SELECT ENERGY SERVICES REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS AND PROVIDES OPERATIONAL UPDATE
For the first quarter of 2022, Select Energy Services (NYSE: WTTR) reported revenue of $294.8 million, reflecting a 16% increase from the previous quarter. The company achieved net income of $8.0 million and an Adjusted EBITDA of $32.2 million, a 22% sequential rise. Select completed the acquisition of Nuverra Environmental Solutions and secured a $270 million sustainability-linked credit facility. The firm anticipates 8%-12% revenue growth in Q2 2022, aided by improved market activity and pricing dynamics.
- Revenue increased 16% sequentially to $294.8 million.
- Net income of $8.0 million, a significant recovery from a net loss of $27.4 million year-over-year.
- Adjusted EBITDA rose 22% to $32.2 million, supported by acquisitions and operational efficiencies.
- Acquisition of Nuverra expected to enhance revenue and operational capabilities.
- Sustainability-linked credit facility secured, incentivizing water recycling and safety improvements.
- Cash flow from operations was negative at ($18.6) million, significantly impacted by working capital needs.
- SG&A expenses increased to $28.3 million, reflecting non-recurring transaction costs.
Revenue of
Net income of
Repurchased 2.3 million shares of Class A common stock in the open market for
Closed on the acquisition of Nuverra Environmental Solutions, Inc. (NYSE American: NES) ("Nuverra")
Closed on
Issued its 2021 Sustainability Report, the Company's inaugural report
HOUSTON, May 3, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the U.S. unconventional oil and gas industry, today announced its financial results for the first quarter ended March 31, 2022.
John Schmitz, Chairman of the Board, President and CEO, stated, "Overall, I'm very pleased with our first quarter performance and the continued progress we've made in executing our strategy to improve and bolster the base business, advance our technology, ESG and diversification efforts, and execute on strategic M&A. The first quarter represented another strong quarter of sequential revenue growth while we expanded margins and recorded positive net income. Select benefitted from a strong commodity price backdrop and continued positive momentum from an industry activity standpoint. This combination of factors led to
"On the M&A front, we have seen meaningful contributions from our recent acquisitions, including a partial quarter contribution from Nuverra Environmental Solutions, which closed in late February. Setting aside the partial quarter growth contributions from Nuverra, the business grew revenue sequentially by
"We continue to see significant opportunities to build upon the infrastructure footprint we've assembled through our recent acquisitions. During the first quarter, we executed a long-term acreage dedication contract for a new recycling facility in the Northern Delaware Basin with a large independent operator, thereby expanding the scope of our relationship with this existing recycling customer. This facility will be further supported by a multi-year contract with another third party water midstream company to allow them to tie in via pipeline, which provides dedicated produced water for additional recycling volumes. We also reached an agreement to increase the size of our previously announced DJ Basin recycling facility, supported by additional long-term committed contractual volumes from our anchor customer. Additionally, we've signed numerous new multi-year contracts, including wellbore dedications and minimum volume commitments, to build additional gathering pipelines to tie in produced water volumes into existing disposal facilities in the MidCon and Haynesville regions. Several of these recent development opportunities are built around infrastructure assets acquired from our recent M&A activities. While I'm excited about these recent successes, I believe a very strong pipeline of additional development opportunities remains.
"I'm also proud of the recent commitments we've made to our sustainability strategy through the closing of our
"Additionally, as we look at our overall capital allocation priorities, we continue to believe that returning capital to shareholders is a key part of our overall business strategy. To this end, we executed the opportunistic open market repurchase of approximately 2.3 million Class A shares during the first quarter for approximately
"Ultimately, I am excited about our recent financial performance, M&A execution, our infrastructure development projects and our other sustainability-focused investments and initiatives. I firmly believe the strategy we've undertaken not only leaves us well positioned to execute on additional growth ahead, but also positions us to further evaluate opportunities to return capital to shareholders in the future. With growing activity, strong commodity prices and improved operational and financial performance, the future remains bright for Select," concluded Schmitz.
