$PUMP
ProPetro Holding Corp.

2021 Q1 Form 10-Q Financial Statement

#000168024721000016 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $161.5M $395.1M
YoY Change -59.13% -27.67%
Cost Of Revenue $123.4M $300.8M
YoY Change -58.98% -21.15%
Gross Profit $38.08M $94.22M
YoY Change -59.58% -42.78%
Gross Profit Margin 23.59% 23.85%
Selling, General & Admin $20.20M $24.90M
YoY Change -18.88% 34.59%
% of Gross Profit 53.05% 26.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.48M $40.21M
YoY Change -16.73% 21.4%
% of Gross Profit 87.91% 42.67%
Operating Expenses $53.60M $65.20M
YoY Change -17.79% 26.11%
Operating Profit -$28.65M -$7.429M
YoY Change 285.66% -107.92%
Interest Expense $176.0K $1.281M
YoY Change -86.26% -32.69%
% of Operating Profit
Other Income/Expense, Net $1.613M -$1.284M
YoY Change -225.62% -38.56%
Pretax Income -$27.04M -$8.713M
YoY Change 210.32% -109.5%
Income Tax -$6.663M -$909.0K
% Of Pretax Income
Net Earnings -$20.38M -$7.804M
YoY Change 161.08% -111.18%
Net Earnings / Revenue -12.62% -1.98%
Basic Earnings Per Share -$0.20 -$0.08
Diluted Earnings Per Share -$0.20 -$0.08
COMMON SHARES
Basic Shares Outstanding 101.6M shares 100.7M shares
Diluted Shares Outstanding 101.6M shares 100.7M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.90M $143.7M
YoY Change -61.1% 80.75%
Cash & Equivalents $55.86M $143.7M
Short-Term Investments
Other Short-Term Assets $14.00K $637.0K
YoY Change -97.8% -46.83%
Inventory $2.329M $3.296M
Prepaid Expenses $7.853M $7.934M
Receivables $110.4M $222.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $176.4M $378.0M
YoY Change -53.32% -15.94%
LONG-TERM ASSETS
Property, Plant & Equipment $866.1M $1.019B
YoY Change -14.98% 7.78%
Goodwill $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.656M $2.347M
YoY Change -29.44% -24.34%
Total Long-Term Assets $868.3M $672.8M
YoY Change 29.07% -29.87%
TOTAL ASSETS
Total Short-Term Assets $176.4M $378.0M
Total Long-Term Assets $868.3M $672.8M
Total Assets $1.045B $1.051B
YoY Change -0.57% -25.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $108.9M $198.4M
YoY Change -45.11% -27.58%
Accrued Expenses $19.19M $26.92M
YoY Change -28.72% 9.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $128.5M $225.9M
YoY Change -43.14% -25.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $110.0M
YoY Change -100.0% -31.25%
Other Long-Term Liabilities $400.0K $700.0K
YoY Change -42.86%
Total Long-Term Liabilities $400.0K $110.0M
YoY Change -99.64% -31.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $128.5M $225.9M
Total Long-Term Liabilities $400.0K $110.0M
Total Liabilities $197.5M $438.4M
YoY Change -54.94% -18.74%
SHAREHOLDERS EQUITY
Retained Earnings $15.18M $134.8M
YoY Change -88.74% 172.98%
Common Stock $832.1M $826.7M
YoY Change 0.65% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $847.3M $961.5M
YoY Change
Total Liabilities & Shareholders Equity $1.045B $1.400B
YoY Change -25.37% -0.65%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$20.38M -$7.804M
YoY Change 161.08% -111.18%
Depreciation, Depletion And Amortization $33.48M $40.21M
YoY Change -16.73% 21.4%
Cash From Operating Activities $17.01M $61.72M
YoY Change -72.45% 71.05%
INVESTING ACTIVITIES
Capital Expenditures $22.49M $47.29M
YoY Change -52.43% -73.57%
Acquisitions
YoY Change
Other Investing Activities $200.0K $700.0K
YoY Change -71.43% -30.0%
Cash From Investing Activities -$22.27M -$46.56M
YoY Change -52.17% -73.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $20.00M
YoY Change -100.0%
Cash From Financing Activities -$7.651M -$20.49M
YoY Change -62.65% -123.12%
NET CHANGE
Cash From Operating Activities $17.01M $61.72M
Cash From Investing Activities -$22.27M -$46.56M
Cash From Financing Activities -$7.651M -$20.49M
Net Change In Cash -$12.91M -$5.319M
YoY Change 142.77% -90.0%
FREE CASH FLOW
Cash From Operating Activities $17.01M $61.72M
Capital Expenditures $22.49M $47.29M
Free Cash Flow -$5.486M $14.43M
YoY Change -138.01% -110.11%

