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Business Segments (Table) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Financial Information for Reportable Segments | Summarized financial information for our reportable segments is as follows:
|  | Stimulation Services |  |  | Proppant Production |  |  | Manufacturing |  |  | Other |  |  | Eliminations |  |  | Total |
Year Ended December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers — services |  | $ | 1,886.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,886.7 |
External customers — product sales (1) |  |  | — |  |  |  | 181.5 |  |  |  | 50.8 |  |  |  | 71.9 |  |  |  | — |  |  |  | 304.2 |
Intercompany (2) |  |  | 27.7 |  |  |  | 65.0 |  |  |  | 172.0 |  |  |  | 123.6 |  |  |  | (388.3 | ) |  |  | — |
Total Revenue |  | $ | 1,914.4 |  |  | $ | 246.5 |  |  | $ | 222.8 |  |  | $ | 195.5 |  |  | $ | (388.3 | ) |  | $ | 2,190.9 |
Cost of revenues, exclusive of depreciation, depletion, and amortization |  |  | 1,394.8 |  |  |  | 137.6 |  |  |  | 190.5 |  |  |  | 152.5 |  |  |  | (380.3 | ) |  |  | 1,495.1 |
Selling, general and administrative, excluding stock-based compensation |  |  | 123.6 |  |  |  | 23.3 |  |  |  | 24.6 |  |  |  | 25.8 |  |  |  | — |  |  |  | 197.3 |
Other expense (income) |  |  | (2.7 | ) |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | (2.6 | )
Adjusted EBITDA (3) |  | $ | 398.7 |  |  | $ | 85.6 |  |  | $ | 7.6 |  |  | $ | 17.2 |  |  | $ | (8.0 | ) |  | $ | 501.1 |
Depreciation, depletion and amortization |  |  | 348.5 |  |  |  | 77.8 |  |  |  | 13.8 |  |  |  | 2.8 |  |  |  | (0.7 | ) |  |  | 442.2 |
Investment in property, plant & equipment |  |  | 216.8 |  |  |  | 23.5 |  |  |  | 8.6 |  |  |  | 10.8 |  |  |  | (4.7 | ) |  |  | 255.0 |
As of December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8.7 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 14.8 |
Total current assets |  |  | 466.9 |  |  |  | 71.4 |  |  |  | 255.3 |  |  |  | 95.3 |  |  |  | (314.8 | ) |  |  | 574.1 |
Property, plant, and equipment, net |  |  | 839.3 |  |  |  | 817.6 |  |  |  | 82.5 |  |  |  | 25.9 |  |  |  | (4.1 | ) |  |  | 1,761.2 |
Total assets (4) |  |  | 2,911.3 |  |  |  | 929.5 |  |  |  | 443.2 |  |  |  | 249.6 |  |  |  | (1,545.5 | ) |  |  | 2,988.1 |
Current portion of long-term debt |  |  | 87.5 |  |  |  | 65.5 |  |  |  | 6.8 |  |  |  | 4.8 |  |  |  | — |  |  |  | 164.6 |
Long-term debt |  |  | 649.1 |  |  |  | 278.0 |  |  |  | 17.3 |  |  |  | — |  |  |  | — |  |  |  | 944.4 |
Total liabilities |  |  | 1,891.4 |  |  |  | 124.2 |  |  |  | 360.7 |  |  |  | 103.9 |  |  |  | (631.7 | ) |  |  | 1,848.5 |
|  | Stimulation Services |  |  | Proppant Production |  |  | Manufacturing |  |  | Other |  |  | Eliminations |  |  | Total |
Year Ended December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers — services |  | $ | 2,274.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,274.2 |
External customers — product sales (1) |  |  | — |  |  |  | 270.2 |  |  |  | 19.0 |  |  |  | 66.6 |  |  |  | — |  |  |  | 355.8 |
Intercompany (2) |  |  | 17.0 |  |  |  | 113.1 |  |  |  | 157.1 |  |  |  | 126.4 |  |  |  | (413.6 | ) |  |  | — |
