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v3.23.2

Reportable Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedules of Concentration of Risk, by Risk Factor | A breakout of our Completion Services revenue by operating segment for the three and six months ended June 30, 2023 and 2022 is presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Hydraulic fracturing revenue |  | 78.9 | % |  | 92.9 | % |  | 78.9 | % |  | 93.2 | %
Cementing revenue |  | 6.4 | % |  | 7.1 | % |  | 6.4 | % |  | 6.8 | %
Wireline revenue |  | 14.7 | % |  | — | % |  | 14.7 | % |  | — | %
Total Completion Services revenue |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Reconciliation of Segment Information | A reconciliation from segment level financial information to the consolidated statements of operations is provided in the table below (in thousands):
|  | Three Months Ended June 30, 2023
|  | Completion Services |  | All Other |  | Total
Service revenue |  | $ | 435,249 |  |  | $ | — |  |  | $ | 435,249 |
Adjusted EBITDA |  | $ | 112,813 |  |  | $ | — |  |  | $ | 112,813 |
Depreciation and amortization |  | $ | 52,889 |  |  | $ | — |  |  | $ | 52,889 |
Capital expenditures |  | $ | 115,233 |  |  | $ | — |  |  | $ | 115,233 |
Goodwill at June 30, 2023 |  | $ | 23,624 |  |  | $ | — |  |  | $ | 23,624 |
Total assets at June 30, 2023 |  | $ | 1,433,379 |  |  | $ | — |  |  | $ | 1,433,379 |
|  | Three Months Ended June 30, 2022
|  | Completion Services |  | All Other |  | Total
Service revenue |  | $ | 309,445 |  |  | $ | 5,638 |  |  | $ | 315,083 |
Adjusted EBITDA |  | $ | 75,842 |  |  | $ | 105 |  |  | $ | 75,947 |
Depreciation and amortization |  | $ | 40,131 |  |  | $ | 838 |  |  | $ | 40,969 |
Capital expenditures |  | $ | 88,842 |  |  | $ | 239 |  |  | $ | 89,081 |
Total assets December 31, 2022 |  | $ | 1,335,501 |  |  | $ | 285 |  |  | $ | 1,335,786 |
|  | Six Months Ended June 30, 2023
|  | Completion Services |  | All Other |  | Total
Service revenue |  | $ | 858,819 |  |  | $ | — |  |  | $ | 858,819 |
Adjusted EBITDA |  | $ | 231,978 |  |  | $ | — |  |  | $ | 231,978 |
Depreciation and amortization |  | $ | 103,687 |  |  | $ | — |  |  | $ | 103,687 |
Capital expenditures |  | $ | 212,403 |  |  | $ | — |  |  | $ | 212,403 |
Goodwill at June 30, 2023 |  | $ | 23,624 |  |  | $ | — |  |  | $ | 23,624 |
Total assets June 30, 2023 |  | $ | 1,433,379 |  |  | $ | — |  |  | $ | 1,433,379 |
|  | Six Months Ended June 30, 2022
|  | Completion Services |  | All Other |  | Total
Service revenue |  | $ | 586,557 |  |  | $ | 11,206 |  |  | $ | 597,763 |
Adjusted EBITDA |  | $ | 141,814 |  |  | $ | 666 |  |  | $ | 142,480 |
Depreciation and amortization |  | $ | 77,293 |  |  | $ | 1,680 |  |  | $ | 78,973 |
Capital expenditures |  | $ | 160,444 |  |  | $ | 365 |  |  | $ | 160,809 |
Total assets December 31, 2022 |  | $ | 1,335,501 |  |  | $ | 285 |  |  | $ | 1,335,786 |
Reconciliation of net income (loss) to adjusted EBITDA (in thousands):
|  | Three Months Ended June 30, 2023
|  | Completion Services |  | All Other |  | Total
Net income |  | $ | 39,257 |  |  | $ | — |  |  | $ | 39,257 |
Depreciation and amortization |  | 52,889 |  |  | — |  |  | 52,889 |
Interest expense |  | 1,180 |  |  | — |  |  | 1,180 |
Income tax expense |  | 12,118 |  |  | — |  |  | 12,118 |
Loss on disposal of assets |  | 3,065 |  |  | — |  |  | 3,065 |
Stock-based compensation |  | 3,758 |  |  | — |  |  | 3,758 |
Other income (1) |  | (72) |  |  | — |  |  | (72) |
Other general and administrative expense, (net) (2) |  | 263 |  |  | — |  |  | 263 |
Retention bonus and severance expense |  | 355 |  |  | — |  |  | 355 |
