ProPetro Reports Preliminary Unaudited Full Year and Fourth Quarter 2019 Results and Provides Other Updates

MIDLAND, Texas–(BUSINESS WIRE)–ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today announced preliminary unaudited financial and operational results for the full year and fourth quarter of 2019 and provided other updates.

Full Year 2019 Operational Highlights

  • Achieved record-breaking efficiencies in key internal operational metrics each quarter of 2019.
  • Maintained strong profitability through volatile market conditions.
  • Successfully integrated new team members and assets from Pioneer Natural Resources.
  • Effective utilization for the Company averaged 23.9 fleets in 2019.

Full Year 2019 Financial Highlights

  • Grew total revenue by 20% to $2.1 billion from $1.7 billion in 2018.
  • Reported net income was $163.0 million, or $1.57 per diluted share, for 2019, compared to $173.9 million, or $2.00 per diluted share, in 2018.
  • Increased adjusted EBITDA(1) to $519.1 million from $388.5 million in 2018, more than 33% higher.

Fourth Quarter 2019 Highlights

  • Total revenue was $434.8 million as compared to the $541.8 million in the third quarter of 2019.
  • Net income was $22.7 million, a 34% decrease from $34.4 million in the previous quarter.
  • Adjusted EBITDA(1) decreased 16% to $110.3 million from $131.9 million in the third quarter of 2019.
  • Effective utilization for the quarter was 19.2 fleets.

(1) Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the table under “Non-GAAP Financial Measures.”

Phillip Gobe, Chief Executive Officer, commented, “Even in light of current market conditions, we look forward to continued collaboration with our customers in an effort to increase efficiencies for us and our customers. I want to thank the ProPetro team, along with our customers, supply chain partners, and other key stakeholders for another strong year in 2019.”

Fourth Quarter 2019 Financial Summary

Revenue for the fourth quarter of 2019 was $434.8 million, or 20% lower than $541.8 million for the third quarter of 2019. The decrease was primarily attributable to expected holiday seasonality and customer budget exhaustion at the end of 2019.

Costs of services, excluding depreciation and amortization of approximately $39.0 million, for the fourth quarter of 2019 decreased to $305.7 million from $396.9 million during the third quarter of 2019 primarily due to lower activity levels resulting from expected holiday seasonality and customer budget exhaustion at the end of 2019.

General and administrative expense was $31.1 million as compared to $27.5 million in the third quarter of 2019. General and administrative expense, exclusive of $7.9 million of professional and advisory fees associated with the internal review, $2.5 million of stock-based compensation, and $1.9 million of retention bonus and severance was $18.8 million, or 4.3% of revenue, for the fourth quarter of 2019, compared to $13.0 million, or 2.4% of revenue, for the third quarter of 2019.

Net income for the fourth quarter of 2019 totaled $22.7 million, or $0.22 per diluted share, versus $34.4 million, or $0.33 per diluted share, for the third quarter of 2019.

Adjusted EBITDA decreased to $110.3 million for the fourth quarter of 2019 from $131.9 million in the previous quarter.

Operations and DuraStim® Update

Effective utilization of the Company’s fracturing assets during the fourth quarter of 2019 was 19.2 fleets. ProPetro currently expects effective utilization in the first quarter of 2020 to be approximately 18.6 fleets.

As previously announced, the Company’s first electrically powered DuraStim® frac fleet was deployed on January 5, 2020 to a previously announced dedicated customer. Since deployment, ProPetro has been working diligently with its first customer, supply chain partners and equipment providers to evaluate the in-field performance of the new technology. While additional testing and evaluation is required, the Company remains encouraged by the performance of the first DuraStim® fleet to date and plans to provide additional information on its upcoming conference call and in the future as developments merit.

ProPetro exited 2019 operating 24 cementing units, a 20% increase from 20 units operating at year-end 2018. One cementing unit was deployed in the fourth quarter, and the Company deployed one additional unit in January of 2020, bringing current capacity to 25 units.

Liquidity and Capital Spending

As of December 31, 2019, total cash was $149.0 million and total debt was $130.0 million. Total liquidity at the end of the fourth quarter of 2019 was $198.7, including cash and $49.7 million of available capacity under the Company’s revolving credit facility. Total liquidity as of March 30, 2020 was $193.4 million, including cash of $143.0 million and $50.4 million of available capacity under the Company’s revolving credit facility ($110 million outstanding at March 30, 2020). Our borrowing capacity under our revolving credit facility (which is determined monthly based on 85% of eligible accounts receivables, less customary reserves) will be adversely impacted by the expected decline in our customer’s activity given current market conditions. The Company had no net debt as of March 30, 2020 and intends to proactively manage its capital and liquidity needs.

