WILLOW
PARK, Texas, Nov. 10,
2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ:
ACDC) ("ProFrac", "ACDC," or the "Company") today announced
financial and operational results for its third quarter ended
September 30, 2022.
Third Quarter 2022 Results and Recent Highlights
- Total revenue grew approximately 18% sequentially to
$696.7 million over 2022 second
quarter revenue,
- Net income rose approximately 105% sequentially to $143.4 million
- Adjusted EBITDA(1) excluding Flotek increased
approximately 23% sequentially to $267.2
million
- Annualized Adjusted EBITDA per fleet(2) excluding
Flotek was $34.5 million on 31
average active fleets during the quarter
- Third quarter results include the consolidation of Flotek
results which contributed $46.9
million in revenue and ($11.1)
million in Adjusted EBITDA
- Subsequent to the third quarter, the Company closed on its
acquisition of U.S. Well Services ("USWS") on November 1, 2022
Matt Wilks, ProFrac's Executive
Chairman, stated, "We are proud to report that we grew sequential
revenue by 18% and drove sequential Adjusted EBITDA up 23% in the
third quarter. Our annualized Adjusted EBITDA per
fleet continued to grow, supporting the ongoing investment in
our equipment and developing next generation equipment. These
third quarter results demonstrate our Company's commitment and hard
work that have produced strong operational efficiencies and
financial growth as we continue to scale the business. We are
bullish on the future of our industry and even more so, on ProFrac,
as we continue to execute our Acquire-Retire-Replace(TM)
and vertical integration strategies."
Ladd Wilks, Chief Executive
Officer, added, "I am excited to welcome the U.S. Well Services
team onboard as ProFrac continues to lead our industry in reducing
emissions and reducing our customers' carbon footprints in support
of their ESG initiatives. We believe our employees and assets
are the best in the industry, and we are laser-focused on three
critical factors that are driving our industry leading results:
pricing, utilization, and our ability to control the supply
chain. Constructive market dynamics are supporting pricing
and utilization. In addition, our unique ability to manage
the complicated supply chain as a single provider represents the
greatest opportunity for us to enhance profitability through more
efficiently providing sand, chemicals, storage and logistics for
our customers. During the third quarter, we made great progress
expanding the number of fleets that are bundling materials."
Third Quarter 2022 Financial Results
For the third quarter of 2022, consolidated revenues totaled
$696.7 million, or approximately
$90 million per fleet on an
annualized basis. The increase was driven by higher average
pricing, higher material sales, and higher activity levels achieved
with our fleets.
Selling, general, and administrative costs were $70.3 million, including $12.9 million of stock-based compensation,
$9.7 million related to Flotek, and
$5.8 million in transaction related
expenses.
Net income for the third quarter totaled $143.4 million, or $1.09 per Class A share. Excluding the operating
results attributable to Flotek, Net income totaled $155.9 million.
Adjusted EBITDA totaled $256.1
million in the third quarter, or $33.0 million per fleet on an annualized
basis. Excluding the operating results attributable to
Flotek, Adjusted EBITDA totaled $267.2
million, or $34.5 million per
fleet on an annualized basis.
Operating cash flow was $172.2
million, which included approximately $57.0 million in working capital build during the
quarter from the increased activity and profitability levels.
The Company's average active fleet count for the second quarter
was 31 fleets.
Outlook
The Company fully deployed its first electric fleet during the
fourth quarter and added 7 active fleets from the USWS
acquisition. The Company expects to finish the year with
approximately 39 active fleets, with additional fleets under
construction expected to be activated in early 2023.
Adjusted EBITDA per fleet is likely to fluctuate while we work
to improve profitability on the newly acquired fleets, however the
Company expects improvement in revenue for the fourth quarter as
compared to the third quarter, driven by the USWS acquisition.
Business Segment Information
The Stimulation Services segment generated
revenues in the third quarter of 2022 of $668.6 million, which resulted in $249.6 million of Adjusted EBITDA.
The Manufacturing segment generated revenues of
$48.7 million in the third quarter of
2022, which resulted in $8.4 million
of Adjusted EBITDA. Approximately 95% of the Manufacturing
segment's revenue was intercompany.
The Proppant Production segment generated revenues
of $24.6 million in the third quarter
of 2022, which resulted in $9.2
million of Adjusted EBITDA. Approximately 56% of
the Proppant Production segment's revenue was intercompany.
Our other business activities generated revenues
of $46.9 million in the third quarter
of 2022, which resulted in $(11.1)
million of Adjusted EBITDA. The other business activities
solely relate to the results of Flotek Industries, Inc.
("Flotek").
Capital Expenditures and Capital Allocation
Capital expenditures were $123.4
million for the third quarter excluding acquisition related
expenditures. Approximately 75% of the third quarter capital
expenditures related to growth initiatives.
The Company expects full year capex to range between
$330 million to $350 million, of which approximately 30% is
considered maintenance. The increase to our capital budget
primarily represents an acceleration of a number of growth-related
initiatives to improve our pumping hours and our profit generating
potential. We continued accelerating our engine upgrade program as
the year progressed converting more Tier 2 engines to Tier 4 DGB
engines and expect the full year cost for this initiative to be
approximately $50 million. We expect
the construction of our three electric fleets to cost approximately
$75 million and the construction of
our Lamesa sand plant to cost
approximately $45 million. We
are also investing approximately $30
million in reducing the number of fleets waiting for
maintenance and establishing a robust swing program to allow for
equipment to be returned to service quicker and ensure our
equipment continues to pump more hours per month.
