Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001575828 | |
Entity Registrant Name | Expro Group Holdings N.V. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36053 | |
Entity Incorporation, State or Country Code | P7 | |
Entity Tax Identification Number | 98-1107145 | |
Entity Address, Address Line One | 1311 Broadfield Boulevard, Suite 400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77084 | |
City Area Code | 713 | |
Local Phone Number | 463-9776 | |
Title of 12(b) Security | Common Stock, €0.06 nominal value | |
Trading Symbol | XPRO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 109,584,137 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total revenue | $ 280,477 | $ 156,295 |
Operating costs and expenses: | ||
Cost of revenue, excluding depreciation and amortization expense | (239,530) | (137,068) |
General and administrative expense, excluding depreciation and amortization expense | (11,510) | (6,641) |
Depreciation and amortization expense | (35,012) | (27,759) |
Merger and integration expense | (4,725) | (4,823) |
Severance and other expense | (1,494) | (555) |
Total operating cost and expenses | (292,271) | (176,846) |
Operating loss | (11,794) | (20,551) |
Other income, net | 996 | 239 |
Interest and finance income (expense), net | 13 | (1,627) |
Loss before taxes and equity in income of joint ventures | (10,785) | (21,939) |
Equity in income of joint ventures | 4,202 | 4,092 |
Loss before income taxes | (6,583) | (17,847) |
Income tax expense | (4,549) | (2,545) |
Net loss | $ (11,132) | $ (20,392) |
Loss per common share: | ||
Total basic and diluted loss per share (in dollars per share) | $ (0.10) | $ (0.29) |
Weighted average common shares outstanding: | ||
Basic and diluted (in shares) | 109,266,988 | 70,889,753 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss | $ (11,132) | $ (20,392) |
Other comprehensive loss: | ||
Amortization of prior service credit | (61) | (61) |
Other comprehensive loss | (61) | (61) |
Comprehensive loss | $ (11,193) | $ (20,453) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 214,392 | $ 235,390 |
Restricted cash | 4,024 | 4,457 |
Accounts receivable, net | 318,500 | 319,286 |
Inventories | 133,657 | 125,116 |
Assets held for sale | 211 | 6,386 |
Income tax receivables | 23,271 | 20,561 |
Other current assets | 55,871 | 52,938 |
Total current assets | 749,926 | 764,134 |
Property, plant and equipment, net | 464,482 | 478,580 |
Investments in joint ventures | 61,806 | 57,604 |
Intangible assets, net | 255,024 | 253,053 |
Goodwill | 179,903 | 179,903 |
Operating lease right-of-use assets | 81,328 | 83,372 |
Non-current accounts receivable, net | 11,211 | 11,531 |
Other non-current assets | 18,254 | 26,461 |
Total assets | 1,821,934 | 1,854,638 |
Current liabilities | ||
Accounts payable and accrued liabilities | 202,024 | 213,152 |
Income tax liabilities | 23,240 | 22,999 |
Finance lease liabilities | 1,101 | 1,147 |
Operating lease liabilities | 19,614 | 19,695 |
Other current liabilities | 63,358 | 74,213 |
Total current liabilities | 309,337 | 331,206 |
Deferred tax liabilities, net | 29,298 | 31,744 |
Post-retirement benefits | 26,729 | 29,120 |
Non-current finance lease liabilities | 15,452 | 15,772 |
Non-current operating lease liabilities | 70,662 | 73,688 |
Other non-current liabilities | 79,164 | 75,537 |
Total liabilities | 530,642 | 557,067 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity: | ||
Common stock, €0.06 nominal value, 200,000,000 shares authorized, 110,033,225 and 109,697,040 shares issued and 109,378,748 and 109,142,925 shares outstanding | 7,868 | 7,844 |
Treasury stock (at cost) 654,477 and 554,115 shares | (24,291) | (22,785) |
Additional paid-in capital | 1,834,178 | 1,827,782 |
Accumulated other comprehensive income | 20,297 | 20,358 |
Accumulated deficit | (546,760) | (535,628) |
Total stockholders’ equity | 1,291,292 | 1,297,571 |
Total liabilities and stockholders’ equity | $ 1,821,934 | $ 1,854,638 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - € / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in EUR per share) | € 0.06 | € 0.06 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 110,033,225 | 109,697,040 |
Common stock, shares outstanding (in shares) | 109,378,748 | 109,142,925 |
Treasury stock, shares (in shares) | 654,477 | 554,115 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (11,132) | $ (20,392) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization expense | 35,012 | 27,759 |
Equity in income of joint ventures | (4,202) | (4,092) |
Stock-based compensation expense | 6,018 | 0 |
Change in fair value of investments | 1,502 | 0 |
Elimination of unrealized profit on sales to joint ventures | 0 | 5 |
Deferred taxes | (2,448) | (656) |
Unrealized foreign exchange | (2,503) | 1,255 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 2,163 | (3,679) |
Inventories | (6,232) | (2,766) |
Other assets | (3,492) | 1,410 |
Accounts payable and accrued liabilities | (13,194) | 4,288 |
Other liabilities | (11,501) | 6,324 |
Income taxes, net | (719) | 1,794 |
Other | (3,434) | (1,609) |
Net cash (used in) provided by operating activities | (14,162) | 9,641 |
Cash flows from investing activities: | ||
Capital expenditures | (10,577) | (19,168) |
Acquisition of technology | (7,973) | 0 |
Proceeds from disposal of assets | 6,422 | 0 |
Proceeds from sale of investments | 7,120 | 0 |
Net cash used in investing activities | (5,008) | (19,168) |
Cash flows from financing activities: | ||
Cash pledged for collateral deposits | (61) | (287) |
Payments of loan issuance and other transaction costs | (95) | (175) |
Payment of withholding taxes on stock-based compensation plans | (1,104) | 0 |
Repayment of financed insurance premium | (980) | 0 |
Repayments of finance leases | (154) | (340) |
Net cash used in financing activities | (2,394) | (802) |
Effect of exchange rate changes on cash and cash equivalents | 133 | (272) |
Net decrease to cash and cash equivalents and restricted cash | (21,431) | (10,601) |
Cash and cash equivalents and restricted cash at beginning of period | 239,847 | 120,709 |
Cash and cash equivalents and restricted cash at end of period | $ 218,416 | $ 110,108 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Warrants [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 70,890 | ||||||
Balance at Dec. 31, 2020 | $ 585 | $ 10,530 | $ 0 | $ 1,006,100 | $ (1,494) | $ (403,737) | $ 611,984 |
Net loss | 0 | 0 | 0 | 0 | 0 | (20,392) | (20,392) |
Other comprehensive income (loss) | $ 0 | 0 | 0 | 0 | (61) | 0 | (61) |
Balance (in shares) at Mar. 31, 2021 | 70,890 | ||||||
Balance at Mar. 31, 2021 | $ 585 | 10,530 | 0 | 1,006,100 | (1,555) | (424,129) | 591,531 |
Balance (in shares) at Dec. 31, 2021 | 109,143 | ||||||
Balance at Dec. 31, 2021 | $ 7,844 | 0 | (22,785) | 1,827,782 | 20,358 | (535,628) | 1,297,571 |
Net loss | 0 | 0 | 0 | 0 | 0 | (11,132) | (11,132) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (61) | 0 | (61) |
Stock-based compensation expense | $ 0 | 0 | 0 | 6,018 | 0 | 0 | 6,018 |
Common shares issued upon vesting of share-based awards (in shares) | 336 | ||||||
Common shares issued upon vesting of share-based awards | $ 24 | 0 | 0 | 378 | 0 | 0 | 402 |
Treasury shares withheld (in shares) | (100) | ||||||
Treasury shares withheld | $ 0 | 0 | (1,506) | 0 | 0 | 0 | (1,506) |
