Quarterly report pursuant to Section 13 or 15(d)

Reportable Segment Information - (Tables)

v3.20.1
Reportable Segment Information - (Tables)
6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
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):
 
 
Three Months Ended June 30, 2019
 
 
Pressure Pumping
 
All Other
 
Total
Service revenue
 
$
515,867

 
$
13,627

 
$
529,494

Adjusted EBITDA
 
$
131,187

 
$
(4,625
)
 
$
126,562

Depreciation and amortization
 
$
34,023

 
$
1,459

 
$
35,482

Goodwill at June 30, 2019
 
$
9,425

 
$

 
$
9,425

Capital expenditures
 
$
156,542

 
$
4,677

 
$
161,219

Total assets at June 30, 2019
 
$
1,415,187

 
$
55,370

 
$
1,470,557

 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
Pressure Pumping
 
All Other
 
Total
Service revenue
 
$
445,805

 
$
14,083

 
$
459,888

Adjusted EBITDA
 
$
97,818

 
$
(1,850
)
 
$
95,968

Depreciation and amortization
 
$
20,042

 
$
1,234

 
$
21,276

Goodwill at December 31, 2018
 
$
9,425

 
$

 
$
9,425

Capital expenditures
 
$
68,106

 
$
2,437

 
$
70,543

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

 
$
43,692

 
$
1,274,522



 
 
Six Months Ended June 30, 2019
 
 
Pressure Pumping
 
All Other
 
Total
Service revenue
 
$
1,047,931

 
$
27,742

 
$
1,075,673

Adjusted EBITDA
 
$
282,228

 
$
(5,391
)
 
$
276,837

Depreciation and amortization
 
$
65,806

 
$
2,793

 
$
68,599

Goodwill at June 30, 2019
 
$
9,425

 
$

 
$
9,425

Capital expenditures
 
$
238,577

 
$
8,789

 
$
247,366

Total assets at June 30, 2019
 
$
1,415,187

 
$
55,370

 
$
1,470,557

 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
Pressure Pumping
 
All Other
 
Total
Service revenue
 
$
820,850

 
$
24,257

 
$
845,107

Adjusted EBITDA
 
$
176,881

 
$
(4,169
)
 
$
172,712

Depreciation and amortization
 
$
37,805

 
$
2,406

 
$
40,211

Goodwill at December 31, 2018
 
$
9,425

 
$

 
$
9,425

Capital expenditures
 
$
145,540

 
$
4,956

 
$
150,496

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

 
$
43,692

 
$
1,274,522


Reconciliation of net income (loss) to adjusted EBITDA ($ in thousands):
 
 
Three Months Ended June 30, 2019
 
 
Pressure Pumping
 
All Other
 
Total
Net income (loss)
 
$
64,230

 
$
(28,097
)
 
$
36,133

Depreciation and amortization
 
34,023

 
1,459

 
35,482

Interest expense
 
22

 
2,004

 
2,026

Income tax expense
 

 
10,272

 
10,272

Loss on disposal of assets
 
31,117

 
81

 
31,198

Stock-based compensation
 

 
2,840

 
2,840

Other expense
 

 
276

 
276

Other general and administrative expense(1)
 

 
6,540

 
6,540

Retention bonus expense
 
1,795

 

 
1,795

Adjusted EBITDA
 
$
131,187

 
$
(4,625
)
 
$
126,562

 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
Pressure Pumping
 
All Other
 
Total
Net income (loss)
 
$
57,524

 
$
(18,433
)
 
$
39,091

Depreciation and amortization
 
20,042

 
1,234

 
21,276

Interest expense
 

 
2,231

 
2,231

Income tax expense
 

 
12,052

 
12,052

Loss (gain) on disposal of assets
 
19,823

 
(833
)
 
18,990

Stock-based compensation
 

 
1,443

 
1,443

Other expense
 

 
182

 
182

Other general and administrative expense(1)
 
2

 
16

 
18

Deferred IPO bonus expense
 
427

 
258

 
685

Adjusted EBITDA
 
$
97,818

 
$
(1,850
)
 
$
95,968


 
 
Six Months Ended June 30, 2019
 
 
Pressure Pumping
 
All Other
 
Total
Net income (loss)
 
$
162,324

 
$
(56,386
)
 
$
105,938

Depreciation and amortization
 
65,806

 
2,793

 
68,599

Interest expense
 
22

 
3,906

 
3,928

Income tax expense
 

 
32,164

 
32,164

Loss on disposal of assets
 
50,123

 
302

 
50,425

Stock-based compensation
 

 
4,669

 
4,669

Other expense
 

 
464

 
464

Other general and administrative expense (1)
 

 
6,540

 
6,540

Deferred IPO bonus and retention bonus expense
 
3,953

 
157

 
4,110

Adjusted EBITDA
 
$
282,228

 
$
(5,391
)
 
$
276,837

 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
Pressure Pumping
 
All Other
 
Total
Net income (loss)
 
$
110,458

 
$
(34,659
)
 
$
75,799

Depreciation and amortization
 
37,805

 
2,406

 
40,211

Interest expense
 

 
3,492

 
3,492

Income tax expense
 

 
22,406

 
22,406

Loss (gain) on disposal of assets
 
27,651

 
(996
)
 
26,655

Stock-based compensation
 

 
2,201

 
2,201

Other expense
 

 
412

 
412

Other general and administrative expense (1)
 
2

 
18

 
20

Deferred IPO bonus expense
 
965

 
551

 
1,516

Adjusted EBITDA
 
$
176,881

 
$
(4,169
)
 
$
172,712

 
(1)
Other general and administrative expense primarily relates to professional fees paid to external consultants in connection with the Company's expanded audit committee review and advisory services of $6.5 million in 2019, and legal settlement in 2018.