OKLAHOMA CITY, March 4, 2022 /PRNewswire/ -- Mammoth Energy
Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today
reported financial and operational results for the fourth quarter
and full year ended December 31, 2021.
Financial Overview for the Fourth Quarter and Full Year
2021:
Total revenue was $57.2 million
for the fourth quarter of 2021, as compared to $85.1 million for the same quarter of 2020 and
$57.5 million for the third quarter
of 2021. Total revenue was $229.0
million for the year ended December 31, 2021 as
compared to $313.1 million for the
year ended December 31, 2020.
Net loss for the fourth quarter of 2021 was $13.3 million, or a $0.28 loss per share, as compared to $11.9 million, or a $0.26 loss per share, for the same quarter of
2020, and $40.9 million, or a
$0.88 loss per share, for the third
quarter of 2021. Net loss for the year ended December 31, 2021
was $101.4 million, or $2.18 per fully diluted share, as compared to net
loss of $107.6 million, or
$2.36 per fully diluted share for the
year ended December 31, 2020.
Adjusted EBITDA (as defined and reconciled below) increased to
$17.2 million for the fourth quarter
of 2021, as compared to $7.5 million
for the same quarter of 2020 and ($29.7)
million for the third quarter of 2021. Adjusted EBITDA was
($11.6) million for the year ended
December 31, 2021, as compared to $50.0
million for the year ended December 31, 2020. During
the third quarter of 2021, Mammoth recognized expense of
$32.6 million related to its
settlement with Gulfport Energy Corporation. Excluding this
non-recurring expense, adjusted EBITDA was $2.9 million for the third quarter of 2021 and
$21.0 million for the full year
2021.
Arty Straehla, Chief Executive Officer of Mammoth commented, "We
ended the year sustaining sequential quarterly momentum on top line
revenues and reducing net loss. I'm proud of the progress our team
is making to further enhance our efficient fixed cost model. We
have implemented a cost management structure and methodical
operational processes that we believe will enable significant top
line growth without meaningfully changing our SG&A
structure.
"As we enter 2022, we see improved macro-economic trends that we
believe will drive increased demand for our two largest business
segments, well completion services and infrastructure services,"
added Straehla. "In addition, we continue to vigorously pursue
numerous avenues to collect our receivable from PREPA for work
performed by our subsidiary Cobra Acquisitions LLC in Puerto Rico. We believe that published
documentation to date continues to show that our team performed a
difficult job in a difficult environment to save lives and aid the
people of Puerto Rico in their
time of need."
Infrastructure Services
Mammoth's infrastructure
services division contributed revenue of $19.7 million, or approximately 34% of Mammoth's
total revenue, for the fourth quarter of 2021, as compared to
$56.6 million for the same quarter of
2020 and $25.1 million for the third
quarter of 2021. The decrease in revenue compared to the same
quarter of 2020 is primarily due to a decline in storm activity,
resulting in lower storm restoration revenue.
The infrastructure segment contributed revenues of $93.4 million for the year ended
December 31, 2021, down from $157.8
million for the year ended December 31, 2020. The
decrease in revenue is primarily due to a decline in storm
activity, resulting in lower storm restoration revenue, as well as
management and crew turnover.
Well Completion Services
Mammoth's well completion
services division contributed revenue (inclusive of inter-segment
revenue) of $21.3 million on 891
stages for the fourth quarter of 2021, as compared to $12.7 million on 291 stages for the same quarter
of 2020 and $22.7 million on 688
stages for the third quarter of 2021. On average, 1.6 of the
Company's fleets were active for the fourth quarter of 2021,
compared to an average utilization of 0.6 fleets during the same
quarter of 2020 and 1.2 fleets during the third quarter of
2021.
The well completion division contributed revenues (inclusive of
inter-segment revenues) of $84.3
million on 2,544 stages for the year ended December 31,
2021, down from $88.3 million on
2,880 stages for the year ended December 31, 2020. On average,
1.1 of the Company's fleets were active for the year ended
December 31, 2021 compared to 1.5 fleets for the year ended
December 31, 2020.
Natural Sand Proppant Services
Mammoth's natural sand
proppant services division contributed revenue (inclusive of
inter-segment revenue) of $10.8
million for the fourth quarter of 2021, as compared to
$11.8 million for the same quarter of
2020 and $8.4 million for the third
quarter of 2021. In the fourth quarter of 2021, the Company sold
approximately 270,000 tons of sand at an average sales price of
$17.84 per ton, as compared to sales
of approximately 100,000 tons of sand at an average sales price of
$15.59 per ton during the same
quarter of 2020. In the third quarter of 2021, sales were
approximately 315,000 tons of sand at an average price of
$16.58 per ton.
The natural sand proppant division contributed revenues
(inclusive of inter-segment revenues) of $34.9 million for the year ended
December 31, 2021, as compared to $34.4
million for the year ended December 31, 2020. The
Company sold 1.0 million tons of sand during the year ended
December 31, 2021, an increase from 0.5 million tons of sand
during the year ended December 31, 2020. The Company's average
sales price for the sand sold during the year ended
December 31, 2021 was $16.76 per
ton, an increase from $14.58 per ton
average sales price during the year ended December 31,
2020.
Drilling Services
Mammoth's drilling services division
contributed revenue (inclusive of inter-segment revenue) of
$1.0 million for the fourth quarter
of 2021, as compared to $0.6 million
for the same quarter of 2020 and $1.2
million for the third quarter of 2021. The drilling services
division contributed revenues of $4.3
million for the year ended December 31, 2021, as
compared to $7.8 million for the year
ended December 31, 2020.
The Company temporarily shut down its contract land drilling
operations beginning in December 2019
and its rig hauling operations beginning in April 2020.
Other Services
Mammoth's other services, including
aviation, coil tubing, pressure control, equipment rentals, crude
oil hauling, full-service transportation, remote accommodations and
equipment manufacturing, contributed revenue (inclusive of
inter-segment revenue) of $4.9
million for the fourth quarter of 2021, as compared to
$4.0 million for the same quarter of
2020 and $4.6 million for the third
quarter of 2021. The Company's other services contributed revenues
of $18.5 million for the year ended
December 31, 2021, as compared to $28.8
million for the year ended December 31, 2020.
