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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Three Months Ended June 30, 2020 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
103,815 |
|
|
$ |
2,294 |
|
|
$ |
106,109 |
|
Adjusted EBITDA |
|
$ |
34,030 |
|
|
$ |
(8,620 |
) |
|
$ |
25,410 |
|
Depreciation and amortization |
|
$ |
38,910 |
|
|
$ |
1,263 |
|
|
$ |
40,173 |
|
Capital expenditures |
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$ |
10,034 |
|
|
$ |
1,846 |
|
|
$ |
11,880 |
|
Total assets at June 30, 2020 |
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$ |
1,052,915 |
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|
$ |
40,687 |
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|
$ |
1,093,602 |
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Three Months Ended June 30, 2019 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
515,867 |
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|
$ |
13,627 |
|
|
$ |
529,494 |
|
Adjusted EBITDA |
|
$ |
131,187 |
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|
$ |
(4,625 |
) |
|
$ |
126,562 |
|
Depreciation and amortization |
|
$ |
34,023 |
|
|
$ |
1,459 |
|
|
$ |
35,482 |
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Goodwill at December 31, 2019 |
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$ |
9,425 |
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|
$ |
— |
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$ |
9,425 |
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Capital expenditures |
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$ |
156,542 |
|
|
$ |
4,677 |
|
|
$ |
161,219 |
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Total assets at December 31, 2019 |
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$ |
1,381,811 |
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|
$ |
54,300 |
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|
$ |
1,436,111 |
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Six Months Ended June 30, 2020 |
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|
Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
490,735 |
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|
$ |
10,443 |
|
|
$ |
501,178 |
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Adjusted EBITDA |
|
$ |
112,696 |
|
|
$ |
(12,362 |
) |
|
$ |
100,334 |
|
Depreciation and amortization |
|
$ |
77,879 |
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|
$ |
2,498 |
|
|
$ |
80,377 |
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Capital expenditures |
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$ |
49,301 |
|
|
$ |
2,674 |
|
|
$ |
51,975 |
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Total assets at June 30, 2020 |
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$ |
1,052,915 |
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$ |
40,687 |
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$ |
1,093,602 |
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Six Months Ended June 30, 2019 |
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Pressure Pumping |
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All Other |
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Total |
Service revenue |
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$ |
1,047,931 |
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|
$ |
27,742 |
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|
$ |
1,075,673 |
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Adjusted EBITDA |
|
$ |
282,228 |
|
|
$ |
(5,391 |
) |
|
$ |
276,837 |
|
Depreciation and amortization |
|
$ |
65,806 |
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|
$ |
2,793 |
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$ |
68,599 |
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Goodwill at December 31, 2019 |
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$ |
9,425 |
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|
$ |
— |
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|
$ |
9,425 |
|
Capital expenditures |
|
$ |
238,577 |
|
|
$ |
8,789 |
|
|
$ |
247,366 |
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Total assets at December 31, 2019 |
|
$ |
1,381,811 |
|
|
$ |
54,300 |
|
|
$ |
1,436,111 |
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Reconciliation of net income (loss) to adjusted EBITDA ($ in thousands):
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Three Months Ended June 30, 2020 |
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|
Pressure Pumping |
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All Other |
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Total |
Net loss |
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$ |
(13,528 |
) |
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$ |
(12,392 |
) |
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$ |
(25,920 |
) |
Depreciation and amortization |
|
38,910 |
|
|
1,263 |
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|
40,173 |
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Interest expense |
|
— |
|
|
791 |
|
|
791 |
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Income tax benefit |
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— |
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(6,460 |
) |
|
(6,460 |
) |
Loss on disposal of assets |
|
8,587 |
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|
147 |
|
|
8,734 |
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Stock-based compensation |
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— |
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|
2,962 |
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|
2,962 |
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Other expense |
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— |
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|
267 |
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|
267 |
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Other general and administrative expense(1)
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— |
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|
4,802 |
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|
4,802 |
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Retention bonus and severance expense |
|
61 |
|
|
— |
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|
61 |
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Adjusted EBITDA |
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$ |
34,030 |
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|
$ |
(8,620 |
) |
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$ |
25,410 |
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Three Months Ended June 30, 2019 |
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Pressure Pumping |
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All Other |
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Total |
Net income (loss) |
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$ |
64,230 |
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$ |
(28,097 |
) |
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$ |
36,133 |
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Depreciation and amortization |
|
34,023 |
|
|
1,459 |
|
|
35,482 |
|
Interest expense |
|
22 |
|
|
2,004 |
|
|
2,026 |
|
Income tax expense |
|
— |
|
|
10,272 |
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|
10,272 |
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Loss on disposal of assets |
|
31,117 |
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|
81 |
|
|
31,198 |
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Stock-based compensation |
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— |
|
|
2,840 |
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|
2,840 |
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Other expense |
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— |
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|
276 |
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|
276 |
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Other general and administrative expense(1)
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— |
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|
6,540 |
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|
6,540 |
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Retention bonus expense |
|
1,795 |
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|
— |
|
|
1,795 |
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Adjusted EBITDA |
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$ |
131,187 |
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|
$ |
(4,625 |
) |
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$ |
126,562 |
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Six Months Ended June 30, 2020 |
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Pressure Pumping |
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All Other |
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Total |
Net loss |
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$ |
(9,220 |
) |
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$ |
(24,504 |
) |
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$ |
(33,724 |
) |
Depreciation and amortization |
|
77,879 |
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|
2,498 |
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|
80,377 |
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Impairment expense |
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15,559 |
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|
1,095 |
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|
16,654 |
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Interest expense |
|
1 |
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|
2,071 |
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|
2,072 |
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Income tax benefit |
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— |
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(7,370 |
) |
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(7,370 |
) |
Loss on disposal of assets |
|
28,402 |
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|
186 |
|
|
28,588 |
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Stock-based compensation |
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— |
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|
3,433 |
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|
3,433 |
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Other expense |
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— |
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|
271 |
|
|
271 |
|
Other general and administrative expense (1)
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— |
|
|
9,937 |
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|
9,937 |
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Retention bonus and severance expense |
|
75 |
|
|
21 |
|
|
96 |
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Adjusted EBITDA |
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$ |
112,696 |
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$ |
(12,362 |
) |
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$ |
100,334 |
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Six Months Ended June 30, 2019 |
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Pressure Pumping |
|
All Other |
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Total |
Net income (loss) |
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$ |
162,324 |
|
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$ |
(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 |
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|
4,669 |
|
Other expense |
|
— |
|
|
464 |
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|
464 |
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Other general and administrative expense (1)
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|
— |
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|
6,540 |
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|
6,540 |
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Deferred IPO and retention bonus expense |
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$ |
3,953 |
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$ |
157 |
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$ |
4,110 |
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Adjusted EBITDA |
|
$ |
282,228 |
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$ |
(5,391 |
) |
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$ |
276,837 |
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(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, SEC investigation and shareholders' litigation.
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