HOUSTON, Nov. 5, 2020 /PRNewswire/ -- U.S. Well Services,
Inc. (the "Company", "U.S. Well Services" or "we") (NASDAQ: USWS)
today reported third quarter 2020 financial and operational
results.
Third Quarter 2020 Highlights
- Averaged 4.2 fully-utilized fleets compared to 3.4
fully-utilized fleets during the second quarter of 2020
- Total revenue of $44.0 million
compared to $39.8 million in the
second quarter of 2020
- Net loss attributable to the Company of $15.9 million compared to net loss of
$18.1 million in the second quarter
of 2020
- Adjusted EBITDA(1) of $7.9
million compared to $8.5
million in the second quarter of 2020
- Reported annualized Adjusted EBITDA per fully-utilized fleet of
$7.5 million compared to $10.0 million for the second quarter of
2020(2)
- Total liquidity, consisting of cash and availability under the
Company's asset-backed revolving credit facility, was $11.8 million as of September 30, 2020
(1)
|
Each of Adjusted
EBITDA and Adjusted EBITDA margin is a Non-GAAP financial measure.
Please read "Non-GAAP Financial Measures."
|
(2)
|
Adjusted EBITDA per
fully-utilized fleet equivalent is defined as Adjusted EBITDA
divided by the product of average active fleets during the quarter
and the utilization rate for active fleets during the
quarter.
|
"U.S. Well Services once again posted solid financial results
despite persistent market headwinds," said Joel Broussard, President and CEO of U.S. Well
Services. "Our team remains focused on innovating and
delivering results for our customers, which we believe is the
foundation of the Company's strong performance in such a difficult
business environment.
"The resumption of completions activity accelerated in third
quarter of 2020, steadily rebounding off the recent historic low
levels experienced during the first half of 2020. Although
market conditions remain challenging, we are actively evaluating
opportunities to return fleets to work and continue to benefit from
strong demand for next-generation electric fracturing
services."
Outlook
The ongoing COVID-19 pandemic continues to drive economic
uncertainty and diminished global demand for crude oil. In
light of this market backdrop, we expect that hydraulic fracturing
activity will increase modestly during the fourth quarter of 2020
with no material improvement in service pricing, and that
conditions will begin to improve in 2021.
U.S. Well Services believes it is well positioned to benefit
from a recovery in hydraulic fracturing activity. E&P
operators currently face both a depressed commodity price
environment as well as mounting pressure to demonstrate adherence
to strong environmental, social and governance practices. As
such, E&P customers seek partnerships with service companies
that can provide advanced equipment and technology that enhance
efficiency while reducing the environmental impact of hydraulic
fracturing. Our next-generation electric fracturing
technology and proprietary data analytics platform offer customers
a unique value proposition that we believe will continue to drive
demand for our services.
Third Quarter 2020 Financial Summary
Revenue for the third quarter of 2020 increased 11% to
$44.0 million versus $39.8 million in the second quarter of 2020,
driven by an increase in activity levels. U.S. Well Services
averaged 5.0 active fleets during the quarter, as compared to 4.3
for the second quarter of 2020. Utilization of the Company's
active fleets averaged 83% during the third quarter, resulting in a
fully-utilized equivalent of 4.2 fleets. This compares to 79%
utilization and a fully-utilized equivalent of 3.4 fleets for the
second quarter of 2020.
Costs of services, excluding depreciation and amortization, for
the third quarter of 2020 increased to $31.2
million from $29.0 million
during the second quarter of 2020, primarily as a result of higher
activity levels.
Selling, general and administrative expense ("SG&A")
increased to $6.1 million in the
third quarter of 2020 from $5.2
million in the second quarter of 2020. Excluding
stock-based compensation and non-recurring transaction costs,
SG&A in the third quarter of 2020 was $5.0 million compared to $4.1 million in the second quarter of 2020. This
sequential increase was primarily attributable to an increase in
professional fees.
