| Reconciliation of Segment Information |
The following tables set forth certain financial information with respect to the Company’s reportable segments; intersegment revenues and cost of services are shown under "Reconciling Items" (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Hydraulic Fracturing | | Wireline | | Cementing | | All Other | | Reconciling Items | | Total | | Service revenue | | $ | 269,399 | | | $ | 53,442 | | | $ | 36,633 | | | $ | — | | | $ | (58) | | | $ | 359,416 | | Cost of service - labor | | $ | 54,940 | | | $ | 14,015 | | | $ | 8,034 | | | $ | — | | | $ | — | | | $ | 76,989 | | Cost of service - expendables | | $ | 44,154 | | | $ | 16,210 | | | $ | 16,465 | | | $ | — | | | $ | (58) | | | $ | 76,771 | | Cost of service - other direct costs | | $ | 97,159 | | | $ | 10,069 | | | $ | 2,868 | | | $ | — | | | $ | — | | | $ | 110,096 | | General and administrative expenses excluding nonrecurring and non cash items for reportable segments | | $ | 4,806 | | | $ | 2,675 | | | $ | 1,200 | | | $ | 710 | | | $ | — | | | $ | 9,391 | | | Adjusted EBITDA for reportable segments | | $ | 68,340 | | | $ | 10,473 | | | $ | 8,066 | | | $ | (710) | | | $ | — | | | $ | 86,169 | | | Depreciation and amortization | | $ | 41,301 | | | $ | 5,427 | | | $ | 1,930 | | | $ | — | | | $ | 23 | | | $ | 48,681 | | | Capital expenditures incurred | | $ | 16,338 | | | $ | 2,184 | | | $ | 1,831 | | | $ | 18,300 | | | $ | — | | | $ | 38,653 | | | Goodwill March 31, 2025 | | $ | 920 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 920 | | | Total assets March 31, 2025 | | $ | 955,862 | | | $ | 157,147 | | | $ | 69,735 | | | $ | 23,281 | | | $ | 40,174 | | | $ | 1,246,199 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | Hydraulic Fracturing | | Wireline | | Cementing | | All Other | | Reconciling Items | | Total | | Service revenue | | $ | 309,300 | | | $ | 60,805 | | | $ | 35,738 | | | $ | — | | | $ | — | | | $ | 405,843 | | | Cost of service - labor | | $ | 60,931 | | | $ | 14,836 | | | $ | 9,124 | | | $ | — | | | $ | — | | | $ | 84,891 | | | Cost of service - expendables | | $ | 46,362 | | | $ | 16,167 | | | $ | 16,319 | | | $ | — | | | $ | — | | | $ | 78,848 | | | Cost of service - other direct costs | | $ | 110,731 | | | $ | 10,149 | | | $ | 4,022 | | | $ | — | | | $ | — | | | $ | 124,902 | | | General and administrative expenses excluding nonrecurring and non cash items for reportable segments | | $ | 5,157 | | | $ | 2,867 | | | $ | 1,412 | | | $ | — | | | $ | — | | | $ | 9,436 | | | Adjusted EBITDA for reportable segments | | $ | 86,119 | | | $ | 16,786 | | | $ | 4,861 | | | $ | — | | | $ | — | | | $ | 107,766 | | Depreciation and amortization (1) | | $ | 51,442 | | | $ | 4,915 | | | $ | 2,278 | | | $ | — | | | $ | 25 | | | $ | 58,660 | | | Capital expenditures incurred | | $ | 35,988 | | | $ | 2,386 | | | $ | 1,466 | | | $ | — | | | $ | — | | | $ | 39,840 | | | Goodwill December 31, 2024 | | $ | 920 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 920 | | | Total assets at December 31, 2024 | | $ | 961,485 | | | $ | 156,349 | | | $ | 73,935 | | | $ | — | | | $ | 31,876 | | | $ | 1,223,645 | |
(1)The write-offs of remaining book value of prematurely failed power ends and other components are recorded as depreciation in 2025. In order to conform to current period presentation, we have reclassified the corresponding amount of $6.5 million from loss on disposal of assets to depreciation for the three months ended March 31, 2024. A reconciliation from reportable segment level financial information to the condensed consolidated statement of operations is provided in the table below (in thousands): | | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2024 | | Service Revenue | | | | | Hydraulic Fracturing | $ | 269,399 | | | $ | 309,300 | | | Wireline | 53,442 | | | 60,805 | | | Cementing | 36,633 | | | 35,738 | | | All Other | — | | | — | | | Total service revenue for reportable segments | 359,474 | | | 405,843 | | | Elimination of intersegment service revenue | (58) | | | — | | | Total consolidated service