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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 | |
---|---|---|---|---|---|---|---|---|
-0.055 | -0.57% | 9.545 | 9.675 | 9.525 | 9.56 | 643,835 | 18:04:03 |
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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(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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September 30, 2018
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December 31, 2017
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||||
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||||
ASSETS
|
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
78,164
|
|
|
$
|
23,949
|
|
Accounts receivable - net of allowance for doubtful accounts of $457 and $443, respectively
|
|
252,390
|
|
|
199,656
|
|
||
Inventories
|
|
6,681
|
|
|
6,184
|
|
||
Prepaid expenses
|
|
2,911
|
|
|
5,123
|
|
||
Other current assets
|
|
1,179
|
|
|
748
|
|
||
Total current assets
|
|
341,325
|
|
|
235,660
|
|
||
PROPERTY AND EQUIPMENT - Net of accumulated depreciation
|
|
586,218
|
|
|
470,910
|
|
||
OTHER NONCURRENT ASSETS:
|
|
|
|
|
||||
Goodwill
|
|
9,425
|
|
|
9,425
|
|
||
Intangible assets - net of amortization
|
|
85
|
|
|
301
|
|
||
Deferred revenue rebate - net of amortization
|
|
—
|
|
|
615
|
|
||
Other noncurrent assets
|
|
2,665
|
|
|
2,121
|
|
||
Total other noncurrent assets
|
|
12,175
|
|
|
12,462
|
|
||
TOTAL ASSETS
|
|
$
|
939,718
|
|
|
$
|
719,032
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
250,074
|
|
|
$
|
211,149
|
|
Accrued and other current liabilities
|
|
20,774
|
|
|
16,607
|
|
||
Current portion of long-term debt
|
|
9,088
|
|
|
15,764
|
|
||
Accrued interest payable
|
|
480
|
|
|
76
|
|
||
Total current liabilities
|
|
280,416
|
|
|
243,596
|
|
||
DEFERRED INCOME TAXES
|
|
39,958
|
|
|
4,881
|
|
||
LONG-TERM DEBT
|
|
80,000
|
|
|
57,178
|
|
||
OTHER LONG-TERM LIABILITIES
|
|
125
|
|
|
125
|
|
||
Total liabilities
|
|
400,499
|
|
|
305,780
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 9)
|
|
|
|
|
|
|
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SHAREHOLDERS’ EQUITY:
|
|
|
|
|
||||
Common stock, $0.001 par value, 200,000,000 shares authorized,
83,543,839 and 83,039,854 shares issued, respectively
|
|
84
|
|
|
83
|
|
||
Additional paid-in capital
|
|
611,348
|
|
|
607,466
|
|
||
Accumulated deficit
|
|
(72,213
|
)
|
|
(194,297
|
)
|
||
Total shareholders’ equity
|
|
539,219
|
|
|
413,252
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
939,718
|
|
|
$
|
719,032
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
REVENUE - Service revenue
|
|
$
|
434,041
|
|
|
$
|
282,730
|
|
|
$
|
1,279,148
|
|
|
$
|
668,153
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Cost of services (exclusive of depreciation and amortization)
|
|
320,146
|
|
|
225,433
|
|
|
970,156
