| Summary of Segment Information and Reconciliation of Adjusted EBITDA |
Segment information, and a reconciliation of Adjusted EBITDA, for the three and nine months ended September 30, 2022 and 2021 is as follows:
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
(In thousands)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
668,578
|
|
|
$
|
190,723
|
|
|
$
|
1,581,289
|
|
|
$
|
502,932
|
|
|
Manufacturing
|
|
|
48,742
|
|
|
|
19,861
|
|
|
|
115,602
|
|
|
|
50,741
|
|
|
Proppant production
|
|
|
24,642
|
|
|
|
6,399
|
|
|
|
54,581
|
|
|
|
19,769
|
|
|
Other
|
|
|
46,872
|
|
|
|
—
|
|
|
|
62,231
|
|
|
|
—
|
|
|
Total segments
|
|
|
788,834
|
|
|
|
216,983
|
|
|
|
1,813,703
|
|
|
|
573,442
|
|
|
Eliminations
|
|
|
(92,104
|
)
|
|
|
(21,052
|
)
|
|
|
(182,149
|
)
|
|
|
(53,106
|
)
|
|
Total
|
|
$
|
696,730
|
|
|
$
|
195,931
|
|
|
$
|
1,631,554
|
|
|
$
|
520,336
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
249,557
|
|
|
$
|
31,599
|
|
|
$
|
519,214
|
|
|
$
|
75,027
|
|
|
Manufacturing
|
|
|
8,416
|
|
|
|
502
|
|
|
|
27,798
|
|
|
|
3,181
|
|
|
Proppant production
|
|
|
9,198
|
|
|
|
2,417
|
|
|
|
29,657
|
|
|
|
8,069
|
|
|
Other
|
|
|
(11,072
|
)
|
|
|
—
|
|
|
|
(18,526
|
)
|
|
|
—
|
|
|
Adjusted EBITDA for reportable segments
|
|
|
256,099
|
|
|
|
34,518
|
|
|
|
558,143
|
|
|
|
86,277
|
|
|
Interest expense, net
|
|
|
(16,261
|
)
|
|
|
(6,896
|
)
|
|
|
(38,984
|
)
|
|
|
(19,118
|
)
|
|
Depreciation, depletion and amortization
|
|
|
(68,758
|
)
|
|
|
(35,241
|
)
|
|
|
(177,038
|
)
|
|
|
(105,606
|
)
|
|
Income tax benefit (provision)
|
|
|
(8,157
|
)
|
|
|
(170
|
)
|
|
|
(13,021
|
)
|
|
|
138
|
|
|
Loss on disposal of assets, net
|
|
|
(667
|
)
|
|
|
(3,397
|
)
|
|
|
(2,656
|
)
|
|
|
(7,472
|
)
|
|
Loss on extinguishment of debt
|
|
|
(242
|
)
|
|
|
—
|
|
|
|
(17,337
|
)
|
|
|
—
|
|
|
Litigation accrual
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,000
|
)
|
|
|
—
|
|
|
Stock compensation expense
|
|
|
(2,719
|
)
|
|
|
—
|
|
|
|
(4,174
|
)
|
|
|
—
|
|
|
Stock compensation expense related to deemed contributions
|
|
|
(10,207
|
)
|
|
|
—
|
|
|
|
(49,056
|
)
|
|
|
—
|
|
|
Bad debt expense, net of recoveries
|
|
|
—
|
|
|
|
(2,562
|
)
|
|
|
(5
|
)
|
|
|
(2,562
|
)
|
|
Loss on foreign currency transactions
|
|
|
80
|
|
|
|
(116
|
)
|
|
|
126
|
|
|
|
(116
|
)
|
|
Reorganization costs
|
|
|
—
|
|
|
|
(211
|
)
|
|
|
(55
|
)
|
|
|
(211
|
)
|
|
Acquisition related expenses
|
|
|
(5,806
|
)
|
|
|
—
|
|
|
|
(22,888
|
)
|
|
|
—
|
|
|
Unrealized gain on investments, net
|
|
|
—
|
|
|
|
—
|
|
|
|
8,526
|
|
|
|
—
|
|
|
Net income (loss)
|
|
$
|
143,362
|
|
|
$
|
(14,075
|
)
|
|
$
|
237,581
|
|
|
$
|
(48,670
|
)
|
Segment information as of September 30, 2022 and December 31, 2021 is as follows:
|
(In thousands)
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
1,663,989
|
|
|
$
|
510,579
|
|
|
Manufacturing
|
|
|
140,396
|
|
|
|
77,968
|
|
|
Proppant production
|
|
|
298,138
|
|
|
|
100,294
|
|
|
Other
|
|
|
196,946
|
|
|
|
—
|
|
|
Total segment assets
|
|
|
2,299,469
|
|
|
|
688,841
|
|
|
Eliminations
|
|
|
(320,185
|
)
|
|
|
(24,271
|
)
|
|
Total
|
|
$
|
1,979,284
|
|
|
$
|
664,570
|
|
|