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Summarized financial information for our reportable segments is as follows:
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Stimulation Services |
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Proppant Production |
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Manufacturing |
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Other |
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Eliminations |
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Total |
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Three months ended March 31, 2023: |
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Revenue |
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External customers |
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$ |
786.7 |
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$ |
50.0 |
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$ |
3.4 |
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$ |
11.6 |
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$ |
— |
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$ |
851.7 |
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Intercompany |
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3.5 |
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32.2 |
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63.7 |
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37.6 |
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(137.0 |
) |
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— |
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Total Revenue |
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$ |
790.2 |
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$ |
82.2 |
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$ |
67.1 |
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$ |
49.2 |
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$ |
(137.0 |
) |
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$ |
851.7 |
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Adjusted EBITDA |
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$ |
205.7 |
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$ |
41.3 |
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$ |
8.0 |
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$ |
(7.9 |
) |
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$ |
— |
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$ |
247.1 |
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Three months ended March 31, 2022: |
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Revenue |
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External customers |
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$ |
335.9 |
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$ |
3.9 |
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$ |
5.2 |
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$ |
— |
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$ |
— |
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$ |
345.0 |
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Intercompany |
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0.3 |
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8.5 |
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26.8 |
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— |
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(35.6 |
) |
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— |
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Total Revenue |
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$ |
336.2 |
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$ |
12.4 |
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$ |
32.0 |
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$ |
— |
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$ |
(35.6 |
) |
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$ |
345.0 |
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Adjusted EBITDA |
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$ |
73.6 |
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$ |
7.9 |
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$ |
6.1 |
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$ |
— |
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$ |
— |
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$ |
87.6 |
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The following table reconciles total Adjusted EBITDA to net income:
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Three Months Ended
March 31, |
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2023 |
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2022 |
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Adjusted EBITDA |
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$ |
247.1 |
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$ |
87.6 |
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Interest expense, net |
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(34.9 |
) |
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(9.3 |
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Depreciation, depletion and amortization |
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(110.3 |
) |
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(44.6 |
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Income taxes |
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(6.7 |
) |
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(0.6 |
) |
(Loss) gain on disposal of assets, net |
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(1.5 |
) |
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0.2 |
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Gain (loss) on extinguishment of debt |
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4.1 |
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(8.3 |
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Acquisition earnout adjustment |
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3.0 |
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— |
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Stock-based compensation |
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(2.9 |
) |
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— |
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Stock-based compensation related to deemed contributions |
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(10.2 |
) |
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— |
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Provision for credit losses, net of recoveries |
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(0.1 |
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— |
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Reorganization costs |
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— |
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(0.1 |
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Acquisition and integration costs |
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(12.3 |
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(13.0 |
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Litigation expenses and accruals for legal contingencies |
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(5.8 |
) |
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— |
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Unrealized (loss) gain on investments, net |
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(9.7 |
) |
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8.1 |
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Net income |
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$ |
59.8 |
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$ |
20.0 |
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Segments assets are comprised of the following:
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March 31,
2023 |
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December 31,
2022 |
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Total assets: |
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Stimulation Services |
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$ |
2,761.3 |
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$ |
2,647.9 |
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Proppant Production |
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1,097.7 |
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|
477.1 |
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Manufacturing |
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160.9 |
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140.5 |
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Other |
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192.8 |
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193.7 |
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Total segment assets |
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4,212.7 |
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3,459.2 |
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Eliminations |
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(572.4 |
) |
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(525.6 |
) |
Total assets |
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$ |
3,640.3 |
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$ |
2,933.6 |
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