Balance Sheet and Liquidity
Total gross debt outstanding as of September 30, 2022 was $568.0 million, $18.6
million of which was attributable to Flotek. Gross debt
outstanding excluding amounts attributable to Flotek was
$549.4 million, compared to
$477.5 million as of June 30, 2022.
Total cash and cash equivalents as of September 30, 2022, was $64.7 million, $8.5
million of which was attributable to Flotek. Cash and cash
equivalents excluding amounts attributable to Flotek was
$56.2 million, compared to
$40.6 million as of June 30, 2022.
As of September 30, 2022, and
excluding amounts attributable to Flotek, the Company had
$245.7 million of liquidity,
including $56.2 million in cash and
cash equivalents and net availability of $189.5 million under its asset-based credit
facility.
In connection with the USWS acquisition, we issued 12.9 million
shares of Class A common stock and used approximately $210 million of cash (net of cash acquired) for
the retirement of $170 million in
USWS debt and other transaction related fees. This cash was
primarily funded through our previously undrawn ABL facility, which
had an outstanding balance of $163
million on October 31,
2022.
Footnotes
(1) Adjusted
EBITDA is a financial measure not presented in accordance with
generally accepted accounting principles ("GAAP") (a "Non-GAAP
Financial Measure"). Please see "Non-GAAP Financial Measures"
at the end of this news release.
|
|
(2) Adjusted
EBITDA per fleet is a Non-GAAP Financial Measure. Please see
"Non-GAAP Financial Measures" at the end of this news
release.
|
Conference Call
ProFrac has scheduled a conference call on Friday, November 11, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial
412-902-0030 and ask for the ProFrac Holding Corp. call at least 10
minutes prior to the start time of the call, or listen to the call
live over the Internet by logging on to the website at the address
https://ir.pfholdingscorp.com/news-events/ir-calendar. A
telephonic replay of the conference call will be available through
November 18, 2022 and may be accessed
by calling 201-612-7415 using passcode 13733023#. A webcast
archive will also be available at the link above shortly after the
call and will be accessible for approximately 90 days.
About ProFrac Holding Corp.
ProFrac Holding Corp. is a growth-oriented, vertically
integrated and innovation-driven energy services company providing
hydraulic fracturing, completion services and other complementary
products and services to leading upstream oil and gas companies
engaged in the exploration and production ("E&P") of North
American unconventional oil and natural gas resources. Founded in
2016, The Company was built to be the go-to service provider for
E&P companies' most demanding hydraulic fracturing needs.
ProFrac is focused on employing new technologies to significantly
reduce "greenhouse gas" emissions and increase efficiency in what
has historically been an emissions-intensive component of the
unconventional E&P development process. For more information,
please visit the Company's website,
https://www.pfholdingscorp.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release may be considered
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. In some cases, the reader can identify forward-looking
statements by words such as "may," "should," "expect," "intend,"
"will," "estimate," "anticipate," "believe," "predict," or similar
words. Forward-looking statements relate to future events or the
Company's future financial or operating performance. These
forward-looking statements include, among other things, statements
regarding: the Company's strategies and plans for growth; the
Company's positioning, resources, capabilities, and expectations
for future performance; market and industry expectations; the
anticipated benefits of the Company's July
2022 acquisition of SPS Monahans and November 2022 acquisition of U.S. Well Services,
Inc.; the Company's estimates with respect to the profitability and
utilization of its electric, conventional and dual fleets; the
Company's currently expected guidance regarding its fourth quarter
2022 results of operations; the Company's currently expected
guidance regarding its full year 2022 capital expenditures and
capital allocation; statements regarding the availability of funds
under the Company's credit facilities; the Company's anticipated
timing for operationalizing its new electric fleets and its West
Munger sand plant; the amount of capital available to the Company
in future periods; any financial or other information based upon or
otherwise incorporating judgments or estimates relating to future
performance, events or expectations; any estimates and forecasts of
financial and other performance metrics; and the Company's outlook
and financial and other guidance. Such forward-looking statements
are based upon assumptions made by the Company as of the date
hereof and are subject to risks, uncertainties, and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: the ability to
achieve the anticipated benefits of the acquisitions of U.S. Well
Services, Inc. and SPS Monahans, including risks relating to
integrating acquired companies and personnel; the failure to
operationalize the Company's new electric fleets and West Munger
sand plant in a timely manner or at all; the Company's ability to
deploy capital in a manner that furthers the Company's growth
strategy, as well as the Company's general ability to execute its
business plans; industry conditions, including fluctuations in
supply, demand and prices for the Company's products and services;
global and regional economic and financial conditions; the
effectiveness of the Company's risk management strategies; the
transition to becoming a public company; and other risks and
uncertainties set forth in the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in the
Company's filings with the Securities and Exchange Commission
("SEC"), which are available on the SEC's website at
www.sec.gov.
