Business Context and Reporting Period
This Form 8-K is a current report filed by Select Energy Services, Inc. on March 22, 2018. The filing serves as an amendment to a previous report regarding the Company's completed merger with Rockwater Energy Solutions, Inc. (the "Rockwater Merger"), which closed on November 1, 2017. The report provides additional unaudited pro forma condensed combined financial information for the year ended December 31, 2017.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references the attachment of an "Unaudited pro forma condensed combined statement of operations" (Exhibit 99.1) which contains the financial data for the combined entity for the year ended December 31, 2017.
Material Changes
The primary material event is the completion of the Rockwater Merger on November 1, 2017. This filing amends the original merger report to include unaudited pro forma financial statements that reflect the combined operations of Select Energy Services and Rockwater for the full year 2017, as well as historical financial statements for Rockwater for the periods ended September 30, 2017, and December 31, 2016 and 2015.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the context of the merger transaction. The document is strictly informational, intended to satisfy disclosure obligations regarding the pro forma financial results of the merger.
Investor Verification Checklist
- Review Exhibit 99.1 for the specific unaudited pro forma revenue and net income figures for the year ended December 31, 2017.
- Verify the details of the Rockwater Merger agreement and the specific terms of the combination.
- Confirm the Company's status as an emerging growth company and its election regarding extended transition periods for accounting standards.
- Examine the unaudited condensed consolidated financial statements of Rockwater for the nine months ended September 30, 2017, referenced in the introductory note.