Select Energy Services Reports Third Quarter 2021 Financial Results And Operational Updates
Select Energy Services (NYSE: WTTR) reported a third-quarter revenue of $204.6 million, up from $161.1 million in Q2 2021 and $101.2 million in Q3 2020. The net loss narrowed to $14.2 million compared to $19.6 million in Q2 2021. Adjusted EBITDA doubled to $15.1 million. The company achieved significant growth driven by M&A activity and pricing improvements, with a sequential base business revenue increase of 9%. Looking ahead, Select anticipates low double-digit revenue growth for Q4 2021, bolstered by acquisitions and pricing strategies.
- Revenue rose by 27% sequentially from Q2 2021.
- Adjusted EBITDA increased to $15.1 million from $7.6 million in Q2 2021.
- Water Services segment revenue grew 46.7% sequentially, driven by Complete acquisition.
- Acquisitions expected to add $70–80 million in annualized revenue and $6–8 million in Adjusted EBITDA.
- Successful expansion of recycling facilities, enhancing ESG goals.
- Net loss of $14.2 million in Q3 2021, though improved from previous quarters.
- Cash flow from operations was negative at ($2.5 million).
- SG&A expenses increased due to transaction costs associated with acquisitions.
HOUSTON, Nov. 2, 2021 /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 results for the quarter ended September 30, 2021.
Revenue for the third quarter of 2021 was
John Schmitz, Chairman of the Board, President and CEO, stated, "During the third quarter, we continued to execute on our strategy of improving and bolstering our base business, advancing our technology, ESG and diversification efforts, and executing on strategic M&A. We generated meaningful revenue growth in the business during the third quarter, with
"Looking beyond the macro-driven tailwinds towards additional ways we can support our business, we continue to make investments to support our technology, ESG initiatives and diversification efforts. Continued investment in our automation, data analytics, emissions reduction and FluidMatch™ solutions will be critical to providing our customers with lower costs and improved performance. To that end, I'm pleased to announce the addition of Suzi Colbert to our leadership team as Select's Chief Technology Officer. Suzi brings over 20 years of experience in a number of technology and financial operations leadership positions at Marathon, BP, Noble Corporation and Anadarko. Suzi will oversee the integration and development of our R&D, operational technology and IT efforts across the organization to ensure that we continue to advance and grow our position as a technology leader in the sector.
"I am also excited about the execution on our infrastructure and recycling strategies during the third quarter. We completed the expansion of our largest recycling facility, located in Martin County, Texas, during the third quarter, and completed construction of our three newest Permian Basin recycling facilities in late September. Additionally, Select was recently awarded a three year take-or-pay contract to build, own and operate a produced water recycling facility for a major integrated oil and gas company in the Rockies region. These recycling opportunities will be critical to achieving our ESG goals and those of our customers by facilitating both decreased fresh water usage and reduced waste disposal.
"On the M&A front, we have continued to be quite active in the marketplace with the recent acquisitions of Complete, Agua Libre and UltRecovery. Complete has already made notable contributions to our business and financial results, while we believe Agua Libre, which closed on October 1st, should add an incremental
"Operationally, with Agua Libre we've acquired a solid production services presence in Texas, New Mexico, Oklahoma and North Dakota, as well as more than 550,000 barrels per day of permitted disposal capacity. When combined with our existing assets, including Complete, our company-wide permitted daily disposal capacity has increased to approximately two million barrels per day. Additionally, more than half of Agua Libre's current produced water volumes are delivered via pipelines, supported by a number of long-term contracts. Ultimately, we believe these assets are well-positioned for subsequent sustainable development opportunities such as recycling and reuse solutions. Importantly, with nearly
"Ultimately, I am excited about our recent M&A execution, our technology strategy, our recycling projects and our other sustainability-focused investments. I firmly believe the market needs continued consolidation and we are well positioned to execute on additional opportunities ahead. With growing activity, strong commodity prices and improved operational and financial performance, the future remains bright," concluded Schmitz.
Consolidated Financial Information
For the third quarter of 2021, revenue was
SG&A during the third quarter of 2021 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 third quarter of 2021 was (
Balance Sheet and Capital Structure
Total cash and cash equivalents were
The Company had no borrowings outstanding under its revolving credit facility as of September 30, 2021 and December 31, 2020. As of September 30, 2021 and December 31, 2020, the borrowing base under the revolving credit facility was
Total liquidity was
Complete Energy Services Acquisition
On July 9, 2021, Select closed on the acquisition of Complete, an operating subsidiary of Superior. Select acquired substantially all of the water-related assets, liabilities and ongoing operations of the business, including working capital. Superior retained certain non-core and non-water-related assets that were part of Complete as part of the transaction. In consideration, Select issued 3.6 million shares of Class A common stock and paid
Complete is a leading provider of production- and completion-related water solutions, including produced water gathering and disposal solutions, fluids handling, water transfer, flowback and well testing, water heating and containment solutions across the U.S., including the Permian, Mid-Continent, DJ and Powder River Basins, and the Marcellus and Utica Shales.
