10-Q Filing

ProPetro Holding Corp. CIK: 1680247 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001680247-22-000013`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	pump-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 34 Cash Flow Statement 50 Stockholders Equity 16

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$217.00K	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$217.00K	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`	$70.77M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$111.92M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable - net of allowance for credit losses of $217 and $217, respectively	`AccountsReceivableNetCurrent`	$128.15M	USD	Point-in-time
Accounts receivable - net of allowance for credit losses of $217 and $217, respectively	`AccountsReceivableNetCurrent`	$172.18M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$2.30M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$3.95M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.09M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.75M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	104.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$491.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$297.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	103.44M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$250.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$251.06M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$831.62M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$808.49M	USD	Point-in-time
OPERATING LEASE RIGHT-OF-USE ASSETS	`Operatingleaserightofuseassetnet`	$909.00K	USD	Point-in-time
OPERATING LEASE RIGHT-OF-USE ASSETS	`Operatingleaserightofuseassetnet`	$409.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.27M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.09M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$1.09M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$1.27M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.08B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.06B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$151.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$152.65M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$685.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$369.00K	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$20.77M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$19.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$172.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$173.78M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxLiabilitiesNet`	$61.05M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxLiabilitiesNet`	$64.88M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$97.00K	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$270.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$234.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$237.24M	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, 103,999,626 and 103,437,177 shares issued, respectively	`CommonStockValue`	$103.00K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 103,999,626 and 103,437,177 shares issued, respectively	`CommonStockValue`	$104.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$844.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$853.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-18.63M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$870.77M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$847.27M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$847.21M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$826.30M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.06B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
REVENUE - Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$282.68M	USD	1 Quarter
REVENUE - Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$161.46M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$123.38M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$197.27M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$20.20M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$31.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$33.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$31.85M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-16.12M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-13.05M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$276.95M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$190.11M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-28.65M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$5.73M	USD	1 Quarter
Interest expense	`InterestExpense`	$176.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$134.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$10.36M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$1.79M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$1.61M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$10.22M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.95M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-27.04M	USD	1 Quarter
INCOME TAX (EXPENSE) BENEFIT	`IncomeTaxExpenseBenefit`	$4.14M	USD	1 Quarter
INCOME TAX (EXPENSE) BENEFIT	`IncomeTaxExpenseBenefit`	$-6.66M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$11.82M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-20.38M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.20	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.20	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	101.55M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	103.68M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	101.55M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.38M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$11.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-20.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$33.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.85M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$3.83M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-6.66M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$134.00K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$134.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.49M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.36M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-16.12M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.05M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$25.70M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$44.03M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-156.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-325.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-401.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.65M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.71M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-3.38M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.04M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$18.58M	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$609.00K	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.10M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.17M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.01M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.49M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.32M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$224.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$275.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-64.05M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.27M	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfLongtermLoansFromVendors`	$2.04M	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfLongtermLoansFromVendors`	-	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromStockOptionsExercised`	$419.00K	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.69M	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.61M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.65M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.27M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-41.15M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-12.91M	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.92M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.86M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.77M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.77M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.92M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.86M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.77M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.77M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$870.77M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$847.27M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$847.21M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$826.30M	USD	Point-in-time
Stock-based compensation cost	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$11.36M	USD	1 Quarter
Stock-based compensation cost	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$2.49M	USD	1 Quarter
Issuance of equity awards, net	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of equity awards, net	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$420.00K	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.69M	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.61M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-20.38M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$870.77M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$847.27M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$847.21M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$826.30M	USD	Point-in-time

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