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WKN: A2AS8R | ISIN: US56155L1089 | Ticker-Symbol: 5M8
Frankfurt
05.11.24
15:40 Uhr
3,220 Euro
-0,060
-1,83 %
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Öl/Gas
Aktienmarkt
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MAMMOTH ENERGY SERVICES INC Chart 1 Jahr
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3,2003,42005.11.
PR Newswire
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Mammoth Energy Services, Inc. Announces Third Quarter 2024 Operational and Financial Results

OKLAHOMA CITY, Nov. 1, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2024.

Arty Straehla, Chief Executive Officer of Mammoth commented, "Softness across our Well Completion Services markets appeared to have bottomed in the third quarter, and we expect a rebound in the fourth quarter. More importantly, we were pleased to have recently received a total of $168.4 million of the $188.4 million owed to our subsidiary through the Settlement Agreement with the Puerto Rico Electric Power Authority, or PREPA. We are now debt free and have plans to invest in both our Infrastructure Services and Well Completion Services divisions over the next year. In Infrastructure Services, we will be investing in additional crews and our engineering services capabilities to better serve our customers. In our Well Completion Services division, we will be upgrading pressure pumping equipment to more efficient dual fuel Tier 4 technology. We believe this investment positions us to capitalize on rising demand as markets are anticipated to improve later next year. Now that we are debt free and have significant capital to invest into our businesses, we believe we have an excellent platform to increase shareholder value."

Financial Overview for the Third Quarter 2024:
Total revenue was $40.0 million for the third quarter compared to $65.0 million for the same quarter last year.

Net loss for the third quarter was $24.0 million, or $0.50 loss per diluted share, compared to net loss of $1.1 million, or $0.02 loss per diluted share, for the same quarter last year.

Adjusted EBITDA (as defined and reconciled below) was ($6.4) million for the third quarter of 2024, compared to $13.4 million for the same quarter last year.

Well Completion Services
Mammoth's well completion services division contributed revenue (inclusive of inter-segment revenue) of $2.2 million for the third quarter, compared to $20.3 million for the same quarter of 2023. The Company had no pressure pumping fleets active during the third quarter of 2024 compared to an average utilization of 1.2 pressure pumping fleets during the same quarter of 2023. The third quarter 2024 revenue in the well completion services division was primarily attributable to one active pump-down crew.

Infrastructure Services
Mammoth's infrastructure services division contributed revenue of $26.0 million for the third quarter compared to $26.7 million for the same quarter of 2023. Average crew count was 77 crews during the third quarter compared to 81 crews during the same quarter of 2023.

Natural Sand Proppant Services
Mammoth's natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of $4.9 million for the third quarter compared to $10.6 million for the same quarter of 2023. In the third quarter, the Company sold approximately 163,000 tons of sand at an average sales price of $22.89 per ton compared to sales of approximately 352,000 tons of sand at an average sales price of $30.18 per ton during the same quarter of 2023.

Drilling Services
Mammoth's drilling services division contributed revenue (inclusive of inter-segment revenue) of $1.6 million for the third quarter compared to $2.3 million for the same quarter of 2023.

Other Services
Mammoth's other services, including aviation, equipment rentals, remote accommodations and equipment manufacturing, contributed revenue (inclusive of inter-segment revenue) of $7.0 million for the third quarter compared to $6.0 million for the same quarter of 2023.

Selling, General and Administrative Expenses
Selling, general and administrative ("SG &A") expenses were $8.7 million for the third quarter compared to $10.4 million for the same quarter of 2023.

Following is a breakout of SG&A expense (in thousands):


Three Months Ended


Nine Months Ended


September 30,


September 30,


2024


2023


2024


2023

Cash expenses:








Compensation and benefits

$ 3,173


$ 3,392


$ 10,394


$ 11,665

Professional services

3,503


4,684


9,016


10,889

Other(a)

1,775


2,105


5,249


5,884

Total cash SG&A expense

8,451


10,181


24,659


28,438

Non-cash expenses:








Change in provision for expected credit losses(b)

32


11


89,645


(414)

Stock based compensation

219


219


657


1,127

Total non-cash SG&A expense

251


230


90,302


713

Total SG&A expense

$ 8,702


$ 10,411


$ 114,961


$ 29,151

a.

Includes travel-related costs, information technology expenses, rent, utilities and other general and administrative-related costs.

b.