Capital expenditures incurred during the fourth quarter of 2019 were $66.3 million, which included spending on ProPetro’s growth initiatives as well as maintenance capital. To date, the Company has substantially completed the capital program related to its original DuraStim® capital program and has no additional commitments to growth capital expenditures in 2020. As previously announced, the Company expects to significantly reduce maintenance capital expenditures and field level consumable costs as activity levels decrease.

Outlook

Mr. Gobe concluded, “In recent weeks we have seen severe disruptions not only to our business but also to our global economy. The onset of the COVID-19 pandemic paired with an unprecedented oil price environment has caused significant changes to the activity of customers and therefore our own activity. These same dynamics are also having a severe negative impact on pricing for our services. As announced last week, we have implemented a number of strategic actions to align our cost structure to better reflect currently expected lower activity levels. In this volatile and unpredictable environment, our team will remain focused on serving our employees and customers in order to maintain or produce value for all of our stakeholders.”

Other Items

Management continues to provide information to its independent registered public accounting firm in order to allow it to evaluate the sufficiency of the scope of the internal review and associated findings, as well as the Company’s proposed remediation plan. Management is working to complete its preparation of quarterly and annual financial statements to allow its independent registered public accounting firm to perform quarterly reviews and an audit of the financial statements as of and for the year ended December 31, 2019. The Company cannot currently predict when this process will be completed. The Company continues to work diligently to become current in its filing obligations with the Securities and Exchange Commission (“SEC”) as soon as reasonably practicable, and it currently expects to do so prior to the expiration of the additional trading period granted by the NYSE on July 15, 2020.

As previously disclosed, the audit committee and management have not identified to date any items that would require revision or restatement of the Company’s previously reported balance sheets, statements of operations, statements of shareholders’ equity or statements of cash flows.

Conference Call Information

ProPetro plans to host a conference call on Wednesday, April 1, 2020 at 8:00 AM Central Time to discuss its results. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. The call will also be webcast on ProPetro’s web site, www.propetroservices.com.

A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 10131732.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.

Cautionary Statement Regarding Preliminary Financial Information

The Company has prepared the preliminary financial information set forth above on a materially consistent basis with its historical financial information and in good faith based upon its internal reporting for the three months and year ended December 31, 2019. This financial information is preliminary and unaudited and is thus inherently uncertain and subject to change as the Company finalizes its financial results and related audit for the year ended December 31, 2019. The Company is in the process of completing its customary quarterly close and review procedures and related audit as of and for the year ended December 31, 2019, and there can be no assurance that its final results for this period will not differ from this preliminary financial information. During the course of the preparation of the Company’s consolidated financial statements and related notes as of and for the year ended December 31, 2019, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information set forth above. This preliminary financial information should not be viewed as a substitute for full audited financial statements prepared in accordance with GAAP. In addition, this preliminary financial information for the three months and year ended December 31, 2019 is not necessarily indicative of the results to be achieved for any future period. This preliminary financial information has been prepared by and is the responsibility of management. In addition, the preliminary financial information presented above has not been audited, reviewed, or compiled by the Company’s independent registered public accounting firm. Accordingly, the Company’s independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto and assumes no responsibility for, and disclaims any association with, this information.

Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our expected utilization, the future performance of new technology (such as our DuraStim® fleets), our expected cost reductions and our ability and the timing to become current in our SEC filing obligations. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of and steep decline in oil prices following the failure of Saudi Arabia and Russia to agree on a plan to cut oil production and Saudi Arabia’s subsequent announcement of plans to increase production and reduce prices, the operational disruption and market volatility resulting from the COVID-19 pandemic and the factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it, including matters related to the audit committee’s internal review, the pending shareholder litigation and the SEC’s pending investigation. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company’s business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

 

 
PROPETRO HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
  Three Months Ended   Years Ended
 

December 31

 

September 30

 

December 31

 

December 31

 

December 31

 

2019

 

2019

 

2018

 

2019

 

2018

REVENUE – Service revenue  

$

434,793

 

 

$

541,847

 

 

$

425,415

 

 

$

2,052,314

 

 

$

1,704,562

 

COSTS AND EXPENSES          
Cost of services (exclusive of depreciation and amortization)  

 

305,693

 

 

 

396,922

 

 

 

300,421

 

 

 

1,470,356

 

 

 

1,270,577

 

General and administrative (inclusive of stock-based compensation)  

 

31,104

 

 

 

27,557

 

 

 