Adjusted EBITDA |  | $ | 112,813 |  |  | $ | — |  |  | $ | 112,813 |
|  | Three Months Ended June 30, 2022
|  | Completion Services |  | All Other |  | Total
Net loss |  | $ | (32,119) |  |  | $ | (741) |  |  | $ | (32,860) |
Depreciation and amortization |  | 40,131 |  |  | 838 |  |  | 40,969 |
Impairment expense |  | 57,454 |  |  | — |  |  | 57,454 |
Interest expense |  | 669 |  |  | — |  |  | 669 |
Income tax benefit |  | (8,069) |  |  | — |  |  | (8,069) |
Loss on disposal of assets |  | 12,970 |  |  | 8 |  |  | 12,978 |
Stock-based compensation |  | 3,458 |  |  | — |  |  | 3,458 |
Other income |  | (6) |  |  | — |  |  | (6) |
Other general and administrative expense, (net) (2) |  | 1,345 |  |  | — |  |  | 1,345 |
Severance expense |  | 9 |  |  | — |  |  | 9 |
Adjusted EBITDA |  | $ | 75,842 |  |  | $ | 105 |  |  | $ | 75,947 |
|  | Six Months Ended June 30, 2023
|  | Completion Services |  | All Other |  | Total
Net income |  | $ | 67,990 |  |  | $ | — |  |  | $ | 67,990 |
Depreciation and amortization |  | 103,687 |  |  | — |  |  | 103,687 |
Interest expense |  | 1,847 |  |  | — |  |  | 1,847 |
Income tax expense |  | 20,474 |  |  | — |  |  | 20,474 |
Loss on disposal of assets |  | 25,145 |  |  | — |  |  | 25,145 |
Stock-based compensation |  | 7,294 |  |  | — |  |  | 7,294 |
Other expense (1) |  | 3,632 |  |  | — |  |  | 3,632 |
Other general and administrative expense, (net) (2) |  | 1,209 |  |  | — |  |  | 1,209 |
Severance expense |  | 700 |  |  | — |  |  | 700 |
Adjusted EBITDA |  | $ | 231,978 |  |  | $ | — |  |  | $ | 231,978 |
|  | Six Months Ended June 30, 2022
|  | Completion Services |  | All Other |  | Total
Net loss |  | $ | (20,036) |  |  | $ | (1,007) |  |  | $ | (21,043) |
Depreciation and amortization |  | 77,293 |  |  | 1,680 |  |  | 78,973 |
Impairment expense |  | 57,454 |  |  | — |  |  | 57,454 |
Interest expense |  | 803 |  |  | — |  |  | 803 |
Income tax benefit |  | (3,932) |  |  | — |  |  | (3,932) |
Loss (gain) on disposal of assets |  | 22,954 |  |  | (7) |  |  | 22,947 |
Stock-based compensation |  | 14,822 |  |  | — |  |  | 14,822 |
Other income (3) |  | (10,364) |  |  | — |  |  | (10,364) |
Other general and administrative expense, (net) (2) |  | 2,791 |  |  | — |  |  | 2,791 |
Severance expense |  | 29 |  |  | — |  |  | 29 |
Adjusted EBITDA |  | $ | 141,814 |  |  | $ | 666 |  |  | $ | 142,480 |
(1)Includes unrealized loss on short-term investment of $0.1 million and $3.9 million for the three and six months ended June 30, 2023, respectively. (2)Other general and administrative expense, (net of reimbursement from insurance carriers) primarily relates to nonrecurring professional fees paid to external consultants in connection with our audit committee review, SEC investigation, shareholder litigation, legal settlement to a vendor and other legal matters, net of insurance recoveries. During the three and six months ended June 30, 2023, we received reimbursement of approximately $0 and $0.3 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. During the three and six months ended June 30, 2022, we received reimbursement of approximately $2.4 million and $3.5 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. See "Note 13 - Commitments and Contingencies—Contingent Liabilities—Legal Matters" for further information. (3)Includes a $10.7 million net tax refund (net of advisory fees) received in March 2022 from the Texas Comptroller of Public Accounts in connection with limited sales, excise and use tax audit of the period July 1, 2015 through December 31, 2018.

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