Canada Markets closed

Mammoth Energy Services, Inc. (TUSK)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
1.6300-0.0600 (-3.55%)
At close: 4:00PM EDT
Full screen
Trade prices are not sourced from all markets
Previous Close1.6900
Open1.7300
Bid1.5800 x 1200
Ask1.7000 x 1200
Day's Range1.5879 - 1.7500
52 Week Range0.5600 - 4.6300
Volume137,267
Avg. Volume284,712
Market Cap74.592M
Beta (5Y Monthly)2.09
PE Ratio (TTM)N/A
EPS (TTM)-4.3280
Earnings DateNov. 05, 2020 - Nov. 09, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 09, 2019
1y Target Est2.50
  • GlobeNewswire

    Mammoth Energy Services, Inc. Announces Second Quarter 2020 Operational and Financial Results

    OKLAHOMA CITY, July 30, 2020 (GLOBE NEWSWIRE) -- Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today reported financial and operational results for the second quarter ended June 30, 2020. Financial Highlights for the Second Quarter 2020:Total revenue was $60.1 million for the three months ended June 30, 2020, down 38% from $97.4 million for the three months ended March 31, 2020 and down 67% from $181.8 million for the three months ended June 30, 2019.Net loss for the three months ended June 30, 2020 was $15.2 million, or $0.33 per fully diluted share, as compared to net loss of $84.0 million, or $1.85 per fully diluted share, for the three months ended March 31, 2020 and net loss of $10.9 million, or $0.24 per fully diluted share, for the three months ended June 30, 2019.Adjusted EBITDA (as defined and reconciled below) was $6.9 million for the three months ended June 30, 2020, as compared to $13.5 million for the three months ended March 31, 2020 and $8.6 million for the three months ended June 30, 2019.Arty Straehla, Mammoth's Chief Executive Officer, stated, “The second quarter of 2020 saw the release of a very important report prepared by the Rand Corporation for the U.S. Department of Homeland Security. The report was prepared at the request of the Federal Emergency Management Agency to assess the reasonableness of our subsidiary Cobra’s Master Service Agreement with the Puerto Rico Electric Power Authority (“PREPA”) for repairs to PREPA's electrical grid following Hurricane Maria. This detailed 77-page report found, among other things, that the selection of Cobra was reasonable, that PREPA adhered to procurement statutes and policies in awarding the contract to Cobra and that Cobra’s rates were reasonable.  We believe these are important data points as we continue to pursue payment from PREPA for the quality work performed by our team.”“In looking at our financial results, it is clear that our infrastructure services segment has turned a corner with gross margin increasing to 17% during the second quarter of 2020 and Adjusted EBITDA in this segment growing nearly 50% quarter-over-quarter for the last two consecutive quarters. The initiatives taken by our infrastructure management team have laid a solid foundation for growth.”“While the oilfield portion of our service offerings have experienced significant challenges as of late given the current industry and macroeconomic environment, we continue to maintain our oilfield equipment and plan to be ready to ramp up our service lines once demand returns,” concluded Straehla. Infrastructure ServicesMammoth's infrastructure services division contributed revenue of $30.6 million for the three months ended June 30, 2020, an increase of 19% from $25.7 million for the three months ended March 31, 2020 and a decrease of 27% from $41.8 million for the three months ended June 30, 2019.As of June 30, 2020, Mammoth had approximately 120 crews operating in the continental United States.Pressure Pumping ServicesMammoth's pressure pumping services division contributed revenue (inclusive of inter-segment revenue) of $16.6 million on 658 stages for the three months ended June 30, 2020, a decrease of 62% from $43.6 million on 1,482 stages for the three months ended March 31, 2020 and a decrease of 80% from $84.6 million on 1,717 stages for the three months ended June 30, 2019. On average, 1.9 of the Company's fleets were active for the three months ended June 30, 2020, compared to average utilization of 2.7 fleets during the three months