KATY, Texas, Oct. 29, 2021 /PRNewswire/ -- U.S. Silica
Holdings, Inc. (NYSE: SLCA), a diversified industrial minerals
company and the leading last-mile logistics provider to the oil and
gas industry (the "Company"), today announced a net loss of
$20.0 million, or $0.27 per diluted share, for the third quarter
ended September 30, 2021. This
compared with net income of $26.0
million, or $0.34 per diluted
share, for the second quarter of 2021 which benefited from a
pre-tax customer settlement of $48.9
million.
The third quarter results were negatively impacted by
$4.8 million pre-tax, or $0.05 per diluted share after-tax, of charges
related to merger and acquisition related expense, plant startup
and expansion costs, and other adjustments, resulting in adjusted
EPS for the third quarter of $(0.22)
per diluted share.
Bryan Shinn, Chief Executive
Officer, commented, "I am proud of our team's execution and ability
to deliver on our strategy to generate strong cash flow and
strengthen our balance sheet. In the third quarter, we paid off our
revolver balance and increased our cash on hand to over
$250 million.
"In our Industrial & Specialty Products segment, we continue
to enjoy robust customer demand and continued success with new
offerings including several product launches and successful
customer scale up trials during the quarter. We are also moving
quickly and aggressively to combat macro headwinds associated with
logistical and supply chain constraints, overall cost inflation,
and higher natural gas prices through the implementation of
additional price increases and surcharges.
"In our Oil & Gas segment, sand and logistics demand
moderated slightly during the quarter as completions activity
slowed due to annual budget exhaustion at some customers.
Additionally, this segment experienced a shift in customer mix with
more spot sales at lower margins and higher costs, including higher
natural gas prices and accelerated plant maintenance. Sandbox
was a bright spot during the quarter with improved sequential
profitability from increased pricing.
"Earlier this month, we announced that we have commenced a
review of strategic alternatives for our Industrial & Specialty
Products segment. We are considering a broad range of options,
including a potential sale or separation of this segment. Both our
Industrial & Specialty Products and Oil & Gas segments are
industry leaders, and it is from a position of strength that we
believe a separation or sale of the Industrial & Specialty
Products segment has the potential to unlock significant value and
maximize returns for all of our shareholders and other
stakeholders.
"Looking ahead, we are well positioned for strong growth in our
Industrial & Specialty Products segment, driven by new
opportunities in several fast growing end-uses, new product
adoption, expected GDP expansion and planned price increases. In
our Oil & Gas segment, we are forecasting robust proppant and
logistics demand in 2022 as energy company budgets reset and
completions activity increases to levels consistent with very
supportive commodity prices. We also expect improved pricing and
increased contract coverage with potential upside if commodity
prices rise further."
Third Quarter 2021 Highlights
Total Company
- Revenue of $267.3 million for the
third quarter of 2021 increased 51% when compared with the third
quarter of 2020 and decreased 16% compared with $317.3 million in the second quarter of 2021.
However, excluding the $48.9 million
benefit in the Oil & Gas segment related to a customer
settlement, revenues were flat sequentially.
- Overall tons sold of 3.989 million for the third quarter of
2021 decreased 3% compared with 4.104 million tons sold in the
second quarter of 2021 and increased 78% when compared with the
third quarter of 2020.
- Contribution margin of $66.7
million for the third quarter of 2021 decreased 10% when
compared with the third quarter of 2020 and decreased 48% compared
with $128.6 million in the second
quarter of 2021. However, excluding the $48.9 million benefit in the Oil & Gas
segment, contribution margin decreased 16% sequentially.
- Adjusted EBITDA of $39.8 million
for the third quarter of 2021 decreased 62% compared with
$103.3 million in the second quarter
of 2021. However, excluding the $48.9
million benefit in the Oil & Gas segment, adjusted
EBITDA decreased 27% sequentially.
Industrial & Specialty Products (ISP)
- Revenue of $125.5 million for the
third quarter of 2021 increased 1% compared with $124.0 million in the second quarter of 2021, and
increased 14% when compared with the third quarter of 2020.
