4Q and Year-end 2018 Earnings Presentation March 15, 2019
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1 4Q and Year-end 2018 Earnings Presentation March 15, 2019
2 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, expect, if, intend, plan, estimate, project, forecasts, predict, outlook, aim, will, could, should, potential, would, may, probable, likely and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this investor presentation may include statements, estimates and projections regarding Mammoth s business outlook and plans, future financial position, liquidity and capital resources, operations, performance, including under utility infrastructure restoration and reconstruction contracts of its wholly owned subsidiary Cobra Acquisitions LLC in Puerto Rico, acquisitions, returns, capital expenditure budgets, costs and other guidance regarding future developments. Forwardlooking statements are not assurances of future performance. These forward-looking statements are based on management s current expectations and beliefs, forecasts for Mammoth s existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, these forward-looking statements are subject to significant risks and uncertainties, including those described in Mammoth s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings Mammoth makes with the Securities and Exchange Commission ( SEC ), which may cause actual results to differ materially from its historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the failure to receive or delays in receiving governmental authorizations, approvals and/or payments; risks relating to economic conditions; delays in or failure of delivery of current or future orders of specialized equipment; the loss of or interruption in operations of one or more key suppliers or customers; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of our capital resources and liquidity; weather; natural disasters; litigation; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. This presentation includes financial measures that are not presented in accordance with generally accepted accounting principles ( GAAP ), including Adjusted EBITDA. While management believes such non-gaap measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. Please see the Appendix and our filings with the SEC for reconciliations of those measures to comparable GAAP measures. Industry and Market Data This presentation has been prepared by Mammoth and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Mammoth believes these third-party sources are reliable as of their respective dates, Mammoth has not independently verified the accuracy or completeness of this information. Some data are also based on the Mammoth s good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above. 1
3 4Q and Full Year 2018 Financial Performance Highlights Revenue $1,690 4Q18 revenues of ~$278 million, net income of ~$68 million and adjusted EBITDA of ~$84 million (1) 2018 revenues of ~$1.69 Billion, net income of ~$236 million and adjusted EBITDA of ~$547 million (1) 2018 adjusted EBITDA margins were 32% 64% of revenue from Infrastructure Segment 2018 growth capex of ~$192 million (~$42 million in 4Q) Infrastructure backlog of $765 million as of December 31, 2018 (2) Completed 1,164 high pressure stages during 4Q18 Sold ~570,000 tons of sand during 4Q18; Average sales price of $27.47/ton Operating Margin Adjusted EBITDA After-Tax ROIC (TTM) Pre-Tax ROCE (TTM) $369 $278 $110 $84 $691 $165 4Q17 4Q $547 18% 25% +7% 9% 14% +5% 11% 35% +24% 11% 35% +24% 11% 57% +46% 11% 57% +46% (1) See reconciliation of Adjusted EBITDA to comparable GAAP measure at the end of this presentation and in our filings with the SEC (2) Represents amount of revenue we expect to realize over the next 36 months from future work on uncompleted construction projects. Due to a variety of factors, our backlog is an uncertain indicator of future revenue and earnings. 2
4 Mammoth A History Mammoth has created an entrepreneurial culture where management teams of our operating subsidiaries can flourish Strong foundation in place providing a platform by which to grow through organic expansion or acquisitions Management teams compete for growth capital July 18 Dec 18 * May 18 June 17 Oct 07 Nov 10 Coil Tubing Energy Services Oct 11 Sep 11 Jun 14 Aug 13 Dec 12 Nov 12 May 12 Mar 12 May 17 April 17 Energy Services and Cementing * Ownership in Brim Aviation is through a joint venture with Wexford Capital 3
5 Business Model Mammoth management has been successful at identifying growth opportunities Business lines are run independently but leverage synergies and customer relationships Management teams are the key to successful business lines Utilize cash flows to grow once management team is in place and integrated into culture Evaluated ~140 opportunities per year over the past couple of years Hold Management Accountable Use Cash Flow to Grow Identify Opportunities Integrate into Culture Purchase at Discount 4
