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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ProPetro Holding Corp | NYSE:PUMP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.10% | 9.59 | 9.675 | 9.56 | 9.56 | 133,982 | 15:12:01 |
ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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26-3685382
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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ý
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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ý
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Page
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June 30, 2018
|
|
December 31, 2017
|
||||
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|
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|
||||
ASSETS
|
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
27,103
|
|
|
$
|
23,949
|
|
Accounts receivable - net of allowance for doubtful accounts of $457 and $443, respectively
|
|
316,498
|
|
|
199,656
|
|
||
Inventories
|
|
7,744
|
|
|
6,184
|
|
||
Prepaid expenses
|
|
3,451
|
|
|
5,123
|
|
||
Other current assets
|
|
1,131
|
|
|
748
|
|
||
Total current assets
|
|
355,927
|
|
|
235,660
|
|
||
PROPERTY AND EQUIPMENT - Net of accumulated depreciation
|
|
551,253
|
|
|
470,910
|
|
||
OTHER NONCURRENT ASSETS:
|
|
|
|
|
||||
Goodwill
|
|
9,425
|
|
|
9,425
|
|
||
Intangible assets - net of amortization
|
|
157
|
|
|
301
|
|
||
Deferred revenue rebate - net of amortization
|
|
—
|
|
|
615
|
|
||
Other noncurrent assets
|
|
2,253
|
|
|
2,121
|
|
||
Total other noncurrent assets
|
|
11,835
|
|
|
12,462
|
|
||
TOTAL ASSETS
|
|
$
|
919,015
|
|
|
$
|
719,032
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
268,562
|
|
|
$
|
211,149
|
|
Accrued and other current liabilities
|
|
26,329
|
|
|
16,607
|
|
||
Current portion of long-term debt
|
|
10,716
|
|
|
15,764
|
|
||
Accrued interest payable
|
|
506
|
|
|
76
|
|
||
Total current liabilities
|
|
306,113
|
|
|
243,596
|
|
||
DEFERRED INCOME TAXES
|
|
26,473
|
|
|
4,881
|
|
||
LONG-TERM DEBT
|
|
95,000
|
|
|
57,178
|
|
||
OTHER LONG-TERM LIABILITIES
|
|
126
|
|
|
125
|
|
||
Total liabilities
|
|
427,712
|
|
|
305,780
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 9)
|
|
|
|
|
|
|
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SHAREHOLDERS’ EQUITY:
|
|
|
|
|
||||
Common stock, $0.001 par value, 200,000,000 shares authorized,
83,543,646 and 83,039,854 shares issued, respectively
|
|
84
|
|
|
83
|
|
||
Additional paid-in capital
|
|
609,717
|
|
|
607,466
|
|
||
Accumulated deficit
|
|
(118,498
|
)
|
|
(194,297
|
)
|
||
Total shareholders’ equity
|
|
491,303
|
|
|
413,252
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
919,015
|
|
|
$
|
719,032
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
REVENUE - Service revenue
|
|
$
|
459,888
|
|
|
$
|
213,492
|
|
|
$
|
845,107
