Annual report pursuant to Section 13 and 15(d)

REPORTABLE SEGMENT INFORMATION (Tables)

v3.20.4
REPORTABLE SEGMENT INFORMATION (Tables)
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Reconciliation of segment information A reconciliation from segment level financial information to the consolidated statement of operations is provided in the table below ($ in thousands):
Pressure
Pumping
All Other
Total
Year ended and as of December 31, 2020
Service revenue
$ 773,474  $ 15,758  $ 789,232 
Adjusted EBITDA
$ 174,030  $ (32,567) $ 141,463 
Depreciation and amortization
$ 148,659  $ 4,631  $ 153,290 
Impairment expense
$ 36,907  $ 1,095  $ 38,002 
Capital expenditures
$ 78,154  $ 3,091  $ 81,245 
Total assets
$ 1,009,631  $ 41,108  $ 1,050,739 
Pressure
Pumping
All Other
Total
Year ended and as of December 31, 2019
Service revenue
$ 2,001,627  $ 50,687  $ 2,052,314 
Adjusted EBITDA
$ 533,760  $ (14,691) $ 519,069 
Depreciation and amortization
$ 139,348  $ 5,956  $ 145,304 
Impairment expense
$ —  $ 3,405  $ 3,405 
Capital expenditures
$ 387,119  $ 13,552  $ 400,671 
Goodwill
$ 9,425  $ —  $ 9,425 
Total assets $ 1,381,811  $ 54,300  $ 1,436,111 
Pressure
Pumping
All Other
Total
Year ended and as of December 31, 2018
Service revenue
$ 1,658,403  $ 46,159  $ 1,704,562 
Adjusted EBITDA
$ 398,396  $ (9,873) $ 388,523 
Depreciation and amortization
$ 83,404  $ 4,734  $ 88,138 
Capital expenditures
$ 577,171  $ 15,431  $ 592,602 
Goodwill
$ 9,425  $ —  $ 9,425 
Total assets
$ 1,230,830  $ 43,692  $ 1,274,522 
Reconciliation of net income (loss) to adjusted EBITDA ($ in thousands):
Pressure
Pumping
All Other
Total
Year ended December 31, 2020
Net income (loss)
$ (68,271) $ (38,749) $ (107,020)
Depreciation and amortization
148,659  4,631  153,290 
Interest expense
2,382  2,383 
Income tax benefit —  (27,480) (27,480)
Loss on disposal of assets
56,659  1,477  58,136 
Impairment expense 36,907  1,095  38,002 
Stock‑based compensation
—  9,100  9,100 
Other expense
—  874  874 
Other general and administrative expense (1)
—  13,038  13,038 
Retention bonus and severance expense 75  1,065  1,140 
Adjusted EBITDA
$ 174,030  $ (32,567) $ 141,463 
Pressure
Pumping
All Other Total
Year ended December 31, 2019
Net income (loss)
$ 281,090  $ (118,080) $ 163,010 
Depreciation and amortization
139,348  5,956  145,304 
Interest expense
51  7,090  7,141 
Income tax expense
—  50,494  50,494 
Loss on disposal of assets
106,178  633  106,811 
Impairment expense —  3,405  3,405 
Stock‑based compensation
—  7,776  7,776 
Other expense
—  717  717 
Other general and administrative expense (1)
—  25,208  25,208 
Deferred IPO bonus, retention bonus and severance expense 7,093  2,110  9,203 
Adjusted EBITDA
533,760  (14,691) 519,069 
Pressure
Pumping
All Other Total
Year ended December 31, 2018
Net income (loss)
$ 253,196  $ (79,334) $ 173,862 
Depreciation and amortization
83,404  4,734  88,138 
Interest expense
—  6,889  6,889 
Income tax expense
—  51,255  51,255 
Loss on disposal of assets
59,962  (742) 59,220 
Stock‑based compensation
—  5,482  5,482 
Other expense
—  663  663 
Other general and administrative expense (1)
203  205 
Deferred IPO bonus
1,832  977  2,809 
Adjusted EBITDA
$ 398,396  $ (9,873) $ 388,523 
(1)During the years ended December 31, 2020 and 2019, other general and administrative expense primarily relates to nonrecurring professional fees paid to external consultants in connection with the Company’s expanded audit committee review, SEC investigation and shareholder litigation. All nonrecurring professional fees incurred after the end of June 2020 are in connection with the pending SEC investigation and shareholder litigation. The other general and administrative expense during the year ended December 31, 2018 primarily relates to legal settlements.
Major customers The Company had revenue from the following significant customers that accounted for the following percentages of the Company’s total revenue:
Year Ended December 31,
2020 2019 2018
Customer A
42.5  % 25.5  % 24.1  %
Customer B
20.3  % 20.9  % 16.5  %
Customer C
9.3  % 13.2  % 12.2  %
Customer D
8.6  % 9.2  % 8.9  %
Customer E
5.8  % 8.2  % 7.1  %
           The above significant customers’ revenue that relates to pressure pumping is below:
Year Ended December 31,
2020 2019 2018
Customer A 99.8  % 99.7  % 97.4  %
Customer B 97.6  % 95.4  % 98.3  %
Customer C 99.9  % 99.9  % 100.0  %
Customer D 99.7  % 100.0  % 100.0  %
Customer E 85.7  % 100.0  % 100.0  %