Balance (in shares) at Mar. 31, 2022 | 109,379 | ||||||
Balance at Mar. 31, 2022 | $ 7,868 | $ 0 | $ (24,291) | $ 1,834,178 | $ 20,297 | $ (546,760) | $ 1,291,292 |
Note 1 - Business Description
Note 1 - Business Description | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business description With roots dating to 1938, On March 10, 2021, October 1, 2021 ( Further, the supervisory board of directors of Frank’s unanimously approved a 1 October 1, 2021. 1 6 Pursuant to the Merger Agreement, as of the effective time of the Merger (the “Effective Time”), each outstanding ordinary share of common stock, par value $0.01 per share, of Legacy Expro was converted into the right to receive 1.2120 shares of common stock, nominal value €0.06 1 |
Note 2 - Basis of Preparation a
Note 2 - Basis of Preparation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of preparation and significant accounting policies Basis of preparation The unaudited condensed consolidated financial statements reflect the accounts of the Company and its subsidiaries. All intercompany balances and transactions, including unrealized profits arising from them, have been eliminated for purposes of preparing these unaudited condensed consolidated financial statements. Investments in which we do not The accompanying condensed consolidated financial statements have not not December 31, 2021 10 March 8, 2022. In the opinion of management, these unaudited condensed consolidated financial statements, which are prepared in accordance with the rules of the SEC and U.S. GAAP for interim financial reporting, included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2022 three March 31, 2022 2021 three March 31, 2022 not may December 31, 2022 The unaudited condensed consolidated financial statements have been prepared on an historical cost basis using the United States dollar (“$” or “U.S. dollar”) as the reporting currency. Significant accounting policies Refer to Note 2 Basis of presentation and significant accounting policies December 31, 2021 10 March 8, 2022, no December 31, 2021 Recent accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. Recently issued ASUs were assessed and were either determined to be not |
Note 3 - Business Combinations
Note 3 - Business Combinations and Dispositions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Business combinations and dispositions Frank s International N.V. As discussed in Note 1 Business description October 1, 2021. 805, The Merger consideration was based on Frank’s closing share price on the Closing Date. In a reverse merger involving only the exchange of equity, the fair value of the equity of the accounting acquiree may Per share Amount Shares issued price (in thousands) Issuance of common stock attributable to Frank’s stockholders 38,066,216 $ 18.90 $ 719,452 Replacement of Frank’s equity awards 7,830 Cash payment to Mosing Holdings LLC pursuant to the amended and restated tax receivable agreement 15,000 Total Merger Consideration Exchanged $ 742,282 The following table sets forth the preliminary allocation of the merger consideration exchanged to the fair value of identifiable tangible and intangible assets acquired and liabilities assumed as of the Closing Date, with the recording of goodwill for the excess of the consideration transferred over the net aggregate fair value of the identifiable assets acquired and liabilities assumed (in thousands): Amount Cash and cash equivalents $ 187,178 Restricted cash 2,561 Accounts receivables, net 112,234 Inventories 69,567 Assets held for sale 10,061 Income tax receivables 2,030 Other current assets 23,908 Property, plant and equipment 212,639 Goodwill 154,399 Intangible assets 104,791 Operating lease right-of-use assets 27,406 Other assets 20,494 Total assets 927,268 Accounts payable and accrued liabilities 81,959 Operating lease liabilities 8,344 Current income tax liabilities 8,932 Other current liabilities 19,918 Deferred tax liabilities 5,673 Non-current operating lease liabilities 19,607 Other non-current liabilities 40,553 Total Liabilities 184,986 Total Merger Consideration Exchanged $ 742,282 Due to the recency and complexity of the Merger, these amounts are preliminary and subject to change as our fair value assessments are finalized. The final fair value determination could result in material adjustments to the values presented in the preliminary purchase price allocation table above. The fair values of identifiable intangible assets were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method, which are discounted to approximate their current value. The estimated useful lives are based on management’s historical experience and expectations as to the duration of time that benefits from these assets are expected to be realized. The intangible assets will be amortized on a straight-line basis over an estimated 10 to 15 year life. We expect annual amortization to be approximately $7.7 million associated with these intangible assets. Goodwill will not not Unaudited Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the three March 31, 2021 January 1, 2020 ( Three Months Ended March 31, 2021 Unaudited pro forma revenues $ 251,106 Unaudited pro forma net loss $ 41,589 Estimated unaudited pro forma information is not Merger and integration expense During the three March 31, 2022 2021 Below is a reconciliation of our liability balance associated with our severance plan initiated during 2021 NLA ESSA MENA APAC Central Total Balance as of December 31, 2021 $ 2,057 $ 2,502 $ 424 $ 617 $ 6,615 $ 12,215 Costs expensed during the period 114 - 91 213 - 418 Payments made during the period (286 ) (1,054 ) (153 ) (307 ) (3,033 ) (4,833 ) Balance as of March 31, 2022 $ 1,885 $ 1,448 $ 362 $ 523 $ 3,582 $ 7,800 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair value measurements Recurring Basis A summary of financial assets and liabilities that are measured at fair value on a recurring basis, as of March 31, 2022 December 31, 2021 March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investments: Cash surrender value of life insurance policies- Deferred compensation plan $ - $ 11,210 $ - $ 11,210 Non-current accounts receivable, net - 11,211 - 11,211 Liabilities: Deferred compensation plan - 8,457 - 8,457 Finance lease liabilities - 16,553 - 16,553 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investments: Cash surrender value of life insurance policies- Deferred compensation plan $ - $ 18,857 $ - $ 18,857 Non-current accounts receivable, net - 11,531 - 11,531 Liabilities: Deferred compensation plan - 9,339 - 9,339 Finance lease liabilities - 16,919 - 16,919 Our investments associated with our deferred compensation plan as of March 31, 2022 March 31, 2022 third |
Note 5 - Business Segment Repor
Note 5 - Business Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 5. Business segment reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM manages our operational segments that are aligned with our geographical regions as below: ● North and Latin America (“NLA”), ● Europe and Sub-Saharan Africa (“ESSA”), ● Middle East and North Africa (“MENA”), and ● Asia-Pacific (“APAC”). The following table presents our revenue disaggregated by our operating segments (in thousands): Three Months Ended March 31, 2022 2021 NLA $ 103,861 $ 30,363 ESSA 82,071 53,630 MENA 50,715 41,155 APAC 43,830 31,147 Total $ 280,477 $ 156,295 Segment EBITDA Our CODM regularly evaluates the performance of our operating segments using Segment EBITDA, which we define as loss before income taxes adjusted for corporate costs, equity in income of joint ventures, depreciation and amortization expense, impairment expense, severance and other expense, gain on disposal of assets, foreign exchange losses, merger and integration expense, other income, interest and finance expense, net and stock-based compensation expense. The following table presents our Segment EBITDA disaggregated by our operating segments and a reconciliation to loss before income taxes (in thousands): Three Months Ended March 31, 2022 2021 NLA $ 21,827 $ 2,428 ESSA 11,874 5,366 MENA 15,465 15,058 APAC 5,438 5,166 Total Segment EBITDA 54,604 28,018 Corporate costs (21,965 ) (14,684 ) Equity in income of joint ventures 4,202 4,092 Depreciation and amortization expense (35,012 ) (27,759 ) Merger and integration expense (4,725 ) (4,823 ) Severance and other expense (1,494 ) (555 ) Stock-based compensation expense (6,018 ) - Foreign exchange gain (loss) 2,816 (748 ) Other income, net 996 239 Interest and finance income (expense), net 13 (1,627 ) Loss before income taxes $ (6,583 ) $ (17,847 ) Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments, including research, engineering and development, logistics, sales and marketing and health and safety and are not |
Note 6 - Revenue
Note 6 - Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Revenue Disaggregation of revenue We disaggregate our revenue from contracts with customers by geography, as disclosed in Note 5 The following table sets forth the total amount of revenue by main area of capabilities as follows (in thousands): Three Months Ended March 31, 2022 2021 Well construction $ 111,435 $ - Well management 169,042 156,295 Total $ 280,477 $ 156,295 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of unbilled receivables and deferred revenue. Unbilled receivables are initially recognized for revenue earned on completion of the performance obligation which are not Contract balances consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Accounts receivable, net $ 223,041 $ 236,158 Unbilled receivables $ 106,670 $ 94,659 Deferred revenue $ 11,330 $ 17,038 The Company recognized revenue of $7.9 million and $1.1 million for the three March 31, 2022 2021 As of March 31, 2022, Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not one |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income taxes For interim financial reporting, we estimate the annual tax rate based on projected pre-tax income (loss) before equity in income of joint ventures for the full year and record a quarterly income tax expense (benefit) in accordance with accounting guidance for income taxes. As the year progresses, we refine the estimate of the year’s pre-tax income (loss) before equity in income of joint ventures as new information becomes available. The continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, we adjust the income tax expense (benefit) during the quarter in which the change in estimate occurs so that the year-to-date expense reflects the most current expected annual tax rate. Our effective tax rates were (42.2)% and (11.6)% for the three March 31, 2022 2021 Our effective tax rate was impacted primarily by changes in the mix of taxable profits between jurisdictions. |
Note 8 - Investment in Joint Ve
Note 8 - Investment in Joint Ventures | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Investment in joint ventures We have investments in two The carrying value of our investment in joint ventures as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 CETS $ 58,258 $ 54,014 PVD-Expro 3,548 3,590 Total $ 61,806 $ 57,604 |
Note 9 - Accounts Receivable, N
Note 9 - Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 9. Accounts receivable, net Accounts receivable, net consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Accounts receivable $ 339,323 $ 340,209 Less: Expected credit losses (9,612 ) (9,392 ) Total $ 329,711 $ 330,817 Current 318,500 319,286 Non – current 11,211 11,531 Total $ 329,711 $ 330,817 |
Note 10 - Inventories
Note 10 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 10. Inventories Inventories consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Finished goods $ 33,122 $ 34,899 Raw materials, equipment spares and consumables 84,268 76,025 Work-in-progress 16,267 14,192 Total $ 133,657 $ 125,116 |
Note 11 - Other Assets and Liab
Note 11 - Other Assets and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities [Text Block] | 11. Other assets and liabilities Other assets consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Cash surrender value of life insurance policies $ 11,210 $ 18,857 Prepayments 24,000 19,891 Value-added tax receivables 21,916 22,524 Collateral deposits 1,660 1,599 Deposits 6,763 7,331 Other 8,576 9,197 Total $ 74,125 $ 79,399 Current 55,871 52,938 Non – current 18,254 26,461 Total $ 74,125 $ 79,399 Other liabilities consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Deferred revenue $ 11,330 $ 17,038 Other tax and social security 25,638 27,893 Income tax liabilities - non-current portion 47,493 45,741 Deferred compensation plan 8,457 9,339 Other 49,604 49,739 Total $ 142,522 $ 149,750 Current 63,358 74,213 Non – current 79,164 75,537 Total $ 142,522 $ 149,750 Cash Surrender Value of Life Insurance Policies We had $11.2 million and $18.9 million of cash surrender value of life insurance policies as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 three March 31, 2022 |
Note 12 - Accounts Payable and
Note 12 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 12. Accounts payable and accrued liabilities Accounts payable and accrued liabilities consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Accounts payable – trade $ 90,760 $ 84,952 Payroll, vacation and other employee benefits 30,629 42,671 Accruals for goods received not invoiced 14,940 18,666 Other accrued liabilities 65,695 66,863 Total $ 202,024 $ 213,152 |
Note 13 - Property, Plant and E
Note 13 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 13. Property, plant and equipment, net Property, plant and equipment, net consisted of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Cost: Land $ 21,860 $ 21,580 Land improvements 3,056 3,054 Buildings and lease hold improvements 102,980 104,660 Plant and equipment 714,072 701,400 841,968 830,694 Less: accumulated depreciation (377,486 ) (352,114 ) Total $ 464,482 $ 478,580 During the three March 31, 2022, The carrying amount of our property, plant and equipment recognized in respect of assets held under finance leases as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Cost: Buildings $ 18,623 $ 18,623 Plant and equipment 1,275 1,275 Total 19,898 19,898 Less: accumulated amortization (8,074 ) (7,733 ) Total $ 11,824 $ 12,165 Depreciation expense relating to property, plant and equipment, including assets under finance leases, was $26.0 million and $21.4 million for the three March 31, 2022 2021 |
Note 14 - Intangible Assets, Ne