|
|
|
$
|
385,423
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Cost of services (exclusive of depreciation and amortization)
|
|
351,888
|
|
|
176,777
|
|
|
650,010
|
|
|
326,342
|
|
||||
General and administrative (inclusive of stock-based compensation)
|
|
14,178
|
|
|
7,916
|
|
|
26,122
|
|
|
27,776
|
|
||||
Depreciation and amortization
|
|
21,276
|
|
|
12,706
|
|
|
40,211
|
|
|
23,857
|
|
||||
Loss on disposal of assets
|
|
18,990
|
|
|
9,787
|
|
|
26,655
|
|
|
20,229
|
|
||||
Total costs and expenses
|
|
406,332
|
|
|
207,186
|
|
|
742,998
|
|
|
398,204
|
|
||||
OPERATING INCOME (LOSS)
|
|
53,556
|
|
|
6,306
|
|
|
102,109
|
|
|
(12,781
|
)
|
||||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(2,231
|
)
|
|
(650
|
)
|
|
(3,492
|
)
|
|
(5,825
|
)
|
||||
Other income (expense)
|
|
(182
|
)
|
|
(627
|
)
|
|
(412
|
)
|
|
(602
|
)
|
||||
Total other income (expense)
|
|
(2,413
|
)
|
|
(1,277
|
)
|
|
(3,904
|
)
|
|
(6,427
|
)
|
||||
INCOME (LOSS) BEFORE INCOME TAXES
|
|
51,143
|
|
|
5,029
|
|
|
98,205
|
|
|
(19,208
|
)
|
||||
INCOME TAX EXPENSE
|
|
(12,052
|
)
|
|
(108
|
)
|
|
(22,406
|
)
|
|
(223
|
)
|
||||
NET INCOME (LOSS)
|
|
$
|
39,091
|
|
|
$
|
4,921
|
|
|
$
|
75,799
|
|
|
$
|
(19,431
|
)
|
NET INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.47
|
|
|
$
|
0.06
|
|
|
$
|
0.91
|
|
|
$
|
(0.28
|
)
|
Diluted
|
|
$
|
0.45
|
|
|
$
|
0.06
|
|
|
$
|
0.87
|
|
|
$
|
(0.28
|
)
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
83,447
|
|
|
83,040
|
|
|
83,265
|
|
|
69,593
|
|
||||
Diluted
|
|
86,878
|
|
|
86,279
|
|
|
87,124
|
|
|
69,593
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|||||||||||
|
|
Shares
|
|
Amount
|
|
Additional Paid-In Capital
|
|
Accumulated Deficit
|
|
Total
|
|||||||||
BALANCE - January 1, 2018
|
|
83,040
|
|
|
$
|
83
|
|
|
$
|
607,466
|
|
|
$
|
(194,297
|
)
|
|
$
|
413,252
|
|
Stock-based compensation cost
|
|
—
|
|
|
—
|
|
|
2,201
|
|
|
—
|
|
|
2,201
|
|
||||
Issuance of equity awards, net
|
|
504
|
|
|
1
|
|
|
50
|
|
|
—
|
|
|
51
|
|
||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,799
|
|
|
75,799
|
|
||||
BALANCE - June 30, 2018
|
|
83,544
|
|
|
$
|
84
|
|
|
$
|
609,717
|
|
|
$
|
(118,498
|
)
|
|
$
|
491,303
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
75,799
|
|
|
$
|
(19,431
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
40,211
|
|
|
23,857
|
|
||
Deferred income tax expense
|
|
21,592
|
|
|
111
|
|
||
Amortization of deferred revenue rebate
|
|
615
|
|
|
923
|
|
||
Amortization of deferred debt issuance costs
|
|
191
|
|
|
3,240
|
|
||
Stock-based compensation
|
|
2,201
|
|
|
7,978
|
|
||
Loss on disposal of fixed assets
|
|
27,804
|
|
|
20,229
|
|
||
Gain on interest rate swap
|
|
—
|
|
|
(199
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
(116,843
|
)
|
|
(32,641
|
)
|
||
Other current assets
|
|
(383
|
)
|
|
3,423
|
|
||
Inventories
|
|
(1,559
|
)
|
|
(107
|
)
|
||
Prepaid expenses
|
