 | (553) | (76.7) | % | ||||||||||||||||||
(Loss) income before discontinued operations | (11,943) | 2,992 | (14,935) | (499.2) | % | ||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 120,990 | (13,368) | 134,358 | NM | |||||||||||||||||||
Net income (loss) | 109,047 | (10,376) | 119,423 | NM | |||||||||||||||||||
(Income) loss attributable to noncontrolling interest | (333) | 8,825 | (9,158) | (103.8) | % | ||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 108,714 | $ | (1,551) | $ | 110,265 | NM |
Three Months Ended
March 31, |
Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 46,522 | $ | 75,237 | $ | (28,715) | (38.2) | % | |||||||||||||||
Gross profit | 11,650 | 25,964 | (14,314) | (55.1) | % | ||||||||||||||||||
Gross profit as a percentage of revenue
|
25.0 | % | 34.5 | % | |||||||||||||||||||
General and administrative expense | 4,306 | 5,934 | (1,628) | (27.4) | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue
|
9.3 | % | 7.9 | % | |||||||||||||||||||
Interest income, net | (138) | (154) | 16 | (10.4) | % | ||||||||||||||||||
Other (income) expense, net | (1,528) | 788 | (2,316) | (293.9) | % | ||||||||||||||||||
Income before taxes | $ | 9,010 | $ | 19,396 | $ | (10,386) | (53.5) | % | |||||||||||||||
Income before taxes as a percentage of revenue
|
19.4 | % | 25.8 | % |
Three Months Ended
March 31, |
Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 30,802 | $ | 57,467 | $ | (26,665) | (46.4) | % | |||||||||||||||
Gross profit (loss) | (3,615) | 3,267 | (6,882) | (210.7) | % | ||||||||||||||||||
Gross profit (loss) as a percentage of revenue
|
(11.7) | % | 5.7 | % | |||||||||||||||||||
General and administrative expense | 2,686 | 6,334 | (3,648) | (57.6) | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue
|
8.7 | % | 11.0 | % | |||||||||||||||||||
Interest income, net | (522) | (9) | (513) | NM | |||||||||||||||||||
Other income, net | (299) | (814) | 515 | (63.3) | % | ||||||||||||||||||
Income (loss) before taxes | $ | (5,480) | $ | (2,244) | $ | (3,236) | 144.2 | % | |||||||||||||||
Income (loss) before taxes as a percentage of revenue
|
(17.8) | % | (3.9) | % |
Three Months Ended
March 31, |
Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Depreciation and amortization | $ | 169 | $ | 194 | $ | (25) | (12.9) | % | |||||||||||||||
General and administrative expense | 13,020 | 8,080 | 4,940 | 61.1 | % | ||||||||||||||||||
Interest expense, net | 5,064 | 5,455 | (391) | (7.2) | % | ||||||||||||||||||
Warrants fair value adjustment (income) expense | 323 | (338) | 661 | (195.6) | % | ||||||||||||||||||
Other (income) expense, net | (3,268) | 48 | (3,316) | NM | |||||||||||||||||||
Loss before taxes | $ | (15,308) | $ | (13,439) | $ | (1,869) | (13.9) | % |
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Net Income (Loss), as reported | Tax Provision | Income (Loss) Before Tax, as Reported | Impairments & Special Charges | Adjusted Income (Loss) Before Tax | Interest Expense, Net |
Adjusted Depreciation & Amortization |
Adjusted Equity Comp. Expense | Adjusted EBITDA | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Completion Fluids & Products Division
|
$ | 9,010 | $ | 462 | $ | 9,472 | $ | (138) | $ | 1,705 | $ | — | $ | 11,039 | ||||||||||||||||||
Water & Flowback Services Division
|
(5,480) | — | (5,480) | (522) | 6,899 | — | 897 | |||||||||||||||||||||||||
Eliminations and other
|
3 | — | 3 | — | (3) | — | — | |||||||||||||||||||||||||
Subtotal
|
3,533 | 462 | 3,995 | (660) | 8,601 | — | 11,936 | |||||||||||||||||||||||||
Corporate G&A | (13,020) | 5,835 | (7,185) | — | — | 962 | (6,223) | |||||||||||||||||||||||||