ended March 31, 2020 and an average utilization of 2.7 fleets during the three months ended June 30, 2019.Natural Sand Proppant ServicesMammoth's natural sand proppant services division contributed revenue (inclusive of inter-segment revenue) of $6.2 million for the three months ended June 30, 2020, a decrease of 39% from $10.2 million for the three months ended March 31, 2020 and a decrease of 85% from $40.4 million for the three months ended June 30, 2019. The Company sold approximately 82,000 tons of sand during the three months ended June 30, 2020, a decrease of 66% from approximately 239,000 tons sold during the three months ended March 31, 2020 and a decrease of 90% from approximately 813,000 tons sold during the three months ended June 30, 2019. The Company's average sales price for the sand sold during the three months ended June 30, 2020 was $15.18 per ton, an increase from the $13.67 per ton average sales price during the three months ended March 31, 2020 and a decrease from the $30.09 per ton average sales price during the three months ended June 30, 2019.Drilling ServicesMammoth's drilling services division contributed revenue (inclusive of inter-segment revenue) of $1.3 million for the three months ended June 30, 2020, a decrease of 73% from $4.8 million for the three months ended March 31, 2020 and a decrease of 83% from $7.7 million for the three months ended June 30, 2019. The decline is primarily due to reduced utilization. As a result of market conditions, the Company has temporarily shut down its contract land drilling operations beginning in December 2019 and its rig hauling operations beginning in April 2020.Other ServicesMammoth's other services, including coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling, full service transportation, remote accommodations, oilfield equipment manufacturing and infrastructure engineering and design services, contributed revenue (inclusive of inter-segment revenue) of $6.5 million for the three months ended June 30, 2020, a decrease of 56% from $14.9 million for the three months ended March 31, 2020 and a decrease of 69% from $21.0 million for the three months ended June 30, 2019.Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses were $13.7 million for the three months ended June 30, 2020, as compared to $10.8 million for the three months ended March 31, 2020 and $9.5 million for the three months ended June 30, 2019.Following is a breakout of SG&A expense (in thousands): Three Months Ended Six Months Ended  June 30, March 31, June 30,  2020 2019 2020 2020 2019 Cash expenses:          Compensation and benefits$3,720  $2,154  $3,969  $7,690  $11,384  Professional services6,147  2,934  3,538  9,684  6,723  Other(a)2,100  3,381  2,309  4,409  6,626  Total cash SG&A expense11,967  8,469  9,816  21,783  24,733  Non-cash expenses:          Bad debt provision1,624  262  55  1,679  266  Stock based compensation135  724  900  1,035  1,792  Total non-cash SG&A expense1,759  986  955  2,714  2,058  Total SG&A expense$13,726  $9,455  $10,771  $24,497  $26,791                       a.     Includes travel-related costs, information technology expenses, rent, utilities and other general and administrative-related costs.SG&A expenses, as a percentage of total revenue, were 23% for the three months ended June 30, 2020, as compared to 11% for the three months ended March 31, 2020 and 5% for the three months ended June 30, 2019.LiquidityAs of June 30, 2020, Mammoth had cash on hand of $18.0 million and outstanding borrowings under its revolving credit facility of $89.3 million. As of June 30, 2020, the Company had $18.5 million of available borrowing capacity under its revolving credit facility. This available borrowing capacity reflects (i) a minimum excess availability covenant of 10% of the maximum revolving advance amount and (ii) $9.0 million of outstanding letters of credit. As of June 30, 2020, Mammoth had total liquidity of $36.5 million.As of July 29, 2020, Mammoth had cash on hand of $16.3 million and outstanding borrowings under its revolving credit facility of $88.2 million. As of July 29, 2020, the Company had $19.5 million of available borrowing capacity under its revolving credit facility. This