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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

 
 
 


 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017 (Unaudited)
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
Net loss
$
(120,589
)
 
$
(10,244
)
 
 
$
(131,736
)
Income tax benefit
(1,702
)
 

 
 
2,829

Interest expense, net of amounts capitalized
31,797

 
1,364

 
 
74,320

Interest income
(711
)
 
(20
)
 
 
(407
)
Depreciation and amortization
84,542

 
3,574

 
 
131,296

EBITDA
$
(6,663
)
 
$
(5,326
)
 
 
$
76,302

    % of revenues
(1.5
)%
 
(29.9
)%
 
 
19.1
 %
 
 
 
 
 
 
 
Severance costs
2,492

 

 
 
8,992

Stock-based compensation
7,010

 

 
 

Restructuring items, net
1,501

 

 
 
(245,571
)
Impairment expense
187

 

 
 
44,646

(Gain) loss on sales of assets
(22,422
)
 
384

 
 
5,246

Legal settlement
11,562

 

 
 
6,316

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

 
 

FCPA settlement

 

 
 
5,000

Restructuring professional fees
1,780

 

 
 
25,785

Settlement accruals

 

 
 
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*
$
(9,230
)
 
$
(4,942
)
 
 
$
(48,682
)
    % of revenues
(2.1
)%
 
(27.7
)%
 
 
(12.2
)%
 
 
 
 
 
 
 
Revenues
$
436,165

 
$
17,830

 
 
$
399,423

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



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