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Reportable Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Reconciliation of Segment Information | The following tables set forth certain financial information with respect to the Company’s reportable segments; inter-segment revenues are shown under "Reconciling Items" (in thousands):
|  | Three Months Ended September 30, 2024
|  | Hydraulic Fracturing |  | Wireline |  | All Other |  | Reconciling Items |  | Total
Service revenue |  | $ | 274,138 |  |  | $ | 47,958 |  |  | $ | 38,920 |  |  | $ | (148) |  |  | $ | 360,868 |
Adjusted EBITDA for reportable segments |  | $ | 66,166 |  |  | $ | 9,194 |  |  | $ | 8,989 |  |  | $ | — |  |  | $ | 84,349 |
Depreciation and amortization |  | $ | 46,752 |  |  | $ | 5,260 |  |  | $ | 2,264 |  |  | $ | 23 |  |  | $ | 54,299 |
Impairment expense (1) |  | $ | 188,601 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 188,601 |
Capital expenditures incurred |  | $ | 33,465 |  |  | $ | 1,757 |  |  | $ | 1,575 |  |  | $ | 38 |  |  | $ | 36,835 |
Goodwill |  | $ | 3,130 |  |  | $ | 23,624 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,754 |
Total assets September 30, 2024 |  | $ | 953,914 |  |  | $ | 197,599 |  |  | $ | 75,259 |  |  | $ | 53,438 |  |  | $ | 1,280,210 |
|  | Three Months Ended September 30, 2023
|  | Hydraulic Fracturing |  | Wireline |  | All Other |  | Reconciling Items |  | Total
Service revenue |  | $ | 340,089 |  |  | $ | 52,775 |  |  | $ | 30,940 |  |  | $ | — |  |  | $ | 423,804 |
Adjusted EBITDA for reportable segments |  | $ | 99,586 |  |  | $ | 14,011 |  |  | $ | 6,375 |  |  | $ | — |  |  | $ | 119,972 |
Depreciation and amortization (2) |  | $ | 39,098 |  |  | $ | 4,860 |  |  | $ | 1,363 |  |  | $ | 40 |  |  | $ | 45,361 |
Capital expenditures incurred |  | $ | 52,713 |  |  | $ | 5,488 |  |  | $ | 880 |  |  | $ | — |  |  | $ | 59,081 |
Goodwill |  | $ | — |  |  | $ | 23,624 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,624 |
Total assets at December 31, 2023 |  | $ | 1,189,526 |  |  | $ | 198,957 |  |  | $ | 78,475 |  |  | $ | 13,354 |  |  | $ | 1,480,312 |
|  | Nine Months Ended September 30, 2024
|  | Hydraulic Fracturing |  | Wireline |  | All Other |  | Reconciling Items |  | Total
Service revenue |  | $ | 855,066 |  |  | $ | 157,966 |  |  | $ | 110,935 |  |  | $ | (235) |  |  | $ | 1,123,732 |
Adjusted EBITDA for reportable segments |  | $ | 215,995 |  |  | $ | 36,687 |  |  | $ | 20,433 |  |  | $ | — |  |  | $ | 273,115 |
Depreciation and amortization |  | $ | 141,828 |  |  | $ | 15,304 |  |  | $ | 6,813 |  |  | $ | 82 |  |  | $ | 164,027 |
Impairment expense (1) |  | $ | 188,601 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 188,601 |
Capital expenditures incurred |  | $ | 95,084 |  |  | $ | 6,086 |  |  | $ | 7,417 |  |  | $ | 38 |  |  | $ | 108,625 |
Goodwill |  | $ | 3,130 |  |  | $ | 23,624 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,754 |
Total assets at September 30, 2024 |  | $ | 953,914 |  |  | $ | 197,599 |  |  | $ | 75,259 |  |  | $ | 53,438 |  |  | $ | 1,280,210 |
|  | Nine Months Ended September 30, 2023
|  | Hydraulic Fracturing |  | Wireline |  | All Other |  | Reconciling Items |  | Total
Service revenue |  | $ | 1,018,074 |  |  | $ | 179,182 |  |  | $ | 85,367 |  |  | $ | — |  |  | $ | 1,282,623 |
Adjusted EBITDA for reportable segments |  | $ | 308,448 |  |  | $ | 50,667 |  |  | $ | 16,861 |  |  | $ | — |  |  | $ | 375,976 |
Depreciation and amortization (2) |  | $ | 106,587 |  |  | $ | 13,862 |  |  | $ | 4,104 |  |  | $ | 196 |  |  | $ | 124,749 |
Capital expenditures incurred |  | $ | 256,350 |  |  | $ | 10,887 |  |  | $ | 4,247 |  |  | $ | — |  |  | $ | 271,484 |
