|
Segment information, and a reconciliation of Adjusted EBITDA are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Stimulation Services |
|
$ |
2,348.7 |
|
|
$ |
745.4 |
|
|
$ |
538.3 |
|
Proppant Production |
|
|
90.0 |
|
|
|
27.2 |
|
|
|
10.2 |
|
Manufacturing |
|
|
166.7 |
|
|
|
76.4 |
|
|
|
46.2 |
|
Other |
|
|
111.8 |
|
|
|
- |
|
|
|
- |
|
Total segments |
|
|
2,717.2 |
|
|
|
849.0 |
|
|
|
594.7 |
|
Eliminations |
|
|
(291.6 |
) |
|
|
(80.6 |
) |
|
|
(47.0 |
) |
Total revenues |
|
$ |
2,425.6 |
|
|
$ |
768.4 |
|
|
$ |
547.7 |
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Stimulation Services |
|
$ |
771.4 |
|
|
$ |
122.6 |
|
|
$ |
68.8 |
|
Proppant Production |
|
|
49.8 |
|
|
|
10.7 |
|
|
|
2.7 |
|
Manufacturing |
|
|
14.3 |
|
|
|
1.4 |
|
|
|
1.3 |
|
Other |
|
|
(24.3 |
) |
|
|
- |
|
|
|
- |
|
Adjusted EBITDA for reportable segments |
|
|
811.2 |
|
|
|
134.7 |
|
|
|
72.8 |
|
Interest expense, net |
|
|
(59.5 |
) |
|
|
(25.8 |
) |
|
|
(23.3 |
) |
Depreciation, depletion and amortization |
|
|
(267.3 |
) |
|
|
(140.7 |
) |
|
|
(150.7 |
) |
Income tax benefit (expense) |
|
|
(9.1 |
) |
|
|
0.2 |
|
|
|
(0.5 |
) |
Loss on disposal of assets, net |
|
|
(2.1 |
) |
|
|
(9.8 |
) |
|
|
(8.4 |
) |
Loss on extinguishment of debt |
|
|
(17.6 |
) |
|
|
(0.5 |
) |
|
|
- |
|
Accruals for legal contingencies |
|
|
(11.3 |
) |
|
|
- |
|
|
|
- |
|
Stock-based compensation |
|
|
(8.1 |
) |
|
|
- |
|
|
|
- |
|
Stock-based compensation related to deemed contributions |
|
|
(59.3 |
) |
|
|
- |
|
|
|
- |
|
Provision for credit losses, net of recoveries |
|
|
(1.9 |
) |
|
|
1.2 |
|
|
|
(2.8 |
) |
Loss on foreign currency transactions |
|
|
- |
|
|
|
(0.2 |
) |
|
|
- |
|
Reorganization costs |
|
|
- |
|
|
|
(2.1 |
) |
|
|
- |
|
Acquisition related expenses |
|
|
(48.8 |
) |
|
|
- |
|
|
|
- |
|
Severance charges |
|
|
- |
|
|
|
(0.5 |
) |
|
|
- |
|
Supply commitment charges |
|
|
- |
|
|
|
- |
|
|
|
(5.6 |
) |
Unrealized gain on investments, net |
|
|
16.5 |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
$ |
342.7 |
|
|
$ |
(43.5 |
) |
|
$ |
(118.5 |
) |
Revenues related to external customers by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Stimulation Services |
|
$ |
2,341.5 |
|
|
$ |
744.2 |
|
|
$ |
537.9 |
|
Proppant Production |
|
|
33.9 |
|
|
|
16.3 |
|
|
|
8.2 |
|
Manufacturing |
|
|
13.1 |
|
|
|
7.9 |
|
|
|
1.6 |
|
Other |
|
|
37.1 |
|
|
|
- |
|
|
|
- |
|
Total revenues |
|
$ |
2,425.6 |
|
|
$ |
768.4 |
|
|
$ |
547.7 |
|
Total assets by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Total assets: |
|
|
|
|
|
|
Stimulation Services |
|
$ |
2,647.9 |
|
|
$ |
510.6 |
|
Proppant Production |
|
|
477.1 |
|
|
|
100.3 |
|
Manufacturing |
|
|
140.5 |
|
|
|
78.0 |
|
Other |
|
|
193.7 |
|
|
|
- |
|
Total segment assets |
|
|
3,459.2 |
|
|
|
688.9 |
|
Eliminations |
|
|
(525.6 |
) |
|
|
(24.3 |
) |
Total assets |
|
$ |
2,933.6 |
|
|
$ |
664.6 |
|
|