TETRA Technologies, Inc. Announces Update To Second Quarter

|Aug 7|magazine52 min read

THE WOODLANDS, Texas, Aug. 7, 2020 /PRNewswire/ -- On August 4, 2020, TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI), after TETRA had released earnings but before the Company had filed its Form 10-Q for the three and six months ended June 30, 2020, one of TETRA's offshore completion fluids customers announced it had filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the "Customer Bankruptcy").  As a result of the Customer Bankruptcy, TETRA recorded bad debt expense of approximately $2.8 million in the three and six months ended June 30, 2020 to reflect TETRA's assessment of the collectability of the outstanding receivable from that customer. TETRA recorded this charge in the general and administrative expense line of the Consolidated Statements of Operations.  Due to the timing of the Customer Bankruptcy announcement, our August 4th earnings release did not take into account this significant unusual bad debt expense.  Please note such bad debt expense does not impact the Company's previously reported revenues, Adjusted EBITDA, Adjusted EBITDA margins, cash from operations or adjusted free cash flow.

The attached schedules have been updated from what was previously released to reflect this bad debt reserve.

This press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("GAAP"): Adjusted earnings per share attributable to TETRA stockholders, Adjusted EBITDA, and Adjusted EBITDA Margin (Adjusted EBITDA as a percent of revenue) on consolidated and segment basis, Adjusted income (loss) before tax, TETRA-only adjusted free cash flow from continuing operations, and net debt.  Please see Schedules E-K for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Investor Contact
For further information: Elijio Serrano, CFO, TETRA Technologies, Inc., The Woodlands, Texas, Phone: 281.367.1983, www.tetratec.com

Financial Statements, Schedules and Non-GAAP Reconciliation Schedules (Unaudited)
Schedule A: Consolidated Income Statement
Schedule B: Financial Results By Segment
Schedule C: Consolidated Balance Sheet
Schedule D: Long-Term Debt
Schedule E: Statement Regarding Use of Non-GAAP Financial Measures
Schedule F: Special Items
Schedule G: Non-GAAP Reconciliation to GAAP Financials
Schedule H: Non-GAAP Reconciliation of TETRA Net Debt
Schedule I: Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow
Schedule J: Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow From Continuing Operations
Schedule K: Non-GAAP Reconciliation to TETRA Adjusted EBITDA Margins and Adjusted Income (Loss) Before Tax Margins

Company Overview and Forward-Looking Statements
TETRA Technologies, Inc. is a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, and compression services and equipment.  TETRA owns an equity interest, including all of the general partner interest, in CSI Compressco LP (NASDAQ:CCLP), a master limited partnership.

Schedule A: Consolidated Income Statement (Unaudited)


Three Months Ended


Six Months Ended


Jun 30, 2020


Mar 31, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


(In Thousands, Except per Share Amounts)

Revenues

$

192,441



$

222,942



$

288,796



$

415,383



$

532,524












Cost of sales, services, and rentals

133,892



148,694



206,302



282,586



383,046


Depreciation, amortization, and accretion

29,842



29,460



31,817



59,302



62,445


Impairments and other charges

8,977



5,371



2,311



14,348



2,457


Insurance recoveries

(591)







(591)




Total cost of revenues

172,120



183,525



240,430



355,645



447,948


Gross profit

20,321



39,417



48,366



59,738



84,576












General and administrative expense

34,014



30,537



36,295



64,551



70,572


Interest expense, net

17,586



17,856



18,529



35,442



36,908


Warrants fair value adjustment (income) expense

11



(338)



(1,520)



(327)



(1,113)


CCLP Series A Preferred Units fair value adjustment (income) expense





146





1,309


Other (income) expense, net

3,839



439



627



4,278



(324)


Loss before taxes and discontinued operations

(35,129)



(9,077)



(5,711)



(44,206)



(22,776)


Provision for income taxes

2,001



1,154



2,490



3,155



4,099


Loss before discontinued operations

(37,130)



(10,231)



(8,201)



(47,361)



(26,875)


Discontinued operations:










Loss from discontinued operations, net of taxes

163



(145)



(345)



18



(771)


Net loss

(36,967)



(10,376)



(8,546)



(47,343)



(27,646)


Less: loss attributable to noncontrolling interest

15,712



8,825



1,633



24,537



9,895


Net loss attributable to TETRA stockholders

$

(21,255)



