Select Energy Services Reports Fourth Quarter And Fiscal Year 2020 Financial Results And Operational Updates

HOUSTON, Feb. 23, 2021 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or "the Company"), a leading provider of sustainable water and chemical solutions to the U.S. unconventional oil and gas industry, today announced results for the quarter and fiscal year ended December 31, 2020.

John Schmitz, Chairman and CEO, stated, "During the fourth quarter, we continued to see improvement across all of our business segments with 32% revenue growth and a return to solidly positive Adjusted EBITDA territory, led by significant throughput restoration in our Water Infrastructure segment. Clearly, 2020 was a tough year, but both industry activity and our operations are steadily improving and the business is in a very good place today.

"We have a market-leading position in both water and chemicals, and we continue to find synergies between the two businesses to generate incremental revenue. To that end, as previously disclosed, we recently partnered with two blue-chip operators in the core of the Permian on two water recycling facilities supported by long-term contracts. This infrastructure will streamline their water logistics, reduce costs and help our customers achieve their ESG targets by reducing their environmental impact. Water recycling and reuse is a core focus of our long-term strategy and an important way for us to help the industry achieve its sustainability targets.

"We continue to stay disciplined with our capital and demonstrate the cash generation potential of our asset-light business model. We even surpassed our initial pre-pandemic 2020 cash flow targets, supported by $106 million of operating cash flow generated during 2020. We plan to continue to demonstrate this discipline in 2021 and expect to be free cash flow positive this year, despite anticipated working capital headwinds during the first half of year.

"We've rightsized the cost structure of the Company and continue to look for more ways to improve, as we enter 2021 with significant operating leverage. This operating leverage was on full display in the fourth quarter with incremental margins of about 40% across the board. While recent severe weather conditions will cause some temporary, but significant disruptions across the business during the first quarter, we believe revenues will be up somewhere between 5%––10%, though margins could see a modest compression. Looking further, we expect to see positive activity trends throughout the rest of 2021.

"My primary objective will remain driving value in this company, whether that's through advancing and growing the base business in an improving activity environment, through deploying our expertise in water and chemicals across the value chain or through evaluating strategic M&A. There's a lot of opportunity out there, and I'm confident we can execute our strategy.

"Select sits in a very strong position in the marketplace with no debt, strong cash flow and a substantial cash balance. In addition to this financial strength, we have the ability to leverage our competitive strengths as the oil and gas industry's leading sustainable water and chemical solutions provider to expand into new areas or other industries to take advantage of the energy transition," concluded Schmitz.

Consolidated Financial Information

Revenue for the fourth quarter of 2020 was $133.3 million as compared to $101.2 million in the third quarter of 2020 and $276.1 million in the fourth quarter of 2019. Net loss for the fourth quarter of 2020 was $21.2 million as compared to a net loss of $36.3 million in the third quarter of 2020 and a net loss of $12.5 million in the fourth quarter of 2019.

Gross loss was $3.9 million in the fourth quarter of 2020 as compared to a gross loss of $16.9 million in the third quarter of 2020 and gross profit of $21.8 million in the fourth quarter of 2019. Total gross margin for Select was (3.0%) in the fourth quarter of 2020 as compared to (16.7%) in the third quarter of 2020 and 7.9% in the fourth quarter of 2019. Gross margin before depreciation and amortization ("D&A") for the fourth quarter of 2020 was 14.5% as compared to 6.9% for the third quarter of 2020 and 18.1% for the fourth quarter of 2019.

SG&A during the fourth quarter of 2020 was $15.5 million as compared to $16.0 million during the third quarter of 2020 and $24.7 million during the fourth quarter of 2019. SG&A during the fourth quarter of 2020 was impacted by $0.5 million of non-recurring transaction costs.

Adjusted EBITDA was $10.2 million in the fourth quarter of 2020 as compared to ($4.7) million in the third quarter of 2020 and $28.8 million in the fourth quarter of 2019. 

