Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ:
TUSK) today reported financial and operational results for the
second quarter ended June 30, 2021.
Financial Overview for the Second Quarter
2021:
Total revenue was $47.4 million for the second quarter of 2021,
as compared to $60.1 million for the same quarter last year and
$66.8 million for the first quarter of 2021.
Net loss for the second quarter of 2021 was $34.8 million, or a
$0.75 loss per share, as compared to a net loss of $15.2 million,
or a $0.33 loss per share, for the same quarter last year, and a
net loss of $12.4 million, or a $0.27 loss per share, for the
first quarter of 2021.
Adjusted EBITDA (as defined and reconciled below) was ($5.5)
million for the second quarter of 2021, as compared to $6.9 million
for the same quarter last year and $6.4 million for the first
quarter of 2021.
Arty Straehla, Chief Executive Officer of Mammoth commented,
“While second quarter results did not meet expectations, internally
we remain focused on improving near-term results as we continue
migrating the Company further into the infrastructure space to
enhance long-term growth and sustainability. In our energy
businesses, improved commodities pricing is generating some
positive industry movement and increased equipment utilization as
we are ramping up to put a second hydraulic fracturing fleet to
work in mid-August. We are also beginning to experience increased
market activity in our sand business.”
“In the infrastructure space, improving macro trends related to
increased project bidding levels and funding capacity in the sector
persists. We continue to pursue opportunities within this sector as
we strategically structure our service offerings for growth, both
the geographic footprint and depth of projects.”
Straehla continued, “Lastly, we are continuing our efforts to
collect our receivable from PREPA for work performed by our
subsidiary Cobra 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 ServicesMammoth's infrastructure
services division contributed revenue (inclusive of inter-segment
revenue) of $17.2 million, or approximately 36% of Mammoth's total
revenue, for the second quarter of 2021, as compared to $30.2
million for the same quarter last year and $29.3 million for the
first quarter of 2021. The decrease in revenue compared to the same
quarter of 2020 and first quarter of 2021 is primarily due to
management and crew turnover.
Well Completion ServicesMammoth's well
completion services division contributed revenue (inclusive of
inter-segment revenue) of $17.4 million on 520 stages for the
second quarter of 2021, as compared to $16.5 million on 658 stages
for the same quarter last year and $23.0 million on 445 stages for
the first quarter of 2021. On average, 0.9 of the Company's fleets
were active for the second quarter, compared to an average
utilization of 1.9 fleets during the same quarter last year and an
average utilization of 0.9 fleets during the first quarter of
2021. Natural Sand Proppant
ServicesMammoth's natural sand proppant services division
contributed revenue (inclusive of inter-segment revenue) of $6.9
million for the second quarter of 2021, as compared to $6.2 million
for the same quarter last year and $8.7 million for the first
quarter of 2021. In the second quarter of 2021, the Company sold
approximately 255,000 tons of sand at an average sales price of
$15.80 per ton, as compared to sales of approximately 82,000 tons
of sand at an average sales price of $15.18 per ton during the same
quarter last year. In the first quarter of 2021, sales were
approximately 171,000 tons of sand at an average price of $16.83
per ton.
Drilling ServicesMammoth's drilling services
division contributed revenue (inclusive of inter-segment revenue)
of $1.1 million for the second quarter of 2021, as compared to $1.2
million for the same quarter last year and $0.9 million for the
first quarter of 2021.
As a result of market conditions, the Company has temporarily
shut down its contract land drilling operations beginning in
December 2019 and its rig hauling operations beginning in April
2020.
Other ServicesMammoth's other services,
including aviation, coil tubing, pressure control, equipment
rentals, crude oil hauling, full service transportation, remote
accommodations, equipment manufacturing and infrastructure
engineering and design services, contributed revenue (inclusive of
inter-segment revenue) of $5.5 million for the second quarter of
2021, as compared to $6.8 million for the same quarter last year
and $5.7 million for the first quarter of 2021.
As a result of market conditions, the Company has temporarily
shut down its cementing and acidizing operations as well as its
flowback operations beginning in July 2019 and its coil tubing and
full service transportation operations beginning in July 2020.
Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses were
$12.0 million for the second quarter of 2021, as compared to $13.7
million for the same quarter last year and $20.8 million for the
first quarter of 2021.
Following is a breakout of SG&A expense (in thousands):
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Cash expenses: |
|
|
|
|
|
|
|
|
|
Compensation and benefits |
$ |
3,333 |
|
|
$ |
3,720 |
|
|
$ |
4,694 |
|
|
$ |
8,027 |
|
|
$ |
7,690 |
|
Professional services |
5,806 |
|
|
6,147 |
|
|
3,405 |
|
|
9,211 |
|
|
9,684 |
|
Other(a) |
2,464 |
|
|
2,100 |
|
|
2,342 |
|
|
4,806 |
|
|
4,409 |
|
Total cash SG&A expense |
11,603 |
|
|
11,967 |
|
|
10,441 |
|
|
22,044 |
|
|
21,783 |
|
Non-cash expenses: |
|
|
|
|
|
|
|
|
|
Bad debt provision |
76 |
|
|
1,624 |
|
|
10,125 |
|
|
10,201 |
|
|
1,679 |
|
Stock based compensation |
304 |
|
|
135 |
|
|
282 |
|
|
586 |
|
|
1,035 |
|
Total non-cash SG&A expense |
380 |
|
|
1,759 |
|
|
10,407 |
|
|
10,787 |
|
|
2,714 |
|
Total SG&A expense |
$ |
11,983 |
|
|
$ |
13,726 |
|
|
$ |
20,848 |
|
|
$ |
32,831 |
|
|
$ |
24,497 |
|
a. Includes
travel-related costs, information technology expenses, rent,
utilities and other general and administrative-related costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses, as a percentage of total revenue, were 25%
for the second quarter of 2021, as compared to 23% for the same
quarter last year and 31% for the first quarter of 2021. The bad
debt provision for the first quarter of 2021 includes $10.0 million
related to the voluntary petitions for relief filed on November 13,
2020, by Gulfport Energy Corporation and its subsidiaries.