Net loss attributable to the Company decreased sequentially to
$15.9 million in the third quarter of
2020 from $18.1 million in the second
quarter of 2020. Adjusted EBITDA decreased 7% in the third
quarter of 2020 to $7.9 million from
$8.5 million in the second quarter of
2020. Annualized Adjusted EBITDA per fully-utilized fleet was
$7.5 million. Adjusted EBITDA
margin decreased to 18% from 21% in the second quarter of
2020.(1)
Operational Highlights
U.S. Well Services exited the third quarter with five active
frac fleets, of which three were new-generation electric
fleets. Two of our fleets were working in the Appalachian
Basin, one fleet was in the Eagle Ford and two fleets were in the
Permian Basin. The Company expects to maintain five to six
active frac fleets throughout the fourth quarter of 2020.
U.S. Well Services continued to show strong operational results,
completing 2,388 frac stages, or approximately 569 stages per
fully-utilized fleet, compared to 1,957 frac stages during the
second quarter of 2020, or 576 stages per fully-utilized fleet
during the second quarter of 2020. Pumping hours per day
increased approximately 5% sequentially. The Company pumped
for 4,139 hours during 333 frac days, as compared to 3,158 hours
during 267 frac days in the second quarter of 2020.
U.S. Well Services continues to be the market leader in electric
fracturing, with 16,460 electric fracturing stages completed since
the deployment of our first Clean Fleet® in 2014. The
Company continued to expand its intellectual property portfolio
during the third quarter, and currently has 41 patents, with 165
patents pending.
Balance Sheet and Capital Spending
As of September 30, 2020, total
liquidity was $11.8 million,
consisting of $1.0 million of cash on
the Company's balance sheet and $10.8
million of availability under the Company's asset-backed
revolving credit facility, and net debt was $271.6 million.
Capital expenditures, on an accrual basis, were $3.8 million during the third quarter of
2020. The capital expenditures consisted of $3.5 million for maintenance capital expenditures
and $0.3 million for fleet
enhancements.
Conference Call Information
The Company will host a conference call at 10:00 am Central / 11:00
am Eastern Time on Friday, November 6, 2020 to discuss
financial and operating results for the third quarter of 2020 and
recent developments. This call will also be webcast and an investor
presentation will be available on U.S. Well Services' website at
http://ir.uswellservices.com/events-and-presentations/events.
To access the conference call, please dial 201-389-0872 and ask for
the U.S. Well Services call at least 10 minutes prior to the start
time or listen to the call live over the Internet by logging on to
the Company's website from the link above. A telephonic
replay of the conference call will be available through
November 13, 2020 and may be accessed
by calling 201-612-7415 using passcode 13712348#. A webcast
archive will also be available at the link above shortly after the
call and will be accessible for approximately 90 days.
About U.S. Well Services, Inc.
U.S. Well Services, Inc. is a leading provider of hydraulic
fracturing services and a market leader in electric fracture
stimulation. The Company's patented electric frac technology
provides one of the first fully electric, mobile well stimulation
systems powered by locally supplied natural gas including field gas
sourced directly from the wellhead. The Company's electric frac
technology dramatically decreases emissions and sound pollution
while generating exceptional operational efficiencies including
significant customer fuel cost savings versus conventional diesel
fleets. For more information visit: www.uswellservices.com.
The information on our website is not part of this release.
Forward-Looking Statements
The information above includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included herein concerning, among other things, availability under
the Company's credit facilities, benefits obtained from the
Company's strategic financing transactions, the Company's financial
position and liquidity, business strategy and objectives for future
operations, results of discussions with potential customers,
benefits obtained from the Company's patent-pending PowerPath
technology, potential new contract opportunities and planned
deployment and operation of fleets, are forward-looking statements.
