Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
On March 22, 2017, we consummated our initial public offering (“IPO”) of our common stock at a price of $14.00 per share. Our common stock is traded on the New York Stock Exchange under the symbol “PUMP”.
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.
Dividend
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, 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 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 Solutions Inc., RPC, Inc., Calfrac Well Services Ltd., Patterson-UTI Energy, Inc. and Mammoth Energy Services, Inc. Subsequent measurement points are the last trading days of each quarter. We did not provide a five-year graph because we became a publicly traded company in March of 2017. The total cumulative dollar returns shown on the graph represent the value that such investments would have had on the last trading date of 2020. The calculations exclude trading commissions and taxes. The stock price performance on the following graph and table is not necessarily indicative of future stock price performance.
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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
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Item 6. Selected Historical Financial Data.
The following table presents the available selected historical financial data of ProPetro Holding Corp. 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 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; and
• 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.
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(In thousands, except for per share data)
Year Ended December 31,
2020 2019 2018 2017 2016
Statement of Operations Data:
Revenue:
Pressure pumping
$ 773,474 $ 2,001,627 $ 1,658,403 $ 945,040 $ 409,014
All other
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
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
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 (loss) income per common share:
Basic
$ (1.06) $ 1.62 $ 2.08 $ 0.17 $ (1.19)
Diluted
$ (1.06) $ 1.57 $ 2.00 $ 0.16 $ (1.19)
Weighted average common shares outstanding:
Basic
100,829 100,472 83,460 76,371 44,787
Diluted
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
Total assets
$ 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
$ (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.
(2) Inclusive of stock‑based compensation.
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