LiquidityAs of June 30, 2021, Mammoth had
cash on hand of $11.0 million, outstanding borrowings under its
revolving credit facility of $60.2 million and $51.1 million of
available borrowing capacity under its revolving credit facility,
after giving effect to $13.0 million of outstanding letters of
credit. As of June 30, 2021, Mammoth had total liquidity of
$62.1 million.
As of July 27, 2021, Mammoth had cash on hand of $13.7
million, outstanding borrowings under its revolving credit facility
of $61.4 million and $49.8 million of available borrowing capacity
under its revolving credit facility, after giving effect to $13.0
million of outstanding letters of credit.
Capital ExpendituresThe following table
summarizes Mammoth's capital expenditures by operating division for
the periods indicated (in thousands):
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Infrastructure
services(a) |
$ |
104 |
|
|
$ |
43 |
|
|
$ |
189 |
|
|
$ |
293 |
|
|
$ |
43 |
|
Well completion
services(b) |
388 |
|
|
2,450 |
|
|
412 |
|
|
800 |
|
|
3,054 |
|
Natural sand proppant
services(c) |
5 |
|
|
354 |
|
|
408 |
|
|
413 |
|
|
875 |
|
Drilling services(d) |
1 |
|
|
67 |
|
|
37 |
|
|
38 |
|
|
67 |
|
Other(e) |
63 |
|
|
10 |
|
|
102 |
|
|
165 |
|
|
385 |
|
Total capital
expenditures |
$ |
561 |
|
|
$ |
2,924 |
|
|
$ |
1,148 |
|
|
$ |
1,709 |
|
|
$ |
4,424 |
|
a. Capital
expenditures primarily for tooling and other equipment for the
periods presented. |
b. Capital
expenditures primarily for upgrades to our pressure pumping fleet
to reduce greenhouse gas emissions and water transfer equipment for
the periods presented. |
c. Capital expenditures primarily for maintenance
for the periods presented. |
d. Capital expenditures primarily for maintenance
for the periods presented. |
e. Capital expenditures primarily for equipment
for the Company's rental businesses for the periods presented. |
Conference Call InformationMammoth will host a
conference call on Friday, July 30, 2021 at 8:00 a.m. CDT (9:00
a.m. EDT) to discuss its second quarter 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, CFOMammoth Energy Services,
Incinvestors@mammothenergy.com
Rick Black / Ken DennardDennard Lascar Investor
RelationsTUSK@dennardlascar.com
Forward-Looking Statements and
Cautionary StatementsThis 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 duration and magnitude of the
unprecedented disruption in the oil and gas industry currently
resulting from the impact of the foregoing factors, which is
negatively impacting our business; 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 failure to receive
or delays in receiving governmental authorizations, approvals
and/or payments; 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 by the Puerto Rico Electric Power Authority and contracts for
our pressure pumping services and natural sand proppant services;
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; the loss
of or interruption in operations of one or more of Mammoth's
significant suppliers or customers; the outcome or settlement of
our litigation matters, including our litigation 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; 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 |
|
June 30, |
|
December 31, |
|
|
2021 |
|
2020 |
CURRENT ASSETS |
|
(in thousands) |
Cash and cash equivalents |
|
$ |
11,038 |
|
|
|
$ |
14,822 |
|
|
Short-term investment |
|
1,757 |
|
|
|
1,750 |
|
|
Accounts receivable, net |
|
413,245 |
|
|
|
393,112 |
|
|
Receivables from related parties, net |
|
80 |
|
|
|
28,461 |
|
|
Inventories |
|
10,212 |
|
|
|
12,020 |
|
|
Prepaid expenses |
|
7,936 |
|
|
|
13,825 |
|
|
Other current assets |
|
708 |
|
|
|
758 |
|
|
Other current assets - related parties |
|
— |
|
|
|
— |
|
|
Total current assets |
|
444,976 |
|
|
|
464,748 |
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
210,397 |
|
|
|
251,262 |
|
|
Sand reserves |
|
65,491 |
|
|
|
65,876 |
|
|
Operating lease right-of-use
assets |
|
15,777 |
|
|
|
20,179 |
|
|
Intangible assets, net -
customer relationships |
|
321 |
|
|
|
408 |
|
|
Intangible assets, net - trade
names |
|
3,946 |
|
|
|
4,366 |
|
|
Goodwill |
|
12,608 |
|
|
|
12,608 |
|
|
Deferred income tax asset |
|
8,094 |
|
|
|
— |
|
|
Other non-current assets |
|
4,329 |
|
|
|
5,115 |
|
|
Total assets |
|
$ |
765,939 |
|
|