|
1,708
|
|
|
(2,321
|
)
|
||
Accounts payable
|
|
59,109
|
|
|
(2,812
|
)
|
||
Accrued and other current liabilities
|
|
12,941
|
|
|
(2,605
|
)
|
||
Accrued interest
|
|
1,056
|
|
|
(108
|
)
|
||
Net cash provided by (used in) operating activities
|
|
124,442
|
|
|
(463
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Capital expenditures
|
|
(152,191
|
)
|
|
(112,630
|
)
|
||
Proceeds from sale of assets
|
|
2,282
|
|
|
1,229
|
|
||
Net cash used in investing activities
|
|
(149,909
|
)
|
|
(111,401
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Proceeds from borrowings
|
|
57,378
|
|
|
232
|
|
||
Repayments of borrowings
|
|
(25,230
|
)
|
|
(163,128
|
)
|
||
Repayments of insurance financing
|
|
(3,218
|
)
|
|
(2,476
|
)
|
||
Payment of debt issuance costs
|
|
(360
|
)
|
|
(1,653
|
)
|
||
Proceeds from exercise of equity awards
|
|
51
|
|
|
—
|
|
||
Proceeds from IPO
|
|
—
|
|
|
185,500
|
|
||
Payment of IPO costs
|
|
—
|
|
|
(15,099
|
)
|
||
Net cash provided by financing activities
|
|
28,621
|
|
|
3,376
|
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
3,154
|
|
|
(108,488
|
)
|
||
CASH AND CASH EQUIVALENTS - Beginning of period
|
|
23,949
|
|
|
133,596
|
|
||
CASH AND CASH EQUIVALENTS - End of period
|
|
$
|
27,103
|
|
|
$
|
25,108
|
|
|
|
|
|
Estimated fair value measurements
|
|
|
||||||||||||||
|
|
Balance
|
|
Quoted prices in active market
(Level 1)
|
|
Significant other observable inputs (Level 2)
|
|
Significant other unobservable inputs (Level 3)
|
|
Total gains
(losses)
|
||||||||||
($ in thousands)
|
||||||||||||||||||||
June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Goodwill
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Goodwill
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
($ in thousands)
|
|
2018
|
|
2017
|
||||
ABL Credit Facility
|
|
$
|
95,000
|
|
|
$
|
55,000
|
|
Equipment financing
|
|
10,716
|
|
|
17,942
|
|
||
Total debt
|
|
105,716
|
|
|
72,942
|
|
||
Less deferred loan costs, net of amortization
|
|
—
|
|
|
—
|
|
||
Subtotal
|
|
105,716
|
|
|
72,942
|
|
||
Less current portion of long-term debt
|
|
10,716
|
|
|
15,764
|
|
||
Total long-term debt, net of deferred loan costs
|
|
$
|
95,000
|
|
|
$
|
57,178
|
|
|
|
Three Months Ended June 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Service revenue
|
|
$
|
445,805
|
|
|
$
|
14,083
|
|
|
$
|
459,888
|
|
Adjusted EBITDA
|
|
$
|
97,818
|
|
|
$
|
(1,850
|
)
|
|
$
|
95,968
|
|
Depreciation and amortization
|
|
$
|
20,042
|
|
|
$
|
1,234
|
|
|
$
|
21,276
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
68,106
|
|
|
$
|
2,437
|
|
|
$
|
70,543
|
|
Total assets
|
|
$
|
881,347
|
|
|
$
|
37,668
|
|
|
$
|
919,015
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Service revenue
|
|
$
|
203,591
|
|
|
$
|
9,901
|
|
|
$
|
213,492
|
|
Adjusted EBITDA
|
|
$
|
31,362
|
|
|
$
|
(706
|
)
|
|
$
|
30,656
|
|
Depreciation and amortization
|
|
$
|
11,596
|
|
|
