Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today reported financial and operating results for the
second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Total sales of $287.5 million
- Net income of $14.8 million (5% Net Income Margin)
- Adjusted EBITDA of $72.0 million (25% Adjusted EBITDA Margin)
(1)
- Net cash provided by operating activities of $60.9 million
- Adjusted Free Cash Flow of $66.6 million (23% Adjusted Free
Cash Flow Margin) (1)
- Dune Express construction remains on-time and on-budget
- Declares increased quarterly dividend of $0.23 per share,
payable August 22, 2024
Financial Summary
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
(unaudited, in thousands,
except percentages)
Sales
$
287,518
$
192,667
$
161,788
Net income
$
14,837
$
26,787
$
71,211
Net Income Margin
5
%
14
%
44
%
Adjusted EBITDA
$
72,045
$
75,543
$
92,846
Adjusted EBITDA Margin
25
%
39
%
57
%
Net cash provided by operating
activities
$
60,856
$
39,562
$
103,883
Adjusted Free Cash Flow
$
66,627
$
71,083
$
86,821
Adjusted Free Cash Flow Margin
23
%
37
%
54
%
(1)
Adjusted EBITDA, Adjusted EBITDA Margin,
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are
non-GAAP financials measures. See Non-GAAP Financial Measures for a
discussion of these measures and a reconciliation of these measures
to our most directly comparable financial measures calculated and
presented in accordance with GAAP.
John Turner, President & CEO, commented, “While second
quarter results were weighed down by lower throughput and higher
costs related to the reconstruction of the Kermit Feed System, the
rest of our operations performed exceedingly well. The
reconstruction of the damaged feed system was completed at the end
of June, and, after a ramp-up period in July, Atlas is back to
normal loadout operations today at Kermit. With the recovery in our
productive capacity, we expect our third quarter financial results
to meaningfully improve sequentially relative to those of the
second quarter. I am extremely proud of our team’s remarkable
response times and tireless work ethic throughout this incident,
and I would like to congratulate and say thank you to our entire
organization for responding so admirably to the event. We’re
looking forward to the remainder of 2024 as we near the initial
in-service date of the Dune Express.”
Second Quarter 2024 Financial Results
Second quarter 2024 total sales increased $94.9 million, or 49%
when compared to the first quarter of 2024, to $287.5 million.
Product sales increased $14.8 million, or 13% when compared to the
first quarter of 2024, to $128.2 million. Second quarter 2024 sales
volumes increased to 4.9 million tons, or 26% when compared to the
first quarter of 2024, which was offset by lower average pricing
experienced during the period. Service sales increased by $80.1
million, or 101% when compared to the first quarter of 2024, to
$159.3 million. The increase in service sales was largely due to a
full quarter of contribution of Hi-Crush.
Second quarter 2024 cost of sales (excluding depreciation,
depletion and accretion expense) (“cost of sales”) increased by
$95.4 million, or 89% when compared to the first quarter of 2024,
to $202.1 million. The increase in our cost of sales was primarily
driven by a full quarter of contribution associated with the
Hi-Crush operations, and elevated costs associated with operations
at our damaged Kermit facility.
Selling, general and administrative expenses (“SG&A”) for
the second quarter of 2024 decreased $0.7 million, or 3% when
compared to the first quarter of 2024, to $27.3 million. Included
within our SG&A is $5.5 million in stock based compensation and
$5.9 million in other acquisition related costs.
Net income for the second quarter of 2024 was $14.8 million, and
Adjusted EBITDA for the second quarter of 2024 was $72.0
million.
Liquidity, Capital Expenditures and Other
As of June 30, 2024, the Company’s total liquidity was $279.2
million, which was comprised of $104.7 million in cash and cash
equivalents (held in cash, CDs, and three-month Treasury bills),
$74.5 million of availability under the Company’s ABL Facility, and
$100 million of availability under the Company's Delayed Draw Term
Loan Facility. The Company had $50.0 million of borrowings
outstanding under the ABL Facility and $0.6 million of outstanding
undrawn letters of credit.