These forward-looking statements may be identified by their use of
terms and phrases such as "may," "expect," "guidance," "estimate,"
"project," "plan," "believe," "intend," "achievable," "anticipate,"
"will," "continue," "potential," "should," "could," "target" and
similar terms and phrases. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve certain assumptions, risks and
uncertainties. These forward-looking statements represent the
Company's current expectations or beliefs concerning future events,
and it is possible that the results described in this release will
not be achieved. These forward-looking statements are subject to
certain risks, uncertainties and assumptions, including those
identified in this release or disclosed from time to time in the
Company's filings with the Securities and Exchange Commission (the
"SEC"). Factors that could cause actual results to differ from the
Company's expectations include changes in market conditions,
changes in commodity prices, changes in supply and demand for oil
and gas, changes in demand for our services, availability of
financing and capital, the Company's liquidity, the Company's
compliance with covenants under its credit agreements, actions by
customers and potential customers, geopolitical events, public
health crises, such as a pandemic, including the recent COVID-19
pandemic, availability of equipment and personnel and other factors
described in the Company's public disclosures and filings with the
SEC, including those described under "Risk Factors" in our annual
report on Form 10-K filed on March 5,
2020 and in our quarterly reports on Form 10-Q. As a result
of these factors, actual results may differ materially from those
indicated or implied by forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Contacts:
|
U.S. Well
Services
|
|
Josh Shapiro, VP,
Finance and Investor Relations
|
|
(832)
562-3730
|
|
IR@uswellservices.com
|
|
|
|
Dennard Lascar
Investor Relations
|
|
Ken Dennard / Lisa
Elliott
|
|
(713)
529-6600
|
|
USWS@dennardlascar.com
|
- Tables to Follow -
U.S. WELL
SERVICES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited and
amounts in thousands except for active fleets and per share
amounts)
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
Statement of
Operations Data:
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
44,042
|
|
$
130,884
|
|
$
39,837
|
|
$
195,914
|
|
$
422,075
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of services
(excluding depreciation and amortization)
|
31,157
|
|
90,792
|
|
29,011
|
|
145,321
|
|
307,841
|
Depreciation and
amortization
|
16,393
|
|
39,723
|
|
17,358
|
|
65,759
|
|
117,888
|
Selling, general and
administrative expenses
|
6,098
|
|
8,216
|
|
5,220
|
|
30,376
|
|
24,474
|
Impairment loss on
intangible assets
|
-
|
|
-
|
|
-
|
|
147,543
|
|
-
|
Loss on disposal of
assets
|
755
|
|
4,976
|
|
853
|
|
5,852
|
|
15,884
|
Loss from
operations
|
(10,361)
|
|
(12,823)
|
|
(12,605)
|
|
(198,937)
|
|
(44,012)
|
Interest expense,
net
|
(5,744)
|
|
(8,449)
|
|
(5,661)
|
|
(19,357)
|
|
(21,384)
|
Loss on
extinguishment of debt
|
-
|
|
-
|
|
-
|
|
-
|
|
(12,558)
|
Other
income
|
30
|
|
62
|
|
45
|
|
81
|
|
1,774
|
Loss before income
taxes
|
(16,075)
|
|
(21,210)
|
|
(18,221)
|
|
(218,213)
|
|
(76,180)
|
Income tax expense
(benefit)
|
(87)
|
|
39
|
|
13
|
|
(824)
|
|
469
|
Net loss
|
(15,988)
|
|
(21,249)
|
|
(18,234)
|
|
(217,389)
|
|
(76,649)
|
Net loss attributable
to noncontrolling interest
|
(51)
|
|
(4,280)
|
|
(97)
|
|
(10,948)
|
|
(15,929)
|
Net loss attributable
to U.S. Well Services, Inc.