Note 14 - Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 14. Intangible assets, net The following table summarizes our intangible assets comprising of Customer Relationships & Contracts (“CR&C”), Trademarks, Technology and Software as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 Gross carrying amount Accumulated impairment and amortization Net book value Gross carrying amount Accumulated impairment and amortization Net book value Weighted average remaining life (years) CR&C $ 222,200 $ (103,259 ) $ 118,941 $ 222,200 $ (98,271 ) $ 123,929 6.1 Trademarks 57,100 (30,275 ) 26,825 57,100 (29,392 ) 27,708 8.2 Technology 170,652 (63,162 ) 107,490 159,458 (60,979 ) 98,479 12.3 Software 8,754 (6,986 ) 1,768 8,754 (5,817 ) 2,937 0.5 Total $ 458,706 $ (203,682 ) $ 255,024 $ 447,512 $ (194,459 ) $ 253,053 Amortization expense for intangible assets was $9.0 million and $6.4 million for the three March 31, 2022 2021 first 2022, five |
Note 15 - Goodwill
Note 15 - Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 15. Goodwill Our reporting units are either our operating segments or components of our operating segments depending on the level at which segment management oversees the business. Prior to the Merger, Legacy Expro's reporting units included Europe and the Commonwealth of Independent States, Sub-Saharan Africa, MENA, Asia, North America and Latin America. During 2021, The allocation of goodwill by operating segment as of March 31, 2022 December 31, 2021 NLA $ 93,608 ESSA 66,283 MENA 3,331 APAC 16,681 Total $ 179,903 As of March 31, 2022 not three March 31, 2022 |
Note 16 - Interest Bearing Loan
Note 16 - Interest Bearing Loans | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 16. Interest bearing loans On October 1, 2021, may All obligations under the New Facility are guaranteed jointly and severally by the Company and certain of the Company’s subsidiaries incorporated in the U.S., the U.K., the Netherlands, Norway, Hungary, Australia, Cyprus, the Cayman Islands and Guernsey. Going forward, the guarantors must comprise at least 80% of the EBITDA, as defined, and 70% of the consolidated assets of the Company and its subsidiaries, as well as subsidiaries individually representing 5% or more of the EBITDA or assets of the group, subject to customary exceptions and exclusions. In addition, the obligations under the New Facility are secured by first Borrowings under the New Facility bear interest at a rate per annum of LIBOR, subject to a 0.00% floor, plus an applicable margin of 3.75% for cash borrowings or 3.00% for letters of credit. A 0.75% per annum fronting fee applies to letters of credit, and an additional 0.25% or 0.50% per annum utilization fee is payable on drawdowns as loans to the extent one third two no The New Facility contains various undertakings and affirmative and negative covenants which limit, subject to certain customary exceptions and thresholds, the Company and its subsidiaries’ ability to, among other things, ( 1 2 3 4 5 1.0 1.0 1.0 twelve may On March 31, 2022, March 10, 2022 1.0 The Facility remained undrawn on a cash basis (i.e. no loans were outstanding), as of March 31, 2022 December 31, 2021. March 31, 2022 December 31, 2021, |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies Commercial Commitments During the normal course of business, we enter into commercial commitments in the form of letters of credit and bank guarantees to provide financial and performance assurance to third We entered into contractual commitments for the acquisition of property, plant and equipment totaling $41.4 million and $26.3 million as of March 31, 2022 December 31, 2021, Contingencies Certain conditions may may one may If the assessment of a contingency indicates it is probable a material loss has been incurred and the amount of liability can be reasonably estimated, then the estimated liability would be accrued in our unaudited condensed consolidated financial statements. If the assessment indicates a potentially material loss contingency is not Loss contingencies considered remote are generally not We are the subject of lawsuits and claims arising in the ordinary course of business from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. We had no material accruals for loss contingencies, individually or in the aggregate, as of March 31, 2022 December 31, 2021. We are conducting an internal investigation of the operations of certain of our foreign subsidiaries in West Africa including possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”), our policies and other applicable laws. In June 2016, may not As disclosed above, our investigation into possible violations of the FCPA remains ongoing, and we will continue to cooperate with the SEC, DOJ and other relevant governmental entities in connection therewith. Our board of directors and management are committed to continuously enhancing our internal controls that support improved compliance and transparency throughout our global operations. |
Note 18 - Post-retirement Benef
Note 18 - Post-retirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18. Post-retirement benefits Amounts recognized in the unaudited condensed consolidated statements of operations in respect of the defined benefit schemes were as follows (in thousands): Three Months Ended March 31, 2022 2021 Amortization of prior service credit $ 61 $ 61 Interest cost (1,054 ) (837 ) Expected return on plan assets 1,428 1,181 Total $ 435 $ 405 The Company contributed $1.3 million and $0.9 million for the three March 31, 2022 2021 Amortization of prior service credit, interest cost and expected return on plan assets have been recognized in “Other income, net” in the unaudited condensed consolidated statements of operations. Executive Deferred Compensation Plan The Company maintains the Executive Deferred Compensation Plan (the “EDC Plan”) for certain current and former Frank’s employees. Effective during 2015, five As of March 31, 2022 March 31, 2022 |
Note 19 - Loss Per Share
Note 19 - Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Loss per share Basic loss per share attributable to Company stockholders is calculated by dividing net loss attributable to the Company by the weighted-average number of common shares outstanding for the period. Diluted loss per share attributable to Company stockholders is computed giving effect to all potential dilutive common stock, unless there is a net loss for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by unvested restricted stock units and Employee Stock Purchase Program (“ESPP”) shares. The calculation of basic and diluted loss per share attributable to Company stockholders for the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Net loss $ (11,132 ) $ (20,392 ) Basic and diluted weighted average number of shares outstanding 109,266,988 70,889,753 Total basic and diluted loss per share $ (0.10 ) $ (0.29 ) Approximately 673,809 shares of unvested restricted stock units and stock to be issued pursuant to the ESPP have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive for the three March 31, 2022 Additionally, since the conditions upon which shares were issuable for our outstanding warrants and stock options were not March 31, 2021 not |
Note 20 - Related Party Disclos