Net cash used in investing activities was $115.8 million during
the second quarter of 2024, driven largely by the construction of
the Dune Express and additional OnCore deployments.
Quarterly Cash Dividend
On August 1, 2024, the Board of Directors of Atlas declared an
increased dividend to common stockholders of $0.23 per share, or
approximately $25.3 million in aggregate to shareholders. We have
elected to move away from the base plus variable dividend structure
to a standalone base dividend. The dividend will be payable on
August 22, 2024 to shareholders of record at the close of business
on August 15, 2024.
Conference Call Information
The Company will host a conference call to discuss financial and
operational results on Tuesday, August 6, 2024 at 9:00am Central
Time (10:00am Eastern Time). Individuals wishing to participate in
the conference call should dial (877) 407-4133. A live webcast will
be available at https://ir.atlas.energy/. Please access the webcast
or dial in for the call at least 10 minutes ahead of the start time
to ensure a proper connection. An archived version of the
conference call will be available on the Company’s website shortly
after the conclusion of the call.
The Company will also post an updated investor presentation
titled “Investor Presentation August 2024”, in addition to a
"August 2024 Growth Projects Update" video, at
https://ir.atlas.energy/ in the "Presentations” section under “News
& Events” tab on the Company’s Investor Relations webpage prior
to the conference call.
About Atlas Energy Solutions
Atlas Energy Solutions Inc. is a leading proppant producer and
proppant logistics provider, serving primarily the Permian Basin of
West Texas and New Mexico. We operate 13 proppant production
facilities across the Permian Basin with a combined annual
production capacity of 28 million tons, including both large-scale
in-basin facilities and smaller distributed mining units. We manage
a portfolio of leading-edge logistics assets, which includes our
42-mile Dune Express conveyor system, which is currently under
construction and is scheduled to come online in the fourth quarter
of 2024. In addition to our conveyor infrastructure, we manage a
fleet of 120 trucks, which are capable of delivering expanded
payloads due to our custom-manufactured trailers and drop-depot
process. Our approach to managing both our proppant production and
proppant logistics operations is intently focused on leveraging
technology, automation and remote operations to drive
efficiencies.
We are a low-cost producer of various high-quality, locally
sourced proppants used during the well completion process. We offer
both dry and damp sand, and carry various mesh sizes including 100
mesh and 40/70 mesh. Proppant is a key component necessary to
facilitate the recovery of hydrocarbons from oil and natural gas
wells.
Our logistics platform is designed to increase the efficiency,
safety and sustainability of the oil and natural gas industry
within the Permian Basin. Proppant logistics is increasingly a
differentiating factor affecting customer choice among proppant
producers. The cost of delivering sand, even short distances, can
be a significant component of customer spending on their well
completions given the substantial volumes that are utilized in
modern well designs.
We continue to invest in and pursue leading-edge technologies,
including autonomous trucking, digital infrastructure, and
artificial intelligence, to support opportunities to gain
efficiencies in our operations. These technology-focused
investments aim to improve our cost structure and also combine to
produce beneficial environmental and community impacts.
While our core business is fundamentally aligned with a lower
emissions economy, our core obligation has been, and will always
be, to our stockholders. We recognize that maximizing value for our
stockholders requires that we optimize the outcomes for our broader
stakeholders, including our employees and the communities in which
we operate. We are proud of the fact that our approach to
innovation in the hydrocarbon industry while operating in an
environmentally responsible manner creates immense value. Since our
founding in 2017, our core mission has been to improve human
beings’ access to the hydrocarbons that power our lives while also
delivering differentiated social and environmental progress. Our
Atlas team has driven innovation and has produced industry-leading
environmental benefits by reducing energy consumption, emissions,
and our aerial footprint. We call this Sustainable Environmental
and Social Progress.