|
|
|
551,775
|
|
||||
General and administrative (inclusive of stock-based compensation)
|
|
12,821
|
|
|
11,106
|
|
|
38,943
|
|
|
38,881
|
|
||||
Depreciation and amortization
|
|
23,217
|
|
|
14,745
|
|
|
63,428
|
|
|
38,602
|
|
||||
Loss on disposal of assets
|
|
16,407
|
|
|
8,742
|
|
|
43,061
|
|
|
28,971
|
|
||||
Total costs and expenses
|
|
372,591
|
|
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260,026
|
|
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1,115,588
|
|
|
658,229
|
|
||||
OPERATING INCOME
|
|
61,450
|
|
|
22,704
|
|
|
163,560
|
|
|
9,924
|
|
||||
OTHER EXPENSE:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(1,480
|
)
|
|
(644
|
)
|
|
(4,973
|
)
|
|
(6,469
|
)
|
||||
Other expense
|
|
(93
|
)
|
|
(191
|
)
|
|
(505
|
)
|
|
(792
|
)
|
||||
Total other expense
|
|
(1,573
|
)
|
|
(835
|
)
|
|
(5,478
|
)
|
|
(7,261
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
|
59,877
|
|
|
21,869
|
|
|
158,082
|
|
|
2,663
|
|
||||
INCOME TAX (EXPENSE)/BENEFIT
|
|
(13,592
|
)
|
|
96
|
|
|
(35,998
|
)
|
|
(128
|
)
|
||||
NET INCOME
|
|
$
|
46,285
|
|
|
$
|
21,965
|
|
|
$
|
122,084
|
|
|
$
|
2,535
|
|
NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
1.46
|
|
|
$
|
0.03
|
|
Diluted
|
|
$
|
0.53
|
|
|
$
|
0.25
|
|
|
$
|
1.40
|
|
|
$
|
0.03
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
83,544
|
|
|
83,040
|
|
|
83,359
|
|
|
74,124
|
|
||||
Diluted
|
|
86,878
|
|
|
86,264
|
|
|
87,153
|
|
|
77,118
|
|
|
|
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
|
|
—
|
|
|
—
|
|
|
3,832
|
|
|
—
|
|
|
3,832
|
|
||||
Issuance of equity awards, net
|
|
504
|
|
|
1
|
|
|
50
|
|
|
—
|
|
|
51
|
|
||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,084
|
|
|
122,084
|
|
||||
BALANCE - September 30, 2018
|
|
83,544
|
|
|
$
|
84
|
|
|
$
|
611,348
|
|
|
$
|
(72,213
|
)
|
|
$
|
539,219
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income
|
|
$
|
122,084
|
|
|
$
|
2,535
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
63,428
|
|
|
38,602
|
|
||
Deferred income tax expense
|
|
34,546
|
|
|
166
|
|
||
Amortization of deferred revenue rebate
|
|
615
|
|
|
1,385
|
|
||
Amortization of deferred debt issuance costs
|
|
295
|
|
|
3,322
|
|
||
Stock-based compensation
|
|
3,832
|
|
|
8,730
|
|
||
Loss on disposal of fixed assets
|
|
42,898
|
|
|
28,971
|
|
||
Gain on interest rate swap
|
|
—
|
|
|
(226
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
(52,734
|
)
|
|
(44,868
|
)
|
||
Other current assets
|
|
(431
|
)
|
|
3,271
|
|
||
Inventories
|
|
(496
|
)
|
|
(4,435
|
)
|
||
Prepaid expenses
|
|
2,265
|
|
|
(910
|
)
|
||
Accounts payable
|
|
26,378
|
|
|
41,564
|
|
||
Accrued and other current liabilities
|
|
7,384
|
|
|
589
|
|
||
Accrued interest
|
|
1,030
|
|
|
(23
|
)
|
||
Net cash provided by operating activities
|
|
251,094
|
|
|
78,673
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Capital expenditures