Included in the nine months ended September 30, 2024 amounts is a charge of $89.2 million related to Cobra's Settlement Agreement with PREPA.

SG&A expenses, as a percentage of total revenue, were 22% for the third quarter compared to 16% for the same quarter of 2023.

Interest Expense and Financing Charges, net
Interest expense and financing charges, net were $9.7 million for the third quarter compared to $2.9 million for the same quarter of 2023. The Company recognized a charge to interest expense totaling $7.1 million during the third quarter of 2024 related to its sale leaseback agreements.

Liquidity
As of September 30, 2024, Mammoth had unrestricted cash on hand of $4.2 million. As of September 30, 2024, the Company's revolving credit facility was undrawn, the borrowing base was $20.4 million and there was $13.7 million of available borrowing capacity under the revolving credit facility, after giving effect to $6.7 million of outstanding letters of credit. As of September 30, 2024, Mammoth had total liquidity of $17.9 million.

As previously announced, Cobra has received the first two installment payments of $150.0 million and $18.4 million, respectively, in connection with the previously disclosed Settlement Agreement with PREPA in October 2024. Subsequent to the receipt of the first installment payment, the Company paid, in full, all amounts owed under the term credit facility with Wexford Capital LP, including the accrued and unpaid interest, in the aggregate amount of $50.9 million, and terminated the facility on October 2, 2024. In connection with the receipt of the second installment payment from PREPA, as required under the terms of the Settlement Agreement, Cobra instructed Fifth Third Bank, National Association ("Fifth Third Bank") to issue a letter of credit to PREPA in the amount of $18.4 million and transferred a total of $19.3 million to a restricted cash account maintained by Fifth Third Bank as collateral for the letter of credit.

As of October 30, 2024, Mammoth had cash on hand of $86.2 million, no outstanding borrowings under its revolving credit facility, and a borrowing base of $18.2 million. As of October 30, 2024, the Company had $11.5 million of available borrowing capacity under its revolving credit facility and total liquidity of $97.7 million.

Capital Expenditures
The following table summarizes Mammoth's capital expenditures by operating division for the periods indicated (in thousands):


Three Months Ended


Nine Months Ended


September 30,


September 30,


2024


2023


2024


2023

Well completion services(a)

$ 3,812


$ 4,651


$ 8,549


$ 14,762

Infrastructure services(b)

88


69


1,051


344

Drilling services(c)

15


98


102


97

Other(d)

323


72


665


82

Eliminations(a)

(2,341)


(165)


600


(20)

Total capital expenditures

$ 1,897


$ 4,725


$ 10,967


$ 15,265

a.

Capital expenditures primarily for upgrades and maintenance to our pressure pumping fleet for the periods presented.

b.

Capital expenditures primarily for truck, tooling and equipment purchases for the periods presented.

c.

Capital expenditures primarily for maintenance for the periods presented.

d.

Capital expenditures primarily for equipment for the Company's rental businesses for the periods presented.

Conference Call Information
Mammoth will host a conference call on Friday, November 1, 2024 at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss its third quarter financial and operational results. The telephone number to access the conference call is 1-201-389-0872. The conference call will also be webcast live on https://ir.mammothenergy.com/events-presentations. Please submit any questions for management prior to the call via email to [email protected] .

About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services company focused on the providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. Mammoth's suite of services and products include: well completion services, infrastructure services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com.

Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
[email protected]

Rick Black / Ken Dennard
Dennard Lascar Investor Relations
[email protected]

Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: demand for our services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; the impact of the war in Ukraine and the Israel-Hamas war on the global energy and capital markets and global stability; performance of contracts and supply chain disruptions; inflationary pressures; higher interest rates and their impact on the cost of capital; instability in the banking and financial services sectors; the outcome of ongoing government investigations and other legal proceedings; the failure to receive or delays in receiving the remaining payments under the settlement agreement with PREPA; the Company's inability to replace the prior levels of work in its business segments, including its infrastructure and well completion services segments; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the loss of management and/or crews; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under its revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources.

Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED BALANCE SHEETS


ASSETS


September 30,


December 31,



2024


2023

CURRENT ASSETS


(in thousands)

Cash and cash equivalents


$ 4,165


$ 16,556

Restricted cash


2,000


7,742

Accounts receivable, net


232,032


447,202

Inventories


13,498


12,653

Prepaid expenses


2,912


12,181

Other current assets


581


591

Total current assets


255,188


496,925






Property, plant and equipment, net


109,394


113,905

Sand reserves, net


57,497


58,528

Operating lease right-of-use assets


5,010


9,551

Goodwill


9,214


9,214

Deferred income tax asset


-


1,844

Other non-current assets


6,675


8,512

Total assets


$ 442,978


$ 698,479

LIABILITIES AND EQUITY





CURRENT LIABILITIES





Accounts payable


$ 30,065


$ 27,508

Accrued expenses and other current liabilities


35,433


86,713

Accrued expenses and other current liabilities - related parties


-


1,241

Current operating lease liability


3,428


5,771

Income taxes payable


44,512


61,320

Total current liabilities


113,438


182,553






Long-term debt from related parties


49,009


42,809

Deferred income tax liabilities


2,272


628

Long-term operating lease liability


1,556


3,534

Asset retirement obligation


4,244


4,140

Other long-term liabilities


3,781


4,715

Total liabilities


174,300


238,379






COMMITMENTS AND CONTINGENCIES










EQUITY





Equity:





Common stock, $0.01 par value, 200,000,000 shares authorized, 48,127,369 and 47,941,652
issued and outstanding at September 30, 2024 and December 31, 2023


481


479

Additional paid in capital


540,213


539,558

Accumulated deficit


(268,163)


(76,317)

Accumulated other comprehensive loss


(3,853)


(3,620)

Total equity


268,678


460,100

Total liabilities and equity


$ 442,978


$ 698,479

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME



Three Months Ended


Nine Months Ended


September 30,


September 30,


2024


2023


2024


2023


(in thousands, except per share amounts)

REVENUE


Services revenue

$ 34,069


$ 54,025


$ 119,653


$ 221,140

Services revenue - related parties

1,037


252


1,171


841

Product revenue

4,909


10,682


13,908


34,729

Total revenue

40,015


64,959


134,732


256,710









COST AND EXPENSES








Services cost of revenue (exclusive of depreciation, depletion, amortization and
accretion of $4,495, $8,394, $15,149, $30,426, respectively, for the three months
ended September 30, 2024 and 2023 and nine months ended September 30, 2024
and 2023)

34,468


45,082


107,914


178,905

Services cost of revenue - related parties

118


120


355


360

Product cost of revenue (exclusive of depreciation, depletion, amortization and
accretion of $1,688, $2,836, $4,105, $6,395, respectively, for the three months
ended September 30, 2024 and 2023 and nine months ended September 30, 2024
and 2023)

3,386


7,615


14,130


22,796

Selling, general and administrative

8,702


10,411


114,961


29,151

Depreciation, depletion, amortization and accretion

6,184


11,233


19,256


36,839

Gains on disposal of assets, net

(293)


(2,450)


(2,496)


(3,284)

Impairment of goodwill

-


1,810


-


1,810

Total cost and expenses

52,565


73,821


254,120


266,577

Operating loss

(12,550)


(8,862)


(119,388)


(9,867)









OTHER INCOME (EXPENSE)








Interest expense and financing charges, net

(8,088)


(2,876)


(15,730)


(9,385)

Interest expense and financing charges, net - related parties

(1,642)


-


(4,670)


-

Other (expense) income, net

(1,122)


14,088


(64,658)


31,051

Total other (expense) income

(10,852)


11,212


(85,058)


21,666

(Loss) income before income taxes

(23,402)


2,350


(204,446)


11,799

Provision (benefit) for income taxes

640


3,438


(12,600)


9,006

Net (loss) income

$ (24,042)


$ (1,088)


$ (191,846)


$ 2,793









OTHER COMPREHENSIVE (LOSS) INCOME








Foreign currency translation adjustment

125


(275)


(233)


(45)

Comprehensive (loss) income

$ (23,917)


$ (1,363)


$ (192,079)


$ 2,748









Net (loss) income per share (basic)

$ (0.50)


$ (0.02)


$ (3.99)


$ 0.06

Net (loss) income per share (diluted)

$ (0.50)


$ (0.02)


$ (3.99)


$ 0.06

Weighted average number of shares outstanding (basic)

48,127


47,942


48,044


47,721

Weighted average number of shares outstanding (diluted)

48,127


47,942


48,044


47,973

MAMMOTH ENERGY SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



Nine Months Ended


September 30,


2024


2023


(in thousands)

Cash flows from operating activities:




Net (loss) income

$ (191,846)


$ 2,793

Adjustments to reconcile net (loss) income to cash provided by operating activities:




