Financial Data and Key Metrics Changes - U.S. Well Services reported total revenue of $56.5 million for Q3 2021, down 28% from $78.8 million in Q2 2021, primarily due to a reduction in active fleet count [14] - The average active fleet count during the quarter was 5.7, with a utilization rate of 89%, equating to five fully utilized fleets [14] - Revenue per fully utilized fleet increased by 13% in Q3 compared to Q2, indicating improved revenue-generating potential [15] - Adjusted EBITDA was a loss of $465,000 for Q3 2021 [19] Business Line Data and Key Metrics Changes - The company transitioned to a fully electric pressure pumping service provider, retiring its last conventional fleet by the end of August 2021 [8] - The fleet count decreased from a peak of 11 to 5 fleets, impacting staffing levels and operational costs [9] - U.S. Well Services spent nearly $2 million in Q3 to transition to an outsourced power generation model and prepare legacy equipment for sale [9] Market Data and Key Metrics Changes - The company faced inflationary pressures across its supply chain, including rising input prices and increased costs for trucking and logistics [10] - Labor costs increased due to a 15% wage hike implemented in September, which was not immediately passed on to customers due to existing fixed pricing agreements [16] Company Strategy and Development Direction - U.S. Well Services aims to position itself as a leader in electric pressure pumping technology, with plans to deliver the first Nyx Clean Fleets in late Q1 2022 [11] - The company is focused on reducing its debt load and simplifying its capital structure, having repaid nearly $90 million of its senior secured term loan since the beginning of the year [13] - The company believes that ongoing debt reductions will create value for shareholders [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, noting a shift in the pressure pumping industry towards electric and dual fuel fleets, which are now in high demand [10] - The company anticipates challenges during the transition period but expects to ramp up operations with new fleets in early 2022 [24] - Management highlighted the importance of maintaining key personnel during the transition to ensure growth [24] Other Important Information - U.S. Well Services ended Q3 with $47.5 million in total liquidity, consisting of $30.6 million in cash and $16.9 million available under its ABL [20] - The company recognized $1 million in equity compensation expense related to share-based awards during the quarter [18] Q&A Session Summary Question: Visibility into Q4 and expected utilization rates - Management indicated that Q4 may experience typical seasonal slowdowns, affecting utilization rates [23] Question: Recovery of wage increases and EBITDA outlook - Wage recovery is expected to materialize in 2022 as existing contracts roll over to new agreements [25] Question: Economics of conventional horsepower disposals - Management noted that they do not expect to compete with buyers of their diesel horsepower, as most customers prefer electric fleets [27] Question: Premium on bids for electric horsepower - Management has not yet observed an increase in premiums for electric horsepower bids despite rising diesel prices [29] Question: Cost structure and future EBITDA expectations - Management anticipates achieving mid-teens EBITDA per fleet in the second half of next year as new fleets are deployed [31] Question: Repair and maintenance costs during fleet transition - Elevated repair and maintenance costs were attributed to preparing diesel fleets for sale [37] Question: Debt load and cash balance covenants - There are no financial covenants related to cash balance, focusing instead on debt levels for interest relief [40] Question: Q4 adjusted EBITDA expectations - Q4 is expected to resemble Q3 in terms of adjusted EBITDA performance, with potential for slight declines due to seasonality [42] Question: Customer conversations regarding shared economics - Management emphasized that the business model aims for shared economics, targeting a payback period of 2 to 2.5 years for new fleets [44]

