| Reconciliation of Segment Information |
A reconciliation from segment level financial information to the consolidated statements of operations is provided in the table below (in thousands):
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Three Months Ended March 31, 2023 |
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|
Completion Services |
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All Other |
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Total |
| Service revenue |
|
$ |
423,570 |
|
|
$ |
— |
|
|
$ |
423,570 |
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| Adjusted EBITDA |
|
$ |
119,165 |
|
|
$ |
— |
|
|
$ |
119,165 |
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| Depreciation and amortization |
|
$ |
50,798 |
|
|
$ |
— |
|
|
$ |
50,798 |
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| Capital expenditures |
|
$ |
97,170 |
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|
$ |
— |
|
|
$ |
97,170 |
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| Total assets at March 31, 2023 |
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$ |
1,394,151 |
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|
$ |
— |
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|
$ |
1,394,151 |
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Three Months Ended March 31, 2022 |
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|
Completion Services |
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All Other |
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Total |
| Service revenue |
|
$ |
277,112 |
|
|
$ |
5,568 |
|
|
$ |
282,680 |
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| Adjusted EBITDA |
|
$ |
65,972 |
|
|
$ |
561 |
|
|
$ |
66,533 |
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| Depreciation and amortization |
|
$ |
31,012 |
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|
$ |
842 |
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|
$ |
31,854 |
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| Capital expenditures |
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$ |
71,602 |
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|
$ |
126 |
|
|
$ |
71,728 |
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| Total assets December 31, 2022 |
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$ |
1,335,501 |
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|
$ |
285 |
|
|
$ |
1,335,786 |
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Reconciliation of net income (loss) to adjusted EBITDA (in thousands):
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Three Months Ended March 31, 2023 |
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|
Completion Services |
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All Other |
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Total |
| Net income |
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$ |
28,733 |
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|
$ |
— |
|
|
$ |
28,733 |
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| Depreciation and amortization |
|
50,798 |
|
|
— |
|
|
50,798 |
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| Interest expense |
|
667 |
|
|
— |
|
|
667 |
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| Income tax expense |
|
8,356 |
|
|
— |
|
|
8,356 |
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| Loss on disposal of assets |
|
22,080 |
|
|
— |
|
|
22,080 |
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| Stock-based compensation |
|
3,536 |
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|
— |
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|
3,536 |
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Other expense (3)
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|
3,704 |
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— |
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|
3,704 |
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Other general and administrative expense, (net) (1)
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|
946 |
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|
— |
|
|
946 |
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| Retention bonus and severance expense |
|
345 |
|
|
— |
|
|
345 |
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| Adjusted EBITDA |
|
$ |
119,165 |
|
|
$ |
— |
|
|
$ |
119,165 |
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Three Months Ended March 31, 2022 |
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|
Completion Services |
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All Other |
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Total |
| Net income (loss) |
|
$ |
12,083 |
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|
$ |
(266) |
|
|
$ |
11,817 |
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| Depreciation and amortization |
|
31,012 |
|
|
842 |
|
|
31,854 |
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| Interest expense |
|
134 |
|
|
— |
|
|
134 |
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| Income tax expense |
|
4,137 |
|
|
— |
|
|
4,137 |
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| Loss (gain) on disposal of assets |
|
16,132 |
|
|
(15) |
|
|
16,117 |
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| Stock-based compensation |
|
11,364 |
|
|
— |
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|
11,364 |
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Other income (2)
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|
(10,357) |
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|
— |
|
|
(10,357) |
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Other general and administrative expense, (net) (1)
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|
1,447 |
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|
— |
|
|
1,447 |
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| Severance expense |
|
20 |
|
|
— |
|
|
20 |
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| Adjusted EBITDA |
|
$ |
65,972 |
|
|
$ |
561 |
|
|
$ |
66,533 |
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(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 months ended March 31, 2023 and 2022, we received reimbursement of approximately $0.3 million and $1.0 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 July 1, 2015 through December 31, 2018.
(3)Includes $3.8 million unrealized loss on short-term investment.
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