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SEC Filings

10-Q
KEY ENERGY SERVICES INC filed this Form 10-Q on 08/10/2017
Entire Document
 

Predecessor company as of and for the six months ended June 30, 2016
 
U.S. Rig Services
 
Fluid Management Services
 
Coiled Tubing Services
 
Fishing and Rental Services
 
International
 
Functional
Support(2)
 
Reconciling
Eliminations
 
Total
Revenues from external customers
$
110,490

 
$
42,261

 
$
17,148

 
$
29,695

 
$
6,506

 
$

 
$

 
$
206,100

Intersegment revenues
444

 
530

 
43

 
2,254

 
250

 

 
(3,521
)
 

Depreciation and amortization
29,676

 
11,858

 
5,891

 
14,762

 
4,348

 
5,073

 

 
71,608

Other operating expenses
100,854

 
44,230

 
23,463

 
27,721

 
12,119

 
58,778

 

 
267,165

Operating loss
(20,040
)
 
(13,827
)
 
(12,206
)
 
(12,788
)
 
(9,961
)
 
(63,851
)
 

 
(132,673
)
Interest expense, net of amounts capitalized

 

 

 

 

 
42,941

 

 
42,941

Loss before income taxes
(20,025
)
 
(13,787
)
 
(12,083
)
 
(12,781
)
 
(10,275
)
 
(105,844
)
 

 
(174,795
)
Long-lived assets(1)
468,321

 
118,898

 
49,598

 
113,276

 
48,588

 
185,907

 
(143,613
)
 
840,975

Total assets
1,310,869

 
255,124

 
121,677

 
474,396

 
164,783

 
(787,211
)
 
(409,861
)
 
1,129,777

Capital expenditures
504

 
2,020

 
101

 
1,516

 
711

 
215

 

 
5,067

(1)
Long-lived assets include fixed assets, intangibles and other non-current assets.
(2)
Functional Support is geographically located in the United States.
NOTE 16. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
The senior notes of the Predecessor company were registered securities. As a result of these registered securities, we are required to present the following condensed consolidating financial information pursuant to SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” Our ABL Facility and Term Loan Facility of the Successor Company are not registered securities, so the presentation of condensed consolidating financial information is not required for the Successor period.
CONDENSED CONSOLIDATING UNAUDITED STATEMENTS OF OPERATIONS
 
 
Predecessor
 
 
Three Months Ended June 30, 2016
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Revenues
 
$

 
$
92,122

 
$
3,000

 
$
(110
)
 
$
95,012

Direct operating expense
 

 
86,419

 
3,102

 
(102
)
 
89,419

Depreciation and amortization expense
 

 
34,676

 
1,180

 

 
35,856

General and administrative expense
 
205

 
38,091

 
2,607

 

 
40,903

Operating loss
 
(205
)
 
(67,064
)
 
(3,889
)
 
(8
)
 
(71,166
)
Interest expense, net of amounts capitalized
 
21,357

 

 

 

 
21,357

Other (income) loss, net
 
(645
)
 
49

 
890

 
118

 
412

Loss before income taxes
 
(20,917
)
 
(67,113
)
 
(4,779
)
 
(126
)
 
(92,935
)
Income tax (expense) benefit
 
(6
)
 

 
139

 

 
133

Net loss
 
$
(20,923
)
 
$
(67,113
)
 
$
(4,640
)
 
$
(126
)
 
$
(92,802
)

20