As a result of market conditions, the Company temporarily shut
down its cementing and acidizing operations as well as its flowback
operations beginning in July 2019,
its coil tubing and full-service transportation operations
beginning in July 2020 and its crude
oil hauling operations beginning in July
2021.
Selling, General and Administrative Expenses
Selling,
general and administrative ("SG&A") expenses were $3.5 million for the fourth quarter of 2021, as
compared to $30.5 million for the
same quarter of 2020 and $41.9
million for the third quarter of 2021.
Following is a breakout of SG&A expense (in thousands):
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Cash
expenses:
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
3,685
|
|
$
3,738
|
|
$
3,353
|
|
$
15,064
|
|
$
14,876
|
Professional
services(a)
|
(2,383)
|
|
4,570
|
|
4,571
|
|
11,400
|
|
19,905
|
Other(b)
|
1,994
|
|
2,256
|
|
2,252
|
|
9,052
|
|
8,828
|
Total cash SG&A
expense
|
3,296
|
|
10,564
|
|
10,176
|
|
35,516
|
|
43,609
|
Non-cash
expenses:
|
|
|
|
|
|
|
|
|
|
Bad debt
provision(c)
|
12
|
|
19,652
|
|
31,449
|
|
41,662
|
|
21,958
|
Stock based
compensation
|
241
|
|
292
|
|
241
|
|
1,068
|
|
1,618
|
Total non-cash
SG&A expense
|
253
|
|
19,944
|
|
31,690
|
|
42,730
|
|
23,576
|
Total SG&A
expense
|
$
3,549
|
|
$
30,508
|
|
$
41,866
|
|
$
78,246
|
|
$
67,185
|
|
|
a.
|
Certain legal
expenses incurred during 2021 were reclassified to Other, net
during the fourth quarter of 2021.
|
b.
|
Includes
travel-related costs, information technology expenses, rent,
utilities and other general and administrative-related
costs.
|
c.
|
The bad debt
provision for the years ended December 31, 2021 and 2020
includes $41.2 million and $19.4 million, respectively,
related to the Stingray Pressure Pumping and Muskie contracts with
Gulfport.
|
SG&A expenses, as a percentage of total revenue, were 6% for
the fourth quarter of 2021, as compared to 36% for the same quarter
of 2020 and 73% for the third quarter of 2021. SG&A expenses,
as a percentage of total revenue, were 34% for the year ended
December 31, 2021, as compared to 21% for the year ended
December 31, 2020.
Liquidity
As of December 31, 2021, Mammoth had
cash on hand of $9.9 million,
outstanding borrowings under its revolving credit facility of
$83.4 million and $16.5 million of available borrowing capacity
under its revolving credit facility, after giving effect to
$9.0 million of outstanding letters
of credit and the requirement to maintain a $10 million reserve out of the available
borrowing capacity. As of December 31, 2021, Mammoth had total
liquidity of $26.4 million.
On February 28, 2022, Mammoth
amended its revolving credit facility to, among other things, amend
certain financial covenants, provide for a conditional increase of
the applicable interest margin, permit certain sale-leaseback
transactions, provide for a reduction in the maximum revolving
advance amount in an amount equal to 50% of the PREPA claims
proceeds, subject to a floor equal to the sum of eligible billed
and unbilled accounts receivables, and classify the payments
pursuant to its previously disclosed settlement agreement with
MasTec Renewables Puerto Rico, LLC as restricted payments,
requiring $20.0 million of
availability both before and after making such payments. The
amendment also permanently waived compliance by us and our
subsidiaries with the leverage ratio and fixed charge coverage
ratio covenants in our revolving credit facility for the fiscal
quarters ended September 30, 2021 and
December 31, 2021, respectively,
ending the prior limited covenant waiver period.
As of March 2, 2022, Mammoth had
cash on hand of $7.2 million and
outstanding borrowings under its revolving credit facility of
$83.7 million. As of March 2, 2022, the Company had $10.6 million of available borrowing capacity
under its revolving credit facility, after giving effect to
$8.5 million of outstanding letters
of credit and the requirement to maintain a $7.5 million reserve out of the available
borrowing capacity.
Capital Expenditures
The following table summarizes
Mammoth's capital expenditures by operating division for the
periods indicated (in thousands):
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Infrastructure
services(a)
|
$
153
|
|
$
37
|
|
$
181
|
|
$
627
|
|
$
258
|
Well completion
services(b)
|
1,135
|
|
606
|
|
2,392
|
|
4,327
|
|
4,358
|
Natural sand proppant
services(c)
|
55
|
|
4
|
|
16
|
|
484
|
|
1,073
|
Drilling
services(d)
|
1
|
|
234
|
|
4
|
|
44
|
|
432
|
Other(e)
|
25
|
|
7
|
|
172
|
|
361
|
|
716
|
Total capital
expenditures
|
$
1,369
|
|
$
888
|
|
$
2,765
|
|
$
5,843
|
|
$
6,837
|
|
|
a.
|
Capital expenditures
primarily for truck, tooling and equipment purchases for the
periods presented.
|
b.
|
Capital expenditures
primarily for upgrades to our pressure pumping fleet and water
transfer equipment for the periods presented.
|
c.
|
Capital expenditures
primarily for maintenance for the periods presented.
|
d.
|
Capital expenditures
primarily for directional drilling equipment for the periods
presented.
|
e.
|
Capital expenditures
primarily for equipment for the Company's rental businesses for the
periods presented.
|
Conference Call Information
Mammoth will host a
conference call on Friday, March 4,
2022 at 8:00 a.m. Central time
(9:00 a.m. Eastern time) to discuss
its fourth quarter and full year 2021 financial and operational
results. The telephone number to access the conference call is
216-562-0385. The conference call will also be webcast live on
https://ir.mammothenergy.com/events-presentations.
About Mammoth Energy Services, Inc.
Mammoth is an
integrated, growth-oriented energy services company focused on the
construction and repair of the electric grid for private utilities,
public investor-owned utilities and co-operative utilities through
its infrastructure services businesses. The Company also provides
products and services to enable the exploration and development of
North American onshore unconventional oil and natural gas reserves.
Mammoth's suite of services and products include: infrastructure
services, well completion services, natural sand and proppant
services, drilling services and other energy services. For more
information, please visit www.mammothenergy.com.
Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc.
investors@mammothenergy.com
Rick Black / Ken Dennard
Dennard Lascar Investor
Relations
TUSK@dennardlascar.com
Forward-Looking Statements and Cautionary
Statements
This news release (and any oral statements
made regarding the subjects of this release, including on the
conference call announced herein) contains certain statements and
information that may constitute "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, and the Private Securities Litigation Reform Act
of 1995. All statements, other than statements of historical facts
that address activities, events or developments that Mammoth
expects, believes or anticipates will or may occur in the future
are forward-looking statements. The words "anticipate," "believe,"
"ensure," "expect," "if," "intend," "plan," "estimate," "project,"
"forecasts," "predict," "outlook," "aim," "will," "could,"
"should," "potential," "would," "may," "probable," "likely" and
similar expressions, and the negative thereof, are intended to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include statements, estimates
and projections regarding the Company's business outlook and plans,
future financial position, liquidity and capital resources,
operations, performance, acquisitions, returns, capital expenditure
budgets, costs and other guidance regarding future developments.
Forward-looking statements are not assurances of future
performance. These forward-looking statements are based on
management's current expectations and beliefs, forecasts for the
Company's existing operations, experience and perception of
historical trends, current conditions, anticipated future
developments and their effect on Mammoth, and other factors
believed to be appropriate. Although management believes that the
expectations and assumptions reflected in these forward-looking
statements are reasonable as and when made, no assurance can be
given that these assumptions are accurate or that any of these
expectations will be achieved (in full or at all). Moreover, the
Company's forward-looking statements are subject to significant
risks and uncertainties, including those described in its Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings it makes with the SEC,
including those relating to the Company's acquisitions and
contracts, many of which are beyond the Company's control, which
may cause actual results to differ materially from historical
experience and present expectations or projections which are
implied or expressed by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to: the severity and duration of the COVID-19 pandemic,
related global and national health concerns and economic
repercussions and the resulting negative impact on demand for our
services; the volatility of oil and natural gas prices and actions
by OPEC members and other exporting nations affecting commodities
prices and production levels; the impact of the current
Russian/Ukrainian military conflict on the global energy and
capital markets and global stability; operational challenges
relating to the COVID-19 pandemic and efforts to mitigate the
spread of the virus, including logistical challenges, protecting
the health and well-being of our employees, remote work
arrangements, performance of contracts and supply chain
disruptions; the outcome of ongoing government investigations and
other legal proceedings, including those relating to the contracts
awarded to the Company's subsidiary Cobra Acquisitions LLC
("Cobra") by the Puerto Rico Electric Power Authority ("PREPA");
the failure to receive or delays in receiving governmental
authorizations, approvals and/or payments, including payments with
respect to the PREPA account receivable for prior services to PREPA
performed by Cobra; the Company's inability to replace the prior
levels of work in its business segments, including its
infrastructure and well completion services segments; risks
relating to economic conditions; whether a federal infrastructure
bill is implemented and the terms thereof; the loss of or
interruption in operations of one or more of Mammoth's significant
suppliers or customers; the loss of management and/or crews; the
outcome or settlement of our litigation matters, including the
adverse impact of the recent settlements with Gulfport Energy
Corporation and MasTec Renewables Puerto Rico, LLC, and the effect
on our financial condition and results of operations; the effects
of government regulation, permitting and other legal requirements;
operating risks; the adequacy of capital resources and liquidity;
Mammoth's ability to continue to comply with, or if applicable,
obtain a waiver of forecasted or actual noncompliance with certain
financial covenants and comply with other terms and conditions
under our recently amended revolving credit facility; weather;
natural disasters; litigation; volatility in commodity markets;
competition in the oil and natural gas and infrastructure
industries; and costs and availability of resources.
Investors are cautioned not to place undue reliance on any
forward-looking statement which speaks only as of the date on which
such statement is made. We undertake no obligation to correct,
revise or update any forward-looking statement after the date such
statement is made, whether as a result of new information, future
events or otherwise, except as required by applicable law.
MAMMOTH ENERGY
SERVICES, INC. CONSOLIDATED BALANCE SHEETS
|
|
ASSETS
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2020
|
CURRENT
ASSETS
|
|
(in
thousands)
|
Cash and cash