Consolidated Financial Information
Revenue for the first quarter of 2022 was
For the first quarter of 2022, gross profit was
SG&A during the first quarter of 2022 was
Adjusted EBITDA was
Business Segment Information
The Water Services segment generated revenues of
The Water Infrastructure segment generated revenues of
The Oilfield Chemicals segment generated revenues of
Cash Flow and Capital Expenditures
Cash flow from operations for the first quarter of 2022 was (
Net capital expenditures for the first quarter of 2022 were
Cash flow used in investing activities during the first quarter of 2022 included an inflow of approximately
Cash flow from financing activities during the first quarter of 2022 included
Balance Sheet and Capital Structure
Total cash and cash equivalents were
As of March 31, 2022 and December 31, 2021, the borrowing base under the sustainability-linked credit facility and the previous credit facility was
Total liquidity was
Acquisition of Nuverra Environmental Solutions, Inc.
On February 23, 2022, Select closed on the acquisition of Nuverra. Under the terms of the agreement, Nuverra stockholders received 0.2551 shares of Select Class A common stock for each share of Nuverra common stock, or approximately 4.2 million shares of Select Class A common stock in exchange for all outstanding shares of Nuverra. Additionally, Select repaid approximately
Nuverra is an energy-focused solutions company, providing environmental solutions, including the removal, treatment, recycling, transportation and disposal of restricted solids, fluids and hydrocarbons for exploration and production companies operating across the U.S., including in the Bakken, Haynesville, Marcellus and Utica Shales.
The acquisition strengthens Select's geographic footprint with a unique set of water logistics and infrastructure assets, particularly in the Bakken, Haynesville and Northeast, while continuing to expand Select's production-related revenues. Select also acquired a 60-mile underground twin pipeline network in the Haynesville Shale in Texas and Louisiana. The pipeline network provides for the collection of produced water for transport to interconnected disposal wells and the delivery or re-delivery of water from water sources to operator locations for use in well completion activities. Additionally, Nuverra operates a landfill facility in North Dakota located on a 50-acre site. The facility provides a unique opportunity for Select to expand its logistics capabilities into a new service offering. The acquisition is expected to result in a bargain purchase gain based on our preliminary evaluation.
Sustainability-linked Credit Facility
On March 17, 2022, Select successfully transitioned its existing Asset-Backed Loan credit facility into a Sustainability-Linked credit facility, while extending the facility through March of 2027. Under the terms of the amended facility, Select will receive pricing benefits for achieving ambitious targets associated with escalating volumes of produced water recycled through its permanent or semi-permanent facilities and operating substantially more safely than industry peers, or pay higher fees for failing to hit those targets.
The Lead Arranger for the facility was Wells Fargo Bank, N.A., with Bank of America, N. A. acting as Joint Lead Arranger and Joint Bookrunner. Wells Fargo Capital Finance, LLC acted as Sustainability Structuring Agent. Amegy Bank, Royal Bank of Canada, Cadence Bank and BOK Financial each serve as additional Lenders in the facility.
2021 Sustainability Report
On April 28, 2022, Select issued its 2021 Sustainability Report, the Company's inaugural release. Select's 2021 Sustainability Report highlights the policies, processes, procedures and performance by which Select establishes and advances Environmental, Social, and Governance ("ESG") goals and criteria, as well as how the Company aims to act as a force for environmental stewardship and promote sustainable development in communities in which it operates. The report reviews the application of Select's business principles and supporting policies across the business. The report includes information based on internal discussions, external stakeholder feedback, and consultations with third-party experts. Select intends to regularly report on our ESG policies, procedures, and performance, both on our website and through our annual Sustainability Report. Readers are encouraged to read the report in its entirety, which is accessible at https://www.selectenergy.com/sustainability/.
Business Development Updates
Northern Delaware Produced Water Recycling Facility
During the first quarter of 2022, Select signed a long-term acreage dedication contract from a large independent operator to build a 50,000 barrel per day recycling facility in the Northern Delaware Basin. The facility will be supported by a previous pipeline Select constructed for this customer to transport volumes between multiple fields of their operations. Additionally, this facility will be supported by a multi-year contract with an independent third party water midstream provider to tie in via pipeline its existing produced water for additional recycling volumes. This facility will be supplemented by 1.2 million barrels of surface storage capacity and is expected to be completed during the second quarter of 2022 at a cost of approximately
DJ Basin Produced Water Gathering, Disposal and Recycling Facility
During the first quarter of 2022, Select amended its previously announced agreement with a major integrated oil and gas company supporting its produced water gathering, disposal and recycling facility in the DJ Basin. The amended agreement will increase the take-or-pay volume commitment in exchange for increasing the size of the facility to 25,000 barrels per day of capacity, an increase of 10,000 barrels per day. The facility commenced operations during the first quarter of 2022 and the expansion is expected to be fully operational in the second quarter of 2022.