Forward-looking statements are also subject to the risks and
other issues described below under "Non-GAAP Financial Measures,"
which could cause actual results to differ materially from current
expectations included in the Company's forward-looking statements
included in this press release. Nothing in this press release
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward looking
statements will be achieved, including without limitation any
expectations about the Company's operational and financial
performance or achievements through and including 2022. There may
be additional risks about which the Company is presently unaware or
that the Company currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. The reader should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. The Company anticipates that subsequent events
and developments will cause its assessments to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, it expressly disclaims any
duty to update these forward-looking statements, except as
otherwise required by law.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA per fleet are non-GAAP
financial measures and should not be considered as substitutes for
net income (loss) or any other performance measure derived in
accordance with GAAP or as an alternative to net cash provided by
operating activities as a measure of our profitability or
liquidity. Adjusted EBITDA and Adjusted EBITDA per fleet are
supplemental measures utilized by our management and other users of
our financial statements such as investors, commercial banks,
research analysts and others, to assess our financial performance
because they allow us to compare our operating performance on a
consistent basis across periods by removing the effects of our
capital structure (such as varying levels of interest expense),
asset base (such as depreciation and amortization) and items
outside the control of our management team (such as income tax
rates).
We view Adjusted EBITDA and Adjusted EBITDA per fleet as
important indicators of performance. We define Adjusted EBITDA as
our net income (loss), before (i) interest expense, net, (ii)
income tax provision, (iii) depreciation, depletion and
amortization, (iv) loss on disposal of assets and (v) other unusual
or non-recurring charges, such as costs and stock compensation
expense related to our initial public offering, non-recurring
supply commitment charges, certain bad debt expense and gain on
extinguishment of debt. We define Adjusted EBITDA per fleet for a
particular period as Adjusted EBITDA calculated as a daily average
of active fleets during period.
We believe that our presentation of Adjusted EBITDA and Adjusted
EBITDA per fleet will provide useful information to investors in
assessing our financial condition and results of operations. In
particular, we believe Adjusted EBITDA per fleet allows investors
to compare the performance of our fleets across comparable periods
and against the fleets of our competitors who may have different
capital structures, which may make a fleet-for-fleet comparison
more difficult. Net income (loss) is the GAAP measure most directly
comparable to Adjusted EBITDA, and net income (loss) per fleet is
the GAAP measure most directly comparable to Adjusted EBITDA per
fleet. Adjusted EBITDA should not be considered as an alternative
to net income (loss), and Adjusted EBITDA per fleet should not be
considered as an alternative to net income (loss) per fleet.
Adjusted EBITDA and Adjusted EBITDA per fleet have important
limitations as analytical tools because they exclude some but not
all items that affect the most directly comparable GAAP financial
measure. Because Adjusted EBITDA and Adjusted EBITDA per fleet may
be defined differently by other companies in our industry, our
definition of these non-GAAP financial measures may not be
comparable to similarly titled measures of other companies, thereby
diminishing their utility.
The presentation of non-GAAP financial measures is not intended
to be a substitute for, and should not be considered in isolation
from, the financial measures reported in accordance with GAAP. The
following tables present a reconciliation of the non-GAAP financial
measures of Adjusted EBITDA and Adjusted EBITDA per fleet to the
most directly comparable GAAP financial measure for the periods
indicated.
-Tables to Follow-
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements
of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Sep.
30
|
|
|
(In
thousands)
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
696,730
|
|
$
|
589,844
|
|
$
|
195,931
|
|
$
|
174,819
|
|
$
|
1,631,554
|
|
$
|
520,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenues,
exclusive of depreciation, depletion and
amortization
|
|
388,068
|
|
|
340,600
|
|
|
144,163
|
|
|
126,708
|
|
|
961,267
|
|
|
389,177
|
|
|
Depreciation, depletion
and amortization
|
|
68,758
|
|
|
64,064
|
|
|
35,241
|
|
|
34,904
|
|
|
177,038
|
|
|
105,606
|
|
|
Loss on disposal of
assets, net
|
|
667
|
|
|
2,143
|
|
|
3,397
|
|
|
1,868
|
|
|
2,656
|
|
|
7,472
|
|
|
Selling, general and
administrative
|
|
70,287
|
|
|
87,548
|
|
|
20,047
|
|
|
14,094
|
|
|
191,962
|
|
|
47,919
|
|
|
Total operating costs
and expenses
|
|
527,780
|
|
|
494,355
|
|
|
202,848
|
|
|
177,574
|
|
|
1,332,923
|
|
|
550,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
168,950
|
|
|
95,489
|
|
|
(6,917)
|
|
|
(2,755)
|
|
|
298,631
|
|
|
(29,838)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(16,261)
|
|
|
(13,451)
|
|
|
(6,896)
|
|
|
(6,187)
|
|
|
(38,984)
|
|
|
(19,118)
|
|
|
Loss on extinguishment
of debt
|
|
(242)
|
|
|
(8,822)
|
|
|
-
|
|
|
-
|
|
|
(17,337)
|
|
|
-
|
|
|
Other expense (income),
net
|
|
(928)
|
|
|
989
|
|
|
(92)
|
|
|
53
|
|
|
8,292
|
|
|
148
|
|
|
Total other
expense
|
|
(17,431)
|
|
|
(21,284)
|
|
|
(6,988)
|
|
|
(6,134)
|
|
|
(48,029)
|
|
|
(18,970)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax provision
|
|
151,519
|
|
|
74,205
|
|
|
(13,905)
|
|
|
(8,889)
|
|
|
250,602
|
|
|
(48,808)
|
|
|
Income tax (provision)
benefit
|
|
(8,157)
|
|
|
(4,112)
|
|
|
(170)
|
|
|
283
|
|
|
(13,021)
|
|
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
143,362
|
|
$
|
70,093
|
|
$
|
(14,075)
|
|
$
|
(8,606)
|
|
$
|
237,581
|
|
$
|
(48,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net (income) loss
attributable to ProFrac Predecessor
|
|
-
|
|
|
(56,157)
|
|
|
14,033
|
|
|
8,478
|
|
|
(79,867)
|
|
|
48,509
|
|
|
Less: net loss
attributable to noncontrolling interests
|
|
11,751
|
|
|
8,704
|
|
|
42
|
|
|
128
|
|
|
20,039
|
|
|
161
|
|
|
Less: net income
attributable to redeemable noncontrolling interests
|
|
(110,183)
|
|
|
(16,082)
|
|
|
-
|
|
|
-
|
|
|
(126,265)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to ProFrac Holding Corp.
