Mammoth Energy Services(TUSK)
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Mammoth Energy Services(TUSK) - 2021 Q4 - Annual Report
2022-03-04 21:58
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-37917 Mammoth Energy Services, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0498321 (I.R.S. Employer Identification No.) 14201 Caliber Drive, Suite 300 Oklahoma City, Oklahoma (405) 608-6007 73134 (Add ...
Mammoth Energy Services(TUSK) - 2021 Q4 - Earnings Call Transcript
2022-03-04 16:10
Financial Data and Key Metrics Changes - Total revenue for Q4 2021 was $57.2 million, down from $85.1 million in Q4 2020 and slightly down from $57.5 million in Q3 2021 [25] - Net loss for Q4 2021 was $13.3 million, compared to a net loss of $11.9 million in Q4 2020 and a net loss of $40.9 million in Q3 2021 [29] - Adjusted EBITDA for Q4 2021 increased to $17.2 million from $7.5 million in the same quarter last year and improved from a negative $29.7 million in Q3 2021 [29] - Capital expenditures (CapEx) for Q4 2021 were approximately $1.4 million, with full-year CapEx at $5.8 million, slightly above the guidance of $5 million [30] Business Line Data and Key Metrics Changes - The infrastructure business became cash flow positive and is expected to continue this trend into 2022, driven by strong macroeconomic conditions and federal infrastructure funding [8][9] - In the oilfield service business, two hydraulic fracturing fleets operated in Q4 2021, with a third fleet expected to start in April 2022 [12][36] - The sand division sold approximately 270,000 tons of sand in Q4 2021, with an average price of $17.84 per ton, up from $16.76 per ton for the full year [28] Market Data and Key Metrics Changes - The macroeconomic infrastructure backdrop is strong, particularly following the passage of the federal infrastructure bill, which is expected to drive demand for infrastructure services [8][15] - Improved oil and natural gas commodity pricing is driving positive industry movement, although the pace is more measured compared to past upcycles [12] Company Strategy and Development Direction - The company is focused on operational execution in the infrastructure segment, aiming to expand its geographic footprint and project depth [9][10] - Vertical integration of service offerings is seen as a competitive advantage, allowing for better cost control and scaling operations [11] - The company plans to continue pursuing opportunities in infrastructure services, particularly in fiber maintenance and installation contracts [9][40] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about macroeconomic trends driving increased demand for infrastructure and well completion services in 2022 [15] - The company is seeing positive developments regarding contracts with PREPA, with expectations for payments to be made as PREPA emerges from bankruptcy [33][34] Other Important Information - The company has cash on hand of $9.9 million and debt of approximately $86.7 million as of December 31, 2021 [30] - The engineering group has grown to 39 engineers, with a utilization factor of about 82% to 83% [42] Q&A Session Summary Question: Timeline for payments from PREPA - Management indicated that while there is no absolute date for payments, there is positive momentum with PREPA's bankruptcy proceedings and administrative claims [33][34] Question: Status of the third fleet and overall oilfield environment - The third fleet is expected to start in April 2022, with pricing improving compared to Q4 2021 [36] Question: Lead times for refurbishing fleets - Lead times for Tier-2 or Tier-4 engines are approximately 54 weeks, with supply chain issues affecting parts availability [38] Question: Updates on fiber and infrastructure contracts - The company has initiated its first fiber project and expects bidding opportunities to increase throughout 2022 due to infrastructure funding [39][40] Question: Future SG&A expenses - SG&A is expected to hover around $8 million to $8.5 million in 2022, following a reclassification of legal fees in Q4 2021 [45]
Mammoth Energy Services(TUSK) - 2021 Q3 - Earnings Call Presentation
2021-11-17 15:42
M AMMOTH 3Q 2021 Earnings November 2021 Forward Looking and Cautionary Statements Forward-Looking Statements The information in this investor presentation of Mammoth Energy Services, Inc. ("Mammoth" or "Mammoth Energy") includes "forward-looking statements." All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "e ...
