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):
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Three Months Ended September 30, 2021 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
245,641 |
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|
$ |
4,458 |
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|
$ |
250,099 |
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Adjusted EBITDA |
|
$ |
53,975 |
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|
$ |
(11,877) |
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|
$ |
42,098 |
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Depreciation and amortization |
|
$ |
32,536 |
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|
$ |
995 |
|
|
$ |
33,531 |
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Capital expenditures |
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$ |
52,904 |
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|
$ |
300 |
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|
$ |
53,204 |
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Total assets at September 30, 2021 |
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$ |
1,060,206 |
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$ |
38,544 |
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$ |
1,098,750 |
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Three Months Ended September 30, 2020 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
131,321 |
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$ |
2,389 |
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$ |
133,710 |
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Adjusted EBITDA |
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$ |
26,662 |
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|
$ |
(9,308) |
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|
$ |
17,354 |
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Depreciation and amortization |
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$ |
36,326 |
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$ |
1,141 |
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$ |
37,467 |
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Capital expenditures |
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$ |
7,571 |
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$ |
370 |
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$ |
7,941 |
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Total assets at December 31, 2020 |
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$ |
1,009,631 |
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|
$ |
41,108 |
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|
$ |
1,050,739 |
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Nine Months Ended September 30, 2021 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
617,293 |
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|
$ |
11,151 |
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|
$ |
628,444 |
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Adjusted EBITDA |
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$ |
132,673 |
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|
$ |
(34,866) |
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|
$ |
97,807 |
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Depreciation and amortization |
|
$ |
97,307 |
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|
$ |
2,946 |
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$ |
100,253 |
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Capital expenditures |
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$ |
113,670 |
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$ |
2,634 |
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$ |
116,304 |
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Total assets at September 30, 2021 |
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$ |
1,060,206 |
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$ |
38,544 |
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$ |
1,098,750 |
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Nine Months Ended September 30, 2020 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
622,055 |
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|
$ |
12,833 |
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$ |
634,888 |
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Adjusted EBITDA |
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$ |
139,359 |
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|
$ |
(21,671) |
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|
$ |
117,688 |
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Depreciation and amortization |
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$ |
114,205 |
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$ |
3,639 |
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$ |
117,844 |
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Capital expenditures |
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$ |
56,873 |
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$ |
3,042 |
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$ |
59,915 |
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Total assets at December 31, 2020 |
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$ |
1,009,631 |
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|
$ |
41,108 |
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$ |
1,050,739 |
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Reconciliation of net income (loss) to adjusted EBITDA (in thousands):
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Three Months Ended September 30, 2021 |
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Pressure Pumping |
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All Other |
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Total |
Net income (loss) |
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$ |
9,058 |
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$ |
(14,125) |
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$ |
(5,067) |
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Depreciation and amortization |
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32,536 |
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|
995 |
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|
33,531 |
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Interest expense |
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— |
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|
143 |
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|
143 |
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Income tax benefit |
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— |
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(1,279) |
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(1,279) |
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Loss on disposal of assets |
|
12,381 |
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|
43 |
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|
12,424 |
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Stock-based compensation |
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— |
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|
3,009 |
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|
3,009 |
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Other expense |
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— |
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|
309 |
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|
309 |
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Other general and administrative expense(1)
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— |
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(972) |
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|
(972) |
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Adjusted EBITDA |
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$ |
53,975 |
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|
$ |
(11,877) |
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$ |
42,098 |
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Three Months Ended September 30, 2020 |
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Pressure Pumping |
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All Other |
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Total |
Net loss |
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$ |
(20,920) |
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$ |
(8,264) |
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$ |
(29,184) |
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Depreciation and amortization |
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36,326 |
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|
1,141 |
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|
37,467 |
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Interest expense |
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— |
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|
137 |
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|
137 |
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Income tax benefit |
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— |
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(7,717) |
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|
(7,717) |
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Loss on disposal of assets |
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11,256 |
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|
30 |
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|
11,286 |
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Stock-based compensation |
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— |
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|
2,535 |
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|
2,535 |
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Other expense |
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— |
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|
312 |
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|
312 |
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Other general and administrative expense(1)
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— |
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|
2,481 |
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|
2,481 |
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Severance expense |
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— |
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|
37 |
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|
37 |
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Adjusted EBITDA |
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$ |
26,662 |
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$ |
(9,308) |
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$ |
17,354 |
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Nine Months Ended September 30, 2021 |
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Pressure Pumping |
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All Other |
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Total |
Net loss |
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$ |
(5,426) |
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$ |
(28,527) |
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$ |
(33,953) |
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Depreciation and amortization |
|
97,307 |
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|
2,946 |
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|
100,253 |
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Interest expense |
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— |
|
|
477 |
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|
477 |
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Income tax benefit |
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— |
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(11,639) |
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(11,639) |
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Loss (gain) on disposal of assets |
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40,792 |
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(292) |
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|
40,500 |
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Stock-based compensation |
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— |
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|
8,405 |
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|
8,405 |
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Other income |
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— |
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(1,178) |
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(1,178) |
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Other general and administrative expense (1)
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— |
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(5,670) |
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(5,670) |
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Severance expense |
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— |
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|
612 |
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|
612 |
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Adjusted EBITDA |
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$ |
132,673 |
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$ |
(34,866) |
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$ |
97,807 |
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Nine Months Ended September 30, 2020 |
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Pressure Pumping |
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All Other |
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Total |
Net loss |
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$ |
(30,140) |
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$ |
(32,768) |
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$ |
(62,908) |
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Depreciation and amortization |
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114,205 |
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|
3,639 |
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|
117,844 |
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Impairment expense |
|
15,559 |
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|
1,095 |
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|
16,654 |
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Interest expense |
|
1 |
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|
2,207 |
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|
2,208 |
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Income tax benefit |
|
— |
|
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(15,087) |
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|
(15,087) |
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Loss on disposal of assets |
|
39,659 |
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|
216 |
|
|
39,875 |
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Stock-based compensation |
|
— |
|
|
5,968 |
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|
5,968 |
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Other expense |
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— |
|
|
583 |
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|
583 |
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Other general and administrative expense (1)
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— |
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|
12,418 |
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|
12,418 |
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Retention bonus and severance expense |
|
75 |
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|
58 |
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|
133 |
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Adjusted EBITDA |
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$ |
139,359 |
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$ |
(21,671) |
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$ |
117,688 |
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(1)Other general and administrative expense, (net of reimbursement from insurance carriers) 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. During the three and nine months ended September 30, 2021, we received reimbursement of approximately $1.4 million and $8.1 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation.
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