available borrowing capacity reflects (i) a minimum excess availability covenant of 10% of the maximum revolving advance amount and (ii) $9.0 million of outstanding letters of credit.Capital ExpendituresThe following table summarizes Mammoth's capital expenditures by operating division for the periods indicated (in thousands): Three Months Ended Six Months Ended  June 30, March 31, June 30,  2020 2019 2020 2020 2019 Infrastructure services(a)$43  $2,177  $77  $120  $5,431  Pressure pumping services(b)2,450  4,013  604  3,054  11,342  Natural sand proppant services(c)354  990  521  875  1,975  Drilling services(d)72  660  8  80  2,927  Other(e)5  2,107  290  295  8,545  Total capital expenditures$2,924  $9,947  $1,500  $4,424  $30,220                       a.     Capital expenditures primarily for truck, tooling and other equipment for the periods presented. b.     Capital expenditures primarily for pressure pumping and water transfer equipment for the periods presented. c.     Capital expenditures primarily for maintenance for the periods presented. d.     Capital expenditures primarily for upgrades to the Company's rig fleet for the periods presented. e.     Capital expenditures primarily for equipment for the Company's rental businesses for the periods presented.Explanatory Note Regarding Financial InformationThe financial information contained in this release should be read in conjunction with the financial information contained in Mammoth’s Annual Reports filed on Form 10-K with the Securities and Exchange Commission (“SEC”), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings.The Company's Chief Executive Officer and Chief Financial Officer comprise the Company's Chief Operating Decision Maker function (“CODM”). Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of operating income (loss) as well as a qualitative basis, such as nature of the product and service offerings and types of customers.Conference Call InformationMammoth will host a conference call on Thursday, July 30, 2020 at 4:00 p.m. CDT (5:00 p.m. EDT) to discuss its second quarter 2020 financial and operational results. The telephone number to access the conference call is 844-265-1561 in the U.S. and the international dial in is 216-562-0385. The conference ID for the call is 6816807. The conference call will also be webcast live on www.mammothenergy.com in the “Investors” section.About Mammoth Energy Services, Inc.Mammoth is an integrated, growth-oriented energy service company serving companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves and government-funded utilities, private utilities, public investor-owned utilities and co-operative utilities through its energy infrastructure services. Mammoth’s suite of services and products include: pressure pumping services, infrastructure services, natural sand and proppant services, drilling services and other energy services.For additional information about Mammoth, please visit its website at www.mammothenergy.com, where Mammoth routinely posts announcements, updates, events, investor information and presentations and recent news releases.Investor Contact: Don Crist Director of Investor Relations dcrist@mammothenergy.com 405-608-6048Media Contact: Peter Mirijanian peter@pmpadc.com (202) 464-8803Forward-Looking Statements and Cautionary StatementsThis 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 press 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, 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: the severity and duration of the COVID-19 pandemic, related global and national health concerns and economic repercussions and the resulting negative impact on demand for our services; the current significant surplus in the supply of oil and the ability of the OPEC+ countries to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the failure to receive or delays in receiving governmental authorizations, approvals and/or payments; the outcome of ongoing government investigations and other legal proceedings, including those relating to the contracts awarded to the Company's subsidiary Cobra Acquisitions LLC by the Puerto Rico Electric Power Authority; the Company's inability to replace the prior levels of