Mammoth Energy Services(TUSK) - 2021 Q3 - Quarterly Report
2021-11-05 20:59
Financial Performance - Total revenue for Q3 2021 was $57.485 million, a decrease of 18.5% compared to $70.534 million in Q3 2020[18]. - Services revenue decreased to $52.417 million in Q3 2021 from $55.279 million in Q3 2020, reflecting a decline of 3.6%[18]. - Net loss for Q3 2021 was $40.901 million, compared to a net income of $3.430 million in Q3 2020[18]. - The company reported an operating loss of $57.660 million for Q3 2021, compared to an operating loss of $10.707 million in Q3 2020[18]. - For the nine months ended September 30, 2021, the net loss was $88,131,000, an improvement from a net loss of $95,746,000 in the same period of 2020, representing a decrease of approximately 6.8%[22]. - Revenue from external customers for the nine months ended September 30, 2021, was $171.730 million, a decrease of 24.7% from $228.026 million for the same period in 2020[148]. - The company reported a loss before income taxes of $114.501 million for the nine months ended September 30, 2021, compared to a loss of $104.725 million for the same period in 2020[148]. - The company reported a net loss of $40.9 million for the three months ended September 30, 2021, compared to a net income of $3.4 million for the same period in 2020[171]. - The operating loss for the three months ended September 30, 2021 was $57.7 million, compared to an operating loss of $10.7 million for the same period in 2020, primarily due to $31.4 million in bad debt expense[189]. Assets and Liabilities - Total current assets decreased to $426.037 million as of September 30, 2021, down from $464.748 million at December 31, 2020, a decline of 8.3%[17]. - Total liabilities decreased to $252.243 million as of September 30, 2021, compared to $261.235 million at December 31, 2020, a reduction of 3.8%[17]. - The company’s total equity decreased to $476.264 million as of September 30, 2021, down from $563.327 million at December 31, 2020, a decline of 15.4%[17]. - As of September 30, 2021, total assets were $728.507 million, down from $824.562 million as of December 31, 2020[148]. - Long-term debt decreased to $79.195 million as of September 30, 2021, down from $81.338 million as of December 31, 2020, a reduction of about 2.6%[74]. Cash Flow and Expenses - Cash and cash equivalents decreased to $7.953 million as of September 30, 2021, down from $14.822 million at December 31, 2020, a decline of 46.4%[17]. - Cash flows from operating activities resulted in a net cash used of $15,764,000 for the nine months ended September 30, 2021, compared to a net cash provided of $1,782,000 in 2020[22]. - Total SG&A expense for the three months ended September 30, 2021, was $41.9 million, compared to $12.2 million for the same period in 2020, reflecting a significant increase[84]. - Selling, general and administrative expenses rose to $74.7 million for the nine months ended September 30, 2021, compared to $36.7 million for the same period in 2020[193]. - Total lease expense for the nine months ended September 30, 2021, was $8.9 million, down from $13.9 million in the same period in 2020[93]. Revenue Streams and Operations - The primary revenue streams include infrastructure services, well completion services, natural sand proppant services, and drilling services[41]. - The company provided infrastructure services primarily in the northeastern, southwestern, midwestern, and western regions of the United States, indicating a broad operational footprint[25]. - The company’s infrastructure services division provides critical services to the electric utility and oil and gas industries, enhancing its market positioning[152]. - Infrastructure services revenue declined by $20.1 million, or 46%, to $23.5 million, primarily due to a decrease in storm restoration revenue[172]. - Well completion services revenue increased by $6.9 million, or 44%, to $22.7 million, driven by a 53% increase in the number of stages completed[173][174]. - Natural sand proppant services revenue rose by $2.4 million, or 40%, to $8.4 million, attributed to a 365% increase in tons of sand sold[175][176]. Bad Debt and Receivables - The company reported a bad debt expense of $41,650,000 for the nine months ended September 30, 2021, significantly higher than $2,306,000 in the same period of 2020[22]. - Customer A accounted for 82% of accounts receivable as of September 30, 2021, up from 71% in 2020[37]. - The bad debt provision for the nine months ended September 30, 2021, was $41.6 million, primarily related to contracts with Gulfport[85]. - The company recognized net revenue totaling $14.8 million and bad debt expense of $2.9 million during the three months ended March 31, 2021, due to contract modifications with Gulfport[45]. Legal and Regulatory Matters - The company is involved in ongoing litigation related to tax assessments and construction excise taxes in Puerto Rico, which may impact financial conditions[122][125]. - The Company is involved in multiple class action lawsuits alleging failure to pay overtime wages, with ongoing arbitration proceedings related to these claims[127]. - The Company is cooperating with investigations by the SEC and DOJ related to criminal charges against a former president of Cobra Acquisitions LLC, but cannot predict the outcome or impact on its business[131]. - A settlement was reached in the securities litigation for a cash payment of $11.0 million, fully covered under the Company's directors' and officers' insurance policy[129]. Market Conditions and Future Outlook - The company anticipates a competitive and challenging market for oilfield services due to the gradual OPEC+ supply boost and ongoing economic recovery uncertainties[154]. - Funding for infrastructure projects remains strong, with optimism regarding a new federal infrastructure bill[161]. - The company is focused on organic growth opportunities and accretive acquisitions to create value for shareholders[152]. - The ongoing transformation towards an industrial-based company includes expanding into equipment manufacturing and fiber optic services[153].