equivalents
|
|
$
9,899
|
|
$
14,822
|
Short-term
investment
|
|
1,762
|
|
1,750
|
Accounts receivable,
net
|
|
407,550
|
|
393,112
|
Receivables from
related parties, net
|
|
88
|
|
28,461
|
Inventories
|
|
8,366
|
|
12,020
|
Prepaid
expenses
|
|
12,381
|
|
13,825
|
Other current
assets
|
|
737
|
|
758
|
Total current
assets
|
|
440,783
|
|
464,748
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
176,586
|
|
251,262
|
Sand
reserves
|
|
64,641
|
|
65,876
|
Operating lease
right-of-use assets
|
|
12,168
|
|
20,179
|
Intangible assets,
net
|
|
2,561
|
|
4,774
|
Goodwill
|
|
11,717
|
|
12,608
|
Deferred income tax
asset
|
|
8,094
|
|
—
|
Other non-current
assets
|
|
4,342
|
|
5,115
|
Total
assets
|
|
$
720,892
|
|
$
824,562
|
LIABILITIES AND
EQUITY
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Accounts
payable
|
|
$
37,560
|
|
$
40,319
|
Accrued expenses and
other current liabilities
|
|
62,516
|
|
44,408
|
Current operating
lease liability
|
|
5,942
|
|
8,618
|
Current portion of
long-term debt
|
|
1,468
|
|
1,165
|
Income taxes
payable
|
|
42,748
|
|
34,088
|
Total current
liabilities
|
|
150,234
|
|
128,598
|
|
|
|
|
|
Long-term debt, net
of current portion
|
|
85,240
|
|
81,338
|
Deferred income tax
liabilities
|
|
865
|
|
24,741
|
Long-term operating
lease liability
|
|
5,918
|
|
11,377
|
Asset retirement
obligation
|
|
3,720
|
|
4,746
|
Other
liabilities
|
|
11,693
|
|
10,435
|
Total
liabilities
|
|
257,670
|
|
261,235
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Equity:
|
|
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 46,684,065 and
45,769,283
issued and outstanding at December 31, 2021 and December 31,
2020
|
|
467
|
|
458
|
Additional paid in
capital
|
|
538,221
|
|
537,039
|
Retained
earnings
|
|
(72,535)
|
|
28,895
|
Accumulated other
comprehensive loss
|
|
(2,931)
|
|
(3,065)
|
Total
equity
|
|
463,222
|
|
563,327
|
Total liabilities and
equity
|
|
$
720,892
|
|
$
824,562
|
MAMMOTH ENERGY
SERVICES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS) INCOME
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
(in thousands,
except per share amounts)
|
REVENUE
|
|
Services
revenue
|
$
46,262
|
|
$
65,079
|
|
$
52,417
|
|
$
182,236
|
|
$
234,081
|
Services revenue -
related parties
|
104
|
|
7,862
|
|
601
|
|
15,782
|
|
43,091
|
Product
revenue
|
10,867
|
|
10,234
|
|
4,467
|
|
28,799
|
|
28,404
|
Product revenue -
related parties
|
—
|
|
1,875
|
|
—
|
|
2,145
|
|
7,500
|
Total
revenue
|
57,233
|
|
85,050
|
|
57,485
|
|
228,962
|
|
313,076
|
|
|
|
|
|
|
|
|
|
|
COST AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
Services cost of
revenue (exclusive of depreciation,
depletion, amortization and accretion of $15,953, $19,780,
$35,857, $69,401 and $85,481, respectively, for the three
months ended December 31, 2021, December 31, 2020
and September 30, 2021 and years ended December 31,
2021 and 2020)
|
41,572
|
|
51,260
|
|
43,538
|
|
170,275
|
|
205,657
|
Services cost of
revenue - related parties (exclusive of
depreciation, depletion, amortization and accretion of $0,
$0, $0, $0 and $0, respectively, for the three months ended
December 31, 2021, December 31, 2020 and September
30, 2021 and years ended December 31, 2021 and 2020)
|
134
|
|
90
|
|
181
|
|
531
|
|
418
|
Product cost of
revenue (exclusive of depreciation,
depletion, amortization and accretion of $1,943, $2,387,
$4,667, $8,993 and $9,758, respectively, for the three
months ended December 31, 2021, December 31, 2020
and September 30, 2021 and years ended December 31,
2021 and 2020)
|
4,581
|
|
4,083
|
|
9,865
|
|
27,520
|
|
25,946
|
Selling, general and
administrative
|
3,549
|
|
30,364
|
|
41,866
|
|
77,861
|
|
66,427
|
Selling, general and
administrative - related parties
|
—
|
|
144
|
|
—
|
|
385
|
|
758
|
Depreciation,
depletion, amortization and accretion
|
17,916
|
|
22,187
|
|
19,148
|
|
78,475
|
|
95,317
|
Impairment of
goodwill
|
891
|
|
—
|
|
—
|
|
891
|
|
54,973
|
Impairment of other
long-lived assets
|
665
|
|
—
|
|
547
|
|
1,212
|
|
12,897
|
Total cost and
expenses
|
69,308
|
|
108,128
|
|
115,145
|
|
357,150
|
|
462,393
|
Operating
loss
|
(12,075)
|
|
(23,078)
|
|
(57,660)
|
|
(128,188)
|
|
(149,317)
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,528)
|
|
(1,191)
|
|
(1,484)
|
|
(6,406)
|
|
(5,397)
|
Other income,
net
|
4,813
|
|
9,559
|
|
11,056
|
|
10,816
|
|
33,048
|
Other (expense)
income, net - related parties
|
—
|
|
(341)
|
|
—
|
|
(515)
|
|
1,890
|
Total other
income
|
2,285
|
|
8,027
|
|
9,572
|
|
3,895
|
|
29,541
|
Loss before income
taxes
|
(9,790)
|
|
(15,051)
|
|
(48,088)
|
|
(124,293)
|
|
(119,776)
|
Provision (benefit)
for income taxes
|
3,507
|
|
(3,190)
|
|
(7,187)
|
|
(22,863)
|
|
(12,169)
|
Net loss
|
$
(13,297)
|
|
$
(11,861)
|
|
$
(40,901)
|
|
$
(101,430)
|
|
$
(107,607)
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
LOSS
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of tax of $0,
($170), ($69), ($36) and ($54), respectively, for the three
months ended December 31, 2021, December 31, 2020
and September 30, 2021 and years ended December 31,
2021 and 2020)
|
16
|
|
663
|
|
(289)
|
|
134
|
|
241
|
Comprehensive
loss
|
$
(13,281)
|
|
$
(11,198)
|
|
$
(41,190)
|
|
$
(101,296)
|
|
$
(107,366)
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
(basic)
|
$
(0.28)
|
|
$
(0.26)
|
|
$
(0.88)
|
|
$
(2.18)
|
|
$
(2.36)
|
Net loss per share
(diluted)
|
$
(0.28)
|
|
$
(0.26)
|
|
$
(0.88)
|
|
$
(2.18)
|
|
$
(2.36)
|
Weighted average
number of shares outstanding (basic)
|
46,683
|
|
45,769
|
|
46,683
|
|
46,428
|
|
45,644
|
Weighted average