work in its business segments, including its infrastructure and pressure pumping segments; risks relating to economic conditions; the loss of or interruption in operations of one or more key suppliers or customers; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; weather; natural disasters; litigation; 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 SHEETSASSETSJune 30, December 31,  2020 2019 CURRENT ASSETS(in thousands) Cash and cash equivalents$18,025  $5,872  Accounts receivable, net353,912  363,053  Receivables from related parties27,316  7,523  Inventories12,473  17,483  Prepaid expenses6,236  12,354  Other current assets740  695  Total current assets418,702  406,980       Property, plant and equipment, net293,150  352,772  Sand reserves68,257  68,351  Operating lease right-of-use assets33,210  43,446  Intangible assets, net - customer relationships496  583  Intangible assets, net - trade names4,786  5,205  Goodwill12,608  67,581  Other non-current assets7,261  7,467  Total assets$838,470  $952,385  LIABILITIES AND EQUITY    CURRENT LIABILITIES    Accounts payable$31,866  $39,220  Payables to related parties14  526  Accrued expenses and other current liabilities36,741  40,754  Current operating lease liability13,387  16,432  Income taxes payable29,729  33,465  Total current liabilities111,737  130,397       Long-term debt89,250  80,000  Deferred income tax liabilities37,593  36,873  Long-term operating lease liability19,802  27,102  Asset retirement obligation4,640  4,241  Other liabilities5,383  5,031  Total liabilities268,405  283,644       COMMITMENTS AND CONTINGENCIES         EQUITY    Equity:    Common stock, $0.01 par value, 200,000,000 shares authorized, 45,762,200 and 45,108,545 issued and outstanding at June 30, 2020 and December 31, 2019458  451  Additional paid in capital536,333  535,094  Retained earnings37,326  136,502  Accumulated other comprehensive loss(4,052) (3,306) Total equity570,065  668,741  Total liabilities and equity$838,470  $952,385           MAMMOTH ENERGY SERVICES, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended Six Months Ended  June 30, March 31, June 30,  2020 2019 2020 2020 2019  (in thousands, except per share amounts) REVENUE  Services revenue$44,878  $115,760  $68,845  $113,723  $308,861  Services revenue - related parties8,650  36,837  18,013  26,663  80,910  Product revenue4,706  18,362  8,650  13,356  30,671  Product revenue - related parties1,875  10,861  1,875  3,750  23,516  Total revenue60,109  181,820  97,383  157,492  443,958             COST AND EXPENSES          Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $21,750, $25,597, $23,554, $45,305 and $51,280, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019)42,255  132,688  70,697  112,952  290,794  Services cost of revenue - related parties (exclusive of depreciation, depletion, amortization and accretion of $0, $0, $0, $0 and $0, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019)97  2,650  101  198  3,363  Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $2,346, $4,525, $2,309, $4,654 and $7,395, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019)6,401  32,677  11,108  17,509  62,928  Selling, general and administrative13,528  8,796  10,556  24,084  25,698  Selling, general and administrative - related parties198  659  215  413  1,093  Depreciation, depletion, amortization and accretion24,116  30,145  25,882  49,998  58,721  Impairment of goodwill—  —  54,973  54,973  —  Impairment of other long-lived assets—  —  12,897  12,897  —  Total cost and expenses86,595  207,615  186,429  273,024  442,597  Operating (loss) income(26,486) (25,795) (89,046) (115,532) 1,361             OTHER INCOME (EXPENSE)          Interest expense, net(1,471) (1,551) (1,638) (3,109) (2,074) Other, net8,137  4,019  7,409  15,546  28,576  Other, net - related parties1,133  —  —  1,133  —  Total other income7,799  2,468  5,771  13,570  26,502  (Loss) income before income taxes(18,687) (23,327) (83,275) (101,962) 27,863  (Benefit) provision for income taxes(3,482) (12,438) 696  (2,786) 10,419  Net (loss) income$(15,205) $(10,889) $(83,971) $(99,176) $17,444             OTHER COMPREHENSIVE (LOSS) INCOME          Foreign currency translation