Mammoth Energy Services(TUSK) - 2021 Q3 - Earnings Call Transcript
2021-11-05 18:32
Mammoth Energy Services, Inc. (NASDAQ:TUSK) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants Rick Black - IR Arty Straehla - CEO Mark Layton - CFO Conference Call Participants Daniel Burke - Johnson Rice Operator Good day and thank you for standing by. Welcome to the Third Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] I would ...
Mammoth Energy Services(TUSK) - 2021 Q2 - Quarterly Report
2021-08-03 00:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File No. 001-37917 Mammoth Energy Services, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0498321 (State or other jurisdiction of inc ...
Mammoth Energy Services(TUSK) - 2021 Q2 - Earnings Call Transcript
2021-07-30 17:27
Financial Data and Key Metrics Changes - Mammoth Energy's revenue for Q2 2021 was $47.4 million, down from $60.1 million in the same quarter last year and $66.8 million in Q1 2021, primarily due to decreased infrastructure revenue caused by management and crew turnover [20] - The net loss for Q2 2021 was $34.8 million, or $0.75 per share, compared to a net loss of $15.2 million, or $0.33 per share, in Q2 2020 and a net loss of $12.4 million, or $0.27 per share, in Q1 2021 [21] - Adjusted EBITDA for Q2 2021 was negative $5.5 million, down from $6.9 million in Q2 2020 and $6.4 million in Q1 2021 [21] - As of June 30, 2021, the company had approximately $11 million in cash and $64 million in debt, with a reduction in long-term debt from $81 million at the end of 2020 to $62.8 million [21][33] Business Line Data and Key Metrics Changes - The oilfield services segment saw some positive signs with increased pricing and utilization, although overall activity levels remained depressed due to capital discipline among exploration and production companies [6] - The infrastructure business underperformed in Q2 2021 due to management crew turnover, but there are ongoing bidding activities and expectations for improved performance in Q3 [9][20] - The sand division sold approximately 255,000 tons of sand at an average price of $15.80 per ton during Q2 2021, with expectations for increased market activity in the second half of 2021 [7][8] Market Data and Key Metrics Changes - The company is experiencing increased project bidding levels and funding capacity in the infrastructure sector, with robust bidding levels expected to continue [9][10] - The infrastructure segment is expected to benefit from the anticipated federal Infrastructure Bill, which could further enhance growth opportunities [9][10] Company Strategy and Development Direction - The company is shifting towards a broader industrial focus, particularly in the infrastructure space, to enhance long-term growth and sustainability [5] - Mammoth Energy is expanding its engineering group and has entered the fiber optic market, which is seen as a significant growth opportunity [11][12] - The company aims to vertically integrate its services and equipment manufacturing capabilities to differentiate itself in a competitive landscape [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q2 results did not meet expectations but expressed confidence in the company's ability to improve near-term results and adapt to changing market conditions [5][8] - There is optimism regarding the recovery in the oilfield services sector, with expectations for increased activity and improved pricing [6][28] - Management is actively pursuing the collection of outstanding receivables from PREPA in Puerto Rico, with ongoing discussions and support from Congressional members [13][18][33] Other Important Information - The company has signed two significant multiyear contracts with major utilities in the infrastructure space, which are expected to provide a stable base of business [10] - As of June 30, 2021, PREPA owed the company approximately $319 million for services performed, including $227 million in receivables and $92 million in interest [16] Q&A Session Summary Question: Can you talk about the path to repair in the infrastructure segment? - Management noted ongoing bidding activity and integration with engineering offerings, indicating a positive outlook for Q3 despite challenges in restoring profitability [27][28] Question: What are the challenges of ramping up and maintaining personnel? - Management indicated that staffing for frac crews has been relatively easier, but labor shortages remain a concern across the industry [29][30] Question: What is the status of the PREPA receivable? - Management emphasized the importance of the $300 million receivable and noted intensified discussions with PREPA, indicating a strong position as a post-bankruptcy creditor [33]
Mammoth Energy Services(TUSK) - 2021 Q1 - Earnings Call Presentation
2021-04-30 23:46
1Q 2021 Earnings April 2021 Forward Looking and Cautionary Statements Forward-Looking Statements The information in this investor presentation of Mammoth Energy Services, Inc. ("Mammoth" or "Mammoth Energy") includes "forward-looking statements." All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "exp ...
