Annual report pursuant to Section 13 and 15(d)

REPORTABLE SEGMENT INFORMATION (Tables)

REPORTABLE SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
Service revenue	$	857,642	$	16,872	$	874,514
Adjusted EBITDA	$	181,688	$	(46,681)	$	135,007
Depreciation and amortization	$	129,478	$	3,899	$	133,377
Capital expenditures	$	162,044	$	3,114	$	165,158
Total assets	$	1,023,037	$	38,199	$	1,061,236

	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

Reconciliation of net income (loss) to adjusted EBITDA (in thousands):



	Pressure Pumping		All Other		Total
Year ended December 31, 2021
Net loss	$	(12,723)	$	(41,462)	$	(54,185)
Depreciation and amortization	129,478		3,899		133,377
Interest expense	—		614		614
Income tax benefit	—		(14,252)		(14,252)
Loss (gain) on disposal of assets	64,903		(257)		64,646
Stock‑based compensation	—		11,519		11,519
Other income	—		(873)		(873)
Other general and administrative expense (1)	—		(6,471)		(6,471)
Severance expense	30		602		632
Adjusted EBITDA	$	181,688	$	(46,681)	$	135,007

	Pressure Pumping		All Other		Total
Year ended December 31, 2020
Net loss	$	(68,271)	$	(38,749)	$	(107,020)
Depreciation and amortization	148,659		4,631		153,290
Interest expense	1		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

(1)During the years ended December 31, 2021, 2020 and 2019, other general and administrative expense (net of reimbursement from insurance carriers) primarily relates to nonrecurring professional fees paid to external consultants in connection with our audit committee review, SEC investigation and shareholder litigation, net of insurance recoveries. During the years ended December 31, 2021, 2020 and 2019, we received reimbursement of approximately $9.8 million, $0.6 million and $0, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation.

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,
	2021		2020		2019
Customer A	54.2	%	42.5	%	25.5	%
Customer B	14.6	%	20.3	%	20.9	%
Customer C	8.8	%	9.3	%	13.2	%
Customer D	4.4	%	8.6	%	9.2	%
Customer E	3.8	%	5.8	%	8.2	%

The above significant customers’ revenue that relates to pressure pumping is below:


	Year Ended December 31,
	2021		2020		2019
Customer A	99.6	%	99.8	%	99.7	%
Customer B	100.0	%	97.6	%	95.4	%
Customer C	99.7	%	99.9	%	99.9	%
Customer D	87.6	%	99.7	%	100.0	%
Customer E	100.0	%	85.7	%	100.0	%