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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|
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|
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|
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|
|
|
|
Three Months Ended September 30, 2019 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Service revenue |
|
$ |
528,851 |
|
|
$ |
12,996 |
|
|
$ |
541,847 |
|
Adjusted EBITDA |
|
$ |
134,789 |
|
|
$ |
(2,894 |
) |
|
$ |
131,895 |
|
Depreciation and amortization |
|
$ |
36,110 |
|
|
$ |
1,543 |
|
|
$ |
37,653 |
|
Goodwill at September 30, 2019 |
|
$ |
9,425 |
|
|
$ |
— |
|
|
$ |
9,425 |
|
Capital expenditures |
|
$ |
83,770 |
|
|
$ |
3,189 |
|
|
$ |
86,959 |
|
Total assets at September 30, 2019 |
|
$ |
1,399,865 |
|
|
$ |
56,178 |
|
|
$ |
1,456,043 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2018 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Service revenue |
|
$ |
421,436 |
|
|
$ |
12,605 |
|
|
$ |
434,041 |
|
Adjusted EBITDA |
|
$ |
105,069 |
|
|
$ |
(1,701 |
) |
|
$ |
103,368 |
|
Depreciation and amortization |
|
$ |
22,026 |
|
|
$ |
1,191 |
|
|
$ |
23,217 |
|
Goodwill at December 31, 2018 |
|
$ |
9,425 |
|
|
$ |
— |
|
|
$ |
9,425 |
|
Capital expenditures |
|
$ |
73,143 |
|
|
$ |
1,060 |
|
|
$ |
74,203 |
|
Total assets at December 31, 2018 |
|
$ |
1,230,830 |
|
|
$ |
43,692 |
|
|
$ |
1,274,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Service revenue |
|
$ |
1,576,781 |
|
|
$ |
40,740 |
|
|
$ |
1,617,521 |
|
Adjusted EBITDA |
|
$ |
417,017 |
|
|
$ |
(8,283 |
) |
|
$ |
408,734 |
|
Depreciation and amortization |
|
$ |
101,916 |
|
|
$ |
4,336 |
|
|
$ |
106,252 |
|
Goodwill at September 30, 2019 |
|
$ |
9,425 |
|
|
$ |
— |
|
|
$ |
9,425 |
|
Capital expenditures |
|
$ |
322,347 |
|
|
$ |
11,978 |
|
|
$ |
334,325 |
|
Total assets at September 30, 2019 |
|
$ |
1,399,865 |
|
|
$ |
56,178 |
|
|
$ |
1,456,043 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Service revenue |
|
$ |
1,242,286 |
|
|
$ |
36,862 |
|
|
$ |
1,279,148 |
|
Adjusted EBITDA |
|
$ |
281,951 |
|
|
$ |
(5,871 |
) |
|
$ |
276,080 |
|
Depreciation and amortization |
|
$ |
59,830 |
|
|
$ |
3,598 |
|
|
$ |
63,428 |
|
Goodwill at December 31, 2018 |
|
$ |
9,425 |
|
|
$ |
— |
|
|
$ |
9,425 |
|
Capital expenditures |
|
$ |
218,113 |
|
|
$ |
6,586 |
|
|
$ |
224,699 |
|
Total assets at December 31, 2018 |
|
$ |
1,230,830 |
|
|
$ |
43,692 |
|
|
$ |
1,274,522 |
|
Reconciliation of net income (loss) to adjusted EBITDA ($ in thousands):
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|
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|
|
|
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|
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|
|
|
|
Three Months Ended September 30, 2019 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Net income (loss) |
|
$ |
65,961 |
|
|
$ |
(31,564 |
) |
|
$ |
34,397 |
|
Depreciation and amortization |
|
36,110 |
|
|
1,543 |
|
|
37,653 |
|
Interest expense |
|
21 |
|
|
1,728 |
|
|
1,749 |
|
Income tax expense |
|
— |
|
|
12,340 |
|
|
12,340 |
|
Loss on disposal of assets |
|
30,987 |
|
|
166 |
|
|
31,153 |
|
Stock-based compensation |
|
— |
|
|
577 |
|
|
577 |
|
Other expense |
|
— |
|
|
75 |
|
|
75 |
|
Other general and administrative expense(1)
|
|
— |
|
|
10,786 |
|
|
10,786 |
|
Retention bonus and severance expense |
|
1,710 |
|
|
1,455 |
|
|
3,165 |
|
Adjusted EBITDA |
|
$ |
134,789 |
|
|
$ |
(2,894 |
) |
|
$ |
131,895 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2018 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Net income (loss) |
|
$ |
66,493 |
|
|
$ |
(20,208 |
) |
|
$ |
46,285 |
|
Depreciation and amortization |
|
22,026 |
|
|
1,191 |
|
|
23,217 |
|
Interest expense |
|
— |
|
|
1,480 |
|
|
1,480 |
|
Income tax expense |
|
— |
|
|
13,592 |
|
|
13,592 |
|
Loss on disposal of assets |
|
16,117 |
|
|
290 |
|
|
16,407 |
|
Stock-based compensation |
|
— |
|
|
1,631 |
|
|
1,631 |
|
Other expense |
|
— |
|
|
93 |
|
|
93 |
|
Deferred IPO bonus expense |
|
433 |
|
|
230 |
|
|
663 |
|
Adjusted EBITDA |
|
$ |
105,069 |
|
|
$ |
(1,701 |
) |
|
$ |
103,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Net income (loss) |
|
$ |
228,285 |
|
|
$ |
(87,950 |
) |
|
$ |
140,335 |
|
Depreciation and amortization |
|
101,916 |
|
|
4,336 |
|
|
106,252 |
|
Interest expense |
|
43 |
|
|
5,635 |
|
|
5,678 |
|
Income tax expense |
|
— |
|
|
44,504 |
|
|
44,504 |
|
Loss on disposal of assets |
|
81,110 |
|
|
468 |
|
|
81,578 |
|
Stock-based compensation |
|
— |
|
|
5,246 |
|
|
5,246 |
|
Other expense |
|
— |
|
|
539 |
|
|
539 |
|
Other general and administrative expense (1)
|
|
— |
|
|
17,326 |
|
|
17,326 |
|
Deferred IPO, retention bonus and severance expense |
|
5,663 |
|
|
1,613 |
|
|
7,276 |
|
Adjusted EBITDA |
|
$ |
417,017 |
|
|
$ |
(8,283 |
) |
|
$ |
408,734 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2018 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Net income (loss) |
|
$ |
176,952 |
|
|
$ |
(54,868 |
) |
|
$ |
122,084 |
|
Depreciation and amortization |
|
59,830 |
|
|
3,598 |
|
|
63,428 |
|
Interest expense |
|
— |
|
|
4,973 |
|
|
4,973 |
|
Income tax expense |
|
— |
|
|
35,998 |
|
|
35,998 |
|
Loss (gain) on disposal of assets |
|
43,768 |
|
|
(707 |
) |
|
43,061 |
|
Stock-based compensation |
|
— |
|
|
3,832 |
|
|
3,832 |
|
Other expense |
|
— |
|
|
505 |
|
|
505 |
|
Other general and administrative expense (1)
|
|
2 |
|
|
18 |
|
|
20 |
|
Deferred IPO bonus expense |
|
1,399 |
|
|
780 |
|
|
2,179 |
|
Adjusted EBITDA |
|
$ |
281,951 |
|
|
$ |
(5,871 |
) |
|
$ |
276,080 |
|
(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 in 2019, and legal settlement in 2018.
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