Quarterly report [Sections 13 or 15(d)]

Basis of Presentation and Significant Accounting Policies (Tables)

v3.25.1
Basis of Presentation and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Restricted Cash
The following table provides a reconciliation of “cash and cash equivalents” and “restricted cash” reported on the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown on the unaudited condensed consolidated statements of cash flows:

March 31, December 31,
2025 2024
Cash and cash equivalents $ 56,650  $ 60,967 
Restricted cash 21,601  21,359 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 78,251  $ 82,326 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of “cash and cash equivalents” and “restricted cash” reported on the unaudited condensed consolidated balance sheets that sum to the total of the same such amounts shown on the unaudited condensed consolidated statements of cash flows:

March 31, December 31,
2025 2024
Cash and cash equivalents $ 56,650  $ 60,967 
Restricted cash 21,601  21,359 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 78,251  $ 82,326 
Schedule of Allowance for Doubtful Accounts Receivable
Following is a rollforward of the changes in our allowance for expected credit losses for the three months ended March 31, 2025 (in thousands):

Balance, December 31, 2024 $ 171,399 
Change in provision for expected credit losses 61 
Recoveries of receivables previously charged to credit loss expense (61)
Write-offs charged against the provision (258)
Balance, March 31, 2025 $ 171,141 
Schedule of Concentration of Credit Risk and Significant Customers Following is a summary of our significant customers based on percentages of total accounts receivable balances at March 31, 2025 and December 31, 2024 and percentages of total revenue derived for the three months ended March 31, 2025 and 2024:
REVENUE ACCOUNTS RECEIVABLE, NET
Three Months Ended March 31, At March 31, At December 31,
2025 2024 2025 2024
Customer A(a)
12  % —  % 10  % —  %
Customer B(a)
11  % —  % —  % 5  %
Customer C(a)
6  % 5  % 5  % 11  %
Customer D(a)
1  % 13  % —  % —  %
Customer E(b)
—  % —  % 26  % 25  %
(a)Customers A, B, C and D are third-party customers. Revenue and the related accounts receivable balances earned from these customers were derived from the Company’s well completion services segment.
(b)Customer E is a third-party customer. The accounts receivable balances with Customer E was derived from the Company’s infrastructure services segment.