number of shares outstanding (diluted)
|
46,683
|
|
45,769
|
|
46,683
|
|
46,428
|
|
45,644
|
MAMMOTH ENERGY
SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2021
|
|
2020
|
|
(in
thousands)
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(101,430)
|
|
$
(107,607)
|
Adjustments to
reconcile net loss to cash (used in) provided by operating
activities:
|
|
|
|
Stock based
compensation
|
1,191
|
|
1,952
|
Depreciation,
depletion, accretion and amortization
|
78,475
|
|
95,317
|
Amortization of coil
tubing strings
|
—
|
|
359
|
Amortization of debt
origination costs
|
665
|
|
831
|
Bad debt
expense
|
41,662
|
|
21,958
|
Gain on disposal of
property and equipment
|
(5,435)
|
|
(1,379)
|
Impairment of
goodwill
|
891
|
|
54,973
|
Impairment of other
long-lived assets
|
1,212
|
|
12,897
|
Deferred income
taxes
|
(32,005)
|
|
(12,186)
|
Other
|
280
|
|
(143)
|
Changes in assets and
liabilities:
|
|
|
|
Accounts receivable,
net
|
(55,898)
|
|
(32,621)
|
Receivables from
related parties
|
28,373
|
|
(40,333)
|
Inventories
|
3,654
|
|
5,103
|
Prepaid expenses and
other assets
|
1,444
|
|
1,996
|
Accounts
payable
|
(2,981)
|
|
2,526
|
Payables to related
parties
|
(1)
|
|
(522)
|
Accrued expenses and
other liabilities
|
12,380
|
|
3,198
|
Income taxes
payable
|
8,658
|
|
648
|
Net cash (used in)
provided by operating activities
|
(18,865)
|
|
6,967
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
(5,843)
|
|
(6,761)
|
Purchases of property
and equipment from related parties
|
—
|
|
(76)
|
Contributions to
equity investee
|
—
|
|
(490)
|
Proceeds from disposal
of property and equipment
|
11,350
|
|
6,782
|
Purchase of short-term
investment
|
—
|
|
(1,750)
|
Net cash provided by
(used in) investing activities
|
5,507
|
|
(2,295)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Borrowings on
long-term debt
|
73,100
|
|
35,351
|
Repayments of
long-term debt
|
(68,911)
|
|
(32,800)
|
Proceeds from
sale-leaseback transaction
|
9,473
|
|
5,000
|
Payments on
sale-leaseback transaction
|
(2,951)
|
|
(268)
|
Principal payments on
financing leases and equipment financing notes
|
(2,283)
|
|
(1,966)
|
Debt issuance
costs
|
—
|
|
(1,051)
|
Net cash provided by
financing activities
|
8,428
|
|
4,266
|
Effect of foreign
exchange rate on cash
|
7
|
|
12
|
Net change in cash
and cash equivalents
|
(4,923)
|
|
8,950
|
Cash and cash
equivalents at beginning of period
|
14,822
|
|
5,872
|
Cash and cash
equivalents at end of period
|
$
9,899
|
|
$
14,822
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Cash paid for
interest
|
$
4,827
|
|
$
4,729
|
Cash paid for income
taxes, net of refunds received
|
$
829
|
|
$
(617)
|
Supplemental
disclosure of non-cash transactions:
|
|
|
|
Purchases of property
and equipment included in accounts payable
|
$
1,535
|
|
$
1,312
|
Right-of-use assets
obtained for financing lease liabilities
|
$
1,750
|
|
$
2,431
|
MAMMOTH
ENERGY SERVICES, INC. SEGMENT INCOME STATEMENTS
(in thousands)
|
|
Three months ended
December 31, 2021
|
Infrastructure
|
Well
Completion
|
Sand
|
Drilling
|
All
Other
|
Eliminations
|
Total
|
Revenue from external
customers
|
$
19,714
|
$
21,251
|
$
10,849
|
$
963
|
$
4,456
|
$
—
|
$
57,233
|
Intersegment
revenues
|
—
|
25
|
—
|
69
|
414
|
(508)
|
—
|
Total
revenue
|
19,714
|
21,276
|
10,849
|
1,032
|
4,870
|
(508)
|
57,233
|
Cost of revenue,
exclusive of depreciation, depletion, amortization and
accretion
|
20,096
|
16,443
|
4,601
|
1,363
|
3,784
|
—
|
46,287
|
Intersegment cost of
revenues
|
31
|
321
|
—
|
—
|
156
|
(508)
|
—
|
Total cost of
revenue
|
20,127
|
16,764
|
4,601
|
1,363
|
3,940
|
(508)
|
46,287
|
Selling, general and
administrative
|
(1,017)
|
2,164
|
1,243
|
309
|
850
|
—
|
3,549
|
Depreciation,
depletion, amortization and accretion
|
4,380
|
6,709
|
1,946
|
1,812
|
3,069
|
—
|
17,916
|
Impairment of
goodwill
|
891
|
—
|
—
|
—
|
—
|
—
|
891
|
Impairment of other
long-lived assets
|
665
|
—
|
—
|
—
|
—
|
—
|
665
|
Operating (loss)
income
|
(5,332)
|
(4,361)
|
3,059
|
(2,452)
|
(2,989)
|
—
|
(12,075)
|
Interest expense,
net
|
1,613
|
419
|
183
|
116
|
197
|
—
|
2,528
|
Other (income)
expense, net
|
(4,131)
|
(121)
|
18
|
23
|
(602)
|
—
|
(4,813)
|
(Loss) income before
income taxes
|
$
(2,814)
|
$
(4,659)
|
$
2,858
|
$
(2,591)
|
$
(2,584)
|
$
—
|
$
(9,790)
|
|
Three months ended
December 31, 2020
|
Infrastructure
|
Well
Completion
|
Sand
|
Drilling
|
All
Other
|
Eliminations
|
Total
|
Revenue from external
customers
|
$
56,636
|
$
12,653
|
$
11,843
|
$
580
|
$
3,338
|
$
—
|
$
85,050
|
Intersegment
revenues
|
—
|
44
|
—
|
23
|
670
|
(737)
|
—
|
Total
revenue
|
56,636
|
12,697
|
11,843
|
603
|
4,008
|
(737)
|
85,050
|
Cost of revenue,
exclusive of depreciation, depletion, amortization and
accretion
|
41,895
|
5,194
|
4,110
|
1,165
|
3,069
|
—
|
55,433
|
Intersegment cost of
revenues
|
127
|
426
|
—
|
—
|
184
|
(737)
|
—
|
Total cost of
revenue
|
42,022
|
5,620
|
4,110
|
1,165
|
3,253
|
(737)
|
55,433
|
Selling, general and
administrative
|
7,323
|
17,692
|
4,070
|
373
|
1,050
|
—
|
30,508
|
Depreciation,
depletion, amortization and accretion
|
6,957
|
7,066
|
2,390
|
2,224
|
3,550
|
—
|
22,187
|
Operating income
(loss)
|
334
|
(17,681)
|
1,273
|
(3,159)
|
(3,845)
|
—
|
(23,078)
|
Interest expense,
net
|
691
|
273
|
95
|
5
|
127
|
—
|
1,191
|
Other (income)
expense, net
|
(8,355)
|
170
|
86
|
23
|
(1,142)
|
—
|
(9,218)
|
Income (loss) before
income taxes
|
$
7,998
|
$
(18,124)
|
$
1,092
|
$
(3,187)
|
$
(2,830)
|
$
—
|
$
(15,051)
|
|
Three months ended
September 30, 2021
|
Infrastructure
|
Well
Completion
|
Sand
|
Drilling
|
All
Other
|
Eliminations