|
|
(212,152
|
)
|
|
(193,820
|
)
|
||
Proceeds from sale of assets
|
|
3,280
|
|
|
4,237
|
|
||
Net cash used in investing activities
|
|
(208,872
|
)
|
|
(189,583
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Proceeds from borrowings
|
|
77,378
|
|
|
27,112
|
|
||
Repayments of borrowings
|
|
(61,858
|
)
|
|
(164,638
|
)
|
||
Repayments of insurance financing
|
|
(3,218
|
)
|
|
(2,900
|
)
|
||
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
|
|
11,993
|
|
|
28,322
|
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
54,215
|
|
|
(82,588
|
)
|
||
CASH AND CASH EQUIVALENTS - Beginning of period
|
|
23,949
|
|
|
133,596
|
|
||
CASH AND CASH EQUIVALENTS - End of period
|
|
$
|
78,164
|
|
|
$
|
51,008
|
|
($ in thousands)
|
|
2018
|
|
2017
|
||||
ABL Credit Facility
|
|
$
|
80,000
|
|
|
$
|
55,000
|
|
Equipment financing
|
|
9,088
|
|
|
17,942
|
|
||
Total debt
|
|
89,088
|
|
|
72,942
|
|
||
Less current portion of long-term debt
|
|
9,088
|
|
|
15,764
|
|
||
Total long-term debt
|
|
$
|
80,000
|
|
|
$
|
57,178
|
|
|
|
Three Months Ended September 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Service revenue
|
|
$
|
421,436
|
|
|
$
|
12,605
|
|
|
$
|
434,041
|
|
Adjusted EBITDA
|
|
$
|
105,069
|
|
|
$
|
(1,701
|
)
|
|
$
|
103,368
|
|
Depreciation and amortization
|
|
$
|
22,026
|
|
|
$
|
1,191
|
|
|
$
|
23,217
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
73,143
|
|
|
$
|
1,060
|
|
|
$
|
74,203
|
|
Total assets
|
|
$
|
903,653
|
|
|
$
|
36,065
|
|
|
$
|
939,718
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended September 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Service revenue
|
|
$
|
271,924
|
|
|
$
|
10,806
|
|
|
$
|
282,730
|
|
Adjusted EBITDA
|
|
$
|
50,013
|
|
|
$
|
(2,245
|
)
|
|
$
|
47,768
|
|
Depreciation and amortization
|
|
$
|
13,637
|
|
|
$
|
1,108
|
|
|
$
|
14,745
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
61,752
|
|
|
$
|
765
|
|
|
$
|
62,517
|
|
Total assets at December 31, 2017
|
|
$
|
688,279
|
|
|
$
|
30,753
|
|
|
$
|
719,032
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Service revenue
|
|
$
|
1,242,286
|
|
|
$
|
36,862
|
|
|
$
|
1,279,148
|
|
Adjusted EBITDA
|
|
$
|
281,951
|
|
|
$
|
(5,871
|
)
|
|
$
|
276,080
|
|
Depreciation and amortization
|
|
$
|
59,830
|
|
|
$
|
3,598
|
|
|
$
|
63,428
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
218,113
|
|
|
$
|
6,586
|
|
|
$
|
224,699
|
|
Total assets
|
|
$
|
903,653
|
|
|
$
|
36,065
|
|
|
$
|
939,718
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Service revenue
|
|
$
|
639,355
|
|
|
$
|
28,798
|
|
|
$
|
668,153
|
|
Adjusted EBITDA
|
|
$
|
98,296
|
|
|
$
|
(3,641
|
)
|
|
$
|
94,655
|
|
Depreciation and amortization
|
|
$
|
35,228
|
|
|
$
|
3,374
|
|
|
$
|
38,602
|
|
Goodwill
|
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
Capital expenditures
|
|
$
|