Select's consolidated Adjusted EBITDA during the fourth quarter of 2020 includes $8.0 million of non-recurring or non-cash adjustments, including $2.9 million of non-cash losses on asset sales, $1.9 million in lease abandonment costs, $1.3 million of transaction costs primarily related to legacy acquired or divested businesses as well as legal due diligence costs, and $0.3 million in other non-recurring charges. Non-cash compensation expense accounted for an additional $1.7 million adjustment. Please refer to the end of this release for reconciliations of gross profit before D&A (non-GAAP measure) to gross profit (loss) and of Adjusted EBITDA (non-GAAP measure) to net income (loss).

Business Segment Information

The Water Services segment generated revenues of $59.9 million in the fourth quarter of 2020, as compared to $54.5 million in the third quarter of 2020 and $152.9 million in the fourth quarter of 2019.  Gross margin before D&A for Water Services was 7.0% in the fourth quarter of 2020 as compared to 3.0% in the third quarter of 2020 and 17.3% in the fourth quarter of 2019. Revenues improved 10% sequentially driven primarily by activity improvements leading to strong 47% incremental margin improvements, supported in particular by growth in our core water transfer operations.

The Water Infrastructure segment generated revenues of $36.1 million in the fourth quarter of 2020 as compared to $16.2 million in the third quarter of 2020 and $52.3 million in the fourth quarter of 2019. Gross margin before D&A for Water Infrastructure was 30.7% in the fourth quarter of 2020 as compared to 20.7% in the third quarter of 2020 and 22.9% in the fourth quarter of 2019.  Sequential revenue and gross margin increases were largely driven by increased volumes on our pipeline systems and supporting logistics in the northern Delaware Basin and the Bakken.

The Oilfield Chemicals segment generated revenues of $37.3 million in the fourth quarter of 2020, as compared to $30.6 million in the third quarter of 2020 and $70.9 million in the fourth quarter of 2019.  Gross margin before D&A for Oilfield Chemicals was 12.7% in the fourth quarter of 2020 as compared to 6.6% in the third quarter of 2020 and 16.0% in the fourth quarter of 2019.  Revenues and gross margins improved sequentially driven by improving demand for both the segment's completions chemicals and water treatment solutions as completions activity improved over the course of the quarter.

Cash Flow and Capital Expenditures

Cash flow from operations for the fourth quarter of 2020 was ($14.0) million as compared to $17.1 million in the third quarter of 2020 and $61.7 million in the fourth quarter of 2019.  Cash flow from operations during the fourth quarter of 2020 included a $17.6 million use of cash from net working capital changes.  Capital expenditures for the fourth quarter of 2020 were $2.1 million, which combined with ordinary course asset sales during the quarter of $2.6 million, resulted in a $0.5 million positive cash inflow from investing activities during the fourth quarter of 2020. Cash flow from operations less capital expenditures, net of asset sales, was ($13.6) million during the fourth quarter of 2020.

Additionally, cash flow from investing activities included a $3.0 million outflow relating to the Company's recent investment in Deep Imaging Technologies, a leading downhole frac fluid tracking and imaging technology company.

Balance Sheet and Capital Structure

Total cash and cash equivalents were $169.0 million as of December 31, 2020 as compared to $79.3 million as of December 31, 2019.

The Company had no borrowings outstanding under its revolving credit facility as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, the borrowing base under the revolving credit facility was $96.4 million and $214.6 million, respectively. The Company had available borrowing capacity under its revolving credit facility as of December 31, 2020 and 2019, of approximately $80.8 million and $194.7 million, respectively, after giving effect to $15.6 million and $19.9 million of outstanding letters of credit, respectively.

Total liquidity was $249.8 million as of December 31, 2020, as compared to $233.4 million as of September 30, 2020 and $274.0 as of December 31, 2019.   

The Company had 84,806,772 weighted average Class A shares outstanding and 16,221,101 weighted average Class B shares outstanding during the fourth quarter of 2020.

Conference Call

Select has scheduled a conference call on Wednesday, February 24, 2021 at 10:00 a.m. Eastern time / 9:00 a.m. Central time.  Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address http://investors.selectenergyservices.com/events-and-presentations.  A telephonic replay of the conference call will be available through March 10, 2021 and may be accessed by calling 201-612-7415 using passcode 13715785#.  A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days. 

About Select Energy Services, Inc.