adjustment, net of tax of ($150), $92, $361, $211 and $182, respectively, for the three months ended June 30, 2020, June 30, 2019 and March 31, 2020 and six months ended June 30, 2020 and 2019668  350  (1,414) (746) 706  Comprehensive (loss) income$(14,537) $(10,539) $(85,385) $(99,922) $18,150             Net (loss) income per share (basic)$(0.33) $(0.24) $(1.85) $(2.18) $0.39  Net (loss) income per share (diluted)$(0.33) $(0.24) $(1.85) $(2.18) $0.39  Weighted average number of shares outstanding (basic)45,727  45,003  45,314  45,521  44,966  Weighted average number of shares outstanding (diluted)45,727  45,003  45,314  45,521  45,060  Dividends declared per share$—  $0.125  $—  $—  $0.25                       MAMMOTH ENERGY SERVICES, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended  June 30,  2020 2019  (in thousands) Cash flows from operating activities:    Net (loss) income$(99,176) $17,444  Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:    Stock based compensation1,246  2,233  Depreciation, depletion, accretion and amortization49,998  58,721  Amortization of coil tubing strings359  1,003  Amortization of debt origination costs577  163  Bad debt expense1,679  266  (Gain) loss on disposal of property and equipment(1,451) 176  Impairment of goodwill54,973  —  Impairment of other long-lived assets12,897  —  Deferred income taxes931  (22,911) Other623  (199) Changes in assets and liabilities:    Accounts receivable, net7,782  (48,530) Receivables from related parties(19,793) (26,236) Inventories4,651  (1,815) Prepaid expenses and other assets6,079  1,115  Accounts payable(7,514) 7,366  Payables to related parties(512) 650  Accrued expenses and other liabilities(2,818) (17,129) Income taxes payable(3,697) (74,172) Net cash provided by (used in) operating activities6,834  (101,855)      Cash flows from investing activities:    Purchases of property and equipment(4,348) (30,085) Purchases of property and equipment from related parties(76) (135) Contributions to equity investee—  (680) Proceeds from disposal of property and equipment2,544  2,465  Net cash used in investing activities(1,880) (28,435)      Cash flows from financing activities:    Borrowings from lines of credit22,800  108,000  Repayments of lines of credit(13,550) (25,964) Dividends paid—  (11,219) Principal payments on financing leases and equipment financing notes(914) (992) Debt issuance costs(1,000) —  Net cash provided by financing activities7,336  69,825  Effect of foreign exchange rate on cash(137) 85  Net change in cash and cash equivalents12,153  (60,380) Cash and cash equivalents at beginning of period5,872  67,625  Cash and cash equivalents at end of period$18,025  $7,245       Supplemental disclosure of cash flow information:    Cash paid for interest$2,683  $1,830  Cash (received) paid for income taxes$(6) $116,442  Supplemental disclosure of non-cash transactions:    Purchases of property and equipment included in accounts payable$2,780  $2,339           MAMMOTH ENERGY SERVICES, INC. SEGMENT INCOME STATEMENTS (in thousands)Three months ended June 30, 2020InfrastructurePressure PumpingSandDrillingAll OtherEliminationsTotal Revenue from external customers$30,579 $16,125 $6,237 $1,250 $5,918 $— $60,109  Intersegment revenues— 446 — 25 580 (1,051)—  Total revenue30,579 16,571 6,237 1,275 6,498 (1,051)60,109  Cost of revenue, exclusive of depreciation, depletion, amortization and accretion25,368 8,744 6,025 2,027 6,589 — 48,753  Intersegment cost of revenues27 333 28 21 642 (1,051)—  Total cost of revenue25,395 9,077 6,053 2,048 7,231 (1,051)48,753  Selling, general and administrative8,037 1,477 1,357 1,331 1,524 — 13,726  Depreciation, depletion, amortization and accretion7,816 7,685 2,348 2,700 3,567 — 24,116  Operating loss(10,669)(1,668)(3,521)(4,804)(5,824)— (26,486) Interest expense, net720 346 53 143 209 — 1,471  Other (income) expense, net(7,809)(1,179)(2)(298)18 — (9,270) Loss before income taxes$(3,580)$(835)$(3,572)$(4,649)$(6,051)$— $(18,687) Three months ended June 30, 2019InfrastructurePressure PumpingSandDrillingAll OtherEliminationsTotal Revenue from external customers$41,821 $82,973 $29,223 $7,450 $20,353 $— $181,820  Intersegment revenues— 1,668 