Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and investments (Tables)

v3.22.2.2
Acquisitions and investments (Tables)
6 Months Ended
Jun. 30, 2022
Business Acquisition [Line Items]  
Summary of Unaudited Pro Forma Results of Operations

The following unaudited pro forma results of operations have been prepared as though the FTSI and Flotek acquisitions had been completed on January 1, 2021. Pro forma amounts are based on the purchase price allocation of the significant acquisition and are not necessarily indicative of the results that may be reported in the future.

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(In thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

596,774

 

 

$

283,811

 

 

$

1,030,161

 

 

$

541,074

 

Net income (loss)

$

66,662

 

 

$

(34,189

)

 

$

50,203

 

 

$

(92,743

)

 

FTS International, Inc  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the preliminary allocation of the purchase price:

 

(In thousands)

 

 

 

 

Assets acquired:

 

 

 

 

Cash and cash equivalents

 

$

53,771

 

Accounts receivable

 

 

89,268

 

Prepaid expense and other assets

 

 

4,037

 

Inventories

 

 

42,344

 

Property, plant and equipment

 

 

307,113

 

Operating lease ROU asset

 

 

2,748

 

Intangible assets

 

 

1,239

 

Other assets

 

 

1,583

 

Total assets acquired

 

 

502,103

 

Liabilities assumed:

 

 

 

 

Accounts payable

 

 

62,985

 

Accrued expenses

 

 

19,308

 

Operating lease liability current

 

 

1,235

 

Current portion of debt

 

 

10,136

 

Other current liabilities

 

 

309

 

Operating lease liability non-current

 

 

1,512

 

Other non-current liabilities

 

 

928

 

Total liabilities assumed

 

 

96,413

 

Net assets acquired

 

$

405,690

 

Flotek Industries, Inc.  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

 


 

The following table summarizes the preliminary allocation of the fair value of Flotek’s assets, liabilities and noncontrolling interest:

(In thousands)

 

 

 

 

Settlement of pre-existing relationships

 

 

 

 

Accounts payable

 

$

(2,713

)

Supply Agreement contract liability

 

 

(9,874

)

Fair value of previously held interest in 10% Convertible PIK Notes

 

 

30,220

 

Settlement of pre-existing relationships

 

$

17,633

 

Assets acquired

 

 

 

 

Cash and cash equivalents

 

$

21,725

 

Restricted cash

 

 

40

 

Accounts receivable

 

 

18,853

 

Inventories

 

 

12,210

 

Assets held for sale

 

 

1,805

 

Other current assets

 

 

3,405

 

Property and equipment

 

 

21,551

 

Operating lease right-of-use assets

 

 

3,884

 

Deferred tax assets

 

 

282

 

Goodwill

 

 

82,340

 

Other long-term assets

 

 

17

 

Total assets acquired

 

 

166,112

 

Liabilities assumed:

 

 

 

 

Accounts payable and accrued liabilities

 

 

24,203

 

Operating lease liabilities

 

 

7,394

 

Finance lease liabilities

 

 

79

 

Long-term debt

 

 

17,101

 

Other liabilities

 

 

85

 

Total liabilities assumed

 

 

48,862

 

Noncontrolling interests

 

 

99,617

 

Assets acquired less liabilities assumed and noncontrolling interests

 

$

17,633