$
|
1,110
|
|
|
$
|
12,706
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
86,302
|
|
|
$
|
1,047
|
|
|
$
|
87,349
|
|
Total assets at December 31, 2017
|
|
$
|
688,279
|
|
|
$
|
30,753
|
|
|
$
|
719,032
|
|
|
|
Six Months Ended June 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Service revenue
|
|
$
|
820,850
|
|
|
$
|
24,257
|
|
|
$
|
845,107
|
|
Adjusted EBITDA
|
|
$
|
176,881
|
|
|
$
|
(4,169
|
)
|
|
$
|
172,712
|
|
Depreciation and amortization
|
|
$
|
37,805
|
|
|
$
|
2,406
|
|
|
$
|
40,211
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
145,540
|
|
|
$
|
4,956
|
|
|
$
|
150,496
|
|
Total assets
|
|
$
|
881,347
|
|
|
$
|
37,668
|
|
|
$
|
919,015
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Service revenue
|
|
$
|
367,431
|
|
|
$
|
17,992
|
|
|
$
|
385,423
|
|
Adjusted EBITDA
|
|
$
|
48,283
|
|
|
$
|
(1,399
|
)
|
|
$
|
46,884
|
|
Depreciation and amortization
|
|
$
|
21,591
|
|
|
$
|
2,266
|
|
|
$
|
23,857
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
141,345
|
|
|
$
|
2,466
|
|
|
$
|
143,811
|
|
Total assets at December 31, 2017
|
|
$
|
688,279
|
|
|
$
|
30,753
|
|
|
$
|
719,032
|
|
|
|
Three Months Ended June 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
57,524
|
|
|
$
|
(18,433
|
)
|
|
$
|
39,091
|
|
Depreciation and amortization
|
|
20,042
|
|
|
1,234
|
|
|
21,276
|
|
|||
Interest expense
|
|
—
|
|
|
2,231
|
|
|
2,231
|
|
|||
Income tax expense
|
|
—
|
|
|
12,052
|
|
|
12,052
|
|
|||
Loss/(gain) on disposal of assets
|
|
19,823
|
|
|
(833
|
)
|
|
18,990
|
|
|||
Stock-based compensation
|
|
—
|
|
|
1,443
|
|
|
1,443
|
|
|||
Other expense
|
|
—
|
|
|
182
|
|
|
182
|
|
|||
Other general and administrative expense
(1)
|
|
2
|
|
|
16
|
|
|
18
|
|
|||
Deferred IPO bonus expense
|
|
427
|
|
|
258
|
|
|
685
|
|
|||
Adjusted EBITDA
|
|
$
|
97,818
|
|
|
$
|
(1,850
|
)
|
|
$
|
95,968
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
9,633
|
|
|
$
|
(4,712
|
)
|
|
$
|
4,921
|
|
Depreciation and amortization
|
|
11,596
|
|
|
1,110
|
|
|
12,706
|
|
|||
Interest expense
|
|
—
|
|
|
650
|
|
|
650
|
|
|||
Income tax expense
|
|
—
|
|
|
108
|
|
|
108
|
|
|||
Loss/(gain) on disposal of assets
|
|
9,681
|
|
|
106
|
|
|
9,787
|
|
|||
Stock-based compensation
|
|
—
|
|
|
609
|
|
|
609
|
|
|||
Other expense
|
|
—
|
|
|
627
|
|
|
627
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
572
|
|
|
572
|
|
|||
Deferred IPO bonus expense
|
|
452
|
|
|
224
|
|
|
676
|
|
|||
Adjusted EBITDA
|
|
$
|
31,362
|
|
|
$
|
(706
|
)
|
|
$
|
30,656
|
|
|
|
Six Months Ended June 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
110,458
|
|
|
$
|
(34,659
|
)
|
|
$
|
75,799
|
|
Depreciation and amortization
|
|
37,805
|
|
|
2,406
|
|
|
40,211
|
|
|||
Interest expense
|
|
—
|
|
|
3,492
|
|
|
3,492
|
|
|||
Income tax expense
|
|
—
|
|
|
22,406
|
|
|
22,406
|
|
|||
Loss/(gain) on disposal of assets
|
|
27,651
|
|
|
(996
|
)
|
|
26,655
|
|
|||
Stock-based compensation
