0001121484-23-000050 | 10-Q | XBRL Viewer | OIL States International INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-16337
Entity Registrant Name	OIL STATES INTERNATIONAL, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0476605
Entity Address, Address Line One	Three Allen Center, 333 Clay Street
Entity Address, Address Line Two	Suite 4620
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	652-0582
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	OIS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		64,254,578
Entity Central Index Key	0001121484
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 196,199	$ 164,044
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)	150,735	126,604
Selling, general and administrative expense	24,016	23,833
Depreciation and amortization expense	15,256	17,817
Other operating expense, net	317	126
Costs and expenses	190,324	168,380
Operating income (loss)	5,875	(4,336)
Interest expense, net	(2,391)	(2,672)
Other income, net	276	1,025
Income (loss) before income taxes	3,760	(5,983)
Income tax provision	(1,602)	(3,441)
Net income (loss)	$ 2,158	$ (9,424)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.03	$ (0.16)
Diluted (in dollars per share)	$ 0.03	$ (0.16)
Weighted average number of common shares outstanding:
Basic (in shares)	62,825	60,498
Diluted (in shares)	63,072	60,498
Products
Revenues:
Revenues	$ 99,840	$ 85,761
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)	78,677	64,801
Services
Revenues:
Revenues	96,359	78,283
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)	$ 72,058	$ 61,803

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,158	$ (9,424)
Other comprehensive income:
Currency translation adjustments	4,149	861
Comprehensive income (loss)	$ 6,307	$ (8,563)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 15,807	$ 42,018
Accounts receivable, net	220,202	218,769
Inventories, net	196,278	182,658
Prepaid expenses and other current assets	18,130	19,317
Total current assets	450,417	462,762
Property, plant, and equipment, net	306,134	303,835
Operating lease assets, net	23,828	23,028
Goodwill, net	79,579	79,282
Other intangible assets, net	165,673	169,798
Other noncurrent assets	24,506	25,687
Total assets	1,050,137	1,064,392
Current liabilities:
Current portion of long-term debt	527	17,831
Accounts payable	73,478	73,251
Accrued liabilities	35,414	49,057
Current operating lease liabilities	6,528	6,142
Income taxes payable	3,719	2,605
Deferred revenue	48,969	44,790
Total current liabilities	168,635	193,676
Long-term debt	138,484	135,066
Long-term operating lease liabilities	20,912	20,658
Deferred income taxes	7,143	6,652
Other noncurrent liabilities	19,445	18,782
Total liabilities	354,619	374,834
Stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 77,143,220 shares and 76,587,920 shares issued, respectively	771	766
Additional paid-in capital	1,123,876	1,122,292
Retained earnings	274,185	272,027
Accumulated other comprehensive loss	(74,792)	(78,941)
Treasury stock, at cost, 12,888,342 and 12,684,101 shares, respectively	(628,522)	(626,586)
Total stockholders' equity	695,518	689,558
Total liabilities and stockholders' equity	$ 1,050,137	$ 1,064,392

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	77,143,220	76,587,920
Treasury stock, shares (in shares)	12,888,342	12,684,101