|
$ |
824,562 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts payable |
|
$ |
39,505 |
|
|
|
$ |
40,316 |
|
|
Payables to related parties |
|
4 |
|
|
|
3 |
|
|
Accrued expenses and other current liabilities |
|
63,375 |
|
|
|
44,408 |
|
|
Current operating lease liability |
|
7,255 |
|
|
|
8,618 |
|
|
Current portion of long-term debt |
|
1,430 |
|
|
|
1,165 |
|
|
Income taxes payable |
|
35,198 |
|
|
|
34,088 |
|
|
Total current liabilities |
|
146,767 |
|
|
|
128,598 |
|
|
|
|
|
|
|
Long-term debt, net of current
portion |
|
62,811 |
|
|
|
81,338 |
|
|
Deferred income tax
liabilities |
|
12,041 |
|
|
|
24,741 |
|
|
Long-term operating lease
liability |
|
8,293 |
|
|
|
11,377 |
|
|
Asset retirement
obligation |
|
3,666 |
|
|
|
4,746 |
|
|
Other liabilities |
|
15,159 |
|
|
|
10,435 |
|
|
Total liabilities |
|
248,737 |
|
|
|
261,235 |
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
Equity: |
|
|
|
|
Common stock, $0.01 par value, 200,000,000 shares authorized,
46,680,731 and 45,769,283 issued and outstanding at June 30, 2021
and December 31, 2020 |
|
467 |
|
|
|
458 |
|
|
Additional paid in capital |
|
537,728 |
|
|
|
537,039 |
|
|
Retained earnings |
|
(18,335 |
) |
|
|
28,895 |
|
|
Accumulated other comprehensive loss |
|
(2,658 |
) |
|
|
(3,065 |
) |
|
Total equity |
|
517,202 |
|
|
|
563,327 |
|
|
Total liabilities and equity |
|
$ |
765,939 |
|
|
|
$ |
824,562 |
|
|
MAMMOTH ENERGY SERVICES,
INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)
INCOME
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
(in thousands, except per share amounts) |
REVENUE |
|
Services revenue |
$ |
40,867 |
|
|
|
$ |
44,878 |
|
|
|
$ |
42,691 |
|
|
|
$ |
83,558 |
|
|
|
$ |
113,723 |
|
|
Services revenue - related parties |
90 |
|
|
|
8,650 |
|
|
|
14,986 |
|
|
|
15,076 |
|
|
|
26,663 |
|
|
Product revenue |
6,483 |
|
|
|
4,706 |
|
|
|
6,982 |
|
|
|
13,465 |
|
|
|
13,356 |
|
|
Product revenue - related parties |
— |
|
|
|
1,875 |
|
|
|
2,145 |
|
|
|
2,145 |
|
|
|
3,750 |
|
|
Total revenue |
47,440 |
|
|
|
60,109 |
|
|
|
66,804 |
|
|
|
114,244 |
|
|
|
157,492 |
|
|
|
|
|
|
|
|
|
|
|
|
COST AND EXPENSES |
|
|
|
|
|
|
|
|
|
Services cost of revenue (exclusive of depreciation, depletion,
amortization and accretion of $17,861, $21,750, $18,989, $36,850
and $45,305, respectively, for the three months ended June 30,
2021, June 30, 2020 and March 31, 2021 and six months ended June
30, 2021 and 2020) |
43,103 |
|
|
|
42,255 |
|
|
|
42,062 |
|
|
|
85,165 |
|
|
|
112,952 |
|
|
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 June 30, 2021,
June 30, 2020 and March 31, 2021 and six months ended June 30, 2021
and 2020) |
107 |
|
|
|
97 |
|
|
|
109 |
|
|
|
216 |
|
|
|
198 |
|
|
Product cost of revenue (exclusive of depreciation, depletion,
amortization and accretion of $2,384, $2,346, $2,137, $4,521 and
$4,654, respectively, for the three months ended June 30, 2021,
June 30, 2020 and March 31, 2021 and six months ended June 30, 2021
and 2020) |
7,165 |
|
|
|
6,401 |
|
|
|
5,909 |
|
|
|
13,074 |
|
|
|
17,509 |
|
|
Selling, general and administrative |
11,791 |
|
|
|
13,528 |
|
|
|
20,655 |
|
|
|
32,446 |
|
|
|
24,084 |
|
|
Selling, general and administrative - related parties |
192 |
|
|
|
198 |
|
|
|
193 |
|
|
|
385 |
|
|
|
413 |
|
|
Depreciation, depletion, amortization and accretion |
20,265 |
|
|
|
24,116 |
|
|
|
21,146 |
|
|
|
41,411 |
|
|
|
49,998 |
|
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54,973 |
|
|
Impairment of other long-lived assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,897 |
|
|
Total cost and expenses |
82,623 |
|
|
|
86,595 |
|
|
|
90,074 |
|
|
|
172,697 |
|
|
|
273,024 |
|
|
Operating loss |
(35,183 |
) |
|
|
(26,486 |
) |
|
|
(23,270 |
) |
|
|
(58,453 |
) |
|
|
(115,532 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(1,169 |
) |
|
|
(1,471 |
) |
|
|
(1,225 |
) |
|
|
(2,394 |
) |
|
|
(3,109 |
) |
|
Other (expense) income, net |
(14,998 |
) |
|
|
8,137 |
|
|
|
9,947 |
|
|
|
(5,051 |
) |
|
|
15,546 |
|
|
Other (expense) income, net - related parties |
— |
|
|
|
1,133 |
|
|
|
(515 |
) |
|
|
(515 |
) |
|
|
1,133 |
|
|
Total other (expense)
income |
(16,167 |
) |
|
|
7,799 |
|
|
|
8,207 |
|
|
|
(7,960 |
) |
|
|
13,570 |
|
|
Loss before income taxes |
(51,350 |
) |
|
|
(18,687 |
) |
|
|
(15,063 |
) |
|
|
