Quarterly report pursuant to Section 13 or 15(d)

Reportable Segment Information (Tables)

Reportable Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Pressure Pumping		All Other		Total
Service revenue	$	277,112	$	5,568	$	282,680
Adjusted EBITDA	$	76,995	$	(10,462)	$	66,533
Depreciation and amortization	$	30,930	$	924	$	31,854
Capital expenditures	$	71,602	$	126	$	71,728
Total assets at March 31, 2022	$	1,047,878	$	36,573	$	1,084,451


	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 December 31, 2021	$	1,023,037	$	38,199	$	1,061,236

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


	Three Months Ended March 31, 2022
	Pressure Pumping		All Other		Total
Net income (loss)	$	29,370	$	(17,553)	$	11,817
Depreciation and amortization	30,930		924		31,854
Interest expense	—		134		134
Income tax expense	—		4,137		4,137
Loss (gain) on disposal of assets	16,421		(304)		16,117
Stock-based compensation	—		11,364		11,364
Other income(2)	—		(10,357)		(10,357)
Other general and administrative expense(1)	274		1,193		1,467
Adjusted EBITDA	$	76,995	$	(10,462)	$	66,533

	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

(1)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 three months ended March 31, 2022 and 2021, we received reimbursement of approximately $1.0 million and $1.6 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation.

(2)Includes $10.7 million of net tax refund (net of advisory fees) received from the Texas Comptroller of Public Accounts in connection with limited sales, excise, and use tax beginning July 1, 2015 through December 31, 2018.