Stock based compensation

657


1,127

Depreciation, depletion, accretion and amortization

19,256


36,839

Amortization of debt origination costs

1,076


565

Change in provision for expected credit losses

171,108


(414)

Gains on disposal of assets

(2,496)


(3,284)

Gains from sales of equipment damaged or lost down-hole

(160)


(335)

Impairment of goodwill

-


1,810

Gain on sale of business

-


(2,080)

Deferred income taxes

3,488


(70)

Other

724


(273)

Changes in assets and liabilities:




Accounts receivable, net

43,107


1,445

Inventories

(845)


(2,896)

Prepaid expenses and other assets

9,252


8,990

Accounts payable

1,938


(7,537)

Accrued expenses and other liabilities

(3,796)


(19,679)

Accrued expenses and other liabilities - related parties

4,647


-

Income taxes payable

(16,809)


7,950

Net cash provided by operating activities

39,301


24,951





Cash flows from investing activities:




Purchases of property and equipment

(10,967)


(15,265)

Business divestitures, net of cash transferred

-


3,276

Proceeds from disposal of property and equipment

5,047


4,304

Net cash used in investing activities

(5,920)


(7,685)





Cash flows from financing activities:




Borrowings on long-term debt

-


168,800

Repayments of long-term debt

-


(183,291)

Payments on financing transaction

(46,837)


-

Payments on sale-leaseback transaction

(3,206)


(3,711)

Principal payments on financing leases and equipment financing notes

(1,403)


(4,872)

Debt issuance costs

(37)


-

Other

-


(919)

Net cash used in financing activities

(51,483)


(23,993)

Effect of foreign exchange rate on cash

(31)


(28)

Net change in cash, cash equivalents and restricted cash

(18,133)


(6,755)

Cash, cash equivalents and restricted cash at beginning of period

24,298


17,282

Cash, cash equivalents and restricted cash at end of period

$ 6,165


$ 10,527





Supplemental disclosure of cash flow information:




Cash paid for interest

$ 2,096


$ 8,951

Cash paid for income taxes, net of refunds received

$ 716


$ 788

Supplemental disclosure of non-cash transactions:




Interest paid in kind - related parties

$ 5,888


$ -

Purchases of property and equipment included in accounts payable

$ 3,964


$ 4,197

Right-of-use assets obtained for financing lease liabilities

$ 2,971


$ 507

MAMMOTH ENERGY SERVICES, INC.

SEGMENT INCOME STATEMENTS

(in thousands)


Three Months Ended September 30, 2024

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$ 2,124

$ 26,043

$ 4,909

$ 1,557

$ 5,382

$ -

$ 40,015

Intersegment revenues

108

-

-

-

1,641

(1,749)

-

Total revenue

2,232

26,043

4,909

1,557

7,023

(1,749)

40,015

Cost of revenue, exclusive of
depreciation, depletion, amortization and
accretion

7,099

22,539

3,110

1,478

3,746

-

37,972

Intersegment cost of revenues

185

-

-

1

1,565

(1,751)

-

Total cost of revenue

7,284

22,539

3,110

1,479

5,311

(1,751)

37,972

Selling, general and administrative

887

5,557

1,211

230

817

-

8,702

Depreciation, depletion, amortization
and accretion

2,546

626

1,688

587

737

-

6,184

Gains on disposal of assets, net

(60)

(41)

-

-

(192)

-

(293)

Operating (loss) income

(8,425)

(2,638)

(1,100)

(739)

350

2

(12,550)

Interest expense and financing charges,
net

533

8,742

135

127

193

-

9,730

Other expense (income), net

1

1,491

3

-

(373)

-

1,122

(Loss) income before income taxes

$ (8,959)

$ (12,871)

$ (1,238)

$ (866)

$ 530

$ 2

$ (23,402)


Three Months Ended September 30, 2023

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$ 20,166

$ 26,712

$ 10,633

$ 2,337

$ 5,111

$ -

$ 64,959

Intersegment revenues

161

-

-

-

909

(1,070)

-

Total revenue

20,327

26,712

10,633

2,337

6,020

(1,070)

64,959

Cost of revenue, exclusive of
depreciation, depletion, amortization and
accretion

17,528

22,042

6,977

2,194

4,076

-

52,817

Intersegment cost of revenues

325

10

-

-

735

(1,070)

-

Total cost of revenue

17,853

22,052

6,977

2,194

4,811

(1,070)