We were founded in 2017 by Ben M. “Bud” Brigham, our Executive
Chairman, and are led by an entrepreneurial team with a history of
constructive disruption bringing significant and complementary
experience to this enterprise, including the perspective of
longtime E&P operators, which provides for an elevated
understanding of the end users of our products and services. Our
executive management team has a proven track record with a history
of generating positive returns and value creation. Our experience
as E&P operators was instrumental to our understanding of the
opportunity created by in-basin sand production and supply in the
Permian Basin, which we view as North America’s premier shale
resource and which we believe will remain its most active through
economic cycles.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that are predictive or prospective in nature, that depend upon or
refer to future events or conditions or that include the words
“may,” “assume,” “forecast,” “position,” “strategy,” “potential,”
“continue,” “could,” “will,” “plan,” “project,” “budget,”
“predict,” “pursue,” “target,” “seek,” “objective,” “believe,”
“expect,” “anticipate,” “intend,” “estimate” and other expressions
that are predictions of or indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements about the anticipated financial
performance of Atlas following our acquisition of substantially all
of the Permian Basin proppant production and logistics businesses
and operations of Hi-Crush Inc. (the “Hi-Crush Acquisition”); the
expected synergies and efficiencies to be achieved as a result of
the Hi-Crush Acquisition; statements regarding our ability to
return the Kermit facility to full production, the required
reconstruction; Atlas’s expectations regarding the timing of the
Kermit facility’s return to full production and its utilization;
statements about the availability and extent of insurance coverage;
statements about the ultimate impact of the incident on Atlas’s
future performance; expected accretion to free cash flow and
earnings per share; expectations regarding the leverage and
dividend profile of Atlas; expansion and growth of Atlas’s
business; expected production volumes; our business strategy, our
industry, our future operations and profitability, expected capital
expenditures and the impact of such expenditures on our
performance, statements about our financial position, production,
revenues and losses, our capital programs, management changes,
current and potential future long-term contracts and our future
business and financial performance.
Although forward-looking statements reflect our good faith
beliefs at the time they are made, we caution you that these
forward-looking statements are subject to a number of risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. These risks include but are not
limited to: uncertainties as to whether the Hi-Crush Acquisition
will achieve its anticipated benefits and projected synergies
within the expected time period or at all; Atlas’s ability to
integrate Hi-Crush Inc.’s operations in a successful manner and in
the expected time period; risks that the anticipated tax treatment
of the Hi-Crush Acquisition is not obtained; unforeseen or unknown
liabilities; unexpected future capital expenditures; potential
litigation relating to the Hi-Crush Acquisition; the effect of the
completion of the Hi-Crush Acquisition on Atlas’s business
relationships and business generally; risks that the Hi-Crush
Acquisition disrupts current plans and operations of Atlas and its
management team and potential difficulties in retaining employees
as a result of the Hi-Crush Acquisition; the risks related to
Atlas’s financing of the Hi-Crush Acquisition; potential negative
effects of the Hi-Crush Acquisition on the market price of Atlas’s
common stock or operating results; uncertainty regarding the
availability of insurance proceeds to offset the cost of
reconstructing the Kermit facility; risks relating to the impact of
this incident on our ability to service our customers; commodity
price volatility, including volatility stemming from the ongoing
armed conflicts between Russia and Ukraine and Israel and Hamas;
increasing hostilities and instability in the Middle East; adverse
developments affecting the financial services industry; our ability
to complete growth projects, including the Dune Express, on time
and on budget; the risk that stockholder litigation in connection
with our recent corporate reorganization may result in significant
costs of defense, indemnification and liability; changes in general
economic, business and political conditions, including changes in
the financial markets; transaction costs; actions of OPEC+ to set
and maintain oil production levels; the level of production of
crude oil, natural gas and other hydrocarbons and the resultant
market prices of crude oil; inflation; environmental risks;
operating risks; regulatory changes; lack of demand; market share
growth; the uncertainty inherent in projecting future rates of
reserves; production; cash flow; access to capital; the timing of
development expenditures; the ability of our customers to meet
their obligations to us; our ability to maintain effective internal
controls; and other factors discussed or referenced in our filings
made from time to time with the U.S. Securities and Exchange
Commission (“SEC”), including those discussed under the heading
“Risk Factors” in Annual Report on Form 10-K, filed with the SEC on
February 27, 2024, and any subsequently filed Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Readers are cautioned
not to place undue reliance on forward-looking statements, which
speak only as of the date hereof. Factors or events that could
cause our actual results to differ may emerge from time to time,
and it is not possible for us to predict all of them. We undertake
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Atlas Energy Solutions Inc.