203,097
|
|
|
$
|
3,231
|
|
|
$
|
206,328
|
|
Total assets at December 31, 2017
|
|
$
|
688,279
|
|
|
$
|
30,753
|
|
|
$
|
719,032
|
|
|
|
Three Months Ended September 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
66,493
|
|
|
$
|
(20,208
|
)
|
|
$
|
46,285
|
|
Depreciation and amortization
|
|
22,026
|
|
|
1,191
|
|
|
23,217
|
|
|||
Interest expense
|
|
—
|
|
|
1,480
|
|
|
1,480
|
|
|||
Income tax expense
|
|
—
|
|
|
13,592
|
|
|
13,592
|
|
|||
Loss on disposal of assets
|
|
16,117
|
|
|
290
|
|
|
16,407
|
|
|||
Stock-based compensation
|
|
—
|
|
|
1,631
|
|
|
1,631
|
|
|||
Other expense
|
|
—
|
|
|
93
|
|
|
93
|
|
|||
Deferred IPO bonus expense
|
|
433
|
|
|
230
|
|
|
663
|
|
|||
Adjusted EBITDA
|
|
$
|
105,069
|
|
|
$
|
(1,701
|
)
|
|
$
|
103,368
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended September 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
28,372
|
|
|
$
|
(6,407
|
)
|
|
$
|
21,965
|
|
Depreciation and amortization
|
|
13,637
|
|
|
1,108
|
|
|
14,745
|
|
|||
Interest expense
|
|
—
|
|
|
644
|
|
|
644
|
|
|||
Income tax benefit
|
|
—
|
|
|
(96
|
)
|
|
(96
|
)
|
|||
Loss on disposal of assets
|
|
7,552
|
|
|
1,190
|
|
|
8,742
|
|
|||
Stock-based compensation
|
|
—
|
|
|
751
|
|
|
751
|
|
|||
Other expense
|
|
—
|
|
|
191
|
|
|
191
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
149
|
|
|
149
|
|
|||
Deferred IPO bonus expense
|
|
452
|
|
|
225
|
|
|
677
|
|
|||
Adjusted EBITDA
|
|
$
|
50,013
|
|
|
$
|
(2,245
|
)
|
|
$
|
47,768
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
176,952
|
|
|
$
|
(54,868
|
)
|
|
$
|
122,084
|
|
Depreciation and amortization
|
|
59,830
|
|
|
3,598
|
|
|
63,428
|
|
|||
Interest expense
|
|
—
|
|
|
4,973
|
|
|
4,973
|
|
|||
Income tax expense
|
|
—
|
|
|
35,998
|
|
|
35,998
|
|
|||
Loss/(gain) on disposal of assets
|
|
43,768
|
|
|
(707
|
)
|
|
43,061
|
|
|||
Stock-based compensation
|
|
—
|
|
|
3,832
|
|
|
3,832
|
|
|||
Other expense
|
|
—
|
|
|
505
|
|
|
505
|
|
|||
Other general and administrative expense
(1)
|
|
2
|
|
|
18
|
|
|
20
|
|
|||
Deferred IPO bonus expense
|
|
1,399
|
|
|
780
|
|
|
2,179
|
|
|||
Adjusted EBITDA
|
|
$
|
281,951
|
|
|
$
|
(5,871
|
)
|
|
$
|
276,080
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
30,087
|
|
|
$
|
(27,552
|
)
|
|
$
|
2,535
|
|
Depreciation and amortization
|
|
35,228
|
|
|
3,374
|
|
|
38,602
|
|
|||
Interest expense
|
|
—
|
|
|
6,469
|
|
|
6,469
|
|
|||
Income tax expense
|
|
—
|
|
|
128
|
|
|
128
|
|
|||
Loss on disposal of assets
|
|
27,943
|
|
|
1,028
|
|
|
28,971
|
|
|||
Stock-based compensation
|
|
—
|
|
|
8,730
|
|
|
8,730
|
|
|||
Other expense
|
|
—
|
|
|
792
|
|
|
792
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
722
|
|
|
722
|
|
|||
Deferred IPO bonus expense
|
|
5,038
|
|
|
2,668
|
|
|
7,706
|
|
|||
Adjusted EBITDA
|
|
$
|
98,296
|
|
|
$
|
(3,641
|
)
|
|
$
|
94,655
