Patterson-UTI Energy Inc. (NASDAQ:PTEN) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 10:00 am ET

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Patterson-UTI Energy Inc. (NASDAQ:PTEN) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning. My name is Adam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson-UTI Energy Fourth Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

Mike Drickamer, Vice President of Investor Relations, you may begin your conference.

Executive
James Michael Drickamer

Thank you, Adam. Good morning. And on behalf of Patterson-UTI Energy, I'd like to welcome you to today conference call to discuss the results of the fourth quarter and full year ended December 31, 2018.

Participating in today's call will be Mark Siegel, Chairman; Andy Hendricks, Chief Executive Officer; and Andy Smith, Chief Financial Officer.

A quick reminder that statements made on this conference call that states the company's or management's plans, intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to risks and uncertainties as disclosed in the company's annual report on Form 10-K and other filings with the SEC. These risks and uncertainties could cause the company's actual results to differ materially from those suggested in such forward-looking statements or what the company expects. The company undertakes no obligation to publicly update or revise any forward-looking statements. The company's SEC filings may be obtained by contacting the company or the SEC and are available through the company's website and through the SEC's EDGAR system.

Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website, www.patenergy.com, and in the company's press release issued prior to this conference call.

And, now, it's my pleasure to turn the call over to Mark Siegel for some opening remarks. Mark?

Executive
Mark Steven Siegel

Thanks, Mike. Good morning, and welcome to Patterson-UTI's conference call for the fourth quarter of 2018. We are pleased that you can join us today. This morning, I will turn the call over to Andy Smith who will review the financial results for the quarter ended December 31st. He will then turn the call over to Andy Hendricks, who will share some comments on our operational highlights as well as our outlook. After Andy's comments, I will provide some closing remarks before turning the call over to questions. Andy?

Executive
Andrew Smith

Thanks, Mark. As set forth in our earnings press release issued this morning, for the fourth quarter, we've reported a net loss of $201 million or $0.93 per share on revenues of $796 million. Included in our net loss is $211 million of non-cash pretax goodwill impairment charge. Excluding this charge, our net loss for the fourth quarter would have been $9 million or $0.04 per share.

With respect to the impairment, we performed the quantitative impairment assessment of our goodwill as of December 31, 2018, due to the decline