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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-38441
ChampionX Corporation
(Exact name of registrant as specified in its charter)
|
| | | |
Delaware | 82-3066826 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
2445 Technology Forest Blvd, | Building 4, 12th Floor | |
The Woodlands, | Texas | 77381 |
(Address of principal executive offices) | (Zip Code) |
(281) 403-5772
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value | CHX | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | |
Large accelerated filer | ☑ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The registrant had 199,833,331 shares of common stock, $0.01 par value, outstanding as of October 26, 2020.
CHAMPIONX CORPORATION
TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “anticipate,” “expect,” “may,” “intend,” “foresee,” “guidance,” “estimate,” “potential,” “outlook,” “plan,” “should,” “would,” “could,” “target,” “forecast” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking statements. Forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.
All of our forward-looking statements involve risks, uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to materially differ from our historical experience and our present expectations or projections. Known material factors that could cause actual results to materially differ from those contemplated in the forward-looking statements are those set forth in Part II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020.
We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update, revise or correct any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required under the federal securities laws.
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except per share data) | 2020 | | 2019 | | 2020 | | 2019 |
Product revenue | $ | 540,825 |
| | $ | 239,867 |
| | $ | 1,014,140 |
| | $ | 775,489 |
|
Service revenue | 76,665 |
| | 23,979 |
| | 138,436 |
| | 71,853 |
|
Lease and other revenue | 16,036 |
| | 12,993 |
| | 41,298 |
| | 36,161 |
|
Total revenue | 633,526 |
| | 276,839 |
| | 1,193,874 |
| | 883,503 |
|
Cost of goods and services | 505,066 |
| | 184,140 |
| | 950,845 |
| | 579,033 |
|
Gross profit | 128,460 |
| | 92,699 |
| | 243,029 |
| | 304,470 |
|
Selling, general and administrative expense | 122,156 |
| | 68,405 |
| | 330,956 |
| | 199,221 |
|
Goodwill impairment | — |
| | — |
| | 616,271 |
| | — |
|
Long-lived asset impairment | — |
| | — |
| | 40,980 |
| | 1,746 |
|
Interest expense, net | 15,935 |
| | 9,590 |
| | 36,236 |
| | 30,226 |
|
Other (income) expense, net | 1,663 |
| | (309 | ) | | 342 |
| | 3,469 |
|
Income (loss) before income taxes | (11,294 | ) | | 15,013 |
| | (781,756 | ) | | 69,808 |
|
Provision for (benefit from) income taxes | (3,962 | ) | | 3,425 |
| | (31,922 | ) | | 15,274 |
|
Net income (loss) | (7,332 | ) | | 11,588 |
| | (749,834 | ) | | 54,534 |
|
Less: Net income attributable to noncontrolling interest | 582 |
| | 194 |
| | 1,453 |
| | 547 |
|
Net income (loss) attributable to ChampionX | $ | (7,914 | ) | | $ | 11,394 |
| | $ | (751,287 | ) | | $ | 53,987 |
|
| | | | | | | |
Earnings (loss) per share attributable to ChampionX: | | | | | | | |
Basic | $ | (0.04 | ) | | $ | 0.15 |
| | $ | (5.73 | ) | | $ | 0.70 |
|
Diluted | $ | (0.04 | ) | | $ | 0.15 |
| | $ | (5.73 | ) | | $ | 0.70 |
|
Weighted-average shares outstanding: | | | | | | | |
Basic | 199,809 |
| | 77,460 |
| | 131,064 |
| | 77,416 |
|
Diluted | 199,809 |
| | 77,573 |
| | 131,064 |
| | 77,615 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2020 | | 2019 | | 2020 | | 2019 |
Net income (loss) | $ | (7,332 | ) | | $ | 11,588 |
| | $ | (749,834 | ) | | $ | 54,534 |
|
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation adjustments (1) | 3,782 |
| | (2,900 | ) | | (1,567 | ) | | (836 | ) |
Cash flow hedges | (862 | ) | | — |
| | (209 | ) | | — |
|
Defined pension and other post-retirement benefits adjustments, net(2) | 99 |
| | 68 |
| | 297 |
| | 235 |
|
Other comprehensive income (loss) | 3,019 |
| | (2,832 | ) | | (1,479 | ) | | (601 | ) |
Comprehensive income (loss) | (4,313 | ) | | 8,756 |
| | (751,313 | ) | | 53,933 |
|
Comprehensive income attributable to noncontrolling interest | 582 |
| | 194 |
| | 1,453 |
| | 547 |
|
Comprehensive income (loss) attributable to ChampionX | $ | (4,895 | ) | | $ | 8,562 |
| | $ | (752,766 | ) | | $ | 53,386 |
|
_______________________
(1) $0 for the three and nine months ended September 30, 2020 and 2019.
