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SEC Filings

8-K
KEY ENERGY SERVICES INC filed this Form 8-K on 02/27/2018
Entire Document
 


 
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February 26, 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
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from October 1, 2016 through December 15, 2016
 
December 31, 2017 (Unaudited)
 
September 30, 2017 (Unaudited)
 
 
 
Net income (loss)
(22,327
)
 
(38,220
)
 
(10,244
)
 
 
$
173,432

Income tax benefit
(464
)
 
(96
)
 

 
 
3,318

Interest expense, net of amounts capitalized
8,125

 
8,090

 
1,364

 
 
10,259

Interest income
(176
)
 
(182
)
 
(20
)
 
 
(37
)
Depreciation and amortization
21,217

 
21,114

 
3,574

 
 
26,221

EBITDA
$
6,375

 
$
(9,294
)
 
$
(5,326
)
 
 
$
213,193

    % of revenues
5.5
%
 
(8.4
)%
 
(29.9
)%
 
 
234.5
%
 
 
 
 
 
 
 
 
 
Severance costs

 
369

 

 
 
745

Stock-based compensation
(3,989
)
 
3,330

 

 
 

Restructuring items, net

 
60

 

 
 
(245,571
)
Impairment expense

 

 

 
 
4,646

(Gain) loss on sales of assets
(596
)
 
(711
)
 
384

 
 
81

Gain on sale of business in Russia

 
(4,677
)
 

 
 

Restructuring professional fees

 

 

 
 
3,082

Settlement accruals

 
11,562

 

 
 
16,740

Vacation policy accrual change

 

 

 
 
3,396

Vesting of equity compensation in bankruptcy

 

 

 
 
1,991

Financing related and D&O policy tail expense

 

 

 
 
2,429

Other, net

 

 

 
 
46

Adjusted EBITDA*
$
1,790

 
$
639

 
$
(4,942
)
 
 
$
778

    % of revenues
1.5
%
 
0.6
 %
 
(27.7
)%
 
 
0.9
%
 
 
 
 
 
 
 
 
 
Revenues
$
116,280

 
$
110,653

 
$
17,830

 
 
$
90,917

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


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