$

(1,551)



$

(6,913)



$

(22,806)



$

(17,751)












Basic per share information:










Loss before discontinued operations attributable to TETRA stockholders

$

(0.17)



$

(0.01)



$

(0.06)



$

(0.18)



$

(0.13)


Income (loss) from discontinued operations attributable to TETRA stockholders

$

0.00



$

0.00



$

0.00



$

0.00



$

(0.01)


Net loss attributable to TETRA stockholders

$

(0.17)



$

(0.01)



$

(0.06)



$

(0.18)



$

(0.14)


Weighted average shares outstanding

125,886



125,587



125,612



125,736



125,646












Diluted per share information:










Loss before discontinued operations attributable to TETRA stockholders

$

(0.17)



$

(0.01)



$

(0.06)



$

(0.18)



$

(0.13)


Income (loss) from discontinued operations attributable to TETRA stockholders

$

0.00



$

0.00



$

0.00



$

0.00



$

(0.01)


Net loss attributable to TETRA stockholders

$

(0.17)



$

(0.01)



$

(0.06)



$

(0.18)



$

(0.14)


Weighted average shares outstanding

125,886



125,587



125,612



125,736



125,646


Schedule B: Financial Results By Segment (Unaudited)


Three Months Ended


Six Months Ended


Jun 30, 2020


Mar 31, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


(In Thousands)

Revenues by segment:










Completion Fluids & Products Division

$

71,346



$

75,237



$

79,767



$

146,583



$

141,348


Water & Flowback Services Division

24,723



57,467



73,124



82,190



151,802


Compression Division

96,372



90,238



135,905



186,610



239,374


Eliminations and other










Total revenues

$

192,441



$

222,942



$

288,796



$

415,383



$

532,524












Gross profit (loss) by segment:










Completion Fluids & Products Division

$

20,819



$

25,964



$

19,809



$

46,783



$

30,472


Water & Flowback Services Division

(4,836)



3,267



7,490



(1,569)



16,341


Compression Division

4,511



10,380



21,235



14,890



38,094


Corporate overhead and eliminations

(173)



(194)



(168)



(366)



(331)


Total gross profit

$

20,321



$

39,417



$

48,366



$

59,738



$

84,576












Income (loss) before taxes by segment:










Completion Fluids & Products Division

$

13,202



$

19,396



$

14,614



$

32,598



$

20,800


Water & Flowback Services Division

(8,418)



(2,244)



2,460



(10,662)



4,691


Compression Division

(23,006)



(12,790)



(3,483)



(35,796)



(11,284)


Corporate overhead and eliminations

(16,907)



(13,439)



(19,302)



(30,346)



(36,983)


Total income (loss) before taxes

$

(35,129)



$

(9,077)



$

(5,711)



$

(44,206)



$

(22,776)



Please note that the above results by Segment include special charges and expenses. Please see Schedule F for details of those special charges and expenses.

(1)    Excludes discontinued operations

Schedule C: Consolidated Balance Sheet (June 30, 2020 Unaudited)


June 30, 2020


December 31, 2019


(In Thousands)

Balance Sheet:




Cash (excluding restricted cash)

$

56,722



$

17,704


Accounts receivable, net

114,306



175,918


Inventories

115,506



136,510


Other current assets

22,453



21,222


PP&E, net

713,584



758,637


Operating lease right-of-use assets

75,524



68,131


Other assets

90,499



93,800


Total assets

$

1,188,594



$

1,271,922






Liabilities of discontinued operations

$

1,873



$

2,098


Other current liabilities

145,454



186,625


Long-term debt (1)

843,292



842,871


Long-term portion of asset retirement obligations

12,862



12,762


Warrants liability

123



449


Operating lease liabilities

60,693



53,919


Other long-term liabilities

11,611



10,372


Equity

112,686



162,826


Total liabilities and equity

$

1,188,594



$

1,271,922



(1) Please see Schedule D for the individual debt obligations of TETRA and CSI Compressco LP.

Schedule D: Long-Term Debt (Unaudited)

TETRA Technologies Inc. and its subsidiaries, other than CSI Compressco LP and its subsidiaries, are obligated under an asset-based bank credit agreement and a term credit agreement, neither of which are obligations of CSI Compressco LP and its subsidiaries. CSI Compressco LP and its subsidiaries are obligated under a separate asset-based bank credit agreement and two series of senior notes, neither of which are obligations of TETRA and its other subsidiaries. Amounts presented exclude deferred financing costs.


