ProPetro Reports Financial Results for the Fourth Quarter and Full Year of 2023
Full Year 2023 Results and Highlights
-
Revenue was
$1.6 billion , a 27% increase over 2022. -
Net income increased significantly to
$86 million as compared to$2 million in 2022. -
Adjusted EBITDA(1) was
$404 million , a 28% increase over 2022. -
Repurchased and retired 5.8 million shares representing approximately 5.0% of our outstanding common stock since plan inception in
May 2023 . - Deployed two FORCESM electric hydraulic fracturing fleets operating under contract and expect two additional FORCESM fleets to be deployed in the first half of 2024.
- The FORCESM electric fleet deployments along with our Tier IV DGB Dual-fuel fleets will represent approximately 65% of our hydraulic fracturing capacity.
- Published our first ProPetro ProEnergy ProPeople Sustainability Report in October.
- Realized continued benefits from our optimization program which supported lower capital expenditures and our capital returns program in 2023 and is expected to support further reduced capital expenditures in 2024.
-
Completed another accretive acquisition to expand our cementing services into the
Delaware Basin .
Fourth Quarter 2023 Results and Highlights
-
Revenue was
$348 million compared to$424 million for the prior quarter. -
Net loss of
$17 million , or$0.16 per diluted share, compared to net income of$35 million , or$0.31 per diluted share, for the prior quarter. -
Adjusted EBITDA(1) of
$64 million compared to$108 million in the prior quarter. - Effective utilization was 12.9 fleets compared to 15.5 fleets for the prior quarter.
-
Completed the acquisition of
Par Five Energy Services LLC ("Par Five"), aPermian Basin -focused provider of cementing services in theDelaware Basin . - Repurchased and retired 1.6 million shares.
- Deployed our second FORCESM electric hydraulic fracturing fleet under contract.
(1) Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the table under “Non-GAAP Financial Measures.” |
Fourth Quarter 2023 Financial Summary
Revenue was
Cost of services, excluding depreciation and amortization of approximately
General and administrative expense of
Net loss totaled
Adjusted EBITDA decreased to
Liquidity and Capital Spending
As of
Capital expenditures incurred during the fourth quarter of 2023 were
Share Repurchases
The Company repurchased and retired 5.8 million shares during 2023. During the fourth quarter of 2023, the Company repurchased and retired 1.6 million shares. Subsequent to year-end through
Guidance and Recent Results
ProPetro’s outlook for full year 2024 incurred capital expenditures is expected to be between
Additionally, based on its current outlook for the first quarter of 2024,
Outlook
Conference Call Information
The Company will host a conference call at
About
Forward-Looking Statements
Except for historical information contained herein, the statements and information in this news release and discussion in the scripted remarks described above are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “may,” “could,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” "will," "should" and other expressions that are predictions of, or indicate, future events and trends or that do not relate to historical matters generally identify forward‑looking statements. Our forward‑looking statements include, among other matters, statements about the supply of and demand for hydrocarbons, our business strategy, industry, projected financial results and future financial performance, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures, the impact of such expenditures on our performance and capital programs, our fleet conversion strategy and our share repurchase program. A forward‑looking statement may include a statement of the assumptions or bases underlying the forward‑looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.
