Quarterly report pursuant to Section 13 or 15(d)

Reportable Segment Information

v3.21.1
Reportable Segment Information
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Reportable Segment Information Reportable Segment Information
          The Company has three operating segments for which discrete financial information is readily available: hydraulic fracturing (inclusive of acidizing), cementing and coiled tubing. These operating segments represent how the Chief Operating Decision Maker evaluates performance and allocates resources.
          In accordance with the FASB Accounting Standards Codification (“ASC”) 280—Segment Reporting, the Company has one reportable segment (pressure pumping) comprised of the hydraulic fracturing and cementing operating segments. The coiled tubing operating segment and corporate administrative expense (inclusive of our total income tax expense (benefit) and interest expense) are included in the "all other" category in the table below. Total corporate administrative expense for the three months ended March 31, 2021 and 2020 was $5.0 million and $10.3 million, respectively.
          Our hydraulic fracturing operating segment revenue approximated 93.3% and 94.8% of our pressure pumping revenue during the three months ended March 31, 2021 and 2020, respectively.
          Inter-segment revenues are not material and are not shown separately in the table below.
          The Company manages and assesses the performance of the reportable segment by its adjusted EBITDA (earnings before other income (expense), interest expense, income taxes, depreciation and amortization, stock-based compensation expense, severance and related expense, impairment expense, (gain)/loss on disposal of assets and other unusual or nonrecurring expenses or (income)). A reconciliation from segment level financial information to the consolidated statement of operations is provided in the table below ($ in thousands):
Three Months Ended March 31, 2021
Pressure Pumping All Other Total
Service revenue $ 158,191  $ 3,267  $ 161,458 
Adjusted EBITDA $ 31,870  $ (11,853) $ 20,017 
Depreciation and amortization $ 32,513  $ 965  $ 33,478 
Capital expenditures $ 30,023  $ 2,305  $ 32,328 
Total assets at March 31, 2021 $ 1,005,365  $ 39,418  $ 1,044,783 
Three Months Ended March 31, 2020
Pressure Pumping All Other Total
Service revenue $ 386,919  $ 8,150  $ 395,069 
Adjusted EBITDA $ 78,664  $ (3,741) $ 74,923 
Depreciation and amortization $ 38,969  $ 1,236  $ 40,205 
Capital expenditures $ 39,268  $ 828  $ 40,096 
Total assets at December 31, 2020 $ 1,009,631  $ 41,108  $ 1,050,739 
Reconciliation of net (loss) income to adjusted EBITDA ($ in thousands):
Three Months Ended March 31, 2021
Pressure Pumping All Other Total
Net loss $ (13,675) $ (6,700) $ (20,375)
Depreciation and amortization 32,513  965  33,478 
Interest expense —  176  176 
Income tax benefit —  (6,663) (6,663)
Loss on disposal of assets 13,032  20  13,052 
Stock-based compensation —  2,487  2,487 
Other income —  (1,789) (1,789)
Other general and administrative expense, (net)(1)
—  (961) (961)
Severance expense —  612  612 
Adjusted EBITDA $ 31,870  $ (11,853) $ 20,017 
Three Months Ended March 31, 2020
Pressure Pumping All Other Total
Net income (loss) $ 4,308  $ (12,112) $ (7,804)
Depreciation and amortization 38,969  1,236  40,205 
Impairment expense 15,559  1,095  16,654 
Interest expense 1,280  1,281 
Income tax expense —  (909) (909)
Loss on disposal of assets 19,815  39  19,854 
Stock-based compensation —  471  471 
Other expense — 
Other general and administrative expense(1)
—  5,135  5,135 
Retention bonus and severance expense 12  21  33 
Adjusted EBITDA $ 78,664  $ (3,741) $ 74,923 
(1)Other general and administrative expense, (net) relates to nonrecurring professional fees paid to external consultants in connection with the Company's pending SEC investigation and shareholder litigation, net of insurance recoveries.