| Summary of Segment Information and Reconciliation of Adjusted EBITDA |
Segment information, and a reconciliation of Adjusted EBITDA, for the three and six months ended June 30, 2022 and 2021 is as follows:
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
(In thousands)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
576,556
|
|
|
$
|
168,506
|
|
|
$
|
912,711
|
|
|
$
|
312,209
|
|
|
Manufacturing
|
|
|
34,854
|
|
|
|
16,223
|
|
|
|
66,860
|
|
|
|
30,880
|
|
|
Proppant production
|
|
|
17,531
|
|
|
|
7,781
|
|
|
|
29,939
|
|
|
|
13,370
|
|
|
Other
|
|
|
15,359
|
|
|
|
—
|
|
|
|
15,359
|
|
|
|
—
|
|
|
Total segments
|
|
|
644,300
|
|
|
|
192,510
|
|
|
|
1,024,869
|
|
|
|
356,459
|
|
|
Eliminations
|
|
|
(54,456
|
)
|
|
|
(17,691
|
)
|
|
|
(90,045
|
)
|
|
|
(32,054
|
)
|
|
Total
|
|
$
|
589,844
|
|
|
$
|
174,819
|
|
|
$
|
934,824
|
|
|
$
|
324,405
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
196,088
|
|
|
$
|
30,475
|
|
|
$
|
269,657
|
|
|
$
|
43,428
|
|
|
Manufacturing
|
|
|
9,360
|
|
|
|
349
|
|
|
|
19,382
|
|
|
|
2,679
|
|
|
Proppant production
|
|
|
12,574
|
|
|
|
3,246
|
|
|
|
20,459
|
|
|
|
5,652
|
|
|
Other
|
|
|
(7,454
|
)
|
|
|
—
|
|
|
|
(7,454
|
)
|
|
|
—
|
|
|
Adjusted EBITDA for reportable segments
|
|
|
210,568
|
|
|
|
34,070
|
|
|
|
302,044
|
|
|
|
51,759
|
|
|
Interest expense, net
|
|
|
(13,451
|
)
|
|
|
(6,187
|
)
|
|
|
(22,723
|
)
|
|
|
(12,222
|
)
|
|
Depreciation, depletion and amortization
|
|
|
(64,064
|
)
|
|
|
(34,904
|
)
|
|
|
(108,280
|
)
|
|
|
(70,365
|
)
|
|
Income tax benefit (provision)
|
|
|
(4,112
|
)
|
|
|
283
|
|
|
|
(4,864
|
)
|
|
|
308
|
|
|
Loss on disposal of assets, net
|
|
|
(2,143
|
)
|
|
|
(1,868
|
)
|
|
|
(1,989
|
)
|
|
|
(4,075
|
)
|
|
Loss on extinguishment of debt
|
|
|
(8,822
|
)
|
|
|
—
|
|
|
|
(17,095
|
)
|
|
|
—
|
|
|
Litigation accrual
|
|
|
(4,000
|
)
|
|
|
—
|
|
|
|
(4,000
|
)
|
|
|
—
|
|
|
Stock compensation expense
|
|
|
(1,455
|
)
|
|
|
—
|
|
|
|
(1,455
|
)
|
|
|
—
|
|
|
Stock compensation expense related to deemed contributions
|
|
|
(38,849
|
)
|
|
|
—
|
|
|
|
(38,849
|
)
|
|
|
—
|
|
|
Bad debt expense, net of recoveries
|
|
|
—
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
Loss on foreign currency transactions
|
|
|
58
|
|
|
|
—
|
|
|
|
46
|
|
|
|
—
|
|
|
Reorganization costs
|
|
|
—
|
|
|
|
—
|
|
|
|
(55
|
)
|
|
|
—
|
|
|
Acquisition related expenses
|
|
|
(4,063
|
)
|
|
|
—
|
|
|
|
(17,082
|
)
|
|
|
—
|
|
|
Unrealized gain on investments, net
|
|
|
426
|
|
|
|
—
|
|
|
|
8,526
|
|
|
|
—
|
|
|
Net income (loss)
|
|
$
|
70,093
|
|
|
$
|
(8,606
|
)
|
|
$
|
94,219
|
|
|
$
|
(34,595
|
)
|
Segment information as of June 30, 2022 and December 31, 2021 is as follows:
|
(In thousands)
|
|
June 30,
2022
|
|
|
December 31,
2021
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
1,401,665
|
|
|
$
|
510,579
|
|
|
Manufacturing
|
|
|
113,147
|
|
|
|
77,968
|
|
|
Proppant production
|
|
|
133,235
|
|
|
|
100,294
|
|
|
Other
|
|
|
193,297
|
|
|
|
—
|
|
|
Total segment assets
|
|
|
1,841,344
|
|
|
|
688,841
|
|
|
Eliminations
|
|
|
(177,719
|
)
|
|
|
(24,271
|
)
|
|
Total
|
|
$
|
1,663,625
|
|
|
$
|
664,570
|
|
|