11,170 207 687 (13,732)—  Total revenue41,821 84,641 40,393 7,657 21,040 (13,732)181,820  Cost of revenue, exclusive of depreciation, depletion, amortization and accretion44,864 59,835 32,676 9,175 21,465 — 168,015  Intersegment cost of revenues— 11,797 1,141 229 643 (13,810)—  Total cost of revenue44,864 71,632 33,817 9,404 22,108 (13,810)168,015  Selling, general and administrative3,035 2,664 1,380 844 1,532 — 9,455  Depreciation, depletion, amortization and accretion7,818 10,174 4,528 3,193 4,432 — 30,145  Operating (loss) income(13,896)171 668 (5,784)(7,032)78 (25,795) Interest expense, net386 452 72 332 309 — 1,551  Other (income) expense, net(4,045)9 (32)— 49 — (4,019) (Loss) income before income taxes$(10,237)$(290)$628 $(6,116)$(7,390)$78 $(23,327) Three months ended March 31, 2020InfrastructurePressure PumpingSandDrillingAll OtherEliminationsTotal Revenue from external customers$25,705 $42,686 $10,154 $4,723 $14,115 $— $97,383  Intersegment revenues— 936 95 55 775 (1,861)—  Total revenue25,705 43,622 10,249 4,778 14,890 (1,861)97,383  Cost of revenue, exclusive of depreciation, depletion, amortization and accretion26,946 26,208 10,657 5,635 12,460 — 81,906  Intersegment cost of revenues8 627 302 130 794 (1,861)—  Total cost of revenue26,954 26,835 10,959 5,765 13,254 (1,861)81,906  Selling, general and administrative4,297 2,222 1,251 1,063 1,938 — 10,771  Depreciation, depletion, amortization and accretion7,934 8,492 2,312 2,877 4,267 — 25,882  Impairment of goodwill— 53,406 — — 1,567  54,973  Impairment of other long-lived assets— 4,203 — 326 8,368 — 12,897  Operating loss(13,480)(51,536)(4,273)(5,253)(14,504)— (89,046) Interest expense, net757 293 61 268 259 — 1,638  Other (income) expense, net(7,276)(109)(37)27 (14)— (7,409) Loss before income taxes$(6,961)$(51,720)$(4,297)$(5,548)$(14,749)$— $(83,275) Six months ended June 30, 2020InfrastructurePressure PumpingSandDrillingAll OtherEliminationsTotal Revenue from external customers$56,285 $58,810 $16,391 $5,973 $20,033 $— $157,492  Intersegment revenues— 1,382 95 81 1,354 (2,912)—  Total revenue56,285 60,192 16,486 6,054 21,387 (2,912)157,492  Cost of revenue, exclusive of depreciation, depletion, amortization and accretion52,314 34,952 16,682 7,662 19,049 — 130,659  Intersegment cost of revenues35 961 329 152 1,435 (2,912)—  Total cost of revenue52,349 35,913 17,011 7,814 20,484 (2,912)130,659  Selling, general and administrative12,334 3,699 2,608 2,395 3,461 — 24,497  Depreciation, depletion, amortization and accretion15,750 16,177 4,661 5,577 7,833 — 49,998  Impairment of goodwill— 53,406 — — 1,567 — 54,973  Impairment of other long-lived assets— 4,203 — 326 8,368 — 12,897  Operating loss(24,148)(53,206)(7,794)(10,058)(20,326)— (115,532) Interest expense, net1,477 639 113 412 468 — 3,109  Other (income) expense, net(15,086)(1,288)(39)(271)5 — (16,679) Loss before income taxes$(10,539)$(52,557)$(7,868)$(10,199)$(20,799)$— $(101,962) Six months ended June 30, 2019InfrastructurePressure PumpingSandDrillingAll OtherEliminationsTotal Revenue from external customers$150,542 $173,568 $54,187 $21,026 $44,635 $— $443,958  Intersegment revenues— 3,212 24,067 426 1,453 (29,158)—  Total revenue150,542 176,780 78,254 21,452 46,088 (29,158)443,958  Cost of revenue, exclusive of depreciation, depletion, amortization and accretion103,828 124,047 62,928 21,826 44,456 — 357,085  Intersegment cost of revenues— 25,334 2,188 501 1,195 (29,218)—  Total cost of revenue103,828 149,381 65,116 22,327 45,651 (29,218)357,085  Selling, general and administrative12,553 5,876 2,899 2,208 3,255 — 26,791  Depreciation, depletion, amortization and accretion15,537 20,068 7,401 6,770 8,945 — 58,721  Operating income (loss)18,624 1,455 2,838 (9,853)(11,763)60 1,361  Interest expense, net425 649 102 460 438 — 2,074  Other (income) expense, net(28,869)8 (32)(22)339 — (28,576) Income (loss) before income taxes$47,068 $798 $2,768 $(10,291)$(12,540)$60 $27,863                         MAMMOTH ENERGY SERVICES, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESAdjusted 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, impairment of goodwill, impairment of other long-lived assets, acquisition related costs, stock based