| Summary of Financial Information for Reportable Segments |
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 September 30, 2023: |
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Revenue |
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External customers |
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$ |
485.4 |
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$ |
69.5 |
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$ |
1.5 |
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$ |
17.8 |
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$ |
— |
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$ |
574.2 |
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Intercompany |
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4.1 |
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28.9 |
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42.3 |
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30.8 |
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(106.1 |
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— |
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Total Revenue |
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$ |
489.5 |
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$ |
98.4 |
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$ |
43.8 |
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$ |
48.6 |
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$ |
(106.1 |
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$ |
574.2 |
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Adjusted EBITDA |
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$ |
93.3 |
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$ |
51.6 |
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$ |
1.6 |
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$ |
2.8 |
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$ |
— |
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$ |
149.3 |
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Three months ended September 30, 2022: |
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Revenue |
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External customers |
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$ |
668.3 |
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$ |
10.9 |
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$ |
2.3 |
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$ |
15.2 |
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$ |
— |
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$ |
696.7 |
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Intercompany |
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0.3 |
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13.8 |
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46.4 |
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31.7 |
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(92.2 |
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— |
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Total Revenue |
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$ |
668.6 |
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$ |
24.7 |
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$ |
48.7 |
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$ |
46.9 |
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$ |
(92.2 |
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$ |
696.7 |
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Adjusted EBITDA |
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$ |
249.5 |
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$ |
9.2 |
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$ |
4.5 |
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$ |
(11.1 |
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$ |
— |
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$ |
252.1 |
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Nine months ended September 30, 2023: |
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Revenue |
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External customers |
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$ |
1,879.8 |
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$ |
200.7 |
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$ |
13.2 |
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$ |
47.2 |
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$ |
— |
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$ |
2,140.9 |
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Intercompany |
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8.1 |
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89.7 |
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128.8 |
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102.3 |
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(328.9 |
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— |
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Total Revenue |
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$ |
1,887.9 |
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$ |
290.4 |
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$ |
142.0 |
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$ |
149.5 |
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$ |
(328.9 |
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$ |
2,140.9 |
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Adjusted EBITDA |
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$ |
421.9 |
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$ |
150.7 |
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$ |
12.7 |
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$ |
(6.4 |
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$ |
— |
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$ |
578.9 |
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Nine months ended September 30, 2022: |
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Revenue |
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External customers |
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$ |
1,578.9 |
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$ |
21.0 |
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$ |
10.4 |
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$ |
21.2 |
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$ |
— |
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$ |
1,631.5 |
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Intercompany |
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2.4 |
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33.6 |
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105.2 |
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41.0 |
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(182.2 |
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— |
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Total Revenue |
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$ |
1,581.3 |
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$ |
54.6 |
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$ |
115.6 |
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$ |
62.2 |
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$ |
(182.2 |
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$ |
1,631.5 |
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Adjusted EBITDA |
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$ |
519.3 |
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$ |
29.6 |
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$ |
17.4 |
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$ |
(18.5 |
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$ |
— |
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$ |
547.8 |
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The following table reconciles total Adjusted EBITDA to net income:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Adjusted EBITDA |
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$ |
149.3 |
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$ |
252.1 |
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$ |
578.9 |
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$ |
547.8 |
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Interest expense, net |
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(40.2 |
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(16.3 |
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(116.1 |
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(39.0 |
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Depreciation, depletion and amortization |
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(111.5 |
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(69.1 |
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(330.7 |
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(178.1 |
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Income tax benefit (expense) |
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6.7 |
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(7.9 |
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(9.6 |
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(12.4 |
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Gain (loss) on disposal of assets, net |
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1.3 |
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(0.6 |
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0.3 |
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(2.6 |
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(Loss) gain on extinguishment of debt |
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— |
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(0.2 |
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4.1 |
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(17.3 |
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Acquisition earnout adjustment |
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— |
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— |
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6.6 |
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— |
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Stock-based compensation |
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(2.3 |
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(2.7 |
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(7.6 |
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(4.2 |
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Stock-based compensation related to deemed contributions |
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(2.1 |
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(10.2 |
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(19.7 |
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(49.1 |
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Provision for credit losses, net of recoveries |
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— |
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— |
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(0.1 |
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— |
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Severance charges |
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(1.1 |
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— |
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(1.1 |
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— |
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Acquisition and integration costs |
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(2.6 |
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(5.8 |
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(20.1 |
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(22.9 |
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Litigation expenses and accruals for legal contingencies |
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(10.3 |
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— |
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(23.5 |
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(4.0 |
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Unrealized (loss) gain on investments, net |
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(5.1 |
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— |
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(24.1 |
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8.5 |
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Net (loss) income |
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$ |
(17.9 |
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$ |
139.3 |
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$ |
37.3 |
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$ |
226.7 |
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Segments assets are comprised of the following:
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September 30,
2023 |
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December 31,
2022 |
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Total assets: |
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Stimulation Services |
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$ |
2,909.3 |
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$ |
2,647.9 |
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Proppant Production |
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1,126.7 |
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477.1 |
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Manufacturing |
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224.3 |
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140.5 |
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Other |
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182.5 |
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193.7 |
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Total segment assets |
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4,442.8 |
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3,459.2 |
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Eliminations |
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(1,220.7 |
) |
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(525.6 |
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Total assets |
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$ |
3,222.1 |
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$ |
2,933.6 |
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