Note 20 - Related Party Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. Related party disclosures Our related parties consist primarily of CETS and PVD-Expro, the two three March 31, 2022 2021 three March 31, 2022 As of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 As of March 31, 2022 December 31, 2021 Tax Receivable Agreement Mosing Holdings, LLC, a Delaware limited liability company (“Mosing Holdings”), converted all of its shares of Frank’s Series A convertible preferred stock into shares of Frank’s common stock on August 26, 2016, The tax receivable agreement (the “Original TRA”) that Frank’s entered into with FICV and Mosing Holdings in connection with Frank’s initial public offering (“IPO”) generally provided for the payment by Frank’s to Mosing Holdings of 85% 15% In connection with the Merger Agreement, Frank’s, FICV and Mosing Holdings entered into the Amended and Restated Tax Receivable Agreement, dated as of March 10, 2021 ( October 1, 2021, 3 Business combinations and dispositions ten October 1, 2021 |
Note 21 - Stock-based Compensat
Note 21 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 21. Stock-based compensation The Company recognized $2.7 million of stock-based compensation expense attributable to the Management Incentive Plan ("MIP") stock options during the three March 31, 2022. three March 31, 2021 three March 31, 2022 three March 31, 2021. During the first 2022, |
Note 22 - Supplemental Cash Flo
Note 22 - Supplemental Cash Flow | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 22. Supplemental cash flow Three Months Ended March 31, 2022 2021 Supplemental disclosure of cash flow information: Cash paid for income taxes, net of refunds $ 7,716 $ 1,408 Cash paid for interest, net $ 903 $ 981 Change in accounts payable and accrued expenses related to capital expenditures $ 5,583 $ 1,650 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of preparation The unaudited condensed consolidated financial statements reflect the accounts of the Company and its subsidiaries. All intercompany balances and transactions, including unrealized profits arising from them, have been eliminated for purposes of preparing these unaudited condensed consolidated financial statements. Investments in which we do not The accompanying condensed consolidated financial statements have not not December 31, 2021 10 March 8, 2022. In the opinion of management, these unaudited condensed consolidated financial statements, which are prepared in accordance with the rules of the SEC and U.S. GAAP for interim financial reporting, included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2022 three March 31, 2022 2021 three March 31, 2022 not may December 31, 2022 The unaudited condensed consolidated financial statements have been prepared on an historical cost basis using the United States dollar (“$” or “U.S. dollar”) as the reporting currency. |
Significant Accounting Policies [Policy Text Block] | Significant accounting policies Refer to Note 2 Basis of presentation and significant accounting policies December 31, 2021 10 March 8, 2022, no December 31, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. Recently issued ASUs were assessed and were either determined to be not |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Per share Amount Shares issued price (in thousands) Issuance of common stock attributable to Frank’s stockholders 38,066,216 $ 18.90 $ 719,452 Replacement of Frank’s equity awards 7,830 Cash payment to Mosing Holdings LLC pursuant to the amended and restated tax receivable agreement 15,000 Total Merger Consideration Exchanged $ 742,282 Amount Cash and cash equivalents $ 187,178 Restricted cash 2,561 Accounts receivables, net 112,234 Inventories 69,567 Assets held for sale 10,061 Income tax receivables 2,030 Other current assets 23,908 Property, plant and equipment 212,639 Goodwill 154,399 Intangible assets 104,791 Operating lease right-of-use assets 27,406 Other assets 20,494 Total assets 927,268 Accounts payable and accrued liabilities 81,959 Operating lease liabilities 8,344 Current income tax liabilities 8,932 Other current liabilities 19,918 Deferred tax liabilities 5,673 Non-current operating lease liabilities 19,607 Other non-current liabilities 40,553 Total Liabilities 184,986 Total Merger Consideration Exchanged $ 742,282 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2021 Unaudited pro forma revenues $ 251,106 Unaudited pro forma net loss $ 41,589 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | NLA ESSA MENA APAC Central Total Balance as of December 31, 2021 $ 2,057 $ 2,502 $ 424 $ 617 $ 6,615 $ 12,215 Costs expensed during the period 114 - 91 213 - 418 Payments made during the period (286 ) (1,054 ) (153 ) (307 ) (3,033 ) (4,833 ) Balance as of March 31, 2022 $ 1,885 $ 1,448 $ 362 $ 523 $ 3,582 $ 7,800 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investments: Cash surrender value of life insurance policies- Deferred compensation plan $ - $ 11,210 $ - $ 11,210 Non-current accounts receivable, net - 11,211 - 11,211 Liabilities: Deferred compensation plan - 8,457 - 8,457 Finance lease liabilities - 16,553 - 16,553 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investments: Cash surrender value of life insurance policies- Deferred compensation plan $ - $ 18,857 $ - $ 18,857 Non-current accounts receivable, net - 11,531 - 11,531 Liabilities: Deferred compensation plan - 9,339 - 9,339 Finance lease liabilities - 16,919 - 16,919 |
Note 5 - Business Segment Rep_2
Note 5 - Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2022 2021 NLA $ 103,861 $ 30,363 ESSA 82,071 53,630 MENA 50,715 41,155 APAC 43,830 31,147 Total $ 280,477 $ 156,295 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2022 2021 NLA $ 21,827 $ 2,428 ESSA 11,874 5,366 MENA 15,465 15,058 APAC 5,438 5,166 Total Segment EBITDA 54,604 28,018 Corporate costs (21,965 ) (14,684 ) Equity in income of joint ventures 4,202 4,092 Depreciation and amortization expense (35,012 ) (27,759 ) Merger and integration expense (4,725 ) (4,823 ) Severance and other expense (1,494 ) (555 ) Stock-based compensation expense (6,018 ) - Foreign exchange gain (loss) 2,816 (748 ) Other income, net 996 239 Interest and finance income (expense), net 13 (1,627 ) Loss before income taxes $ (6,583 ) $ (17,847 ) |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 Well construction $ 111,435 $ - Well management 169,042 156,295 Total $ 280,477 $ 156,295 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2022 2021 Accounts receivable, net $ 223,041 $ 236,158 Unbilled receivables $ 106,670 $ 94,659 Deferred revenue $ 11,330 $ 17,038 |
Note 8 - Investment in Joint _2
Note 8 - Investment in Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | March 31, December 31, 2022 2021 CETS $ 58,258 $ 54,014 PVD-Expro 3,548 3,590 Total $ 61,806 $ 57,604 |
Note 9 - Accounts Receivable,_2
Note 9 - Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2022 2021 Accounts receivable $ 339,323 $ 340,209 Less: Expected credit losses (9,612 ) (9,392 ) Total $ 329,711 $ 330,817 Current 318,500 319,286 Non – current 11,211 11,531 Total $ 329,711 $ 330,817 |
Note 10 - Inventories (Tables)
Note 10 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 Finished goods $ 33,122 $ 34,899 Raw materials, equipment spares and consumables 84,268 76,025 Work-in-progress 16,267 14,192 Total $ 133,657 $ 125,116 |
Note 11 - Other Assets and Li_2
