ProPetro Holding Corp (PUMP)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	115,502	153,423	120,826	28,522	7,387	-35,020	-54,166	-25,445	-68,437	-102,097	-132,652	-152,824	-134,499	-49,329	34,309	113,094	213,504	251,874	265,014	269,752
Revenue (ttm)	US$ in thousands	1,632,321	1,680,827	1,590,769	1,471,214	1,336,820	1,159,290	1,079,169	981,483	863,284	771,558	652,875	541,465	767,169	1,047,619	1,454,144	1,876,294	2,027,408	2,018,028	1,910,491	1,840,680
Pretax margin		7.08%	9.13%	7.60%	1.94%	0.55%	-3.02%	-5.02%	-2.59%	-7.93%	-13.23%	-20.32%	-28.22%	-17.53%	-4.71%	2.36%	6.03%	10.53%	12.48%	13.87%	14.66%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $115,502K ÷ $1,632,321K
= 7.08%

The pretax margin of ProPetro Holding Corp has fluctuated over the past five years, ranging from negative figures to double-digit percentages. The company's pretax margin increased steadily from the negative territory in early 2020 to reach a peak of 14.66% in the fourth quarter of 2019. Subsequently, the margin declined in 2020 but showed signs of recovery by the end of the year. The trend continued to improve in 2021, with positive pretax margins achieved throughout the year. However, in 2022 and 2023, the pretax margin demonstrated some volatility, with fluctuations between positive and negative values. Overall, the company has shown resilience in improving its pretax margin, although it remains subject to variability in performance across different quarters.