(2) $33 and $23 for the three months ended September 30, 2020 and 2019, respectively, and $99 and $202 for the nine months ended September 30, 2020 and 2019, respectively.
The accompanying notes are an integral part of the condensed consolidated financial statements.
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
| | | | | | | |
(in thousands) | September 30, 2020 | | December 31, 2019 |
Assets | | | |
Cash and cash equivalents | $ | 171,462 |
| | $ | 35,290 |
|
Receivables, net | 516,245 |
| | 219,874 |
|
Inventories, net | 471,331 |
| | 211,342 |
|
Prepaid expenses and other current assets | 73,713 |
| | 26,934 |
|
Total current assets | 1,232,751 |
| | 493,440 |
|
Property, plant and equipment, net of accumulated depreciation of $495,380 in 2020 and $426,722 in 2019 | 868,111 |
| | 248,181 |
|
Operating lease right-of-use assets | 118,993 |
| | 24,289 |
|
Goodwill | 660,329 |
| | 911,113 |
|
Intangible assets, net | 509,789 |
| | 238,707 |
|
Other non-current assets | 63,759 |
| | 7,095 |
|
Total assets | $ | 3,453,732 |
| | $ | 1,922,825 |
|
Liabilities and Equity | | | |
Current portion of long-term debt | $ | 31,470 |
| | $ | 4,845 |
|
Accounts payable | 262,092 |
| | 120,291 |
|
Accrued compensation and employee benefits | 60,566 |
| | 38,470 |
|
Current portion of operating lease liabilities | 33,888 |
| | 7,620 |
|
Accrued distributor fees | 36,386 |
| | — |
|
Accrued expenses and other current liabilities | 150,005 |
| | 28,455 |
|
Total current liabilities | 574,407 |
| | 199,681 |
|
Long-term debt | 989,690 |
| | 559,821 |
|
Deferred income taxes | 141,047 |
| | 84,060 |
|
Operating lease liabilities | 80,261 |
| | 19,419 |
|
Other long-term liabilities | 82,295 |
| | 23,630 |
|
Total liabilities | 1,867,700 |
| | 886,611 |
|
Stockholders’ equity: | |
| | |
Common stock (2.5 billion shares authorized, $0.01 par value) 199.8 million shares and 77.5 million shares issued and outstanding in 2020 and 2019, respectively | 1,998 |
| | 775 |
|
Capital in excess of par value of common stock | 2,288,930 |
| | 969,174 |
|
Retained earnings (accumulated deficit) | (645,863 | ) | | 107,048 |
|
Accumulated other comprehensive loss | (45,516 | ) | | (44,037 | ) |
Total stockholders’ equity | 1,599,549 |
| | 1,032,960 |
|
Noncontrolling interest | (13,517 | ) | | 3,254 |
|
Total equity | 1,586,032 |
| | 1,036,214 |
|
Total liabilities and equity | $ | 3,453,732 |
| | $ | 1,922,825 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | | | | | | | |
(in thousands) | Shares | | Par Value | | Capital in Excess of Par Value | | Retained Earnings (Accum. Deficit) | | Accum. Other Comp. Loss | | Non-controlling Interest | | Total |
December 31, 2019 | 77,460 |
| | $ | 775 |
| | $ | 969,174 |
| | $ | 107,048 |
| | $ | (44,037 | ) | | $ | 3,254 |
| | $ | 1,036,214 |
|
Cumulative effect of accounting changes, net of tax (Note 3) | — |
| | — |
| | — |
| | (1,573 | ) | | — |
| | — |
| | (1,573 | ) |
Net income (loss) | — |
| | — |
| | — |
| | (633,728 | ) | | — |
| | 273 |
| | (633,455 | ) |
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (10,953 | ) | | — |
| | (10,953 | ) |
Stock-based compensation | 44 |
| | — |
| | 2,429 |
| | — |
| | — |
| | — |
| | 2,429 |
|
Taxes withheld on issuance of stock-based awards | — |
| | — |
| | (368 | ) | | — |
| | — |
| | — |
| | (368 | ) |
March 31, 2020 | 77,504 |