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands, except for per share data)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator (both basic and diluted)
|
|
|
|
|
|
|
|
|
||||||||
Net income relevant to common stockholders
|
|
$
|
46,285
|
|
|
$
|
21,965
|
|
|
$
|
122,084
|
|
|
$
|
2,535
|
|
Denominator
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic income per share
|
|
83,544
|
|
|
83,040
|
|
|
83,359
|
|
|
74,124
|
|
||||
Dilutive effect of stock options
|
|
3,039
|
|
|
2,808
|
|
|
3,355
|
|
|
2,822
|
|
||||
Dilutive effect of performance stock units
|
|
225
|
|
|
37
|
|
|
218
|
|
|
—
|
|
||||
Dilutive effect of non-vested restricted stock
|
|
70
|
|
|
379
|
|
|
221
|
|
|
172
|
|
||||
Denominator for diluted income per share
|
|
86,878
|
|
|
86,264
|
|
|
87,153
|
|
|
77,118
|
|
||||
Basic income per common share
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
1.46
|
|
|
$
|
0.03
|
|
Diluted income per common share
|
|
$
|
0.53
|
|
|
$
|
0.25
|
|
|
$
|
1.40
|
|
|
$
|
0.03
|
|
(In thousands)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Stock options
|
|
—
|
|
|
789
|
|
|
—
|
|
|
789
|
|
Performance stock units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170
|
|
Non-vested restricted stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
318
|
|
Total
|
|
—
|
|
|
789
|
|
|
—
|
|
|
1,277
|
|
|
|
Number
of Shares |
|
Weighted
Average Exercise Price |
|||
|
|
|
|
|
|||
Outstanding at January 1, 2018
|
|
4,636,353
|
|
|
$
|
5.20
|
|
Granted
|
|
—
|
|
|
$
|
—
|
|
Exercised
|
|
(3,625
|
)
|
|
$
|
14.00
|
|
Forfeited
|
|
(14,736
|
)
|
|
$
|
14.00
|
|
Expired
|
|
—
|
|
|
$
|
—
|
|
Canceled
|
|
—
|
|
|
$
|
—
|
|
Outstanding at September 30, 2018
|
|
4,617,992
|
|
|
$
|
5.17
|
|
Exercisable at September 30, 2018
|
|
4,040,320
|
|
|
$
|
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
|
|
(19,951
|
)
|
|
$
|
15.49
|
|
Expired
|
|
—
|
|
|
$
|
—
|
|
Canceled
|
|
—
|
|
|
$
|
—
|
|
Outstanding at September 30, 2018
|
|
487,683
|
|
|
$
|
16.53
|
|
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
|
|
$
|
254
|
|
2019
|
|
782
|
|
|
2020
|
|
721
|
|
|
2021
|
|
721
|
|
|
2022 and thereafter
|
|
2,978
|
|
|
Total
|
|
$
|
5,456
|
|
•
|
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 September 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
66,493
|
|
|
$
|
(20,208
|
)
|
|
$
|
46,285
|
|
Depreciation and amortization
|
|
22,026
|
|
|
1,191
|
|
|
23,217
|
|
|||
Interest expense
|
|
—
|
|
|
1,480
|
|
|
1,480
|
|
|||
Income tax expense
|
|
—
|
|
|
13,592
|
|
|
13,592
|
|
|||
Loss on disposal of assets
|
|
16,117
|
|
|
290
|
|
|
16,407
|
|
|||
Stock-based compensation
|
|
—
|
|
|
1,631
|
|
|
1,631
|
|
|||
Other expense
|
|
—
|
|
|
93
|
|
|
93
|
|
|||
Deferred IPO bonus expense
|
|
433
|
|
|
230
|
|
|
663
|
|
|||
Adjusted EBITDA
|
|
$
|
105,069
|
|
|
$
|
(1,701
|
)
|
|
$
|
103,368