Although forward‑looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, the global macroeconomic uncertainty related to the conflict in the
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Years Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
REVENUE - Service revenue |
|
$ |
347,776 |
|
|
$ |
423,804 |
|
|
$ |
348,924 |
|
|
$ |
1,630,399 |
|
|
$ |
1,279,701 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of services (exclusive of depreciation and amortization) |
|
|
261,034 |
|
|
|
292,490 |
|
|
|
242,618 |
|
|
|
1,131,801 |
|
|
|
882,820 |
|
General and administrative (inclusive of stock-based compensation) |
|
|
27,990 |
|
|
|
28,597 |
|
|
|
26,728 |
|
|
|
114,354 |
|
|
|
111,760 |
|
Depreciation and amortization (1) |
|
|
62,152 |
|
|
|
53,769 |
|
|
|
43,475 |
|
|
|
180,886 |
|
|
|
128,108 |
|
Impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
57,454 |
|
Loss on disposal of assets (1) |
|
|
4,883 |
|
|
|
4,265 |
|
|
|
17,812 |
|
|
|
73,015 |
|
|
|
102,150 |
|
Total costs and expenses |
|
|
356,059 |
|
|
|
379,121 |
|
|
|
330,633 |
|
|
|
1,500,056 |
|
|
|
1,282,292 |
|
OPERATING (LOSS) INCOME |
|
|
(8,283 |
) |
|
|
44,683 |
|
|
|
18,291 |
|
|
|
130,343 |
|
|
|
(2,591 |
) |
OTHER (EXPENSE) INCOME: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
|
(2,292 |
) |
|
|
(1,169 |
) |
|
|
(565 |
) |
|
|
(5,308 |
) |
|
|
(1,605 |
) |
Other (expense) income |
|
|
(7,784 |
) |
|
|
1,883 |
|
|
|
1,835 |
|
|
|
(9,533 |
) |
|
|
11,582 |
|
Total other (expense) income |
|
|
(10,076 |
) |
|
|
714 |
|
|
|
1,270 |
|
|
|
(14,841 |
) |
|
|
9,977 |
|
(LOSS) INCOME BEFORE INCOME TAXES |
|
|
(18,359 |
) |
|
|
45,397 |
|
|
|
19,561 |
|
|
|
115,502 |
|
|
|
7,386 |
|
INCOME TAX BENEFIT (EXPENSE) |
|
|
1,250 |
|
|
|
(10,644 |
) |
|
|
(6,520 |
) |
|
|
(29,868 |
) |
|
|
(5,356 |
) |
NET (LOSS) INCOME |
|
$ |
(17,109 |
) |
|
$ |
34,753 |
|
|
$ |
13,041 |
|
|
$ |
85,634 |
|
|
$ |
2,030 |
|
NET (LOSS) INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
(0.16 |
) |
|
$ |
0.31 |
|
|
$ |
0.12 |
|
|
$ |
0.76 |
|
|
$ |
0.02 |
|
Diluted |
|
$ |
(0.16 |
) |
|
$ |
0.31 |
|
|
$ |
0.12 |
|
|
$ |
0.76 |
|
|
$ |
0.02 |
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
110,164 |
|
|
|
112,286 |
|
|
|
111,118 |
|
|
|
113,004 |
|
|
|
105,868 |
|
Diluted |
|
|
110,164 |
|
|
|
112,698 |
|
|
|
111,988 |
|
|
|
113,416 |
|
|
|
106,939 |
|
NOTE: Cost of services in the periods prior to 2023 does not include the impact of expensing fluid ends. | ||
|
||
(1) |
In connection with the review of our power ends estimated useful life, effective |
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) |
|||||||
|
|
|
|
|
|||
ASSETS |
|
|
|
|
|||
CURRENT ASSETS: |
|
|
|
|
|||
Cash, cash equivalents and restricted cash |
|
$ |
33,354 |
|
$ |
88,862 |
|
Accounts receivable - net of allowance for credit losses of |
|
|
237,012 |
|
|
215,925 |
|
Inventories |
|
|
17,705 |
|
|
5,034 |
|
Prepaid expenses |
|
|
14,640 |
|
|
8,643 |
|
Short-term investment, net |
|
|
7,745 |
|
|
10,283 |
|
Other current assets |
|
|
353 |
|
|
38 |
|
Total current assets |
|
|
310,809 |
|
|
328,785 |
|
PROPERTY AND EQUIPMENT - Net of accumulated depreciation |
|
|
967,116 |
|
|
922,735 |
|
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
|
78,583 |
|
|
3,147 |
|
FINANCE LEASE RIGHT-OF-USE ASSETS |
|
|
47,449 |
|
|
— |
|
OTHER NONCURRENT ASSETS: |
|
|
|
|
|||
|
|
|
23,624 |
|
|
23,624 |
|
Intangible assets - net of amortization |