UltRecovery Acquisition
On August 2, 2021, Select acquired substantially all of the assets of UltRecovery, a provider of sustainable production enhancement applications focused on existing conventional and unconventional oil and gas wells. In consideration, Select paid
Acquisition of Agua Libre Midstream and Other Water Related Assets from Basic
Subsequent to the end of the third quarter, on October 1, 2021, Select closed on the acquisition of substantially all of the assets of Agua Libre and certain water-related assets and operations of Basic and assumed liabilities in connection therewith, in each case pursuant to the terms of the stalking horse asset purchase agreement previously entered into with Basic and Agua Libre and as approved by the U.S. Bankruptcy Court for the Southern District of Texas on September 23, 2021 pursuant to Section 363 of the U.S. Bankruptcy Code. As consideration for the acquisition, Select issued 902,593 shares of Class A common stock and paid
Agua Libre is a leading provider of water midstream, logistics and production services to the oil and gas industry, including operations in Texas, New Mexico, Oklahoma and North Dakota.
Produced Water Recycling Facility in the DJ Basin for Major Integrated Oil and Gas Company
Select was recently awarded a contract to build, own and operate a produced water recycling facility for a major international integrated oil and gas company in the DJ Basin. The project is being supported by a three year take-or-pay contract. The Company commenced construction on this fixed infrastructure produced water recycling facility during the third quarter of 2021. This facility will support the recycling of up to 15,000 barrels of water per day with the ability to upgrade to 30,000 barrels per day. This facility will be connected via pipeline to an existing saltwater disposal well owned and operated by Select. The Company expects this facility to begin temporary operations in the fourth quarter of 2021 and to be completed by the end of the first quarter of 2022.
Conference Call
Select has scheduled a conference call on Wednesday, November 3, 2021 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.selectenergyservices.com/events-and-presentations. A telephonic replay of the conference call will be available through November 17, 2021 and may be accessed by calling 201-612-7415 using passcode 13724040#. 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, related economic repercussions and the resulting severe disruption in the oil and gas industry and impact on demand for oil and gas, which has negatively impacted our business; 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, our subsequently filed Quarterly Reports on Form 10-Q 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 - VP, Investor Relations & Treasurer | |
(713) 296-1073 | |
Dennard Lascar Investor Relations | |
Ken Dennard / Lisa Elliott | |
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 September 30, | Nine months ended September 30, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Revenue | |||||||||||||||||||
Water Services | $ | 112,474 | $ | 54,516 | $ | 253,348 | $ | 259,834 | |||||||||||
Water Infrastructure | 36,787 | 16,165 | 107,916 | 89,227 | |||||||||||||||
Oilfield Chemicals | 55,372 | 30,561 | 148,228 | 122,705 | |||||||||||||||
Total revenue | 204,633 | 101,242 | 509,492 | 471,766 | |||||||||||||||
Costs of revenue | |||||||||||||||||||
Water Services | 94,667 | 52,861 | 227,736 | 235,989 | |||||||||||||||
Water Infrastructure | 28,494 | 12,816 | 81,130 | 74,500 | |||||||||||||||
Oilfield Chemicals | 49,583 | 28,558 | 132,103 | 110,996 | |||||||||||||||
Other | — | 30 | — | 37 | |||||||||||||||
Depreciation and amortization | 22,904 | 23,877 | 65,572 | 75,567 | |||||||||||||||
Total costs of revenue | 195,648 | 118,142 | 506,541 | 497,089 | |||||||||||||||
Gross profit (loss) | 8,985 | (16,900) | 2,951 | (25,323) | |||||||||||||||
Operating expenses | |||||||||||||||||||
Selling, general and administrative | 22,044 | 15,955 | 57,828 | 58,902 | |||||||||||||||
Depreciation and amortization | 562 | 685 | 1,835 | 2,204 | |||||||||||||||
Impairment of goodwill and trademark | — | — | — | 276,016 | |||||||||||||||
Impairment and abandonment of property and equipment | — | — | — | 7,910 | |||||||||||||||
Lease abandonment costs | 154 | 672 | 480 | 2,493 | |||||||||||||||
Total operating expenses | 22,760 | 17,312 | 60,143 | 347,525 | |||||||||||||||