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 695,826	$ 739	$ 1,105,135	$ 281,567	$ (66,031)	$ (625,584)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9,424)			(9,424)
Currency translation adjustments (excluding intercompany advances)	(3,580)				(3,580)
Currency translation adjustments on intercompany advances	4,441				4,441
Stock-based compensation expense	1,835	7	1,828
Surrender of stock to settle taxes on stock awards	(990)					(990)
Ending balance at Mar. 31, 2022	688,108	746	1,106,963	272,143	(65,170)	(626,574)
Beginning balance at Dec. 31, 2022	689,558	766	1,122,292	272,027	(78,941)	(626,586)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,158			2,158
Currency translation adjustments (excluding intercompany advances)	3,494				3,494
Currency translation adjustments on intercompany advances	655				655
Stock-based compensation expense	1,589	5	1,584
Surrender of stock to settle taxes on stock awards	(1,936)					(1,936)
Ending balance at Mar. 31, 2023	$ 695,518	$ 771	$ 1,123,876	$ 274,185	$ (74,792)	$ (628,522)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 2,158	$ (9,424)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	15,256	17,817
Stock-based compensation expense	1,589	1,835
Amortization of deferred financing costs	449	469
Deferred income tax provision (benefit)	396	(174)
Gains on disposals of assets	(210)	(543)
Other, net	17	550
Changes in operating assets and liabilities:
Accounts receivable	(745)	(9,086)
Inventories	(12,802)	(13,090)
Accounts payable and accrued liabilities	(18,329)	(4,555)
Deferred revenue	4,179	4,324
Other operating assets and liabilities, net	2,124	1,142
Net cash flows used in operating activities	(5,918)	(10,735)
Cash flows from investing activities:
Capital expenditures	(6,568)	(2,858)
Proceeds from disposition of property and equipment	223	869
Other, net	(48)	(67)
Net cash flows used in investing activities	(6,393)	(2,056)
Cash flows from financing activities:
Revolving credit facility borrowings	27,865	367
Revolving credit facility repayments	(22,865)	(367)
Repayment of 1.50% convertible senior notes	(17,315)	0
Other debt and finance lease repayments, net	(106)	(165)
Payment of financing costs	(21)	(68)
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards	(1,936)	(990)
Net cash flows used in financing activities	(14,378)	(1,223)
Effect of exchange rate changes on cash and cash equivalents	478	320
Net change in cash and cash equivalents	(26,211)	(13,694)
Cash and cash equivalents, beginning of period	42,018	52,852
Cash and cash equivalents, end of period	15,807	39,158
Cash paid (received) for:
Interest	485	522
Income taxes, net	$ (2,465)	$ 119

Unaudited Consolidated Statements of Cash Flows (Parenthetical)	Mar. 31, 2023	Feb. 15, 2023
1.5% Convertible Unsecured Senior Notes
Stated interest rate (as a percent)	1.50%	1.50%

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial information. Certain information in footnote disclosures normally included with financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include, but are not limited to, goodwill and long-lived asset impairments, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, which are adopted by the Company as of the specified effective date. Management believes that recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. The financial statements included in this report should be read in conjunction with the Company's audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022.

Details of Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2023

Details of Selected Balance Sheet Accounts [Abstract]

Details of Selected Balance Sheet Accounts

Additional information regarding selected balance sheet accounts as of March 31, 2023 and December 31, 2022 is presented below (in thousands):


	March 31, 2023			December 31, 2022
Accounts receivable, net:
Trade	$	163,360		$	145,540
Unbilled revenue	27,849			29,679
Contract assets	27,731			42,599
Other	6,621			6,177
Total accounts receivable	225,561			223,995
Allowance for doubtful accounts	(5,359)			(5,226)
	$	220,202		$	218,769

Allowance for doubtful accounts as a percentage of total accounts receivable	2		%	2		%


	March 31, 2023		December 31, 2022
Deferred revenue (contract liabilities)	$	48,969	$	44,790

As of March 31, 2023, accounts receivable, net in the United States and the United Kingdom represented 75% and 12%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of March 31, 2023.

For the three months ended March 31, 2023, the $14.9 million net decrease in contract assets was attributable to $27.8 million transferred to accounts receivable during the period, which was partially offset by $12.9 million in revenue recognized. Deferred revenue (contract liabilities) increased by $4.2 million in the first three months of 2023, reflecting $13.2 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $9.0 million of revenue that was deferred at the beginning of the period.

The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Allowance for doubtful accounts – January 1	$	5,226	$	4,471
Provisions	133		943
Write-offs	(21)		(635)
Other	21		—
Allowance for doubtful accounts – March 31	$	5,359	$	4,779


	March 31, 2023		December 31, 2022
Inventories, net:
Finished goods and purchased products	$	95,094	$	90,443
Work in process	31,632		32,079
Raw materials	108,058		97,817
Total inventories	234,784		220,339
Allowance for excess or obsolete inventory	(38,506)		(37,681)
	$	196,278	$	182,658


			March 31, 2023			December 31, 2022
Property, plant and equipment, net:







Property, plant and equipment	$	1,139,138		$	1,128,834
Accumulated depreciation	(833,004)			(824,999)
							$	306,134	$	303,835

For the three months ended March 31, 2023 and 2022, depreciation expense was $11.0 million and $12.7 million, respectively.