|
(15,937)
|
|
(16,969)
|
|
(18,137)
|
|
(206,441)
|
|
(60,720)
|
Dividends accrued on
Series A preferred stock
|
(1,854)
|
|
(1,670)
|
|
(1,845)
|
|
(5,450)
|
|
(2,330)
|
Dividends accrued on
Series B preferred stock
|
(681)
|
|
-
|
|
(666)
|
|
(1,347)
|
|
-
|
Deemed and imputed
dividends on Series A preferred stock
|
(467)
|
|
(4,406)
|
|
(4,504)
|
|
(11,220)
|
|
(5,966)
|
Net loss attributable
to U.S. Well Services, Inc. common stockholders
|
$
(18,939)
|
|
$
(23,045)
|
|
$
(25,152)
|
|
$
(224,458)
|
|
$
(69,016)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to U.S. Well Services, Inc. stockholders per common
share:
|
|
|
|
|
|
|
Basic and
diluted
|
$
(0.28)
|
|
$
(0.45)
|
|
$
(0.38)
|
|
$
(3.46)
|
|
$
(1.36)
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
66,667
|
|
50,250
|
|
65,011
|
|
63,431
|
|
49,182
|
|
|
|
|
|
|
|
|
|
|
Other Financial
and Operational Data
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
(1)
|
3,822
|
|
14,523
|
|
3,993
|
|
31,117
|
|
257,280
|
Adjusted EBITDA
(2)
|
7,854
|
|
35,288
|
|
8,466
|
|
29,069
|
|
105,858
|
Average Active
Fleets
|
5.0
|
|
9.3
|
|
4.3
|
|
6.7
|
|
10.6
|
|
(1) Capital
expenditures presented above are shown on an accrual basis,
including capital expenditures in accounts payable, accrued
liabilities and under equipment financing arrangements.
|
(2) Adjusted EBITDA
is a Non-GAAP Financial Measure. See the tables entitled
"Reconciliation and Calculation of Non-GAAP Financial and
Operational Measures" below.
|
U.S. WELL
SERVICES, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(unaudited,
amounts in thousands except shares and per share
amounts)
|
|
|
|
September 30,
2020
|
|
December 31,
2019
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
519
|
|
$
33,794
|
Restricted
cash
|
519
|
|
7,610
|
Accounts receivable
(net of allowance for doubtful accounts of $9,000 and $22 in
2020 and 2019, respectively)
|
36,416
|
|
79,542
|
Inventory,
net
|
7,321
|
|
9,052
|
Prepaids and other
current assets
|
10,443
|
|
13,332
|
Total current
assets
|
55,218
|
|
143,330
|
Property and
equipment, net
|
242,810
|
|
441,610
|
Intangible assets,
net
|
13,708
|
|
21,826
|
Goodwill
|
4,971
|
|
4,971
|
Deferred financing
costs, net
|
1,196
|
|
1,045
|
TOTAL
ASSETS
|
$
317,903
|
|
$
612,782
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
35,745
|
|
$
70,170
|
Accrued expenses and
other current liabilities
|
12,142
|
|
40,481
|
Notes
payable
|
1,867
|
|
8,068
|
Current portion of
long-term equipment financing
|
3,473
|
|
5,564
|
Capital lease
obligation
|
6,201
|
|
10,474
|
Current portion of
long-term debt
|
-
|
|
6,250
|
Total current
liabilities
|
59,428
|
|
141,007
|
Long-term equipment
financing
|
10,243
|
|
10,501
|
Long-term
debt
|
250,831
|
|
274,391
|
Other long-term
liabilities
|
1,598
|
|
215
|
TOTAL
LIABILITIES
|
322,100
|
|
426,114
|
|
|
|
|
MEZZANINE
EQUITY
|
|
|
|
Series A Redeemable
Convertible Preferred Stock, par value $0.0001 per share;
55,000 shares authorized; 52,000
and 55,000 shares issued and outstanding as of September 30,
2020 and December 31, 2019, respectively;
aggregate liquidation preference of $61,006 and $59,050 as of September 30, 2020 and December 31,
2019, respectively
|
50,907
|
|
38,928
|
|
|
|
|
Series B Redeemable
Convertible Preferred Stock, par value $0.0001 per share;
22,050 and 0 shares authorized,
issued and outstanding as of September 30, 2020 and
December 31, 2019, respectively;
aggregate liquidation preference of $23,398 and $0 as of September 30, 2020 and December 31, 2019,
respectively
|
21,984
|
|
-
|
|
|
|
|
STOCKHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
Class A Common Stock,
par value of $0.0001 per share; 400,000,000 shares
authorized; 71,413,883 and
62,857,624 shares issued and outstanding as of September 30, 2020
and and December 31, 2019, respectively
|
7
|
|
5
|
Class B Common Stock,
par value of $0.0001 per share; 20,000,000 shares
authorized; 2,302,936 and
5,500,692 shares issued and outstanding as of September 30, 2020
and December 31, 2019, respectively
|
-
|
|
1
|
Additional paid in
capital
|
240,547
|
|
248,302
|
Accumulated
deficit
|
(317,642)
|
|
(111,201)
|
Total stockholders'
equity (deficit) attributable to U.S. Well Services,
Inc.
