| 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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Completion
Services
|
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All Other |
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Total |
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|
| Year ended and as of December 31, 2022 |
|
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|
|
|
Service revenue |
$ |
1,266,261 |
|
|
$ |
13,440 |
|
|
$ |
1,279,701 |
|
Adjusted EBITDA |
$ |
318,051 |
|
|
$ |
(1,461) |
|
|
$ |
316,590 |
|
Depreciation and amortization |
$ |
125,867 |
|
|
$ |
2,241 |
|
|
$ |
128,108 |
|
| Impairment expense |
$ |
57,454 |
|
|
$ |
— |
|
|
$ |
57,454 |
|
Capital expenditures |
$ |
362,467 |
|
|
$ |
2,849 |
|
|
$ |
365,316 |
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| Goodwill |
$ |
23,624 |
|
|
$ |
— |
|
|
$ |
23,624 |
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Total assets |
$ |
1,335,501 |
|
|
$ |
285 |
|
|
$ |
1,335,786 |
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|
|
|
|
|
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Completion
Services
|
|
All Other |
|
Total |
| Year ended and as of December 31, 2021 |
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|
|
|
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Service revenue |
$ |
857,642 |
|
|
$ |
16,872 |
|
|
$ |
874,514 |
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Adjusted EBITDA |
$ |
134,309 |
|
|
$ |
698 |
|
|
$ |
135,007 |
|
Depreciation and amortization |
$ |
129,780 |
|
|
$ |
3,597 |
|
|
$ |
133,377 |
|
Capital expenditures |
$ |
162,222 |
|
|
$ |
2,936 |
|
|
$ |
165,158 |
|
| Total assets |
$ |
1,029,992 |
|
|
$ |
31,244 |
|
|
$ |
1,061,236 |
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|
|
|
|
|
|
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Completion
Services
|
|
All Other |
|
Total |
| Year ended and as of December 31, 2020 |
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|
|
|
|
Service revenue |
$ |
773,474 |
|
|
$ |
15,758 |
|
|
$ |
789,232 |
|
Adjusted EBITDA |
$ |
141,652 |
|
|
$ |
(189) |
|
|
$ |
141,463 |
|
Depreciation and amortization |
$ |
148,936 |
|
|
$ |
4,354 |
|
|
$ |
153,290 |
|
| Impairment expense |
$ |
36,907 |
|
|
$ |
1,095 |
|
|
$ |
38,002 |
|
Capital expenditures |
$ |
80,410 |
|
|
$ |
835 |
|
|
$ |
81,245 |
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Total assets |
$ |
1,018,536 |
|
|
$ |
32,203 |
|
|
$ |
1,050,739 |
|
Reconciliation of net income (loss) to adjusted EBITDA (in thousands):
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Completion
Services
|
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All Other |
|
Total |
| Year ended December 31, 2022 |
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|
|
|
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| Net income (loss) |
$ |
19,754 |
|
|
$ |
(17,724) |
|
|
$ |
2,030 |
|
Depreciation and amortization |
125,867 |
|
|
2,241 |
|
|
128,108 |
|
Interest expense |
1,605 |
|
|
— |
|
|
1,605 |
|
| Income tax expense |
5,356 |
|
|
— |
|
|
5,356 |
|
| Loss on disposal of assets |
88,145 |
|
|
14,005 |
|
|
102,150 |
|
| Impairment expense |
57,454 |
|
|
— |
|
|
57,454 |
|
Stock‑based compensation |
21,881 |
|
|
— |
|
|
21,881 |
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Other income (2) (3)
|
(11,582) |
|
|
— |
|
|
(11,582) |
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Other general and administrative expense (1)
|
8,460 |
|
|
— |
|
|
8,460 |
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| Severance expense |
1,111 |
|
|
17 |
|
|
1,128 |
|
Adjusted EBITDA |
$ |
318,051 |
|
|
$ |
(1,461) |
|
|
$ |
316,590 |
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|
|
|
|
|
|
|
Completion
Services |
|
All Other |
|
Total |
| Year ended December 31, 2021 |
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|
|
|
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| Net loss |
$ |
(51,189) |
|
|
$ |
(2,996) |
|
|
$ |
(54,185) |
|
Depreciation and amortization |
129,780 |
|
|
3,597 |
|
|
133,377 |
|
Interest expense |
614 |
|
|
— |
|
|
614 |
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| Income tax benefit |
(14,252) |
|
|
— |
|
|
(14,252) |
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| Loss on disposal of assets |
64,549 |
|
|
97 |
|
|
64,646 |
|
Stock‑based compensation |
11,519 |
|
|
— |
|
|
11,519 |
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| Other income |
(873) |
|
|
— |
|
|
(873) |
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Other general and administrative expense (1)
|
(6,471) |
|
|
— |
|
|
(6,471) |
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| Severance expense |
632 |
|
|
— |
|
|
632 |
|
Adjusted EBITDA |
$ |
134,309 |
|
|
$ |
698 |
|
|
$ |
135,007 |
|
|
|
|
|
|
|
|
Completion
Services |
|
All Other |
|
Total |
| Year ended December 31, 2020 |
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|
|
|
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| Net loss |
$ |
(99,830) |
|
|
$ |
(7,190) |
|
|
$ |
(107,020) |
|
Depreciation and amortization |
148,936 |
|
|
4,354 |
|
|
153,290 |
|
Interest expense |
2,383 |
|
|
— |
|
|
2,383 |
|
| Income tax benefit |
(27,480) |
|
|
— |
|
|
(27,480) |
|
Loss on disposal of assets |
56,584 |
|
|
1,552 |
|
|
58,136 |
|
| Impairment expense |
36,907 |
|
|
1,095 |
|
|
38,002 |
|
Stock‑based compensation |
9,100 |
|
|
— |
|
|
9,100 |
|
Other expense |
874 |
|
|
— |
|
|
874 |
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Other general and administrative expense (1)
|
13,038 |
|
|
— |
|
|
13,038 |
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| Retention bonus and severance expense |
1,140 |
|
|
— |
|
|
1,140 |
|
Adjusted EBITDA |
$ |
141,652 |
|
|
$ |
(189) |
|
|
$ |
141,463 |
|
(1)During the years ended December 31, 2022, 2021 and 2020, 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 years ended December 31, 2022, 2021 and 2020, we received reimbursement of approximately $10.4 million, $9.8 million and $0.6 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation.
(2)Includes a $10.7 million 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 audit of the period from 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 $1.6 million unrealized loss on short-term investment.
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