6 Corporate Strategy ENTREPRENEURIAL CULTURE INVEST IN ATTRACTIVE OPPORTUNITIES GROWTH: QUALITY OVER QUANITITY EXECUTION IS CRITICAL 5
7 Focused on Returns Deploy capital to the highest returning projects Keep costs low Leverage corporate synergies Cross sell services through established customer relationships Search for well managed companies that are capital constrained Invest in industries that have positive outlook After Tax ROIC (TTM)* 35% 11% * See reconciliation at the end of this presentation 6
8 Two Primary Business Lines Infrastructure Services Oil Field Services Fully capable infrastructure construction services including the following: Bare-hand live line up to 345KV Substation and switchyard services Overhead distribution up to 34.5KV Overhead (OH) and underground residential distribution (URD) tickets Aviation services (FAA 133, 135, 137) Presence primarily in the Northeast, Midwest and Southwest portions of the U.S Contracts in place to help restore and reconstruct the electric utility infrastructure in Puerto Rico Fully integrated oil field services model incorporating the following services: Hydraulic fracturing 6 High pressure fleets ~292,000 hhp Northern white frac sand Mmtpa of sand processing capabilities with production costs of $11-$12/ton Fully integrated cementing and acidizing offerings Sand hauling trucks capable of moving conventional pneumatic trailers as well as many of the box systems in use today Crude hauling business active in several major basins Cementing and acidizing Water transfer Full suite of rental equipment Drilling rigs and directional drilling services Flowback and coil offerings 7
9 Mammoth Metamorphosis Past (pre-2017) Present Future Pure Oilfield Service Pressure pumping Natural proppant Sand transportation Drilling rigs and directional drilling Flowback and coil offerings Evaluated 135 individual deals in 2017, closed 6 Evaluated 170 individual deals in 2018, closed 3 M&A focus has shifted to industrial sectors Energy Service Infrastructure Construction Transmission construction Substation construction Distribution construction Helicopter operations Logistics Oilfield Service Pressure pumping Natural proppant Sand and crude transportation Cementing and acidizing Water transfer Drilling rigs and directional drilling Flowback and coil offerings Industrial Company Infrastructure Construction Transmission construction Substation construction Distribution construction Helicopter operations Logistics Industrial Industries Exploring full service transportation Exploring Telecommunications Exploring manufacturing Oilfield Service Pressure pumping Natural proppant Sand and crude transportation Cementing and acidizing Water transfer Drilling rigs and directional drilling Flowback and coil offerings 8
10 TUSK Well Positioned vs Peers EV / 2020 EBITDA (Consensus Estimates) (1)(2) 8.0x Compelling value opportunity versus peers Trading at discount to peer group despite superior balance sheet and service diversification 3.0x 3.9x 5.1x 5.7x 6.4x Market capitalization (1) of ~$960 Billion, enterprise value of ~$890 million, based on zero debt and ~$68 million of cash on 12/31/2018 Broad based earnings growth potential Reflected in integrated portfolio Mammoth Pressure Pumping Peers Land Driller Peers Proppant Peers Revenue by Segment in 2018 Transmission and Distribution Large Cap Peers ~64% of revenue in 2018 generated from Infrastructure segment Oil Field Services 36% Infrastructure 64% 9 Source: Factset (1) Based on 3/13/2019 closing price (2) Large Cap (SLB, HAL, BHGE, WFT); Proppant (SLCA, FMSA, HCLP, SND, EMES); Land Drillers (NBR, HP, PDS, PES, ICD); Pressure Pumping (BAS, FRAC, LBRT, FTSI, PUMP, RES, CFW TSX, TCW-TSX); Transmission and Distribution (EME, DY, MTZ, MYRG, PWR)
11 2019 Capex Budget 2019 Major Projects Maintenance capital of ~$25 million $20 Growth capital will remain dependent on market conditions Organically growing the continental U.S. infrastructure business, ultimately dependent on contract coverage Expand rental division $25 Infrastructure Pressure Pumping Expand trucking fleet Crude Hauling Natural Sand $6 Over-the-road Expand water transfer Other Capex expected to be fully funded through cash flows $29 ~$80 million 10
12 Infrastructure Services Fully capable infrastructure construction services including the following: Bare-hand live line up to 345KV Substation and switchyard services Overhead distribution up to 34.5KV Overhead (OH) and underground residential distribution (URD) tickets Aviation services FAA 133, 135 and 137 certifications Fleet of six light lift aircraft Presence primarily in the Northeast, Midwest and Southwest portions of the U.S Contract in place to help restore and reconstruct the electric utility infrastructure in Puerto Rico High Quality Customer Base Current backlog of $765 million (1)(2) 11 (1) Backlog as of December 31, 2018 (2) Represents amount of revenue we expect to realize over the next 36 months from future work on uncompleted construction projects. Due to a variety of factors, our backlog is an uncertain indicator of future revenue and earnings.