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended September 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
28,372
|
|
|
$
|
(6,407
|
)
|
|
$
|
21,965
|
|
Depreciation and amortization
|
|
13,637
|
|
|
1,108
|
|
|
14,745
|
|
|||
Interest expense
|
|
—
|
|
|
644
|
|
|
644
|
|
|||
Income tax benefit
|
|
—
|
|
|
(96
|
)
|
|
(96
|
)
|
|||
Loss on disposal of assets
|
|
7,552
|
|
|
1,190
|
|
|
8,742
|
|
|||
Stock-based compensation
|
|
—
|
|
|
751
|
|
|
751
|
|
|||
Other expense
|
|
—
|
|
|
191
|
|
|
191
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
149
|
|
|
149
|
|
|||
Deferred IPO bonus expense
|
|
452
|
|
|
225
|
|
|
677
|
|
|||
Adjusted EBITDA
|
|
$
|
50,013
|
|
|
$
|
(2,245
|
)
|
|
$
|
47,768
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
176,952
|
|
|
$
|
(54,868
|
)
|
|
$
|
122,084
|
|
Depreciation and amortization
|
|
59,830
|
|
|
3,598
|
|
|
63,428
|
|
|||
Interest expense
|
|
—
|
|
|
4,973
|
|
|
4,973
|
|
|||
Income tax expense
|
|
—
|
|
|
35,998
|
|
|
35,998
|
|
|||
Loss/(gain) on disposal of assets
|
|
43,768
|
|
|
(707
|
)
|
|
43,061
|
|
|||
Stock-based compensation
|
|
—
|
|
|
3,832
|
|
|
3,832
|
|
|||
Other expense
|
|
—
|
|
|
505
|
|
|
505
|
|
|||
Other general and administrative expense
(1)
|
|
2
|
|
|
18
|
|
|
20
|
|
|||
Deferred IPO bonus expense
|
|
1,399
|
|
|
780
|
|
|
2,179
|
|
|||
Adjusted EBITDA
|
|
$
|
281,951
|
|
|
$
|
(5,871
|
)
|
|
$
|
276,080
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||
($ in thousands)
|
|
Pressure Pumping
|
|
All Other
|
|
Total
|
||||||
Net income (loss)
|
|
$
|
30,087
|
|
|
$
|
(27,552
|
)
|
|
$
|
2,535
|
|
Depreciation and amortization
|
|
35,228
|
|
|
3,374
|
|
|
38,602
|
|
|||
Interest expense
|
|
—
|
|
|
6,469
|
|
|
6,469
|
|
|||
Income tax expense
|
|
—
|
|
|
128
|
|
|
128
|
|
|||
Loss on disposal of assets
|
|
27,943
|
|
|
1,028
|
|
|
28,971
|
|
|||
Stock-based compensation
|
|
—
|
|
|
8,730
|
|
|
8,730
|
|
|||
Other expense
|
|
—
|
|
|
792
|
|
|
792
|
|
|||
Other general and administrative expense
(1)
|
|
—
|
|
|
722
|
|
|
722
|
|
|||
Deferred IPO bonus expense
|
|
5,038
|
|
|
2,668
|
|
|
7,706
|
|
|||
Adjusted EBITDA
|
|
$
|
98,296
|
|
|
$
|
(3,641
|
)
|
|
$
|
94,655
|
|
(in thousands, except for percentages)
|
|
Three Months Ended September 30,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Variance
|
|
%
|
|||||||
Revenue
|
|
$
|
434,041
|
|
|
$
|
282,730
|
|
|
$
|
151,311
|
|
|
53.5
|
%
|
Cost of services
(1)
|
|
320,146
|
|
|
225,433
|
|
|
94,713
|
|
|
42.0
|
%
|
|||
General and administrative expense
(2)
|
|
12,821
|
|
|
11,106
|
|
|
1,715
|
|
|
15.4
|
%
|
|||
Depreciation and amortization
|
|
23,217
|
|
|
14,745
|
|
|
8,472
|
|
|
57.5
|
%
|
|||
Loss on disposal of assets
|
|
16,407
|
|
|
8,742
|
|
|
7,665
|
|
|
87.7
|
%
|
|||
Interest expense
|
|
1,480
|
|
|
644
|
|
|
836
|
|
|
129.8
|
%
|
|||
Other expense (income)
|
|
93
|
|
|
191
|
|
|
(98
|
)
|
|
(51.3
|
