Annual report pursuant to Section 13 and 15(d)

Accrued Expenses and Other Current Liabilities and Other Long-Term Liabilities (Tables)

v3.24.0.1
Accrued Expenses and Other Current Liabilities and Other Long-Term Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Schedule of Accrued Expense and Other Current Liabilities and Other Long-term Liabilities
Accrued expense and other current liabilities and Other long-term liabilities included the following (in thousands):
December 31,
2023 2022
Accrued Expenses and Other Current Liabilities
Financing arrangement, net(a)
$ 48,943  $ — 
State and local taxes payable 13,111  13,336 
Financed insurance premiums(b)
9,807  10,136 
Accrued compensation and benefits 5,558  6,743 
Sale-leaseback liability(c)
4,754  4,501 
Financing leases 1,702  4,003 
Insurance reserves 1,277  1,509 
Deferred revenue 663  7,550 
Equipment financing note(d)
—  2,329 
Other 2,139  2,190 
Total accrued expenses and other current liabilities $ 87,954  $ 52,297 
Other Long-Term Liabilities
Sale-leaseback liability(c)
$ 2,555  $ 6,836 
Financing leases 2,138  2,602 
Equipment financing note(d)
—  6,047 
Other 22  — 
Total other long-term liabilities $ 4,715  $ 15,485 
a.On December 1, 2023, Cobra, as seller, and Mammoth, as guarantor, entered into the Assignment Agreement with SPCP Group. Under the terms and conditions of the Assignment Agreement, Cobra transferred to SPCP Group all of its rights, title and interest in $54.4 million of outstanding accounts receivable with PREPA. The Company elected the fair value option for measuring the liability. As of December 31, 2023, the fair value of the liability was approximately $48.9 million. See Note 20 for additional information regarding this transaction.
b.Financed insurance premiums are due in monthly installments, are unsecured and mature within the twelve-month period following the close of the year. As of December 31, 2023, the applicable interest rates associated with financed
insurance premiums ranged from 6.60% to 7.05%. As of December 31, 2022, the applicable interest rates associated with financed insurance premiums ranged from 1.95% to 5.13%.
c.On December 30, 2020, the Company entered into an agreement with First National Capital, LLC (“FNC”) whereby the Company agreed to sell certain assets from its infrastructure segment to FNC for aggregate proceeds of $5.0 million. Concurrent with the sale of assets, the Company entered into a 36-month lease agreement whereby the Company will lease back the assets at a monthly rental rate of $0.1 million. On June 1, 2021, the Company entered into another agreement with FNC whereby the Company sold additional assets from its infrastructure segment to FNC for aggregate proceeds of $9.5 million and entered into a 42-month lease agreement whereby the Company agreed to lease back the assets at a monthly rental rate of $0.2 million. On June 1, 2022, the Company entered into another agreement with FNC whereby the Company sold additional assets from its infrastructure segment to FNC for aggregate proceeds of $4.6 million and entered into a 42-month lease agreement whereby the Company agreed to lease back the assets at a monthly rental rate of $0.1 million. Under the agreements, the Company has the option to purchase the assets at the end of the lease terms. The Company recorded liabilities for the proceeds received and will continue to depreciate the assets. The Company has imputed an interest rate so that the carrying amount of the financial liability will be the expected repurchase price at the end of the initial lease terms.

d.In December 2022, the Company entered into a 42-month financing arrangement with FNC for the purchase of seven new pressure pumping units for an aggregate value of $9.7 million. Under this arrangement, the Company agreed to make monthly principal and interest payments totaling $0.3 million over the term of the agreement. This note is secured by the seven pressure pumping units and bears interest at an imputed rate of approximately 15.0%. This note was paid off on December 22, 2023.