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SEC Filings

10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 

ITEM 6.    SELECTED FINANCIAL DATA
The following historical selected financial data as of and for the years ended December 31, 2013 through December 31, 2017 has been derived from our audited financial statements. The historical selected financial data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical consolidated financial statements and related notes thereto included in “Item 8. Financial Statements and Supplementary Data.”
RESULTS OF OPERATIONS DATA
(in thousands, except per share amounts)
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
 
Year Ended December 31,
 
 
 
 
 
2015
 
2014
 
2013
REVENUES
$
436,165

 
$
17,830

 
 
$
399,423

 
$
792,326

 
$
1,427,336

 
$
1,591,676

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
Direct operating expenses
332,332

 
16,603

 
 
362,825

 
714,637

 
1,059,651

 
1,114,462

Depreciation and amortization expense
84,542

 
3,574

 
 
131,296

 
180,271

 
200,738

 
225,297

General and administrative expenses
115,284

 
6,501

 
 
163,257

 
202,631

 
249,646

 
221,753

Impairment expense
187

 

 
 
44,646

 
722,096

 
121,176

 

Operating income (loss)
(96,180
)
 
(8,848
)
 
 
(302,601
)
 
(1,027,309
)
 
(203,875
)
 
30,164

Reorganization items, net
1,501

 

 
 
(245,571
)
 

 

 

Interest expense, net of amounts capitalized
31,797

 
1,364

 
 
74,320

 
73,847

 
54,227

 
55,204

Other (income) expense, net
(7,187
)
 
32

 
 
(2,443
)
 
9,394

 
1,009

 
(803
)
Loss before tax
(122,291
)
 
(10,244
)
 
 
(128,907
)
 
(1,110,550
)
 
(259,111
)
 
(24,237
)
Income tax (expense) benefit
1,702

 

 
 
(2,829
)
 
192,849

 
80,483

 
3,064

Net loss
(120,589
)
 
(10,244
)
 
 
(131,736
)
 
(917,701
)
 
(178,628
)
 
(21,173
)
Income attributable to noncontrolling interest

 

 
 

 

 

 
595

LOSS ATTRIBUTABLE TO KEY
$
(120,589
)
 
$
(10,244
)
 
 
$
(131,736
)
 
$
(917,701
)
 
$
(178,628
)
 
$
(21,768
)
Loss per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic and Diluted
$
(6.00
)
 
$
(0.51
)
 
 
$
(0.82
)
 
$
(5.86
)
 
$
(1.16
)
 
$
(0.14
)
Loss per share attributable to Key:
 
 
 
 
 
 
 
 
 
 
 
 
Basic and Diluted
$
(6.00
)
 
$
(0.51
)
 
 
$
(0.82
)
 
$
(5.86
)
 
$
(1.16
)
 
$
(0.14
)
Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
Basic and Diluted
20,105

 
20,090

 
 
160,587

 
156,598

 
153,371

 
152,271

 CASH FLOW DATA
(in thousands)
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
 
Year Ended December 31,
 
 
 
 
 
2015
 
2014
 
2013
Net cash provided by (used in) operating activities
$
(51,367
)
 
$
(417
)
 
 
$
(138,449
)
 
$
(22,386
)
 
$
164,168

 
$
228,643

Net cash provided by (used in) investing activities
16,913

 
(251
)
 
 
6,544

 
(19,403
)
 
(146,840
)
 
(160,881
)
Net cash provided by (used in) financing activities
17,160

 
(15
)
 
 
18,759

 
218,729

 
(22,058
)
 
(85,492
)
Effect of changes in exchange rates on cash
(146
)
 

 
 
(20
)
 
110

 
3,728

 
87


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