52,817

Selling, general and administrative

1,579

6,495

1,224

215

898

-

10,411

Depreciation, depletion, amortization
and accretion

3,971

1,557

2,836

1,114

1,755

-

11,233

Gains on disposal of assets, net

(2,016)

(311)

-

-

(123)

-

(2,450)

Impairment of goodwill

-

-

-

-

1,810

-

1,810

Operating loss

(1,060)

(3,081)

(404)

(1,186)

(3,131)

-

(8,862)

Interest expense and financing charges,
net

774

1,647

117

117

221

-

2,876

Other income, net

-

(11,348)

(6)

-

(2,734)

-

(14,088)

(Loss) income before income taxes

$ (1,834)

$ 6,620

$ (515)

$ (1,303)

$ (618)

$ -

$ 2,350


Nine Months ended September 30, 2024

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$ 20,218

$ 82,514

$ 13,908

$ 2,804

$ 15,288

$ -

$ 134,732

Intersegment revenues

331

-

27

-

5,005

(5,363)

$ -

Total revenue

20,549

82,514

13,935

2,804

20,293

(5,363)

134,732

Cost of revenue, exclusive of
depreciation, depletion, amortization and
accretion

25,533

68,704

13,540

3,683

10,939

-

122,399

Intersegment cost of revenues

638

26

-

4

4,695

(5,363)

$ -

Total cost of revenue

26,171

68,730

13,540

3,687

15,634

(5,363)

122,399

Selling, general and administrative

3,156

105,625

3,185

618

2,377

-

114,961

Depreciation, depletion, amortization and

accretion

8,501

1,972

4,105

2,075

2,603

-

19,256

Losses (gains) on disposal of assets, net

85

(984)

(110)

-

(1,487)

-

(2,496)

Operating (loss) income

(17,364)

(92,829)

(6,785)

(3,576)

1,166

-

(119,388)

Interest expense and financing charges,
net

1,624

17,417

408

377

574

-

20,400

Other expense, net

2

63,919

2

-

735

-

64,658

Loss before income taxes

$ (18,990)

$ (174,165)

$ (7,195)

$ (3,953)

$ (143)

$ -

$ (204,446)


Nine Months ended September 30, 2023

Well
Completion

Infrastructure

Sand

Drilling

All Other

Eliminations

Total

Revenue from external customers

$ 114,810

$ 83,308

$ 34,643

$ 6,501

$ 17,448

$ -

$ 256,710

Intersegment revenues

400

-

25

-

1,743

(2,168)

-

Total revenue

115,210

83,308

34,668

6,501

19,191

(2,168)

256,710

Cost of revenue, exclusive of
depreciation, depletion, amortization and
accretion

93,158

67,810

21,905

6,035

13,153

-

202,061

Intersegment cost of revenues

1,029

29

-

26

1,084

(2,168)

-

Total cost of revenue

94,187

67,839

21,905

6,061

14,237

(2,168)

202,061

Selling, general and administrative

5,847

17,091

2,682

554

2,977

-

29,151

Depreciation, depletion, amortization and
accretion

13,288

7,366

6,397

3,497

6,291

-

36,839

Gains on disposal of assets, net

(2,016)

(439)

(16)

-

(813)

-

(3,284)

Impairment of goodwill

-

-

-

-

1,810

-

1,810

Operating income (loss)

3,904

(8,549)

3,700

(3,611)

(5,311)

-

(9,867)

Interest expense and financing charges,
net

2,527

5,361

422

376

699

-

9,385

Other expense (income), net

1

(28,713)

(12)

-

(2,327)

-

(31,051)

Income (loss) before income taxes

$ 1,376

$ 14,803

$ 3,290

$ (3,987)

$ (3,683)

$ -

$ 11,799

MAMMOTH ENERGY SERVICES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net (loss) income before depreciation, depletion, amortization and accretion expense, gains on disposal of assets, net, impairment of goodwill, stock based compensation, interest expense and financing charges, net, other (income) expense, net (which is comprised of interest on trade accounts receivable and certain legal expenses) and provision (benefit) for income taxes, further adjusted to add back interest on trade accounts receivable. The Company excludes the items listed above from net (loss) income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets. Mammoth's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.