Condensed Consolidated Statements of Income (unaudited, in
thousands, except per share data)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Product sales
$
128,210
$
113,432
$
125,216
Service sales
159,308
79,235
36,572
Total sales
287,518
192,667
161,788
Cost of sales (excluding depreciation,
depletion and accretion expense)
202,136
106,746
63,504
Depreciation, depletion and accretion
expense
25,027
17,175
9,433
Gross profit
60,355
68,746
88,851
Selling, general and administrative
expense (including stock and unit-based compensation expense of
$5,466, $4,206 and $1,624, respectively.)
27,266
28,008
12,183
Amortization expense of acquired
intangible assets
3,768
1,061
—
Loss on disposal of assets
11,098
—
—
Insurance recovery (gain)
(10,000
)
—
—
Operating income
28,223
39,677
76,668
Interest (expense), net
(10,458
)
(4,978
)
(521
)
Other income
138
23
118
Income before income taxes
17,903
34,722
76,265
Income tax expense
3,066
7,935
5,054
Net income
$
14,837
$
26,787
$
71,211
Less: Net income attributable to
redeemable noncontrolling interest
32,693
Net income attributable to Atlas Energy
Solutions Inc.
$
14,837
$
26,787
$
38,518
Net income per common share
Basic
$
0.13
$
0.26
$
0.67
Diluted
$
0.13
$
0.26
$
0.67
Weighted average common shares
outstanding
Basic
111,064
102,931
57,148
Diluted
112,023
103,822
57,420
Atlas Energy Solutions Inc.
Condensed Consolidated Statements of Cash Flows (unaudited, in
thousands)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Operating activities:
Net income
$
14,837
$
26,787
$
71,211
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and accretion
expense
25,886
18,007
9,814
Amortization of debt discount
1,083
407
120
Amortization of deferred financing
costs
118
78
104
Amortization expense of acquired
intangible assets
3,768
1,061
—
Loss on disposal of assets
11,098
—
—
Insurance recovery (gain)
(10,000
)
—
—
Stock and unit-based compensation
5,466
4,206
1,624
Deferred income tax
2,758
7,521
5,819
Other
(744
)
(5
)
(21
)
Changes in operating assets and
liabilities:
6,586
(18,500
)
15,212
Net cash provided by operating
activities
60,856
39,562
103,883
Investing activities:
Purchases of property, plant and
equipment
(115,790
)
(95,486
)
(85,895
)
Hi-Crush acquisition, net of cash
acquired
—
(142,233
)
—
Net cash used in investing
activities
(115,790
)
(237,719
)
(85,895
)
Financing Activities:
Payment of offering costs
—
—
(4,439
)
Proceeds from borrowings
3,039
198,500
—
Principal payments on term loan
borrowings
(4,217
)
(1,381
)
(8,347
)
Issuance costs associated with debt
financing
(416
)
(730
)
(222
)
Payments under finance leases
(846
)
(65
)
(962
)
Repayment of notes payable
(855
)
(216
)
—
Dividends and distributions
(24,168
)
(21,005
)
(15,000
)
Net cash provided by (used in)
financing activities
(27,463
)
175,103
(28,970
)
Net decrease in cash and cash
equivalents
(82,397
)
(23,054
)
(10,982
)
Cash and cash equivalents, beginning of
period
187,120
210,174
352,656
Cash and cash equivalents, end of
period
$
104,723
$
187,120
$
341,674
Atlas Energy Solutions Inc.
Condensed Consolidated Balance Sheets (in thousands)
As of
As of
June 30, 2024
December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
104,723
$
210,174
Accounts receivable, including related
parties
197,072
71,170
Inventories, prepaid expenses and other
current assets
63,361
37,342
Total current assets
365,156
318,686
Property, plant and equipment, net
1,403,417
934,660
Right-of-use assets
22,664
4,151
Goodwill
75,219
—
Intangible assets
112,422
1,767
Other long-term assets
3,451
2,422
Total assets
$
1,982,329
$
1,261,686
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable, including related
parties
103,877
61,159
Accrued liabilities and other current
liabilities
104,903
31,433
Current portion of long-term debt
30,553
—
Total current liabilities
239,333
92,592
Long-term debt, net of discount and
deferred financing costs
447,450
172,820
Deferred tax liabilities
207,027
121,529
Other long-term liabilities
26,559
6,921
Total liabilities
920,369
393,862
Total stockholders' and members'
equity
1,061,960
867,824
Total liabilities and stockholders’
equity
$
1,982,329
$
1,261,686
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash
Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow
Conversion and Maintenance Capital Expenditures are non-GAAP
supplemental financial measures used by our management and by
external users of our financial statements such as investors,
research analysts and others, in the case of Adjusted EBITDA, to
assess our operating performance on a consistent basis across
periods by removing the effects of development activities, provide
views on capital resources available to organically fund growth
projects and, in the case of Adjusted Free Cash Flow, assess the
financial performance of our assets and their ability to sustain
dividends or reinvest to organically fund growth projects over the
long term without regard to financing methods, capital structure,
or historical cost basis.
These measures do not represent and should not be considered
alternatives to, or more meaningful than, net income, income from
operations, net cash provided by operating activities or any other
measure of financial performance presented in accordance with GAAP
as measures of our financial performance. Adjusted EBITDA and
Adjusted Free Cash Flow have important limitations as analytical
tools because they exclude some but not all items that affect net
income, the most directly comparable GAAP financial measure. Our
computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted
Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash
Flow Conversion and Maintenance Capital Expenditures may differ
from computations of similarly titled measures of other
companies.
Non-GAAP Measure
Definitions:
- We define Adjusted EBITDA as net income before
depreciation, depletion and accretion, interest expense, income tax
expense, stock and unit-based compensation, loss on extinguishment
of debt, loss on disposal of assets, insurance recovery (gain),
unrealized commodity derivative gain (loss), other acquisition
related costs, and non-recurring transaction costs. Management
believes Adjusted EBITDA is useful because it allows management to
more effectively evaluate the Company’s operating performance and
compare the results of its operations from period to period and
against our peers without regard to financing method or capital
structure. We exclude the items listed above from net income in
arriving at Adjusted EBITDA because these amounts can vary
substantially from company to company within our industry depending
upon accounting methods and book values of assets, capital
structures and the method by which the assets were acquired.
- We define Adjusted EBITDA Margin as Adjusted EBITDA
divided by total sales.
- We define Adjusted Free Cash Flow as Adjusted EBITDA
less Maintenance Capital Expenditures. Management believes that
Adjusted Free Cash Flow is useful to investors as it provides a
measure of the ability of our business to generate cash.
- We define Adjusted Free Cash Flow Margin as Adjusted
Free Cash Flow divided by total sales.
- We define Adjusted Free Cash Flow Conversion as Adjusted
Free Cash Flow divided by Adjusted EBITDA.
- We define Maintenance Capital Expenditures as capital
expenditures excluding growth capital expenditures and
reconstruction of previously incurred growth capital
expenditures.