revenue | $ | 359,416 | | | $ | 405,843 | | | | | | | Cost of Services | | | | | Hydraulic Fracturing - labor | $ | 54,940 | | | $ | 60,931 | | | Hydraulic Fracturing - expendables | 44,154 | | | 46,362 | | | Hydraulic Fracturing - other direct costs | 97,159 | | | 110,731 | | | Wireline - labor | 14,015 | | | 14,836 | | | Wireline - expendables | 16,210 | | | 16,167 | | | Wireline - other direct costs | 10,069 | | | 10,149 | | | Cementing - labor | 8,034 | | | 9,124 | | | Cementing - expendables | 16,465 | | | 16,319 | | | Cementing - other direct costs | 2,868 | | | 4,022 | | | All Other - labor | — | | | — | | All Other - expendables | — | | | — | | All Other - other direct costs | — | | | — | | Total cost of services for reportable segments | 263,914 | | | 288,641 | | | Elimination of intersegment cost of services | (58) | | | — | | | Total consolidated cost of services | $ | 263,856 | | | $ | 288,641 | | | | | | | General and Administrative Expenses | | | | | Hydraulic Fracturing | $ | 4,806 | | | $ | 5,157 | | | Wireline | 2,675 | | | 2,867 | | | Cementing | 1,200 | | | 1,412 | | | All Other | 710 | | | — | | | Total general and administrative expenses excluding nonrecurring and noncash items for reportable segments | 9,391 | | | 9,436 | | | Unallocated corporate administrative expenses | 13,483 | | | 14,371 | | | Stock-based compensation | 3,337 | | | 3,742 | | | Business acquisition contingent consideration adjustments | (300) | | | — | | | Other general and administrative expense | 6 | | | 59 | | | Retention bonus and severance expense | 1,715 | | | 618 | | | Total consolidated general and administrative expenses | $ | 27,632 | | | $ | 28,226 | |
| | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2024 | | Adjusted EBITDA | | | | | Hydraulic Fracturing | $ | 68,340 | | | $ | 86,119 | | | Wireline | 10,473 | | | 16,786 | | | Cementing | 8,066 | | | 4,861 | | | All Other | (710) | | | — | | | Total Adjusted EBITDA for reportable segments | 86,169 | | | 107,766 | | | Unallocated corporate administrative expenses | (13,483) | | | (14,371) | | Depreciation and amortization (1) | (48,681) | | | (58,660) | | | Interest expense | (1,730) | | | (2,029) | | | Income tax expense | (1,112) | | | (9,758) | | Loss on disposal of assets (1) | (9,746) | | | (4) | | | Stock-based compensation | (3,337) | | | (3,742) | | | Business acquisition contingent consideration adjustments | 300 | | | — | | Other income, net (2) | 2,943 | | | 1,405 | | | Other general and administrative expense, net | (6) | | | (59) | | | Retention bonus and severance expense | (1,715) | | | (618) | | | Net income | $ | 9,602 | | | $ | 19,930 | | | | | | | March 31, 2025 | | December 31, 2024 | | Assets | | | | | Hydraulic Fracturing | $ | 955,862 | | | $ | 961,485 | | | Wireline | 157,147 | | | 156,349 | | | Cementing | 69,735 | | | 73,935 | | | All Other | 23,281 | | | — | | | Total assets for reportable segments | 1,206,025 | | | 1,191,769 | | | Unallocated corporate assets | 40,174 | | | 31,876 | | | Total assets | $ | 1,246,199 | | | $ | 1,223,645 | |
(1)The write-offs of remaining book value of prematurely failed power ends and other components are recorded as depreciation in 2025. In order to conform to current period presentation, we have reclassified the corresponding amount of $6.5 million from loss on disposal of assets to depreciation for the three months ended March 31, 2024. (2)Other income for the three months ended March 31, 2025 is primarily comprised of true-up of workers' compensation and general liability insurance premiums of $1.0 million as a result of an audit, tax refunds (net of advisory fees) totaling $0.4 million, interest income from note receivable from sale of business of $0.3 million, a $0.2 million unrealized gain on short-term investment and $1.0 million of other income. Other income for the three months ended March 31, 2024 is primarily comprised of insurance reimbursements of $2.0 million, partially offset by a $0.6 million unrealized loss on short-term investment.
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