10-Q Filing

ProPetro Holding Corp. CIK: 1680247 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001680247-23-000036`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	pump-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 34 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$202.00K	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$419.00K	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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.92M	USD	Point-in-time
Cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.79M	USD	Point-in-time
Cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.77M	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
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable - net of allowance for credit losses of $202 and $419, respectively	`AccountsReceivableNetCurrent`	$290.12M	USD	Point-in-time
Accounts receivable - net of allowance for credit losses of $202 and $419, respectively	`AccountsReceivableNetCurrent`	$215.93M	USD	Point-in-time
Inventories	`InventoryNet`	$17.73M	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
Inventories	`InventoryNet`	$5.03M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$9.21M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$8.64M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	114.52M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	115.17M	shares	Point-in-time
Short-term investment, net	`ShortTermInvestments`	$6.49M	USD	Point-in-time
Short-term investment, net	`ShortTermInvestments`	$10.28M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$38.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$343.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$368.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$328.79M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$941.20M	USD	Point-in-time
PROPERTY AND EQUIPMENT - net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$922.74M	USD	Point-in-time
OPERATING LEASE RIGHT-OF-USE ASSETS	`OperatingLeaseRightOfUseAssetNet`	$3.15M	USD	Point-in-time
OPERATING LEASE RIGHT-OF-USE ASSETS	`OperatingLeaseRightOfUseAssetNet`	$4.65M	USD	Point-in-time
Goodwill	`Goodwill`	$23.62M	USD	Point-in-time
Goodwill	`Goodwill`	$23.62M	USD	Point-in-time
Intangible assets - net of amortization	`IntangibleAssetsNetExcludingGoodwill`	$54.91M	USD	Point-in-time
Intangible assets - net of amortization	`IntangibleAssetsNetExcludingGoodwill`	$56.34M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.15M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.07M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$79.60M	USD	Point-in-time
Total other noncurrent assets	`AssetsExcludingPropertyPlantAndEquipmentNoncurrent`	$81.12M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.39B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.34B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$234.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$246.14M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$57.35M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$49.03M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$854.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$986.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$284.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$304.48M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxLiabilitiesNet`	$65.27M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxLiabilitiesNet`	$73.07M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$30.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$30.00M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$3.68M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$2.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$411.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$381.75M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 12)	`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, 115,170,545 and 114,515,008 shares issued, respectively	`CommonStockValue`	$114.00K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 115,170,545 and 114,515,008 shares issued, respectively	`CommonStockValue`	$115.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$970.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$970.67M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$12.13M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-16.60M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$954.03M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$982.92M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$826.30M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$847.21M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.39B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.34B	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`	$423.57M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationAndAmortization`	$280.49M	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`	$31.71M	USD	1 Quarter
General and administrative (inclusive of stock-based compensation)	`GeneralAndAdministrativeExpense`	$28.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$31.85M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$50.80M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-22.08M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-16.12M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$382.11M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$276.95M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$5.73M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$41.46M	USD	1 Quarter
Interest expense	`InterestExpense`	$134.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$667.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-3.70M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$10.36M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$10.22M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-4.37M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$37.09M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.95M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$8.36M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$4.14M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$11.82M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$28.73M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	114.88M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	103.68M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	115.33M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.38M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$11.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.73M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.85M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$50.80M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$7.81M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$3.83M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$64.00K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$134.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.36M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.54M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-22.08M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-16.12M	USD	1 Quarter
Unrealized loss on short-term investment	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter
Unrealized loss on short-term investment	`UnrealizedGainLossOnInvestments`	$-3.79M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$44.03M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$74.20M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$468.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-156.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.37M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.65M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.71M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$548.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$29.82M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.04M	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$609.00K	USD	1 Quarter
Accrued and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$7.98M	USD	1 Quarter
Increase (Decrease) in Interest Payable, Net	`IncreaseDecreaseInInterestPayableNet`	-	USD	1 Quarter
Increase (Decrease) in Interest Payable, Net	`IncreaseDecreaseInInterestPayableNet`	$28.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.17M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$73.06M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$114.84M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.32M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$275.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-64.05M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-113.75M	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromStockOptionsExercised`	$419.00K	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.38M	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.69M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.27M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.38M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-41.15M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-44.07M	USD	1 Quarter
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.92M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.86M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.79M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.77M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.92M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.86M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.79M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.77M	USD	Point-in-time
Cash, cash equivalents and restricted cash	`CashAndCashEquivalentsAtCarryingValue`	$26.50M	USD	Point-in-time
Cash, cash equivalents and restricted cash	`CashAndCashEquivalentsAtCarryingValue`	$70.77M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$18.30M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	-	USD	Point-in-time
Total cash, cash equivalents and restricted cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.92M	USD	Point-in-time
Total cash, cash equivalents and restricted cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.86M	USD	Point-in-time
Total cash, cash equivalents and restricted cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.79M	USD	Point-in-time
Total cash, cash equivalents and restricted cash 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`	$954.03M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$982.92M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$826.30M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$847.21M	USD	Point-in-time
Stock-based compensation cost	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$3.54M	USD	1 Quarter
Stock-based compensation cost	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$11.36M	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`	$3.38M	USD	1 Quarter
Tax withholdings paid for net settlement of equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.73M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$954.03M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$982.92M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$826.30M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$847.21M	USD	Point-in-time

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