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SEC Filings

8-K
KEY ENERGY SERVICES INC filed this Form 8-K on 08/09/2017
Entire Document
 


 
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August 8, 2017

 
 
 


Following is a reconciliation of net loss as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA and Adjusted EBITDA as required under Regulation G of the Securities Exchange Act of 1934.
Reconciliations of EBITDA and Adjusted EBITDA to net loss (in thousands, except for percentages, unaudited):
 
 
Successor
 
 
Predecessor
 
 
Three Months Ended June 30, 2017
 
Three Months Ended March 31, 2017
 
 
Three Months Ended June 30, 2016
Net loss
 
$
(13,183
)
 
$
(46,859
)
 
 
$
(92,802
)
Income tax benefit
 
(853
)
 
(289
)
 
 
(133
)
Interest expense, net of amounts capitalized
 
7,872

 
7,710

 
 
21,357

Interest income
 
(155
)
 
(198
)
 
 
(134
)
Depreciation and amortization
 
20,910

 
21,301

 
 
35,856

EBITDA
 
$
14,591

 
$
(18,335
)
 
 
$
(35,856
)
    % of revenues
 
13.5
 %
 
(18.1
)%
 
 
(37.7
)%
 
 
 
 
 
 
 
 
Severance costs
 
1,650

 
473

 
 
1,091

Stock-based compensation
 
3,969

 
3,700

 
 

Restructuring items, net
 
101

 
1,340

 
 

Impairment expense
 

 
187

 
 

(Gain) loss on sales of assets
 
(20,968
)
 
(147
)
 
 
885

Restructuring professional fees
 

 
1,780

 
 
9,522

Adjusted EBITDA*
 
$
(657
)
 
$
(11,002
)
 
 
$
(24,358
)
    % of revenues
 
(0.6
)%
 
(10.8
)%
 
 
(25.6
)%
 
 
 
 
 
 
 
 
Revenues
 
$
107,780

 
$
101,452

 
 
$
95,012

* Adjusted EBITDA does not exclude costs incurred in connection with the Company’s FCPA investigations completed in 2016.

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