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.
|