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Business Combinations (Tables) | 6 Months Ended
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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 |

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