- Tons sold totaled 1.08 million for the third quarter of 2021,
flat compared with 1.08 million tons sold in the second quarter of
2021, and increased 13% when compared with the third quarter of
2020.
- Segment contribution margin of $41.0
million, or $38.07 per ton,
for the third quarter of 2021 decreased 11% compared with
$45.9 million in the second quarter
of 2021, and decreased 3% when compared with the third quarter of
2020. These results were impacted by logistical and supply chain
constraints, as well as cost inflation, particularly for higher
natural gas prices during the third quarter of 2021.
- The company has implemented price increases and surcharges to
combat recent cost inflation.
Oil & Gas
- Revenue of $141.8 million for the
third quarter of 2021 decreased 27% when compared with $193.3 million in the second quarter of 2021 and
increased 114% when compared with the third quarter of 2020.
However, excluding the $48.9 million
customer settlement, revenue decreased 2% when compared with the
second quarter of 2021.
- Tons sold of 2.912 million for the third quarter of 2021
decreased 4% compared with 3.024 million tons sold in the second
quarter of 2021, and increased 127% when compared with the third
quarter of 2020.
- Segment contribution margin of $25.7
million, or $8.83 per ton,
decreased 69% when compared with $82.7
million in the second quarter of 2021 and decreased 18% when
compared with the third quarter of 2020. However, excluding the
$48.9 million customer settlement,
segment contribution margin decreased 24% when compared with the
second quarter of 2021, and was impacted by a shift in customer mix
with more spot sales at lower margins and higher costs, including
higher natural gas prices and accelerated plant maintenance.
Capital Update
As of September 30, 2021, the Company had $250.6 million in cash and cash equivalents and
total debt was $1.216 billion. The
Company's $100.0 million Revolver had
zero drawn, with $22.2 million
allocated for letters of credit, and availability of $77.8 million. Capital expenditures in the third
quarter totaled $8.3 million. During
the third quarter of 2021, the Company generated $74.8 million in cash flow from operations, which
included the remaining $45.0 million
cash payment from the customer settlement which was received in
July.
Outlook and Guidance
Looking forward to the fourth quarter and into 2022, the
Company's two business segments remain well positioned for
sustainable, long-term growth in their respective markets. The
Company has a strong portfolio of industrial and specialty products
that serve numerous essential, high growth and attractive end
markets, supported by a robust pipeline of new products under
development as well as pricing increases and surcharges.
The oil and gas industry is progressing through a transitional
year of what is anticipated to be a multi-year growth cycle.
Strength in commodity prices, particularly WTI crude oil prices,
along with forecasted increases in customer spending, are promising
for an active well completions environment in 2022.
The Company continues to expect to generate positive free cash
flow in 2022 and further strengthen its balance sheet.
Conference Call
U.S. Silica will host a conference call for investors today,
October 29, 2021 at 7:30 a.m. Central Time to discuss these results.
Hosting the call will be Bryan
Shinn, Chief Executive Officer and Don Merril, Executive Vice President and Chief
Financial Officer. Investors are invited to listen to a live
webcast of the conference call by visiting the "Investors- Events
& Presentations" section of the Company's website at
www.ussilica.com. The webcast will be archived for one
year. The call can also be accessed live over the telephone
by dialing (877) 869-3847 or for international callers, (201)
689-8261. A replay will be available shortly after the call
and can be accessed by dialing (877) 660-6853 or for international
callers, (201) 612-7415. The conference ID for the replay is
13723834. The replay will be available through November 29, 2021.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company
and is a member of the Russell 2000. The Company is a leading
producer of commercial silica used in the oil and gas industry, and
in a wide range of industrial applications. Over its 121-year
history, U.S. Silica has developed core competencies in mining,
processing, logistics and materials science that enable it to
produce and cost-effectively deliver over 600 diversified products
to customers across our end markets. U.S. Silica's
wholly-owned subsidiaries include EP Minerals and SandBox
Logistics™. EP Minerals is an industry leader in the
production of products derived from diatomaceous earth, perlite,
engineered clays, and non-activated clays. SandBox Logistics™ is a
state-of-the-art leader in proppant storage, handling and well-site
delivery, dedicated to making proppant logistics cleaner, safer and
more efficient. The Company currently operates 24 mines and
production facilities and is headquartered in Katy, Texas.