|
$
|
44,930
|
|
$
|
6,558
|
|
$
|
-
|
|
$
|
-
|
|
$
|
51,488
|
|
$
|
-
|
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
Consolidated Balance
Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30
|
|
Dec.
31
|
|
(In
thousands)
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
64,678
|
|
$
|
5,376
|
|
Accounts receivable,
net
|
|
|
501,337
|
|
|
161,632
|
|
Accounts receivable -
related party
|
|
|
4,510
|
|
|
4,515
|
|
Prepaid expenses, and
other current assets
|
|
|
25,065
|
|
|
6,213
|
|
Assets held for
sale
|
|
|
1,805
|
|
|
-
|
|
Inventories
|
|
|
238,794
|
|
|
73,942
|
|
Total current
assets
|
|
|
836,189
|
|
|
251,678
|
|
|
|
|
|
|
|
|
|
Property, plant, and
equipment
|
|
|
1,454,010
|
|
|
827,865
|
|
Accumulated
depreciation and depletion
|
|
|
(632,801)
|
|
|
(464,178)
|
|
Property, plant, and
equipment, net
|
|
|
821,209
|
|
|
363,687
|
|
Operating lease
right-of-use assets
|
|
|
78,569
|
|
|
-
|
|
Deferred tax
assets
|
|
|
2,033
|
|
|
-
|
|
Investments
|
|
|
56,753
|
|
|
4,244
|
|
Intangible assets,
net
|
|
|
34,930
|
|
|
27,816
|
|
Goodwill
|
|
|
97,573
|
|
|
-
|
|
Other assets
|
|
|
52,028
|
|
|
17,145
|
|
Total assets
|
|
|
1,979,284
|
|
|
664,570
|
|
|
|
|
|
|
|
|
|
Liabilities,
redeemable noncontrolling interest, and stockholders' and members'
equity (deficit)
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
209,537
|
|
|
121,070
|
|
Accounts payable -
related party
|
|
|
34,911
|
|
|
21,275
|
|
Current portion of
operating lease liabilities
|
|
|
9,532
|
|
|
-
|
|
Accrued
expenses
|
|
|
194,321
|
|
|
38,149
|
|
Other current
liabilities
|
|
|
36,446
|
|
|
34,400
|
|
Current portion of
long-term debt
|
|
|
60,541
|
|
|
31,793
|
|
Total current
liabilities
|
|
|
545,288
|
|
|
246,687
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
484,228
|
|
|
235,128
|
|
Long-term debt -
related party
|
|
|
-
|
|
|
34,645
|
|
Operating lease
liabilities
|
|
|
73,180
|
|
|
-
|
|
Other
liabilities
|
|
|
17,320
|
|
|
-
|
|
Total
liabilities
|
|
|
1,120,016
|
|
|
516,460
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
1,644,426
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Stockholders' and
members' equity
|
|
|
-
|
|
|
147,015
|
|
Preferred
stock
|
|
|
-
|
|
|
-
|
|
Class A common
stock
|
|
|
412
|
|
|
-
|
|
Class B common
stock
|
|
|
1,011
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
-
|
|
|
-
|
|
Accumulated
deficit
|
|
|
(868,409)
|
|
|
-
|
|
Accumulated other
comprehensive (loss) income
|
|
|
9
|
|
|
56
|
|
Total stockholders' and
members' (deficit) equity attributable to ProFrac Holding
Corp.
|
|
|
(866,977)
|
|
|
147,071
|
|
Noncontrolling
interests
|
|
|
81,819
|
|
|
1,039
|
|
Total stockholders' and
members' (deficit) equity
|
|
|
(785,158)
|
|
|
148,110
|
|
Total liabilities,
redeemable noncontrolling interest, and stockholders' and members'
(deficit) equity
|
$
|
1,979,284
|
|
$
|
664,570
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements
of Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Sep.