| | $ | 775 |
| | $ | 971,235 |
| | $ | (528,253 | ) | | $ | (54,990 | ) | | $ | 3,527 |
| | $ | 392,294 |
|
Issuance of common stock related to the Merger | 122,237 |
| | 1,223 |
| | 1,262,708 |
| | — |
| | — |
| | — |
| | 1,263,931 |
|
Issuance of replacement awards related to the Merger | — |
| | — |
| | 43,964 |
| | — |
| | — |
| | — |
| | 43,964 |
|
Non-controlling interest acquired in the Merger | — |
| | — |
| | — |
| | — |
| | — |
| | (16,015 | ) | | (16,015 | ) |
Net income (loss) | — |
| | — |
| | — |
| | (109,645 | ) | | — |
| | 598 |
| | (109,047 | ) |
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 6,455 |
| | — |
| | 6,455 |
|
Stock-based compensation | 67 |
| | — |
| | 5,433 |
| | — |
| | — |
| | — |
| | 5,433 |
|
Taxes withheld on issuance of stock-based awards | — |
| | — |
| | (244 | ) | | — |
| | — |
| | — |
| | (244 | ) |
Distributions to noncontrolling interest | — |
| | — |
| | — |
| | — |
| | — |
| | (2,200 | ) | | (2,200 | ) |
Other | — |
| | — |
| | — |
| | 37 |
| | — |
| | (12 | ) | | 25 |
|
June 30, 2020 | 199,808 |
| | $ | 1,998 |
| | $ | 2,283,096 |
| | $ | (637,861 | ) | | $ | (48,535 | ) | | $ | (14,102 | ) | | $ | 1,584,596 |
|
Net income (loss) | — |
| | — |
| | — |
| | (7,914 | ) | | — |
| | 582 |
| | (7,332 | ) |
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 3,019 |
| | — |
| | 3,019 |
|
Stock-based compensation | 12 |
| | — |
| | 5,856 |
| | — |
| | — |
| | — |
| | 5,856 |
|
Taxes withheld on issuance of stock-based awards | — |
| | — |
| | (28 | ) | | — |
| | — |
| | — |
| | (28 | ) |
Other | — |
| | — |
| | 6 |
| | (88 | ) | | — |
| | 3 |
| | (79 | ) |
September 30, 2020 | 199,820 |
| | $ | 1,998 |
| | $ | 2,288,930 |
| | $ | (645,863 | ) | | $ | (45,516 | ) | | $ | (13,517 | ) | | $ | 1,586,032 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | |
(in thousands) | Shares | | Par Value | | Capital in Excess of Par Value | | Retained Earnings | | Accum. Other Comp. Loss | | Non-controlling Interest | | Total |
December 31, 2018 | 77,353 |
| | $ | 774 |
| | $ | 960,773 |
| | $ | 54,884 |
| | $ | (42,906 | ) | | $ | 2,458 |
| | $ | 975,983 |
|
Net income | — |
| | — |
| | — |
| | 19,656 |
| | — |
| | 282 |
| | 19,938 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 1,189 |
| | — |
| | 1,189 |
|
Stock-based compensation | 39 |
| | — |
| | 2,285 |
| | — |
| | — |
| | — |
| | 2,285 |
|
Taxes withheld on issuance of stock-based awards | — |
| | — |
| | (719 | ) | | — |
| | — |
| | — |
| | (719 | ) |
Other | — |
| | — |
| | — |
| | — |
| | — |
| | 14 |
| | 14 |
|
March 31, 2019 | 77,392 |
| | $ | 774 |
| | $ | 962,339 |
| | $ | 74,540 |
| | $ | (41,717 | ) | | $ | 2,754 |
| | $ | 998,690 |
|
Net income | — |
| | — |
| | — |
| | 22,937 |
| | — |
| | 71 |
| | 23,008 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 1,042 |
| | — |
| | 1,042 |
|
Stock-based compensation | 67 |
| | 1 |
| | 2,735 |
| | — |
| | — |
| | — |
| | 2,736 |
|
Taxes withheld on issuance of stock-based awards | — |
| | — |
| | (1,080 | ) | | — |
| | — |
| | — |
| | (1,080 | ) |
Other | — |
| | — |
| | — |
| | — |
| | — |
| | (14 | ) | | (14 | ) |
June 30, 2019 | 77,459 |
| | $ | 775 |
| | $ | 963,994 |
| | $ | 97,477 |
| | $ | (40,675 | ) | | $ | 2,811 |
| | $ | 1,024,382 |
|
Net income | — |
| | — |
| | — |
| | 11,394 |
| | — |
| | 194 |
