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SEC Filings

8-K
KEY ENERGY SERVICES INC filed this Form 8-K on 11/09/2017
Entire Document
 


 
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November 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 September 30, 2017
 
Three Months Ended June 30, 2017
 
 
Three Months Ended September 30, 2016
Net loss
 
$
(38,220
)
 
$
(13,183
)
 
 
$
(130,752
)
Income tax benefit
 
(96
)
 
(853
)
 
 
(110
)
Interest expense, net of amounts capitalized
 
8,090

 
7,872

 
 
21,120

Interest income
 
(182
)
 
(155
)
 
 
(104
)
Depreciation and amortization
 
21,114

 
20,910

 
 
33,467

EBITDA
 
$
(9,294
)
 
$
14,591

 
 
$
(76,379
)
    % of revenues
 
(8.4
)%
 
13.5
 %
 
 
(74.6
)%
 
 
 
 
 
 
 
 
Severance costs
 
369

 
1,650

 
 
313

Stock-based compensation
 
3,330

 
3,969

 
 

Restructuring items, net
 
60

 
101

 
 

Impairment expense
 

 

 
 
40,000

(Gain) loss on sales of assets
 
(711
)
 
(20,968
)
 
 
2,163

Legal settlements
 
11,562

 

 
 
6,316

Gain on sale of business in Russia
 
(4,677
)
 

 
 

Restructuring professional fees
 

 

 
 
13,181

Adjusted EBITDA*
 
$
639

 
$
(657
)
 
 
$
(14,406
)
    % of revenues
 
0.6
 %
 
(0.6
)%
 
 
(14.1
)%
 
 
 
 
 
 
 
 
Revenues
 
$
110,653

 
$
107,780

 
 
$
102,406

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


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