Forward-looking Statements
This third quarter 2021 earnings release, as well as other
statements we make, contain "forward-looking statements" within the
meaning of the federal securities laws - that is, statements about
the future, not about past events. Forward-looking statements give
our current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future
performance and business. These statements may include words such
as "anticipate," "estimate," "expect," "project," "plan," "intend,"
"believe," "may," "will," "should," "could," "can have," "likely"
and other words and terms of similar meaning. Forward-looking
statements made include any statement that does not directly relate
to any historical or current fact and may include, but are not
limited to, statements regarding U.S. Silica's growth
opportunities, strategy, future financial results, forecasts,
projections, plans and capital expenditures, technological
innovations, the impacts of COVID-19 on the Company's operations,
and the commercial silica industry. Forward-looking statements are
based on our current expectations and assumptions, which may not
prove to be accurate. These statements are not guarantees and
are subject to risks, uncertainties and changes in circumstances
that are difficult to predict. Many factors could cause
actual results to differ materially and adversely from these
forward-looking statements. Among these factors are global economic
conditions; the effect of the COVID-19 pandemic on markets the
Company serves; supply chain and logistics constraints for our
company and our customers, fluctuations in demand for commercial
silica, diatomaceous earth, perlite, clay and cellulose;
fluctuations in demand for frac sand or the development of either
effective alternative proppants or new processes to replace
hydraulic fracturing; the entry of competitors into our
marketplace; changes in production spending by companies in the oil
and gas industry and changes in the level of oil and natural gas
exploration and development; changes in oil and gas inventories;
general economic, political and business conditions in key regions
of the world; pricing pressure; cost inflation; weather and
seasonal factors; the cyclical nature of our customers' business;
our inability to meet our financial and performance targets and
other forecasts or expectations; our substantial indebtedness and
pension obligations, including restrictions on our operations
imposed by our indebtedness; operational modifications, delays or
cancellations; prices for electricity, natural gas and diesel fuel;
our ability to maintain our transportation network; changes in
government regulations and regulatory requirements, including those
related to mining, explosives, chemicals, and oil and gas
production; silica-related health issues and corresponding
litigation; and other risks and uncertainties detailed in this
press release and our most recent Forms 10-K, 10-Q, and 8-K filed
with or furnished to the U.S. Securities and Exchange Commission.
If one or more of these or other risks or uncertainties materialize
(or the consequences of such a development changes), or should
underlying assumptions prove incorrect, actual outcomes may vary
materially from those reflected in our forward-looking
statements. The forward-looking statements speak only as of
the date hereof, and we disclaim any intention or obligation to
update publicly or revise such statements, whether as a result of
new information, future events or otherwise.
U.S. SILICA
HOLDINGS, INC.
SELECTED FINANCIAL
DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited;
dollars in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
September
30,
2021
|
|
June 30,
2021
|
|
September
30,
2020
|
Total sales
|
$
|
267,298
|
|
|
$
|
317,301
|
|
|
$
|
176,472
|
|
Total cost of sales
(excluding depreciation, depletion and amortization)
|
207,448
|
|
|
192,955
|
|
|
107,592
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
30,956
|
|
|
27,509
|
|
|
27,216
|
|
Depreciation,
depletion and amortization
|
39,981
|
|
|
41,165
|
|
|
40,069
|
|
Goodwill and other
asset impairments
|
11
|
|
|
—
|
|
|
222
|
|
Total operating
expenses
|
70,948
|
|
|
68,674
|
|
|
67,507
|
|
Operating (loss)
income
|
(11,098)
|
|
|
55,672
|
|
|
1,373
|
|
Other (expense)
income:
|
|
|
|
|
|
Interest
expense
|
(17,796)
|
|
|
(17,918)
|
|
|
(19,274)
|
|
Other income
(expense), net, including interest income
|
2,580
|
|
|
(186)
|
|
|
(409)
|
|
Total other
expense
|
(15,216)
|
|
|
(18,104)
|
|
|
(19,683)
|
|
(Loss) income before
income taxes
|
(26,314)
|
|
|
37,568
|
|
|
(18,310)
|
|
Income tax benefit
(expense)
|
6,140
|
|
|
(11,666)
|
|
|
4,094
|
|
Net (loss)
income
|
$
|
(20,174)
|
|
|
$
|
25,902
|
|
|
$
|
(14,216)
|
|
Less: Net loss
attributable to non-controlling interest
|
(179)
|
|
|
(126)
|
|
|
(254)
|
|
Net (loss) income
attributable to U.S. Silica Holdings, Inc.