|
|
—
|
|
|
2,201
|
|
|
2,201
|
|
|||
Other expense
|
|
—
|
|
|
412
|
|
|
412
|
|
|||
Other general and administrative expense
(1)
|
|
2
|
|
|
18
|
|
|
20
|
|
|||
Deferred IPO bonus expense
|
|
965
|
|
|
551
|
|
|
1,516
|
|
|||
Adjusted EBITDA
|
|
$
|
176,881
|
|
|
$
|
(4,169
|
)
|
|
$
|
172,712
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
1,715
|
|
|
$
|
(21,146
|
)
|
|
$
|
(19,431
|
)
|
Depreciation and amortization
|
|
21,591
|
|
|
2,266
|
|
|
23,857
|
|
|||
Interest expense
|
|
—
|
|
|
5,825
|
|
|
5,825
|
|
|||
Income tax expense
|
|
—
|
|
|
223
|
|
|
223
|
|
|||
Loss/(gain) on disposal of assets
|
|
20,391
|
|
|
(162
|
)
|
|
20,229
|
|
|||
Stock-based compensation
|
|
—
|
|
|
7,978
|
|
|
7,978
|
|
|||
Other expense
|
|
—
|
|
|
602
|
|
|
602
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
572
|
|
|
572
|
|
|||
Deferred IPO bonus expense
|
|
4,586
|
|
|
2,443
|
|
|
7,029
|
|
|||
Adjusted EBITDA
|
|
$
|
48,283
|
|
|
$
|
(1,399
|
)
|
|
$
|
46,884
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands, except for per share data)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator (both basic and diluted)
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) relevant to common stockholders
|
|
$
|
39,091
|
|
|
$
|
4,921
|
|
|
$
|
75,799
|
|
|
$
|
(19,431
|
)
|
Denominator
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic income (loss) per share
|
|
83,447
|
|
|
83,040
|
|
|
83,265
|
|
|
69,593
|
|
||||
Dilutive effect of stock options
|
|
3,124
|
|
|
2,867
|
|
|
3,379
|
|
|
—
|
|
||||
Dilutive effect of performance stock units
|
|
172
|
|
|
—
|
|
|
169
|
|
|
—
|
|
||||
Dilutive effect of non-vested restricted stock
|
|
135
|
|
|
372
|
|
|
311
|
|
|
—
|
|
||||
Denominator for diluted income (loss) per share
|
|
86,878
|
|
|
86,279
|
|
|
87,124
|
|
|
69,593
|
|
||||
Basic income (loss) per common share
|
|
$
|
0.47
|
|
|
$
|
0.06
|
|
|
$
|
0.91
|
|
|
$
|
(0.28
|
)
|
Diluted income (loss) per common share
|
|
$
|
0.45
|
|
|
$
|
0.06
|
|
|
$
|
0.87
|
|
|
$
|
(0.28
|
)
|
(In thousands)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Stock options
|
|
—
|
|
|
793
|
|
|
—
|
|
|
4,640
|
|
Performance stock units
|
|
—
|
|
|
170
|
|
|
—
|
|
|
170
|
|
Non-vested restricted stock
|
|
—
|
|
|
319
|
|
|
—
|
|
|
692
|
|
Total
|
|
—
|
|
|
1,282
|
|
|
—
|
|
|
5,502
|
|
|
|
Number
of Shares |
|
Weighted
Average Exercise Price |
|||
|
|
|
|
|
|||
Outstanding at January 1, 2018
|
|
4,636,353
|
|
|
$
|
5.20
|
|
Granted
|
|
—
|
|
|
$
|
—
|
|
Exercised
|
|
(3,625
|
)
|
|
$
|
14.00
|
|
Forfeited
|
|
(10,875
|
)
|
|
$
|
14.00
|
|
Expired
|
|
—
|
|
|
$
|
—
|
|
Canceled
|
|
—
|
|
|
$
|
—
|
|
Outstanding at June 30, 2018
|
|
4,621,853
|
|
|
$
|
5.17
|
|
Exercisable at June 30, 2018
|
|
4,041,277
|
|
|
$
|
3.90
|
|
|
|
Number of
Shares |
|
Weighted
Average Grant Date Fair Value |
|||
Outstanding at January 1, 2018
|
|
688,744
|
|
|
$
|
13.66
|
|
Granted
|