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	141,259	$	49,851	$	91,408	$	141,179	$	47,629	$	93,550
Patents/Technology/Know-how	69,925		30,537		39,388		69,830		29,214		40,616
Tradenames and other	52,497		17,620		34,877		52,488		16,856		35,632
	$	263,681	$	98,008	$	165,673	$	263,497	$	93,699	$	169,798

For the three months ended March 31, 2023 and 2022, amortization expense was $4.3 million and $5.2 million, respectively.


	March 31, 2023		December 31, 2022
Other noncurrent assets:
Deferred compensation plan	$	18,349	$	17,551
Deferred financing costs(1)	—		1,893
Deferred income taxes	1,518		1,517
Other	4,639		4,726
	$	24,506	$	25,687

____________________

(1)Unamortized deferred financing costs are presented as an offset to outstanding borrowing under the ABL Facility as of March 31, 2023.


	March 31, 2023		December 31, 2022
Accrued liabilities:
Accrued compensation	$	15,882	$	33,659
Accrued taxes, other than income taxes	3,175		1,865
Insurance liabilities	4,976		4,640
Accrued interest	3,324		1,784
Accrued commissions	2,432		2,302
Other	5,625		4,807
	$	35,414	$	49,057

Long-term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

As of March 31, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Revolving credit facility(1)	$	3,305	$	—
2026 Notes(2)	132,379		132,164
2023 Notes	—		17,303
Other debt and finance lease obligations	3,327		3,430
Total debt	139,011		152,897
Less: Current portion	(527)		(17,831)
Total long-term debt	$	138,484	$	135,066

____________________

(1)Outstanding borrowings under the revolving credit facility are presented net of $1.7 million of unamortized deferred financing costs as of March 31, 2023. Unamortized deferred financing costs of $1.9 million as of December 31, 2022 are presented in other noncurrent assets.

(2)The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2023 and December 31, 2022.

Revolving Credit Facility

On February 10, 2021, the Company entered into a senior secured credit facility with certain lenders, which provides for a $125.0 million asset-based revolving credit facility (the "ABL Facility") under which credit availability is subject to a borrowing base calculation.

The ABL Facility is governed by a credit agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (the "ABL Agreement"). The ABL Agreement matures on February 10, 2025 with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $17.5 million.

The ABL Agreement provides funding based on a borrowing base calculation that includes eligible U.S. customer accounts receivable and inventory and provides for a $50.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement are secured by a pledge of substantially all of the Company's domestic assets (other than real property) and the stock of certain foreign subsidiaries.

Since December 13, 2022, borrowings under the ABL Agreement bear interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") rate (subject to a floor rate of 0%) plus a margin of 2.75% to 3.25%, or at a base rate plus a margin of 1.75% to 2.25%, in each case based on average borrowing availability. Quarterly, the Company must also pay a commitment fee of 0.375% to 0.50% per annum, based on unused commitments under the ABL Agreement.

The ABL Agreement places restrictions on the Company's ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2026 Notes discussed below), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contains customary default provisions, which, if triggered, could result in acceleration of repayment of all amounts then outstanding. The ABL Agreement also requires the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 (i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the borrowing base and (b) $14.1 million; (ii) to complete certain specified transactions; or (iii) if an event of default has occurred and is continuing.

As of March 31, 2023, the Company had $5.0 million of outstanding ABL Facility borrowings and $15.9 million of outstanding letters of credit. The total amount available to be drawn as of March 31, 2023 was $92.8 million, calculated based on the current borrowing base less outstanding borrowings and letters of credit. As of March 31, 2023, the Company was in compliance with its debt covenants under the ABL Agreement.

2026 Notes

The Company issued $135.0 million aggregate principal amount of its 4.75% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated as of March 19, 2021 (the "2026 Indenture"), between the Company and Computershare Trust Company, National Association, as successor trustee. Net proceeds from the 2026 Notes offering, after deducting issuance costs, totaled $130.6 million. The Company used $120.0 million of the cash proceeds to purchase $125.0 million principal amount of the outstanding 2023 Notes (as defined below) at a discount, with the balance added to cash on-hand.

The 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The initial conversion rate is 95.3516 shares of the Company's common stock per $1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company's intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature (if any) in shares of the Company's common stock. As of March 31, 2023, none of the conditions allowing holders of the 2026 Notes to convert, or requiring us to repurchase the 2026 Notes, had been met.