|
$
|
(19,995)
|
|
|
$
|
26,028
|
|
|
$
|
(13,962)
|
|
|
|
|
|
|
|
(Loss) earnings per
share attributable to U.S. Silica Holdings, Inc.:
|
|
|
|
|
|
Basic
|
$
|
(0.27)
|
|
|
$
|
0.35
|
|
|
$
|
(0.19)
|
|
Diluted
|
$
|
(0.27)
|
|
|
$
|
0.34
|
|
|
$
|
(0.19)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
Basic
|
74,523
|
|
|
74,339
|
|
|
73,688
|
|
Diluted
|
74,523
|
|
|
76,136
|
|
|
73,688
|
|
Dividends declared
per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. SILICA
HOLDINGS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
Unaudited; dollars
in thousands)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
|
|
|
|
ASSETS
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
250,587
|
|
|
$
|
150,920
|
|
Accounts receivable,
net
|
176,759
|
|
|
206,934
|
|
Inventories,
net
|
116,405
|
|
|
104,684
|
|
Prepaid expenses and
other current assets
|
29,204
|
|
|
23,147
|
|
Income tax
deposits
|
—
|
|
|
628
|
|
Total current
assets
|
572,955
|
|
|
486,313
|
|
Property, plant and
mine development, net
|
1,277,133
|
|
|
1,368,092
|
|
Lease right-of-use
assets
|
44,866
|
|
|
37,469
|
|
Goodwill
|
185,649
|
|
|
185,649
|
|
Intangible assets,
net
|
152,445
|
|
|
159,582
|
|
Other
assets
|
7,567
|
|
|
9,842
|
|
Total
assets
|
$
|
2,240,615
|
|
|
$
|
2,246,947
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
Liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
157,082
|
|
|
$
|
121,920
|
|
Current portion of
operating lease liabilities
|
15,846
|
|
|
17,388
|
|
Current portion of
long-term debt
|
20,484
|
|
|
42,042
|
|
Current portion of
deferred revenue
|
6,744
|
|
|
13,545
|
|
Total current
liabilities
|
200,156
|
|
|
194,895
|
|
Long-term debt,
net
|
1,195,092
|
|
|
1,197,660
|
|
Deferred
revenue
|
17,045
|
|
|
20,147
|
|
Liability for pension
and other post-retirement benefits
|
38,923
|
|
|
48,169
|
|
Deferred income
taxes, net
|
48,033
|
|
|
49,386
|
|
Operating lease
liabilities
|
76,806
|
|
|
76,361
|
|
Other long-term
liabilities
|
36,552
|
|
|
33,538
|
|
Total
liabilities
|
1,612,607
|
|
|
1,620,156
|
|
Stockholders'
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
837
|
|
|
827
|
|
Additional paid-in
capital
|
1,213,165
|
|
|
1,200,023
|
|
Retained
deficit
|
(410,233)
|
|
|
(395,496)
|
|
Treasury stock, at
cost
|
(183,483)
|
|
|
(181,615)
|
|
Accumulated other
comprehensive loss
|
(2,562)
|
|
|
(8,479)
|
|
Total U.S. Silica
Holdings, Inc. stockholders' equity
|
617,724
|
|
|
615,260
|
|
Non-controlling
interest
|
10,284
|
|
|
11,531
|
|
Total stockholders'
equity
|
628,008
|
|
|
626,791
|
|
Total liabilities and
stockholders' equity
|
$
|
2,240,615
|
|
|
$
|
2,246,947
|
|
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses
to evaluate our operating performance and to determine resource
allocation between segments. Segment contribution margin excludes
selling, general, and administrative costs, corporate costs, plant
capacity expenses, and facility closure costs.