|
319,250
|
|
|
$
|
18.49
|
|
Vested
|
|
(500,360
|
)
|
|
$
|
13.87
|
|
Forfeited
|
|
(5,657
|
)
|
|
$
|
13.25
|
|
Expired
|
|
—
|
|
|
$
|
—
|
|
Canceled
|
|
—
|
|
|
$
|
—
|
|
Outstanding at June 30, 2018
|
|
501,977
|
|
|
$
|
16.52
|
|
Period
Granted |
|
Target Shares
Outstanding at Beginning of Period |
|
Target
Shares Granted |
|
Target Shares Vested
|
|
Target
Shares Forfeited |
|
Target Shares
Outstanding at End of Period |
|
Weighted
Average Grant Date Fair Value per Share |
|||||||
2017
|
|
169,635
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
169,635
|
|
|
$
|
10.73
|
|
2018
|
|
—
|
|
|
178,975
|
|
|
—
|
|
|
—
|
|
|
178,975
|
|
|
$
|
27.51
|
|
Total
|
|
169,635
|
|
|
178,975
|
|
|
—
|
|
|
—
|
|
|
348,610
|
|
|
$
|
19.34
|
|
($ in thousands)
|
||||
2018
|
|
$
|
316
|
|
2019
|
|
391
|
|
|
2020
|
|
344
|
|
|
2021
|
|
344
|
|
|
2022 and thereafter
|
|
430
|
|
|
Total
|
|
$
|
1,825
|
|
•
|
the level of production and resulting market prices for crude oil, natural gas and other hydrocarbons;
|
•
|
changes in general economic and geopolitical conditions;
|
•
|
competitive conditions in our industry;
|
•
|
changes in the long-term supply of, and demand for, oil and natural gas;
|
•
|
actions taken by our customers, suppliers, competitors and third-party operators;
|
•
|
changes in the availability and cost of capital;
|
•
|
our ability to successfully implement our business plan;
|
•
|
large or multiple customer defaults, including defaults resulting from actual or potential insolvencies;
|
•
|
the price and availability of debt and equity financing (including changes in interest rates);
|
•
|
our ability to complete growth projects on time and on budget;
|
•
|
changes in our tax status;
|
•
|
technological changes;
|
•
|
operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;
|
•
|
the effects of existing and future laws and governmental regulations (or the interpretation thereof);
|
•
|
the effects of future litigation; and
|
•
|
our ability to successfully execute on our plans and objectives.
|
|
|
Three Months Ended June 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
57,524
|
|
|
$
|
(18,433
|
)
|
|
$
|
39,091
|
|
Depreciation and amortization
|
|
20,042
|
|
|
1,234
|
|
|
21,276
|
|
|||
Interest expense
|
|
—
|
|
|
2,231
|
|
|
2,231
|
|
|||
Income tax expense
|
|
—
|
|
|
12,052
|
|
|
12,052
|
|
|||
Loss/(gain) on disposal of assets
|
|
19,823
|
|
|
(833
|
)
|
|
18,990
|
|
|||
Stock-based compensation
|
|
—
|
|
|
1,443
|
|
|
1,443
|
|
|||
Other expense
|
|
—
|
|
|
182
|
|
|
182
|
|
|||
Other general and administrative expense
(1)
|
|
2
|
|
|
16
|
|
|
18
|
|
|||
Deferred IPO bonus expense
|
|
427
|
|
|
258
|
|
|
685
|
|
|||
Adjusted EBITDA
|
|
$
|
97,818
|
|
|
$
|
(1,850
|
)
|
|
$
|
95,968
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
9,633
|
|
|
$
|
(4,712
|
)
|
|
$
|
4,921
|
|
Depreciation and amortization
|
|
11,596
|
|
|
1,110
|
|
|
12,706