|
Total
|
Revenue from external
customers
|
$
25,070
|
$
22,702
|
$
4,439
|
$
1,184
|
$
4,090
|
$
—
|
$
57,485
|
Intersegment
revenues
|
—
|
30
|
3,980
|
23
|
482
|
(4,515)
|
—
|
Total
revenue
|
25,070
|
22,732
|
8,419
|
1,207
|
4,572
|
(4,515)
|
57,485
|
Cost of revenue,
exclusive of depreciation, depletion, amortization and
accretion
|
21,844
|
18,125
|
9,368
|
1,566
|
3,614
|
—
|
54,517
|
Intersegment cost of
revenues
|
54
|
3,204
|
—
|
—
|
324
|
(4,515)
|
(933)
|
Total cost of
revenue
|
21,898
|
21,329
|
9,368
|
1,566
|
3,938
|
(4,515)
|
53,584
|
Selling, general and
administrative
|
4,979
|
34,606
|
1,068
|
288
|
925
|
—
|
41,866
|
Depreciation,
depletion, amortization and accretion
|
4,933
|
6,538
|
2,533
|
1,942
|
3,202
|
—
|
19,148
|
Impairment of other
long-lived assets
|
—
|
—
|
—
|
—
|
547
|
—
|
547
|
Operating
loss
|
(6,740)
|
(39,741)
|
(4,550)
|
(2,589)
|
(4,040)
|
—
|
(57,660)
|
Interest expense,
net
|
979
|
215
|
107
|
56
|
127
|
—
|
1,484
|
Other (income)
expense, net
|
(9,256)
|
755
|
(46)
|
(66)
|
(2,443)
|
—
|
(11,056)
|
Income (loss) before
income taxes
|
$
1,537
|
$
(40,711)
|
$
(4,611)
|
$
(2,579)
|
$
(1,724)
|
$
—
|
$
(48,088)
|
|
Year ended December
31, 2021
|
Infrastructure
|
Well
Completion
|
Sand
|
Drilling
|
All
Other
|
Eliminations
|
Total
|
Revenue from external
customers
|
$
93,403
|
$
84,190
|
$
30,880
|
$
4,197
|
$
16,292
|
$
—
|
$
228,962
|
Intersegment
revenues
|
—
|
144
|
3,980
|
124
|
2,218
|
(6,466)
|
—
|
Total
revenue
|
93,403
|
84,334
|
34,860
|
4,321
|
18,510
|
(6,466)
|
228,962
|
Cost of revenue,
exclusive of depreciation, depletion, amortization and
accretion
|
90,363
|
58,782
|
27,232
|
6,102
|
15,847
|
—
|
198,326
|
Intersegment cost of
revenues
|
196
|
5,770
|
—
|
—
|
500
|
(6,466)
|
—
|
Total cost of
revenue
|
90,559
|
64,552
|
27,232
|
6,102
|
16,347
|
(6,466)
|
198,326
|
Selling, general and
administrative
|
18,267
|
49,275
|
5,351
|
1,414
|
3,939
|
—
|
78,246
|
Depreciation,
depletion, amortization and accretion
|
21,880
|
26,377
|
9,005
|
7,996
|
13,217
|
—
|
78,475
|
Impairment of
goodwill
|
891
|
—
|
—
|
—
|
—
|
—
|
891
|
Impairment of other
long-lived assets
|
665
|
—
|
—
|
—
|
547
|
—
|
1,212
|
Operating
loss
|
(38,859)
|
(55,870)
|
(6,728)
|
(11,191)
|
(15,540)
|
—
|
(128,188)
|
Interest expense,
net
|
3,925
|
1,107
|
474
|
293
|
607
|
—
|
6,406
|
Other (income)
expense, net
|
(6,785)
|
1,073
|
(874)
|
(177)
|
(3,538)
|
—
|
(10,301)
|
Loss before income
taxes
|
$
(35,999)
|
$
(58,050)
|
$
(6,328)
|
$
(11,307)
|
$
(12,609)
|
$
—
|
$
(124,293)
|
|
Year ended December
31, 2020
|
Infrastructure
|
Well
Completion
|
Sand
|
Drilling
|
All
Other
|
Eliminations
|
Total
|
Revenue from external
customers
|
$
157,751
|
$
87,201
|
$
34,265
|
$
7,746
|
$
26,113
|
$
—
|
$
313,076
|
Intersegment
revenues
|
—
|
1,124
|
95
|
39
|
2,716
|
(3,974)
|
—
|
Total
revenue
|
157,751
|
88,325
|
34,360
|
7,785
|
28,829
|
(3,974)
|
313,076
|
Cost of revenue,
exclusive of depreciation, depletion, amortization and
accretion
|
124,232
|
45,647
|
25,955
|
10,757
|
25,430
|
—
|
232,021
|
Intersegment cost of
revenues
|
323
|
1,836
|
—
|
152
|
1,663
|
(3,974)
|
—
|
Total cost of
revenue
|
124,555
|
47,483
|
25,955
|
10,909
|
27,093
|
(3,974)
|
232,021
|
Selling, general and
administrative
|
27,261
|
23,039
|
7,807
|
3,149
|
5,930
|
—
|
67,186
|
Depreciation,
depletion, amortization and accretion
|
29,373
|
30,411
|
9,771
|
10,039
|
15,722
|
—
|
95,316
|
Impairment of
goodwill
|
—
|
53,406
|
—
|
—
|
1,567
|
—
|
54,973
|
Impairment of other
long-lived assets
|
—
|
4,203
|
—
|
326
|
8,368
|
—
|
12,897
|
Operating
loss
|
(23,438)
|
(70,217)
|
(9,173)
|
(16,638)
|
(29,851)
|
—
|
(149,317)
|
Interest expense,
net
|
2,794
|
1,130
|
312
|
454
|
707
|
—
|
5,397
|
Other (income)
expense, net
|
(32,437)
|
(2,274)
|
1,839
|
(227)
|
(1,839)
|
—
|
(34,938)
|
Income (loss) before
income taxes
|
$
6,205
|
$
(69,073)
|
$
(11,324)
|
$
(16,865)
|
$
(28,719)
|
$
—
|
$
(119,776)
|
MAMMOTH ENERGY SERVICES,
INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA
Adjusted EBITDA is a supplemental non-GAAP financial measure
that is used by management and external users of the Company's
financial statements, such as industry analysts, investors, lenders
and rating agencies. Mammoth defines Adjusted EBITDA as net income
(loss) before depreciation, depletion, amortization and accretion
expense, impairment of goodwill, impairment of other long-lived
assets, public offering costs, stock based compensation, interest
expense, net, other (income) expense, net (which is comprised of
the (gain) or loss on disposal of long-lived assets and interest on
trade accounts receivable) and provision (benefit) for income
taxes, further adjusted to add back interest on trade accounts
receivable. The Company excludes the items listed above from net
income (loss) in arriving at Adjusted EBITDA because these amounts
can vary substantially from company to company within the energy
service industry depending upon accounting methods and book values
of assets, capital structures and the method by which the assets
were acquired. Adjusted EBITDA should not be considered as an
alternative to, or more meaningful than, net income (loss) or cash
flows from operating activities as determined in accordance with
GAAP or as an indicator of Mammoth's operating performance or
liquidity. Certain items excluded from Adjusted EBITDA are
significant components in understanding and assessing a company's
financial performance, such as a company's cost of capital and tax
structure, as well as the historic costs of depreciable assets.
