| Summary of Segment Information and Reconciliation of Adjusted EBITDA |
Segment information, and a reconciliation of Adjusted EBITDA, for the three months ended March 31, 2022 and 2021 is as follows:
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Three Months Ended
March 31, |
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Revenues |
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|
|
|
|
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Stimulation services |
|
$ |
336,155 |
|
|
$ |
143,703 |
|
Manufacturing |
|
|
32,006 |
|
|
|
14,657 |
|
Proppant production |
|
|
12,408 |
|
|
|
5,589 |
|
| |
|
|
|
|
|
|
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Total segments |
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|
380,569 |
|
|
|
163,949 |
|
Eliminations |
|
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(35,589 |
) |
|
|
(14,363 |
) |
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|
|
|
|
|
|
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Total |
|
$ |
344,980 |
|
|
$ |
149,586 |
|
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Three Months Ended
March 31, |
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Adjusted EBITDA |
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|
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|
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Stimulation services |
|
$ |
73,569 |
|
|
$ |
12,953 |
|
Manufacturing |
|
|
10,022 |
|
|
|
2,330 |
|
Proppant production |
|
|
7,885 |
|
|
|
2,406 |
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|
|
|
|
|
|
|
|
|
Adjusted EBITDA for reportable segments |
|
|
91,476 |
|
|
|
17,689 |
|
Interest expense, net |
|
|
(9,272 |
) |
|
|
(6,035 |
) |
Depreciation, depletion and amortization |
|
|
(44,216 |
) |
|
|
(35,461 |
) |
Income tax benefit (provision) |
|
|
(752 |
) |
|
|
25 |
|
(Gain) loss on disposal of assets, net |
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|
154 |
|
|
|
(2,207 |
) |
Loss on extinguishment of debt |
|
|
(8,273 |
) |
|
|
— |
|
Bad debt expense, net of recoveries |
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|
(5 |
) |
|
|
— |
|
Loss on foreign currency transactions |
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|
(12 |
) |
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|
— |
|
Reorganizational costs |
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|
(55 |
) |
|
|
— |
|
Acquisition related expenses |
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|
(13,019 |
) |
|
|
— |
|
Investment income |
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|
8,100 |
|
|
|
— |
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|
|
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|
|
|
|
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Net income (loss) |
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$ |
24,126 |
|
|
$ |
(25,989 |
) |
Segment information as of March 31, 2022 and December 31, 2021 is as follows:
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Total assets |
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Stimulation services |
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$ |
1,213,208 |
|
|
$ |
510,579 |
|
Manufacturing |
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|
104,124 |
|
|
|
77,968 |
|
Proppant production |
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|
107,628 |
|
|
|
100,294 |
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|
|
|
|
|
|
|
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Total segments |
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|
1,424,960 |
|
|
|
688,841 |
|
Eliminations |
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|
(111,072 |
) |
|
|
(24,271 |
) |
|
|
|
|
|
|
|
|
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Total |
|
$ |
1,313,888 |
|
|
$ |
664,570 |
|
|
Segment information as of and for the years ended December 31, 2021 and 2020 is as follows:
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Year ended December 31, |
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2021 |
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2020 |
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Revenues |
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Stimulation services |
|
$ |
745,373 |
|
|
$ |
538,282 |
|
Manufacturing |
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|
76,360 |
|
|
|
46,222 |
|
Proppant production |
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|
27,225 |
|
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|
10,215 |
|
|
|
|
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Total segments |
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|
848,958 |
|
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|
594,719 |
|
Eliminations |
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(80,605 |
) |
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(47,040 |
) |
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Total |
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$ |
768,353 |
|
|
$ |
547,679 |