June 30, 2020


December 31, 2019


June 30, 2019


(In Thousands)



TETRA






Asset-Based Credit Agreement

$



$

1,000



$

20,000


Term Credit Agreement

220,500



220,500



220,500


TETRA total debt

220,500



221,500



240,500


Less current portion






TETRA total long-term debt

$

220,500



$

221,500



$

240,500








CSI Compressco LP






CCLP Credit Agreement

1,477



3,500




7.25% Senior Notes

80,722



295,930



295,930


7.50% Senior Notes

400,000



350,000



350,000


Second Lien Notes

155,529






Total debt

637,728



649,430



645,930


Less current portion






CCLP total long-term debt

$

637,728



$

649,430



$

645,930


Consolidated total long-term debt

$

858,228



$

870,930



$

886,430


Schedule E: Statement Regarding Use of Non-GAAP Financial Measures

In addition to financial results determined in accordance with GAAP, this press release may include the following non-GAAP financial measures for the Company: net debt; adjusted consolidated and segment income (loss) before taxes and special charges; adjusted diluted earnings (loss) per share before discontinued operations; consolidated and segment adjusted EBITDA; net income (loss) before taxes, Adjusted income (loss) before tax, Adjusted income (loss) before tax as a % of revenue, TETRA only adjusted free cash flow and TETRA only free cash flow from continuing operations; and segment adjusted EBITDA as a percent of revenue ("Adjusted EBITDA margin"). The following schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The non-GAAP financial measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP, as more fully discussed in the Company's financial statements and filings with the Securities and Exchange Commission.

Management believes that the exclusion of the special charges from the historical results of operations enables management to evaluate more effectively the Company's operations over the prior periods and to identify operating trends that could be obscured by the excluded items.

Adjusted income (loss) before taxes (and adjusted income (loss) before taxes as a percent of revenue) is defined as the Company's (or the Segment's) income (loss) before taxes excluding certain special or other charges (or credits). Adjusted income (loss) before taxes (and adjusted income (loss) before taxes as a percent of revenue) is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations.

Adjusted diluted earnings (loss) per share before discontinued operations is defined as the Company's diluted earnings (loss) per share excluding certain special or other charges (or credits). Adjusted diluted earnings (loss) per share is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations.

Adjusted EBITDA before discontinued operations (and Adjusted EBITDA before discontinued operations as a percent of revenue) is defined as earnings before interest, taxes, depreciation, amortization, impairments and certain non-cash charges and non-recurring adjustments. Adjusted EBITDA before discontinued operations (and Adjusted EBITDA margin) is used by management as a supplemental financial measure to assess the financial performance of the Company's assets, without regard to financing methods, capital structure or historical cost basis and to assess the Company's ability to incur and service debt and fund capital expenditures.

Adjusted income before tax is defined as earnings (loss) before interest, taxes, impairments and certain non-cash charges and non-recurring adjustments.  Adjusted income before tax (and Adjusted income before tax as a percent of revenue or Adjusted income before tax margin which is Adjusted income before tax divided by revenue) is used by management as a supplemental financial measure to assess the financial performance of the Company's normalized profitability while excluding any unusual, non-recurring items and tax benefits or detriment.

TETRA only adjusted free cash flow is a non-GAAP measure that the Company defines as cash from TETRA's operations, less capital expenditures net of sales proceeds and cost of equipment sold and including cash distributions to TETRA from CSI Compressco LP. TETRA only adjusted free cash flow from continuing operations is defined as TETRA only adjusted free cash flow less discontinued operations EBITDA and discontinued operations capital expenditures. Management uses this supplemental financial measure to:

  • assess the Company's ability to retire debt;
  • evaluate the capacity of the Company to further invest and grow; and
  • to measure the performance of the Company as compared to its peer group.

TETRA only adjusted free cash flow and TETRA only adjusted free cash flow from continuing operations do not necessarily imply residual cash flow available for discretionary expenditures, as they exclude cash requirements for debt service or other non-discretionary expenditures that are not deducted.

TETRA net debt is defined as the sum of the carrying value of long-term and short-term debt on its consolidated balance sheet, less cash, excluding restricted cash on the consolidated balance sheet and excluding the debt and cash of CSI Compressco LP. Management views TETRA net debt as a measure of TETRA's ability to reduce debt, add to cash balances, pay dividends, repurchase stock, and fund investing and financing activities.