Mammoth's computations of Adjusted EBITDA may not be comparable to
other similarly titled measures of other companies. The Company
believes that Adjusted EBITDA is a widely followed measure of
operating performance and may also be used by investors to measure
its ability to meet debt service requirements.
The following tables provide a reconciliation of Adjusted EBITDA
to the GAAP financial measure of net income (loss) on a
consolidated basis and for each of the Company's segments (in
thousands):
Consolidated
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
Reconciliation of
Adjusted EBITDA to net loss:
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net loss
|
$
(13,297)
|
|
$
(11,861)
|
|
$
(40,901)
|
|
$
(101,430)
|
|
$
(107,607)
|
Depreciation,
depletion, amortization and accretion expense
|
17,916
|
|
22,187
|
|
19,148
|
|
78,475
|
|
95,317
|
Impairment of
goodwill
|
891
|
|
—
|
|
—
|
|
891
|
|
54,973
|
Impairment of other
long-lived assets
|
665
|
|
—
|
|
547
|
|
1,212
|
|
12,897
|
Public offering
costs
|
—
|
|
—
|
|
13
|
|
91
|
|
—
|
Stock based
compensation
|
242
|
|
354
|
|
252
|
|
1,191
|
|
1,952
|
Interest expense,
net
|
2,528
|
|
1,191
|
|
1,484
|
|
6,406
|
|
5,397
|
Other (income)
expense, net
|
(4,813)
|
|
(9,218)
|
|
(11,056)
|
|
(10,301)
|
|
(34,938)
|
Provision (benefit)
for income taxes
|
3,507
|
|
(3,190)
|
|
(7,187)
|
|
(22,863)
|
|
(12,169)
|
Interest on trade
accounts receivable
|
9,571
|
|
8,077
|
|
7,963
|
|
34,709
|
|
34,130
|
Adjusted
EBITDA
|
$
17,210
|
|
$
7,540
|
|
$
(29,737)
|
|
$
(11,619)
|
|
$
49,952
|
|
Infrastructure
Services
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
Reconciliation of
Adjusted EBITDA to net (loss) income:
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net (loss)
income
|
$
(5,992)
|
|
$
5,950
|
|
$
(2,410)
|
|
$
(36,711)
|
|
$
(928)
|
Depreciation and
amortization expense
|
4,380
|
|
6,957
|
|
4,933
|
|
21,880
|
|
29,373
|
Impairment of
goodwill
|
891
|
|
—
|
|
—
|
|
891
|
|
—
|
Impairment of other
long-lived assets
|
665
|
|
—
|
|
—
|
|
665
|
|
—
|
Public offering
costs
|
—
|
|
—
|
|
(7)
|
|
39
|
|
—
|
Stock based
compensation
|
100
|
|
156
|
|
96
|
|
500
|
|
580
|
Interest
expense
|
1,613
|
|
691
|
|
971
|
|
3,925
|
|
2,794
|
Other income,
net
|
(4,131)
|
|
(8,355)
|
|
(9,256)
|
|
(6,785)
|
|
(32,437)
|
Provision for income
taxes
|
3,175
|
|
2,048
|
|
3,947
|
|
712
|
|
7,133
|
Interest on trade
accounts receivable
|
9,571
|
|
8,418
|
|
9,290
|
|
36,551
|
|
32,214
|
Adjusted
EBITDA
|
$
10,272
|
|
$
15,865
|
|
$
7,564
|
|
$
21,667
|
|
$
38,729
|
|
Well Completion
Services
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
Reconciliation of
Adjusted EBITDA to net loss:
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net loss
|
$
(4,659)
|
|
$
(18,123)
|
|
$
(40,711)
|
|
$
(58,051)
|
|
$
(69,073)
|
Depreciation and
amortization expense
|
6,709
|
|
7,066
|
|
6,538
|
|
26,377
|
|
30,411
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
53,406
|
Impairment of other
long-lived assets
|
—
|
|
—
|
|
—
|
|
—
|
|
4,203
|
Public offering
costs
|
—
|
|
—
|
|
19
|
|
31
|
|
—
|
Stock based
compensation
|
80
|
|
70
|
|
95
|
|
333
|
|
527
|
Interest
expense
|
419
|
|
273
|
|
215
|
|
1,107
|
|
1,130
|
Other (income)
expense, net
|
(121)
|
|
170
|
|
755
|
|
1,073
|
|
(2,274)
|
Interest on trade
accounts receivable
|
—
|
|
(318)
|
|
(1,327)
|
|
(1,841)
|
|
1,888
|
Adjusted
EBITDA
|
$
2,428
|
|
$
(10,862)
|
|
$
(34,416)
|
|
$
(30,971)
|
|
$
20,218
|
|
Natural Sand
Proppant Services
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
Reconciliation of
Adjusted EBITDA to net income (loss):
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net income
(loss)
|
$
2,858
|
|
$
1,092
|
|
$
(4,611)
|
|
$
(6,328)
|
|
$
(11,324)
|
Depreciation,
depletion, amortization and accretion expense
|
1,946
|
|
2,390
|
|
2,533
|
|
9,005
|
|
9,771
|
Public offering
costs
|
—
|
|
—
|
|
—
|
|
12
|
|
—
|
Stock based
compensation
|
39
|
|
70
|
|
32
|
|
202
|
|
425
|
Interest
expense
|
183
|
|
95
|
|
107
|
|
474
|
|
312
|
Other expense
(income), net
|
18
|
|
86
|
|
(46)
|
|
(874)
|
|
1,839
|
Interest on trade
accounts receivable
|
—
|
|
(23)
|
|
—
|
|
(1)
|
|
3
|
Adjusted
EBITDA
|
$
5,044
|
|
$
3,710
|
|
$
(1,985)
|
|
$
2,490
|
|
$
1,026
|
|
Drilling
Services
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
