Registration of securities issued in business combination transactions

Acquisitions and investments (Tables)

v3.22.2.2
Acquisitions and investments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
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  
    
 
 
  
  
The Company has performed a preliminary valuation analysis of the fair market value of FTSI’s assets and liabilities. The following table summarizes the allocation of the preliminary purchase price as of December 31, 2021 (in thousands):
 
Assets acquired:
         
Cash and cash equivalents
    $ 85,149  
Accounts receivable
      67,303  
Prepaid expense and other assets
      4,238  
Inventories
      38,540  
Property, plant and equipment
      284,108  
Goodwill and intangible assets
      36,500  
Other assets
      1,473  
    
 
 
  
Total assets acquired
      517,311  
    
 
 
  
Liabilities assumed:
         
Accounts payable
      70,591  
Accrued expenses
      37,932  
Other current liabilities
      309  
Other
non-current
liabilities
      979  
    
 
 
  
Total liabilities assumed
      109,811  
    
 
 
  
Net assets acquired
    $ 407,500  
    
 
 
  
The final purchase price allocation will be determined when the Company has completed the detailed valuations and necessary calculations. The final allocation could differ materially from the preliminary allocation used in the pro forma adjustments. The final allocation may include (i) changes in the fair value of property, plant and equipment, (ii) changes to intangible assets and goodwill and (iii) other changes to assets and liabilities.
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