Haynesville Gathering and Disposal Facility
During the first quarter of 2022, Select signed a 10-year wellbore dedication agreement with a large independent operator to reactivate a recently acquired disposal facility that had been previously shut in. As part of the agreement, Select will be providing a capacity guarantee to the operator and the facility is expected to be on line during the second quarter of 2022.
MidCon Gathering and Disposal Agreements
During the first quarter of 2022, Select signed a multi-year gathering and disposal agreement with a minimum volume commitment in exchange for a capacity dedication with a large independent operator in the MidCon region. Additionally, Select signed an agreement with an additional operator to tie in their existing pipeline infrastructure. These facilities were recently acquired assets and represent our first new contractual dedication in the MidCon region since the Complete Energy Services acquisition in the third quarter of 2021.
Conference Call
Select has scheduled a conference call on Wednesday, May 4, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address http://investors.selectenergy.com/events-and-presentations. A telephonic replay of the conference call will be available through May 18, 2022 and may be accessed by calling 201-612-7415 using passcode 13729213#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About Select Energy Services, Inc.
Select Energy Services, Inc. and its consolidated subsidiaries (collectively referred to as "Select" or the "Company") is a leading provider of sustainable water and chemical solutions to the oil and gas industry. Select develops, manufactures and delivers a full suite of chemical products for use in oil and gas well completion and production operations as well as integration into the full water life-cycle. These solutions are supported by the Company's critical water infrastructure assets and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the continued success of the Company. For more information, please visit Select's website, http://www.selectenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "project," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to: the severity and duration of world health events, including the COVID-19 pandemic, which had a negative impact on our business; the global macroeconomic uncertainty related to the Russia-Ukraine war; actions by the members of OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; 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 level of capital spending and access to capital markets by oil and gas companies, trends and volatility in oil and gas prices, and our ability to manage through such volatility; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
Contacts: | Select Energy Services |
Chris George – Senior Vice President, Corporate | |
(713) 296-1073 | |
Dennard Lascar Investor Relations | |
Ken Dennard | |
713-529-6600 | |
WTTR-ER | ||||||
SELECT ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) | ||||||
Three months ended March 31, | ||||||
2022 | 2021 | |||||
Revenue | ||||||
Water Services | $ | 163,606 | $ | 64,223 | ||
Water Infrastructure | 58,554 | 37,803 | ||||
Oilfield Chemicals | 72,609 | 41,716 | ||||
Total revenue | 294,769 | 143,742 | ||||
Costs of revenue | ||||||
Water Services | 137,046 | 62,324 | ||||
Water Infrastructure | 44,378 | 26,399 | ||||
Oilfield Chemicals | 62,163 | 37,766 | ||||
Depreciation and amortization | 26,500 | 21,650 | ||||
Total costs of revenue | 270,087 | 148,139 | ||||
Gross profit (loss) | 24,682 | (4,397) | ||||
Operating expenses | ||||||
Selling, general and administrative | 28,315 | 19,894 | ||||
Depreciation and amortization | 567 | 649 | ||||
Lease abandonment costs | 91 | 104 | ||||
Total operating expenses | 28,973 | 20,647 | ||||
Loss from operations | (4,291) | (25,044) | ||||
Other income (expense) | ||||||
Gain (loss) on sales of property and equipment and divestitures, net | 1,653 | (579) | ||||
Interest expense, net | (720) | (435) | ||||
Foreign currency gain, net | 3 | 3 | ||||
Bargain purchase gain | 11,434 | — | ||||
Other | 249 | (1,629) | ||||
Income (loss) before income tax (expense) benefit | 8,328 | (27,684) | ||||
Income tax (expense) benefit | (214) | 263 | ||||
Equity in losses of unconsolidated entities | (129) | — | ||||
Net income (loss) | 7,985 | (27,421) | ||||