2023 Notes

On February 15, 2023, the Company's 1.50% convertible senior notes due 2023 (the "2023 Notes") matured and the outstanding $17.3 million principal amount was repaid in full.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThe Company's financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the 2026 Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2026 Notes as of March 31, 2023 was $151.1 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $135.0 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Common and Preferred Stock

The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2023 (in thousands):







Shares of common stock outstanding – December 31, 2022															63,904
Restricted stock awards, net of forfeitures															555
Shares withheld for taxes on vesting of stock awards															(204)
Shares of common stock outstanding – March 31, 2023															64,255

As of March 31, 2023 and December 31, 2022, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding.

On February 16, 2023, the Company's Board of Directors authorized $25.0 million for the repurchases of the Company's common stock, par value $0.01 per share, through February 2025. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. As of March 31, 2023, no repurchases were made under this authorization.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, reported as a component of stockholders' equity, primarily relates to fluctuations in currency exchange rates against the U.S. dollar as used to translate certain of the international operations of the Company's operating segments. Accumulated other comprehensive loss decreased from $78.9 million at December 31, 2022 to $74.8 million at March 31, 2023. For the three months ended March 31, 2023 and 2022, currency translation adjustments recognized as a component of other comprehensive income were primarily attributable to the United Kingdom and Brazil.

During the three months ended March 31, 2023, the exchange rates for the British pound and the Brazilian real strengthened by 3% and 2%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $4.1 million. During the three months ended March 31, 2022, the exchange rate for the British pound weakened by 3% compared to the U.S. dollar while the Brazilian real strengthened by 17% compared to the U.S. dollar, contributing to other comprehensive income of $0.9 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax expense for the three months ended March 31, 2023 was calculated using a discrete approach. This methodology was used because changes in the Company's results of operations and non-deductible expenses can materially impact the estimated annual effective tax rate. For the three months ended March 31, 2023, the Company's income tax expense was $1.6 million on pre-tax income of $3.8 million, which included certain non-deductible expenses and discrete tax items. This compares to an income tax expense of $3.4 million on a pre-tax loss of $6.0 million, which included the impact of valuation allowances recorded against tax assets as well as certain non-deductible expenses and discrete tax items, for the three months ended March 31, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share amounts):


	Three Months Ended March 31,
		2023		2022
Numerators:
Net income (loss)		$	2,158	$	(9,424)
Less: Income attributable to unvested restricted stock awards		(42)		—
Numerator for basic net income (loss) per share		2,116		(9,424)
Effect of dilutive securities:
Unvested restricted stock awards		—		—
Numerator for diluted net income (loss) per share		$	2,116	$	(9,424)

Denominators:
Weighted average number of common shares outstanding		64,068		61,627
Less: Weighted average number of unvested restricted stock awards outstanding		(1,243)		(1,129)
Denominator for basic net income (loss) per share		62,825		60,498
Effect of dilutive securities:
Unvested restricted stock awards		—		—
Unvested performance share units		247		—


Denominator for diluted net income (loss) per share		63,072		60,498

Net income (loss) per share:
Basic		$	0.03	$	(0.16)
Diluted		0.03		(0.16)

The calculation of diluted earnings per share for the three months ended March 31, 2023 and 2022 excluded 209 thousand shares and 298 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of the Company's convertible senior notes were excluded from each period due to, among other factors, the Company's share price.

Long-Term Incentive Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Compensation

The following table presents a summary of activity for stock options, service-based restricted stock and stock unit awards, and performance-based stock unit awards for the three months ended March 31, 2023 (in thousands):


	Stock Options	Service-based Restricted Stock		Performance- and Service-based Stock Units
Outstanding – December 31, 2022	245	1,222		494
Granted	—	555		168
Vested	—	(513)		—
Forfeited	(82)	—		—
Outstanding – March 31, 2023	163	1,264		662
Weighted average grant date fair value (2023 awards)		$	9.11	$	9.11

The restricted stock program consists of a combination of service-based restricted stock and stock units, as well as performance-based stock units. Service-based restricted stock awards generally vest on a straight-line basis over a term of three years. Service-based stock unit awards (39 thousand units outstanding as of March 31, 2023) vest over one-year, with the underlying shares issued at a specified future date. Performance-based stock unit awards generally vest at the end of a three-year period, with the number of shares ultimately issued under the program dependent upon achievement of predefined specific performance objectives based on the Company's cumulative EBITDA over a three-year period.