Total Revenue |  | $ | 2,291.2 |  |  | $ | 383.3 |  |  | $ | 176.1 |  |  | $ | 193.0 |  |  | $ | (413.6 | ) |  | $ | 2,630.0 |
Cost of revenues, exclusive of depreciation, depletion, and amortization |  |  | 1,668.9 |  |  |  | 171.6 |  |  |  | 147.0 |  |  |  | 166.2 |  |  |  | (413.6 | ) |  |  | 1,740.1 |
Selling, general and administrative, excluding stock-based compensation |  |  | 147.0 |  |  |  | 13.8 |  |  |  | 14.6 |  |  |  | 28.4 |  |  |  | — |  |  |  | 203.8 |
Other expense (income) |  |  | (2.1 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | 0.0 |  |  |  | — |  |  |  | (2.3 | )
Adjusted EBITDA (3) |  | $ | 477.4 |  |  | $ | 198.1 |  |  | $ | 14.5 |  |  | $ | (1.6 | ) |  | $ | — |  |  | $ | 688.4 |
Depreciation, depletion and amortization |  |  | 363.0 |  |  |  | 68.1 |  |  |  | 4.2 |  |  |  | 3.1 |  |  |  | — |  |  | $ | 438.4 |
Investment in property, plant & equipment |  |  | 221.8 |  |  |  | 40.9 |  |  |  | 3.3 |  |  |  | 1.0 |  |  |  | — |  |  | $ | 267.0 |
As of December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1.3 |  |  | $ | 17.7 |  |  | $ | 0.4 |  |  | $ | 5.9 |  |  | $ | — |  |  | $ | 25.3 |
Total current assets |  |  | 445.8 |  |  |  | 181.2 |  |  |  | 164.7 |  |  |  | 70.6 |  |  |  | (224.2 | ) |  |  | 638.1 |
Property, plant, and equipment, net |  |  | 881.6 |  |  |  | 859.8 |  |  |  | 19.8 |  |  |  | 17.8 |  |  |  | — |  |  |  | 1,779.0 |
Total assets (4) |  |  | 2,483.9 |  |  |  | 1,160.1 |  |  |  | 243.9 |  |  |  | 188.7 |  |  |  | (1,005.9 | ) |  |  | 3,070.7 |
Current portion of long-term debt |  |  | 46.2 |  |  |  | 71.6 |  |  |  | 1.0 |  |  |  | 7.6 |  |  |  | — |  |  |  | 126.4 |
Long-term debt |  |  | 611.2 |  |  |  | 328.2 |  |  |  | 2.6 |  |  |  | 0.1 |  |  |  | — |  |  |  | 942.1 |
Total liabilities |  |  | 1,404.5 |  |  |  | 225.7 |  |  |  | 201.5 |  |  |  | 55.5 |  |  |  | (145.1 | ) |  |  | 1,742.1 |
Year Ended December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers — services |  | $ | 2,341.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,341.5 |
External customers — product sales (1) |  |  | — |  |  |  | 33.9 |  |  |  | 13.1 |  |  |  | 37.1 |  |  |  | — |  |  |  | 84.1 |
Intercompany (2) |  |  | 7.2 |  |  |  | 56.1 |  |  |  | 153.6 |  |  |  | 74.7 |  |  |  | (291.6 | ) |  |  | — |
Total Revenue |  | $ | 2,348.7 |  |  | $ | 90.0 |  |  | $ | 166.7 |  |  | $ | 111.8 |  |  | $ | (291.6 | ) |  | $ | 2,425.6 |
Cost of revenues, exclusive of depreciation, depletion, and amortization |  |  | 1,451.3 |  |  |  | 40.7 |  |  |  | 137.9 |  |  |  | 118.5 |  |  |  | (291.6 | ) |  |  | 1,456.8 |
Selling, general and administrative, excluding stock-based compensation |  |  | 122.6 |  |  |  | 3.2 |  |  |  | 14.4 |  |  |  | 17.4 |  |  |  | — |  |  |  | 157.6 |
Other expense (income) |  |  | (0.7 | ) |  |  | 0.4 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | — |  |  |  | (0.0 | )
Adjusted EBITDA (3) |  | $ | 775.5 |  |  | $ | 45.7 |  |  | $ | 14.3 |  |  | $ | (24.3 | ) |  | $ | — |  |  | $ | 811.2 |
Depreciation, depletion and amortization |  | $ | 246.4 |  |  | $ | 14.2 |  |  | $ | 4.7 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 267.3 |
Investment in property, plant & equipment |  | $ | 297.8 |  |  | $ | 52.5 |  |  | $ | 5.5 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 356.2 |