(66,413 |
) |
|
|
(101,962 |
) |
|
Benefit for income taxes |
(16,560 |
) |
|
|
(3,482 |
) |
|
|
(2,623 |
) |
|
|
(19,183 |
) |
|
|
(2,786 |
) |
|
Net loss |
$ |
(34,790 |
) |
|
|
$ |
(15,205 |
) |
|
|
$ |
(12,440 |
) |
|
|
$ |
(47,230 |
) |
|
|
$ |
(99,176 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax of $63, ($150),
($42), $680 and $211, respectively, for the three months ended June
30, 2021, June 30, 2020 and March 31, 2021 and six months ended
June 30, 2021 and 2020 |
239 |
|
|
|
668 |
|
|
|
168 |
|
|
|
407 |
|
|
|
(746 |
) |
|
Comprehensive loss |
$ |
(34,551 |
) |
|
|
$ |
(14,537 |
) |
|
|
$ |
(12,272 |
) |
|
|
$ |
(46,823 |
) |
|
|
$ |
(99,922 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
(basic) |
$ |
(0.75 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(1.02 |
) |
|
|
$ |
(2.18 |
) |
|
Net loss per share
(diluted) |
$ |
(0.75 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(1.02 |
) |
|
|
$ |
(2.18 |
) |
|
Weighted average number of
shares outstanding (basic) |
46,402 |
|
|
|
45,727 |
|
|
|
45,932 |
|
|
|
46,168 |
|
|
|
45,521 |
|
|
Weighted average number of
shares outstanding (diluted) |
46,402 |
|
|
|
45,727 |
|
|
|
45,932 |
|
|
|
46,168 |
|
|
|
45,521 |
|
|
MAMMOTH ENERGY SERVICES,
INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Six Months Ended |
|
June 30, |
|
2021 |
|
2020 |
|
(in thousands) |
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(47,230 |
) |
|
|
$ |
(99,176 |
) |
|
Adjustments to reconcile net loss to cash provided by operating
activities: |
|
|
|
Stock based compensation |
698 |
|
|
|
1,246 |
|
|
Depreciation, depletion, accretion and amortization |
41,411 |
|
|
|
49,998 |
|
|
Amortization of coil tubing strings |
— |
|
|
|
359 |
|
|
Amortization of debt origination costs |
296 |
|
|
|
577 |
|
|
Bad debt expense |
10,201 |
|
|
|
1,679 |
|
|
Gain on disposal of property and equipment |
(1,599 |
) |
|
|
(1,451 |
) |
|
Impairment of goodwill |
— |
|
|
|
54,973 |
|
|
Impairment of other long-lived assets |
— |
|
|
|
12,897 |
|
|
Deferred income taxes |
(20,898 |
) |
|
|
931 |
|
|
Other |
548 |
|
|
|
623 |
|
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable, net |
(30,386 |
) |
|
|
7,782 |
|
|
Receivables from related parties |
28,381 |
|
|
|
(19,793 |
) |
|
Inventories |
1,808 |
|
|
|
4,651 |
|
|
Prepaid expenses and other assets |
5,923 |
|
|
|
6,079 |
|
|
Accounts payable |
(1,546 |
) |
|
|
(7,514 |
) |
|
Payables to related parties |
1 |
|
|
|
(512 |
) |
|
Accrued expenses and other liabilities |
15,756 |
|
|
|
(2,818 |
) |
|
Income taxes payable |
1,107 |
|
|
|
(3,697 |
) |
|
Net cash provided by operating
activities |
4,471 |
|
|
|
6,834 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchases of property and equipment |
(1,709 |
) |
|
|
(4,348 |
) |
|
Purchases of property and equipment from related parties |
— |
|
|
|
(76 |
) |
|
Proceeds from disposal of property and equipment |
4,632 |
|
|
|
2,544 |
|
|
Net cash provided by (used in)
investing activities |
2,923 |
|
|
|
(1,880 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Borrowings on long-term debt |
12,000 |
|
|
|
22,800 |
|
|
Repayments of long-term debt |
(30,269 |
) |
|
|
(13,550 |
) |
|
Proceeds from sale leaseback transaction |
9,473 |
|
|
|
— |
|
|
Payments on sale leaseback transaction |
(1,278 |
) |
|
|
— |
|
|
Principal payments on financing leases and equipment financing
notes |
(1,140 |
) |
|
|
(914 |
) |
|
Debt issuance costs |
— |
|
|
|
(1,000 |
) |
|
Net cash (used in) provided by
financing activities |
(11,214 |
) |
|
|
7,336 |
|
|
Effect of foreign exchange
rate on cash |
36 |
|
|
|
(137 |
) |
|
Net change in cash and cash
equivalents |
(3,784 |
) |
|
|
12,153 |
|
|
Cash and cash equivalents at
beginning of period |
14,822 |
|
|
|
5,872 |
|
|
Cash and cash equivalents at
end of period |
$ |
11,038 |
|
|
|
$ |
18,025 |
|
|
|
|
|
|
Supplemental disclosure of
cash flow information: |
|
|
|
Cash paid for interest |
$ |
2,134 |
|
|
|
$ |
2,683 |
|
|
Cash paid (recovered) for income taxes |
$ |
964 |
|
|
|
$ |
(6 |
) |
|
Supplemental disclosure of
non-cash transactions: |
|
|
|
Purchases of property and equipment included in accounts
payable |
$ |
2,035 |
|
|
|
$ |
2,780 |
|
|
MAMMOTH ENERGY SERVICES,
INC.SEGMENT INCOME STATEMENTS(in thousands)
Three
months ended June 30, 2021 |
Infrastructure |