30
|
|
(In
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
143,362
|
|
$
|
70,093
|
|
$
|
237,581
|
|
$
|
(48,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net (loss) cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization
|
|
68,758
|
|
|
64,064
|
|
|
177,038
|
|
|
105,606
|
|
Stock-based
compensation
|
|
12,926
|
|
|
40,304
|
|
|
53,230
|
|
|
-
|
|
Loss on disposal of
assets, net
|
|
667
|
|
|
2,143
|
|
|
2,656
|
|
|
7,472
|
|
Non-cash loss on
extinguishment of debt
|
|
242
|
|
|
5,946
|
|
|
10,472
|
|
|
-
|
|
Amortization of debt
issuance costs
|
|
1,954
|
|
|
1,358
|
|
|
4,683
|
|
|
1,847
|
|
Bad debt expense, net
of recoveries
|
|
-
|
|
|
-
|
|
|
5
|
|
|
2,562
|
|
Deferred tax
expense
|
|
1,333
|
|
|
1,024
|
|
|
2,357
|
|
|
-
|
|
Unrealized gain on
investments, net
|
|
-
|
|
|
(426)
|
|
|
(8,526)
|
|
|
-
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(46,096)
|
|
|
(127,515)
|
|
|
(220,467)
|
|
|
(31,396)
|
|
Inventories
|
|
(43,269)
|
|
|
(41,024)
|
|
|
(107,150)
|
|
|
(14,525)
|
|
Prepaid expenses and
other assets
|
|
(11,443)
|
|
|
1,545
|
|
|
(18,551)
|
|
|
(1,223)
|
|
Accounts
payable
|
|
19,082
|
|
|
(42,574)
|
|
|
6,332
|
|
|
4,823
|
|
Accrued
expenses
|
|
28,604
|
|
|
60,007
|
|
|
111,233
|
|
|
11,511
|
|
Deferred revenues and
other liabilities
|
|
(3,921)
|
|
|
4,545
|
|
|
5,770
|
|
|
(317)
|
|
Net cash provided by
operating activities
|
|
172,199
|
|
|
39,490
|
|
|
256,663
|
|
|
37,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in property,
plant & equipment
|
|
(123,408)
|
|
|
(74,577)
|
|
|
(239,477)
|
|
|
(70,585)
|
|
Proceeds from sale of
assets
|
|
586
|
|
|
479
|
|
|
46,687
|
|
|
17,487
|
|
Acquisitions, net of
cash acquired
|
|
(97,660)
|
|
|
21,723
|
|
|
(354,927)
|
|
|
(2,430)
|
|
Investment in preferred
shares of BPC
|
|
-
|
|
|
-
|
|
|
(47,202)
|
|
|
-
|
|
Initial investment in
Flotek
|
|
-
|
|
|
-
|
|
|
(10,000)
|
|
|
-
|
|
Other
Investments
|
|
(20,946)
|
|
|
-
|
|
|
(24,839)
|
|
|
-
|
|
Net cash used in
investing activities
|
|
(241,428)
|
|
|
(52,375)
|
|
|
(629,758)
|
|
|
(55,528)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of long-term debt
|
|
231,198
|
|
|
27,214
|
|
|
818,758
|
|
|
160,230
|
|
Repayments of long-term
debt
|
|
(17,955)
|
|
|
(270,005)
|
|
|
(515,780)
|
|
|
(138,887)
|
|
Borrowings from
revolving credit agreements
|
|
56,450
|
|
|
99,313
|
|
|
253,683
|
|
|
29,500
|
|
Repayments to revolving
credit agreements
|
|
(199,800)
|
|
|
(26,669)
|
|
|
(322,683)
|
|
|
(18,500)
|
|
Payment of debt
issuance costs
|
|
(9,676)
|
|
|
(671)
|
|
|
(33,260)
|
|
|
(1,090)
|
|
Member
contribution
|
|
-
|
|
|
-
|
|
|
5,000
|
|
|
-
|
|
Proceeds from issuance
of common stock
|
|
-
|
|
|
329,118
|
|
|
329,118
|
|
|
-
|
|
Payment of THRC related
equity
|
|
-
|
|
|
(72,931)
|
|
|
(72,931)
|
|
|
-
|
|
Payment of common stock
issuance costs
|
|
-
|
|
|
(27,444)
|
|
|
(27,444)
|
|
|
-
|
|
Net cash provided by
financing activities
|
|
60,217
|
|
|
57,925
|
|
|
434,461
|
|
|
31,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in
cash, cash equivalents, and restricted cash
|
$
|
(9,012)
|
|
$
|
45,040
|
|
$
|
61,366
|
|
$
|
13,415
|
|
Cash, cash
equivalents, and restricted cash beginning of period
|
|
75,754
|
|
|
30,714
|
|
|
5,376
|
|
|
2,952
|
|
Cash, cash
equivalents, and restricted cash end of period
|
$
|
66,742
|
|
$
|
75,754
|
|
$
|
66,742
|
|
$
|
16,367
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income (Loss) to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Sep.
