Frank’s International N.V. Announces Second Quarter 2020 Results
Second Quarter 2020 Financial Highlights
- Second quarter net loss of
$34.2 million improved over prior period resulting from market-related impairments taken in the first quarter of 2020. - Second quarter revenue of
$86.1 million and Adjusted EBITDA of($1.7) million reflecting decremental margin of 24% driven by cost reductions. - Second quarter cash flows from operating activities of
$26.4 million and free cash flow of$16.1 million both showing a significant improvement from the prior quarter. - Actions both completed and in progress expanding previously announced cost reduction initiatives, projecting an approximate 25% year over year reduction in costs.
“The second quarter reflects the sudden and historic downturn in our industry created by the Covid-19 pandemic and highly volatile and lower oil prices. During the quarter, we saw some of our highest producing geographies experience reductions in rig activity of greater than 80% resulting in a significant revenue decline. We communicated our aggressive cost cutting measures last quarter, and I am very pleased that Frank’s management and our entire employee base has executed various cost reduction plans expeditiously, the results of which are reflected in our reported results. While we cannot control the operational plans of our customers and the resulting short term revenue swings we experience, we can and have controlled our costs during the quarter, holding decremental margins to less than 25%. This was made possible through the effective management of a wide range of cost control measures that we accelerated and intensified over the past quarter. Cost containment and efficiency is not a periodic exercise but something we are practicing on a daily basis at Frank’s. The entire Frank’s team remains focused on exploring opportunities to work more efficiently in the future and reset our cost base,” said
“We are also focused on maintaining a strong balance sheet and cash position. Our progress in this area is reflected by the resurgence in our cash balance from year end levels and strong free cash flow during the quarter.”
“Frank’s continues to generate value for our customers by offering technological solutions that safely reduce the time to drill, case and complete wells. Our multi-product line solutions add value in the most extreme applications, most recently with a joint Cementing and TRS operation on behalf of a major operator in the
“Frank’s also recently introduced the Caseless Insertable™ Float System, a new cementing technology suitable for a float collar, landing collar and guide or float shoe assembly. This versatile, patented solution offers a modular design and threadless interface that can be configured to a wide range of operational requirements, eliminating specialized premium connections, manufacturing lead time and the costs associated with transporting and storing excess inventory. It has performed successfully in both offshore and onshore applications, most recently on behalf of a major operator in the
“In summary, we have aggressively responded to recent market shocks and continued to place our strongest focus on delivering exemplary service to our customers. Our employees have demonstrated their commitment to excellence and this organization, and we are poised to weather these conditions and position ourselves well for an eventual recovery,” concluded
Segment Results
Tubular Running Services
Tubular Running Services revenue was
Segment adjusted EBITDA for the second quarter of 2020 was
Tubulars
Tubulars revenue for the second quarter of 2020 was
Segment adjusted EBITDA for the second quarter of 2020 was
Cementing Equipment
Cementing Equipment revenue was
Segment adjusted EBITDA for the second quarter of 2020 was
Profit Improvement Actions Update
As an update to the progress made in reducing the cost base of the Company, Frank’s now anticipates realizing reductions to its cost structure of at least 25% year over year including both operational and support costs. The cost reductions achieved specific to Company support costs are now estimated to yield savings in excess of
Other Financial Information
Cash expenditures related to property, plant and equipment and intangibles were
As of
Income tax expense for the quarter was
The financial measures provided that are not presented in accordance with
Conference Call
The Company will host a conference call to discuss second quarter 2020 results on
An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.
