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:
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$ |
576,556 |
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$ |
168,506 |
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$ |
912,711 |
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$ |
312,209 |
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34,854 |
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16,223 |
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66,860 |
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30,880 |
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17,531 |
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7,781 |
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29,939 |
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13,370 |
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15,359 |
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— |
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15,359 |
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— |
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644,300 |
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192,510 |
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1,024,869 |
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356,459 |
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(54,456 |
) |
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(17,691 |
) |
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(90,045 |
) |
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(32,054 |
) |
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$ |
589,844 |
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$ |
174,819 |
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$ |
934,824 |
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$ |
324,405 |
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$ |
196,088 |
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$ |
30,475 |
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$ |
269,657 |
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$ |
43,428 |
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9,360 |
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|
349 |
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19,382 |
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2,679 |
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12,574 |
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3,246 |
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20,459 |
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5,652 |
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(7,454 |
) |
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— |
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(7,454 |
) |
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— |
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Adjusted EBITDA for reportable segments |
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210,568 |
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34,070 |
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302,044 |
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51,759 |
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(13,451 |
) |
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(6,187 |
) |
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(22,723 |
) |
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(12,222 |
) |
Depreciation, depletion and amortization |
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(64,064 |
) |
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(34,904 |
) |
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(108,280 |
) |
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(70,365 |
) |
Income tax benefit (provision) |
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(4,112 |
) |
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283 |
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(4,864 |
) |
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308 |
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Loss on disposal of assets, net |
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(2,143 |
) |
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(1,868 |
) |
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(1,989 |
) |
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(4,075 |
) |
Loss on extinguishment of debt |
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(8,822 |
) |
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— |
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(17,095 |
) |
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— |
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(4,000 |
) |
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— |
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(4,000 |
) |
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— |
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Stock compensation expense |
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(1,455 |
) |
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— |
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(1,455 |
) |
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— |
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Stock compensation expense related to deemed contributions |
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(38,849 |
) |
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— |
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(38,849 |
) |
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— |
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Bad debt expense, net of recoveries |
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— |
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— |
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(5 |
) |
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— |
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Loss on foreign currency transactions |
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58 |
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— |
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46 |
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— |
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— |
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— |
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(55 |
) |
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— |
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Acquisition related expenses |
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(4,063 |
) |
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— |
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(17,082 |
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— |
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Unrealized gain on investments, net |
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426 |
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— |
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8,526 |
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— |
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$ |
70,093 |
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$ |
(8,606 |
) |
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$ |
94,219 |
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$ |
(34,595 |
) |
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| Segment information as of June 30, 2022 and December 31, 2021 is as follows:
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$ |
1,401,665 |
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$ |
510,579 |
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113,147 |
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77,968 |
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133,235 |
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100,294 |
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193,297 |
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— |
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1,841,344 |
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688,841 |
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(177,719 |
) |
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(24,271 |
) |
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$ |
1,663,625 |
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$ |
664,570 |
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Segment information as of and for the years ended December 31, 2021 and 2020 is as follows:
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$ |
745,373 |
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$ |
538,282 |
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76,360 |
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46,222 |
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27,225 |
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10,215 |
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848,958 |
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594,719 |
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(80,605 |
) |
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(47,040 |
) |
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$ |
768,353 |
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$ |
547,679 |
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Cost of revenues, excluding depreciation, depletion and amortization |
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$ |
570,828 |
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$ |
433,122 |
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|
65,849 |
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|
40,424 |
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14,050 |
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6,064 |
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|
650,727 |
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|
479,610 |
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(80,605 |
) |
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(47,040 |
) |
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$ |
570,122 |
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$ |
432,570 |
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$ |
122,634 |
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$ |
68,787 |
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|
1,382 |
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|
1,325 |
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|
10,672 |
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|
2,685 |
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134,688 |
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|
72,797 |
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— |
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— |
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$ |
134,688 |
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$ |
72,797 |
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Depreciation, depletion and amortization |
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$ |
128,004 |
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$ |
138,122 |
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|
3,788 |
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|
2,796 |
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|
8,895 |
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|
9,744 |
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$ |
140,687 |
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$ |
150,662 |
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$ |
82,545 |
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$ |
46,371 |
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|
3,500 |
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|
1,661 |
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|
1,355 |
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5 |
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$ |
87,400 |
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$ |
48,037 |
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$ |
545,047 |
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$ |
452,729 |
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|
77,968 |
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|
64,769 |
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|
100,294 |
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|
73,918 |
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|
723,309 |
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|
591,416 |
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(58,739 |
) |
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(14,139 |
) |
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$ |
664,570 |
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$ |
577,277 |
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| The following table sets forth the reconciliation of Segment Adjusted EBITDA to net loss in our consolidated statements of operations:
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Stimulation services—Adjusted EBITDA |
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$ |
122,634 |
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$ |
68,787 |
|
Manufacturing—Adjusted EBITDA |
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|
1,382 |
|
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|
1,325 |
|
Proppant production—Adjusted EBITDA |
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|
10,672 |
|
|
|
2,685 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
134,688 |
|
|
$ |
72,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(25,788 |
) |
|
|
(23,276 |
) |
Income tax benefit (provision) |
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|
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 |
) |
|
|
— |
|
|
|
|
(2,060 |
) |
|
|
— |
|
|
|
|
(500 |
) |
|
|
— |
|
Supply commitment charges |
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|
— |
|
|
|
(5,600 |
) |
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|
|
|
|
|
|
|
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|
$ |
(43,538 |
) |
|
$ |
(118,548 |
) |
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|