30
|
|
|
(In
thousands)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
143,362
|
|
$
|
70,093
|
|
$
|
(14,075)
|
|
$
|
(8,606)
|
|
$
|
237,581
|
|
$
|
(48,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposal of
assets, net
|
|
|
667
|
|
|
2,143
|
|
|
3,397
|
|
|
1,868
|
|
|
2,656
|
|
|
7,472
|
|
|
Loss on extinguishment
of debt
|
|
|
242
|
|
|
8,822
|
|
|
-
|
|
|
-
|
|
|
17,337
|
|
|
-
|
|
|
Litigation
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
|
Stock-based
compensation related to deemed contributions
|
|
|
10,207
|
|
|
38,849
|
|
|
-
|
|
|
-
|
|
|
49,056
|
|
|
-
|
|
|
Bad debt expense, net
of recoveries
|
|
|
-
|
|
|
-
|
|
|
2,562
|
|
|
-
|
|
|
5
|
|
|
2,562
|
|
|
(Gain) loss on foreign
currency transactions
|
|
|
(80)
|
|
|
(58)
|
|
|
116
|
|
|
-
|
|
|
(126)
|
|
|
116
|
|
|
Reorganization
costs
|
|
|
-
|
|
|
-
|
|
|
211
|
|
|
-
|
|
|
55
|
|
|
211
|
|
|
Acquisition related
expenses
|
|
|
5,806
|
|
|
4,063
|
|
|
-
|
|
|
-
|
|
|
22,888
|
|
|
-
|
|
|
Unrealized gain on
investments, net
|
|
|
-
|
|
|
(426)
|
|
|
-
|
|
|
-
|
|
|
(8,526)
|
|
|
-
|
|
|
Adjusted Net Income
(loss)
|
|
$
|
160,204
|
|
$
|
127,486
|
|
$
|
(7,789)
|
|
$
|
(6,738)
|
|
$
|
324,926
|
|
$
|
(38,309)
|
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income (Loss) to Adjusted Net Income excluding Flotek
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Sep.
30
|
|
|
(In
thousands)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
143,362
|
|
$
|
70,093
|
|
$
|
(14,075)
|
|
$
|
(8,606)
|
|
$
|
237,581
|
|
$
|
(48,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposal of
assets, net
|
|
|
667
|
|
|
2,143
|
|
|
3,397
|
|
|
1,868
|
|
|
2,656
|
|
|
7,472
|
|
|
Loss on extinguishment
of debt
|
|
|
242
|
|
|
8,822
|
|
|
-
|
|
|
-
|
|
|
17,337
|
|
|
-
|
|
|
Litigation
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
|
Stock-based
compensation related to deemed contributions
|
|
|
10,207
|
|
|
38,849
|
|
|
-
|
|
|
-
|
|
|
49,056
|
|
|
-
|
|
|
Bad debt expense, net
of recoveries
|
|
|
-
|
|
|
-
|
|
|
2,562
|
|
|
-
|
|
|
5
|
|
|
2,562
|
|
|
(Gain) loss on foreign
currency transactions
|
|
|
(80)
|
|
|
(58)
|
|
|
116
|
|
|
-
|
|
|
(126)
|
|
|
116
|
|
|
Reorganization
costs
|
|
|
-
|
|
|
-
|
|
|
211
|
|
|
-
|
|
|
55
|
|
|
211
|
|
|
Acquisition related
expenses
|
|
|
5,806
|
|
|
4,063
|
|
|
-
|
|
|
-
|
|
|
22,888
|
|
|
-
|
|
|
Unrealized gain on
investments, net
|
|
|
-
|
|
|
(426)
|
|
|
-
|
|
|
-
|
|
|
(8,526)
|
|
|
-
|
|
|
Adjusted Net Income
(loss)
|
|
$
|
160,204
|
|
$
|
127,486
|
|
$
|
(7,789)
|
|
$
|
(6,738)
|
|
$
|
324,926
|
|
$
|
(38,309)
|
|
|
Less: net (income) loss
from other business activities
|
|
|
12,497
|
|
|
8,604
|
|
|
-
|
|
|
-
|
|
|
21,101
|
|
|
-
|
|
|
Adjusted Net Income
(loss) excluding other business activities
|
|
|
172,701
|
|
|
136,090
|
|
|
(7,789)
|
|
|
(6,738)
|
|
|
346,027
|
|
|
(38,309)
|
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income (Loss) to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Sep.