15,015

 

 

 

105,075

 

 

 

53,958

 

Depreciation and amortization  

 

39,052

 

 

 

37,653

 

 

 

24,710

 

 

 

145,304

 

 

 

88,138

 

Impairment expense  

 

3,405

 

 

 

 

 

 

 

 

 

3,405

 

 

 

Loss on disposal of assets  

 

25,233

 

 

 

31,153

 

 

 

16,159

 

 

 

106,811

 

 

 

59,220

 

Total costs and expenses  

 

404,487

 

 

 

493,285

 

 

 

356,306

 

 

 

1,830,952

 

 

 

1,471,893

 

OPERATING INCOME  

 

30,306

 

 

 

48,562

 

 

 

69,109

 

 

 

221,362

 

 

 

232,669

 

OTHER INCOME (EXPENSE):      

 

 

   
Interest expense  

 

(1,463

)

 

 

(1,749

)

 

 

(1,916

)

 

 

(7,141

)

 

 

(6,889

)

Other income (expense)  

 

(178

)

 

 

(75

)

 

 

(158

)

 

 

(717

)

 

 

(663

)

Total other income (expense)  

 

(1,642

)

 

 

(1,824

)

 

 

(2,074

)

 

 

(7,858

)

 

 

(7,552

)

INCOME BEFORE INCOME TAXES  

 

28,665

 

 

 

46,738

 

 

 

67,035

 

 

 

213,504

 

 

 

225,117

 

INCOME TAX EXPENSE  

 

(5,990

)

 

 

(12,340

)

 

 

(15,257

)

 

 

(50,494

)

 

 

(51,255

)

NET INCOME  

$

22,675

 

 

$

34,397

 

 

$

51,777

 

 

$

163,010

 

 

$

173,862

 

NET INCOME PER COMMON SHARE:          
Basic  

$

0.23

 

 

$

0.34

 

 

$

0.62

 

 

$

1.62

 

 

$

2.08

 

Diluted  

$

0.22

 

 

$

0.33

 

 

$

0.59

 

 

$

1.57

 

 

$

2.00

 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:          
Basic  

 

100,618

 

 

 

100,606

 

 

 

83,758

 

 

 

100,472

 

 

 

83,460

 

Diluted  

 

103,055

 

 

 

103,652

 

 

 

87,218

 

 

 

103,750

 

 

 

87,046

 

 
     
PROPETRO HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
     
  December 31, 2019   December 31, 2018
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  

$

149,036

 

$

132,700

 

Accounts receivable – net of allowance for doubtful accounts of $1,049 and $100, respectively  

 

212,183

 

 

202,956

 

Inventories  

 

2,436

 

 

6,353

 

Prepaid expenses  

 

10,815

 

 

6,610

 

Other current assets  

 

1,121

 

 

638

 

Total current assets  

 

375,591

 

 

349,257

 

PROPERTY AND EQUIPMENT – Net of accumulated depreciation  

 

1,047,535

 

 

912,846

 

OPERATING LEASE RIGHT-OF-USE ASSETS  

 

989

 

 

 

OTHER NONCURRENT ASSETS:    
Goodwill  

 

9,425

 

 

9,425

 

Intangible assets – net of amortization  

 

 

 

13

 

Other noncurrent assets  

 

2,571

 

 

2,981

 

Total other noncurrent assets  

 

11,996

 

 

12,419

 

TOTAL ASSETS  

$

1,436,111

 

$

1,274,522

 

LIABILITIES AND SHAREHOLDERS’ EQUITY    
CURRENT LIABILITIES:    
Accounts payable  

$

193,096

 

$

214,460

 

Operating lease liabilities  

 

36,343

 

 

 

Finance lease liabilities  

 

302

 

 

 

Accrued and other current liabilities  

 

2,831

 

 

138,089

 

Accrued interest payable  

 

394

 

 

211

 

Total current liabilities  

 

232,966

 

 

352,760

 

DEFERRED INCOME TAXES  

 

103,041

 

 

54,283

 

LONG-TERM DEBT  

 

130,000

 

 

70,000

 

NONCURRENT OPERATING LEASE LIABILITIES  

 

799

 

 

 

OTHER LONG-TERM LIABILITIES  

 

 

 

124

 

Total liabilities  

 

466,806

 

 

477,167

 

COMMITMENTS AND CONTINGENCIES    
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively  

 

 

 

 

Common stock, $0.001 par value, 200,000,000 shares authorized, 100,624,099 and 100,190,126 shares issued, respectively  

 

101

 

 

100

 

Additional paid-in capital  

 