About Frank’s International
Frank’s
Contact:
Melissa.Cougle@franksintl.com
281-966-7300
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Revenue: | |||||||||||||||||||
Services | $ | 74,583 | $ | 105,083 | $ | 127,091 | $ | 179,666 | $ | 242,497 | |||||||||
Products | 11,518 | 18,409 | 28,563 | 29,927 | 57,565 | ||||||||||||||
Total revenue | 86,101 | 123,492 | 155,654 | 209,593 | 300,062 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization | |||||||||||||||||||
Services | 61,051 | 79,380 | 85,785 | 140,431 | 169,024 | ||||||||||||||
Products | 8,286 | 13,988 | 23,475 | 22,274 | 43,603 | ||||||||||||||
General and administrative expenses | 22,286 | 26,683 | 34,026 | 48,969 | 69,437 | ||||||||||||||
Depreciation and amortization | 17,252 | 19,718 | 23,913 | 36,970 | 49,155 | ||||||||||||||
— | 57,146 | — | 57,146 | — | |||||||||||||||
Severance and other charges, net | 5,162 | 20,725 | 815 | 25,887 | 1,270 | ||||||||||||||
(Gain) loss on disposal of assets | (650 | ) | 60 | 154 | (590 | ) | 381 | ||||||||||||
Operating loss | (27,286 | ) | (94,208 | ) | (12,514 | ) | (121,494 | ) | (32,808 | ) | |||||||||
Other income (expense): | |||||||||||||||||||
Tax receivable agreement (“TRA”) related adjustments | — | — | 220 | — | 220 | ||||||||||||||
Other income, net | 156 | 2,026 | 669 | 2,182 | 1,198 | ||||||||||||||
Interest income, net | 178 | 533 | 426 | 711 | 1,194 | ||||||||||||||
Foreign currency gain (loss) | 1,693 | (9,892 | ) | (661 | ) | (8,199 | ) | (178 | ) | ||||||||||
Total other income (expense) | 2,027 | (7,333 | ) | 654 | (5,306 | ) | 2,434 | ||||||||||||
Loss before income taxes | (25,259 | ) | (101,541 | ) | (11,860 | ) | (126,800 | ) | (30,374 | ) | |||||||||
Income tax expense (benefit) | 8,986 | (15,563 | ) | 3,300 | (6,577 | ) | 13,073 | ||||||||||||
Net loss | $ | (34,245 | ) | $ | (85,978 | ) | $ | (15,160 | ) | $ | (120,223 | ) | $ | (43,447 | ) | ||||
Loss per common share: | |||||||||||||||||||
Basic and diluted | $ | (0.15 | ) | $ | (0.38 | ) | $ | (0.07 | ) | $ | (0.53 | ) | $ | (0.19 | ) | ||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic and diluted | 225,853 | 225,505 | 225,052 | 225,855 | 224,854 |
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
SELECTED OPERATING SEGMENT DATA | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Revenue | |||||||||||||||||||
Tubular Running Services | $ | 62,327 | $ | 89,497 | $ | 106,615 | $ | 151,824 | $ | 204,694 | |||||||||
Tubulars | 8,741 | 12,542 | 22,334 | 21,283 | 40,991 | ||||||||||||||
Cementing Equipment | 15,033 | 21,453 | 26,705 | 36,486 | 54,377 | ||||||||||||||
Total | $ | 86,101 | $ | 123,492 | $ | 155,654 | $ | 209,593 | $ | 300,062 | |||||||||
Segment Adjusted EBITDA: | |||||||||||||||||||
Tubular Running Services | $ | 4,049 | $ | 13,305 | $ | 25,400 | $ | 17,354 | $ | 43,135 | |||||||||
Tubulars | 681 | 1,396 | 3,934 | 2,077 | 8,046 | ||||||||||||||
Cementing Equipment | 886 | 2,544 | 3,029 | 3,430 | 6,823 | ||||||||||||||
Corporate | (7,308 | ) | (10,186 | ) | (15,200 | ) | (17,494 | ) | (31,183 | ) | |||||||||
Total | $ | (1,692 | ) | $ | 7,059 | $ | 17,163 | $ | 5,367 | $ | 26,821 |
FRANK’ |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
2020 | 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 192,921 | $ | 195,383 | |||
Restricted cash | 1,358 | 1,357 | |||||
Accounts receivables, net | 137,068 | 166,694 | |||||
Inventories, net | 79,857 | 78,829 | |||||
Assets held for sale | 8,732 | 13,795 | |||||
Other current assets | 8,943 | 10,360 | |||||
Total current assets | 428,879 | 466,418 | |||||
Property, plant and equipment, net | 297,794 | 328,432 | |||||
42,785 | 99,932 | ||||||
Intangible assets, net | 9,643 | 16,971 | |||||
Deferred tax assets, net | 15,774 | 16,590 | |||||
Operating lease right-of-use assets | 29,594 | 32,585 | |||||
Other assets | 29,513 | 33,237 | |||||
Total assets | $ | 853,982 | $ | 994,165 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 104,022 | $ | 120,321 | |||