30
|
|
(In
thousands)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
143,362
|
|
$
|
70,093
|
|
$
|
(14,075)
|
|
$
|
(8,606)
|
|
$
|
237,581
|
|
$
|
(48,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
16,261
|
|
|
13,451
|
|
|
6,896
|
|
|
6,187
|
|
|
38,984
|
|
|
19,118
|
|
Depreciation, depletion
and amortization
|
|
|
68,758
|
|
|
64,064
|
|
|
35,241
|
|
|
34,904
|
|
|
177,038
|
|
|
105,606
|
|
Income tax provision
(benefit)
|
|
|
8,157
|
|
|
4,112
|
|
|
170
|
|
|
(283)
|
|
|
13,021
|
|
|
(138)
|
|
Loss on disposal of
assets, net
|
|
|
667
|
|
|
2,143
|
|
|
3,397
|
|
|
1,868
|
|
|
2,656
|
|
|
7,472
|
|
Loss on extinguishment
of debt
|
|
|
242
|
|
|
8,822
|
|
|
-
|
|
|
-
|
|
|
17,337
|
|
|
-
|
|
Litigation
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
Stock-based
compensation
|
|
|
2,719
|
|
|
1,455
|
|
|
-
|
|
|
-
|
|
|
4,174
|
|
|
-
|
|
Stock-based
compensation related to deemed contributions
|
|
|
10,207
|
|
|
38,849
|
|
|
-
|
|
|
-
|
|
|
49,056
|
|
|
-
|
|
Bad debt expense, net
of recoveries
|
|
|
-
|
|
|
-
|
|
|
2,562
|
|
|
-
|
|
|
5
|
|
|
2,562
|
|
(Gain) loss on foreign
currency transactions
|
|
|
(80)
|
|
|
(58)
|
|
|
116
|
|
|
-
|
|
|
(126)
|
|
|
116
|
|
Reorganization
costs
|
|
|
-
|
|
|
-
|
|
|
211
|
|
|
-
|
|
|
55
|
|
|
211
|
|
Acquisition related
expenses
|
|
|
5,806
|
|
|
4,063
|
|
|
-
|
|
|
-
|
|
|
22,888
|
|
|
-
|
|
Unrealized gain on
investments, net
|
|
|
-
|
|
|
(426)
|
|
|
-
|
|
|
-
|
|
|
(8,526)
|
|
|
-
|
|
Adjusted
EBITDA
|
|
$
|
256,099
|
|
$
|
210,568
|
|
$
|
34,518
|
|
$
|
34,070
|
|
$
|
558,143
|
|
$
|
86,277
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income (Loss) to Pro Forma Adjusted EBITDA excluding
Flotek
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Jun.
30
|
|
Sep.
30
|
|
Sep.
30
|
|
(In thousands except
average active fleets and annualization factor)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
143,362
|
|
$
|
70,093
|
|
$
|
(14,075)
|
|
$
|
(8,606)
|
|
$
|
237,581
|
|
$
|
(48,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
16,261
|
|
|
13,451
|
|
|
6,896
|
|
|
6,187
|
|
|
38,984
|
|
|
19,118
|
|
Depreciation, depletion
and amortization
|
|
|
68,758
|
|
|
64,064
|
|
|
35,241
|
|
|
34,904
|
|
|
177,038
|
|
|
105,606
|
|
Income tax
provision
|
|
|
8,157
|
|
|
4,112
|
|
|
170
|
|
|
(283)
|
|
|
13,021
|
|
|
(138)
|
|
Loss on disposal of
assets, net
|
|
|
667
|
|
|
2,143
|
|
|
3,397
|
|
|
1,868
|
|
|
2,656
|
|
|
7,472
|
|
Loss on extinguishment
of debt
|
|
|
242
|
|
|
8,822
|
|
|
-
|
|
|
-
|
|
|
17,337
|
|
|
-
|
|
Litigation
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
|
-
|
|
|
4,000
|
|
|
-
|
|
Stock-based
compensation
|
|
|
2,719
|
|
|
1,455
|
|
|
-
|
|
|
-
|
|
|
4,174
|
|
|
-
|
|
Stock-based
compensation related to deemed contributions
|
|
|
10,207
|
|
|
38,849
|
|
|
-
|
|
|
-
|
|
|
49,056
|
|
|
-
|
|
Bad debt expense, net
of recoveries
|
|
|
-
|
|
|
-
|
|
|
2,562
|
|
|
-
|
|
|
5
|
|
|
2,562
|
|
(Gain) loss on foreign
currency transactions
|
|
|
(80)
|
|
|
(58)
|
|
|
116
|
|
|
-
|
|
|
(126)
|
|
|
116
|
|
Reorganization
costs
|
|
|
-
|
|
|
-
|
|
|
211
|
|
|
-
|
|
|
55
|
|
|
211
|
|
Acquisition related
expenses
|
|
|
5,806
|
|
|
4,063
|
|
|
-
|
|
|
-
|
|
|
22,888
|
|
|
-
|
|
Unrealized gain on
investments, net
|
|
|
-
|
|
|
(426)
|
|
|
-
|
|
|
-
|
|
|
(8,526)
|
|
|
-
|
|
Total adjusted EBITDA
for reportable segments
|
|
$
|
256,099
|
|
$
|
210,568
|
|
$
|
34,518
|
|
$
|
34,070
|
|
$
|
558,143
|
|
$
|
86,277
|
|
Less: other business
activities operating results
|
|
|
11,072
|
|
|
7,454
|
|
|
-
|
|
|
-
|
|
|
18,526
|
|
|
-
|
|
Adjusted EBITDA
excluding other business activities
|
|
|
267,171
|
|
|
218,022
|
|
|
34,518
|
|
|
34,070
|
|
|
576,669
|
|
|
86,277
|
|
Average active
fleets
|
|
|
31.0
|
|
|
31.0
|
|
|
14.7
|
|
|
20.0
|
|
|
27.9
|
|
|
14.9
|
|
Adjusted EBITDA
excluding other business activities per average active
fleet
|
|
|
8,618
|
|
|
7,033
|
|
|
2,348
|
|
|
1,704
|
|
|
20,669
|
|
|
5,790
|
|
Annualization
factor
|
|
|
4.0
|
|
|
4.0
|
|
|
4.0
|
|
|
4.0
|
|
|
1.3
|
|
|
1.3
|
|
Annualized adjusted
EBITDA excluding other business activities per average active
fleet
|
|
$
|
34,474
|
|
$
|
28,132
|
|
$
|
9,393
|
|
$
|
6,814
|
|
$
|
27,559
|
|
$
|
7,721
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
|
Sep.