826,629

 

 

817,690

 

Retained earnings (accumulated deficit)  

 

142,575

 

 

(20,435

)

Total shareholders’ equity  

 

969,305

 

 

797,355

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  

$

1,436,111

 

$

1,274,522

 

     
     
PROPETRO HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
     
  Twelve Months Ended December 31,
 

2019

 

2018

CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income  

$

163,010

 

 

$

173,862

 

Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization  

 

145,304

 

 

 

88,138

 

Impairment expense  

 

3,405

 

 

 

0

 

Deferred income tax expense  

 

48,758

 

 

 

49,704

 

Amortization of deferred revenue rebate  

 

 

 

 

615

 

Amortization of deferred debt issuance costs  

 

542

 

 

 

403

 

Stock‑based compensation  

 

7,776

 

 

 

5,482

 

Loss on disposal of assets  

 

106,811

 

 

 

59,220

 

Changes in operating assets and liabilities:    
Accounts receivable  

 

(9,227

)

 

 

(3,300

)

Other current assets  

 

1,351

 

 

 

207

 

Inventories  

 

3,917

 

 

 

(168

)

Prepaid expenses  

 

(4,386

)

 

 

(1,418

)

Accounts payable  

 

(25,242

)

 

 

9,720

 

Accrued and other current liabilities  

 

13,088

 

 

 

9,853

 

Accrued interest  

 

183

 

 

 

761

 

Net cash provided by operating activities  

 

455,290

 

 

 

393,079

 

CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures  

 

(502,894

)

 

 

(284,197

)

Proceeds from sale of assets  

 

7,595

 

 

 

3,593

 

Net cash used in investing activities  

 

(495,299

)

 

 

(280,604

)

CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings  

 

110,000

 

 

 

77,378

 

Repayments of borrowings  

 

(50,000

)

 

 

(80,946

)

Payment of finance lease obligations  

 

(272

)

 

 

 

Proceeds of insurance financing  

 

 

 

 

5,824

 

Repayments of insurance financing  

 

(4,547

)

 

 

(4,495

)

Payment of debt issuance costs  

 

 

 

 

(1,732

)

Proceeds from exercise equity awards  

 

1,164

 

 

 

247

 

Net cash provided by (used in) financing activities  

 

56,345

 

 

 

(3,724

)

NET INCREASE IN CASH AND CASH EQUIVALENTS  

 

16,336

 

 

 

108,751

 

CASH AND CASH EQUIVALENTS — Beginning of period  

 

132,700

 

 

 

23,949

 

CASH AND CASH EQUIVALENTS — End of period  

$

149,036

 

 

$

132,700

 

 
                   
Reportable Segment Information
                   
  Three Months Ended
  December 31, 2019   September 30, 2019   December 31, 2018
($ in thousands)   Pressure
Pumping
  All Other   Total   Pressure
Pumping
  All Other   Total   Pressure
Pumping
  All Other   Total
                   
Service revenue  

$

424,846

 

$

9,947

 

 

$

434,793

 

$

528,851

 

$

12,996

 

 

$

541,847

 

$

416,117

 

$

9,297

 

 

$

425,414

Adjusted EBITDA  

 

116,743

 

 

(6,408

)

 

 

110,335

 

 

134,789

 

 

(2,894

)

 

 

131,895

 

 

116,447

 

 

(4,004

)

 

 

112,443

Depreciation and amortization  

 

37,433

 

 

1,619

 

 

 

39,052

 

 

36,110

 

 

1,543

 

 

 

37,653

 

 

23,573

 

 

1,136

 

 

 

24,709

Capital expenditures  

 

64,771

 

 

1,574

 

 

 

66,345

 

 

83,770

 

 

3,189

 

 

 

86,959

 

 

359,059

 

 

8,845

 

 

 

367,904

                   
                   
  Years Ended      
  December 31, 2019   December 31, 2018      
($ in thousands)   Pressure
Pumping
  All Other   Total   Pressure
Pumping
  All Other   Total      
                   
Service revenue  

$

2,001,627

 

$

50,687

 

 

$

2,052,314

 

$

1,658,403

 

$

46,159

 

 

$

1,704,562

     
Adjusted EBITDA  

 

533,760

 

 

(14,691

)

 

 

519,069

 

 

398,396

 

 

(9,873

)

 

 

388,523

     
Depreciation and amortization  

 

139,348

 

 

5,956

 

 

 

145,304

 

 

83,404

 

 

4,734

 

 

 

88,138

     
Capital expenditures  

 

387,119

 

 

13,552

 

 

 

400,671

 

 