Select Energy Services, Inc. and its consolidated subsidiaries (collectively referred to as "Select" or the "Company") is a leading provider of sustainable water and chemical solutions to the oil and gas industry. Select develops, manufactures and delivers a full suite of chemical products for use in oil and gas well completion and production operations as well as integration into the full water life-cycle. These solutions are supported by the Company's critical water infrastructure assets and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the continued success of the Company.  For more information, please visit Select's website, http://www.selectenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify

any forward-looking statements by using words such as "believe," "expect," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions and the resulting severe disruption in the oil and gas industry and negative impact on demand for oil and gas, which is negatively impacting our business; actions by the members of OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the level of capital spending and access to capital markets by oil and gas companies, including significant recent reductions and potential additional reductions in capital expenditures by oil and gas producers in response to commodity prices and dramatically reduced demand; trends and volatility in oil and gas prices, and our ability to manage through such volatility; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K, our subsequently filed Quarterly Reports on Form 10-Q and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

WTTR-ER

Contacts:

Select Energy Services


Chris George - VP, Investor Relations & Treasurer


IR@selectenergyservices.com




Dennard Lascar Investor Relations


Ken Dennard / Lisa Elliott


713-529-6600


WTTR@dennardlascar.com

 

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)




















Three Months Ended



Year Ended December 31, 



December 31, 2020


September 30, 2020


December 31, 2019



2020


2019

Revenue

















Water Services


$

59,932


$

54,516


$

152,922



$

319,766


$

772,311

Water Infrastructure



36,129



16,165



52,314




125,356



221,593

Oilfield Chemicals



37,278



30,561



70,852




159,983



268,614

Other












29,071

Total revenue



133,339



101,242



276,088




605,105



1,291,589

Costs of revenue

















Water Services



55,745



52,861



126,392




291,734



598,405

Water Infrastructure



25,046



12,816



40,328




99,546



166,962

Oilfield Chemicals



32,554



28,558



59,499




143,550



230,434

Other



703



30



(126)




740



30,239

Depreciation and amortization



23,233



23,877



28,185




98,800



116,809

Total costs of revenue



137,281



118,142



254,278




634,370



1,142,849

Gross (loss) profit



(3,942)



(16,900)



21,810




(29,265)



148,740

Operating expenses

















Selling, general and administrative



15,462



15,955



24,669




74,364



111,622

Depreciation and amortization



668



685



1,002




2,872



3,860

Impairment of goodwill and trademark










276,016



4,396

Impairment and abandonment of property and equipment







2,773




7,910



3,715

Lease abandonment costs



1,857



672



579




4,350



2,073

Total operating expenses



17,987



17,312



29,023




365,512



125,666

(Loss) income from operations



(21,929)



(34,212)



(7,213)




(394,777)



23,074

Other (expense) income

















(Losses) gains on sales of property and equipment and divestitures, net



(1,088)



891



(3,393)




(2,815)



(11,626)

Interest expense, net



(503)



(789)



(318)




(2,136)



(2,688)

Foreign currency gain (loss), net



45



13



5




39



273

Other expense, net



1,286



(2,364)



(2,886)




(3,519)



(2,948)

(Loss) income before income tax benefit (expense)



(22,189)



(36,461)



(13,805)




(403,208)



6,085

Income tax benefit (expense)



981



201



1,301




1,476



(1,949)

Net (loss) income



(21,208)



(36,260)



(12,504)




(401,732)



4,136

Less: net loss (income) attributable to noncontrolling interests



3,225



5,719



2,574




63,048



(1,352)

Net (loss) income attributable to Select Energy Services, Inc.