Note 11 - Other Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, December 31, 2022 2021 Cash surrender value of life insurance policies $ 11,210 $ 18,857 Prepayments 24,000 19,891 Value-added tax receivables 21,916 22,524 Collateral deposits 1,660 1,599 Deposits 6,763 7,331 Other 8,576 9,197 Total $ 74,125 $ 79,399 Current 55,871 52,938 Non – current 18,254 26,461 Total $ 74,125 $ 79,399 |
Other Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Deferred revenue $ 11,330 $ 17,038 Other tax and social security 25,638 27,893 Income tax liabilities - non-current portion 47,493 45,741 Deferred compensation plan 8,457 9,339 Other 49,604 49,739 Total $ 142,522 $ 149,750 Current 63,358 74,213 Non – current 79,164 75,537 Total $ 142,522 $ 149,750 |
Note 12 - Accounts Payable an_2
Note 12 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Accounts payable – trade $ 90,760 $ 84,952 Payroll, vacation and other employee benefits 30,629 42,671 Accruals for goods received not invoiced 14,940 18,666 Other accrued liabilities 65,695 66,863 Total $ 202,024 $ 213,152 |
Note 13 - Property, Plant and_2
Note 13 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Cost: Land $ 21,860 $ 21,580 Land improvements 3,056 3,054 Buildings and lease hold improvements 102,980 104,660 Plant and equipment 714,072 701,400 841,968 830,694 Less: accumulated depreciation (377,486 ) (352,114 ) Total $ 464,482 $ 478,580 March 31, December 31, 2022 2021 Cost: Buildings $ 18,623 $ 18,623 Plant and equipment 1,275 1,275 Total 19,898 19,898 Less: accumulated amortization (8,074 ) (7,733 ) Total $ 11,824 $ 12,165 |
Note 14 - Intangible Assets, _2
Note 14 - Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2022 December 31, 2021 March 31, 2022 Gross carrying amount Accumulated impairment and amortization Net book value Gross carrying amount Accumulated impairment and amortization Net book value Weighted average remaining life (years) CR&C $ 222,200 $ (103,259 ) $ 118,941 $ 222,200 $ (98,271 ) $ 123,929 6.1 Trademarks 57,100 (30,275 ) 26,825 57,100 (29,392 ) 27,708 8.2 Technology 170,652 (63,162 ) 107,490 159,458 (60,979 ) 98,479 12.3 Software 8,754 (6,986 ) 1,768 8,754 (5,817 ) 2,937 0.5 Total $ 458,706 $ (203,682 ) $ 255,024 $ 447,512 $ (194,459 ) $ 253,053 |
Note 15 - Goodwill (Tables)
Note 15 - Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | NLA $ 93,608 ESSA 66,283 MENA 3,331 APAC 16,681 Total $ 179,903 |
Note 18 - Post-retirement Ben_2
Note 18 - Post-retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2022 2021 Amortization of prior service credit $ 61 $ 61 Interest cost (1,054 ) (837 ) Expected return on plan assets 1,428 1,181 Total $ 435 $ 405 |
Note 19 - Loss Per Share (Table
Note 19 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Net loss $ (11,132 ) $ (20,392 ) Basic and diluted weighted average number of shares outstanding 109,266,988 70,889,753 Total basic and diluted loss per share $ (0.10 ) $ (0.29 ) |
Note 22 - Supplemental Cash F_2
Note 22 - Supplemental Cash Flow (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2022 2021 Supplemental disclosure of cash flow information: Cash paid for income taxes, net of refunds $ 7,716 $ 1,408 Cash paid for interest, net $ 903 $ 981 Change in accounts payable and accrued expenses related to capital expenditures $ 5,583 $ 1,650 |
Note 1 - Business Description (
Note 1 - Business Description (Details Textual) | Oct. 01, 2021$ / sharesshares | Mar. 31, 2022€ / shares | Dec. 31, 2021€ / shares | Oct. 01, 2021€ / shares |
Number of Countries in which Entity Operates | 60 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | € / shares | € 0.06 | € 0.06 | € 0.06 | |
Merger with Expro [Member] | ||||
Business Combination, Number of Common Shares Converted by Each Right (in shares) | shares | 1.2120 | |||
Merger Exchange Ratio | 7.2720 | |||
Expro [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 6 |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Dispositions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Combination, Acquisition Related Costs | $ 4,725 | $ 4,823 |
Merger with Expro [Member] | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 7,700 | |
Business Combination, Acquisition Related Costs | $ 4,700 | $ 4,800 |
Minimum [Member] | Merger with Expro [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Maximum [Member] | Merger with Expro [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 3 - Business Combination_4
Note 3 - Business Combinations and Dispositions - Consideration Exchanged and Preliminary Allocation (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 179,903 | $ 179,903 | |
Merger with Expro [Member] | |||
Issuance of common stock attributable to Frank’s stockholders, shares issued (in shares) | 38,066,216 | ||
Issuance of common stock attributable to Frank’s stockholders, price per share (in dollars per share) | $ 18.90 | ||
Issuance of common stock attributable to Frank’s stockholders, amount | $ 719,452 | ||
Replacement of Frank’s equity awards, amount | 7,830 | ||
Cash payment to Mosing Holdings LLC pursuant to the amended and restated tax receivable agreement, amount | 15,000 | ||
Total Merger Consideration Exchanged, amount | 742,282 | ||
Cash and cash equivalents | 187,178 | ||
Restricted cash | 2,561 | ||
Accounts receivables, net | 112,234 | ||
Inventories | 69,567 | ||
Assets held for sale | 10,061 | ||
Income tax receivables | 2,030 | ||
Other current assets | 23,908 | ||
Property, plant and equipment | 212,639 | ||
Goodwill | 154,399 | ||
Intangible assets | 104,791 | ||
Operating lease right-of-use assets | 27,406 | ||
Other assets | 20,494 | ||
Total assets | 927,268 | ||
Accounts payable and accrued liabilities | 81,959 | ||
Operating lease liabilities | 8,344 | ||
Current income tax liabilities | 8,932 | ||
Other current liabilities | 19,918 | ||
Deferred tax liabilities | 5,673 | ||
Non-current operating lease liabilities | 19,607 | ||
Other non-current liabilities | 40,553 | ||
Total Liabilities | 184,986 | ||
Total Merger Consideration Exchanged | $ 742,282 |
Note 3 - Business Combination_5
Note 3 - Business Combinations and Dispositions - Unaudited Pro Forma Financial Information (Details) - Merger with Expro [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Unaudited pro forma revenues | $ 251,106 |
Unaudited pro forma net loss | $ 41,589 |
Note 3 - Business Combination_6
Note 3 - Business Combinations and Dispositions - Merger and Integration Expense (Details) - Severance Plan in Connection with Merger [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance as of December 31, 2021 | $ 12,215 |
Costs expensed during the period | 418 |
Payments made during the period | (4,833) |
Balance as of March 31, 2022 | 7,800 |
NLA [Member] | |
Balance as of December 31, 2021 | 2,057 |
Costs expensed during the period | 114 |
Payments made during the period | (286) |
Balance as of March 31, 2022 | 1,885 |
ESSA [Member] | |
Balance as of December 31, 2021 | 2,502 |
Costs expensed during the period | 0 |
Payments made during the period | (1,054) |
Balance as of March 31, 2022 | 1,448 |
MENA [Member] | |
Balance as of December 31, 2021 | 424 |
Costs expensed during the period | 91 |
Payments made during the period | (153) |
Balance as of March 31, 2022 | 362 |
APAC [Member] | |
Balance as of December 31, 2021 | 617 |
Costs expensed during the period | 213 |
Payments made during the period | (307) |