In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest.

The Company issued conditional long-term cash incentive awards ("Cash Awards") of $1.5 million in the first quarters of 2023 and 2022. The performance measure for each of these Cash Awards is relative total stockholder return compared to a peer group of companies over a three-year period. The ultimate dollar amount to be awarded for each annual grant may range from zero to a maximum of $3.1 million, limited to their targeted award value ($1.5 million) if the Company's total stockholder return were to be negative over the performance period. Obligations related to the Cash Awards are classified as liabilities and recognized over their respective vesting periods.

Stock-based compensation expense recognized during the three months ended March 31, 2023 and 2022 totaled $1.6 million and $1.8 million, respectively. As of March 31, 2023, there was $11.4 million of pre-tax compensation costs related to service-based and performance-based stock awards, which will be recognized in future periods as vesting conditions are satisfied.

Segments and Related Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segments and Related Information

The Company operates through three operating segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three months ended March 31, 2023 and 2022 is summarized in the following tables (in thousands).


	Revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three Months Ended March 31, 2023
Offshore/Manufactured Products	$	98,199	$	4,668	$	11,090	$	535	$	548,439
Well Site Services	67,058		6,146		6,966		5,772		212,415
Downhole Technologies	30,942		4,275		(1,519)		249		256,095
Corporate	—		167		(10,662)		12		33,188
Total	$	196,199	$	15,256	$	5,875	$	6,568	$	1,050,137


	Revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three Months Ended March 31, 2022
Offshore/Manufactured Products	$	84,112	$	5,330	$	10,196	$	902	$	559,877
Well Site Services	48,172		7,932		(3,395)		1,548		197,077
Downhole Technologies	31,760		4,384		(1,505)		317		265,958
Corporate	—		171		(9,632)		91		55,053
Total	$	164,044	$	17,817	$	(4,336)	$	2,858	$	1,077,965

The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2023 and 2022 (in thousands):


	Offshore/Manufactured Products				Well Site Services				Downhole Technologies				Total
	2023		2022		2023		2022		2023		2022		2023		2022
Three Months Ended March 31
Major revenue categories -
Project-driven products	$	39,132	$	33,844	$	—	$	—	$	—	$	—	$	39,132	$	33,844
Short-cycle:
Completion products and services	17,955		13,580		65,406		45,166		30,942		31,760		114,303		90,506
Drilling services	—		—		1,652		3,006		—		—		1,652		3,006
Other products	9,485		7,044		—		—		—		—		9,485		7,044
Total short-cycle	27,440		20,624		67,058		48,172		30,942		31,760		125,440		100,556
Other products and services	31,627		29,644		—		—		—		—		31,627		29,644
	$	98,199	$	84,112	$	67,058	$	48,172	$	30,942	$	31,760	$	196,199	$	164,044

Revenues from products and services transferred to customers over time accounted for approximately 66% and 62% of consolidated revenues for the three months ended March 31, 2023 and 2022, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2023, the Company had $209.9 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 35% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2023, with an additional 46% recognized in 2024 and the balance thereafter.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of the Company's products or operations. Some of these claims relate to matters occurring prior to the acquisition of businesses, and some relate to businesses the Company has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses and, in other cases, the Company has indemnified the buyers of businesses. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

Details of Selected Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2023

Details of Selected Balance Sheet Accounts [Abstract]

Schedule of Accounts Receivable, Net

Additional information regarding selected balance sheet accounts as of March 31, 2023 and December 31, 2022 is presented below (in thousands):


	March 31, 2023			December 31, 2022
Accounts receivable, net:
Trade	$	163,360		$	145,540
Unbilled revenue	27,849			29,679
Contract assets	27,731			42,599
Other	6,621			6,177
Total accounts receivable	225,561			223,995
Allowance for doubtful accounts	(5,359)			(5,226)
	$	220,202		$	218,769

Allowance for doubtful accounts as a percentage of total accounts receivable	2		%	2		%

Schedule of Contract with Customer, Asset and Liability


	March 31, 2023		December 31, 2022
Deferred revenue (contract liabilities)	$	48,969	$	44,790