$

(17,983)


$

(30,541)


$

(9,930)



$

(338,684)


$

2,784


















Net (loss) income per share attributable to common stockholders:

















Class A—Basic


$

(0.21)


$

(0.36)


$

(0.12)



$

(3.98)


$

0.03

Class A-2—Basic


$


$


$



$


$

Class B—Basic


$


$


$



$


$


















Net (loss) income per share attributable to common stockholders:

















Class A—Diluted


$

(0.21)


$

(0.36)


$

(0.12)



$

(3.98)


$

0.03

Class A-2—Diluted


$


$


$



$


$

Class B—Diluted


$


$


$



$


$

 

SELECT ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share data)








As of December 31, 


2020


2019

Assets






Current assets






Cash and cash equivalents

$

169,039


$

79,268

Accounts receivable trade, net of allowance for credit losses of $9,157 and $5,773, respectively


129,392



267,628

Accounts receivable, related parties


69



4,677

Inventories


33,384



37,542

Prepaid expenses and other current assets


19,621



26,486

Total current assets


351,505



415,601

Property and equipment


878,902



1,015,379

Accumulated depreciation


(528,537)



(562,986)

Property and equipment held-for-sale, net




885

Total property and equipment, net


350,365



453,278

Right-of-use assets, net


52,331



70,635

Goodwill




266,934

Other intangible assets, net


116,079



136,952

Other long-term assets, net


5,079



4,220

Total assets

$

875,359


$

1,347,620

Liabilities and Equity






Current liabilities






Accounts payable

$

12,995


$

35,686

Accrued accounts payable


21,359



47,547

Accounts payable and accrued expenses, related parties


519



2,789

Accrued salaries and benefits


16,279



20,079

Accrued insurance


9,788



8,843

Sales tax payable


1,415



2,119

Accrued expenses and other current liabilities


12,077



15,375

Current operating lease liabilities


14,019



19,315

Current portion of finance lease obligations


307



128

Total current liabilities


88,758



151,881

Long-term operating lease liabilities


60,984



72,143

Other long-term liabilities


19,735



10,784

Total liabilities


169,477



234,808

Commitments and contingencies






Class A common stock, $0.01 par value; 350,000,000 shares authorized and 86,812,647 shares issued and outstanding as of December 31, 2020; 350,000,000 shares authorized and 87,893,525 shares issued and outstanding as of December 31, 2019


868



879

Class A-2 common stock, $0.01 par value; 40,000,000 shares authorized; no shares issued or outstanding as of December 31, 2020 and December 31, 2019




Class B common stock, $0.01 par value; 150,000,000 shares authorized and 16,221,101 shares issued and outstanding as of December 31, 2020 and December 31, 2019


162



162

Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding as of December 31, 2020 and December 31, 2019




Additional paid-in capital


909,278



914,699

Accumulated (deficit) retained earnings


(317,247)



21,437

Total stockholders' equity


593,061



937,177

Noncontrolling interests


112,821



175,635

Total equity


705,882



1,112,812

Total liabilities and equity

$

875,359


$

1,347,620

 

SELECT ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)










Year Ended December 31,



2020


2019

Cash flows from operating activities







Net (loss) income


$

(401,732)


$

4,136

Adjustments to reconcile net (loss) income to net cash provided by operating activities







Depreciation and amortization



101,672



120,669

Net loss (gain) on disposal of property and equipment



2,405



7,950

Bad debt expense



6,373



2,553

Amortization of debt issuance costs



688



688

Inventory write-downs



852



250

Equity-based compensation



5,764



15,485

Impairment of goodwill and trademark



276,016



4,396

Impairment and abandonment of property and equipment



7,910



3,715

Loss on divestitures



410



3,676

Unrealized gain on short-term investment



(1,799)



Other operating items, net



(407)



240

Changes in operating assets and liabilities







Accounts receivable



142,873



57,908

Prepaid expenses and other assets



14,886



11,321

Accounts payable and accrued liabilities



(50,101)



(29,039)

Net cash provided by operating activities



105,810



203,948

Cash flows from investing activities







Working capital settlement





691

Proceeds received from divestitures



197



24,872

Purchase of property and equipment



(21,239)



(110,143)

Investment in note receivable



(3,000)



Distribution from cost method investment



200



Acquisitions, net of cash received





(10,000)

Proceeds received from sales of property and equipment



18,449



17,223

Net cash used in investing activities



(5,393)



(77,357)

Cash flows from financing activities







Borrowings from revolving line of credit





5,000

Payments on long-term debt





(50,000)

Payments of finance lease obligations



(264)



(883)

Proceeds from share issuance



76



142

Contributions from (distributions to) noncontrolling interests



354



(349)

Repurchase of common stock



(10,876)



(18,600)

Net cash used in financing activities



(10,710)



(64,690)

Effect of exchange rate changes on cash



64



130

Net increase in cash and cash equivalents



89,771



62,031

Cash and cash equivalents, beginning of period



79,268



17,237

Cash and cash equivalents, end of period


$

169,039


$

79,268


Comparison of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss), plus interest expense, income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment charges or asset write-offs pursuant to accounting principles generally accepted in the U.S. ("GAAP"), plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures and plus/(minus) foreign currency losses/(gains). We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.

