Long-term debt -- related party 14.6 18.6
Operating lease liabilities 113.4 67.8
Tax receivable agreement liability 68.1 68.1
Other liabilities 9.0 15.2
----------- ----------
Total liabilities 1,906.3 1,742.1
----------- ----------
Mezzanine equity:
Series A preferred stock 62.3 58.7
Stockholders' equity:
Class A common stock 1.5 1.5
Additional paid-in capital 1,229.5 1,225.4
Accumulated deficit (129.7) (16.0)
Accumulated other comprehensive
income 0.3 0.3
----------- ----------
Total stockholders' equity
attributable to ProFrac Holding
Corp. 1,101.6 1,211.2
Noncontrolling interests 65.6 58.7
----------- ----------
Total stockholders' equity 1,167.2 1,269.9
----------- ----------
Total liabilities, mezzanine equity,
and stockholders' equity $ 3,135.8 $ 3,070.7
=========== ==========
ProFrac Holding Corp. (NasdaqGS: ACDC)
---------------------------------------------------------------------------
Consolidated Statements of Operations (unaudited)
Three Months Ended Nine Months Ended
---------------------------------- ------------------
Sep. 30 Jun. 30 Sep. 30 Jun. 30 Sep. 30 Sep. 30
(In millions) 2024 2024 2023 2023 2024 2023
---------------- ------- ------- ------- ------- -------- --------
Total revenues $ 575.3 $ 579.4 $ 574.2 $ 709.2 $1,736.2 $2,140.9
Operating costs
and expenses:
Cost of
revenues,
exclusive of
depreciation,
depletion and
amortization 390.7 393.1 376.8 474.6 1,157.5 1,405.4
Selling,
general, and
administrative 51.9 54.1 52.7 63.5 156.6 186.0
Depreciation,
depletion and
amortization 112.7 103.4 111.5 108.9 328.9 330.7
Acquisition and
integration
costs 2.0 2.9 2.6 5.2 5.1 20.1
Goodwill
impairment 6.8 67.7 -- -- 74.5 --
Other operating
expense, net 15.5 7.4 10.1 3.3 27.2 17.8
------ ------ ------ ------ ------- -------
Total operating
costs and
expenses 579.6 628.6 553.7 655.5 1,749.8 1,960.0
Operating income
(loss) (4.3) (49.2) 20.5 53.7 (13.6) 180.9
Other income
(expense):
Interest
expense, net (40.6) (39.6) (40.2) (41.0) (117.8) (116.1)
Gain (loss) on
extinguishment
of debt -- -- -- -- (0.8) 4.1
Other income
(expense), net (0.1) (0.5) (4.9) (7.7) 1.2 (22.0)
------ ------ ------ ------ ------- -------
Income (loss)
before income
taxes (45.0) (89.3) (24.6) 5.0 (131.0) 46.9
Income tax
benefit
(expense) 1.5 23.7 6.7 (9.6) 24.9 (9.6)
------ ------ ------ ------ ------- -------
Net income (loss) (43.5) (65.6) (17.9) (4.6) (106.1) 37.3
Less: net
(income) loss
attributable to
noncontrolling
interests (1.7) (1.1) (1.0) 1.5 (4.0) 4.7
Less: net
(income) loss
attributable to
redeemable
noncontrolling
interests -- -- -- 0.2 -- (41.8)
------ ------ ------ ------ ------- -------
Net income (loss)
attributable to
ProFrac Holding
Corp. $(45.2) $(66.7) $(18.9) $ (2.9) $(110.1) $ 0.2
====== ====== ====== ====== ======= =======
Net loss
attributable to
Class A common
shareholders $(46.4) $(67.9) $(27.5) $ (2.9) $(113.7) $ (8.4)
====== ====== ====== ====== ======= =======
ProFrac Holding Corp. (NasdaqGS: ACDC)
-------------------------------------------------------------------------
Consolidated Statements of Cash Flows (unaudited)
Three Months Ended Nine Months Ended
---------------------------- ----------------------
Sep. 30 Jun. 30 Sep. 30 Sep. 30 Sep. 30
(In millions) 2024 2024 2023 2024 2023
---------------- -------- -------- -------- ---------- ----------