Loss from operations | (13,775) | (34,212) | (57,192) | (372,848) | |||||||||||||||
Other (expense) income | |||||||||||||||||||
Gain (loss) on sales of property and equipment and divestitures, net | 315 | 891 | (1,921) | (1,727) | |||||||||||||||
Interest expense, net | (419) | (789) | (1,254) | (1,633) | |||||||||||||||
Foreign currency (loss) gain, net | (6) | 13 | 1 | (6) | |||||||||||||||
Other expense, net | (222) | (2,364) | (956) | (4,805) | |||||||||||||||
Loss before income tax benefit | (14,107) | (36,461) | (61,322) | (381,019) | |||||||||||||||
Income tax benefit | 32 | 201 | 211 | 495 | |||||||||||||||
Equity in losses of unconsolidated entities | (129) | — | (129) | — | |||||||||||||||
Net loss | (14,204) | (36,260) | (61,240) | (380,524) | |||||||||||||||
Less: net loss attributable to noncontrolling interests | 2,160 | 5,719 | 9,522 | 59,823 | |||||||||||||||
Net loss attributable to Select Energy Services, Inc. | $ | (12,044) | $ | (30,541) | $ | (51,718) | $ | (320,701) | |||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||
Class A—Basic | $ | (0.14) | $ | (0.36) | $ | (0.60) | $ | (3.76) | |||||||||||
Class B—Basic | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||
Class A—Diluted | $ | (0.14) | $ | (0.36) | $ | (0.60) | $ | (3.76) | |||||||||||
Class B—Diluted | $ | — | $ | — | $ | — | $ | — | |||||||||||
SELECT ENERGY SERVICES, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) | ||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||
(unaudited) | ||||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 107,413 | $ | 169,039 | ||||||||
Accounts receivable trade, net of allowance for credit losses of | 185,693 | 129,392 | ||||||||||
Accounts receivable, related parties | 131 | 69 | ||||||||||
Inventories | 37,967 | 33,384 | ||||||||||
Prepaid expenses and other current assets | 25,052 | 19,621 | ||||||||||
Total current assets | 356,256 | 351,505 | ||||||||||
Property and equipment | 892,872 | 878,902 | ||||||||||
Accumulated depreciation | (549,725) | (528,537) | ||||||||||
Total property and equipment, net | 343,147 | 350,365 | ||||||||||
Right-of-use assets, net | 47,806 | 52,331 | ||||||||||
Other intangible assets, net | 111,192 | 116,079 | ||||||||||
Other long-term assets, net | 9,731 | 5,079 | ||||||||||
Total assets | $ | 868,132 | $ | 875,359 | ||||||||
Liabilities and Equity | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 26,655 | $ | 12,995 | ||||||||
Accrued accounts payable | 34,663 | 21,359 | ||||||||||
Accounts payable and accrued expenses, related parties | 1,478 | 519 | ||||||||||
Accrued salaries and benefits | 12,987 | 16,279 | ||||||||||
Accrued insurance | 9,881 | 9,788 | ||||||||||
Sales tax payable | 1,662 | 1,415 | ||||||||||
Accrued expenses and other current liabilities | 10,571 | 12,077 | ||||||||||
Current operating lease liabilities | 14,153 | 14,019 | ||||||||||
Current portion of finance lease obligations | 190 | 307 | ||||||||||
Total current liabilities | 112,240 | 88,758 | ||||||||||
Long-term operating lease liabilities | 54,143 | 60,984 | ||||||||||
Other long-term liabilities | 32,788 | 19,735 | ||||||||||
Total liabilities | 199,171 | 169,477 | ||||||||||
Commitments and contingencies | ||||||||||||
Class A common stock, | 921 | 868 | ||||||||||
Class A-2 common stock, | — | — | ||||||||||
Class B common stock, | 162 | 162 | ||||||||||
Preferred stock, | — | — | ||||||||||
Additional paid-in capital | 935,742 | 909,278 | ||||||||||
Accumulated deficit | (368,965) | (317,247) | ||||||||||
Total stockholders' equity | 567,860 | 593,061 | ||||||||||
Noncontrolling interests | 101,101 | 112,821 | ||||||||||
Total equity | 668,961 | 705,882 | ||||||||||
Total liabilities and equity | $ | 868,132 | $ | 875,359 | ||||||||
SELECT ENERGY SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) | ||||||||||||
Nine months ended September 30, | ||||||||||||
2021 | 2020 | |||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (61,240) | $ | (380,524) | ||||||||
Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 67,407 | 77,771 | ||||||||||
Net loss on disposal of property and equipment and divestitures | 1,921 | 1,316 | ||||||||||
Equity in losses of unconsolidated entities | 129 | — | ||||||||||
Bad debt (recovery) expense | (651) | 6,108 | ||||||||||
Amortization of debt issuance costs | 516 | 516 | ||||||||||
Inventory write-downs | 139 | 787 | ||||||||||
