10-Q Filing

SELECT WATER SOLUTIONS, INC. CIK: 1693256 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-004431`
Period End Date	20170331
Filing Date	20170519
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	wttr-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 43 Cash Flow Statement 50 Stockholders Equity 8 Comprehensive Income 10

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.14M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.90M	USD	Point-in-time
Accounts receivable trade, net of allowance for doubtful accounts of $2,203 and $2,144, respectively	`AccountsReceivableNetCurrent`	$103.18M	USD	Point-in-time
Accounts receivable trade, net of allowance for doubtful accounts of $2,203 and $2,144, respectively	`AccountsReceivableNetCurrent`	$75.89M	USD	Point-in-time
Accounts receivable, related parties	`AccountsReceivableRelatedPartiesCurrent`	$135.00K	USD	Point-in-time
Accounts receivable, related parties	`AccountsReceivableRelatedPartiesCurrent`	$279.00K	USD	Point-in-time
Inventories	`InventoryNet`	$940.00K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$1.00M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.59M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$124.66M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$118.13M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$739.39M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$756.12M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$490.52M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$500.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$255.58M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$248.87M	USD	Point-in-time
Goodwill	`Goodwill`	$10.70M	USD	Point-in-time
Goodwill	`Goodwill`	$12.24M	USD	Point-in-time
Goodwill	`Goodwill`	$150.77M	USD	Point-in-time
Goodwill	`Goodwill`	$22.98M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$11.59M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$36.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.41M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.72M	USD	Point-in-time
Total assets	`Assets`	$441.12M	USD	Point-in-time
Total assets	`Assets`	$405.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.01M	USD	Point-in-time
Accounts payable and accrued expenses, related parties	`AccountsPayableAndAccruedExpensesRelatedPartiesCurrent`	$666.00K	USD	Point-in-time
Accounts payable and accrued expenses, related parties	`AccountsPayableAndAccruedExpensesRelatedPartiesCurrent`	$648.00K	USD	Point-in-time
Accrued salaries and benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.43M	USD	Point-in-time
Accrued salaries and benefits	`EmployeeRelatedLiabilitiesCurrent`	$2.51M	USD	Point-in-time
Accrued insurance	`AccruedInsuranceCurrent`	$10.34M	USD	Point-in-time
Accrued insurance	`AccruedInsuranceCurrent`	$9.35M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$22.09M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$24.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$53.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$46.38M	USD	Point-in-time
Accrued lease obligations	`CapitalLeaseObligationsNoncurrent`	$15.95M	USD	Point-in-time
Accrued lease obligations	`CapitalLeaseObligationsNoncurrent`	$17.28M	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$7.77M	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$8.03M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermLineOfCredit`	$34.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$112.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$70.36M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$115.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$113.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.21M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$111.26M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$112.72M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$221.99M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$217.31M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$328.57M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$334.71M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$441.12M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$405.07M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Water solutions	`WaterSolutionsRevenueNet`	$78.38M	USD	1 Quarter
Water solutions	`WaterSolutionsRevenueNet`	$62.29M	USD	1 Quarter
Accommodations and rentals	`RetailLandSalesImprovementRevenuePriorSales`	$8.51M	USD	1 Quarter
Accommodations and rentals	`RetailLandSalesImprovementRevenuePriorSales`	$9.52M	USD	1 Quarter
Wellsite completion and construction services	`ConstructionRevenue`	$12.03M	USD	1 Quarter
Wellsite completion and construction services	`ConstructionRevenue`	$8.04M	USD	1 Quarter
Total revenue	`Revenues`	$78.84M	USD	1 Quarter
Total revenue	`Revenues`	$99.92M	USD	1 Quarter
Water solutions	`WaterSolutionsCostsNet`	$51.53M	USD	1 Quarter
Water solutions	`WaterSolutionsCostsNet`	$60.62M	USD	1 Quarter
Accommodations and rentals	`OperatingLeasesRentExpenseNet`	$6.24M	USD	1 Quarter
Accommodations and rentals	`OperatingLeasesRentExpenseNet`	$7.92M	USD	1 Quarter
Wellsite completion and construction services	`ConstructionAndDevelopmentCosts`	$6.86M	USD	1 Quarter
Wellsite completion and construction services	`ConstructionAndDevelopmentCosts`	$10.42M	USD	1 Quarter
Depreciation and amortization	`CostOfServicesDepreciationAndAmortization`	$26.14M	USD	1 Quarter
Depreciation and amortization	`CostOfServicesDepreciationAndAmortization`	$21.20M	USD	1 Quarter
Total costs of revenue	`CostOfRevenue`	$90.78M	USD	1 Quarter
Total costs of revenue	`CostOfRevenue`	$100.17M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-242.00K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-11.94M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.96M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$634.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$446.00K	USD	1 Quarter
Lease abandonment costs	`NoncashProjectAbandonmentCosts`	$1.86M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.61M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-12.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-21.55M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$3.37M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$730.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-566.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$1.06M	USD	1 Quarter
Loss before tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.17M	USD	1 Quarter
Loss before tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-25.48M	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$106.00K	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$309.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-12.28M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-25.79M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-8.11M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-456.00K	USD	1 Quarter
Net loss attributable to Select Energy Services, Inc.	`NetIncomeLoss`	$-4.17M	USD	1 Quarter
Net loss attributable to Select Energy Services, Inc.	`NetIncomeLoss`	$-25.34M	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-12.28M	USD	1 Quarter
Net loss	`ProfitLoss`	$-25.79M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.65M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$26.78M	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.10M	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-622.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$158.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$334.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$309.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$651.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$308.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$643.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-18.99M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.16M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.01M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.34M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.33M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.30M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-7.94M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$16.42M	USD	1 Quarter
Acquisitions, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$49.00M	USD	1 Quarter
Purchase of property, equipment, and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.81M	USD	1 Quarter
Purchase of property, equipment, and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.27M	USD	1 Quarter
Proceeds received from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.75M	USD	1 Quarter
Proceeds received from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.74M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-58.06M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-19.54M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$34.00M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$8.50M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfDebt`	$7.62M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$376.00K	USD	1 Quarter
Member distributions	`ReceiptsPaymentsOfCapitalDistribution`	$212.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$711.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$34.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-31.99M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.41M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$40.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.30M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$40.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.90M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$2.71M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$427.00K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$208.00K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$12.00K	USD	1 Quarter
Capital expenditures included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$28.00K	USD	1 Quarter
Capital expenditures included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$4.77M	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$328.57M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$334.71M	USD	Point-in-time
Issuance of shares for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$5.50M	USD	1 Quarter
Equity-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$643.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-12.28M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-25.79M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$328.57M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$334.71M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-12.28M	USD	1 Quarter
Net loss	`ProfitLoss`	$-25.79M	USD	1 Quarter
Unrealized holding loss arising during period	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$80.00K	USD	1 Quarter
Net amount reclassified to earnings	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$85.00K	USD	1 Quarter
Net change in unrealized gain (loss)	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-5.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-12.28M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-25.79M	USD	1 Quarter
Less: Comprehensive loss attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-8.11M	USD	1 Quarter
Less: Comprehensive loss attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-456.00K	USD	1 Quarter
Comprehensive loss attributable to Select Energy Services, Inc.	`ComprehensiveIncomeNetOfTax`	$-4.17M	USD	1 Quarter

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