Schedule F: Special Items (Unaudited)


Three Months Ended


June 30, 2020


Income (loss)
before taxes
and
discontinued
operations

Provision
(Benefit) for
Tax

Non-cont.
Interest

Net Income
Attributable
to TETRA
Stockholders

Diluted EPS


(In Thousands, Except per Share Amounts)

Income (loss) attributable to TETRA stockholders, excluding special items and discontinued operations

$

(14,258)


$

2,001


$

(5,171)


$

(11,088)


$

(0.09)


Stock Warrant fair value adjustment

(11)




(11)


0.00


Transaction and other expenses

(895)



(475)


(420)


0.00


Impairments and other charges

(8,922)



(5,977)


(2,945)


(0.02)


Restructuring charges

(486)



(179)


(307)


0.00


Debt Refinancing

(4,754)



(3,184)


(1,570)


(0.01)


Severance

(3,003)



(726)


(2,277)


(0.02)


Bad Debt

(2,800)



(2,800)


(0.02)


Net income (loss) before discontinued operations

(35,129)


2,001


(15,712)


(21,418)


(0.17)


Loss from discontinued operations




163


0.00


Net Income (loss) attributable to TETRA stockholders, as reported




$

(21,255)


$

(0.17)













Three Months Ended


March 31, 2020


Income (loss)
before taxes
and
discontinued
operations

Provision
(Benefit)
for
Tax

Non-cont.
Interest

Net Income
Attributable
to TETRA
Stockholders

Diluted EPS


(In Thousands, Except per Share Amounts)

Income (loss) attributable to TETRA stockholders, excluding special items and discontinued operations

$

(976)


$

1,154


$

(4,892)


$

2,762


$

0.02


Stock Warrant fair value adjustment

338




338


0.00


Transaction and other expenses

(457)



(216)


(241)


0.00


Impairments and other charges

(5,371)



(3,538)


(1,833)


(0.01)


Restructuring charges

(259)




(259)


0.00


Severance

(1,334)



(179)


(1,155)


(0.01)


Bad debt

(1,018)




(1,018)


(0.01)


Net income (loss) before discontinued operations

(9,077)


1,154


(8,825)


(1,406)


(0.01)


Loss from discontinued operations




(145)


0.00


Net Income (loss) attributable to TETRA stockholders, as reported




$

(1,551)


$

(0.01)













Three Months Ended


June 30, 2019


Income (loss)
before taxes
and
discontinued
operations

Provision
(Benefit)
for
Tax

Non-cont.
Interest

Net Income
Attributable
to TETRA
Stockholders

Diluted EPS


(In Thousands, Except per Share Amounts)

Income (loss) attributable to TETRA stockholders, excluding unusual charges

$

(2,545)


$

(530)


$

(11)


$

(2,004)


$

(0.02)


Stock warrant fair value adjustment

1,520


319



1,201


0.01


Convertible Series A preferred fair value adjustments

(146)


(35)


(74)


(37)


0.00


5% Cash Redemption on CCLP Series A Preferred

(546)


(115)


(278)


(153)


0.00


Earnout Adjustment

400


84



316


0.00


Lee Plant Facility Expenses

289


61



228


0.00


CEO Retirement

(1,843)


(387)



(1,456)


(0.01)


Transaction Expense

(376)


(79)


(168)


(129)


0.00


Inventory Adjustment

(153)


(32)


(68)


(53)


0.00


Impairments and other charges

(2,311)


(485)


(1,034)


(792)


(0.01)


Effect of deferred tax valuation allowance and other related tax adjustments


3,689



(3,689)


(0.03)


Net income (loss) before discontinued operations

(5,711)


2,490


(1,633)


(6,568)


(0.06)


Loss from discontinued operations




(345)


0.00


Net Income (loss) attributable to TETRA stockholders, as reported




$             (6,913)


$

(0.06)


Schedule G: Non-GAAP Reconciliation to GAAP Financials (Unaudited)*


Three Months Ended


June 30, 2020


Net
Income
(Loss),
as
reported

Tax
Provision

Income
(Loss)
Before
Tax, as
Reported

Impairments
& Special
Charges

Adjusted
Income
(Loss)
Before
Tax

Interest
Expense

Adjusted
Depreciation
&
Amortization

Equity
Comp.
Expense

Adjusted
EBITDA


(In Thousands)