Equity-based compensation | 6,248 | 4,058 | ||||||||||
Impairment of goodwill and trademark | — | 276,016 | ||||||||||
Impairment and abandonment of property and equipment | — | 7,910 | ||||||||||
Loss on divestitures | — | 411 | ||||||||||
Unrealized loss (gain) on short-term investment | 1,406 | (189) | ||||||||||
Other operating items, net | (309) | 347 | ||||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable | (32,509) | 171,700 | ||||||||||
Prepaid expenses and other assets | (10,284) | 11,761 | ||||||||||
Accounts payable and accrued liabilities | 13,331 | (58,160) | ||||||||||
Net cash (used in) provided by operating activities | (13,896) | 119,828 | ||||||||||
Cash flows from investing activities | ||||||||||||
Proceeds received from divestitures | — | 197 | ||||||||||
Purchase of property and equipment | (29,925) | (19,100) | ||||||||||
Investment in note receivable | (1,101) | — | ||||||||||
Purchase of equity method investments | (2,200) | — | ||||||||||
Distribution from cost method investment | 120 | — | ||||||||||
Acquisitions, net of cash received | (18,644) | — | ||||||||||
Proceeds received from sales of property and equipment | 6,491 | 15,854 | ||||||||||
Net cash used in investing activities | (45,259) | (3,049) | ||||||||||
Cash flows from financing activities | ||||||||||||
Payments of finance lease obligations | (238) | (189) | ||||||||||
Proceeds from share issuance | 43 | 59 | ||||||||||
(Distributions to) contributions from noncontrolling interests | (1,074) | 383 | ||||||||||
Repurchase of common stock | (1,206) | (10,876) | ||||||||||
Net cash used in financing activities | (2,475) | (10,623) | ||||||||||
Effect of exchange rate changes on cash | 4 | 14 | ||||||||||
Net (decrease) increase in cash and cash equivalents | (61,626) | 106,170 | ||||||||||
Cash and cash equivalents, beginning of period | 169,039 | 79,268 | ||||||||||
Cash and cash equivalents, end of period | $ | 107,413 | $ | 185,438 | ||||||||
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. 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. For further discussion, please see "Item 6. Selected Financial Data" in our Annual Report on Form 10-K for the year ended December 31, 2020. | |||||||||
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure for the periods presented: | |||||||||
Three months ended, | |||||||||
(unaudited) (in thousands) | September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||
Net loss | $ | (14,204) | $ | (19,615) | $ | (36,260) | |||
Interest expense, net | 419 | 400 | 789 | ||||||
Income tax expense (benefit) | (32) | 84 | (201) | ||||||
Depreciation and amortization | 23,466 | 21,642 | 24,562 | ||||||
EBITDA | 9,649 | 2,511 | (11,110) | ||||||
Non-cash compensation expenses | 2,302 | 2,524 | 2,242 | ||||||
Non-cash loss on sale of assets or subsidiaries | 189 | 2,150 | 1,400 | ||||||
Non-recurring transaction costs | 2,709 | 149 | 527 | ||||||
Lease abandonment costs | 154 | 222 | 672 | ||||||
Other non-recurring charges | — | — | 1,622 | ||||||
Equity in losses of unconsolidated entities | 129 | — | — | ||||||
Foreign currency loss (gain), net | 6 | (4) | (13) | ||||||
Adjusted EBITDA | $ | 15,138 | $ | 7,552 | $ | (4,660) | |||
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) | September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||
Gross profit (loss) by segment | |||||||||
Water services | $ | 4,109 | $ | (6,432) | $ | (13,233) | |||
Water infrastructure | 1,433 | 643 | (3,207) | ||||||
Oilfield chemicals | 3,443 | 4,152 | (430) | ||||||
Other | — | — | (30) | ||||||
As reported gross profit (loss) | 8,985 | (1,637) | (16,900) | ||||||
Plus depreciation and amortization | |||||||||
Water services | 13,698 | 12,338 | 14,888 | ||||||
Water infrastructure | 6,860 | 6,446 | 6,556 | ||||||
Oilfield chemicals | 2,346 | 2,234 | 2,433 | ||||||
Other | — | — | — | ||||||
Total depreciation and amortization | 22,904 | 21,018 | 23,877 | ||||||
Gross profit before D&A | $ | 31,889 | $ | 19,381 | $ | 6,977 | |||
Gross profit (loss) before D&A by segment | |||||||||
Water services | 17,807 | 5,906 | 1,655 | ||||||
Water infrastructure | 8,293 | 7,089 | 3,349 | ||||||
Oilfield chemicals | 5,789 | 6,386 | 2,003 | ||||||
Other | — | — | (30) | ||||||
Total gross profit before D&A | $ | 31,889 | $ | 19,381 | $ | 6,977 | |||
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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