Exhibit 99.2
PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Recast Adjusted Gross Margin
(unaudited, dollars in thousands)
| Three Months Ended |
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| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| June 30, |
|
| March 31, |
| ||||||
| 2023 |
|
| 2023 |
|
| 2022 |
|
| 2022 |
|
| 2022 |
|
| 2022 |
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Drilling Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Revenues | $ | 489,659 |
|
| $ | 477,727 |
|
| $ | 461,491 |
|
| $ | 418,025 |
|
| $ | 363,034 |
|
| $ | 302,270 |
|
Less direct operating costs |
| (281,573 | ) |
|
| (281,261 | ) |
|
| (284,587 | ) |
|
| (279,232 | ) |
|
| (245,395 | ) |
|
| (216,690 | ) |
Less depreciation, amortization and impairment |
| (90,400 | ) |
|
| (91,293 | ) |
|
| (91,161 | ) |
|
| (88,199 | ) |
|
| (89,073 | ) |
|
| (85,683 | ) |
GAAP gross margin |
| 117,686 |
|
|
| 105,173 |
|
|
| 85,743 |
|
|
| 50,594 |
|
|
| 28,566 |
|
|
| (103 | ) |
Depreciation, amortization and impairment |
| 90,400 |
|
|
| 91,293 |
|
|
| 91,161 |
|
|
| 88,199 |
|
|
| 89,073 |
|
|
| 85,683 |
|
Adjusted gross margin (1) | $ | 208,086 |
|
| $ | 196,466 |
|
| $ | 176,904 |
|
| $ | 138,793 |
|
| $ | 117,639 |
|
| $ | 85,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Completion Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Revenues | $ | 250,241 |
|
| $ | 293,268 |
|
| $ | 306,783 |
|
| $ | 287,664 |
|
| $ | 238,376 |
|
| $ | 189,590 |
|
Less direct operating costs |
| (196,473 | ) |
|
| (220,116 | ) |
|
| (220,758 | ) |
|
| (211,704 | ) |
|
| (191,455 | ) |
|
| (157,468 | ) |
Less depreciation, amortization and impairment |
| (25,976 | ) |
|
| (26,025 | ) |
|
| (24,918 | ) |
|
| (24,746 | ) |
|
| (24,713 | ) |
|
| (23,785 | ) |
GAAP gross margin |
| 27,792 |
|
|
| 47,127 |
|
|
| 61,107 |
|
|
| 51,214 |
|
|
| 22,208 |
|
|
| 8,337 |
|
Depreciation, amortization and impairment |
| 25,976 |
|
|
| 26,025 |
|
|
| 24,918 |
|
|
| 24,746 |
|
|
| 24,713 |
|
|
| 23,785 |
|
Adjusted gross margin (1) | $ | 53,768 |
|
| $ | 73,152 |
|
| $ | 86,025 |
|
| $ | 75,960 |
|
| $ | 46,921 |
|
| $ | 32,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Drilling Products |
|
|
|
|
|
|
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|
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|
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|
|
|
|
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Revenues | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
Less direct operating costs |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Less depreciation, amortization and impairment |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
GAAP gross margin |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Depreciation, amortization and impairment |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Adjusted gross margin (1) | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
|
|
|
|
|
|
|
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Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Revenues | $ | 18,985 |
|
| $ | 20,807 |
|
| $ | 20,202 |
|
| $ | 21,814 |
|
| $ | 20,828 |
|
| $ | 17,515 |
|
Less direct operating costs |
| (10,039 | ) |
|
| (11,282 | ) |
|
| (10,472 | ) |
|
| (9,685 | ) |
|
| (10,050 | ) |
|
| (9,054 | ) |
Less depreciation, depletion, amortization and |
| (9,304 | ) |
|
| (7,323 | ) |
|
| (6,001 | ) |
|
| (7,920 | ) |
|
| (6,494 | ) |
|
| (6,081 | ) |
GAAP gross margin |
| (358 | ) |
|
| 2,202 |
|
|
| 3,729 |
|
|
| 4,209 |
|
|
| 4,284 |
|
|
| 2,380 |
|
Depreciation, depletion, amortization and |
| 9,304 |
|
|
| 7,323 |
|
|
| 6,001 |
|
|
| 7,920 |
|
|
| 6,494 |
|
|
| 6,081 |
|
Adjusted gross margin (1) | $ | 8,946 |
|
| $ | 9,525 |
|
| $ | 9,730 |
|
| $ | 12,129 |
|
| $ | 10,778 |
|
| $ | 8,461 |
|