Business Context and Reporting Period
Company: Select Water Solutions, Inc. (WTTR)
Filing Type: Form 8-K (Current Report)
Date of Report: August 02, 2023
Reporting Period: Second quarter ended June 30, 2023
This filing serves as a notification of the Company's issuance of a press release regarding its financial results for the second quarter of 2023 and the announcement of changes to its operating segment structure effective for the second quarter of 2023.
Key Financial Metrics
The provided text is a cover sheet and index for the Form 8-K and does not contain specific financial data points. The actual revenue, profit, cash flow, margins, debt, and liquidity figures are contained in the referenced press release (Exhibit 99.1) and the supplemental presentation (Exhibit 99.2), which are not included in the input text.
Note: The filing text does not provide a clear value for any specific financial metric.
Material Changes
- Operating Segment Restructuring: The Company announced changes to its operating segments beginning in the second quarter of 2023.
- Historical Recasting: Supplemental unaudited historical financial information has been recast to reflect the new segment structure for the years ended December 31, 2018 through 2021, all quarters of 2022, and the first and second quarters of 2023.
- Reporting Implementation: The Company did not operate under this new structure in prior periods; results will be reported under the new structure starting with the Form 10-Q for the three months ended June 30, 2023.
Guidance, Outlook, and Risks
The filing text references a press release and a presentation containing management commentary and financial details but does not explicitly state guidance, outlook, risks, contingencies, or unusual items within the body of this document. Investors must refer to Exhibit 99.1 and Exhibit 99.2 for these details.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q2 2023 revenue, earnings, and cash flow figures.
- Examine Exhibit 99.2 (Resegmentation Presentation) to understand the new operating segment definitions and the impact of recasting historical data.
- Verify the Company's future reporting format in the upcoming Form 10-Q for the period ended June 30, 2023.
- Confirm that the recast historical data aligns with the new segment structure for accurate year-over-year comparisons.