Balance as of March 31, 2022 | 523 |
Central [Member] | |
Balance as of December 31, 2021 | 6,615 |
Costs expensed during the period | 0 |
Payments made during the period | (3,033) |
Balance as of March 31, 2022 | $ 3,582 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Summary of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred compensation plan | $ 11,210 | $ 18,857 |
Non-current accounts receivable, net | 11,211 | 11,531 |
Liabilities: | ||
Deferred compensation plan | 8,457 | 9,339 |
Finance lease liabilities | 16,553 | 16,919 |
Deferred compensation plan | 11,210 | 18,857 |
Non-current accounts receivable, net | 11,211 | 11,531 |
Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation plan | 0 | 0 |
Non-current accounts receivable, net | 0 | 0 |
Liabilities: | ||
Deferred compensation plan | 0 | 0 |
Finance lease liabilities | 0 | 0 |
Deferred compensation plan | 0 | 0 |
Non-current accounts receivable, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Deferred compensation plan | 11,210 | 18,857 |
Non-current accounts receivable, net | 11,211 | 11,531 |
Liabilities: | ||
Deferred compensation plan | 8,457 | 9,339 |
Finance lease liabilities | 16,553 | 16,919 |
Deferred compensation plan | 11,210 | 18,857 |
Non-current accounts receivable, net | 11,211 | 11,531 |
Fair Value, Inputs, Level 3 [Member] | ||
Deferred compensation plan | 0 | 0 |
Non-current accounts receivable, net | 0 | 0 |
Liabilities: | ||
Deferred compensation plan | 0 | 0 |
Finance lease liabilities | 0 | 0 |
Deferred compensation plan | 0 | 0 |
Non-current accounts receivable, net | $ 0 | $ 0 |
Note 5 - Business Segment Rep_3
Note 5 - Business Segment Reporting - Revenue by Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total revenue | $ 280,477 | $ 156,295 |
NLA [Member] | ||
Total revenue | 103,861 | 30,363 |
ESSA [Member] | ||
Total revenue | 82,071 | 53,630 |
MENA [Member] | ||
Total revenue | 50,715 | 41,155 |
APAC [Member] | ||
Total revenue | $ 43,830 | $ 31,147 |
Note 5 - Business Segment Rep_4
Note 5 - Business Segment Reporting - Reconciliation of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization From Segments to Net Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total Segment EBITDA | $ 54,604 | $ 28,018 |
Corporate costs | (21,965) | (14,684) |
Equity in income of joint ventures | 4,202 | 4,092 |
Depreciation and amortization expense | (35,012) | (27,759) |
Merger and integration expense | (4,725) | (4,823) |
Severance and other expense | (1,494) | (555) |
Stock-based compensation expense | (6,018) | 0 |
Foreign exchange gain (loss) | 2,816 | (748) |
Other income, net | 996 | 239 |
Interest and finance income (expense), net | 13 | (1,627) |
Loss before income taxes | (6,583) | (17,847) |
NLA [Member] | ||
Total Segment EBITDA | 21,827 | 2,428 |
ESSA [Member] | ||
Total Segment EBITDA | 11,874 | 5,366 |
MENA [Member] | ||
Total Segment EBITDA | 15,465 | 15,058 |
APAC [Member] | ||
Total Segment EBITDA | $ 5,438 | $ 5,166 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Contract with Customer, Liability, Revenue Recognized | $ 7.9 | $ 1.1 |
Other Current Liabilities [Member] | ||
Contract with Customer, Liability, Current | $ 10.1 |
Note 6 - Revenue - Revenue by A
Note 6 - Revenue - Revenue by Areas of Capability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total revenue | $ 280,477 | $ 156,295 |
Well Construction [Member] | ||
Total revenue | 111,435 | 0 |
Well Management [Member] | ||
Total revenue | $ 169,042 | $ 156,295 |
Note 6 - Revenue - Contract Bal
Note 6 - Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, net | $ 329,711 | $ 330,817 |
Deferred revenue | 11,330 | 17,038 |
Billed Revenues [Member] | ||
Accounts receivable, net | 223,041 | 236,158 |
Unbilled Revenues [Member] | ||
Accounts receivable, net | $ 106,670 | $ 94,659 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 42.20% | 11.60% |
Note 8 - Investment in Joint _3
Note 8 - Investment in Joint Ventures (Details Textual) | Mar. 31, 2022 |
CETS [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
PVD-Expro [Member] | |
Equity Method Investment, Ownership Percentage | 49.00% |
Note 8 - Investment in Joint _4
Note 8 - Investment in Joint Ventures - Carrying Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying value | $ 61,806 | $ 57,604 |
CETS [Member] | ||
Carrying value | 58,258 | 54,014 |
PVD-Expro [Member] | ||
Carrying value | $ 3,548 | $ 3,590 |
Note 9 - Accounts Receivable,_3
Note 9 - Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable | $ 339,323 | $ 340,209 |
Less: Expected credit losses | 9,612 | 9,392 |
Accounts receivable, net | 329,711 | 330,817 |
Current | 318,500 | 319,286 |
Non – current | $ 11,211 | $ 11,531 |
Note 10 - Inventories - Summary
Note 10 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finished goods | $ 33,122 | $ 34,899 |
Raw materials, equipment spares and consumables | 84,268 | 76,025 |
Work-in-progress | 16,267 | 14,192 |
Total | $ 133,657 | $ 125,116 |
Note 11 - Other Assets and Li_3
Note 11 - Other Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Cash Surrender Value of Life Insurance | $ 11,210 | $ 18,857 |
Gain (Loss) on Change in Cash Surrender Value of Life Insurance | $ (500) |
Note 11 - Other Assets and Othe
Note 11 - Other Assets and Other Liabilities - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash surrender value of life insurance policies | $ 11,210 | $ 18,857 |
Prepayments | 24,000 | 19,891 |
Value-added tax receivables | 21,916 | 22,524 |
Collateral deposits | 1,660 | 1,599 |
Deposits | 6,763 | 7,331 |
Other | 8,576 | 9,197 |
Total | 74,125 | 79,399 |
Current | 55,871 | 52,938 |
Non – current | $ 18,254 | $ 26,461 |
Note 11 - Other Assets and Ot_2
Note 11 - Other Assets and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred revenue | $ 11,330 | $ 17,038 |
Other tax and social security | 25,638 | 27,893 |
Income tax liabilities - non-current portion | 47,493 | 45,741 |
Deferred Compensation Liability, Current and Noncurrent, Total | 8,457 | 9,339 |
Other | 49,604 | 49,739 |
Total | 142,522 | 149,750 |
Current | 63,358 | 74,213 |
Non – current | $ 79,164 | $ 75,537 |
Note 12 - Accounts Payable an_3
Note 12 - Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts payable – trade | $ 90,760 | $ 84,952 |
Payroll, vacation and other employee benefits | 30,629 | 42,671 |
Accruals for goods received not invoiced | 14,940 | 18,666 |
Other accrued liabilities | 65,695 | 66,863 |
Total | $ 202,024 | $ 213,152 |
Note 13 - Property, Plant and_3
Note 13 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Building and Building Improvements [Member] | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 6.1 | |
Property, Plant and Equipment, Including Assets Under Finance Leases [Member] | ||
Depreciation, Total | $ 26 | $ 21.4 |
Note 13 - Property, Plant and_4
Note 13 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 841,968 | $ 830,694 |
Less: accumulated depreciation | (377,486) | (352,114) |
Property, plant and equipment, net | 464,482 | 478,580 |
Property, Plant and Equipment, Net [Member] | ||
Assets under finance lease, gross | 19,898 | 19,898 |
Less: accumulated amortization, assets under finance lease | 8,074 | 7,733 |
Total | 11,824 | 12,165 |
Land [Member] | ||
Property, plant and equipment, gross | 21,860 | 21,580 |
Building [Member] | ||
