XML 92 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information (Unaudited)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 
2019
 
2018
(in thousands, except per share data)
4th Qtr.
 
3rd Qtr.
 
2nd Qtr.
 
1st Qtr.
 
4th Qtr.
 
3rd Qtr.
 
2nd Qtr.
 
1st Qtr.
Revenue
$
247,748

 
$
276,839

 
$
306,170

 
$
300,494

 
$
313,133

 
$
316,171

 
$
305,747

 
$
283,105

Gross profit
72,634

 
92,699

 
108,760

 
103,011

 
106,595

 
112,327

 
104,090

 
93,992

Net income (loss)
(1,574
)
 
11,588

 
23,008

 
19,938

 
23,347

 
24,015

 
21,879

 
23,950

Net income (loss) attributable to Apergy
(1,823
)
 
11,394

 
22,937

 
19,656

 
23,187

 
23,961

 
21,816

 
23,773

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share (1)
$
(0.02
)
 
$
0.15

 
$
0.30

 
$
0.25

 
$
0.30

 
$
0.31

 
$
0.28

 
$
0.31

Diluted earnings (loss) per share (1)
$
(0.02
)
 
$
0.15

 
$
0.30

 
$
0.25

 
$
0.30

 
$
0.31

 
$
0.28

 
$
0.31

_______________________
(1) On May 9, 2018, 77,339,828 shares of our common stock were distributed to Dover stockholders in conjunction with the Separation. For comparative purposes, we have assumed the shares issued in conjunction with the Separation to be outstanding as of the beginning of each period prior to the Separation. In addition, we have assumed the potential dilutive securities outstanding as of May 8, 2018, were outstanding and fully dilutive in each of the periods with positive income prior to Separation.


The information included in the Selected Quarterly Financial Data table above includes the impact of revision adjustments to correct immaterial errors related to: (i) the assessing and recording of liabilities for state sales tax and associated penalties and interest, primarily resulting in an understatement of our selling, general, and administrative expense and interest expense and (ii) previously recorded amounts including, but not limited to, the write-off of inventory and leased assets, timing of revenue recognition, and revenue classification, that the Company concluded were immaterial to our previously filed consolidated financial statements. See the following tables for the impact of the corrections on each historical quarterly period:

 
 
Three Months Ended December 31, 2018

(in thousands, except per share data)
 
As Reported
 
Adjustments
 
As Revised
Total revenue
 
$
311,202

 
$
1,931

 
$
313,133

Gross profit
 
105,271

 
1,324

 
106,595

Net income
 
22,732

 
615

 
23,347

Net income attributable to Apergy
 
$
22,571

 
$
616

 
$
23,187

 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
Basic
 
$
0.29

 
$
0.01

 
$
0.30

Diluted
 
$
0.29

 
$
0.01

 
$
0.30


 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018

(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
 
As Reported
 
Adjustments
 
As Revised
Total revenue
$
278,381

 
$
(1,542
)
 
$
276,839

 
$
316,468

 
$
(297
)
 
$
316,171

Gross profit
91,519

 
1,180

 
92,699

 
113,734

 
(1,407
)
 
112,327

Net income
10,419

 
1,169

 
11,588

 
25,496

 
(1,481
)
 
24,015

Net income attributable to Apergy
$
10,225

 
$
1,169

 
$
11,394

 
$
25,264

 
$
(1,303
)
 
$
23,961

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.13

 
$
0.02

 
$
0.15

 
$
0.33

 
$
(0.02
)
 
$
0.31

Diluted
$
0.13

 
$
0.02

 
$
0.15

 
$
0.33

 
$
(0.02
)
 
$
0.31


 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
 
As Reported
 
Adjustments
 
As Revised
Total revenue
$
306,054

 
$
116

 
$
306,170

 
$
305,850

 
$
(103
)
 
$
305,747

Gross profit
109,769

 
(1,009
)
 
108,760

 
103,679

 
411

 
104,090

Net income
23,850

 
(842
)
 
23,008

 
22,075

 
(196
)
 
21,879

Net income attributable to Apergy
$
23,779

 
$
(842
)
 
$
22,937

 
$
22,154

 
$
(338
)
 
$
21,816

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.31

 
$
(0.01
)
 
$
0.30

 
$
0.29

 
$
(0.01
)
 
$
0.28

Diluted
$
0.31

 
$
(0.01
)
 
$
0.30

 
$
0.28

 
$
—

 
$
0.28


 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
 
As Reported
 
Adjustments
 
As Revised
Total revenue
$
301,691

 
$
(1,197
)
 
$
300,494

 
$
283,126

 
$
(21
)
 
$
283,105

Gross profit
105,549

 
(2,538
)
 
103,011

 
93,615

 
377

 
93,992

Net income
22,569

 
(2,631
)
 
19,938

 
24,194

 
(244
)
 
23,950

Net income attributable to Apergy
$
22,287

 
$
(2,631
)
 
$
19,656

 
$
24,052

 
$
(279
)
 
$
23,773

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.29

 
$
(0.04
)
 
$
0.25

 
$
0.31

 
$
—

 
$
0.31

Diluted
$
0.29

 
$
(0.04
)
 
$
0.25

 
$
0.31

 
$
—

 
$
0.31