Stimulation Services

Proppant Production

Manufacturing

Other

Eliminations

Total

Three months ended June 30, 2023:

Revenue

External customers

$

607.7

$

75.4

$

8.3

$

17.8

$

—

$

709.2

Intercompany

0.5

34.4

22.8

33.9

(91.6

)

—

Total Revenue

$

608.2

$

109.8

$

31.1

$

51.7

$

(91.6

)

$

709.2

Adjusted EBITDA

$

122.9

$

57.8

$

3.1

$

(1.3

)

$

—

$

182.5

Three months ended June 30, 2022:

Revenue

External customers

$

574.7

$

6.2

$

2.9

$

6.0

$

—

$

589.8

Intercompany

1.8

11.3

32.0

9.3

(54.4

)

—

Total Revenue

$

576.5

$

17.5

$

34.9

$

15.3

$

(54.4

)

$

589.8

Adjusted EBITDA

$

196.2

$

12.5

$

6.8

$

(7.4

)

$

—

$

208.1

Six months ended June 30, 2023:

Revenue

External customers

$

1,394.4

$

131.2

$

11.7

$

29.4

$

—

$

1,566.7

Intercompany

4.0

60.8

86.5

71.5

(222.8

)

—

Total Revenue

$

1,398.4

$

192.0

$

98.2

$

100.9

$

(222.8

)

$

1,566.7

Adjusted EBITDA

$

328.6

$

99.1

$

11.1

$

(9.2

)

$

—

$

429.6

Six months ended June 30, 2022:

Revenue

External customers

$

910.6

$

10.1

$

8.1

$

6.0

$

—

$

934.8

Intercompany

2.1

19.8

58.8

9.3

(90.0

)

—

Total Revenue

$

912.7

$

29.9

$

66.9

$

15.3

$

(90.0

)

$

934.8

Adjusted EBITDA

$

269.8

$

20.4

$

12.9

$

(7.4

)

$

—

$

295.7

Three Months Ended
June 30,

Six Months Ended
June 30,

2023

2022

2023

2022

Adjusted EBITDA

$

182.5

$

208.1

$

429.6

$

295.7

Interest expense, net

(41.0

)

(13.4

)

(75.9

)

(22.7

)

Depreciation, depletion and amortization

(108.9

)

(64.4

)

(219.2

)

(109.0

)

Income taxes

(9.6

)

(3.9

)

(16.3

)

(4.5

)

Gain (loss) on disposal of assets, net

0.5

(2.2

)

(1.0

)

(2.0

)

(Loss) gain on extinguishment of debt

—

(8.8

)

4.1

(17.1

)

Acquisition earnout adjustment

3.6

—

6.6

—

Stock-based compensation

(2.4

)

(1.5

)

(5.3

)

(1.5

)

Stock-based compensation related to deemed contributions

(7.4

)

(38.9

)

(17.6

)

(38.9

)

Provision for credit losses, net of recoveries

—

—

(0.1

)

—

Reorganization costs

—

0.1

—

—

Acquisition and integration costs

(5.2

)

(4.1

)

(17.5

)

(17.1

)

Litigation expenses and accruals for legal contingencies

(7.4

)

(4.0

)

(13.2

)

(4.0

)

Unrealized (loss) gain on investments, net

(9.3

)

0.4

(19.0

)

8.5

Net (loss) income

$

(4.6

)

$

67.4

$

55.2

$

87.4

June 30,
2023

December 31,
2022

Total assets:

Stimulation Services

$

2,592.5

$

2,647.9

Proppant Production

1,108.4

477.1

Manufacturing

208.7

140.5

Other

187.6

193.7

Total segment assets

4,097.2

3,459.2

Eliminations

(646.4

)

(525.6

)

Total assets

$

3,450.8

$

2,933.6