Completion Fluids & Products Division



$

13,202


$

3,310


$

16,512


$

(143)


$

1,934


$


$

18,303


Water & Flowback Services Division



(8,418)


1,203


(7,215)


(2)


7,617



400


Compression Division



(23,006)


15,736


(7,270)


12,982


20,116


488


26,316


Eliminations and other



2



2





2


Subtotal



(18,220)


20,249


2,029


12,837


29,667


488


45,021


Corporate and other



(16,909)


621


(16,288)


4,749


175


1,602


(9,762)


TETRA excluding Discontinued Operations

$

(37,130)


$

2,001


$

(35,129)


$

20,870


$

(14,259)


$

17,586


$

29,842


$

2,090


$

35,259














March 31, 2020


Net
Income
(Loss),
as
reported

Tax
Provision

Income
(Loss)
Before
Tax, as
Reported

Impairments
& Special
Charges

Adjusted
Income
(Loss)
Before
Tax

Adjusted
Interest
Expense,
Net

Adjusted
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


Compression Division



(12,790)


5,971


(6,819)


12,564


19,908


324


25,977


Eliminations and other



5



5



(4)



1


Subtotal



4,367


8,028


12,395


12,401


29,263


324


54,383


Corporate and other



(13,444)


73


(13,371)


5,455


197


1,145


(6,574)


TETRA excluding Discontinued Operations

$

(10,231)


$

1,154


$

(9,077)


$

8,101


$

(976)


$

17,856


$

29,460


$

1,469


$

47,809





Three Months Ended


June 30, 2019


Net
Income
(Loss),
as
reported

Tax
Provision

Income
(Loss)
Before
Tax, as
Reported

Impairments
& Special
Charges

Adjusted
Income
(Loss)
Before
Tax

Interest
Expense

Adjusted
Depreciation
&
Amortization

Equity
Comp.
Expense

Adjusted
EBITDA


(In Thousands)

Completion Fluids & Products Division



$

14,614


$

(289)


$

14,325


$

(157)


$

3,723


$


$

17,891


Water & Flowback Services Division



2,460


(400)


2,060


(8)


8,871



10,923


Compression Division



(3,483)


3,607


124


12,998


19,054


590


32,766


Eliminations and other



1



1



(3)



(2)


Subtotal



13,592


2,918


16,510


12,833


31,645


590


61,578


Corporate and other



(19,303)


268


(19,035)


5,696


172


1,673


(11,494)


TETRA excluding Discontinued Operations

$

(8,201)


$

2,490


$

(5,711)


$

3,186


$

(2,525)


$

18,529


$

31,817


$

2,263


$

50,084



* Excludes the impact from discontinued operations.

Schedule H: Non-GAAP Reconciliation of TETRA Net Debt (Unaudited)

The cash and debt positions of TETRA and CSI Compressco LP as of June 30, 2020, are shown below. TETRA and CSI Compressco LP's debt agreements are distinct and separate with no cross-default provisions. Management believes that the most appropriate method to analyze the debt positions of each company is to view them separately, as noted below.

The following reconciliation of net debt is presented as a supplement to financial results prepared in accordance with GAAP.  Amounts presented are net of deferred financing costs.


June 30, 2020


TETRA


CCLP


Consolidated


(In Millions)

Non-restricted cash

$

50.0



$

6.8



$

56.7








Carrying value of long-term debt:






Asset-Based Credit Agreement



0.7



0.7


Term Credit Agreement

205.7





205.7


Senior Notes outstanding



636.8



636.8


Net debt

$

155.7



$

630.7



$

786.5


Schedule I: Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow (Unaudited)


Three Months Ended


Six Months Ended


Jun 30, 2020


Mar 31, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


(In Thousands)

Consolidated










Net cash provided (used) by operating activities

$

38,211



$

22,176



$

30,965



$

60,387



$

38,377


Capital expenditures, net of sales proceeds

(3,332)



(10,965)



(27,345)



(14,297)



(59,390)


Consolidated adjusted free cash flow

$

34,879



$

11,211



$

3,620



46,090



(21,013)












CSI Compressco LP










Net cash provided (used) by operating activities

$

4,823



$

13,357



$

8,710



18,180



40,342


Capital expenditures, net of sales proceeds

(1,125)