Current portion of operating lease liabilities | 7,854 | 7,925 | |||||
Deferred revenue | 425 | 657 | |||||
Total current liabilities | 112,301 | 128,903 | |||||
Deferred tax liabilities | 1,503 | 2,923 | |||||
Non-current operating lease liabilities | 22,803 | 24,969 | |||||
Other non-current liabilities | 23,711 | 27,076 | |||||
Total liabilities | 160,318 | 183,871 | |||||
Stockholders’ equity: | |||||||
Common stock | 2,860 | 2,846 | |||||
Additional paid-in capital | 1,082,008 | 1,075,809 | |||||
Accumulated deficit | (341,349 | ) | (220,805 | ) | |||
Accumulated other comprehensive loss | (30,013 | ) | (30,298 | ) | |||
(19,842 | ) | (17,258 | ) | ||||
Total stockholders’ equity | 693,664 | 810,294 | |||||
Total liabilities and equity | $ | 853,982 | $ | 994,165 |
FRANK’S INTERNATIONAL N.V. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In thousands) | |||||||
Six Months Ended |
|||||||
2020 | 2019 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (120,223 | ) | $ | (43,447 | ) | |
Adjustments to reconcile net loss to cash from operating activities | |||||||
Depreciation and amortization | 36,970 | 49,155 | |||||
Equity-based compensation expense | 5,661 | 5,591 | |||||
57,146 | — | ||||||
Loss on asset impairments and retirements | 20,532 | — | |||||
Amortization of deferred financing costs | 194 | 177 | |||||
Deferred tax provision (benefit) | (1,690 | ) | 3,702 | ||||
Provision for bad debts | 1,750 | 85 | |||||
(Gain) loss on disposal of assets | (590 | ) | 381 | ||||
Changes in fair value of investments | 813 | (1,879 | ) | ||||
Unrealized (gain) loss on derivative instruments | — | 204 | |||||
Other | (380 | ) | (373 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 24,465 | (14,334 | ) | ||||
Inventories | (4,539 | ) | (2,323 | ) | |||
Other current assets | 2,272 | 2,063 | |||||
Other assets | 390 | 111 | |||||
Accounts payable and accrued liabilities | (15,187 | ) | (17,118 | ) | |||
Deferred revenue | (226 | ) | 22 | ||||
Other non-current liabilities | (3,212 | ) | 594 | ||||
Net cash provided by (used in) operating activities | 4,146 | (17,389 | ) | ||||
Cash flows from investing activities | |||||||
Purchases of property, plant and equipment and intangibles | (20,259 | ) | (17,240 | ) | |||
Proceeds from sale of assets | 6,565 | 260 | |||||
Purchase of investments | — | (20,185 | ) | ||||
Proceeds from sale of investments | 2,832 | 31,739 | |||||
Other | (256 | ) | — | ||||
Net cash used in investing activities | (11,118 | ) | (5,426 | ) | |||
Cash flows from financing activities | |||||||
Repayments of borrowings | — | (3,492 | ) | ||||
(1,086 | ) | (1,542 | ) | ||||
(1,498 | ) | — | |||||
Proceeds from the issuance of ESPP shares | 552 | 692 | |||||
Deferred financing costs | — | (184 | ) | ||||
Net cash used in financing activities | (2,032 | ) | (4,526 | ) | |||
Effect of exchange rate changes on cash | 6,543 | (416 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (2,461 | ) | (27,757 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 196,740 | 186,212 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 194,279 | $ | 158,455 |
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, including Covid-19, the continuation of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for
Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The Company defines adjusted net loss as net loss before goodwill impairment and severance and other charges, net, net of tax. The Company defines adjusted net loss per share as net loss before goodwill impairment and severance and other charges, net, net of tax, divided by diluted weighted average common shares. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment and intangibles. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Revenue | $ | 86,101 | $ | 123,492 | $ | 155,654 | $ | 209,593 | $ | 300,062 | |||||||||||||||
Net loss | $ | (34,245 | ) | $ | (85,978 | ) | $ | (15,160 | ) | $ | (120,223 | ) | $ | (43,447 | ) | ||||||||||
