ProPetro (PUMP) - 2024 Q4 - Annual Results

Financial Performance - Revenue for the full year 2024 was $1.4 billion, an 11$138 million, or $1.31 loss per diluted share, compared to net income of$86 million, or $0.76 income per diluted share in 2023[4] - Adjusted EBITDA for the full year 2024 was$283 million, a 30% decrease from 2023[4] - Service revenue for the three months ended December 31, 2024, was $320,554 thousand, a decrease of 11.2$360,868 thousand in the previous quarter[25] - The net loss for the year ended December 31, 2024, was $137,859 thousand, compared to a net income of$85,634 thousand in 2023[28] - Adjusted EBITDA for the three months ended December 31, 2024, was $52,656 thousand, down from$71,130 thousand for the three months ended September 30, 2024, indicating a decrease of about 26.0%[37] - The company reported a net loss of $17,062 thousand for the three months ended December 31, 2024, compared to a net loss of$137,067 thousand for the three months ended September 30, 2024[36] - Adjusted net loss income for the three months ended December 31, 2024, was $(596) thousand, compared to$28,978 thousand for the year ended December 31, 2023[36] Cash Flow and Assets - Free Cash Flow for the full year 2024 was $252 million, with Free Cash Flow adjusted for Acquisition Consideration at$118 million[4] - Cash and cash equivalents increased to $50,443 thousand as of December 31, 2024, from$33,354 thousand at the beginning of the year[28] - The net cash provided by operating activities for the year ended December 31, 2024, was $252,295 thousand, down from$374,742 thousand in 2023[28] - Cash from operating activities for the year ended December 31, 2024, was $252,295 thousand, down from$374,742 thousand for the year ended December 31, 2023, indicating a decrease of approximately 32.6%[41] Capital Expenditures - Capital expenditures for the full year 2024 were reduced to $133 million, a decrease of 57$140,297 thousand, significantly lower than $370,869 thousand in 2023[28] - Capital expenditures for the year ended December 31, 2024, totaled$133,388 thousand, compared to $310,020 thousand for the year ended December 31, 2023, reflecting a significant reduction of approximately 57.0$300 million and $400 million, with$150 million to $200 million allocated for growth capital expenditures in the PROPWR business[17] Impairment Expenses - The company reported a goodwill impairment expense of$23,624 thousand for the year ended December 31, 2024[25] - The company incurred a property and equipment impairment expense of $188,601 thousand for the year ended December 31, 2024[28] - The company incurred a goodwill impairment expense of$23,624 thousand for the three months ended December 31, 2024[36] - The company reported a property and equipment impairment expense of $188,601 thousand for the year ended December 31, 2024, with no impairment expense reported for the year ended December 31, 2023[31] Shareholder Actions - The company repurchased and retired 13.0 million shares, representing approximately 11$1,611,246 thousand, an increase of 7.4% compared to $1,500,056 thousand in 2023[25] - Total assets decreased to$1,223,645 thousand as of December 31, 2024, down from $1,480,312 thousand in 2023[27] - Total assets as of December 31, 2024, were$1,223,645 thousand, a decrease from $1,480,312 thousand as of December 31, 2023, representing a decline of about 17.4%[31]