6-K Filing

NATIONAL ENERGY SERVICES REUNITED CORP. CIK: 1698514 Q3 2019

Filing Information

Form Type	6-K
Accession Number	`0001493152-19-016593`
Period End Date	20190930
Filing Date	20191107
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	nesr-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 3 Cash Flow Statement 3 Stockholders Equity 39 Comprehensive Income 3

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.08M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.89M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$107.37M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$62.64M	USD	Point-in-time
Common stock, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Unbilled revenue	`UnbilledReceivablesCurrent`	$95.14M	USD	Point-in-time
Common stock, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Unbilled revenue	`UnbilledReceivablesCurrent`	$95.75M	USD	Point-in-time
Service inventories, net	`InventoryNet`	$58.15M	USD	Point-in-time
Service inventories, net	`InventoryNet`	$72.34M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	87.15M	shares	Point-in-time
Prepaid assets	`PrepaidExpenseCurrent`	$11.08M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	85.56M	shares	Point-in-time
Prepaid assets	`PrepaidExpenseCurrent`	$6.94M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	87.15M	shares	Point-in-time
Retention withholdings	`RetentionWithholdings`	$29.69M	USD	Point-in-time
Retention withholdings	`RetentionWithholdings`	$22.01M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	85.56M	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$10.84M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$16.70M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.18M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$10.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$299.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$380.22M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$328.73M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$383.49M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$126.55M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$138.05M	USD	Point-in-time
Goodwill	`Goodwill`	$574.76M	USD	Point-in-time
Goodwill	`Goodwill`	$570.54M	USD	Point-in-time
Other assets	`OtherAssets`	$2.80M	USD	Point-in-time
Other assets	`OtherAssets`	$6.34M	USD	Point-in-time
Total assets	`Assets`	$1.34B	USD	Point-in-time
Total assets	`Assets`	$1.47B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$65.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$66.26M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$38.99M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$72.27M	USD	Point-in-time
Current installments of long-term debt	`LongTermDebtCurrent`	$7.50M	USD	Point-in-time
Current installments of long-term debt	`LongTermDebtCurrent`	$45.09M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$28.26M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$31.82M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$10.99M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$5.01M	USD	Point-in-time
Other taxes payable	`OtherTaxesPayable`	$4.54M	USD	Point-in-time
Other taxes payable	`OtherTaxesPayable`	$5.81M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$24.12M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$223.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$187.37M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$225.17M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$337.88M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$29.32M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$30.76M	USD	Point-in-time
Pension benefit liabilities	`PensionBenefitLiabilities`	$14.68M	USD	Point-in-time
Pension benefit liabilities	`PensionBenefitLiabilities`	$13.83M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$19.48M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$17.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$586.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$512.32M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at September 30, 2019 and December 31, 2018, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at September 30, 2019 and December 31, 2018, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value; unlimited shares authorized; 87,147,089 and 85,562,769 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$801.54M	USD	Point-in-time
Common stock, no par value; unlimited shares authorized; 87,147,089 and 85,562,769 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$801.54M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.03M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$15.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$28.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$63.94M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$29.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$48.00K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$881.15M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$830.92M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$67.00K	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	-	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$881.15M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$811.55M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$868.10M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$830.99M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$792.02M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$51.99M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.47B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.34B	USD	Point-in-time

Income Statement 3 line items

Line Item	Tag	Value	Unit	Period
Net income / (loss)	`ProfitLoss`	$16.16M	USD	1 Quarter
Net income / (loss)	`ProfitLoss`	$10.61M	USD	1 Quarter
Net income / (loss)	`ProfitLoss`	$35.14M	USD	3 Qtrs

Cash Flow Statement 3 line items

Line Item	Tag	Value	Unit	Period
Net income / (loss)	`ProfitLoss`	$16.16M	USD	1 Quarter
Net income / (loss)	`ProfitLoss`	$10.61M	USD	1 Quarter
Net income / (loss)	`ProfitLoss`	$35.14M	USD	3 Qtrs

Stockholders Equity 39 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$881.15M	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$811.55M	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$868.10M	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$830.99M	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$792.02M	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$51.99M	USD	Point-in-time
Reclassification of shares previously subject to redemption	`ReclassificationOfSharesPreviouslySubjectToRedemption`	$165.19M	USD	1 Quarter
Reclassification of shares previously subject to redemption	`ReclassificationOfSharesPreviouslySubjectToRedemption`	$165.20M	USD	Point-in-time
Reclassification of shares previously subject to redemption, shares	`ReclassificationOfSharesPreviouslySubjectToRedemptionShares`	16.92M	shares	Point-in-time
Redeemed shares	`StockRedeemedOrCalledDuringPeriodValue`	$19.40M	USD	Point-in-time
Redeemed shares	`StockRedeemedOrCalledDuringPeriodValue`	$-19.38M	USD	1 Quarter
Redeemed shares, shares	`StockRedeemedOrCalledDuringPeriodShares`	1.92M	shares	Point-in-time
Shares issued to acquire NPS	`StockIssuedDuringPeriodValueAcquisitions`	$255.54M	USD	1 Quarter
Shares issued to acquire GES	`StockIssuedDuringPeriodValueAcquisitionsOne`	$288.85M	USD	1 Quarter
Shares issued to related party for loan fee and transaction costs	`SharesIssuedToRelatedPartyForLoanFeeAndTransactionCosts`	$2.72M	USD	1 Quarter
Shares issued to Backstop Investor	`SharesIssuedToBackstopInvestor`	$48.29M	USD	1 Quarter
Shares issued for IPO underwriting fees	`StockIssuedDuringPeriodValueIssuedForServices`	$3.70M	USD	Point-in-time
Shares issued for IPO underwriting fees	`StockIssuedDuringPeriodValueIssuedForServices`	$3.74M	USD	1 Quarter
Shares issued for IPO underwriting fees, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	307,465.00	shares	Point-in-time
Shares issued through Restricted Stock Units	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$331.00K	USD	1 Quarter
Business combination non-controlling interest	`BusinessCombinationNoncontrollingInterest`	$-951.00K	USD	1 Quarter
Non-controlling interest	`NoncontrollingInterest`	$3.04M	USD	1 Quarter
Acquisition of non-controlling interest during the period	`AcquisitionOfNoncontrollingInterestDuringPeriod`	-	USD	3 Qtrs
Acquisition of non-controlling interest during the period	`AcquisitionOfNoncontrollingInterestDuringPeriod`	-	USD	1 Quarter
Stock-based Compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$4.06M	USD	3 Qtrs
Stock-based Compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.94M	USD	1 Quarter
Other	`StockIssuedDuringPeriodValueOther`	$-2.00K	USD	1 Quarter
Other	`StockIssuedDuringPeriodValueOther`	$-16.00K	USD	3 Qtrs
Other	`StockIssuedDuringPeriodValueOther`	$-1.00K	USD	1 Quarter
NPS equity earn-out	`NpsEquityEarnout`	$10.48M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$16.16M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$10.61M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$35.14M	USD	3 Qtrs
Balance at end	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$881.15M	USD	Point-in-time
Balance at end	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$811.55M	USD	Point-in-time
Balance at end	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$868.10M	USD	Point-in-time
Balance at end	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$830.99M	USD	Point-in-time
Balance at end	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$792.02M	USD	Point-in-time
Balance at end	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$51.99M	USD	Point-in-time

Comprehensive Income 3 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$16.16M	USD	1 Quarter
Net income	`ProfitLoss`	$10.61M	USD	1 Quarter
Net income	`ProfitLoss`	$35.14M	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.