(6,483)



(16,434)



(7,608)



(39,586)


CSI Compressco free cash flow

$

3,698



$

6,874



$

(7,724)



10,572



756












TETRA Only










Cash from operating activities

$

33,388



$

8,819



$

22,255



42,207



(1,965)


Investment in CCLP Compressors





(8,740)





(11,142)


Capital expenditures, net of sales proceeds

(2,207)



(4,482)



(10,911)



(6,689)



(19,804)


Free cash flow

31,181



4,337



2,604



35,518



(32,911)


Distributions from CSI Compressco LP

169



169



168



338



337


 TETRA Only Adjusted Free Cash Flow

$

31,350



$

4,506



$

2,772



35,856



(32,574)


Schedule J: Non-GAAP Reconciliation to TETRA Only Adjusted Free Cash Flow From Continuing Operations (unaudited)


Three Months Ended


Six Months Ended


Jun 30, 2020


Mar 31, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


(In Thousands)





TETRA Only










Cash from operating activities

$

33,388



$

8,819



$

22,255



$

42,207



$

(1,965)


Less: Discontinued operations operating activities (adjusted EBITDA)

163



(145)



(345)



18



(771)


Cash from continued operating activities

33,225



8,964



22,600



42,189



(1,194)


Less: Continuing operations capital expenditures

(2,207)



(4,482)



(10,911)



(6,689)



(19,804)


Less:  Investment in CCLP Compressors





(8,740)





(11,142)


Distributions from CSI Compressco LP

169



169



168



338



337


TETRA Only Adjusted Free Cash Flow From Continuing Operations

$

31,187



$

4,651



$

3,117



$

35,838



$

(31,803)


Schedule K: Non-GAAP Reconciliation to TETRA Adjusted EBITDA Margins and Adjusted Income (Loss) before tax margins (Unaudited)


Three Months Ended


Jun 30, 2020


Mar 31, 2020


Jun 30, 2019


(In Thousands)







Consolidated






Revenue

$

192,441



$

222,942



$

288,796


Income (loss) before tax

(35,129)



(9,077)



(5,711)


Adjusted income (loss) before tax (Schedule G)

(14,259)



(976)



(2,525)


Adjusted EBITDA (Schedule G)

35,259



47,809



50,084


Income (Loss) Before Tax Margin

(18.3)

%


(4.1)

%


(2.0)

%

Adjusted Income (Loss) Before Tax Margin

(7.4)

%


(0.4)

%


(0.9)

%

Adjusted EBITDA Margin

18.3

%


21.4

%


17.3

%







Completion Fluids & Products






Revenue

$

71,346



$

75,237



$

79,767


Income (loss) before tax

13,202



19,396



14,614


Adjusted income (loss) before tax (Schedule G)

16,512



19,846



14,325


Adjusted EBITDA (Schedule G)

18,303



21,626



17,891


Income (Loss) Before Tax Margin

18.5

%


25.8

%


18.3

%

Adjusted Income (Loss) Before Tax Margin

23.1

%


26.4

%


18.0

%

Adjusted EBITDA Margin

25.7

%


28.7

%


22.4

%







Water & Flowback Services






Revenue

$

24,723



$

57,467



$

73,124


Income (loss) before tax

(8,418)



(2,244)



2,460


Adjusted income (loss) before tax (Schedule G)

(7,215)



(637)



2,060


Adjusted EBITDA (Schedule G)

400



6,779



10,923


Income (Loss) Before Tax Margin

(34.0)

%


(3.9)

%


3.4

%

Adjusted Income (Loss) Before Tax Margin

(29.2)

%


(1.1)

%


2.8

%

Adjusted EBITDA Margin

1.6

%


11.8

%


14.9

%







Compression






Revenue

$

96,372



$

90,238



$

135,905


Income (loss) before tax

(23,006)



(12,790)



(3,483)


Adjusted income (loss) before tax (Schedule G)

(7,270)



(6,819)



124


Adjusted EBITDA (Schedule G)

26,316



25,977



32,766


Income (Loss) Before Tax Margin

(23.9)

%


(14.2)

%


(2.6)

%

Adjusted Income (Loss) Before Tax Margin

(7.5)

%


(7.6)

%


0.1

%

Adjusted EBITDA Margin

27.3

%


28.8

%


24.1

%

 

 

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SOURCE TETRA Technologies, Inc.