10-Q Filing

ProPetro Holding Corp. CIK: 1680247 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001680247-17-000008`
Period End Date	20170331
Filing Date	20170512
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	pump-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 34 Cash Flow Statement 61 Stockholders Equity 14

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$552.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$545.00K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.12M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	43.50M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$85.62M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	43.50M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	17.00M	shares	Point-in-time
Accounts receivable - net of allowance for doubtful accounts of $545 and $552, respectively	`AccountsReceivableNetCurrent`	$115.18M	USD	Point-in-time
Accounts receivable - net of allowance for doubtful accounts of $545 and $552, respectively	`AccountsReceivableNetCurrent`	$109.87M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$5.15M	USD	Point-in-time
Inventories	`InventoryNet`	$4.71M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	17.00M	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.61M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.94M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	290.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.42M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	290.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.68M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	52.63M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	83.04M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$209.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$264.78M	USD	Point-in-time
PROPERTY AND EQUIPMENT - Net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$263.86M	USD	Point-in-time
PROPERTY AND EQUIPMENT - Net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$298.38M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	83.04M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	52.63M	shares	Point-in-time
Goodwill	`Goodwill`	$9.43M	USD	Point-in-time
Goodwill	`Goodwill`	$10.60M	USD	Point-in-time
Goodwill	`Goodwill`	$9.43M	USD	Point-in-time
Intangible assets - net of amortization	`IntangibleAssetsNetExcludingGoodwill`	$517.00K	USD	Point-in-time
Intangible assets - net of amortization	`IntangibleAssetsNetExcludingGoodwill`	$589.00K	USD	Point-in-time
Deferred revenue rebate - net of amortization	`DeferredRevenueRebateNoncurrent`	$2.00M	USD	Point-in-time
Deferred revenue rebate - net of amortization	`DeferredRevenueRebateNoncurrent`	$2.46M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$304.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.88M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$13.82M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$12.78M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$379.12M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$541.42M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$521.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$118.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$129.09M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$13.62M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$9.68M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.09M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$16.92M	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	-	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$109.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$134.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$159.74M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$1.15M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$11.69M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$159.41M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$117.00K	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$120.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$147.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$320.41M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 43,500,000 shares authorized, 0 and 16,999,990 shares issued, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 43,500,000 shares authorized, 0 and 16,999,990 shares issued, respectively	`PreferredStockValue`	$17.00K	USD	Point-in-time
Preferred stock, additional paid-in capital	`AdditionalPaidInCapitalPreferredStock`	$162.49M	USD	Point-in-time
Preferred stock, additional paid-in capital	`AdditionalPaidInCapitalPreferredStock`	-	USD	Point-in-time
Common stock, $0.001 par value, 290,000,000 shares authorized, 83,039,854 and 52,627,652 shares issued, respectively	`CommonStockValue`	$83.00K	USD	Point-in-time
Common stock, $0.001 par value, 290,000,000 shares authorized, 83,039,854 and 52,627,652 shares issued, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$265.36M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$605.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-231.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-206.91M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$374.17M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$221.01M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$521.20M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$541.42M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
REVENUE - Total service revenue	`RevenueOilAndGasServices`	$171.93M	USD	1 Quarter
REVENUE - Total service revenue	`RevenueOilAndGasServices`	$87.93M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$149.56M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$80.29M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$5.81M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$19.86M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$11.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$11.09M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-10.44M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-4.77M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$101.95M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$191.02M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-14.02M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-19.09M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.17M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.42M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$26.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-298.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.71M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.15M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.73M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-24.23M	USD	1 Quarter
INCOME TAX (EXPENSE)/BENEFIT	`IncomeTaxExpenseBenefit`	$-6.79M	USD	1 Quarter
INCOME TAX (EXPENSE)/BENEFIT	`IncomeTaxExpenseBenefit`	$116.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-24.35M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-12.94M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.43	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.37	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.43	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.37	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.00M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.99M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.99M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.00M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-24.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.94M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.15M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$55.00K	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-6.79M	USD	1 Quarter
Amortization of deferred revenue rebate	`AmortizationOfDeferredRevenueRebate`	$462.00K	USD	1 Quarter
Amortization of deferred revenue rebate	`AmortizationOfDeferredRevenueRebate`	$462.00K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$3.16M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$338.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.37M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$206.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-10.44M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-4.77M	USD	1 Quarter
(Gain) loss on interest rate swap	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$-252.00K	USD	1 Quarter
(Gain) loss on interest rate swap	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$138.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-49.34M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.31M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-468.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$151.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-3.82M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$441.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.30M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-670.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.88M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-36.84M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-811.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.56M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$214.00K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-108.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.39M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.24M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$50.91M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.22M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$29.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$452.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.19M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.46M	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLongTermDebt`	$71.80M	USD	Point-in-time
Repayments of borrowings	`RepaymentsOfLongTermDebt`	$161.67M	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLongTermDebt`	$4.02M	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfLongtermLoansFromVendors`	$1.24M	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfLongtermLoansFromVendors`	$1.23M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.61M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Proceeds from IPO	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	1 Quarter
Proceeds from IPO	`ProceedsFromIssuanceInitialPublicOffering`	$185.50M	USD	1 Quarter
Payment of IPO costs	`PaymentsOfStockIssuanceCosts`	$15.10M	USD	1 Quarter
Payment of IPO costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.25M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.88M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.19M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-47.97M	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.31M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$133.60M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$31.12M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$85.62M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$34.31M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$133.60M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$31.12M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$85.62M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$374.17M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$221.01M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$7.37M	USD	1 Quarter
Initial Public Offering net of costs (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	18.01M	shares	Point-in-time
Initial Public Offering net of costs	`StockIssuedDuringPeriodValueNewIssues`	$170.14M	USD	1 Quarter
Conversion of preferred stock to common at Initial Public Offering	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Exercise of stock optionsnet (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	226,194.00	shares	1 Quarter
Exercise of stock optionsnet (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	162,212.00	shares	Point-in-time
Exercise of stock optionsnet (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	Annual
Exercise of stock optionsnet	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-24.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.94M	USD	1 Quarter
BALANCE	`StockholdersEquity`	$374.17M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$221.01M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.