Mammoth Energy Services(TUSK) - 2021 Q1 - Quarterly Report
2021-04-30 21:50
PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The company reported a **net loss of $12.4 million** in Q1 2021, a significant improvement from $84.0 million in Q1 2020, largely due to the absence of prior-year impairment charges [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$780.4 million** as of March 31, 2021, from $824.6 million, while total liabilities also decreased, resulting in a slight reduction in total equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $443,710 | $464,748 | | **Total assets** | **$780,444** | **$824,562** | | **Total current liabilities** | $119,607 | $128,598 | | **Total liabilities** | **$229,045** | **$261,235** | | **Total equity** | **$551,399** | **$563,327** | [Condensed Consolidated Statements of Comprehensive Loss](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Total revenue decreased to **$66.8 million** in Q1 2021, while the net loss significantly improved to **$12.4 million** due to the absence of prior-year impairment charges Q1 Financial Performance (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Total revenue** | $66,804 | $97,383 | | Operating loss | $(23,270) | $(89,046) | | Impairment of goodwill | $0 | $54,973 | | Impairment of other long-lived assets | $0 | $12,897 | | **Net loss** | **$(12,440)** | **$(83,971)** | | Net loss per share (basic & diluted) | $(0.27) | $(1.85) | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to **$14.2 million** in Q1 2021, while financing activities used $15.0 million primarily for debt repayment Summary of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $14,234 | $1,541 | | Net cash provided by (used in) investing activities | $309 | $(942) | | Net cash (used in) provided by financing activities | $(15,024) | $6,898 | | **Net change in cash and cash equivalents** | **$(456)** | **$7,308** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes highlight significant credit risks from **PREPA ($227.0 million)** and **Gulfport ($33.0 million)** receivables due to bankruptcy, along with prior-year impairment charges and ongoing legal proceedings - The company faces substantial credit risk with PREPA, which owed approximately **$227.0 million** for services and **$82.9 million** in interest as of March 31, 2021. PREPA is in bankruptcy, and collection is dependent on funding from FEMA[39](index=39&type=chunk)[137](index=137&type=chunk) - Due to Gulfport Energy Corporation's Chapter 11 bankruptcy filing, the company recorded significant reserves against its receivables. In Q1 2021, this resulted in a **bad debt expense of $10.0 million** and a **$27.1 million reduction to revenue** for unliquidated damages[36](index=36&type=chunk)[88](index=88&type=chunk)[138](index=138&type=chunk) - In Q1 2020, the company recorded impairment charges totaling **$67.9 million**, consisting of **$55.0 million** for goodwill and **$12.9 million** for other long-lived assets, primarily in its oilfield services segments, due to a significant decline in oil prices and market conditions[63](index=63&type=chunk)[68](index=68&type=chunk) - The company is subject to multiple legal proceedings, including securities class action lawsuits, shareholder derivative suits, and government investigations related to its Puerto Rico contracts[130](index=130&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the impact of the oil and gas downturn on Q1 2021 results, showing a **31% revenue decline** but a significantly narrowed net loss due to prior-year impairment charges, with liquidity impacted by major bankrupt customer receivables - The company is undergoing a transformation towards a broader industrial focus, expanding into infrastructure engineering and equipment manufacturing to reduce reliance on the volatile oil and gas sector[154](index=154&type=chunk) - Due to adverse market conditions, the company has temporarily shut down multiple oilfield service lines, including contract drilling, rig hauling, coil tubing, and full service transportation[168](index=168&type=chunk) Q1 2021 Financial Highlights | Metric | Q1 2021 | Change from Q1 2020 | | :--- | :--- | :--- | | Net Loss | $12 million | Improved from $84 million loss | | Adjusted EBITDA | $6 million | Decreased from $13.5 million | | Operating Cash Flow | $14 million | Increased from $1.5 million | | Infrastructure Revenue | $29 million | +16% | - The company's liquidity is under pressure from significant uncollected receivables from PREPA (approx. **$227 million** plus interest) and Gulfport (net **$33 million**), both of which are in bankruptcy proceedings[161](index=161&type=chunk)[169](index=169&type=chunk)[210](index=210&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Total revenue decreased **31% to $66.8 million** in Q1 2021, driven by declines in oilfield services, while operating loss improved due to the absence of prior-year impairment charges Revenue by Segment (in thousands) | Segment | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Infrastructure services | $29,257 | $25,475 | 16% | | Well completion services | $22,955 | $43,320 | -47% | | Natural sand proppant services | $8,705 | $10,249 | -15% | | Drilling services | $933 | $4,727 | -80% | | Other services | $5,662 | $15,120 | -63% | | **Total Revenue** | **$66,804** | **$97,383** | **-31%** | - Well completion services revenue decreased