Cash flows from
operating
activities:
Net income
(loss) $ (43.5) $ (65.6) $ (17.9) $ (106.1) $ 37.3
Adjustments to
reconcile net
income (loss)
to net cash
provided by
operating
activities:
Depreciation,
depletion and
amortization 112.7 103.4 111.5 328.9 330.7
Amortization of
acquired
unfavorable
contracts (11.7) (10.9) (16.4) (39.1) (41.0)
Stock-based
compensation 1.1 2.9 4.4 6.1 27.3
Loss (gain) on
disposal of
assets, net (1.4) 0.3 (1.3) (2.5) (0.3)
Gain on
insurance
recoveries -- (3.2) -- (3.2) --
Non-cash loss
(gain) on
extinguishment
of debt -- -- -- 0.8 (4.1)
Amortization of
debt issuance
costs 3.6 4.4 5.9 11.2 18.8
Acquisition
earnout
adjustment -- -- -- -- (6.6)
Unrealized loss
on investments,
net 1.1 1.0 5.1 0.9 24.1
Provision for
supply
commitment
charges 9.4 -- -- 9.6 --
Goodwill
impairment 6.8 67.7 -- 74.5 --
Deferred tax
expense
(benefit) 1.8 (27.4) 5.0 (25.4) 5.0
Other non-cash
items, net (0.1) -- -- (0.1) 0.1
Changes in
operating
assets and
liabilities 18.2 40.9 27.3 35.2 119.5
------- ------- ------- --------- ---------
Net cash provided
by operating
activities 98.0 113.5 123.6 290.8 510.8
------- ------- ------- --------- ---------
Cash flows from
investing
activities:
Acquisitions,
net of cash
acquired -- (194.4) -- (194.4) (456.5)
Investment in
property, plant
& equipment (70.0) (61.9) (52.6) (191.8) (233.9)
Proceeds from
sale of assets 2.9 22.4 1.6 31.9 3.0
Proceeds from
insurance
recoveries 0.1 4.4 -- 4.5 --
Other
investments -- (2.0) -- (2.0) --
------- ------- ------- --------- ---------
Net cash used in
investing
activities (67.0) (231.5) (51.0) (351.8) (687.4)
------- ------- ------- --------- ---------
Cash flows from
financing
activities:
Proceeds from
issuance of
long-term debt 15.5 120.9 14.5 136.4 334.7
Repayments of
long-term debt (54.4) (18.1) (23.4) (110.0) (103.9)
Borrowings from
revolving
credit
agreements 546.2 533.1 355.3 1,580.4 1,219.9
Repayments of
revolving
credit
agreements (536.9) (518.5) (469.5) (1,540.6) (1,315.4)
Payment of debt
issuance costs (0.1) (2.3) (0.4) (3.5) (18.9)
Tax withholding
related to net
share
settlement of
equity awards -- (1.4) -- (1.5) (0.8)
Proceeds from
issuance of
Series A
preferred
stock -- -- 50.0 -- 50.0
Payment of
Series A
preferred stock
issuance costs -- -- (1.1) -- (1.1)
Net cash provided
by (used in)
financing
activities (29.7) 113.7 (74.6) 61.2 164.5
------- ------- ------- --------- ---------
Net increase
(decrease) in
cash, cash
equivalents, and
restricted cash 1.3 (4.3) (2.0) 0.2 (12.1)
Cash, cash
equivalents, and
restricted cash
beginning of
period 24.2 28.5 27.8 25.3 37.9
------- ------- ------- --------- ---------
Cash, cash
equivalents, and
restricted cash
end of period $ 25.5 $ 24.2 $ 25.8 $ 25.5 $ 25.8
======= ======= ======= ========= =========
ProFrac Holding Corp. (NasdaqGS: ACDC)
------------------------------------------------------------------------
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Three Months Ended Nine Months Ended
--------------------------------- -----------------
Jun.
Sep. 30 Jun. 30 Sep. 30 30 Sep. 30 Sep. 30
(In millions) 2024 2024 2023 2023 2024 2023
--------------- ------- ------- ------- ------ -------- -------
(MORE TO FOLLOW) Dow Jones Newswires
November 05, 2024 05:00 ET (10:00 GMT)
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