)%
|
|||
Income tax expense
|
|
13,592
|
|
|
(96
|
)
|
|
13,688
|
|
|
14,058.3
|
%
|
|||
Net income
|
|
$
|
46,285
|
|
|
$
|
21,965
|
|
|
$
|
24,320
|
|
|
110.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA
(3)
|
|
$
|
103,368
|
|
|
$
|
47,768
|
|
|
$
|
55,600
|
|
|
116.4
|
%
|
Adjusted EBITDA Margin
(3)
|
|
23.8
|
%
|
|
16.9
|
%
|
|
6.9
|
%
|
|
40.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Pressure pumping segment results of operations:
|
|
|
|
|
|
|
|
|
|||||||
Revenue
|
|
$
|
421,436
|
|
|
$
|
271,924
|
|
|
$
|
149,512
|
|
|
55.0
|
%
|
Cost of services
|
|
$
|
311,274
|
|
|
$
|
217,171
|
|
|
$
|
94,104
|
|
|
43.3
|
%
|
Adjusted EBITDA
|
|
$
|
105,069
|
|
|
$
|
50,013
|
|
|
$
|
55,056
|
|
|
110.1
|
%
|
Adjusted EBITDA Margin
(4)
|
|
24.9
|
%
|
|
18.4
|
%
|
|
6.5
|
%
|
|
35.3
|
%
|
(in thousands, except for percentages)
|
|
Nine Months Ended September 30,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Variance
|
|
%
|
|||||||
Revenue
|
|
$
|
1,279,148
|
|
|
$
|
668,153
|
|
|
$
|
610,995
|
|
|
91.4
|
%
|
Cost of services
(1)
|
|
970,156
|
|
|
551,775
|
|
|
418,381
|
|
|
75.8
|
%
|
|||
General and administrative expense
(2)
|
|
38,943
|
|
|
38,881
|
|
|
62
|
|
|
0.2
|
%
|
|||
Depreciation and amortization
|
|
63,428
|
|
|
38,602
|
|
|
24,826
|
|
|
64.3
|
%
|
|||
Loss on disposal of assets
|
|
43,061
|
|
|
28,971
|
|
|
14,090
|
|
|
48.6
|
%
|
|||
Interest expense
|
|
4,973
|
|
|
6,469
|
|
|
(1,496
|
)
|
|
(23.1
|
)%
|
|||
Other expense (income)
|
|
505
|
|
|
792
|
|
|
(287
|
)
|
|
(36.2
|
)%
|
|||
Income tax expense
|
|
35,998
|
|
|
128
|
|
|
35,870
|
|
|
28,023.4
|
%
|
|||
Net income
|
|
$
|
122,084
|
|
|
$
|
2,535
|
|
|
$
|
119,549
|
|
|
4,715.9
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(3)
|
|
$
|
276,080
|
|
|
$
|
94,655
|
|
|
$
|
181,425
|
|
|
191.7
|
%
|
Adjusted EBITDA Margin
(3)
|
|
21.6
|
%
|
|
14.2
|
%
|
|
7.4
|
%
|
|
52.1
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Pressure pumping segment results of operations:
|
|
|
|
|
|
|
|
|
|||||||
Revenue
|
|
$
|
1,242,286
|
|
|
$
|
639,355
|
|
|
$
|
602,931
|
|
|
94.3
|
%
|
Cost of services
|
|
$
|
943,635
|
|
|
$
|
529,818
|
|
|
$
|
413,817
|
|
|
78.1
|
%
|
Adjusted EBITDA
|
|
$
|
281,951
|
|
|
$
|
98,296
|
|
|
$
|
183,655
|
|
|
186.8
|
%
|
Adjusted EBITDA Margin
(4)
|
|
22.7
|
%
|
|
15.4
|
%
|
|
7.3
|
%
|
|
47.4
|
%
|
|
|
Nine Months Ended September 30,
|
||||||
($ in thousands)
|
|
2018
|
|
2017
|
||||
Net cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
251,094
|
|
|
$
|
78,673
|
|
Investing activities
|
|
$
|
(208,872
|
)
|
|
$
|
(189,583
|
)
|
Financing activities
|
|
$
|
11,993
|
|
|
$
|
28,322
|
|
+
|
Indicates management contracts or compensatory plans or arrangements.
|
SIGNATURES
|
||||||
|
||||||
Date:
|
November 8, 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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