| Summary of Segment Information and Reconciliation of Adjusted EBITDA |
Segment information, and a reconciliation of Adjusted EBITDA, for the three months ended March 31, 2022 and 2021 is as follows:
|
|
|
Three Months Ended March 31,
|
|
|
(In thousands)
|
|
2022
|
|
|
2021
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
336,155
|
|
|
$
|
143,703
|
|
|
Manufacturing
|
|
|
32,006
|
|
|
|
14,657
|
|
|
Proppant production
|
|
|
12,408
|
|
|
|
5,589
|
|
|
Total segments
|
|
|
380,569
|
|
|
|
163,949
|
|
|
Eliminations
|
|
|
(35,589
|
)
|
|
|
(14,363
|
)
|
|
Total
|
|
$
|
344,980
|
|
|
$
|
149,586
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
73,569
|
|
|
$
|
12,953
|
|
|
Manufacturing
|
|
|
10,022
|
|
|
|
2,330
|
|
|
Proppant production
|
|
|
7,885
|
|
|
|
2,406
|
|
|
Adjusted EBITDA for reportable segments
|
|
|
91,476
|
|
|
|
17,689
|
|
|
Interest expense, net
|
|
|
(9,272
|
)
|
|
|
(6,035
|
)
|
|
Depreciation, depletion and amortization
|
|
|
(44,216
|
)
|
|
|
(35,461
|
)
|
|
Income tax benefit (provision)
|
|
|
(752
|
)
|
|
|
25
|
|
|
(Gain) loss on disposal of assets, net
|
|
|
154
|
|
|
|
(2,207
|
)
|
|
Loss on extinguishment of debt
|
|
|
(8,273
|
)
|
|
|
—
|
|
|
Bad debt expense, net of recoveries
|
|
|
(5
|
)
|
|
|
—
|
|
|
Loss on foreign currency transactions
|
|
|
(12
|
)
|
|
|
—
|
|
|
Reorganization costs
|
|
|
(55
|
)
|
|
|
—
|
|
|
Acquisition related expenses
|
|
|
(13,019
|
)
|
|
|
—
|
|
|
Investment income
|
|
|
8,100
|
|
|
|
—
|
|
|
Net income (loss)
|
|
$
|
24,126
|
|
|
$
|
(25,989
|
)
|
Segment information as of March 31, 2022 and December 31, 2021 is as follows:
|
(In thousands)
|
|
March 31,
2022
|
|
|
December 31,
2021
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
Stimulation services
|
|
$
|
1,213,208
|
|
|
$
|
510,579
|
|
|
Manufacturing
|
|
|
104,124
|
|
|
|
77,968
|
|
|
Proppant production
|
|
|
107,628
|
|
|
|
100,294
|
|
|
Total segment assets
|
|
|
1,424,960
|
|
|
|
688,841
|
|
|
Eliminations
|
|
|
(111,072
|
)
|
|
|
(24,271
|
)
|
|
Total
|
|
$
|
1,313,888
|
|
|
$
|
664,570
|
|
|