Net income (loss) is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit (loss) is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For further discussion, please see "Item 6. Selected Financial Data" in our Annual Report on Form 10-K for the year ended December 31, 2020, which we expect to file with the SEC on or before the applicable filing deadline.

The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure for the periods presented:



Three months ended,


Year Ended December 31,

(unaudited) (in thousands)


December 31, 2020


September 30, 2020


December 31, 2019


2020


2019

Net (loss) income


$

(21,208)


$

(36,260)


$

(12,504)


$

(401,732)


$

4,136

Interest expense, net



503



789



318



2,136



2,688

Income tax (benefit) expense



(981)



(201)



(1,301)



(1,476)



1,949

Depreciation and amortization



23,901



24,562



29,187



101,672



120,669

EBITDA



2,215



(11,110)



15,700



(299,400)



129,442

Impairment of goodwill and trademark









276,016



4,396

Non-cash loss on sale of assets or subsidiaries



2,866



1,400



4,811



9,767



21,679

Impairment and abandonment of property and equipment







2,773



7,910



3,715

Non-recurring severance expenses







11



7,168



1,691

Non-cash compensation expenses



1,706



2,242



3,611



5,764



15,485

Non-recurring transaction costs



1,289



527



1,598



4,439



4,697

Lease abandonment costs



1,857



672



579



4,350



2,073

Yard closure costs related to consolidating operations









2,961



Other non-recurring charges



347



1,622



(248)



1,969



(173)

Foreign currency gain, net



(45)



(13)



(5)



(39)



(273)

Adjusted EBITDA


$

10,235


$

(4,660)


$

28,830


$

20,905


$

182,732

The following table presents a reconciliation of gross profit before D&A to total gross profit (loss), which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:



Three months ended,


Year Ended December 31

(unaudited) (in thousands)


December 31, 2020


September 30, 2020


December 31, 2019


2020


2019

Gross (loss) profit by segment
















Water services


$

(9,646)


$

(13,233)


$

7,570


$

(33,726)


$

93,242

Water infrastructure



4,091



(3,207)



4,892



(1,789)



28,966

Oilfield chemicals



2,316



(430)



9,222



6,990



29,414

Other



(703)



(30)



126



(740)



(2,882)

As reported gross (loss) profit



(3,942)



(16,900)



21,810



(29,265)



148,740

















Plus depreciation and amortization
















Water services



13,833



14,888



18,960



61,758



80,664

Water infrastructure



6,992



6,556



7,094



27,599



25,665

Oilfield chemicals



2,408



2,433



2,131



9,443



8,766

Other











1,714

Total depreciation and amortization



23,233



23,877



28,185



98,800



116,809

















Gross profit before D&A


$

19,291


$

6,977


$

49,995


$

69,535


$

265,549

















Gross profit (loss) before D&A by segment
















Water services



4,187



1,655



26,530



28,032



173,906

Water infrastructure



11,083



3,349



11,986



25,810



54,631

Oilfield chemicals



4,724



2,003



11,353



16,433



38,180

Other



(703)



(30)



126



(740)



(1,168)

Total gross profit before D&A


$

19,291


$

6,977


$

49,995


$

69,535


$

265,549

















Gross margin before D&A by segment
















Water services



7.0%



3.0%



17.3%



8.8%



22.5%

Water infrastructure



30.7%



20.7%



22.9%



20.6%



24.7%

Oilfield chemicals



12.7%



6.6%



16.0%



10.3%



14.2%

Other



n/a



n/a



n/a



n/a



(4.0)%

Total gross margin before D&A



14.5%



6.9%



18.1%



11.5%



20.6%

 

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SOURCE Select Energy Services, Inc.

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