Other | (2,288) | 323 | (1,965) | 5,064 | 169 | — | 3,268 | |||||||||||||||||||||||||
TETRA excluding Discontinued Operations
|
$ | (11,943) | $ | 168 | $ | (11,775) | $ | 6,620 | $ | (5,155) | $ | 4,404 | $ | 8,770 | $ | 962 | $ | 8,981 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||
Net Income (Loss), as reported | Tax Provision | Income (Loss) Before Tax, as Reported | Impairments & Special Charges | Adjusted Income (Loss) Before Tax | Interest Expense, Net | Depreciation & Amortization | Equity Comp. Expense | Adjusted EBITDA | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Completion Fluids & Products Division
|
$ | 19,396 | $ | 450 | $ | 19,846 | $ | (154) | $ | 1,934 | $ | — | $ | 21,626 | ||||||||||||||||||
Water & Flowback Services Division
|
(2,244) | 1,607 | (637) | (9) | 7,425 | — | 6,779 | |||||||||||||||||||||||||
Eliminations and other
|
5 | — | 5 | — | (4) | — | 1 | |||||||||||||||||||||||||
Subtotal
|
17,157 | 2,057 | 19,214 | (163) | 9,355 | — | 28,406 | |||||||||||||||||||||||||
Corporate G&A | (8,081) | 411 | (7,670) | — | — | 1,145 | (6,525) | |||||||||||||||||||||||||
Other | (5,363) | (338) | (5,701) | 5,455 | 197 | — | (49) | |||||||||||||||||||||||||
TETRA excluding Discontinued Operations
|
$ | 2,992 | $ | 721 | $ | 3,713 | $ | 2,130 | $ | 5,843 | $ | 5,292 | $ | 9,552 | $ | 1,145 | $ | 21,832 |
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
(In Thousands) | |||||||||||
Operating activities | $ | 5,825 | $ | 22,176 | |||||||
Investing activities | (4,301) | (10,615) | |||||||||
Financing activities | (29,887) | 1,138 |
Period |
Total Number
of Shares Purchased |
Average
Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Publicly Announced Plans or Programs(1)
|
||||||||||||||||||||||
January 1 – January 31, 2021 | — | $ | — | — | $ | 14,327,000 | ||||||||||||||||||||
February 1 – February 28, 2021 | 177,452 | (2) | 2.53 | — | 14,327,000 | |||||||||||||||||||||
March 1 – March 31, 2021 | — | — | — | 14,327,000 | ||||||||||||||||||||||
Total | 177,452 | — | $ | 14,327,000 |
10.1* | |||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
32.2** | |||||
101.SCH+ | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL+ | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF+ | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB+ | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE+ | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104* | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL documents |
|
TETRA Technologies, Inc.
|
||||||||||
Date: | May 5, 2021 | By: | /s/Brady M. Murphy | ||||||||
Brady M. Murphy | |||||||||||
President and Chief Executive Officer | |||||||||||
Principal Executive Officer | |||||||||||
Date: | May 5, 2021 | By: | /s/Elijio V. Serrano | ||||||||
Elijio V. Serrano | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
Principal Financial Officer | |||||||||||
Date: | May 5, 2021 | By: | /s/Richard D. O’Brien | ||||||||
Richard D. O’Brien | |||||||||||
Vice President – Finance and Global Controller | |||||||||||
Principal Accounting Officer |
Date: | May 5, 2021 | /s/Brady M. Murphy | ||||||
Brady M. Murphy | ||||||||
President and | ||||||||
Chief Executive Officer |
Date: | May 5, 2021 | /s/Elijio V. Serrano | ||||||
Elijio V. Serrano | ||||||||
Senior Vice President and Chief Financial Officer |
Dated: | May 5, 2021 | /s/Brady M. Murphy | ||||||
Brady M. Murphy | ||||||||
President and Chief Executive Officer | ||||||||
TETRA Technologies, Inc. |
Dated: | May 5, 2021 | /s/Elijio V. Serrano | ||||||
Elijio V. Serrano | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
TETRA Technologies, Inc. |