|
(77,088)
|
|
137,107
|
Noncontrolling
interest
|
-
|
|
10,633
|
Total Stockholders'
Equity (Deficit)
|
(77,088)
|
|
147,740
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$
317,903
|
|
$
612,782
|
U.S. WELL
SERVICES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
NINE MONTHS ENDED
SEPTEMBER 30, 2020 AND 2019
|
(unaudited and
amounts in thousands)
|
|
|
|
|
|
|
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
|
$
(217,389)
|
|
$ (76,649)
|
Adjustments to
reconcile net loss to cash provided by (used in)
|
|
|
|
|
operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
65,759
|
|
117,888
|
Impairment loss on
intangible assets
|
|
147,543
|
|
-
|
Provision for losses
on accounts receivable
|
|
9,031
|
|
307
|
Loss on disposal of
assets
|
|
5,852
|
|
15,884
|
Share-based
compensation expense
|
|
4,519
|
|
5,672
|
Loss on
extinguishment of debt
|
|
-
|
|
12,558
|
Other noncash
items
|
|
3,975
|
|
2,422
|
Changes in working
capital
|
|
(201)
|
|
(35,752)
|
Net cash provided
by operating activities
|
|
19,089
|
|
42,330
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchase of property
and equipment
|
|
(43,948)
|
|
(194,114)
|
Proceeds from sale of
property and equipment
|
|
15,778
|
|
706
|
Net cash used in
investing activities
|
|
(28,170)
|
|
(193,408)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from
revolving credit facility
|
|
25,723
|
|
49,134
|
Repayments of
revolving credit facility
|
|
(51,034)
|
|
(65,000)
|
Proceeds from
issuance of long-term debt
|
|
10,000
|
|
285,000
|
Repayments of
long-term debt
|
|
(2,500)
|
|
(75,000)
|
Loss on
extinguishment of debt
|
|
-
|
|
(6,560)
|
Repayments of note
payable
|
|
(6,201)
|
|
(4,560)
|
Repayments of amounts
under equipment financing
|
|
(2,349)
|
|
(66,872)
|
Principal payments
under finance lease obligation
|
|
(4,272)
|
|
(12,494)
|
Proceeds from
issuance of preferred stock and warrants, net
|
|
19,596
|
|
54,524
|
Deferred financing
costs
|
|
(20,248)
|
|
(13,451)
|
Proceeds from
issuance of note payable
|
|
-
|
|
9,117
|
Net cash provided
(used) by financing activities
|
|
(31,285)
|
|
153,838
|
Net increase
(decrease) in cash and cash equivalents and restricted
cash
|
|
(40,366)
|
|
2,760
|
Cash and cash
equivalents and restricted cash, beginning of period
|
|
41,404
|
|
30,036
|
Cash and cash
equivalents and restricted cash, end of period
|
|
$
1,038
|
|
$
32,796
|
Non-GAAP Financial Measures
The Company reports its financial results in accordance with
GAAP. The Company believes, however, that certain non-GAAP
performance measures allow external users of its consolidated
financial statements, such as industry analysts, investors, lenders
and rating agencies, to more effectively evaluate its operating
performance and compare the results of its operations from period
to period and against the Company's peers without regard to the
Company's financing methods or capital structure. Additionally, the
Company believes the use of certain non-GAAP measures highlights
trends in the Company's business that may not otherwise be apparent
when relying solely on GAAP measures.