The following tables provide a reconciliation of Adjusted EBITDA to the GAAP financial measure of net (loss) income on a consolidated basis and for each of the Company's segments (in thousands):

Consolidated


Three Months Ended


Nine Months Ended


September 30,


September 30,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2024


2023

Net (loss) income

$ (24,042)


$ (1,088)


$ (191,846)


$ 2,793

Depreciation, depletion, amortization and accretion expense

6,184


11,233


19,256


36,839

Gains on disposal of assets, net

(293)


(2,450)


(2,496)


(3,284)

Impairment of goodwill

-


1,810


-


1,810

Stock based compensation

219


219


657


1,127

Interest expense and financing charges, net

9,730


2,876


20,400


9,385

Other expense (income), net

1,122


(14,088)


64,658


(31,051)

Provision (benefit) for income taxes

640


3,438


(12,600)


9,006

Interest on trade accounts receivable

-


11,443


(60,686)


33,897

Adjusted EBITDA

$ (6,440)


$ 13,393


$ (162,657)


$ 60,522

Well Completion Services


Three Months Ended


Nine Months Ended


September 30,


September 30,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2024


2023

Net (loss) income

$ (8,959)


$ (1,834)


$ (18,990)


$ 1,376

Depreciation and amortization expense

2,546


3,971


8,501


13,288

(Gains) losses on disposal of assets, net

(60)


(2,016)


85


(2,016)

Stock based compensation

33


64


122


451

Interest expense and financing charges, net

533


774


1,624


2,527

Other expense, net

1


-


2


1

Adjusted EBITDA

$ (5,906)


$ 959


$ (8,656)


$ 15,627

Infrastructure Services


Three Months Ended


Nine Months Ended


September 30,


September 30,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2024


2023

Net (loss) income

$ (13,500)


$ 3,239


$ (158,767)


$ 6,392

Depreciation and amortization expense

626


1,557


1,972


7,366

Gains on disposal of assets, net

(41)


(311)


(984)


(439)

Stock based compensation

124


99


364


436

Interest expense and financing charges, net

8,742


1,647


17,417


5,361

Other expense (income), net

1,491


(11,348)


63,919


(28,713)

Provision (benefit) for income taxes

629


3,381


(15,398)


8,411

Interest on trade accounts receivable

-


11,443


(60,686)


33,897

Adjusted EBITDA

$ (1,929)


$ 9,707


$ (152,163)


$ 32,711

Natural Sand Proppant Services


Three Months Ended


Nine Months Ended


September 30,


September 30,

Reconciliation of net (loss) income to Adjusted EBITDA:

2024


2023


2024


2023

Net (loss) income

$ (1,238)


$ (515)


$ (7,195)


$ 3,290

Depreciation, depletion, amortization and accretion expense

1,688


2,836


4,105


6,397

Gains on disposal of assets, net

-


-


(110)


(16)

Stock based compensation

39


37


109


149

Interest expense and financing charges, net

135


117


408


422

Other expense (income), net

3


(6)


2


(12)

Adjusted EBITDA

$ 627


$ 2,469


$ (2,681)


$ 10,230

Drilling Services


Three Months Ended


Nine Months Ended


September 30,


September 30,

Reconciliation of net loss to Adjusted EBITDA:

2024


2023


2024


2023

Net loss

$ (866)


$ (1,303)


$ (3,953)


$ (3,987)

Depreciation expense

587


1,114


2,075


3,497

Stock based compensation

5


5


15


18

Interest expense and financing charges, net

127


117


377


376

Adjusted EBITDA

$ (147)


$ (67)


$ (1,486)


$ (96)

Other Services(a)


Three Months Ended


Nine Months Ended


September 30,


September 30,

Reconciliation of net income (loss) to Adjusted EBITDA:

2024


2023


2024


2023

Net income (loss)

$ 519


$ (675)


$ (2,941)


$ (4,278)

Depreciation, amortization and accretion expense

737


1,755


2,603


6,291

Gains on disposal of assets, net

(192)


(123)


(1,487)


(813)

Impairment of goodwill

-


1,810


-


1,810

Stock based compensation

18


14


47


73

Interest expense and financing charges, net

193


221


574


699

Other (income) expense, net

(373)


(2,734)


735


(2,327)

Provision for income taxes

11


57


2,798


595

Adjusted EBITDA

$ 913


$ 325


$ 2,329


$ 2,050

a.

Includes results for Mammoth's aviation, equipment rentals, remote accommodations and equipment manufacturing and corporate related activities. The Company's corporate related activities do not generate revenue.

SOURCE Mammoth Energy Services, Inc.

© 2024 PR Newswire
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