|
|
50,615 |
|
|
56,345 |
|
Other noncurrent assets |
|
|
2,116 |
|
|
1,150 |
|
Total other noncurrent assets |
|
|
76,355 |
|
|
81,119 |
|
TOTAL ASSETS |
|
$ |
1,480,312 |
|
$ |
1,335,786 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|||
CURRENT LIABILITIES: |
|
|
|
|
|||
Accounts payable |
|
$ |
161,441 |
|
$ |
234,299 |
|
Accrued and other current liabilities |
|
|
75,616 |
|
|
49,027 |
|
Operating lease liabilities |
|
|
17,029 |
|
|
854 |
|
Finance lease liabilities |
|
|
17,063 |
|
|
— |
|
Total current liabilities |
|
|
271,149 |
|
|
284,180 |
|
DEFERRED INCOME TAXES |
|
|
93,105 |
|
|
65,265 |
|
LONG-TERM DEBT |
|
|
45,000 |
|
|
30,000 |
|
NONCURRENT OPERATING LEASE LIABILITIES |
|
|
38,600 |
|
|
2,308 |
|
NONCURRENT FINANCE LEASE LIABILITIES |
|
|
30,886 |
|
|
— |
|
OTHER LONG-TERM LIABILITIES |
|
|
3,180 |
|
|
— |
|
Total liabilities |
|
|
481,920 |
|
|
381,753 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|||
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|||
Preferred stock, |
|
|
— |
|
|
— |
|
Common stock, |
|
|
109 |
|
|
114 |
|
Additional paid-in capital |
|
|
929,249 |
|
|
970,519 |
|
Retained earnings (accumulated deficit) |
|
|
69,034 |
|
|
(16,600 |
) |
Total shareholders’ equity |
|
|
998,392 |
|
|
954,033 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,480,312 |
|
$ |
1,335,786 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Years Ended |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net income |
|
$ |
85,634 |
|
|
$ |
2,030 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
180,886 |
|
|
|
128,108 |
|
Impairment expense |
|
|
— |
|
|
|
57,454 |
|
Deferred income tax expense (benefit) |
|
|
27,840 |
|
|
|
4,213 |
|
Amortization of deferred debt issuance costs |
|
|
359 |
|
|
|
785 |
|
Stock‑based compensation |
|
|
14,450 |
|
|
|
21,881 |
|
Provision for credit losses |
|
|
34 |
|
|
|
202 |
|
Loss on disposal of assets |
|
|
73,015 |
|
|
|
102,150 |
|
Unrealized loss on short-term investment |
|
|
2,538 |
|
|
|
1,570 |
|
Non-cash income from settlement with equipment manufacturer |
|
|
— |
|
|
|
(2,668 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(12,408 |
) |
|
|
(66,900 |
) |
Other current assets |
|
|
(831 |
) |
|
|
354 |
|
Inventories |
|
|
(6,017 |
) |
|
|
124 |
|
Prepaid expenses |
|
|
(6,143 |
) |
|
|
743 |
|
Accounts payable |
|
|
(11,429 |
) |
|
|
27,428 |
|
Accrued and other current liabilities |
|
|
26,431 |
|
|
|
22,602 |
|
Accrued interest |
|
|
383 |
|
|
|
353 |
|
Net cash provided by operating activities |
|
|
374,742 |
|
|
|
300,429 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Capital expenditures |
|
|
(370,869 |
) |
|
|
(319,683 |
) |
Business acquisitions, net of cash acquired |
|
|
(22,215 |
) |
|
|
(38,639 |
) |
Proceeds from sale of assets |
|
|
8,957 |
|
|
|
8,577 |
|
Net cash used in investing activities |
|
|
(384,127 |
) |
|
|
(349,745 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Proceeds from borrowings |
|
|
30,000 |
|
|
|
30,000 |
|
Repayments of borrowings |
|
|
(15,000 |
) |
|
|
— |
|
Payments of finance lease obligation |
|
|
(4,663 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(1,179 |
) |
|
|
(824 |
) |
Proceeds from exercise of equity awards |
|
|
— |
|
|
|
963 |
|
Tax withholdings paid for net settlement of equity awards |
|
|
(3,543 |
) |
|
|
(3,879 |
) |
Share repurchases |
|
|
(51,738 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
|
(46,123 |
) |
|