Well Completion(a) |
Sand |
Drilling |
All Other |
Eliminations |
Total |
Revenue from external customers |
$ |
17,220 |
|
|
$ |
17,337 |
|
|
$ |
6,886 |
|
|
$ |
1,130 |
|
|
$ |
4,867 |
|
|
$ |
— |
|
|
$ |
47,440 |
|
|
Intersegment revenues |
— |
|
|
36 |
|
|
— |
|
|
17 |
|
|
682 |
|
|
(735 |
) |
|
— |
|
|
Total revenue |
17,220 |
|
|
17,373 |
|
|
6,886 |
|
|
1,147 |
|
|
5,549 |
|
|
(735 |
) |
|
47,440 |
|
|
Cost of revenue, exclusive of
depreciation, depletion, amortization and accretion |
19,881 |
|
|
16,396 |
|
|
7,400 |
|
|
1,568 |
|
|
5,130 |
|
|
— |
|
|
50,375 |
|
|
Intersegment cost of
revenues |
50 |
|
|
666 |
|
|
— |
|
|
— |
|
|
19 |
|
|
(735 |
) |
|
— |
|
|
Total cost of revenue |
19,931 |
|
|
17,062 |
|
|
7,400 |
|
|
1,568 |
|
|
5,149 |
|
|
(735 |
) |
|
50,375 |
|
|
Selling, general and
administrative |
7,383 |
|
|
1,893 |
|
|
991 |
|
|
395 |
|
|
1,321 |
|
|
— |
|
|
11,983 |
|
|
Depreciation, depletion,
amortization and accretion |
5,899 |
|
|
6,447 |
|
|
2,387 |
|
|
2,079 |
|
|
3,453 |
|
|
— |
|
|
20,265 |
|
|
Operating loss |
(15,993 |
) |
|
(8,029 |
) |
|
(3,892 |
) |
|
(2,895 |
) |
|
(4,374 |
) |
|
— |
|
|
(35,183 |
) |
|
Interest expense, net |
656 |
|
|
219 |
|
|
90 |
|
|
58 |
|
|
146 |
|
|
— |
|
|
1,169 |
|
|
Other expense (income),
net |
15,904 |
|
|
1 |
|
|
(53 |
) |
|
(127 |
) |
|
(727 |
) |
|
— |
|
|
14,998 |
|
|
Loss before income taxes |
$ |
(32,553 |
) |
|
$ |
(8,249 |
) |
|
$ |
(3,929 |
) |
|
$ |
(2,826 |
) |
|
$ |
(3,793 |
) |
|
$ |
— |
|
|
$ |
(51,350 |
) |
|
Three
months ended June 30, 2020 |
Infrastructure |
Well Completion(a) |
Sand |
Drilling |
All Other |
Eliminations |
Total |
Revenue from external customers |
$ |
30,249 |
|
|
$ |
16,125 |
|
|
$ |
6,237 |
|
|
$ |
1,250 |
|
|
$ |
6,248 |
|
|
$ |
— |
|
|
$ |
60,109 |
|
|
Intersegment revenues |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
584 |
|
|
(1,003 |
) |
|
— |
|
|
Total revenue |
30,249 |
|
|
16,544 |
|
|
6,237 |
|
|
1,250 |
|
|
6,832 |
|
|
(1,003 |
) |
|
60,109 |
|
|
Cost of revenue, exclusive of
depreciation, depletion, amortization and accretion |
25,217 |
|
|
8,375 |
|
|
6,394 |
|
|
2,012 |
|
|
6,755 |
|
|
— |
|
|
48,753 |
|
|
Intersegment cost of
revenues |
27 |
|
|
333 |
|
|
— |
|
|
21 |
|
|
622 |
|
|
(1,003 |
) |
|
— |
|
|
Total cost of revenue |
25,244 |
|
|
8,708 |
|
|
6,394 |
|
|
2,033 |
|
|
7,377 |
|
|
(1,003 |
) |
|
48,753 |
|
|
Selling, general and
administrative |
7,830 |
|
|
1,456 |
|
|
1,378 |
|
|
1,331 |
|
|
1,731 |
|
|
— |
|
|
13,726 |
|
|
Depreciation, depletion,
amortization and accretion |
7,500 |
|
|
7,675 |
|
|
2,358 |
|
|
2,671 |
|
|
3,912 |
|
|
— |
|
|
24,116 |
|
|
Operating loss |
(10,325 |
) |
|
(1,295 |
) |
|
(3,893 |
) |
|
(4,785 |
) |
|
(6,188 |
) |
|
— |
|
|
(26,486 |
) |
|
Interest expense, net |
716 |
|
|
329 |
|
|
69 |
|
|
132 |
|
|
225 |
|
|
— |
|
|
1,471 |
|
|
Other (income) expense,
net |
(8,004 |
) |
|
(1,179 |
) |
|
(2 |
) |
|
(298 |
) |
|
213 |
|
|
— |
|
|
(9,270 |
) |
|
Loss before income taxes |
$ |
(3,037 |
) |
|
$ |
(445 |
) |
|
$ |
(3,960 |
) |
|
$ |
(4,619 |
) |
|
$ |
(6,626 |
) |
|
$ |
— |
|
|
$ |
(18,687 |
) |
|
Three
months ended March 31, 2021 |
Infrastructure |
Well Completion(a) |
Sand |
Drilling |
All Other |
Eliminations |
Total |
Revenue from external customers |
$ |
29,257 |
|
|
$ |
22,901 |
|
|
$ |
8,705 |
|
|
$ |
919 |
|
|
$ |
5,022 |
|
|
$ |
— |
|
|
$ |
66,804 |
|
|
Intersegment revenues |
— |
|
|
54 |
|
|
— |
|
|
14 |
|
|
640 |
|
|
(708 |
) |
|
— |
|
|
Total revenue |
29,257 |
|
|
22,955 |
|
|
8,705 |
|
|
933 |
|
|
5,662 |
|
|
(708 |
) |
|
66,804 |
|
|
Cost of revenue, exclusive of
depreciation, depletion, amortization and accretion |
26,458 |
|
|
9,003 |
|
|
5,862 |
|
|
1,604 |
|
|
5,153 |
|
|
— |
|
|
48,080 |
|
|
Intersegment cost of
revenues |
45 |
|
|
394 |
|
|
— |
|
|
— |
|
|
269 |
|
|
(708 |
) |
|
— |
|
|
Total cost of revenue |
26,503 |
|
|
9,397 |
|
|
5,862 |
|
|
1,604 |
|
|
5,422 |
|
|
(708 |
) |
|
48,080 |
|
|
Selling, general and
administrative |
6,253 |
|
|
10,612 |
|
|
2,049 |
|
|
422 |
|
|
1,512 |
|
|
— |
|
|
20,848 |
|
|
Depreciation, depletion,
amortization and accretion |
6,667 |
|
|
6,683 |
|
|
2,140 |
|
|
2,165 |
|
|
3,491 |
|
|
— |
|
|
21,146 |
|
|
Operating loss |
(10,166 |
) |
|
(3,737 |
) |
|
(1,346 |
) |
|
(3,258 |
) |
|
(4,763 |
) |
|
— |
|
|
(23,270 |
) |
|