Assets under finance lease, gross | 18,623 | 18,623 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 3,056 | 3,054 |
Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 714,072 | 701,400 |
Assets under finance lease, gross | 1,275 | 1,275 |
Buildings and Leasehold Improvement [Member] | ||
Property, plant and equipment, gross | $ 102,980 | $ 104,660 |
Note 14 - Intangible Assets, _3
Note 14 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 9 | $ 6.4 |
Finite-Lived Intangible Assets Acquired | $ 11.2 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 5 years |
Note 14 - Intangible Assets, _4
Note 14 - Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Gross Carrying Amount | $ 458,706 | $ 447,512 |
Accumulated Impairment and Amortization | (203,682) | (194,459) |
Total intangible assets | 255,024 | 253,053 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 222,200 | 222,200 |
Accumulated Impairment and Amortization | (103,259) | (98,271) |
Total intangible assets | $ 118,941 | 123,929 |
Weighted average remaining life (Year) | 6 years 1 month 6 days | |
Trademarks [Member] | ||
Gross Carrying Amount | $ 57,100 | 57,100 |
Accumulated Impairment and Amortization | (30,275) | (29,392) |
Total intangible assets | $ 26,825 | 27,708 |
Weighted average remaining life (Year) | 8 years 2 months 12 days | |
Technology-Based Intangible Assets [Member] | ||
Gross Carrying Amount | $ 170,652 | 159,458 |
Accumulated Impairment and Amortization | (63,162) | (60,979) |
Total intangible assets | $ 107,490 | 98,479 |
Weighted average remaining life (Year) | 12 years 3 months 18 days | |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | $ 8,754 | 8,754 |
Accumulated Impairment and Amortization | (6,986) | (5,817) |
Total intangible assets | $ 1,768 | $ 2,937 |
Weighted average remaining life (Year) | 6 months |
Note 15 - Goodwill (Details Tex
Note 15 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Note 15 - Goodwill - Summary of
Note 15 - Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 179,903 | $ 179,903 |
NLA [Member] | ||
Goodwill | 93,608 | |
ESSA [Member] | ||
Goodwill | 66,283 | |
MENA [Member] | ||
Goodwill | 3,331 | |
APAC [Member] | ||
Goodwill | $ 16,681 |
Note 16 - Interest Bearing Lo_2
Note 16 - Interest Bearing Loans (Details Textual) - New Credit Facility [Member] $ in Thousands | Oct. 01, 2021USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||
Line of Credit Facility, Option to Increase Maximum Borrowing Capacity | $ 250,000 | ||
Debt Instrument, Covenant, Minimum EBITDA of Guarantors | 80.00% | ||
Debt Instrument, Covenant, Minimum Consolidated Assets of Guarantors | 70.00% | ||
Debt Instrument, Covenant, Minimum EBITDA and Assets of Subsidiaries | 5.00% | ||
Debt Instrument, LIBOR Floor | 0.00% | ||
Line of Credit Facility, Commitment Fee Percentage | 30.00% | ||
Debt Instrument, Covenant, Minimum Cash Flow Cover Ratio | 1.5 | ||
Debt Instrument, Covenant, Minimum Interest Cover Ratio | 4 | ||
Debt Instrument, Covenant, Maximum Senior Leverage Ratio | 2.25 | 2.25 | |
Debt Instrument, Maximum Percentage of Aggregate Capital Expenditures | 110.00% | ||
Repurchase or Redemption of Shares, Maximum Aggregate Amount | $ 50,000 | ||
Drawdowns as Loans [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 130,000 | ||
Long-Term Debt, Total | 0 | $ 0 | |
Drawdowns as Loans [Member] | One-third Drawn [Member] | |||
Line of Credit Facility, Upfront Fee Percentage | 0.25% | ||
Drawdowns as Loans [Member] | Two-thirds Drawn [Member] | |||
Line of Credit Facility, Upfront Fee Percentage | 0.50% | ||
Drawdowns as Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | ||
Line of Credit Facility, Upfront Fee Percentage | 0.75% | ||
Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Bonds and Guarantees [Member] | |||
Long-Term Debt, Total | $ 40,200 | $ 33,400 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Capital Addition Purchase Commitments [Member] | ||
Long-Term Purchase Commitment, Amount | $ 41,400 | $ 26,300 |
Note 18 - Post-retirement Ben_3
Note 18 - Post-retirement Benefits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,300 | $ 900 | |
Deferred Compensation Liability, Current and Noncurrent, Total | 8,457 | $ 9,339 | |
Cash Surrender Value of Life Insurance | $ 11,210 | $ 18,857 | |
Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 5 years | ||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 8,500 | ||
Cash Surrender Value of Life Insurance | $ 11,200 |
Note 18 - Post-retirement Ben_4
Note 18 - Post-retirement Benefits - Net Periodic Benefit Cost (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of prior service credit | $ 61 | $ 61 |
Interest cost | (1,054) | (837) |
Expected return on plan assets | 1,428 | 1,181 |
Total | $ 435 | $ 405 |
Note 19 - Loss Per Share (Detai
Note 19 - Loss Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2022shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 673,809 |
Note 19 - Loss Per Share - Calc
Note 19 - Loss Per Share - Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss | $ (11,132) | $ (20,392) |
Basic and diluted weighted average number of shares outstanding (in shares) | 109,266,988 | 70,889,753 |
Total basic and diluted loss per share (in dollars per share) | $ (0.10) | $ (0.29) |
Note 20 - Related Party Discl_2
Note 20 - Related Party Disclosures (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2021 | Aug. 26, 2016 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Accounts Receivable, Related Parties | $ 1,100 | $ 1,600 | |||
Accounts Payable, Related Parties | 1,900 | 2,100 | |||
Operating Lease, Right-of-Use Asset | 81,328 | 83,372 | |||
Corporate Joint Venture [Member] | |||||
Revenue from Related Parties | 900 | $ 2,700 | |||
Affiliated Entity [Member] | |||||
Operating Lease, Expense | 200 | ||||
Operating Lease, Right-of-Use Asset | 1,200 | 1,300 | |||
Operating Lease, Liability, Total | $ 1,200 | $ 1,300 | |||
Affiliated Entity [Member] | Mosing Holdings [Member] | |||||
Percentage of Tax Benefits Realized Payable Under Tax Receivable Agreement | 85.00% | ||||
Percentage of Tax Benefits Retained Under Tax Receivable Agreement | 15.00% | ||||
Tax Receivable Agreement, Cash Payment for Settlement of Early Termination Payment Obligation | $ 15,000 | ||||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Period Over Which Future Contingent Payments May Be Made (Year) | 10 years | ||||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Future Contingent Payments, Cash Tax Savings Threshold | $ 18,100 |
Note 21 - Stock-based Compens_2
Note 21 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 6,018 | $ 0 |
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 743,665 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 17.17 | |
Management Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Expense | $ 2,700 | |
Management Incentive Plan [Member] | RSU and PRSU [Member] | ||
Share-Based Payment Arrangement, Expense | $ 3,100 | 0 |
Long-term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Expense | $ 0 |
Note 22 - Supplemental Cash F_3
Note 22 - Supplemental Cash Flow - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds | $ 7,716 | $ 1,408 |
Cash paid for interest, net | 903 | 981 |
Change in accounts payable and accrued expenses related to capital expenditures | $ 5,583 | $ 1,650 |