ProPetro (PUMP) - 2024 Q4 - Annual Results

Financial Performance - Revenue for the full year 2024 was $1.4 billion, an 11% decrease from 2023[4] - Net loss for the full year 2024 was $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% from $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% from 2023[4] - Capital expenditures for the year ended December 31, 2024, were $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%[31] - The company expects full-year 2025 capital expenditures to be between $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% of outstanding common stock since the plan's inception in May 2023[4] - The weighted average shares outstanding for basic shares decreased to 102,953 thousand in Q4 2024 from 110,164 thousand in Q4 2023[25] Business Developments - The company announced the formation of PROPWR, a new power generation business, with total ordered capacity of 140 megawatts[4] - The company anticipates significant opportunities in the power generation market, driven by demand trends in the energy industry[19] - The company plans to run between 14 and 15 hydraulic fracturing fleets in the first quarter of 2025[18] Costs and Expenses - Total costs and expenses for the year ended December 31, 2024, were $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]