Goodwill |  | $ | — |  |  | $ | 23,624 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,624 |
Total assets at December 31, 2023 |  | $ | 1,189,526 |  |  | $ | 198,957 |  |  | $ | 78,475 |  |  | $ | 13,354 |  |  | $ | 1,480,312 |
(1)Represents noncash impairment expense on our Tier II Units. (2)The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amounts of $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. A reconciliation from reportable segment level financial information to the condensed consolidated statement of operations is provided in the table below (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Service Revenue |  |  |  |  |  |  |
Hydraulic Fracturing | $ | 274,138 |  |  | $ | 340,089 |  |  | $ | 855,066 |  |  | $ | 1,018,074 |
Wireline | 47,958 |  |  | 52,775 |  |  | 157,966 |  |  | 179,182 |
All Other | 38,920 |  |  | 30,940 |  |  | 110,935 |  |  | 85,367 |
Total service revenue for reportable segments | 361,016 |  |  | 423,804 |  |  | 1,123,967 |  |  | 1,282,623 |
Elimination of inter-segment service revenue | (148) |  |  | — |  |  | (235) |  |  | — |
Total consolidated service revenue | $ | 360,868 |  |  | $ | 423,804 |  |  | $ | 1,123,732 |  |  | $ | 1,282,623 |
Adjusted EBITDA |  |  |  |  |  |  |
Hydraulic Fracturing | $ | 66,166 |  |  | $ | 99,586 |  |  | $ | 215,995 |  |  | $ | 308,448 |
Wireline | 9,194 |  |  | 14,011 |  |  | 36,687 |  |  | 50,667 |
All Other | 8,989 |  |  | 6,375 |  |  | 20,433 |  |  | 16,861 |
Total Adjusted EBITDA for reportable segments | 84,349 |  |  | 119,972 |  |  | 273,115 |  |  | 375,976 |
Unallocated corporate administrative expenses | (13,219) |  |  | (12,258) |  |  | (42,529) |  |  | (36,284) |
Depreciation and amortization (1) | (54,299) |  |  | (45,361) |  |  | (164,027) |  |  | (124,749) |
Impairment expense (2) | (188,601) |  |  | — |  |  | (188,601) |  |  | — |
Interest expense | (1,939) |  |  | (1,169) |  |  | (5,933) |  |  | (3,016) |
Income tax benefit (expense) | 41,365 |  |  | (10,644) |  |  | 28,041 |  |  | (31,118) |
Loss on disposal of assets (1) | (2,149) |  |  | (12,673) |  |  | (11,884) |  |  | (62,117) |
Stock-based compensation | (4,615) |  |  | (3,310) |  |  | (12,975) |  |  | (10,604) |
Other income (expense), net (3) | 3,599 |  |  | 1,883 |  |  | 7,408 |  |  | (1,749) |
Other general and administrative expense, net | (346) |  |  | (450) |  |  | (1,517) |  |  | (1,659) |
Retention bonus and severance expense | (1,212) |  |  | (1,237) |  |  | (1,895) |  |  | (1,937) |
Net (loss) income | $ | (137,067) |  |  | $ | 34,753 |  |  | $ | (120,797) |  |  | $ | 102,743 |
(1)The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amounts of $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. (2)Represents noncash impairment expense on our Tier II Units. (3)Other income for the three months ended September 30, 2024 is primarily comprised of tax refunds totaling $1.8 million and a $1.8 million decrease in the estimated fair value of the contingent consideration payable on our acquisition of AquaProp. Other income for the nine months ended September 30, 2024 is primarily comprised of tax refunds totaling $3.6 million, insurance reimbursements of $2.0 million and a $1.8 million decrease in the estimated fair value of the contingent consideration payable on our acquisition of AquaProp. Other income for the three months ended September 30, 2023 is primarily comprised of a $1.8 million unrealized gain on short-term investment. Other expense for the nine months ended September 30, 2023 is primarily comprised of a $2.1 million unrealized loss on short-term investment.

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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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