30
|
|
Jun.
30
|
|
|
Sep.
30
|
|
Sep.
30
|
|
|
|
(In
thousands)
|
|
2022
|
|
2022
|
|
|
2021
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stimulation
services
|
|
$
|
668,578
|
|
$
|
576,556
|
|
|
$
|
190,723
|
|
$
|
168,506
|
|
|
$
|
1,581,289
|
|
$
|
502,932
|
|
|
|
Manufacturing
|
|
|
48,742
|
|
|
34,854
|
|
|
|
19,861
|
|
|
16,223
|
|
|
|
115,602
|
|
|
50,741
|
|
|
|
Proppant
production
|
|
|
24,642
|
|
|
17,531
|
|
|
|
6,399
|
|
|
7,781
|
|
|
|
54,581
|
|
|
19,769
|
|
|
|
Other
|
|
|
46,872
|
|
|
15,359
|
|
|
|
-
|
|
|
-
|
|
|
|
62,231
|
|
|
-
|
|
|
|
Total
segments
|
|
|
788,834
|
|
|
644,300
|
|
|
|
216,983
|
|
|
192,510
|
|
|
|
1,813,703
|
|
|
573,442
|
|
|
|
Eliminations
|
|
|
(92,104)
|
|
|
(54,456)
|
|
|
|
(21,052)
|
|
|
(17,691)
|
|
|
|
(182,149)
|
|
|
(53,106)
|
|
|
|
Total
revenues
|
|
$
|
696,730
|
|
$
|
589,844
|
|
|
$
|
195,931
|
|
$
|
174,819
|
|
|
$
|
1,631,554
|
|
$
|
520,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stimulation
services
|
|
$
|
249,557
|
|
$
|
196,088
|
|
|
$
|
31,599
|
|
$
|
30,475
|
|
|
$
|
519,214
|
|
$
|
75,027
|
|
|
|
Manufacturing
|
|
|
8,416
|
|
|
9,360
|
|
|
|
502
|
|
|
349
|
|
|
|
27,798
|
|
|
3,181
|
|
|
|
Proppant
production
|
|
|
9,198
|
|
|
12,574
|
|
|
|
2,417
|
|
|
3,246
|
|
|
|
29,657
|
|
|
8,069
|
|
|
|
Other
|
|
|
(11,072)
|
|
|
(7,454)
|
|
|
|
-
|
|
|
-
|
|
|
|
(18,526)
|
|
|
-
|
|
|
|
Adjusted EBITDA for
reportable segments
|
|
$
|
256,099
|
|
$
|
210,568
|
|
|
$
|
34,518
|
|
$
|
34,070
|
|
|
$
|
558,143
|
|
$
|
86,277
|
|
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
Net Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
(In
thousands)
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
60,541
|
|
$
|
51,329
|
|
Long-term
debt
|
|
|
484,228
|
|
|
427,961
|
|
Long-term debt -
related party
|
|
|
-
|
|
|
-
|
|
Total debt
|
|
|
544,769
|
|
|
479,290
|
|
|
|
|
|
|
|
|
|
Plus: Unamortized debt
issuance costs
|
|
|
23,235
|
|
|
15,755
|
|
Total gross
debt
|
|
|
568,004
|
|
|
495,045
|
|
|
|
|
|
|
|
|
|
Less: Cash and cash
equivalents
|
|
|
(64,678)
|
|
|
(73,653)
|
|
Net debt
|
|
$
|
503,326
|
|
$
|
421,392
|
ProFrac Holding Corp.
(NasdaqGS: ACDC)
|
|
|
|
Net Debt excluding
Other Business Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30
|
|
Jun.
30
|
|
(In
thousands)
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
44,917
|
|
$
|
36,938
|
|
Long-term
debt
|
|
|
481,265
|
|
|
424,825
|
|
Long-term debt -
related party
|
|
|
-
|
|
|
-
|
|
Total debt
|
|
|
526,182
|
|
|
461,763
|
|
|
|
|
|
|
|
|
|
Plus: Unamortized debt
issuance costs
|
|
|
23,235
|
|
|
15,755
|
|
Total gross
debt
|
|
|
549,417
|
|
|
477,518
|
|
|
|
|
|
|
|
|
|
Less: Cash and cash
equivalents
|
|
|
(56,170)
|
|
|
(40,569)
|
|
Net debt
|
|
$
|
493,247
|
|
$
|
436,949
|
Contacts:
|
ProFrac Holding
Corp.
|
|
Lance Turner – Chief
Financial Officer
|
|
investors@profrac.com
|
|
|
|
Dennard Lascar Investor
Relations
|
|
Ken Dennard / Rick
Black
|
|
ACDC@dennardlascar.com
|
View original
content:https://www.prnewswire.com/news-releases/profrac-holding-corp-reports-2022-third-quarter-financial-and-operational-results-301675057.html
SOURCE ProFrac Holding Corp.