13 Oil Field Services Fully integrated Oil Field service offering Six high pressure pumping fleets (~50,000 Hhp each) Completed 1,164 high pressure stages during 4Q 2018 Two high quality Northern White sand mines Total processing capacity of 4.4 Mmtpa Best in class cost structure ($10-$12/Ton) Full service trucking Sand Crude General Cargo Full suite of rental equipment Cementing and acidizing Water transfer 12 Drilling rigs (all in Permian) Directional drilling Five coil tubing spreads Frac stack and flowback services High Quality Customer Base 12
14 Adjusted EBITDA Reconciliation Reconciliation of Adjusted EBITDA to net income (000 s) Three Months Ended December 31, 2018 Three Months Ended December 31, 2017 Twelve Months Ended December 31, 2018 Twelve Months Ended December 31, 2017 Net Income (Loss) $68,207 $65,915 $235,965 $58,964 Depreciation, Depletion, Accretion and Amortization Expense $30,159 $27,770 $119,877 $92,124 Impairment of Long Lived Assets $4,086 $4,146 $8,855 $4,146 Acquisition Related Costs $61 $51 $191 $2,506 Public Offering Costs ($10) - $982 - Equity Based Compensation - - $17,487 - Stock Based Compensation $1,094 $1,093 $5,425 $3,741 Bargain Purchase Gain ($4,012) Interest Expense $533 $1,381 $3,187 $4,310 Other Expense, net $1,122 ($28) $2,036 $677 (Benefit) Provision for Income Taxes ($21,002) $10,155 $153,263 $2,832 Adjusted EBITDA $84,250 $110,483 $547,268 $165,288 Adjusted EBITDA is a supplemental non-gaap financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as net income (loss) before depreciation, depletion, accretion and amortization expense, impairment of long lived assets, acquisition related costs, public offering costs, equity based compensation, stock based compensation, bargain purchase gain, interest expense, other expense, net, and (benefit) provision for income taxes. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company s financial performance, such as a company s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measure of other companies. We believe that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements. 13
15 ROIC Reconciliation Twelve Months Ended December 31 After Tax Return on Capital Employed Net Income $235,965 $58,964 Capital Employed Total Debt - $99,900 - Total Equity $754,052 $507,796 $422,781 Total Capital Employed $754,052 $607,696 $422,781 Average Capital Employed $680,874 $515,239 After-Tax Return on Invested Capital 35% 11% After tax return on invested capital is a supplemental non-gaap measure that is used by management to evaluate the Company's performance. Mammoth defines after tax return on invested capital as net income divided by total capital employed, which is the average of ending debt and equity for the last two years. Management believes after tax return on invested capital is a useful measure of how effectively the Company uses capital to generate profits and it provides additional insight for analysts and investors in evaluating the Company's financial and operating performance. After tax return on invested capital should not be considered in isolation or as a substitute for financial measures reported in accordance with GAAP. The following table provides the calculation of after tax return on invested capital using the GAAP financial measures of net income, total debt and total equity. 14
16 Company Headquarters Caliber Drive, Suite 300 Oklahoma City, OK
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