|
|
|||
Interest expense
|
|
—
|
|
|
650
|
|
|
650
|
|
|||
Income tax expense
|
|
—
|
|
|
108
|
|
|
108
|
|
|||
Loss/(gain) on disposal of assets
|
|
9,681
|
|
|
106
|
|
|
9,787
|
|
|||
Stock-based compensation
|
|
—
|
|
|
609
|
|
|
609
|
|
|||
Other expense
|
|
—
|
|
|
627
|
|
|
627
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
572
|
|
|
572
|
|
|||
Deferred IPO bonus expense
|
|
452
|
|
|
224
|
|
|
676
|
|
|||
Adjusted EBITDA
|
|
$
|
31,362
|
|
|
$
|
(706
|
)
|
|
$
|
30,656
|
|
|
|
Six Months Ended June 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
110,458
|
|
|
$
|
(34,659
|
)
|
|
$
|
75,799
|
|
Depreciation and amortization
|
|
37,805
|
|
|
2,406
|
|
|
40,211
|
|
|||
Interest expense
|
|
—
|
|
|
3,492
|
|
|
3,492
|
|
|||
Income tax expense
|
|
—
|
|
|
22,406
|
|
|
22,406
|
|
|||
Loss/(gain) on disposal of assets
|
|
27,651
|
|
|
(996
|
)
|
|
26,655
|
|
|||
Stock-based compensation
|
|
—
|
|
|
2,201
|
|
|
2,201
|
|
|||
Other expense
|
|
—
|
|
|
412
|
|
|
412
|
|
|||
Other general and administrative expense
(1)
|
|
2
|
|
|
18
|
|
|
20
|
|
|||
Deferred IPO bonus expense
|
|
965
|
|
|
551
|
|
|
1,516
|
|
|||
Adjusted EBITDA
|
|
$
|
176,881
|
|
|
$
|
(4,169
|
)
|
|
$
|
172,712
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
1,715
|
|
|
$
|
(21,146
|
)
|
|
$
|
(19,431
|
)
|
Depreciation and amortization
|
|
21,591
|
|
|
2,266
|
|
|
23,857
|
|
|||
Interest expense
|
|
—
|
|
|
5,825
|
|
|
5,825
|
|
|||
Income tax expense
|
|
—
|
|
|
223
|
|
|
223
|
|
|||
Loss/(gain) on disposal of assets
|
|
20,391
|
|
|
(162
|
)
|
|
20,229
|
|
|||
Stock-based compensation
|
|
—
|
|
|
7,978
|
|
|
7,978
|
|
|||
Other expense
|
|
—
|
|
|
602
|
|
|
602
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
572
|
|
|
572
|
|
|||
Deferred IPO bonus expense
|
|
4,586
|
|
|
2,443
|
|
|
7,029
|
|
|||
Adjusted EBITDA
|
|
$
|
48,283
|
|
|
$
|
(1,399
|
)
|
|
$
|
46,884
|
|
(in thousands, except for percentages)
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Variance
|
|
%
|
|||||||
Revenue
|
|
$
|
459,888
|
|
|
$
|
213,492
|
|
|
$
|
246,396
|
|
|
115.4
|
%
|
Cost of services
(1)
|
|
351,888
|
|
|
176,777
|
|
|
175,111
|
|
|
99.1
|
%
|
|||
General and administrative expense
(2)
|
|
14,178
|
|
|
7,916
|
|
|
6,262
|
|
|
79.1
|
%
|
|||
Depreciation and amortization
|
|
21,276
|
|
|
12,706
|
|
|
8,570
|
|
|
67.4
|
%
|
|||
Loss on disposal of assets
|
|
18,990
|
|
|
9,787
|
|
|
9,203
|
|
|
94.0
|
%
|
|||
Interest expense
|
|
2,231
|
|
|
650
|
|
|
1,581
|
|
|
243.2
|
%
|
|||
Other expense (income)
|
|
182
|
|
|
627
|
|
|
(445
|
)
|
|
(71.0
|
)%
|
|||
Income tax expense
|
|
12,052
|
|
|
108
|
|
|
11,944
|
|
|
11,059.3
|
%
|
|||
Net income (loss)
|
|
$
|
39,091
|
|
|
$
|
4,921
|
|
|
$
|
34,170
|
|
|
694.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA
(3)
|
|
$
|
95,968
|
|
|
$
|
30,656
|
|
|
$
|
65,312
|
|
|
213.0
|
%
|
Adjusted EBITDA Margin
(3)
|
|
20.9
|
%
|
|
14.4
|
%
|
|
6.5