|
26,260 |
|
|
|
|
(55,508 |
) |
|
|
(23,056 |
) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year |
|
|
88,862 |
|
|
|
111,918 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year |
|
$ |
33,354 |
|
|
$ |
88,862 |
|
Reportable Segment Information |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
|
|
|
||||||||||||||
(in thousands) |
Completion
|
|
All
|
|
Total |
|
Completion
|
|
All
|
|
Total |
||||||
Service revenue |
$ |
347,776 |
|
$ |
— |
|
$ |
347,776 |
|
$ |
423,804 |
|
$ |
— |
|
$ |
423,804 |
Adjusted EBITDA |
$ |
64,268 |
|
$ |
— |
|
$ |
64,268 |
|
$ |
107,714 |
|
$ |
— |
|
$ |
107,714 |
Depreciation and amortization (1) |
$ |
62,152 |
|
$ |
— |
|
$ |
62,152 |
|
$ |
53,769 |
|
$ |
— |
|
$ |
53,769 |
Operating lease expense on FORCESM fleets (3) |
$ |
4,310 |
|
$ |
— |
|
$ |
4,310 |
|
$ |
777 |
|
$ |
— |
|
$ |
777 |
Capital expenditures |
$ |
38,536 |
|
$ |
— |
|
$ |
38,536 |
|
$ |
59,081 |
|
$ |
— |
|
$ |
59,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|||||||||||||||||
|
|
|
|
|||||||||||||||
(in thousands) |
Completion
|
|
All
|
|
Total |
|
Completion
|
|
All
|
|
Total |
|||||||
Service revenue |
$ |
1,630,399 |
|
$ |
— |
|
$ |
1,630,399 |
|
$ |
1,266,261 |
|
$ |
13,440 |
|
|
$ |
1,279,701 |
Adjusted EBITDA |
$ |
403,960 |
|
$ |
— |
|
$ |
403,960 |
|
$ |
318,051 |
|
$ |
(1,461 |
) |
|
$ |
316,590 |
Depreciation and amortization (1) |
$ |
180,886 |
|
$ |
— |
|
$ |
180,886 |
|
$ |
125,867 |
|
$ |
2,241 |
|
|
$ |
128,108 |
Impairment expense |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
57,454 |
|
$ |
— |
|
|
$ |
57,454 |
Operating lease expense on FORCESM fleets (2) |
$ |
5,087 |
|
$ |
— |
|
$ |
5,087 |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
Capital expenditures |
$ |
310,020 |
|
$ |
— |
|
$ |
310,020 |
|
$ |
362,467 |
|
$ |
2,849 |
|
|
$ |
365,316 |
|
$ |
23,624 |
|
$ |
— |
|
$ |
23,624 |
|
$ |
23,624 |
|
$ |
— |
|
|
$ |
23,624 |
Total assets |
$ |
1,480,312 |
|
$ |
— |
|
$ |
1,480,312 |
|
$ |
1,335,501 |
|
$ |
285 |
|
|
$ |
1,335,786 |
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Adjusted EBITDA in the periods prior to 2023 does not include the impact of expensing fluid ends. | ||
|
||
(1) |
In connection with the review of our power ends estimated useful life, effective |
|
|
||
(2) |
Represents lease costs related to operating leases on our FORCESM electric-powered hydraulic fracturing fleets. This cost is recorded within cost of services in our condensed consolidated statements of operations. We did not have these leases in 2022. |
Non-GAAP Financial Measures
We define EBITDA as net income (loss) plus (i) depreciation and amortization, (ii) interest expense and (iii) income tax expense (benefit). We define Adjusted EBITDA as EBITDA, plus (i) loss (gain) on disposal of assets, (ii) stock-based compensation, (iii) other expense (income), (iv) other general and administrative expense (net) and (v) other unusual or nonrecurring expenses (income) such as impairment charges, retention bonuses, severance, costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities. Adjusted EBITDA and Free Cash Flow are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, and net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA or Free Cash Flow in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
(in thousands) |
|
Completion
|
|
All
|
|
Total |
|
Completion
|
|
All
|
|
Total |
||||||||||
Net (loss) income |
|
$ |
(17,109 |
) |