Atlas Energy Solutions Inc. –
Supplemental Information Reconciliation of Adjusted EBITDA and
Adjusted Free Cash Flow to Net Income (unaudited, in
thousands)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Net income
$
14,837
$
26,787
$
71,211
Depreciation, depletion and accretion
expense
25,886
18,007
9,814
Amortization expense of acquired
intangible assets
3,768
1,061
—
Interest expense
12,014
6,976
4,027
Income tax expense
3,066
7,935
5,054
EBITDA
$
59,571
$
60,766
$
90,106
Stock and unit-based compensation
5,466
4,206
1,624
Non-recurring transaction costs
22
368
1,116
Other acquisition related costs(1)
5,888
10,203
—
Loss on disposal of assets(2)
11,098
—
—
Insurance recovery (gain)(3)
(10,000
)
—
—
Adjusted EBITDA
$
72,045
$
75,543
$
92,846
Maintenance Capital Expenditures
$
5,418
$
4,460
$
6,025
Adjusted Free Cash Flow
$
66,627
$
71,083
$
86,821
Atlas Energy Solutions Inc. –
Supplemental Information Reconciliation of Adjusted Free Cash Flow
to Net Cash Provided by Operating Activities (unaudited, in
thousands, except percentages)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Net cash provided by operating
activities
$
60,856
$
39,562
$
103,883
Current income tax expense
(benefit)(4)
308
414
(765
)
Change in operating assets and
liabilities
(6,586
)
18,500
(15,212
)
Cash interest expense(4)
10,813
6,491
3,804
Maintenance capital expenditures(4)
(5,418
)
(4,460
)
(6,025
)
Non-recurring transaction costs
22
368
1,116
Other acquisition related costs
5,888
10,203
—
Other
744
5
20
Adjusted Free Cash Flow
$
66,627
$
71,083
$
86,821
Adjusted EBITDA Margin
25
%
39
%
57
%
Adjusted Free Cash Flow Margin
23
%
37
%
54
%
Adjusted Free Cash Flow Conversion
92
%
94
%
94
%
(1)
Represents Hi-Crush Transaction costs
include fees paid to finance, legal, accounting and other advisors,
employee retention and benefit costs, and other operational and
corporate costs.
(2)
Represents loss on disposal of assets as a
result of the fire at one of the Kermit plants that caused damage
to the physical condition of the Kermit asset group.
(3)
Represents insurance recovery (gain)
deemed collectible and legally enforceable related to the fire at
one of the Kermit plants.
(4)
A reconciliation of the adjustment of
these items used to calculate Adjusted Free Cash Flow to the
Consolidated Financial Statements is included below.
Atlas Energy Solutions Inc. –
Supplemental Information Reconciliation of Maintenance Capital
Expenditures to Purchase of Property, Plant and Equipment
(unaudited, in thousands)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Maintenance Capital Expenditures, accrual
basis reconciliation:
Purchases of property, plant and
equipment
$
115,790
$
95,486
$
85,895
Changes in operating assets and
liabilities associated with investing activities(1)
16,134
(2,575
)
20,996
Less: Growth capital expenditures and
reconstruction of previously incurred growth capital
expenditures
(126,506
)
(88,451
)
(100,866
)
Maintenance Capital Expenditures,
accrual basis
$
5,418
$
4,460
$
6,025
(1)
Positive working capital changes reflect
capital expenditures in the current period that will be paid in a
future period. Negative working capital changes reflect capital
expenditures incurred in a prior period but paid during the period
presented.
Atlas Energy Solutions Inc. –
Supplemental Information Reconciliation of Current Income Tax
Expense to Income Tax Expense (unaudited, in
thousands)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Current tax expense reconciliation:
Income tax expense
$
3,066
$
7,935
$
5,054
Less: deferred tax expense
(2,758
)
(7,521
)
(5,819
)
Current income tax expense
(benefit)
$
308
$
414
$
(765
)
Atlas Energy Solutions Inc. –
Supplemental Information Cash Interest Expense to Income Expense,
Net (unaudited, in thousands)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Cash interest expense reconciliation:
Interest expense, net
$
10,458
$
4,978
$
521
Less: Amortization of debt discount
(1,083
)
(407
)
(120
)
Less: Amortization of deferred financing
costs
(118
)
(78
)
(104
)
Less: Interest income
1,556
1,998
3,507
Cash interest expense
$
10,813
$
6,491
$
3,804
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240805397647/en/
Investor Contact Kyle Turlington 5918 W Courtyard Drive,
Suite #500 Austin, Texas 78730 United States T: 512-220-1200
IR@atlas.energy
New Atlas Holdco (NYSE:AESI)
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