(1) Our Proppant Production segment recognized noncash revenue associated with acquired contract liabilities of $43.7, $57.5 million and $6.6 million in 2024, 2023 and 2022, respectively. (2) In our other business activities, Flotek recorded $32.5 million and $20.1 million of revenue in 2024 and 2023, respectively, related to contract shortfalls because the Stimulation Services segment did not purchase the minimum contractual commitment of chemistry products from Flotek. (3) Adjusted EBITDA for the stimulated services segment included an intercompany supply commitment charge of $32.5 million and $20.1 million in 2024 and 2023, respectively, because this segment did not purchase the minimum contractual commitment of chemistry products from Flotek. (4) Total assets for the Stimulation Services segment includes our investment in BPC prior to acquisition, which was $23.4 million and $53.6 as of December 31, 2023 and 2022, respectively. The gains and losses associated with this investment are not included in our segment profit measure of adjusted EBITDA. The following table reconciles consolidated Adjusted EBITDA to net income (loss):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Adjusted EBITDA of reportable segments |  | $ | 501.1 |  |  | $ | 688.4 |  |  | $ | 811.2 |
Interest expense, net |  |  | (156.6 | ) |  |  | (154.9 | ) |  |  | (59.5 | )
Depreciation, depletion and amortization |  |  | (442.2 | ) |  |  | (438.4 | ) |  |  | (267.3 | )
Income tax benefit (expense) |  |  | 7.0 |  |  |  | (1.2 | ) |  |  | (9.1 | )
Gain (loss) on disposal of assets, net |  |  | (0.3 | ) |  |  | 1.7 |  |  |  | (2.1 | )
Loss on extinguishment of debt |  |  | (0.8 | ) |  |  | (33.5 | ) |  |  | (17.6 | )
Acquisition earnout adjustment |  |  | — |  |  |  | 6.6 |  |  |  | — |
Stock-based compensation (1) |  |  | (7.3 | ) |  |  | (10.1 | ) |  |  | (8.1 | )
Stock-based compensation related to deemed contributions (1) |  |  | — |  |  |  | (19.7 | ) |  |  | (59.3 | )
Provision for credit losses, net of recoveries |  |  | — |  |  |  | (0.1 | ) |  |  | (1.9 | )
Transaction costs |  |  | (3.9 | ) |  |  | — |  |  |  | — |
Severance charges |  |  | (2.5 | ) |  |  | (1.1 | ) |  |  | — |
Acquisition and integration costs |  |  | (7.8 | ) |  |  | (21.8 | ) |  |  | (48.8 | )
Supply commitment charges |  |  | (9.6 | ) |  |  | — |  |  |  | — |
Impairment of long-lived assets |  |  | — |  |  |  | (2.5 | ) |  |  | — |
Impairment of goodwill |  |  | (74.5 | ) |  |  | — |  |  |  | — |
Gain on insurance recoveries |  |  | 4.9 |  |  |  | — |  |  |  | — |
Litigation expenses and accruals for legal contingencies |  |  | (15.7 | ) |  |  | (34.1 | ) |  |  | (11.3 | )
Unrealized gain (loss) on investments, net |  |  | 0.4 |  |  |  | (38.5 | ) |  |  | 16.5 |
Net income (loss) |  | $ | (207.8 | ) |  | $ | (59.2 | ) |  | $ | 342.7 |
(1) Stock-based compensation and stock-based compensation related to deemed contributions are reported in “Selling, general and administrative” in the consolidated statements of operations and are not allocated to the segments.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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