Reconciliation of
Adjusted EBITDA to net loss:
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net loss
|
$
(2,590)
|
|
$
(3,187)
|
|
$
(2,579)
|
|
$
(11,307)
|
|
$
(16,865)
|
Depreciation
expense
|
1,812
|
|
2,224
|
|
1,942
|
|
7,996
|
|
10,039
|
Impairment of other
long-lived assets
|
—
|
|
—
|
|
—
|
|
—
|
|
326
|
Public offering
costs
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
Stock based
compensation
|
5
|
|
36
|
|
6
|
|
76
|
|
203
|
Interest
expense
|
116
|
|
5
|
|
56
|
|
293
|
|
454
|
Other expense
(income), net
|
23
|
|
23
|
|
(66)
|
|
(177)
|
|
(227)
|
Adjusted
EBITDA
|
$
(634)
|
|
$
(899)
|
|
$
(641)
|
|
$
(3,117)
|
|
$
(6,070)
|
|
Other
Services(a)
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
Reconciliation of
Adjusted EBITDA to net (loss) income:
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net (loss)
income
|
$
(2,915)
|
|
$
2,407
|
|
$
9,410
|
|
$
10,967
|
|
$
(9,417)
|
Depreciation,
amortization and accretion expense
|
3,069
|
|
3,550
|
|
3,202
|
|
13,217
|
|
15,722
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
1,567
|
Impairment of other
long-lived assets
|
—
|
|
—
|
|
547
|
|
547
|
|
8,368
|
Public offering
costs
|
—
|
|
—
|
|
1
|
|
7
|
|
—
|
Stock based
compensation
|
18
|
|
22
|
|
23
|
|
80
|
|
217
|
Interest expense,
net
|
197
|
|
127
|
|
135
|
|
607
|
|
707
|
Other income,
net
|
(602)
|
|
(1,142)
|
|
(2,443)
|
|
(3,538)
|
|
(1,839)
|
Provision (benefit)
for income taxes
|
332
|
|
(5,238)
|
|
(11,134)
|
|
(23,575)
|
|
(19,302)
|
Interest on trade
accounts receivable
|
—
|
|
—
|
|
—
|
|
—
|
|
25
|
Adjusted
EBITDA
|
$
99
|
|
$
(274)
|
|
$
(259)
|
|
$
(1,688)
|
|
$
(3,952)
|
|
|
a.
|
Includes results for
Mammoth's aviation, coil tubing, pressure control, equipment
rentals, crude oil hauling, full-service transportation and remote
accommodations and equipment manufacturing and corporate related
activities. The Company's corporate related activities do not
generate revenue.
|
Adjusted Net Loss and Adjusted Loss per Share
Adjusted net loss and adjusted basic and diluted loss per share
are supplemental non-GAAP financial measures that are used by
management to evaluate the Company's operating and financial
performance. Management believes these measures provide meaningful
information about the Company's performance by excluding certain
non-cash charges, such as impairment of goodwill and impairment of
other long-lived assets, that may not be indicative of the
Company's ongoing operating results. Adjusted net loss and adjusted
loss per share should not be considered in isolation or as a
substitute for net loss and loss per share prepared in accordance
with GAAP and may not be comparable to other similarly titled
measures of other companies. The following tables provide a
reconciliation of adjusted net loss and adjusted loss per share to
the GAAP financial measures of net loss and loss per share for the
periods specified.
|
Three Months
Ended
|
|
Years
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
(in thousands,
except per share amounts)
|
Net loss, as
reported
|
$
(13,297)
|
|
$
(11,861)
|
|
$
(40,901)
|
|
$
(101,430)
|
|
$
(107,607)
|
Impairment of
goodwill
|
891
|
|
—
|
|
—
|
|
891
|
|
54,973
|
Impairment of other
long-lived assets
|
665
|
|
—
|
|
547
|
|
1,212
|
|
12,897
|
Adjusted net
loss
|
$
(11,741)
|
|
$
(11,861)
|
|
$
(40,354)
|
|
$
(99,327)
|
|
$
(39,737)
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share,
as reported
|
$
(0.28)
|
|
$
(0.26)
|
|
$
(0.88)
|
|
$
(2.18)
|
|
$
(2.36)
|
Impairment of
goodwill
|
0.02
|
|
—
|
|
—
|
|
0.02
|
|
1.20
|
Impairment of other
long-lived assets
|
0.01
|
|
—
|
|
0.01
|
|
0.03
|
|
0.28
|
Adjusted basic loss
per share
|
$
(0.25)
|
|
$
(0.26)
|
|
$
(0.87)
|
|
$
(2.13)
|
|
$
(0.88)
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share, as reported
|
$
(0.28)
|
|
$
(0.26)
|
|
$
(0.88)
|
|
$
(2.18)
|
|
$
(2.36)
|
Impairment of
goodwill
|
0.02
|
|
—
|
|
—
|
|
0.02
|
|
1.20
|
Impairment of other
long-lived assets
|
0.01
|
|
—
|
|
0.01
|
|
0.03
|
|
0.28
|
Adjusted diluted loss
per share
|
$
(0.25)
|
|
$
(0.26)
|
|
$
(0.87)
|
|
$
(2.13)
|
|
$
(0.88)
|
View original
content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-fourth-quarter-and-full-year-2021-operational-and-financial-results-301495549.html
SOURCE Mammoth Energy Services