Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.23.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2023
Business Acquisition [Line Items]  
Summary of Unaudited Pro Forma Results of Operations These unaudited pro forma amounts are not necessarily indicative of results that would have actually been obtained during the periods presented or that may be obtained in the future.

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(unaudited)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

$

574.2

 

 

$

894.6

 

 

$

2,171.6

 

 

$

2,230.0

 

Net income (loss)

 

$

(17.9

)

 

$

129.1

 

 

$

44.7

 

 

$

139.6

 
Summary of Preliminary Allocation of Total Purchase Consideration

The following table represents our preliminary allocation of total purchase consideration of Producers and Performance Proppants to the identifiable assets acquired and liabilities assumed based on the fair values on their acquisition dates:

 

 

Producers

 

 

Performance Proppants

 

Cash and cash equivalents

 

$

0.3

 

 

$

2.0

 

Accounts receivable

 

 

7.5

 

 

 

14.8

 

Prepaid expenses and other assets

 

 

1.1

 

 

 

0.6

 

Inventories

 

 

2.8

 

 

 

7.5

 

Property, plant and equipment

 

 

29.5

 

 

 

476.9

 

Intangible assets

 

 

—

 

 

 

5.6

 

Total identifiable assets acquired

 

 

41.2

 

 

 

507.4

 

Accounts payable

 

 

10.9

 

 

 

16.7

 

Accrued expenses

 

 

0.7

 

 

 

2.8

 

Current portion of long-term debt

 

 

0.2

 

 

 

2.1

 

Other current liabilities

 

 

—

 

 

 

49.6

 

Non-current portion of debt

 

 

0.1

 

 

 

0.6

 

Other non-current liabilities

 

 

—

 

 

 

42.3

 

Total liabilities assumed

 

 

11.9

 

 

 

114.1

 

Goodwill

 

 

7.2

 

 

 

69.2

 

Total purchase consideration

 

$

36.5

 

 

$

462.5

 
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment

The changes in the carrying amount of goodwill by reportable segment were as follows:

 

Stimulation
Services

 

 

Proppant
Production

 

 

Manufacturing

 

 

Other

 

 

Total

 

Balances as of December 31, 2022

 

$

153.3

 

 

$

5.5

 

 

$

-

 

 

$

81.7

 

 

$

240.5

 

Acquisition of Producers

 

 

7.2

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7.2

 

Acquisition of Performance

 

 

-

 

 

 

75.7

 

 

 

-

 

 

 

-

 

 

 

75.7

 

Measurement period adjustments

 

 

4.7

 

 

 

(4.9

)

 

 

-

 

 

 

-

 

 

 

(0.2

)

Balances as of September 30, 2023

 

$

165.2

 

 

$

76.3

 

 

$

-

 

 

$

81.7

 

 

$

323.2