compensation, interest expense, net, other (income) expense, net (which is comprised of the (gain) or loss on disposal of long-lived assets) 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 Six Months Ended  June 30, March 31, June 30, Reconciliation of Adjusted EBITDA to net (loss) income:2020 2019 2020 2020 2019 Net (loss) income$(15,205) $(10,889) $(83,971) $(99,176) $17,444  Depreciation, depletion, amortization and accretion expense24,116  30,145  25,882  49,998  58,721  Impairment of goodwill—  —  54,973  54,973  —  Impairment of other long-lived assets—  —  12,897  12,897  —  Acquisition related costs—  45  —  —  45  Stock based compensation196  944  1,049  1,246  2,233  Interest expense, net1,471  1,551  1,638  3,109  2,074  Other income, net(9,270) (4,019) (7,409) (16,679) (28,576) (Benefit) provision for income taxes(3,482) (12,438) 696  (2,786) 10,419  Interest on trade accounts receivable9,071  3,234  7,696  16,767  28,969  Adjusted EBITDA$6,897  $8,573  $13,451  $20,349  $91,329                       Infrastructure Services Three Months Ended Six Months Ended  June 30, March 31, June 30, Reconciliation of Adjusted EBITDA to net (loss) income:2020 2019 2020 2020 2019 Net (loss) income$(4,529) $6,210  $(9,452) $(13,980) $41,875  Depreciation and amortization expense7,816  7,818  7,934  15,750  15,537  Acquisition related costs—  12  —  —  12  Stock based compensation45  9  251  297  471  Interest expense720  386  757  1,477  425  Other income, net(7,809) (4,045) (7,276) (15,086) (28,869) Provision for income taxes949  (16,447) 2,491  3,440  5,193  Interest on trade accounts receivable7,929  3,234  7,696  15,625  28,969  Adjusted EBITDA$5,121  $(2,823) $2,401  $7,523  $63,613                       Pressure Pumping Services Three Months Ended Six Months Ended  June 30, March 31, June 30, Reconciliation of Adjusted EBITDA to net (loss) income:2020 2019 2020 2020 2019 Net (loss) income$(835) $(290) $(51,720) $(52,556) $798  Depreciation and amortization expense7,685  10,174  8,492  16,177  20,068  Impairment of goodwill—  —  53,406  53,406  —  Impairment of other long-lived assets—  —  4,203  4,203  —  Acquisition related costs—  18  —  —  18  Stock based compensation53  489  335  388  899  Interest expense346  452  293  639  649  Other (income) expense, net(1,179) 9  (109) (1,288) 8  Interest on trade accounts receivable1,133  —  —  1,133  —  Adjusted EBITDA$7,203  $10,852  $14,900  $22,102  $22,440                       Natural Sand Proppant Services Three Months Ended Six Months Ended  June 30, March 31, June 30, Reconciliation of Adjusted EBITDA to net (loss) income:2020 2019 2020 2020 2019 Net (loss) income$(3,572) $628  $(4,297) $(7,868) $2,768  Depreciation, depletion, amortization and accretion expense2,348  4,528  2,312  4,661  7,401  Acquisition related costs—  8  —  —  8  Stock based compensation45  236  225  271  439  Interest expense53  72  61  113  102  Other income, net(2) (32) (37) (39) (32) Adjusted EBITDA$(1,128) $5,440  $(1,736) $(2,862) $10,686                       Drilling Services Three Months Ended Six Months Ended  June 30, March 31, June 30, Reconciliation of Adjusted EBITDA to net (loss) income:2020 2019 2020 2020 2019 Net loss$(4,649) $(6,116) $(5,548) $(10,199) $(10,291) Depreciation expense2,700  3,193  2,877  5,577  6,770  Impairment of other long-lived assets—  —  326  326  —  Acquisition related costs—  2  —  —  2  Stock based compensation34  88  94  128  189  Interest expense143  332  268  412  460  Other (income) expense, net(298) —  27  (271) (22) Adjusted EBITDA$(2,070) $(2,501) $(1,956) $(4,027) $(2,892)                      Other Services(a) Three Months Ended Six Months Ended  June 30, March 31, June 30, Reconciliation of Adjusted EBITDA to net loss:2020 2019 2020 2020 2019 Net loss$(1,620) $(11,399) $(12,954) $(14,573) $(17,766) Depreciation, amortization and accretion expense3,567  4,432  4,267  7,833  8,945  Impairment of goodwill—  —  1,567  1,567  —  Impairment of other long-lived assets—  —  8,368  8,368  —  Acquisition related costs—  5  —  —  5  Stock based compensation19  122  144  162  235  Interest expense, net209  309  259  468  438  Other expense (income), net18  49  (14) 5  339  (Benefit) provision for income taxes(4,431) 4,009  (1,795) (6,226) 5,226  Interest on trade accounts receivable9  —  —  9  —  Adjusted EBITDA$(2,229) $(2,473) $(158) $(2,387) $(2,578)                      a.     