10-Q Filing

ProPetro Holding Corp. CIK: 1680247 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001680247-20-000015`
Period End Date	20200331
Filing Date	20200702
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	a10q03312020_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 15

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.34M	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.05M	USD	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
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$143.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$149.04M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Accounts receivable - net of allowance for credit losses of $5,340 and $1,049, respectively	`AccountsReceivableNetCurrent`	$222.38M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	100.78M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	100.62M	shares	Point-in-time
Accounts receivable - net of allowance for credit losses of $5,340 and $1,049, respectively	`AccountsReceivableNetCurrent`	$212.18M	USD	Point-in-time
Inventories	`InventoryNet`	$2.44M	USD	Point-in-time
Inventories	`InventoryNet`	$3.30M	USD	Point-in-time
Common Stock, shares outstanding ( in shares )	`CommonStockSharesOutstanding`	100.62M	shares	Point-in-time
Common Stock, shares outstanding ( in shares )	`CommonStockSharesOutstanding`	100.78M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$10.81M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.93M	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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$637.00K	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.12M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$377.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$375.59M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
PROPERTY AND EQUIPMENT - net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$1.05B	USD	Point-in-time
PROPERTY AND EQUIPMENT - net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$1.02B	USD	Point-in-time
OPERATING LEASE RIGHT-OF-USE ASSETS	`Operatingleaserightofuseassetnet`	$989.00K	USD	Point-in-time
OPERATING LEASE RIGHT-OF-USE ASSETS	`Operatingleaserightofuseassetnet`	$921.00K	USD	Point-in-time
Goodwill	`Goodwill`	$9.43M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.57M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.35M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$2.35M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$12.00M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.40B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.44B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$193.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$198.44M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$302.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$309.00K	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	-	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$2.83M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$26.92M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$36.34M	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$394.00K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$263.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$225.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$232.97M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxLiabilitiesNet`	$101.73M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxLiabilitiesNet`	$103.04M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$110.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$130.00M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$799.00K	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$720.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$438.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$466.81M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized,100,777,670 and 100,624,099 shares issued, respectively	`CommonStockValue`	$101.00K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized,100,777,670 and 100,624,099 shares issued, respectively	`CommonStockValue`	$101.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$826.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$826.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$134.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$142.57M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$961.52M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$797.36M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$869.54M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$969.30M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.44B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.40B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
REVENUE - Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$395.07M	USD	1 Quarter
REVENUE - Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$546.18M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$381.52M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$300.85M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$24.94M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$18.52M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$40.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$33.12M	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	$16.65M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-19.85M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-19.23M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$452.39M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$402.50M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$93.79M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-7.43M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.90M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.28M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-187.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-2.09M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-1.28M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.71M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$91.70M	USD	1 Quarter
INCOME TAX (EXPENSE) BENEFIT	`IncomeTaxExpenseBenefit`	$21.89M	USD	1 Quarter
INCOME TAX (EXPENSE) BENEFIT	`IncomeTaxExpenseBenefit`	$-909.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$69.81M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-7.80M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.70	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.67	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	100.23M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	100.69M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.12M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.69M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$69.81M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-7.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$40.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$33.12M	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	$16.65M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-1.31M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$21.08M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$135.00K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$134.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.83M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$471.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$4.29M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-19.85M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-19.23M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$154.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.49M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$274.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.14M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-482.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$860.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-2.92M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-759.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$45.32M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$10.08M	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-9.43M	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.37M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$480.00K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-131.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.09M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$61.72M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$47.29M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$178.91M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.03M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$733.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-177.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-46.56M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$90.00M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLongTermDebt`	$20.00M	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Payment of finance lease obligation	`FinanceLeasePrincipalPayments`	$30.00K	USD	1 Quarter
Payment of finance lease obligation	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfLongtermLoansFromVendors`	-	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfLongtermLoansFromVendors`	$1.93M	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromStockOptionsExercised`	$552.00K	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$456.00K	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-20.49M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$88.62M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.32M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-53.18M	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$143.72M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$132.70M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$143.72M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$132.70M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.52M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$961.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$797.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$869.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$969.30M	USD	Point-in-time
Stock-based compensation cost	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.83M	USD	1 Quarter
Stock-based compensation cost	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$471.00K	USD	1 Quarter
Issuance of equity awards, net	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$552.00K	USD	1 Quarter
Issuance of equity awards, net	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$456.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$69.81M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-7.80M	USD	1 Quarter
Balance	`StockholdersEquity`	$961.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$797.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$869.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$969.30M	USD	Point-in-time

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