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Year ended December 31, |
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2021 |
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2020 |
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|
Cost of revenues, excluding depreciation, depletion and amortization |
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Stimulation services |
|
$ |
570,828 |
|
|
$ |
433,122 |
|
Manufacturing |
|
|
65,849 |
|
|
|
40,424 |
|
Proppant production |
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|
14,050 |
|
|
|
6,064 |
|
|
|
|
|
|
Total segments |
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|
650,727 |
|
|
|
479,610 |
|
Eliminations |
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|
(80,605 |
) |
|
|
(47,040 |
) |
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|
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Total |
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$ |
570,122 |
|
|
$ |
432,570 |
|
|
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Adjusted EBITDA |
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Stimulation services |
|
$ |
122,634 |
|
|
$ |
68,787 |
|
Manufacturing |
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|
1,382 |
|
|
|
1,325 |
|
Proppant production |
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|
10,672 |
|
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|
2,685 |
|
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Total segments |
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|
134,688 |
|
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|
72,797 |
|
Eliminations |
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|
— |
|
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|
— |
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Total |
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$ |
134,688 |
|
|
$ |
72,797 |
|
|
|
|
|
|
|
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|
Depreciation, depletion and amortization |
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|
|
|
|
|
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Stimulation services |
|
$ |
128,004 |
|
|
$ |
138,122 |
|
Manufacturing |
|
|
3,788 |
|
|
|
2,796 |
|
Proppant production |
|
|
8,895 |
|
|
|
9,744 |
|
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|
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Total |
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$ |
140,687 |
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|
$ |
150,662 |
|
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Capital expenditures |
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Stimulation services |
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$ |
82,545 |
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$ |
46,371 |
|
Manufacturing |
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|
3,500 |
|
|
|
1,661 |
|
Proppant production |
|
|
1,355 |
|
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|
5 |
|
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Total |
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$ |
87,400 |
|
|
$ |
48,037 |
|
|
|
|
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|
Total assets |
|
|
|
|
|
|
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|
Stimulation services |
|
$ |
545,047 |
|
|
$ |
452,729 |
|
Manufacturing |
|
|
77,968 |
|
|
|
64,769 |
|
Proppant production |
|
|
100,294 |
|
|
|
73,918 |
|
|
|
|
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|
Total segment assets |
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|
723,309 |
|
|
|
591,416 |
|
Eliminations |
|
|
(58,739 |
) |
|
|
(14,139 |
) |
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|
|
|
|
Total |
|
$ |
664,570 |
|
|
$ |
577,277 |
|
The following table sets forth the reconciliation of Segment Adjusted EBITDA to net loss in our consolidated statements of operations:
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2021 |
|
|
2020 |
|
Stimulation services—Adjusted EBITDA |
|
$ |
122,634 |
|
|
$ |
68,787 |
|
Manufacturing—Adjusted EBITDA |
|
|
1,382 |
|
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|
1,325 |
|
Proppant production—Adjusted EBITDA |
|
|
10,672 |
|
|
|
2,685 |
|
|
|
|
|
|
|
|
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Total |
|
$ |
134,688 |
|
|
$ |
72,797 |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(25,788 |
) |
|
|
(23,276 |
) |
Income tax benefit (provision) |
|
|
186 |
|
|
|
(582 |
) |
Depreciation, depletion and amortization |
|
|
(140,687 |
) |
|
|
(150,662 |
) |
Loss on disposal of assets, net |
|
|
(9,777 |
) |
|
|
(8,447 |
) |
Loss on extinguishment of debt |
|
|
(515 |
) |
|
|
— |
|
Bad debt expense, net of recoveries |
|
|
1,164 |
|
|
|
(2,778 |
) |
Loss on foreign currency transactions |
|
|
(249 |
) |
|
|
— |
|
Reorganization costs |
|
|
(2,060 |
) |
|
|
— |
|
Severance charges |
|
|
(500 |
) |
|
|
— |
|
Supply commitment charges |
|
|
— |
|
|
|
(5,600 |
) |
|
|
|
|
|
|
|
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|
Net loss |
|
$ |
(43,538 |
) |
|
$ |
(118,548 |
) |
|
|
|