577,171

 

 

15,431

 

 

 

592,602

     
                   

Non-GAAP Financial Measures

Adjusted EBITDA is not a financial measure presented in accordance with GAAP. We believe that the presentation of this non-GAAP financial measure provides useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to Adjusted EBITDA. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

               
Reconciliation of Net Income (loss) to Adjusted EBITDA              
                   
  Three Months Ended
  December 31, 2019   September 30, 2019   December 31, 2018
($ in thousands)   Pressure
Pumping
  All Other   Total   Pressure
Pumping
  All Other   Total   Pressure
Pumping
  All Other   Total
                   
Net income (loss)  

$

52,805

 

 

$

(30,130

)

 

$

22,675

 

$

65,961

 

$

(31,564

)

 

$

34,397

 

$

76,244

 

$

(24,466

)

 

$

51,778

Depreciation and amortization  

 

37,433

 

 

 

1,619

 

 

 

39,052

 

 

36,110

 

 

1,543

 

 

 

37,653

 

 

23,574

 

 

1,136

 

 

 

24,710

Interest expense  

 

8

 

 

 

1,455

 

 

 

1,463

 

 

21

 

 

1,728

 

 

 

1,749

 

 

 

 

1,916

 

 

 

1,916

Income tax expense  

 

 

 

 

5,990

 

 

 

5,990

 

 

 

 

12,340

 

 

 

12,340

 

 

 

 

15,257

 

 

 

15,257

Loss on disposal of assets  

 

25,068

 

 

 

165

 

 

 

25,233

 

 

30,987

 

 

166

 

 

 

31,153

 

 

16,194

 

 

(35

)

 

 

16,159

Impairment expense  

 

 

 

 

3,405

 

 

 

3,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation  

 

 

 

 

2,530

 

 

 

2,530

 

 

 

 

577

 

 

 

577

 

 

 

 

1,650

 

 

 

1,650

Other expense

178

178

75

75

343

 343

Other general and administrative expense  

 

 

 

7,882

 

 

 

7,882

 

 

 

 

10,786

 

 

 

10,786

 

 

 

 

 

 

 

Deferred IPO bonus, retention bonus and severance expense  

 

1,430

 

 

 

496

 

 

 

1,926

 

 

1,710

 

 

1,455

 

 

 

3,165

 

 

434

 

 

196

 

 

 

630

Adjusted EBITDA  

$

116,743

 

 

$

(6,408

)

 

$

110,335

 

$

134,789

 

$

(2,894

)

 

$

131,895

 

$

116,447

 

$

(4,004

)

 

$

112,443

                   
                   
  Years Ended      
($ in thousands)   December 31, 2019   December 31, 2018      
  Pressure
Pumping
  All Other   Total   Pressure
Pumping
  All Other   Total      
                   
Net income (loss)  

$

281,090

 

 

$

(118,080

)

 

$

163,010

 

$

253,196

 

$

(79,334

)

 

$

173,862

     
Depreciation and amortization  

 

139,348

 

 

 

5,956

 

 

 

145,304

 

 

83,404

 

 

4,734

 

 

 

88,138

     
Interest expense  

 

51

 

 

 

7,090

 

 

 

7,141

 

 

 

 

6,889

 

 

 

6,889

     
Income tax expense  

 

 

 

 

50,494

 

 

 

50,494

 

 

 

 

51,255

 

 

 

51,255

     
Loss on disposal of assets  

 

106,178

 

 

 

633

 

 

 

106,811

 

 

59,962

 

 

(742

)

 

 

59,220

     
Impairment expense  

 

 

 

 

3,405

 

 

 

3,405

 

 

 

 

 

 

 

     
Stock-based compensation  

 

 

 

 

7,776

 

 

 

7,776

 

 

 

 

5,482

 

 

 

5,482

     
Other expense  

 

 

 

 

717

 

 

 

717

 

 

 

 

663

 

 

 

663

     
Other general and administrative expense  

 

 

 

 

25,208

 

 

 

25,208

 

 

2

 

 

203

 

 

 

205

     
Deferred IPO bonus, retention bonus and severance expense  

 

7,093

 

 

 

2,110

 

 

 

9,203

 

 

1,832

 

 

977

 

 

 

2,809

     
Adjusted EBITDA  

$

533,760

 

 

$

(14,691

)

 

$

519,069

 

$

398,396

 

$

(9,873

)

 

$

388,523

     
                   

Contacts

ProPetro Holding Corp
Sam Sledge, 432-688-0012

Chief Strategy and Administrative Officer

sam.sledge@propetroservices.com

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