by **$20 million (47%)** due to a **70% decline in stages completed** and a reduction in active fleets from 2.7 to 0.9 on average[177](index=177&type=chunk)[178](index=178&type=chunk) - Selling, general and administrative (SG&A) expenses increased to **$20.8 million** from $10.8 million, primarily due to a **$10.1 million bad debt provision** related to the Gulfport bankruptcy[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) [Non-GAAP Financial Measures](index=50&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA decreased to **$6.4 million** in Q1 2021, reflecting lower operational profitability, while Adjusted Net Loss improved to **$12.4 million** after excluding prior-year impairment charges Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net loss | $(12,440) | $(83,971) | | Depreciation, depletion, amortization and accretion | 21,146 | 25,882 | | Impairment of goodwill & long-lived assets | 0 | 67,870 | | Other adjustments | (1,825) | (3,870) | | **Adjusted EBITDA** | **$6,378** | **$13,451** | Adjusted Net Loss (in thousands) | Line Item | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net loss, as reported | $(12,440) | $(83,971) | | Impairment of goodwill | — | 54,973 | | Impairment of other long-lived assets | — | 12,897 | | **Adjusted net loss** | **$(12,440)** | **$(16,101)** | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by **$14.4 million cash** and **$48.7 million** available credit, with 2021 capital expenditures estimated at $9 million, though collection of bankrupt customer receivables remains uncertain - As of March 31, 2021, the company had **$14.4 million in cash** and **$48.7 million** of available borrowing capacity under its revolving credit facility[210](index=210&type=chunk)[81](index=81&type=chunk) - The company estimates total capital expenditures for 2021 will be approximately **$9 million**, primarily for the infrastructure and well completion segments[225](index=225&type=chunk) - The company believes existing cash, operating cash flow, and credit facility borrowings will be sufficient for the next twelve months, but this is subject to variables including the collection of receivables from PREPA and Gulfport[226](index=226&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant market risks from oil and gas industry volatility, interest rate fluctuations, foreign currency exposure, and substantial customer credit risk, especially from bankrupt receivables - The business is highly dependent on the volatile conditions of the U.S. oil and natural gas industry, with demand and pricing for services influenced by commodity prices and E&P spending levels[231](index=231&type=chunk) - The company has interest rate risk on its revolving credit facility. A **1% change in interest rates** would impact annual interest expense by approximately **$0.6 million** based on the **$64.0 million** balance at March 31, 2021[235](index=235&type=chunk) - The company is subject to significant customer credit risk, which is heightened by the ongoing COVID-19 pandemic and depressed commodity price environment, as evidenced by the situations with PREPA and Gulfport[237](index=237&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report (March 31, 2021)[240](index=240&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2021 that have materially affected, or are reasonably likely to materially affect, these controls[241](index=241&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including disputes with bankrupt entities PREPA and Gulfport, securities class actions, and government investigations related to Puerto Rico contracts - The company is involved in numerous legal proceedings, the most significant of which are detailed in Note 18 of the financial statements[243](index=243&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) The company's risk factors remain consistent with its 2020 Form 10-K, though their negative impact may be exacerbated by the ongoing COVID-19 pandemic and its economic consequences - The company's risk factors are consistent with its 2020 Form 10-K, but the impact of these risks may be exacerbated by the COVID-19 pandemic[244](index=244&type=chunk) [Mine Safety Disclosures](index=60&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company's mining operations are subject to the Federal Mine Safety and Health Act, with required disclosures provided in Exhibit 95.1 of this report - The company's operations are subject to the Federal Mine Safety and Health Act, and related disclosures are included in Exhibit 95.1[246](index=246&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including CEO/CFO certifications and XBRL data files - A list of all exhibits filed with the Form 10-Q is provided, including CEO/CFO certifications and XBRL data[249](index=249&type=chunk)
Mammoth Energy Services(TUSK) - 2021 Q1 - Earnings Call Transcript
2021-04-30 03:19
Call Start: 17:00 January 1, 0000 5:18 PM ET Mammoth Energy Services, Inc. (NASDAQ:TUSK) Q1 2021 Earnings Conference Call April 29, 2021 17:00 ET Company Participants Don Crist - Director of Investor Relations Arty Straehla - Chief Executive Officer Mark Layton - Chief Financial Officer Conference Call Participants Daniel Burke - Johnson Rice & Company, LLC Operator Good day, ladies and gentlemen and welcome to the Mammoth Energy Services First Quarter 2021 Earnings Conference Call. At this time, all partic ...