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Item 5. Market for Registrant’s Common Equity

2021-03-05 compared with 2020-06-22 · 58 added, 10 removed, 50 unchanged (58% of the section changed)

3 unchanged sentences

Our common stock is traded on the New York Stock Exchange under the symbol “PUMP”.

As of December 31, 2019 , there were 100,624,099 shares of common stock outstanding, held of record by 4 holders.

As of December 31, 2020, there were 100,912,777 shares of common stock outstanding, held of record by nine holders.

The number of record holders of our common stock does not include Depository Trust Company participants or beneficial owners holding shares through nominee names.

We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future.

We currently intend to retain future earnings, if any, to finance the growth of our business and repay borrowings under our ABL Credit Facility.

We currently intend to retain future earnings, if any, to finance the growth of our business and repay borrowings under our ABL Credit Facility, if any.

Our future dividend policy is within the discretion of our Board and will depend upon then‑existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends and other factors our Board may deem relevant.

In addition, our ABL Credit Facility places restrictions on our ability to pay cash dividends.

In addition, our ABL Credit Facility places certain restrictions on our ability to pay cash dividends.

Performance Graph

The quarterly changes for the periods shown in the following graph are based on the assumption that $100 had been invested in our common stock, the Russell 2000 Index (“Russell 2000”) and a self-constructed peer group index of comparable companies (“Peer Group”) on March 17, 2017 (the first trading date of our common stock), and that all dividends were reinvested at the closing prices of the dividend payment dates.

The relevant companies included in our Peer Group consists of Liberty Oilfield Services, Inc., Nextier Oilfield Solution Inc., RPC, Inc., Calfrac Well Services Ltd., Patterson-UTI Energy, Inc.

The relevant companies included in our Peer Group consists of Liberty Oilfield Services Inc., Nextier Oilfield Solutions Inc., RPC, Inc., Calfrac Well Services Ltd., Patterson-UTI Energy, Inc.

and Mammoth Energy Services, Inc.

4 unchanged sentences

The stock price performance on the following graph and table is not necessarily indicative of future stock price performance.

ProPetro Holding Corp.

Date Peer Group Russell 2000 ProPetro Holding Corp.

3/17/2017 $ 100.0 $ 100.0 $ 100.0

3/31/2017 $ 97.0 $ 100.1 $ 88.9

6/30/2017 $ 93.2 $ 102.6 $ 96.3

9/29/2017 $ 105.2 $ 108.4 $ 99.0

12/29/2017 $ 114.3 $ 112.0 $ 139.0

3/29/2018 $ 91.0 $ 111.9 $ 109.6

6/29/2018 $ 86.9 $ 120.6 $ 108.1

9/28/2018 $ 85.1 $ 124.9 $ 113.7

12/31/2018 $ 52.9 $ 99.7 $ 85.0

3/31/2019 $ 65.2 $ 114.2 $ 155.4

6/30/2019 $ 47.5 $ 116.6 $ 142.8

9/30/2019 $ 35.1 $ 113.8 $ 62.7

12/31/2019 $ 38.8 $ 125.1 $ 77.6

3/31/2020 $ 9.7 $ 86.8 $ 17.2

6/30/2020 $ 16.2 $ 108.9 $ 35.5

9/30/2020 $ 15.5 $ 114.3 $ 28.0

12/31/2020 $ 23.8 $ 150.1 $ 51.0

Selected Historical Financial Data.

1 unchanged sentence

for the years indicated.

There were no factors that materially affect the comparability of the information in the selected historical financial data presented, except for the purchase of certain pressure pumping assets (510,000 HHP) and real property from Pioneer and Pioneer Pressure Pumping Services, LLC, consummated on December 31, 2018 (the “Pioneer Pressure Pumping Acquisition”) and expansion of our fleet size over the years presented, that has resulted in higher revenues and profitability.

There were no factors that materially affect the comparability of the information in the selected historical financial data presented, except for the following;

• the impact of the decrease in demand for pressure pumping services following the depressed crude oil prices and the economic slowdown caused by the COVID-19 pandemic that negatively impacted E&P completions activity during the year ended December 31, 2020;

• the purchase of certain pressure pumping assets (510,000 HHP) and real property from Pioneer and Pioneer Pressure Pumping Services, LLC, consummated on December 31, 2018 (the “Pioneer Pressure Pumping Acquisition”) that resulted in increased revenue and profitability in 2019;

• the growth and utilization of our pressure pumping active fleet size over the years presented, that has impacted our revenues and profitability.

The selected historical consolidated financial and operating data presented below should be read in conjunction with “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes and other financial data included elsewhere in this Annual Report on Form 10-K.

1 unchanged sentence

Year Ended December 31,

2020 2019 2018 2017 2016

Statement of Operations Data:

Pressure pumping

$ 773,474 $ 2,001,627 $ 1,658,403 $ 945,040 $ 409,014

15,758 50,687 46,159 36,825 27,906

Total revenue

789,232 2,052,314 1,704,562 981,865 436,920

Costs and Expenses:

Cost of services (1)

584,279 1,470,356 1,270,577 813,823 404,140

General and administrative (2)

86,768 105,076 53,958 49,215 26,613

Depreciation and amortization

153,290 145,304 88,138 55,628 43,542

Impairment expense

38,002 3,405 — — 7,482

Loss on disposal of assets

58,136 106,811 59,220 39,086 22,529

Total costs and expenses

Operating Income (Loss)

920,475 1,830,952 1,471,893 957,752 504,306

Operating (Loss) Income (131,243) 221,362 232,669 24,113 (67,386)

Other Income (Expense):

Interest expense

(2,383) (7,141) (6,889) (7,347) (20,387)

Gain on extinguishment of debt

— — — — 6,975

Other expense

(874) (717) (663) (1,025) (321)

Total other income (expense)

(3,257) (7,858) (7,552) (8,372) (13,733)

Income (loss) before income taxes

(134,500) 213,504 225,117 15,741 (81,119)

Income tax (expense) benefit

Net income (loss)

27,480 (50,494) (51,255) (3,128) 27,972

Net (loss) income

$ (107,020) $ 163,010 $ 173,862 $ 12,613 $ (53,147)

Share Information:

Net income (loss) per common share:

Net (loss) income per common share:

$ (1.06) $ 1.62 $ 2.08 $ 0.17 $ (1.19)

$ (1.06) $ 1.57 $ 2.00 $ 0.16 $ (1.19)

Weighted average common shares outstanding:

100,829 100,472 83,460 76,371 44,787

100,829 103,750 87,046 79,583 44,787

Balance Sheet Data as of:

Cash and cash equivalents

$ 68,772 $ 149,036 $ 132,700 $ 23,949 $ 133,593

Property and equipment — net

$ 880,477 $ 1,047,535 $ 912,846 $ 470,910 $ 263,862

$ 1,050,739 $ 1,436,111 $ 1,274,522 $ 719,032 $ 541,422

Long-term debt — net

$ — $ 130,000 $ 70,000 $ 57,178 $ 159,407

Total shareholders’ equity

$ 870,771 $ 969,305 $ 797,355 $ 413,252 $ 221,009

Cash Flow Statement Data:

Net cash provided by operating activities

$ 139,124 $ 455,290 $ 393,079 $ 109,257 $ 10,659

Net cash used in investing activities

Net cash provided by (used in) financing activities

$ (94,217) $ (495,299) $ (280,604) $ (281,469) $ (41,688)

Net cash (used in) provided by financing activities $ (125,171) $ 56,345 $ (3,724) $ 62,565 $ 130,315

(1) Exclusive of depreciation and amortization.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity