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 and Holders of Record
Our common stock is traded on the Nasdaq Global Select Market under the symbol “TUSK.” As of the close of business on February 24, 2021, there were 39 holders of record of our common stock. The number of holders of record of our common stock is not representative of the number of beneficial holders because many of the shares are held by depositories, brokers or nominees. As of January 5, 2021, there were 4,074 beneficial holders of record of our common stock.
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
None.
Dividends
On July 16, 2018, we initiated a quarterly dividend policy and declared our first quarterly cash dividend. In July 2019, as a result of oilfield market conditions and other factors, which included the status of collections from PREPA, our board of directors suspended the quarterly cash dividend.
Our board of directors’ determination with respect to any future dividends will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and other factors that the board deems relevant at the time of such determination. Based on its evaluation of these factors, the board of directors may determine not to declare a dividend, or declare dividends at rates that are less than currently anticipated.
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Performance Graph
The following graph and table compares the cumulative total return of a $100 investment in our common stock from October 14, 2016, the date on which our stock began trading on the Nasdaq Global Select Market, through December 31, 2020, with the total cumulative return of a $100 investment in the Standard & Poors 500 Stock Index, the Dow Jones Industrial Average Market Index and the PHLX Oil Service Sector Index during that period.
October 14, 2016 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020
Mammoth Energy Service, Inc. $ 100.00 $ 114.63 $ 148.04 $ 135.60 $ 16.59 $ 33.56
S&P 500 Stock Index $ 100.00 $ 104.88 $ 125.25 $ 117.44 $ 151.35 $ 175.96
Dow Jones Industrial Average Market Index $ 100.00 $ 108.96 $ 136.28 $ 128.61 $ 157.34 $ 168.74
PHLX Oil Service Sector Index $ 100.00 $ 111.51 $ 90.74 $ 48.90 $ 47.50 $ 26.90
This graph shall not be deemed to be “soliciting material” or to be “filed” with the SEC.
Item 6. Selected Financial Data
This section presents our selected historical consolidated financial data. The selected historical consolidated financial data presented below is not intended to replace our historical consolidated financial statements. You should read the following data along with Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes, each of which is included elsewhere in this annual report.
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The historical financial information for periods prior to October 12, 2016, contained in this annual report relates to Mammoth Energy Partners LP, a Delaware limited partnership, or the Partnership. On October 12, 2016, the Partnership was converted into a Delaware limited liability company named Mammoth Energy Partners LLC, or Mammoth LLC, and then each member of Mammoth LLC contributed all of its membership interests in Mammoth LLC to Mammoth Energy Services, Inc., a Delaware corporation, or Mammoth Inc. Prior to the conversion and the contribution, Mammoth Inc. was a wholly-owned subsidiary of the Partnership. Upon the conversion and the contribution, Mammoth LLC (as the converted successor to the Partnership) became a wholly-owned subsidiary of Mammoth Inc.
On October 13, 2016, Mammoth Inc. priced 7,750,000 shares of its common stock in the IPO at a price to the public of $15.00 per share and, on October 14, 2016, Mammoth Inc.’s common stock began trading on The Nasdaq Global Select Market under the symbol “TUSK.” On October 19, 2016, Mammoth Inc. closed its IPO. Unless the context otherwise requires, references in this report to “we,” “our,” “us” or like terms, when used in a historical context for periods prior to October 12, 2016 refer to the Partnership and its subsidiaries. References in this report to “we,” “our,” “us” or like terms, when used for periods beginning on or after October 12, 2016 refer to Mammoth Inc. and its subsidiaries.
On June 5, 2017, we acquired Sturgeon Acquisitions LLC, or Sturgeon, and Sturgeon's wholly owned subsidiaries Taylor Frac, LLC, Taylor Real Estate Investments, LLC and South River Road, LLC. Prior to the acquisition, we and Sturgeon were under common control and, in accordance with generally accepted accounting principles in the United States, or GAAP, we have accounted for this acquisition in a manner similar to the pooling of interest method of accounting. Therefore, our historical financial information for all periods included in this Annual Report on Form 10-K has been recast to combine Sturgeon's financial results with our financial results as if the acquisition had been effective since Sturgeon commenced operations.
Presented below is our historical financial data for the periods and as of the dates indicated. The selected statements of comprehensive income (loss) and cash flow data for the years ended December 31, 2020, 2019 and 2018 and the selected balance sheet data as of December 31, 2020 and 2019 are derived from our audited consolidated financial statements included elsewhere in this annual report. The selected statements of comprehensive income (loss) and cash flow data for the years ended December 31, 2017 and 2016 and selected balance sheet data as of December 31, 2018, 2017 and 2016 are derived from our audited financial statements that are not included in this report.
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Years Ended December 31,
2020 2019 2018 2017 2016
STATEMENT OF COMPREHENSIVE INCOME (LOSS) DATA: (in thousands, except per share data)
Total revenue $ 313,076 $ 625,012 $ 1,690,084 $ 691,496 $ 230,625
Total cost and expenses $ 462,393 $ 753,395 $ 1,295,633 $ 628,725 $ 265,255
Operating (loss) income $ (149,317) $ (128,383) $ 394,451 $ 62,771 $ (34,630)
Total other income (expense) $ 29,541 $ 37,258 $ (5,223) $ (975) $ (3,938)
(Loss) income before income taxes $ (119,776) $ (91,125) $ 389,228 $ 61,796 $ (38,568)
Net (loss) income $ (107,607) $ (79,044) $ 235,965 $ 58,964 $ (92,453)
Comprehensive (loss) income $ (107,366) $ (78,269) $ 234,545 $ 59,519 $ (89,742)
Net (loss) income per share (basic) $ (2.36) $ (1.76) $ 5.27 $ 1.42 $ (2.94)
Net (loss) income per share (diluted) $ (2.36) $ (1.76) $ 5.24 $ 1.42 $ (2.94)
Weighted average number of shares outstanding (basic) 45,644 45,011 44,750 41,548 31,500
Weighted average number of shares outstanding (diluted) 45,644 45,011 45,021 41,639 31,500
Cash dividends per common share $ — $ 0.25 $ 0.25 $ — $ —
Pro forma information (unaudited):
Net loss, as reported $ (92,453)
Taxes on income earned as a non-taxable entity $ 15,224
Taxes due to change to C corporation $ 53,089
Pro forma net loss $ (24,140)
Pro forma loss per common share
Basic and diluted $ (0.56)
Weighted average pro forma shares outstanding—basic and diluted 43,107
CASH FLOW DATA:
Cash flows provided by (used in) operations $ 6,967 $ (95,318) $ 386,668 $ 57,616 $ 29,689
Cash flows used in investing activities $ (2,295) $ (33,224) $ (211,955) $ (172,283) $ (7,718)
Cash flows provided by (used in) financing activities $ 4,266 $ 66,702 $ (112,592) $ 91,049 $ 3,075
December 31,
2020 2019 2018 2017 2016
BALANCE SHEET DATA: (in thousands)
Cash and cash equivalents $ 14,822 $ 5,872 $ 67,625 $ 5,637 $ 29,239
Property, plant and equipment, net $ 251,262 $ 352,772 $ 436,699 $ 351,017 $ 242,120
Total assets $ 824,562 $ 952,385 $ 1,073,091 $ 867,243 $ 502,362
Total current liabilities $ 128,598 $ 130,397 $ 233,823 $ 219,988 $ 29,246
Long-term debt $ 81,338 $ 80,000 $ — $ 99,900 $ —
Total liabilities $ 261,235 $ 283,644 $ 319,039 $ 359,447 $ 79,581
Total equity $ 563,327 $ 668,741 $ 754,052 $ 507,796 $ 422,781
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