Facts In Submission

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NetCashProvidedByUsedInFinancingActivities
-20486000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12913000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5319000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68772000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
149036000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55859000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
143717000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
14000000.0 USD
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
8600000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
16200000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1497000 USD
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1497000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2021Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2019Q4 pump Depositon Propertyand Equipment
DepositonPropertyandEquipment
6100000 USD
CY2021Q1 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 USD
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
300000000 USD
CY2021Q1 pump Line Of Credit Facility Coverage Ratio Establishing Threshold Option One Percentage Of Facility Size And Borrowing Base
LineOfCreditFacilityCoverageRatioEstablishingThresholdOptionOnePercentageOfFacilitySizeAndBorrowingBase
0.10
CY2021Q1 pump Line Of Credit Facility Coverage Ratio Establishing Threshold Option Two Amount
LineOfCreditFacilityCoverageRatioEstablishingThresholdOptionTwoAmount
22500000 USD
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2021Q1 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
5000000.0 USD
CY2020Q1 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10300000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
161458000 USD
CY2021Q1 pump Earnings Before Income Taxes Depreciationand Amortization Adjusted For One Time And Nonrecurring Charges
EarningsBeforeIncomeTaxesDepreciationandAmortizationAdjustedForOneTimeAndNonrecurringCharges
20017000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33478000 USD
CY2021Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
32328000 USD
CY2021Q1 us-gaap Assets
Assets
1044783000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
395069000 USD
CY2020Q1 pump Earnings Before Income Taxes Depreciationand Amortization Adjusted For One Time And Nonrecurring Charges
EarningsBeforeIncomeTaxesDepreciationandAmortizationAdjustedForOneTimeAndNonrecurringCharges
74923000 USD
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
40205000 USD
CY2020Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
40096000 USD
CY2020Q1 us-gaap Assets
Assets
1050739000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-20375000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33478000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
176000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6663000 USD
CY2021Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-13052000 USD
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2487000 USD
CY2021Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1789000 USD
CY2021Q1 pump Other General And Administrative Expense Net Of Recoveries
OtherGeneralAndAdministrativeExpenseNetOfRecoveries
961000 USD
CY2021Q1 pump Compensation Ipo Bonus Expense
CompensationIPOBonusExpense
612000 USD
CY2021Q1 pump Earnings Before Income Taxes Depreciationand Amortization Adjusted For One Time And Nonrecurring Charges
EarningsBeforeIncomeTaxesDepreciationandAmortizationAdjustedForOneTimeAndNonrecurringCharges
20017000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-7804000 USD
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
40205000 USD
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
16654000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
1281000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-909000 USD
CY2020Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-19854000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
471000 USD
CY2020Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
3000 USD
CY2020Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
5135000 USD
CY2020Q1 pump Compensation Ipo Bonus Expense
CompensationIPOBonusExpense
33000 USD
CY2020Q1 pump Earnings Before Income Taxes Depreciationand Amortization Adjusted For One Time And Nonrecurring Charges
EarningsBeforeIncomeTaxesDepreciationandAmortizationAdjustedForOneTimeAndNonrecurringCharges
74923000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-20375000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-7804000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101550000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100687000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101550000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100687000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4956000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6509000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4200341 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.82
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2212215 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.33
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2021Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0 USD
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
76306 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
14.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1911820 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.18
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1911820 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.18
CY2020Q4 us-gaap Due From Related Parties
DueFromRelatedParties
0 USD
CY2020Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0 USD
CY2021Q1 us-gaap Due From Related Parties
DueFromRelatedParties
0 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1200000 USD
CY2021Q1 pump Operation Lease Accumulated Amortization
OperationLeaseAccumulatedAmortization
600000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
285000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
389000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
98000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
772000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
52000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
720000 USD
CY2021Q1 pump Payments Includedin Measurementof Operating Lease Liabilities
PaymentsIncludedinMeasurementofOperatingLeaseLiabilities
100000 USD
CY2020Q1 pump Payments Includedin Measurementof Operating Lease Liabilities
PaymentsIncludedinMeasurementofOperatingLeaseLiabilities
100000 USD
CY2020Q1 pump Measurement Of Finance Lease
MeasurementOfFinanceLease
30000.00 USD
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 USD
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000 USD
CY2020Q1 us-gaap Supplies Expense
SuppliesExpense
5300000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3700000 USD
CY2021Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-2100000 USD

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