Interest expense, net |
661 |
|
|
254 |
|
|
93 |
|
|
63 |
|
|
154 |
|
|
— |
|
|
1,225 |
|
|
Other (income) expense,
net |
(9,310 |
) |
|
439 |
|
|
(794 |
) |
|
(9 |
) |
|
242 |
|
|
— |
|
|
(9,432 |
) |
|
Loss before income taxes |
$ |
(1,517 |
) |
|
$ |
(4,430 |
) |
|
$ |
(645 |
) |
|
$ |
(3,312 |
) |
|
$ |
(5,159 |
) |
|
$ |
— |
|
|
$ |
(15,063 |
) |
|
MAMMOTH ENERGY SERVICES,
INC.SEGMENT INCOME STATEMENTS(in thousands)
Six
months ended June 30, 2021 |
Infrastructure |
Well Completion(a) |
Sand |
Drilling |
All Other |
Eliminations |
Total |
Revenue from external customers |
$ |
46,476 |
|
|
$ |
40,238 |
|
|
$ |
15,592 |
|
|
$ |
2,049 |
|
|
$ |
9,889 |
|
|
$ |
— |
|
|
$ |
114,244 |
|
|
Intersegment revenues |
— |
|
|
90 |
|
|
— |
|
|
31 |
|
|
1,322 |
|
|
(1,443 |
) |
|
— |
|
|
Total revenue |
46,476 |
|
|
40,328 |
|
|
15,592 |
|
|
2,080 |
|
|
11,211 |
|
|
(1,443 |
) |
|
114,244 |
|
|
Cost of revenue, exclusive of
depreciation, depletion, amortization and accretion |
46,340 |
|
|
25,399 |
|
|
13,262 |
|
|
3,173 |
|
|
10,281 |
|
|
— |
|
|
98,455 |
|
|
Intersegment cost of
revenues |
95 |
|
|
1,060 |
|
|
— |
|
|
— |
|
|
288 |
|
|
(1,443 |
) |
|
— |
|
|
Total cost of revenue |
46,435 |
|
|
26,459 |
|
|
13,262 |
|
|
3,173 |
|
|
10,569 |
|
|
(1,443 |
) |
|
98,455 |
|
|
Selling, general and
administrative |
13,635 |
|
|
12,505 |
|
|
3,040 |
|
|
818 |
|
|
2,833 |
|
|
— |
|
|
32,831 |
|
|
Depreciation, depletion,
amortization and accretion |
12,566 |
|
|
13,130 |
|
|
4,527 |
|
|
4,242 |
|
|
6,946 |
|
|
— |
|
|
41,411 |
|
|
Operating loss |
(26,160 |
) |
|
(11,766 |
) |
|
(5,237 |
) |
|
(6,153 |
) |
|
(9,137 |
) |
|
— |
|
|
(58,453 |
) |
|
Interest expense, net |
1,317 |
|
|
473 |
|
|
183 |
|
|
121 |
|
|
300 |
|
|
— |
|
|
2,394 |
|
|
Other expense (income),
net |
6,593 |
|
|
440 |
|
|
(847 |
) |
|
(135 |
) |
|
(485 |
) |
|
— |
|
|
5,566 |
|
|
Loss before income taxes |
$ |
(34,070 |
) |
|
$ |
(12,679 |
) |
|
$ |
(4,573 |
) |
|
$ |
(6,139 |
) |
|
$ |
(8,952 |
) |
|
$ |
— |
|
|
$ |
(66,413 |
) |
|
Six
months ended June 30, 2020 |
Infrastructure |
Well Completion(a) |
Sand |
Drilling |
All Other |
Eliminations |
Total |
Revenue from external customers |
$ |
55,724 |
|
|
$ |
58,811 |
|
|
$ |
16,391 |
|
|
$ |
5,973 |
|
|
$ |
20,593 |
|
|
$ |
— |
|
|
$ |
157,492 |
|
|
Intersegment revenues |
— |
|
|
1,052 |
|
|
95 |
|
|
5 |
|
|
1,360 |
|
|
(2,512 |
) |
|
— |
|
|
Total revenue |
55,724 |
|
|
59,863 |
|
|
16,486 |
|
|
5,978 |
|
|
21,953 |
|
|
(2,512 |
) |
|
157,492 |
|
|
Cost of revenue, exclusive of
depreciation, depletion, amortization and accretion |
51,897 |
|
|
33,943 |
|
|
17,691 |
|
|
7,637 |
|
|
19,491 |
|
|
— |
|
|
130,659 |
|
|
Intersegment cost of
revenues |
35 |
|
|
961 |
|
|
— |
|
|
152 |
|
|
1,364 |
|
|
(2,512 |
) |
|
— |
|
|
Total cost of revenue |
51,932 |
|
|
34,904 |
|
|
17,691 |
|
|
7,789 |
|
|
20,855 |
|
|
(2,512 |
) |
|
130,659 |
|
|
Selling, general and
administrative |
11,774 |
|
|
3,627 |
|
|
2,680 |
|
|
2,394 |
|
|
4,022 |
|
|
— |
|
|
24,497 |
|
|
Depreciation, depletion,
amortization and accretion |
15,122 |
|
|
16,157 |
|
|
4,681 |
|
|
5,520 |
|
|
8,518 |
|
|
— |
|
|
49,998 |
|
|
Impairment of goodwill |
— |
|
|
53,406 |
|
|
— |
|
|
— |
|
|
1,567 |
|
|
— |
|
|
54,973 |
|
|
Impairment of other long-lived
assets |
— |
|
|
4,203 |
|
|
— |
|
|
326 |
|
|
8,368 |
|
|
— |
|
|
12,897 |
|
|
Operating loss |
(23,104 |
) |
|
(52,434 |
) |
|
(8,566 |
) |
|
(10,051 |
) |
|
(21,377 |
) |
|
— |
|
|
(115,532 |
) |
|
Interest expense, net |
1,467 |
|
|
605 |
|
|
147 |
|
|
389 |
|
|
501 |
|
|
— |
|
|
3,109 |
|
|
Other (income) expense,
net |
(15,707 |
) |
|
(1,288 |
) |
|
(39 |
) |
|
(271 |
) |
|
626 |
|
|
— |
|
|
(16,679 |
) |
|
Loss before income taxes |
$ |
(8,864 |
) |
|
$ |
(51,751 |
) |
|
$ |
(8,674 |
) |
|
$ |
(10,169 |
) |
|
$ |
(22,504 |
) |
|
$ |
— |
|
|
$ |
(101,962 |
) |
|
a. Mammoth
changed the name of its pressure pumping segment to the well
completion segment during the fourth quarter of 2020. |
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 |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
Reconciliation of
Adjusted EBITDA to net loss: |
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Net loss |
$ |
(34,790 |
) |
|
|
$ |
(15,205 |
) |
|
|
$ |
(12,440 |
) |
|
|
$ |
(47,230 |
) |
|
|
$ |
(99,176 |
) |
|
Depreciation, depletion,
amortization and accretion expense |
20,265 |
|
|
|
24,116 |
|
|
|
21,146 |
|
|
|
41,411 |
|
|
|
49,998 |
|
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54,973 |
|
|
Impairment of other long-lived
assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,897 |
|
|
Public offering costs |
77 |
|
|
|
— |
|
|
|
— |
|
|
|
77 |
|
|
|
— |
|
|
Stock based compensation |
354 |
|
|
|
196 |
|
|
|
344 |
|
|
|
698 |
|
|
|
1,246 |
|
|
Interest expense, net |
1,169 |
|
|
|
1,471 |
|
|
|
1,225 |
|
|
|
2,394 |
|
|
|
3,109 |
|
|
Other expense (income),
net |
14,998 |
|
|
|
(9,270 |
) |
|
|
(9,432 |
) |
|
|
5,566 |
|
|
|
(16,679 |
) |
|
Benefit for income taxes |
(16,560 |
) |
|
|
(3,482 |
) |
|
|
(2,623 |
) |
|
|
(19,183 |
) |
|
|
(2,786 |
) |
|
Interest on trade accounts
receivable |
9,017 |
|
|
|
9,071 |
|
|
|
8,158 |
|
|
|
17,175 |
|
|
|
16,767 |
|
|
Adjusted EBITDA |
$ |
(5,470 |
) |
|
|
$ |
6,897 |
|
|
|
$ |
6,378 |
|
|
|
$ |
908 |
|
|
|
$ |
20,349 |
|
|
MAMMOTH ENERGY SERVICES,
INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Infrastructure Services
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
Reconciliation of
Adjusted EBITDA to net loss: |
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Net loss |
$ |
(23,715 |
) |
|
|
$ |
(3,985 |
) |
|
|
$ |
(3,945 |
) |
|
|
$ |
(27,658 |
) |
|
|
$ |
(12,303 |
) |
|
Depreciation and amortization
expense |
5,899 |
|
|
|
7,500 |
|
|
|
6,667 |
|
|
|
12,566 |
|
|
|
15,122 |
|
|
Public offering costs |
43 |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
Stock based compensation |
158 |
|
|
|
44 |
|
|
|
135 |
|
|
|
293 |
|
|
|
286 |
|
|
Interest expense |
656 |
|
|
|
716 |
|
|
|
661 |
|
|
|
1,317 |
|
|
|
1,467 |
|
|
Other expense (income),
net |
15,904 |
|
|
|
(8,004 |
) |
|
|
(9,310 |
) |
|
|
6,593 |
|
|
|
(15,707 |
) |
|
(Benefit) provision for income
taxes |
(8,838 |
) |
|
|
949 |
|
|
|
2,428 |
|
|
|
(6,410 |
) |
|
|
3,440 |
|
|
Interest on trade accounts
receivable |
9,017 |
|
|
|
7,930 |
|
|
|
8,673 |
|
|
|
17,690 |
|
|
|
15,626 |
|
|
Adjusted EBITDA |
$ |
(876 |
) |
|
|
$ |
5,150 |
|
|
|
$ |
5,309 |
|
|
|
$ |
4,434 |
|
|
|
$ |
7,931 |
|
|
Well Completion Services
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
Reconciliation of
Adjusted EBITDA to net loss: |
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Net loss |
$ |
(8,249 |
) |
|
|
$ |
(446 |
) |
|
|
$ |
(4,430 |
) |
|
|
$ |
(12,680 |
) |
|
|
$ |
(51,750 |
) |
|
Depreciation and amortization
expense |
6,447 |
|
|
|
7,675 |
|
|
|
6,683 |
|
|
|
13,130 |
|
|
|
16,157 |
|
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
53,406 |
|
|
Impairment of other long-lived
assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,203 |
|
|
Public offering costs |
12 |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
Stock based compensation |
75 |
|
|
|
53 |
|
|
|
83 |
|
|
|
158 |
|
|
|
381 |
|
|
Interest expense |
219 |
|
|
|
329 |
|
|
|
254 |
|
|
|
473 |
|
|
|
605 |
|
|
Other expense (income),
net |
1 |
|
|
|
(1,179 |
) |
|
|
439 |
|
|
|
440 |
|
|
|
(1,288 |
) |
|
Interest on trade accounts
receivable |
— |
|
|
|
1,133 |
|
|
|
(514 |
) |
|
|
(514 |
) |
|
|
1,133 |
|
|
Adjusted EBITDA |
$ |
(1,495 |
) |
|
|
$ |
7,565 |
|
|
|
$ |
2,515 |
|
|
|
$ |
1,019 |
|
|
|
$ |
22,847 |
|
|
Natural Sand Proppant Services
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
Reconciliation of
Adjusted EBITDA to net loss: |
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Net loss |
$ |
(3,929 |
) |
|
|
$ |
(3,960 |
) |
|
|
$ |
(645 |
) |
|
|
$ |
(4,573 |
) |
|
|
$ |
(8,676 |
) |
|
Depreciation, depletion,
amortization and accretion expense |
2,387 |
|
|
|
2,358 |
|
|
|
2,140 |
|
|
|
4,527 |
|
|
|
4,681 |
|
|
Public offering costs |
12 |
|
|
|
— |
|
|
|
|
|
12 |
|
|
|
— |
|
|
Stock based compensation |
65 |
|
|
|
46 |
|
|
|
64 |
|
|
|
130 |
|
|
|
278 |
|
|
Interest expense |
90 |
|
|
|
69 |
|
|
|
93 |
|
|
|
183 |
|
|
|
147 |
|
|
Other income, net |
(53 |
) |
|
|
(2 |
) |
|
|
(794 |
) |
|
|
(847 |
) |
|
|
(39 |
) |
|
Interest on trade accounts
receivable |
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
Adjusted EBITDA |
$ |
(1,428 |
) |
|
|
$ |
(1,489 |
) |
|
|
$ |
857 |
|
|
|
$ |
(569 |
) |
|
|
$ |
(3,609 |
) |
|
MAMMOTH ENERGY SERVICES,
INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Drilling Services
