Exhibit 99.2
PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Recast Adjusted Gross Margin
(unaudited, dollars in thousands)
|
Three Months Ended |
|
|||||||||||||||||||||
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
||||||
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
||||||
Drilling Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
$ |
489,659 |
|
|
$ |
477,727 |
|
|
$ |
461,491 |
|
|
$ |
418,025 |
|
|
$ |
363,034 |
|
|
$ |
302,270 |
|
Less direct operating costs |
|
(281,573 |
) |
|
|
(281,261 |
) |
|
|
(284,587 |
) |
|
|
(279,232 |
) |
|
|
(245,395 |
) |
|
|
(216,690 |
) |
Less depreciation, amortization and impairment |
|
(90,400 |
) |
|
|
(91,293 |
) |
|
|
(91,161 |
) |
|
|
(88,199 |
) |
|
|
(89,073 |
) |
|
|
(85,683 |
) |
GAAP gross margin |
|
117,686 |
|
|
|
105,173 |
|
|
|
85,743 |
|
|
|
50,594 |
|
|
|
28,566 |
|
|
|
(103 |
) |
Depreciation, amortization and impairment |
|
90,400 |
|
|
|
91,293 |
|
|
|
91,161 |
|
|
|
88,199 |
|
|
|
89,073 |
|
|
|
85,683 |
|
Adjusted gross margin (1) |
$ |
208,086 |
|
|
$ |
196,466 |
|
|
$ |
176,904 |
|
|
$ |
138,793 |
|
|
$ |
117,639 |
|
|
$ |
85,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Completion Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
$ |
250,241 |
|
|
$ |
293,268 |
|
|
$ |
306,783 |
|
|
$ |
287,664 |
|
|
$ |
238,376 |
|
|
$ |
189,590 |
|
Less direct operating costs |
|
(196,473 |
) |
|
|
(220,116 |
) |
|
|
(220,758 |
) |
|
|
(211,704 |
) |
|
|
(191,455 |
) |
|
|
(157,468 |
) |
Less depreciation, amortization and impairment |
|
(25,976 |
) |
|
|
(26,025 |
) |
|
|
(24,918 |
) |
|
|
(24,746 |
) |
|
|
(24,713 |
) |
|
|
(23,785 |
) |
GAAP gross margin |
|
27,792 |
|
|
|
47,127 |
|
|
|
61,107 |
|
|
|
51,214 |
|
|
|
22,208 |
|
|
|
8,337 |
|
Depreciation, amortization and impairment |
|
25,976 |
|
|
|
26,025 |
|
|
|
24,918 |
|
|
|
24,746 |
|
|
|
24,713 |
|
|
|
23,785 |
|
Adjusted gross margin (1) |
$ |
53,768 |
|
|
$ |
73,152 |
|
|
$ |
86,025 |
|
|
$ |
75,960 |
|
|
$ |
46,921 |
|
|
$ |
32,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Drilling Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Less direct operating costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less depreciation, amortization and impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
GAAP gross margin |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation, amortization and impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted gross margin (1) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
$ |
18,985 |
|
|
$ |
20,807 |
|
|
$ |
20,202 |
|
|
$ |
21,814 |
|
|
$ |
20,828 |
|
|
$ |
17,515 |
|
Less direct operating costs |
|
(10,039 |
) |
|
|
(11,282 |
) |
|
|
(10,472 |
) |
|
|
(9,685 |
) |
|
|
(10,050 |
) |
|
|
(9,054 |
) |
Less depreciation, depletion, amortization and |
|
(9,304 |
) |
|
|
(7,323 |
) |
|
|
(6,001 |
) |
|
|
(7,920 |
) |
|
|
(6,494 |
) |
|
|
(6,081 |
) |
GAAP gross margin |
|
(358 |
) |
|
|
2,202 |
|
|
|
3,729 |
|
|
|
4,209 |
|
|
|
4,284 |
|
|
|
2,380 |
|
Depreciation, depletion, amortization and |
|
9,304 |
|
|
|
7,323 |
|
|
|
6,001 |
|
|
|
7,920 |
|
|
|
6,494 |
|
|
|
6,081 |
|
Adjusted gross margin (1) |
$ |
8,946 |
|
|
$ |
9,525 |
|
|
$ |
9,730 |
|
|
$ |
12,129 |
|
|
$ |
10,778 |
|
|
$ |
8,461 |
|