|
$ |
— |
$ |
(17,109 |
) |
|
$ |
34,753 |
|
|
$ |
— |
|
$ |
34,753 |
|
|
Depreciation and amortization (1) |
|
|
62,152 |
|
|
|
— |
|
|
62,152 |
|
|
|
53,769 |
|
|
|
— |
|
|
53,769 |
|
Interest expense |
|
|
2,292 |
|
|
|
— |
|
|
2,292 |
|
|
|
1,169 |
|
|
|
— |
|
|
1,169 |
|
Income tax (benefit) expense |
|
|
(1,250 |
) |
|
|
— |
|
|
(1,250 |
) |
|
|
10,644 |
|
|
|
— |
|
|
10,644 |
|
Loss on disposal of assets (1) |
|
|
4,883 |
|
|
|
— |
|
|
4,883 |
|
|
|
4,265 |
|
|
|
— |
|
|
4,265 |
|
Impairment expense |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Stock-based compensation |
|
|
3,846 |
|
|
|
— |
|
|
3,846 |
|
|
|
3,310 |
|
|
|
— |
|
|
3,310 |
|
Other expense (income) (2) |
|
|
7,784 |
|
|
|
— |
|
|
7,784 |
|
|
|
(1,883 |
) |
|
|
— |
|
|
(1,883 |
) |
Other general and administrative expense (3) |
|
|
1,310 |
|
|
|
— |
|
|
1,310 |
|
|
|
450 |
|
|
|
— |
|
|
450 |
|
Retention bonus and severance expense |
|
|
360 |
|
|
|
— |
|
|
360 |
|
|
|
1,237 |
|
|
|
— |
|
|
1,237 |
|
Adjusted EBITDA |
|
$ |
64,268 |
|
|
$ |
— |
|
$ |
64,268 |
|
|
$ |
107,714 |
|
|
$ |
— |
|
$ |
107,714 |
|
|
|
Year Ended |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
(in thousands) |
|
Completion
|
|
All
|
|
Total |
|
Completion
|
|
All
|
|
Total |
|||||||||
Net income (loss) |
|
$ |
85,634 |
|
$ |
— |
|
$ |
85,634 |
|
$ |
19,754 |
|
|
$ |
(17,724 |
) |
|
$ |
2,030 |
|
Depreciation and amortization (1) |
|
|
180,886 |
|
|
— |
|
|
180,886 |
|
|
125,867 |
|
|
|
2,241 |
|
|
|
128,108 |
|
Interest expense |
|
|
5,308 |
|
|
— |
|
|
5,308 |
|
|
1,605 |
|
|
|
— |
|
|
|
1,605 |
|
Income tax expense |
|
|
29,868 |
|
|
— |
|
|
29,868 |
|
|
5,356 |
|
|
|
— |
|
|
|
5,356 |
|
Loss on disposal of assets (1) |
|
|
73,015 |
|
|
— |
|
|
73,015 |
|
|
88,145 |
|
|
|
14,005 |
|
|
|
102,150 |
|
Impairment expense |
|
|
— |
|
|
— |
|
|
— |
|
|
57,454 |
|
|
|
— |
|
|
|
57,454 |
|
Stock-based compensation |
|
|
14,450 |
|
|
— |
|
|
14,450 |
|
|
21,881 |
|
|
|
— |
|
|
|
21,881 |
|
Other expense (income) (2) |
|
|
9,533 |
|
|
— |
|
|
9,533 |
|
|
(11,582 |
) |
|
|
— |
|
|
|
(11,582 |
) |
Other general and administrative expense (3) |
|
|
2,969 |
|
|
— |
|
|
2,969 |
|
|
8,460 |
|
|
|
— |
|
|
|
8,460 |
|
Retention bonus and severance expense |
|
|
2,297 |
|
|
— |
|
|
2,297 |
|
|
1,111 |
|
|
|
17 |
|
|
|
1,128 |
|
Adjusted EBITDA |
|
$ |
403,960 |
|
$ |
— |
|
$ |
403,960 |
|
$ |
318,051 |
|
|
$ |
(1,461 |
) |
|
$ |
316,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Adjusted EBITDA in the periods prior to 2023 does not include the impact of expensing fluid ends. | ||
|
||
(1) |
In connection with the review of our power ends estimated useful life, effective |
|
|
||
(2) |
Other expense for the three months and the year ended |
|
|
||
(3) |
Other general and administrative expense for the three months and year ended |
Reconciliation of Cash from Operating Activities to Free Cash Flow |
||||||||
|
|
Three Months Ended |
||||||
(in thousands) |
|
|
|
|
||||
|
|
|
|
|
||||
Cash from Operating Activities |
|
$ |
69,671 |
|
|
$ |
118,057 |
|
Cash used in Investing Activities |
|
|
(71,356 |
) |
|
|
(91,040 |
) |
Free Cash Flow |
|
$ |
(1,685 |
) |
|
$ |
27,017 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221864965/en/
Investor Contacts:
Chief Financial Officer
david.schorlemer@propetroservices.com
432-227-0864
Director, Corporate Development and Investor Relations
matt.augustine@propetroservices.com
432-219-7620
Source: