Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

v3.19.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUE      
Revenue $ 1,690,084 $ 691,496 [1] $ 230,625 [2]
COST AND EXPENSES      
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 1,093,804 482,569  
Selling, general and administrative 71,199 48,405 [1] 17,290 [2]
Selling, general and administrative - related parties 1,898 1,481 [1] 758 [2]
Depreciation, depletion, amortization and accretion 119,877 92,124 [1] 72,315 [2]
Impairment of long-lived assets 8,855 4,146 [1],[3] 1,871 [2],[4]
Total cost and expenses 1,295,633 628,725 [1] 265,255 [2]
Operating income (loss) 394,451 62,771 [1] (34,630) [2]
OTHER (EXPENSE) INCOME      
Interest expense, net (3,187) (4,310) [1] (4,096) [2]
Bargain purchase gain 0 4,012 [1],[3] 0 [2],[4]
Other, net (2,036) (677) [1] 158 [2]
Total other expense (5,223) (975) [1] (3,938) [2]
Income (loss) before income taxes 389,228 61,796 [1] (38,568) [2]
Provision for income taxes 153,263 2,832 [1] 53,885 [2]
Net income (loss) 235,965 58,964 [1],[3] (92,453) [2],[4]
OTHER COMPREHENSIVE INCOME (LOSS)      
Foreign currency translation adjustment, net of tax of $397, $645 and $1,732, respectively, for 2018, 2017 and 2016 (1,420) 555 [1] 2,711 [2]
Comprehensive income (loss) $ 234,545 $ 59,519 [1] $ (89,742) [2]
Net income (loss) per share (basic) (Note 11) (in dollars per share) $ 5.27 $ 1.42 [1] $ (2.94) [2]
Net income (loss) per share (diluted) (Note 11) (in dollars per share) $ 5.24 $ 1.42 [1] $ (2.94) [2]
Weighted average number of shares outstanding (Note 11) (in shares) 44,750,000 41,548,000 [1] 31,500,000 [2]
Weighted average number of shares outstanding, including dilutive effect (Note 11) (in shares) 45,021,000 41,639,000 [1] 31,500,000 [2]
Pro Forma C Corporation Data (unaudited):      
Net loss, as reported $ 389,228 $ 61,796 [1] $ (38,568) [2]
Taxes due to change to C corporation (Note 16) (153,263) (2,832) [1] (53,885) [2]
Net income (loss) 235,965 58,964 [1],[3] $ (92,453) [2],[4]
Basic (Note 11) (in USD per shares) [2]     $ (0.56)
Diluted loss per share (in USD per share)     $ (0.56)
Weighted average pro forma shares outstanding—basic (Note 11) (In shares) [2]     43,107,000
Weighted average common shares, including dilutive effect (in shares) [2]     43,107,000
Pro Forma      
OTHER (EXPENSE) INCOME      
Income (loss) before income taxes [2]     $ (92,453)
Provision for income taxes [2]     (53,089)
Net income (loss) [2]     (24,140)
Pro Forma C Corporation Data (unaudited):      
Net loss, as reported [2]     (92,453)
Taxes on income earned as a non-taxable entity (Note 16) [2]     15,224
Taxes due to change to C corporation (Note 16) [2]     53,089
Net income (loss) [2]     (24,140)
Service      
REVENUE      
Revenue 1,471,085 435,409 [1] 89,643 [2]
COST AND EXPENSES      
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 961,205 390,112 [1] 140,063 [2]
Product      
REVENUE      
Revenue 75,766 47,067 [1] 8,052 [2]
COST AND EXPENSES      
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 126,714 91,049 [1] 31,892 [2]
Related parties      
COST AND EXPENSES      
Selling, general and administrative - related parties 1,898 1,481 758
Related parties | Service      
REVENUE      
Revenue 118,183 166,064 [1] 107,147 [2]
COST AND EXPENSES      
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 5,885 1,408 [1] 1,063 [2]
Related parties | Product      
REVENUE      
Revenue 25,050 42,956 [1] 25,783 [2]
COST AND EXPENSES      
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion $ 0 $ 0 [1] $ 3 [2]
[1] Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4.
[2] Financial information has been recast to include results attributable to Sturgeon. See Note 4.
[3] Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4.
[4] Financial information has been recast to include results attributable to Sturgeon. See Note 4.