Includes results for Mammoth's coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling, full service transportation and remote accommodations, oilfield equipment manufacturing and infrastructure engineering and design services and corporate related activities. The Company's corporate related activities do not generate revenue.Adjusted Net (Loss) Income and Adjusted (Loss) Earnings per ShareAdjusted net (loss) income and adjusted basic and diluted (loss) earnings per share are supplemental non-GAAP financial measures that are used by management to evaluate the Company's operating and financial performance. Management believes these measures provide meaningful information about the Company's performance by excluding certain non-cash charges, such as impairment of goodwill and impairment of other long-lived assets, that may not be indicative of the Company's ongoing operating results. Adjusted net (loss) income and adjusted (loss) earnings per share should not be considered in isolation or as a substitute for net (loss) income and (loss) earnings per share prepared in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The following tables provide a reconciliation of adjusted net (loss) income and adjusted (loss) earnings per share to the GAAP financial measures of net (loss) income and (loss) earnings per share for the periods specified. Three Months Ended Six Months Ended  June 30, March 31, June 30,  2020 2019 2020 2020 2019  (in thousands, except per share amounts) Net (loss) income, as reported$(15,205) $(10,889) $(83,971) $(99,176) $17,444  Impairment of goodwill—  —  54,973  54,973  —  Impairment of other long-lived assets—  —  12,897  12,897  —  Adjusted net (loss) income$(15,205) $(10,889) $(16,101) $(31,306) $17,444             Basic (loss) earnings per share, as reported$(0.33) $(0.24) $(1.85) $(2.18) $0.39  Impairment of goodwill—  —  1.21  1.21  —  Impairment of other long-lived assets—  —  0.28  0.28  —  Adjusted basic (loss) earnings per share$(0.33) $(0.24) $(0.36) $(0.69) $0.39             Diluted (loss) earnings per share, as reported$(0.33) $(0.24) $(1.85) $(2.18) $0.39  Impairment of goodwill—  —  1.21  1.21  —  Impairment of other long-lived assets—  —  0.28  0.28  —  Adjusted diluted (loss) earnings per share$(0.33) $(0.24) $(0.36) $(0.69) $0.39

  • GlobeNewswire

    Mammoth Energy Announces Timing of 2Q 2020 Earnings Release

    OKLAHOMA CITY, July 24, 2020 (GLOBE NEWSWIRE) -- Mammoth Energy Services, Inc. (“Mammoth”) (NASDAQ:TUSK) today announced that it intends to release financial results for the second quarter of 2020 after the market close on July 30, 2020.   Second Quarter 2020 Earnings Release Mammoth plans to release financial results for the second quarter of 2020 after the market close on Thursday, July 30, 2020. A conference call to discuss the results has been scheduled for Thursday, July 30, 2020, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time).Individuals wishing to participate in the conference call should dial (844) 265-1561 or (216) 562-0385 for international callers, and use the passcode 6816807. The conference call will also be webcast and can be found at www.mammothenergy.com in the "Investors" section of the company's website.About Mammoth Energy Services, Inc. Mammoth is an integrated, growth-oriented energy service company serving companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves and private utilities, public investor-owned utilities and co-operative utilities through its energy infrastructure services. Mammoth’s suite of services and products include: pressure pumping services, infrastructure services, natural sand and proppant services, contract land and directional drilling services and other services.Investor Contact: Don Crist – Director of Investor Relations dcrist@mammothenergy.com (405) 608-6048

  • Thomson Reuters StreetEvents

    Edited Transcript of TUSK.OQ earnings conference call or presentation 11-May-20 8:00pm GMT

    Q1 2020 Mammoth Energy Services Inc Earnings Call