— | 57,146 | — | 57,146 | — | |||||||||||||||||||||
Severance and other charges, net | 5,162 | 20,725 | 815 | 25,887 | 1,270 | ||||||||||||||||||||
Interest income, net | (178 | ) | (533 | ) | (426 | ) | (711 | ) | (1,194 | ) | |||||||||||||||
Depreciation and amortization | 17,252 | 19,718 | 23,913 | 36,970 | 49,155 | ||||||||||||||||||||
Income tax expense (benefit) | 8,986 | (15,563 | ) | 3,300 | (6,577 | ) | 13,073 | ||||||||||||||||||
(Gain) loss on disposal of assets | (650 | ) | 60 | 154 | (590 | ) | 381 | ||||||||||||||||||
Foreign currency (gain) loss | (1,693 | ) | 9,892 | 661 | 8,199 | 178 | |||||||||||||||||||
TRA related adjustments | — | — | (220 | ) | — | (220 | ) | ||||||||||||||||||
Charges and credits (1) | 3,674 | 1,592 | 4,126 | 5,266 | 7,625 | ||||||||||||||||||||
Adjusted EBITDA | $ | (1,692 | ) | $ | 7,059 | $ | 17,163 | $ | 5,367 | $ | 26,821 | ||||||||||||||
Adjusted EBITDA margin | (2.0 | ) | % | 5.7 | % | 11.0 | % | 2.6 | % | 8.9 | % | ||||||||||||||
(1) | Comprised of Equity-based compensation expense (for the three months ended |
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
SEGMENT ADJUSTED EBITDA RECONCILIATION | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||
Tubular Running Services | $ | 4,049 | $ | 13,305 | $ | 25,400 | $ | 17,354 | $ | 43,135 | ||||||||||
Tubulars | 681 | 1,396 | 3,934 | 2,077 | 8,046 | |||||||||||||||
Cementing Equipment | 886 | 2,544 | 3,029 | 3,430 | 6,823 | |||||||||||||||
Corporate | (7,308 | ) | (10,186 | ) | (15,200 | ) | (17,494 | ) | (31,183 | ) | ||||||||||
(1,692 | ) | 7,059 | 17,163 | 5,367 | 26,821 | |||||||||||||||
— | (57,146 | ) | — | (57,146 | ) | — | ||||||||||||||
Severance and other charges, net | (5,162 | ) | (20,725 | ) | (815 | ) | (25,887 | ) | (1,270 | ) | ||||||||||
Interest income, net | 178 | 533 | 426 | 711 | 1,194 | |||||||||||||||
Depreciation and amortization | (17,252 | ) | (19,718 | ) | (23,913 | ) | (36,970 | ) | (49,155 | ) | ||||||||||
Income tax (expense) benefit | (8,986 | ) | 15,563 | (3,300 | ) | 6,577 | (13,073 | ) | ||||||||||||
Gain (loss) on disposal of assets | 650 | (60 | ) | (154 | ) | 590 | (381 | ) | ||||||||||||
Foreign currency gain (loss) | 1,693 | (9,892 | ) | (661 | ) | (8,199 | ) | (178 | ) | |||||||||||
TRA related adjustments | — | — | 220 | — | 220 | |||||||||||||||
Charges and credits (1) | (3,674 | ) | (1,592 | ) | (4,126 | ) | (5,266 | ) | (7,625 | ) | ||||||||||
Net loss | $ | (34,245 | ) | $ | (85,978 | ) | $ | (15,160 | ) | $ | (120,223 | ) | $ | (43,447 | ) | |||||
(1) | Comprised of Equity-based compensation expense (for the three months ended |
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
FREE CASH FLOW RECONCILIATION | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 26,398 | $ | (22,252 | ) | $ | 12,381 | $ | 4,146 | $ | (17,389 | ) | |||||||
Less: purchases of property, plant and equipment and intangibles | 10,291 | 9,968 | 9,095 | 20,259 | 17,240 | ||||||||||||||
Free cash flow | $ | 16,107 | $ | (32,220 | ) | $ | 3,286 | $ | (16,113 | ) | $ | (34,629 | ) |
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net loss | $ | (34,245 | ) | $ | (85,978 | ) | $ | (15,160 | ) | $ | (120,223 | ) | $ | (43,447 | ) | ||||
— | 55,740 | — | 55,740 | — | |||||||||||||||
Severance and other charges, net (net of tax) | 4,937 | 20,355 | 613 | 25,292 | 1,067 | ||||||||||||||
Net loss excluding certain items | $ | (29,308 | ) | $ | (9,883 | ) | $ | (14,547 | ) | $ | (39,191 | ) | $ | (42,380 | ) | ||||
Loss per diluted share | $ | (0.15 | ) | $ | (0.38 | ) | $ | (0.07 | ) | $ | (0.53 | ) | $ | (0.19 | ) | ||||
— | 0.25 | — | 0.25 | — | |||||||||||||||
Severance and other charges, net (net of tax) | 0.02 | 0.09 | — | 0.11 | — | ||||||||||||||
Loss per diluted share excluding certain items | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.07 | ) | $ | (0.17 | ) | $ | (0.19 | ) |
Source: Frank's International N.V.