| | 11,588 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (2,832 | ) | | — |
| | (2,832 | ) |
Stock-based compensation | — |
| | — |
| | 2,524 |
| | — |
| | — |
| | — |
| | 2,524 |
|
Other | — |
| | — |
| | (42 | ) | | — |
| | — |
| |
|
| | (42 | ) |
September 30, 2019 | 77,459 |
| | $ | 775 |
| | $ | 966,476 |
| | $ | 108,871 |
| | $ | (43,507 | ) | | $ | 3,005 |
| | $ | 1,035,620 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
| | | | | | | |
| Nine Months Ended September 30, |
(in thousands) | 2020 | | 2019 |
Cash provided by (used for) operating activities: | | | |
Net income (loss) | $ | (749,834 | ) | | $ | 54,534 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation | 101,434 |
| | 51,126 |
|
Amortization | 47,827 |
| | 38,504 |
|
Stock-based compensation | 13,718 |
| | 7,545 |
|
Loss (gain) on disposal of fixed assets | 3,685 |
| | (846 | ) |
Loss on goodwill and long-lived asset impairment | 657,251 |
| | 1,746 |
|
Loss on sale of business | — |
| | 2,475 |
|
Provision for losses on accounts receivable | 2,945 |
| | 122 |
|
Provision for inventory obsolescence and write-downs | 15,626 |
| | (997 | ) |
Amortization of deferred loan costs and accretion of discount | 2,480 |
| | 1,943 |
|
Deferred income taxes | (34,318 | ) | | (4,439 | ) |
Employee benefit plan expense | 1,606 |
| | 1,506 |
|
Other | (1,696 | ) | | 386 |
|
Changes in operating assets and liabilities (net of effects of foreign exchange): | | | |
Receivables | 91,204 |
| | 14,133 |
|
Inventories | 62,225 |
| | 13,232 |
|
Prepaid expenses and other current assets | 17,737 |
| | (16,270 | ) |
Accounts payable | (48,519 | ) | | (16,861 | ) |
Accrued compensation and employee benefits | 1,518 |
| | (3,651 | ) |
Accrued expenses and other liabilities | 12,846 |
| | 14,121 |
|
Leased assets | (7,799 | ) | | (34,305 | ) |
Other | (504 | ) | | (614 | ) |
Net cash provided by operating activities | 189,432 |
| | 123,390 |
|
| | | |
Cash provided by (used for) investing activities: | |
| | |
|
Capital expenditures | (32,169 | ) | | (31,589 | ) |
Acquisitions, net of cash acquired | 57,588 |
| | (12,500 | ) |
Proceeds from sale of fixed assets | 9,295 |
| | 2,954 |
|
Payment on sale of business | — |
| | (2,194 | ) |
Net cash provided by (used for) investing activities | 34,714 |
| | (43,329 | ) |
| | | |
Cash provided by (used for) financing activities: | |
| | |
|
Proceeds from long-term debt | 125,000 |
| | 36,500 |
|
Payment of debt issue costs | (4,356 | ) | | — |
|
Repayment of long-term debt | (206,713 | ) | | (111,500 | ) |
Distribution to noncontrolling interest | (2,200 | ) | | — |
|
Payment of finance lease obligations | (4,536 | ) | | (4,108 | ) |
Payments related to taxes withheld on stock-based compensation | (640 | ) | | (1,841 | ) |
Net cash used for financing activities | (93,445 | ) | | (80,949 | ) |
| | | |
Effect of exchange rate changes on cash and cash equivalents | 5,471 |
| | (317 | ) |
| | | |
Net increase (decrease) in cash and cash equivalents | 136,172 |
| | (1,205 | ) |
Cash and cash equivalents at beginning of period | 35,290 |
| | 41,832 |
|
Cash and cash equivalents at end of period | $ | 171,462 |
| | $ | 40,627 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
CHAMPIONX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1—BASIS OF PRESENTATION
ChampionX Corporation is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world.
Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “ChampionX” mean ChampionX Corporation, together with our subsidiaries where the context requires.
On June 3, 2020, the Company and Ecolab Inc. (“Ecolab”) completed a Reverse Morris Trust transaction in which Ecolab transferred their upstream energy business to Champion X Holding, Inc. (“legacy ChampionX”) and, thereafter, distributed all of the shares of legacy ChampionX common stock to certain Ecolab stockholders (“the Distribution”). Immediately following the Distribution, a wholly owned subsidiary of the Company merged with and into legacy ChampionX, with legacy ChampionX continuing as the surviving company in the Merger and as a wholly owned subsidiary of the Company (“the Merger”). In association with the completion of the Merger, the Company has changed its name from Apergy Corporation (“Apergy”) to ChampionX Corporation, and common shares began trading on the New York Stock Exchange under the symbol “CHX”.
As a result of the Merger, the results of operations of legacy ChampionX have been reflected in our accompanying condensed consolidated financial statements from the closing date of the Merger through September 30, 2020. Results for the periods prior to June 3, 2020 reflect the financial and operating results of Apergy and do not include the financial and operating results of legacy ChampionX. See Note 2—Merger Transaction for additional information on the Merger.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of ChampionX have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2019.
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments unless otherwise specified) necessary for a fair statement of our financial condition and results of operations as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2020.
Change in Accounting Estimate
During the second quarter, we entered into new commercial agreements, which changed the economics of the leased asset program of our Electrical Submersible Pump (“ESP”) subsidiary in our Production & Automation Technologies segment. As such, we re-evaluated the estimated useful life and salvage value of our assets based on the combination of new commercial contracts and historical operating trends related to the aging of our lease fleet, including functioning assets beyond original expected life. Based on our analysis, effective April 1, 2020, we changed our estimate of useful life and salvage values for certain equipment to better reflect the useful life and estimated values of these assets at the end of their useful life. The estimated useful life, previously estimated at 12 months, was increased to 18 months. The estimated salvage value of the equipment, previously estimated at 50%, was decreased to 0%. The effect of the changes in estimate for the three and nine months ended September 30, 2020, was an increase in depreciation expense of $8.6 million and $26.2 million, respectively, a decrease in net income of $5.7 million and $17.6 million, and a decrease in basic and diluted earnings per share of $0.03 per share and $0.13 per share, respectively.
Reclassifications
Certain prior period amounts have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss.
Revisions
We revised our previously issued financial statements for the three and nine months ended September 30, 2019, for the correction of immaterial errors related to: (i) the assessing and recording of liabilities for state sales tax and associated penalties and interest, primarily resulting in an understatement of our selling, general, and administrative expense and interest expense for the three and nine months ended September 30, 2019; and (ii) previously recorded amounts including, but not limited to, the write-off of inventory and leased assets, timing of revenue recognition, and revenue classification, that the Company concluded were immaterial to our previously filed condensed consolidated financial statements. See the following table for the impact of the corrections on our condensed consolidated financial statements:
Condensed Consolidated Statement of Income
|
| | | | | | | | | | | |
| Three Months Ended September 30, 2019 |
(in thousands, except per share data) | As Reported | | Adjustments | | As Revised |
Product revenue (1) | $ | 244,651 |
| | $ | (4,784 | ) | | $ | 239,867 |
|
Service revenue (1) | 20,708 |
| | 3,271 |
| | 23,979 |
|
Lease and other revenue (1) | 13,022 |
|
|