The following table sets forth a reconciliation of net (loss)
income, the most directly comparable GAAP financial measure, to
segment contribution margin.
(All amounts
in thousands)
|
Three Months
Ended
|
|
September
30,
2021
|
|
June 30,
2021
|
|
September
30,
2020
|
Sales:
|
|
|
|
|
|
Oil & Gas
Proppants
|
$
|
141,848
|
|
|
$
|
193,298
|
|
|
$
|
66,343
|
|
Industrial &
Specialty Products
|
125,450
|
|
|
124,003
|
|
|
110,129
|
|
Total sales
|
267,298
|
|
|
317,301
|
|
|
176,472
|
|
Segment contribution
margin:
|
|
|
|
|
|
Oil & Gas
Proppants
|
25,723
|
|
|
82,676
|
|
|
31,478
|
|
Industrial &
Specialty Products
|
41,003
|
|
|
45,939
|
|
|
42,353
|
|
Total segment
contribution margin
|
66,726
|
|
|
128,615
|
|
|
73,831
|
|
Operating activities
excluded from segment cost of sales
|
(6,876)
|
|
|
(4,269)
|
|
|
(4,951)
|
|
Selling, general and
administrative
|
(30,956)
|
|
|
(27,509)
|
|
|
(27,216)
|
|
Depreciation,
depletion and amortization
|
(39,981)
|
|
|
(41,165)
|
|
|
(40,069)
|
|
Goodwill and other
asset impairments
|
(11)
|
|
|
—
|
|
|
(222)
|
|
Interest
expense
|
(17,796)
|
|
|
(17,918)
|
|
|
(19,274)
|
|
Other income
(expense), net, including interest income
|
2,580
|
|
|
(186)
|
|
|
(409)
|
|
Income tax benefit
(expense)
|
6,140
|
|
|
(11,666)
|
|
|
4,094
|
|
Net (loss)
income
|
$
|
(20,174)
|
|
|
$
|
25,902
|
|
|
$
|
(14,216)
|
|
Less: Net loss
attributable to non-controlling interest
|
(179)
|
|
|
(126)
|
|
|
(254)
|
|
Net (loss) income
attributable to U.S. Silica Holdings, Inc.
|
$
|
(19,995)
|
|
|
$
|
26,028
|
|
|
$
|
(13,962)
|
|
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or
liquidity under GAAP and should not be considered as an alternative
to net income (loss) as a measure of operating performance, cash
flows from operating activities as a measure of liquidity or any
other performance measure derived in accordance with GAAP.
Additionally, Adjusted EBITDA is not intended to be a measure of
free cash flow for management's discretionary use, as it does not
consider certain cash requirements such as interest payments, tax
payments and debt service requirements. Adjusted EBITDA contains
certain other limitations, including the failure to reflect our
cash expenditures, cash requirements for working capital needs and
cash costs to replace assets being depreciated and amortized, and
excludes certain charges that may recur in the future. Management
compensates for these limitations by relying primarily on our GAAP
results and by using Adjusted EBITDA only supplementally. Our
measure of Adjusted EBITDA is not necessarily comparable to other
similarly titled captions of other companies due to potential
inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income
(loss), the most directly comparable GAAP financial measure, to
Adjusted EBITDA:
(All amounts in
thousands)
|
Three Months
Ended
|
|
September
30,
2021
|
|
June 30,
2021
|
|
September
30,
2020
|
Net (loss) income
attributable to U.S. Silica Holdings, Inc.