Less: net (income) loss attributable to noncontrolling interests | (1,183) | 4,314 | ||||
Net income (loss) attributable to Select Energy Services, Inc. | $ | 6,802 | $ | (23,107) | ||
Net income (loss) per share attributable to common stockholders: | ||||||
Class A—Basic | $ | 0.07 | $ | (0.27) | ||
Class B—Basic | $ | — | $ | — | ||
Net income (loss) per share attributable to common stockholders: | ||||||
Class A—Diluted | $ | 0.07 | $ | (0.27) | ||
Class B—Diluted | $ | — | $ | — | ||
SELECT ENERGY SERVICES, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) | |||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||
(unaudited) | |||||||||||||
Assets | |||||||||||||
Current assets | |||||||||||||
Cash and cash equivalents | $ | 24,797 | $ | 85,801 | |||||||||
Restricted cash | 2,602 | — | |||||||||||
Accounts receivable trade, net of allowance for credit losses of | 293,595 | 232,824 | |||||||||||
Accounts receivable, related parties | 157 | 219 | |||||||||||
Inventories | 43,074 | 44,456 | |||||||||||
Prepaid expenses and other current assets | 33,979 | 31,486 | |||||||||||
Total current assets | 398,204 | 394,786 | |||||||||||
Property and equipment | 997,229 | 943,515 | |||||||||||
Accumulated depreciation | (556,764) | (551,727) | |||||||||||
Total property and equipment, net | 440,465 | 391,788 | |||||||||||
Right-of-use assets, net | 54,933 | 47,732 | |||||||||||
Other intangible assets, net | 105,881 | 108,472 | |||||||||||
Other long-term assets, net | 12,437 | 7,414 | |||||||||||
Total assets | $ | 1,011,920 | $ | 950,192 | |||||||||
Liabilities and Equity | |||||||||||||
Current liabilities | |||||||||||||
Accounts payable | $ | 57,311 | $ | 36,049 | |||||||||
Accrued accounts payable | 49,935 | 52,051 | |||||||||||
Accounts payable and accrued expenses, related parties | 2,375 | 1,939 | |||||||||||
Accrued salaries and benefits | 16,517 | 22,233 | |||||||||||
Accrued insurance | 18,664 | 13,408 | |||||||||||
Sales tax payable | 2,609 | 2,706 | |||||||||||
Accrued expenses and other current liabilities | 20,100 | 19,544 | |||||||||||
Current operating lease liabilities | 18,101 | 13,997 | |||||||||||
Current portion of finance lease obligations | 57 | 113 | |||||||||||
Total current liabilities | 185,669 | 162,040 | |||||||||||
Long-term operating lease liabilities | 55,464 | 53,198 | |||||||||||
Other long-term liabilities | 47,395 | 39,780 | |||||||||||
Total liabilities | 288,528 | 255,018 | |||||||||||
Commitments and contingencies | |||||||||||||
Class A common stock, | 981 | 942 | |||||||||||
Class A-2 common stock, | — | — | |||||||||||
Class B common stock, | 162 | 162 | |||||||||||
Preferred stock, | — | — | |||||||||||
Additional paid-in capital | 971,282 | 950,464 | |||||||||||
Accumulated deficit | (352,670) | (359,472) | |||||||||||
Total stockholders' equity | 619,755 | 592,096 | |||||||||||
Noncontrolling interests | 103,637 | 103,078 | |||||||||||
Total equity | 723,392 | 695,174 | |||||||||||
Total liabilities and equity | $ | 1,011,920 | $ | 950,192 | |||||||||
SELECT ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) | ||||||
Three months ended March 31, | ||||||
2022 | 2021 | |||||
Cash flows from operating activities | ||||||
Net income (loss) | $ | 7,985 | $ | (27,421) | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||||||
Depreciation and amortization | 27,067 | 22,299 | ||||
(Gain) loss on disposal of property and equipment and divestitures | (1,653) | 579 | ||||
Equity in losses of unconsolidated entities | 129 | — | ||||
Bad debt expense | 571 | 300 | ||||
Amortization of debt issuance costs | 294 | 172 | ||||
Inventory write-downs | — | 54 | ||||
Equity-based compensation | 3,275 | 1,422 | ||||
Bargain purchase gain | (11,434) | — | ||||
Unrealized loss on short-term investment | 40 | 1,831 | ||||
Other operating items, net | 99 | (129) | ||||
Changes in operating assets and liabilities | ||||||
Accounts receivable | (46,622) | (11,187) | ||||
Prepaid expenses and other assets | 4,554 | (2,696) | ||||
Accounts payable and accrued liabilities | (2,855) | 10,903 | ||||
Net cash used in operating activities | (18,550) | (3,873) | ||||
Cash flows from investing activities | ||||||
Purchase of property and equipment | (15,463) | (4,534) | ||||
Purchase of equity method investments | (3,467) | (2,000) | ||||
Collection of note receivable | 184 | — | ||||
