Quarterly report pursuant to Section 13 or 15(d)

Reportable Segment Information (Tables)

Reportable Segment Information (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022
	Pressure Pumping		All Other		Total
Service revenue	$	330,780	$	2,234	$	333,014
Adjusted EBITDA	$	102,550	$	(12,550)	$	90,000
Depreciation and amortization	$	29,736	$	681	$	30,417
Capital expenditures	$	112,865	$	2,258	$	115,123
Total assets at September 30, 2022	$	1,091,796	$	51,810	$	1,143,606


	Three Months Ended September 30, 2021
	Pressure Pumping		All Other		Total
Service revenue	$	245,641	$	4,458	$	250,099
Adjusted EBITDA	$	53,975	$	(11,877)	$	42,098
Depreciation and amortization	$	32,536	$	995	$	33,531
Capital expenditures	$	52,904	$	300	$	53,204
Total assets December 31, 2021	$	1,023,037	$	38,199	$	1,061,236


	Nine Months Ended September 30, 2022
	Pressure Pumping		All Other		Total
Service revenue	$	917,336	$	13,440	$	930,776
Adjusted EBITDA	$	265,835	$	(33,355)	$	232,480
Depreciation and amortization	$	91,194	$	2,540	$	93,734
Capital expenditures	$	267,638	$	8,294	$	275,932
Total assets at September 30, 2022	$	1,091,796	$	51,810	$	1,143,606


	Nine Months Ended September 30, 2021
	Pressure Pumping		All Other		Total
Service revenue	$	617,293	$	11,151	$	628,444
Adjusted EBITDA	$	132,673	$	(34,866)	$	97,807
Depreciation and amortization	$	97,307	$	2,946	$	100,253
Capital expenditures	$	113,670	$	2,634	$	116,304
Total assets December 31, 2021	$	1,023,037	$	38,199	$	1,061,236

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


	Three Months Ended September 30, 2022
	Pressure Pumping		All Other		Total
Net income (loss)	$	46,805	$	(36,773)	$	10,032
Depreciation and amortization	29,736		681		30,417
Interest expense	—		237		237
Income tax expense	—		2,768		2,768
Loss (gain) on disposal of assets	22,850		13,786		36,636
Stock-based compensation	—		3,306		3,306
Other (income) expense (3)	(2,668)		3,284		616
Other general and administrative expense (1)	4,775		145		4,920
Severance expense	1,052		16		1,068
Adjusted EBITDA	$	102,550	$	(12,550)	$	90,000

	Three Months Ended September 30, 2021
	Pressure Pumping		All Other		Total
Net income (loss)	$	9,058	$	(14,125)	$	(5,067)
Depreciation and amortization	32,536		995		33,531
Interest expense	—		143		143
Income tax benefit	—		(1,279)		(1,279)
Loss on disposal of assets	12,381		43		12,424
Stock-based compensation	—		3,009		3,009
Other expense	—		309		309
Other general and administrative expense, (net) (1)	—		(972)		(972)
Adjusted EBITDA	$	53,975	$	(11,877)	$	42,098


	Nine Months Ended September 30, 2022
	Pressure Pumping		All Other		Total
Net income (loss)	$	51,782	$	(62,794)	$	(11,012)
Depreciation and amortization	91,194		2,540		93,734
Impairment expense	57,454		—		57,454
Interest expense	—		1,040		1,040
Income tax benefit	—		(1,164)		(1,164)
Loss (gain) on disposal of assets	61,952		13,288		75,240
Stock-based compensation	—		18,128		18,128
Other income (2) (3)	(2,668)		(7,081)		(9,749)
Other general and administrative expense (1)	5,060		2,651		7,711
Severance expense	1,061		37		1,098
Adjusted EBITDA	$	265,835	$	(33,355)	$	232,480

	Nine Months Ended September 30, 2021
	Pressure Pumping		All Other		Total
Net income (loss)	$	(5,426)	$	(28,527)	$	(33,953)
Depreciation and amortization	97,307		2,946		100,253
Interest expense	—		477		477
Income tax benefit	—		(11,639)		(11,639)
Loss (gain) on disposal of assets	40,792		(292)		40,500
Stock-based compensation	—		8,405		8,405
Other income	—		(1,178)		(1,178)
Other general and administrative expense, (net) (1)	—		(5,670)		(5,670)
Severance expense	—		612		612
Adjusted EBITDA	$	132,673	$	(34,866)	$	97,807

(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, shareholder litigation, legal settlement to a vendor and other legal matters, net of insurance recoveries. During the three and nine months ended September 30, 2022, we received reimbursement of approximately $3.4 million and $6.9 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. During the three and nine months ended September 30, 2021, we received reimbursement of approximately $1.4 million and $8.1 million, respectively.

(2)Includes $10.7 million of net tax refund (net of advisory fees) received in March 2022 from the Texas Comptroller of Public Accounts in connection with limited sales, excise and use tax beginning July 1, 2015 through December 31, 2018.

(3)Includes $2.7 million non cash income from fixed asset inventory received as part of a settlement of warranty claims with an equipment manufacturer and a $3.3 million unrealized loss on short-term investment.