Financial Data and Key Metrics Changes - U.S. Well Services reported adjusted EBITDA of $36.9 million for Q2 2021, with an annualized adjusted EBITDA per fleet increasing by 39% to $7.3 million [8][15] - Revenue for the second quarter was $78.8 million, reflecting a 3% sequential increase [12] - Cost of sales decreased by 5% to $59.3 million, primarily due to lower fleet activity [12][13] - SG&A expenses were $7.2 million, down 2% from the previous quarter [13] Business Line Data and Key Metrics Changes - The company averaged 9.3 active fleets during the quarter, achieving a utilization rate of 85% [12] - Revenue from the sale of materials, including sand and chemicals, grew over 80% sequentially [12] - Adjusted EBITDA from hydraulic fracturing operations was approximately $14.4 million, up 25% from the previous quarter [15] Market Data and Key Metrics Changes - The demand for electric fracturing solutions has surged due to increased pressure on E&P companies to reduce greenhouse gas emissions [9][10] - The market for conventional diesel fleets remains oversupplied, with pricing not recovering to pre-COVID-19 levels [9] Company Strategy and Development Direction - U.S. Well Services is transitioning to an all-electric fleet, divesting non-core assets, including conventional diesel-powered frac equipment [10][11] - The company plans to build four new Nyx Clean Fleets, each consisting of 10 dual pump trailers totaling 60,000 horsepower [10] - The strategy includes deploying advanced, cost-effective, and low-emission fleets while reducing debt through asset sales [11] Management Comments on Operating Environment and Future Outlook - Management believes the trends towards electric solutions are permanent and that demand for older diesel equipment will not recover [10] - The company expects to see improved profitability as it transitions to electric fleets and absorbs overhead costs [24][50] Other Important Information - The company ended the quarter with total liquidity of $70.7 million, consisting of cash and availability under its ABL facility [15] - U.S. Well Services has completed over $21 million in asset sales to date, with plans to accelerate sales in the third quarter [11][16] Q&A Session Summary Question: Contribution of conventional horsepower to EBITDA - Management indicated that the EBITDA contribution from the diesel fleet was minimal in the first half of the year due to slow recovery in diesel pricing [22][23] Question: Economics and return objectives for new builds - The expected payback period for the new fleet is 24 months on a cash basis, with strong demand for electric fleets [27] Question: Customer preference between electric and Tier IV DGB - Customers are gravitating towards next-generation solutions due to fuel cost savings and emission reductions, with electric fleets offering more complete benefits [30][32] Question: Maintenance cost comparison between electric and diesel fleets - Historically, electric fleets have shown a 35% to 40% cost advantage over diesel fleets [36] Question: Asset sales and debt reduction strategy - The company is targeting approximately $130 million in total asset sale proceeds to reduce debt levels [58]

U.S. Well Services, Inc. (USWS) Q1 2021 Earnings Conference Call May 17, 2021 11:00 AM ET Company Participants Josh Shapiro - VP, Finance and IR Joel Broussard - CEO Kyle O'Neill - CFO Conference Call Participants Ian MacPherson - Simmons Stephen Gengaro - Stifel John Daniel - Daniel Energy Partners Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services First Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I ...

U.S. Well Services, Inc. (USWS) Q4 2020 Earnings Conference Call March 11, 2021 11:00 AM ET Company Participants Josh Shapiro - VP, Finance and IR Joel Broussard - CEO Kyle O'Neill - CFO Conference Call Participants Stephen Gengaro - Stifel Ian MacPherson - Simmons Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services Full Year and Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my ple ...

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US Well Services, Inc. (USWS) Q1 2020 Earnings Conference Call May 11, 2020 5:00 PM ET Company Participants Josh Shapiro - VP, Finance & IR Joel Broussard - President, CEO & Director Kyle O'Neill - CFO Conference Call Participants Stephen Gengaro - Stifel, Nicolaus & Company Dylan Glosser - Simmons & Company Daniel Burke - Johnson Rice & Company Operator Greetings, and welcome to the U.S. Well Services First Quarter Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being r ...

U.S. Well Services, Inc. (USWS) Q4 2019 Earnings Conference Call March 4, 2020 10:00 AM ET Company Participants Josh Shapiro – Vice President, Finance and Investor Relations Joel Broussard – Chief Executive Officer Kyle O’Neill – Chief Financial Officer Conference Call Participants Stephen Gengaro – Stifel Dylan Glosser – Simmons & Company Daniel Burke – Johnson Rice Operator Greetings, and welcome to U.S. Well Services Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen- ...