|
%
|
|
45.1
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Pressure pumping segment results of operations:
|
|
|
|
|
|
|
|
|
|||||||
Revenue
|
|
$
|
445,805
|
|
|
$
|
203,591
|
|
|
$
|
242,214
|
|
|
119.0
|
%
|
Cost of services
|
|
$
|
341,890
|
|
|
$
|
169,275
|
|
|
$
|
172,615
|
|
|
102.0
|
%
|
Adjusted EBITDA
|
|
$
|
97,818
|
|
|
$
|
31,362
|
|
|
$
|
66,456
|
|
|
211.9
|
%
|
Adjusted EBITDA Margin
(4)
|
|
21.9
|
%
|
|
15.4
|
%
|
|
6.5
|
%
|
|
42.2
|
%
|
(in thousands, except for percentages)
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Variance
|
|
%
|
|||||||
Revenue
|
|
$
|
845,107
|
|
|
$
|
385,423
|
|
|
$
|
459,684
|
|
|
119.3
|
%
|
Cost of services
(1)
|
|
650,010
|
|
|
326,342
|
|
|
323,668
|
|
|
99.2
|
%
|
|||
General and administrative expense
(2)
|
|
26,122
|
|
|
27,776
|
|
|
(1,654
|
)
|
|
(6.0
|
)%
|
|||
Depreciation and amortization
|
|
40,211
|
|
|
23,857
|
|
|
16,354
|
|
|
68.6
|
%
|
|||
Loss on disposal of assets
|
|
26,655
|
|
|
20,229
|
|
|
6,426
|
|
|
31.8
|
%
|
|||
Interest expense
|
|
3,492
|
|
|
5,825
|
|
|
(2,333
|
)
|
|
(40.1
|
)%
|
|||
Other expense (income)
|
|
412
|
|
|
602
|
|
|
(190
|
)
|
|
(31.6
|
)%
|
|||
Income tax expense
|
|
22,406
|
|
|
223
|
|
|
22,183
|
|
|
9,947.5
|
%
|
|||
Net income (loss)
|
|
$
|
75,799
|
|
|
$
|
(19,431
|
)
|
|
$
|
95,230
|
|
|
490.1
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(3)
|
|
$
|
172,712
|
|
|
$
|
46,884
|
|
|
$
|
125,828
|
|
|
268.4
|
%
|
Adjusted EBITDA Margin
(3)
|
|
20.4
|
%
|
|
12.2
|
%
|
|
8.2
|
%
|
|
67.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Pressure pumping segment results of operations:
|
|
|
|
|
|
|
|
|
|||||||
Revenue
|
|
$
|
820,850
|
|
|
$
|
367,431
|
|
|
$
|
453,419
|
|
|
123.4
|
%
|
Cost of services
|
|
$
|
632,360
|
|
|
$
|
312,647
|
|
|
$
|
319,713
|
|
|
102.3
|
%
|
Adjusted EBITDA
|
|
$
|
176,881
|
|
|
$
|
48,283
|
|
|
$
|
128,598
|
|
|
266.3
|
%
|
Adjusted EBITDA Margin
(4)
|
|
21.5
|
%
|
|
13.1
|
%
|
|
8.4
|
%
|
|
64.1
|
%
|
|
|
Six Months Ended June 30,
|
||||||
($ in thousands)
|
|
2018
|
|
2017
|
||||
Net cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
124,442
|
|
|
$
|
(463
|
)
|
Investing activities
|
|
$
|
(149,909
|
)
|
|
$
|
(111,401
|
)
|
Financing activities
|
|
$
|
28,621
|
|
|
$
|
3,376
|
|
+
|
Indicates management contracts or compensatory plans or arrangements.
|
SIGNATURES
|
||||||
|
||||||
Date:
|
August 9, 2018
|
By:
|
|
/s/ Dale Redman
|
||
|
Dale Redman
|
|||||
|
Chief Executive Officer and Director
|
|||||
|
(Principal Executive Officer)
|
|||||
|
||||||
|
By:
|
|
/s/ Jeffrey Smith
|
|||
|
Jeffrey Smith
|
|||||
|
Chief Financial Officer
|
|||||
|
(Principal Financial Officer)
|
|||||
|
||||||
|
By:
|
|
/s/ Ian Denholm
|
|||
|
|
Ian Denholm
|
||||
|
|
Chief Accounting Officer
|
||||
|
|
(Principal Accounting Officer)
|
1 Year ProPetro Chart |
1 Month ProPetro Chart |
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