| 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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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Service revenue |
|
$ |
386,919 |
|
|
$ |
8,150 |
|
|
$ |
395,069 |
|
Adjusted EBITDA |
|
$ |
78,664 |
|
|
$ |
(3,741 |
) |
|
$ |
74,923 |
|
Depreciation and amortization |
|
$ |
38,969 |
|
|
$ |
1,236 |
|
|
$ |
40,205 |
|
Capital expenditures |
|
$ |
39,268 |
|
|
$ |
828 |
|
|
$ |
40,096 |
|
Total assets at March 31, 2020 |
|
$ |
1,347,189 |
|
|
$ |
52,701 |
|
|
$ |
1,399,890 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
|
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 at December 31, 2019 |
|
$ |
9,425 |
|
|
$ |
— |
|
|
$ |
9,425 |
|
Capital expenditures |
|
$ |
82,035 |
|
|
$ |
4,112 |
|
|
$ |
86,147 |
|
Total assets at December 31, 2019 |
|
$ |
1,381,811 |
|
|
$ |
54,300 |
|
|
$ |
1,436,111 |
|
Reconciliation of net income (loss) to adjusted EBITDA ($ in thousands):
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
Pressure Pumping |
|
All Other |
|
Total |
Net income (loss) |
|
$ |
4,308 |
|
|
$ |
(12,112 |
) |
|
$ |
(7,804 |
) |
Depreciation and amortization |
|
38,969 |
|
|
1,236 |
|
|
40,205 |
|
Impairment expense |
|
15,559 |
|
|
1,095 |
|
|
16,654 |
|
Interest expense |
|
1 |
|
|
1,280 |
|
|
1,281 |
|
Income tax expense |
|
— |
|
|
(909 |
) |
|
(909 |
) |
Loss on disposal of assets |
|
19,815 |
|
|
39 |
|
|
19,854 |
|
Stock-based compensation |
|
— |
|
|
471 |
|
|
471 |
|
Other expense |
|
— |
|
|
3 |
|
|
3 |
|
Other general and administrative expense(1)
|
|
— |
|
|
5,135 |
|
|
5,135 |
|
Retention bonus and severance expense |
|
12 |
|
|
21 |
|
|
33 |
|
Adjusted EBITDA |
|
$ |
78,664 |
|
|
$ |
(3,741 |
) |
|
$ |
74,923 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
|
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 expense |
|
2,157 |
|
|
157 |
|
|
2,314 |
|
Adjusted EBITDA |
|
$ |
151,040 |
|
|
$ |
(765 |
) |
|
$ |
150,275 |
|
(1)
Other general and administrative expense relates to nonrecurring professional fees paid to external consultants in connection with the Company's expanded audit committee review.
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