Business
TETRA Technologies, Inc. Announces Update To Second Quarter 2020 Results
THE WOODLANDS, Texas, Aug. 7, 2020 /PRNewswire/ -- On August 4, 2020, TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI), after TETRA had
About this update from Tetra Tech, Inc.
[{"type":"text","content":" THE WOODLANDS, Texas, Aug. 7, 2020 /PRNewswire/ -- On August 4, 2020, TETRA Technologies, Inc. (\"TETRA\" or the \"Company\") (NYSE:TTI), after TETRA had released earnings but before the Company had filed its Form 10-Q for the three and six months ended June 30, 2020, one of TETRA's offshore completion fluids customers announced it had filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the \"Customer Bankruptcy\"). As a result of the Customer Bankruptcy, TETRA recorded bad debt expense of approximately $2.8 million in the three and six months ended June 30, 2020 to reflect TETRA's assessment of the collectability of the outstanding receivable from that customer. TETRA recorded this charge in the general and administrative expense line of the Consolidated Statements of Operations. Due to the timing of the Customer Bankruptcy announcement, our August 4th earnings release did not take into account this significant unusual bad debt expense. Please note such bad debt expense does not impact the Company's previously reported revenues, Adjusted EBITDA, Adjusted EBITDA margins, cash from operations or adjusted free cash flow.\nThe attached schedules have been updated from what was previously released to reflect this bad debt reserve.\nThis press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States (\"GAAP\"): Adjusted earnings per share attributable to TETRA stockholders, Adjusted EBITDA, and Adjusted EBITDA Margin (Adjusted EBITDA as a percent of revenue) on consolidated and segment basis, Adjusted income (loss) before tax, TETRA-only adjusted free cash flow from continuing operations, and net debt. Please see Schedules E-K for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.\nInvestor ContactFor further information: Elijio Serrano, CFO, TETRA Technologies, Inc., The Woodlands, Texas, Phone: 281.367.1983, www.tetratec.com \nFinancial Statements, Schedules and Non-GAAP Reconciliation Schedules (Unaudited)Schedule A: Consolidated Income StatementSchedule B: Financial Results By SegmentSchedule C: Consolidated Balance SheetSchedule D: Long-Term DebtSchedule E: Statement Regarding Use of Non-GAAP Financial MeasuresSchedule F: Special ItemsSchedule G: Non-GAAP Reconcilia...