Schedule of Activity in Allowance for Doubtful Accounts

The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Allowance for doubtful accounts – January 1	$	5,226	$	4,471
Provisions	133		943
Write-offs	(21)		(635)
Other	21		—
Allowance for doubtful accounts – March 31	$	5,359	$	4,779

Schedule of Inventory, Net


	March 31, 2023		December 31, 2022
Inventories, net:
Finished goods and purchased products	$	95,094	$	90,443
Work in process	31,632		32,079
Raw materials	108,058		97,817
Total inventories	234,784		220,339
Allowance for excess or obsolete inventory	(38,506)		(37,681)
	$	196,278	$	182,658

Schedule of Property, Plant and Equipment, Net


			March 31, 2023			December 31, 2022
Property, plant and equipment, net:







Property, plant and equipment	$	1,139,138		$	1,128,834
Accumulated depreciation	(833,004)			(824,999)
							$	306,134	$	303,835

Schedule of Finite-Lived Intangible Assets


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	141,259	$	49,851	$	91,408	$	141,179	$	47,629	$	93,550
Patents/Technology/Know-how	69,925		30,537		39,388		69,830		29,214		40,616
Tradenames and other	52,497		17,620		34,877		52,488		16,856		35,632
	$	263,681	$	98,008	$	165,673	$	263,497	$	93,699	$	169,798

Schedule of Other Noncurrent Assets

For the three months ended March 31, 2023 and 2022, amortization expense was $4.3 million and $5.2 million, respectively.


	March 31, 2023		December 31, 2022
Other noncurrent assets:
Deferred compensation plan	$	18,349	$	17,551
Deferred financing costs(1)	—		1,893
Deferred income taxes	1,518		1,517
Other	4,639		4,726
	$	24,506	$	25,687

____________________

(1)Unamortized deferred financing costs are presented as an offset to outstanding borrowing under the ABL Facility as of March 31, 2023.

Schedule of Accrued Liabilities


	March 31, 2023		December 31, 2022
Accrued liabilities:
Accrued compensation	$	15,882	$	33,659
Accrued taxes, other than income taxes	3,175		1,865
Insurance liabilities	4,976		4,640
Accrued interest	3,324		1,784
Accrued commissions	2,432		2,302
Other	5,625		4,807
	$	35,414	$	49,057

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of March 31, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Revolving credit facility(1)	$	3,305	$	—
2026 Notes(2)	132,379		132,164
2023 Notes	—		17,303
Other debt and finance lease obligations	3,327		3,430
Total debt	139,011		152,897
Less: Current portion	(527)		(17,831)
Total long-term debt	$	138,484	$	135,066

____________________

(2)The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2023 and December 31, 2022.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2023 (in thousands):







Shares of common stock outstanding – December 31, 2022															63,904
Restricted stock awards, net of forfeitures															555
Shares withheld for taxes on vesting of stock awards															(204)
Shares of common stock outstanding – March 31, 2023															64,255

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
		2023		2022
Numerators:
Net income (loss)		$	2,158	$	(9,424)
Less: Income attributable to unvested restricted stock awards		(42)		—
Numerator for basic net income (loss) per share		2,116		(9,424)
Effect of dilutive securities:
Unvested restricted stock awards		—		—
Numerator for diluted net income (loss) per share		$	2,116	$	(9,424)

Denominators:
Weighted average number of common shares outstanding		64,068		61,627
Less: Weighted average number of unvested restricted stock awards outstanding		(1,243)		(1,129)
Denominator for basic net income (loss) per share		62,825		60,498
Effect of dilutive securities:
Unvested restricted stock awards		—		—
Unvested performance share units		247		—


Denominator for diluted net income (loss) per share		63,072		60,498

Net income (loss) per share:
Basic		$	0.03	$	(0.16)
Diluted		0.03		(0.16)

Long-Term Incentive Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity


	Stock Options	Service-based Restricted Stock		Performance- and Service-based Stock Units
Outstanding – December 31, 2022	245	1,222		494
Granted	—	555		168
Vested	—	(513)		—
Forfeited	(82)	—		—
Outstanding – March 31, 2023	163	1,264		662
Weighted average grant date fair value (2023 awards)		$	9.11	$	9.11

Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by operating segment for the three months ended March 31, 2023 and 2022 is summarized in the following tables (in thousands).


	Revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three Months Ended March 31, 2023
Offshore/Manufactured Products	$	98,199	$	4,668	$	11,090	$	535	$	548,439
Well Site Services	67,058		6,146		6,966		5,772		212,415
Downhole Technologies	30,942		4,275		(1,519)		249		256,095
Corporate	—		167		(10,662)		12		33,188
Total	$	196,199	$	15,256	$	5,875	$	6,568	$	1,050,137


	Revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three Months Ended March 31, 2022
Offshore/Manufactured Products	$	84,112	$	5,330	$	10,196	$	902	$	559,877
Well Site Services	48,172		7,932		(3,395)		1,548		197,077
Downhole Technologies	31,760		4,384		(1,505)		317		265,958
Corporate	—		171		(9,632)		91		55,053
Total	$	164,044	$	17,817	$	(4,336)	$	2,858	$	1,077,965

Schedule of Supplemental Revenue Information by Segments

The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2023 and 2022 (in thousands):


	Offshore/Manufactured Products				Well Site Services				Downhole Technologies				Total
	2023		2022		2023		2022		2023		2022		2023		2022
Three Months Ended March 31
Major revenue categories -
Project-driven products	$	39,132	$	33,844	$	—	$	—	$	—	$	—	$	39,132	$	33,844
Short-cycle:
Completion products and services	17,955		13,580		65,406		45,166		30,942		31,760		114,303		90,506
Drilling services	—		—		1,652		3,006		—		—		1,652		3,006
Other products	9,485		7,044		—		—		—		—		9,485		7,044
Total short-cycle	27,440		20,624		67,058		48,172		30,942		31,760		125,440		100,556
Other products and services	31,627		29,644		—		—		—		—		31,627		29,644
	$	98,199	$	84,112	$	67,058	$	48,172	$	30,942	$	31,760	$	196,199	$	164,044

Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 225,561	$ 223,995
Allowance for doubtful accounts	(5,359)	(5,226)
Accounts receivable, net	$ 220,202	$ 218,769
Allowance for doubtful accounts as a percentage of total accounts receivable	2.00%	2.00%
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 163,360	$ 145,540
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	27,849	29,679
Contract assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	27,731	42,599
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 6,621	$ 6,177

Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Details of Selected Balance Sheet Accounts [Abstract]
Deferred revenue (contract liabilities)	$ 48,969	$ 44,790

Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Concentration Risk [Line Items]
Decrease in contract with customer, asset	$ (14,900)
Contract with customer, asset, reclassified to receivable	12,900
Contract with customer, asset, decrease due to revenue recognized	(27,800)
Increase in deferred revenue	4,179	$ 4,324
Contract with customer, liability, increase due to billings	13,200
Contract with customer, liability, revenue recognized	(9,000)
Depreciation	11,000	12,700
Amortization of intangible assets	$ 4,300	$ 5,200
United States \| Geographic Concentration Risk \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (as a percent)	75.00%
United Kingdom \| Geographic Concentration Risk \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (as a percent)	12.00%

Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts beginning balance	$ 5,226	$ 4,471
Provisions	133	943
Write-offs	(21)	(635)
Other	21	0
Allowance for doubtful accounts ending balance	$ 5,359	$ 4,779

Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Details of Selected Balance Sheet Accounts [Abstract]
Finished goods and purchased products	$ 95,094	$ 90,443
Work in process	31,632	32,079
Raw materials	108,058	97,817
Total inventories	234,784	220,339
Allowance for excess or obsolete inventory	(38,506)	(37,681)
Inventories, net	$ 196,278	$ 182,658

Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Details of Selected Balance Sheet Accounts [Abstract]
Property, plant and equipment	$ 1,139,138	$ 1,128,834
Accumulated depreciation	(833,004)	(824,999)
Property, plant, and equipment, net	$ 306,134	$ 303,835

Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 263,681	$ 263,497
Accumulated Amortization	98,008	93,699
Net Carrying Amount	165,673	169,798
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	141,259	141,179
Accumulated Amortization	49,851	47,629
Net Carrying Amount	91,408	93,550
Patents/Technology/Know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	69,925	69,830
Accumulated Amortization	30,537	29,214
Net Carrying Amount	39,388	40,616
Tradenames and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,497	52,488
Accumulated Amortization	17,620	16,856
Net Carrying Amount	$ 34,877	$ 35,632