Quarterly report pursuant to Section 13 or 15(d)

Business Combinations (Tables)

v3.24.2.u1
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combinations [Abstract]  
Summary of Preliminary Allocation of Total Purchase Price Consideration

The following table represents our preliminary allocation of total purchase consideration of AST, BPC and NRG to the identifiable assets acquired and liabilities assumed based on the fair values on their acquisition dates:

 

 

AST

 

 

BPC

 

 

NRG

 

Cash and cash equivalents

 

$

—

 

 

$

0.1

 

 

$

0.4

 

Accounts receivable

 

 

26.0

 

 

 

4.2

 

 

 

1.2

 

Prepaid expenses and other assets

 

 

4.0

 

 

 

0.3

 

 

 

0.3

 

Operating lease assets

 

 

—

 

 

 

1.5

 

 

 

10.7

 

Inventories

 

 

13.1

 

 

 

12.2

 

 

 

3.9

 

Property, plant and equipment

 

 

158.4

 

 

 

39.8

 

 

 

2.0

 

Intangible assets

 

 

—

 

 

 

5.8

 

 

 

—

 

Total identifiable assets acquired

 

 

201.5

 

 

 

63.9

 

 

 

18.5

 

Accounts payable

 

 

13.9

 

 

 

5.5

 

 

 

1.5

 

Accrued expenses

 

 

2.9

 

 

 

0.3

 

 

 

—

 

Current portion of long-term debt

 

 

—

 

 

 

0.5

 

 

 

—

 

Current portion of operating lease liabilities

 

 

—

 

 

 

0.4

 

 

 

1.0

 

Other current liabilities

 

 

—

 

 

 

3.1

 

 

 

—

 

Non-current portion of debt

 

 

—

 

 

 

20.4

 

 

 

—

 

Deferred tax liability

 

 

27.4

 

 

 

—

 

 

 

—

 

Operating lease liabilities

 

 

—

 

 

 

1.2

 

 

 

10.0

 

Total liabilities assumed

 

 

44.2

 

 

 

31.4

 

 

 

12.5

 

Noncontrolling interest

 

 

—

 

 

 

2.2

 

 

 

—

 

Goodwill

 

 

16.7

 

 

 

9.5

 

 

 

—

 

Total purchase consideration

 

$

174.0

 

 

$

39.8

 

 

$

6.0

 
We generally used the cost approach to value acquired property, plant and equipment adjusted for the age, condition an
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
June 30,

 

 

For the Six Months
Ended June 30,

 

(unaudited)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues

 

$

643.0

 

 

$

836.1

 

 

$

1,324.9

 

 

$

1,839.2

 

Net income (loss)

 

$

(69.4

)

 

$

18.0

 

 

$

(64.6

)

 

$

99.0

 
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

 

Balance, December 31, 2023

 

$

169.7

 

 

$

74.5

 

 

$

—

 

 

$

81.7

 

 

$

325.9

 

Adjustment

 

 

16.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16.4

 

Impairment of goodwill

 

 

—

 

 

 

(67.7

)

 

 

—

 

 

 

—

 

 

 

(67.7

)

Acquisitions

 

 

16.7

 

 

 

—

 

 

 

9.5

 

 

 

—

 

 

 

26.2

 

Balance, June 30, 2024

 

$

202.8

 

 

$

6.8

 

 

$

9.5

 

 

$

81.7

 

 

$

300.8