|
$
|
(19,995)
|
|
|
$
|
26,028
|
|
|
$
|
(13,962)
|
|
Total interest
expense, net of interest income
|
17,778
|
|
|
17,902
|
|
|
19,801
|
|
Provision for
taxes
|
(6,140)
|
|
|
11,666
|
|
|
(4,094)
|
|
Total depreciation,
depletion and amortization expenses
|
39,981
|
|
|
41,165
|
|
|
40,069
|
|
EBITDA
|
31,624
|
|
|
96,761
|
|
|
41,814
|
|
Non-cash incentive
compensation (1)
|
5,450
|
|
|
3,954
|
|
|
5,523
|
|
Post-employment
expenses (excluding service costs) (2)
|
(2,140)
|
|
|
363
|
|
|
161
|
|
Merger and
acquisition related expenses (3)
|
504
|
|
|
109
|
|
|
285
|
|
Plant capacity
expansion expenses (4)
|
782
|
|
|
19
|
|
|
744
|
|
Goodwill and other
asset impairments (5)
|
11
|
|
|
—
|
|
|
222
|
|
Business optimization
projects (6)
|
33
|
|
|
4
|
|
|
24
|
|
Facility closure
costs (7)
|
218
|
|
|
490
|
|
|
1,881
|
|
Other adjustments
allowable under the Credit Agreement (8)
|
3,279
|
|
|
1,586
|
|
|
675
|
|
Adjusted
EBITDA
|
$
|
39,761
|
|
|
$
|
103,286
|
|
|
$
|
51,329
|
|
|
|
|
(1)
|
Reflects equity-based
and other equity-related compensation expense.
|
|
|
(2)
|
Includes net pension
cost and net post-retirement cost relating to pension and other
post-retirement benefit obligations during the applicable period,
but in each case excluding the service cost relating to benefits
earned during such period. Non-service net periodic benefit costs
are not considered reflective of our operating performance because
these costs do not exclusively originate from employee services
during the applicable period and may experience periodic
fluctuations as a result of changes in non-operating factors,
including changes in discount rates, changes in expected returns on
benefit plan assets, and other demographic actuarial
assumptions.
|
|
|
(3)
|
Merger and
acquisition related expenses include legal fees, consulting fees,
bank fees, severance costs, certain purchase accounting items such
as the amortization of inventory fair value step-up, information
technology integration costs and similar charges. While these costs
are not operational in nature and are not expected to continue for
any singular transaction on an ongoing basis, similar types of
costs, expenses and charges have occurred in prior periods and may
recur in the future as we continue to integrate prior acquisitions
and pursue any future acquisitions.
|
|
|
(4)
|
Plant capacity
expansion expenses include expenses that are not inventoriable or
capitalizable as related to plant expansion projects greater than
$5 million in capital expenditures or plant start up
projects. While these expenses are not operational in nature
and are not expected to continue for any singular project on an
ongoing basis, similar types of expenses have occurred in prior
periods and may recur in the future if we continue to pursue future
plant capacity expansion.
|
|
|
(5)
|
The three months
ended September 30, 2021 and September 30, 2020 reflect impairment
charges of $11 thousand and $0.2 million, respectively.
|
|
|
(6)
|
Reflects costs
incurred related to business optimization projects within our
corporate center, which aim to measure and improve the efficiency,
productivity and performance of our organization. While these costs
are not operational in nature and are not expected to continue for
any singular project on an ongoing basis, similar types of expenses
may recur in the future.
|
|
|
(7)
|
Reflects costs
incurred related to idled sand facilities and closed corporate
offices, including severance costs and remaining contracted costs
such as office lease costs, maintenance, and utilities. While these
costs are not operational in nature and are not expected to
continue for any singular event on an ongoing basis, similar types
of expenses may recur in the future.
|
|
|
(8)
|
Reflects
miscellaneous adjustments permitted under the Credit Agreement,
such as recruiting fees and relocation costs. The three months
ended September 30, 2021 also included $3.3 million of transload
shortfall and exit fees. The three months ended June 30, 2021 also
included $1.0 million related to expenses incurred with severe
winter storms during the first quarter and costs related to a power
interruption at a plant location of $0.5 million.
|
U.S. Silica Holdings, Inc.
Investor Contact
Patricia
Gil
Vice President, Investor Relations
(281) 505-6011
gil@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.