Reconciliation of Net Income to Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures and
should not be considered as a substitute for net income (loss),
operating income (loss) or any other performance measure derived in
accordance with GAAP or as an alternative to net cash provided by
operating activities as a measure of the Company's profitability or
liquidity. The Company's management believes EBITDA and Adjusted
EBITDA are useful because they allow external users of its
consolidated financial statements, such as industry analysts,
investors, lenders and rating agencies, to more effectively
evaluate the Company's operating performance, compare the results
of its operations from period to period and against the Company's
peers without regard to the Company's financing methods or capital
structure and because it highlights trends in the Company's
business that may not otherwise be apparent when relying solely on
GAAP measures. The Company believes EBITDA and Adjusted EBITDA are
important supplemental measures of its performance that are
frequently used by others in evaluating companies in its industry.
Because EBITDA and Adjusted EBITDA exclude some, but not all, items
that affect net income (loss) and may vary among companies, the
EBITDA and Adjusted EBITDA that the Company presents may not be
comparable to similarly titled measures of other companies.
The Company defines EBITDA as earnings before interest, income
taxes, depreciation and amortization. The Company defines Adjusted
EBITDA as EBITDA excluding the following: loss on disposal of
assets; share-based compensation; impairments; and other items that
the Company believes to be non-recurring in nature. The
Company defines Adjusted EBITDA margin as Adjusted EBITDA as a
percentage of Revenue.
U.S. WELL
SERVICES, INC.
|
RECONCILIATION OF
NET INCOME (GAAP) TO EBITDA AND ADJUSTED EBITDA
(NON-GAAP)
|
(unaudited,
amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
Net loss
|
$
(15,988)
|
|
$
(21,249)
|
|
$
(18,234)
|
|
$
(217,389)
|
|
$
(76,649)
|
Interest expense,
net
|
5,744
|
|
8,449
|
|
5,661
|
|
19,357
|
|
21,384
|
Income tax
expense
|
(87)
|
|
39
|
|
13
|
|
(824)
|
|
469
|
Depreciation and
amortization
|
16,393
|
|
39,723
|
|
17,358
|
|
65,759
|
|
117,888
|
EBITDA
|
6,062
|
|
26,962
|
|
4,798
|
|
(133,097)
|
|
63,092
|
Loss on disposal of
assets (a)
|
755
|
|
4,976
|
|
853
|
|
5,852
|
|
15,884
|
Share based
compensation (b)
|
1,037
|
|
2,305
|
|
1,403
|
|
4,519
|
|
5,672
|
Impairment loss
(c)
|
-
|
|
-
|
|
-
|
|
147,543
|
|
-
|
Fleet start-up,
relocation and reactivation costs (d)
|
-
|
|
1,045
|
|
573
|
|
573
|
|
8,208
|
Restructuring and
transaction related costs (e)
|
-
|
|
-
|
|
-
|
|
-
|
|
1,738
|
Severance and
Business Restructuring (f)
|
-
|
|
-
|
|
839
|
|
3,679
|
|
-
|
Loss on
extinguishment of debt (g)
|
-
|
|
-
|
|
-
|
|
-
|
|
12,558
|
Fleet 6 fire
(h)
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,294)
|
Adjusted
EBITDA
|
$
7,854
|
|
$
35,288
|
|
$
8,466
|
|
$
29,069
|
|
$
105,858
|
|
(a) Represents net
losses on the disposal of property and equipment
|
(b) Represents
non-cash share-based compensation
|
(c) Represents
non-cash impairment charge on long-lived assets
|
(d) Represents costs
related to the start-up, relocation and / or reactivation of
hydraulic fracturing fleets
|
(e) Represents
third-party professional fees and other costs including costs
related to financing transactions, the capital restructuring and
the potential sale of U.S. Well Services, LLC
|
(f) Represents
severance and restructuring cost related to reductions in force and
facility closures
|
(g) Represents costs
related to debt extinguishment
|
(h) Represents
insurance reimbursement of costs related to a fleet fire previously
reported as an add-back
|
View original
content:http://www.prnewswire.com/news-releases/us-well-services-announces-third-quarter-2020-financial-and-operational-results-301167539.html
SOURCE U.S. Well Services, Inc.