Distribution from cost method investment | 20 | — | ||||
Acquisitions, net of cash and restricted cash received | 6,941 | — | ||||
Proceeds received from sales of property and equipment | 12,123 | 2,316 | ||||
Other | (429) | — | ||||
Net cash used in investing activities | (91) | (4,218) | ||||
Cash flows from financing activities | ||||||
Borrowings from revolving line of credit | 20,000 | — | ||||
Payments on revolving line of credit | (20,000) | — | ||||
Payments on long-term debt | (18,780) | — | ||||
Payments of finance lease obligations | (61) | (75) | ||||
Payment of debt issuance costs | (2,031) | |||||
Proceeds from share issuance | 12 | 14 | ||||
Repurchase of common stock | (18,908) | (874) | ||||
Net cash used in financing activities | (39,768) | (935) | ||||
Effect of exchange rate changes on cash | 7 | 8 | ||||
Net decrease in cash, cash equivalents, and restricted cash | (58,402) | (9,018) | ||||
Cash, cash equivalents, and restricted cash beginning of period | 85,801 | 169,039 | ||||
Cash, cash equivalents, and restricted cash end of period | $ | 27,399 | $ | 160,021 | ||
Comparison of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss), plus interest expense, income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment charges or asset write-offs pursuant to accounting principles generally accepted in the U.S. ("GAAP"), plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains) and plus/(minus) losses/(gains) on unconsolidated entities less bargain purchase gains from business combinations. We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.
Net income (loss) is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit (loss) is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP measure for the periods presented:
Three months ended, | ||||||||||
(unaudited) (in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||
Net income (loss) | $ | 7,985 | $ | 11,155 | $ | (27,421) | ||||
Interest expense, net | 720 | 457 | 435 | |||||||
Income tax expense (benefit) | 214 | 358 | (263) | |||||||
Depreciation and amortization | 27,067 | 25,051 | 22,299 | |||||||
EBITDA | 35,986 | 37,021 | (4,950) | |||||||
Bargain purchase gain | (11,434) | (18,985) | — | |||||||
Non-recurring severance expenses | — | — | 3,225 | |||||||
Non-cash compensation expenses | 3,275 | 3,221 | 1,422 | |||||||
Non-cash loss on sale of assets or subsidiaries | 520 | 1,560 | 697 | |||||||
Non-recurring transaction costs | 3,617 | 2,386 | 412 | |||||||
Lease abandonment costs | 91 | 414 | 104 | |||||||
Other non-recurring charges | — | 608 | — | |||||||
Equity in losses of unconsolidated entities | 129 | 150 | — | |||||||
Foreign currency gain, net | (3) | (1) | (3) | |||||||
Adjusted EBITDA | $ | 32,181 | $ | 26,374 | $ | 907 | ||||
The following table presents a reconciliation of gross profit before D&A to total gross loss, which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:
Three months ended, | |||||||||
(unaudited) (in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||
Gross profit (loss) by segment | |||||||||
Water services | $ | 10,998 | $ | 7,047 | $ | (11,156) | |||
Water infrastructure | 5,745 | 4,720 | 5,149 | ||||||
Oilfield chemicals | 7,939 | 6,142 | 1,610 | ||||||
Other | — | — | — | ||||||
As reported gross profit (loss) | 24,682 | 17,909 | (4,397) | ||||||
Plus depreciation and amortization | |||||||||
Water services | 15,562 | 14,686 | 13,055 | ||||||
Water infrastructure | 8,431 | 7,396 | 6,255 | ||||||
Oilfield chemicals | 2,507 | 2,374 | 2,340 | ||||||
Other | — | — | — | ||||||
Total depreciation and amortization | 26,500 | 24,456 | 21,650 | ||||||
Gross profit before D&A | $ | 51,182 | $ | 42,365 | $ | 17,253 | |||
Gross profit before D&A by segment | |||||||||
Water services | 26,560 | 21,733 | 1,899 | ||||||
Water infrastructure | 14,176 | 12,116 | 11,404 | ||||||
Oilfield chemicals | 10,446 | 8,516 | 3,950 | ||||||
Other | — | — | — | ||||||
Total gross profit before D&A | $ | 51,182 | $ | 42,365 | $ | 17,253 | |||
Gross margin before D&A by segment | |||||||||
Water services | |||||||||
Water infrastructure | |||||||||
Oilfield chemicals | |||||||||
Other | n/a | n/a | n/a | ||||||
Total gross margin before D&A | |||||||||
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SOURCE Select Energy Services, Inc.
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