Quarterly report pursuant to Section 13 or 15(d)

Segment information (Table)

v3.22.2.2
Segment information (Table)
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
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