Quarterly report pursuant to Section 13 or 15(d)

Reportable Segment Information

v3.19.1
Reportable Segment Information
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Reportable Segment Information
Reportable Segment Information
          The Company has five operating segments for which discreet financial information is readily available: hydraulic fracturing (inclusive of acidizing), cementing, coil tubing, flowback, and drilling. These operating segments represent how the Chief Operating Decision Maker evaluates performance and allocates resources.
          In accordance with Accounting Standards Codification ("ASC") 280—Segment Reporting, the Company has one reportable segment (pressure pumping) comprised of the hydraulic fracturing and cementing operating segments. All other operating segments and corporate administrative expenses are included in the ‘‘all other’’ category in the table below. Inter-segment revenues are not material and are not shown separately in the table below.
          The Company manages and assesses the performance of the reportable segment by its adjusted EBITDA (earnings before other income (expense), interest, taxes, depreciation & amortization, stock-based compensation expense, impairment expense, (gain)/loss on disposal of assets and other unusual or nonrecurring expenses or income). A reconciliation from segment level financial information to the consolidated statement of operations is provided in the table below.
 
 
Three Months Ended March 31, 2019
($ in thousands)
 
Pressure Pumping
 
All Other
 
Total
Service revenue
 
$
532,064

 
$
14,115

 
$
546,179

Adjusted EBITDA
 
$
151,040

 
$
(765
)
 
$
150,275

Depreciation and amortization
 
$
31,783

 
$
1,334

 
$
33,117

Goodwill
 
$
9,425

 
$

 
$
9,425

Capital expenditures
 
$
82,035

 
$
4,112

 
$
86,147

Total assets
 
$
1,351,786

 
$
57,219

 
$
1,409,005

 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
($ in thousands)
 
Pressure Pumping
 
All Other
 
Total
Service revenue
 
$
375,045

 
$
10,174

 
$
385,219

Adjusted EBITDA
 
$
79,063

 
$
(2,319
)
 
$
76,744

Depreciation and amortization
 
$
17,763

 
$
1,173

 
$
18,936

Goodwill
 
$
9,425

 
$

 
$
9,425

Capital expenditures
 
$
77,435

 
$
2,519

 
$
79,954

Total assets at December 31, 2018
 
$
1,230,830

 
$
43,692

 
$
1,274,522


Reconciliation of net income (loss) to adjusted EBITDA:
 
 
Three Months Ended March 31, 2019
($ in thousands)
 
Pressure Pumping
 
All Other
 
Total
Net income (loss)
 
$
98,094

 
$
(28,289
)
 
$
69,805

Depreciation and amortization
 
31,783

 
1,334

 
33,117

Interest expense
 

 
1,903

 
1,903

Income tax expense
 

 
21,892

 
21,892

Loss on disposal of assets
 
19,006

 
222

 
19,228

Stock-based compensation
 

 
1,829

 
1,829

Other expense
 

 
187

 
187

Deferred IPO bonus and retention expense
 
2,157

 
157

 
2,314

Adjusted EBITDA
 
$
151,040

 
$
(765
)
 
$
150,275

 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
($ in thousands)
 
Pressure Pumping
 
All Other
 
Total
Net income (loss)
 
$
52,934

 
$
(16,226
)
 
$
36,708

Depreciation and amortization
 
17,763

 
1,173

 
18,936

Interest expense
 

 
1,261

 
1,261

Income tax expense
 

 
10,353

 
10,353

Loss (gain) on disposal of assets
 
7,828

 
(163
)
 
7,665

Stock-based compensation
 

 
758

 
758

Other expense
 

 
230

 
230

Other general and administrative expense(1)
 

 
1

 
1

Deferred IPO bonus expense
 
538

 
294

 
832

Adjusted EBITDA
 
$
79,063

 
$
(2,319
)
 
$
76,744


 
(1) Other general and administrative expense relates to legal settlement expense.