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
Reconciliation of
Adjusted EBITDA to net loss: |
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Net loss |
$ |
(2,826 |
) |
|
|
$ |
(4,620 |
) |
|
|
$ |
(3,312 |
) |
|
|
$ |
(6,139 |
) |
|
|
$ |
(10,169 |
) |
|
Depreciation expense |
2,079 |
|
|
|
2,671 |
|
|
|
2,165 |
|
|
|
4,242 |
|
|
|
5,520 |
|
|
Impairment of other long-lived
assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
326 |
|
|
Acquisition related costs |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Public offering costs |
2 |
|
|
|
— |
|
|
|
|
|
2 |
|
|
|
— |
|
|
Stock based compensation |
28 |
|
|
|
34 |
|
|
|
38 |
|
|
|
65 |
|
|
|
128 |
|
|
Interest expense |
58 |
|
|
|
132 |
|
|
|
63 |
|
|
|
121 |
|
|
|
389.172 |
|
|
Other income, net |
(127 |
) |
|
|
(298 |
) |
|
|
(9 |
) |
|
|
(135 |
) |
|
|
(271 |
) |
|
Adjusted EBITDA |
$ |
(786 |
) |
|
|
$ |
(2,081 |
) |
|
|
$ |
(1,055 |
) |
|
|
$ |
(1,844 |
) |
|
|
$ |
(4,077 |
) |
|
Other Services(a)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
Reconciliation of
Adjusted EBITDA to net income (loss): |
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Net income (loss) |
$ |
3,929 |
|
|
|
$ |
(2,195 |
) |
|
|
$ |
(108 |
) |
|
|
$ |
3,820 |
|
|
|
$ |
(16,279 |
) |
|
Depreciation, amortization and
accretion expense |
3,453 |
|
|
|
3,912 |
|
|
|
3,491 |
|
|
|
6,946 |
|
|
|
8,518 |
|
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,567 |
|
|
Impairment of other long-lived
assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,368 |
|
|
Public offering costs |
8 |
|
|
|
— |
|
|
|
|
|
8 |
|
|
|
— |
|
|
Stock based compensation |
28 |
|
|
|
20 |
|
|
|
24 |
|
|
|
52 |
|
|
|
173 |
|
|
Interest expense, net |
146 |
|
|
|
225 |
|
|
|
154 |
|
|
|
300 |
|
|
|
501 |
|
|
Other (income) expense,
net |
(727 |
) |
|
|
213 |
|
|
|
242 |
|
|
|
(485 |
) |
|
|
626 |
|
|
Benefit for income taxes |
(7,722 |
) |
|
|
(4,430 |
) |
|
|
(5,051 |
) |
|
|
(12,773 |
) |
|
|
(6,226 |
) |
|
Interest on trade accounts
receivable |
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
Adjusted EBITDA |
$ |
(885 |
) |
|
|
$ |
(2,246 |
) |
|
|
$ |
(1,248 |
) |
|
|
$ |
(2,132 |
) |
|
|
$ |
(2,743 |
) |
|
a. Includes results for Mammoth's aviation, coil
tubing, pressure control, equipment rentals, crude oil hauling,
full service transportation and remote accommodations, equipment
manufacturing and infrastructure engineering and design services
and corporate related activities. The Company's corporate related
activities do not generate revenue. |
MAMMOTH ENERGY SERVICES,
INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
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 |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
(in thousands, except per share amounts) |
Net loss, as reported |
$ |
(34,790 |
) |
|
|
$ |
(15,205 |
) |
|
|
$ |
(12,440 |
) |
|
|
$ |
(47,230 |
) |
|
|
$ |
(99,176 |
) |
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54,973 |
|
|
Impairment of other long-lived assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,897 |
|
|
Adjusted net loss |
$ |
(34,790 |
) |
|
|
$ |
(15,205 |
) |
|
|
$ |
(12,440 |
) |
|
|
$ |
(47,230 |
) |
|
|
$ |
(31,306 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share, as
reported |
$ |
(0.75 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(1.02 |
) |
|
|
$ |
(2.18 |
) |
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.21 |
|
|
Impairment of other long-lived assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.28 |
|
|
Adjusted basic loss per
share |
$ |
(0.75 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(1.02 |
) |
|
|
$ |
(0.69 |
) |
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share, as
reported |
$ |
(0.75 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(1.02 |
) |
|
|
$ |
(2.18 |
) |
|
Impairment of goodwill |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.21 |
|
|
Impairment of other long-lived assets |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.28 |
|
|
Adjusted diluted loss per
share |
$ |
(0.75 |
) |
|
|
$ |
(0.33 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(1.02 |
) |
|
|
$ |
(0.69 |
) |
|
Mammoth Energy Services (NASDAQ:TUSK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mammoth Energy Services (NASDAQ:TUSK)
Historical Stock Chart
From Sep 2023 to Sep 2024