Fourth Quarter and Full Year 2018 Highlights
- Net income of $86.0 million, or $1.59
per diluted Class A share, for the year ended December 31, 2018;
net income of $24.7 million, or $0.47 per diluted Class A share, in
fourth quarter 2018
- Adjusted EBITDA of $123.4 million for
the year ended December 31, 2018; adjusted EBITDA of $34.9 million
in fourth quarter 2018
- Ended the year with 160 proppant
management systems and 3 chemical management systems in the rental
fleet
- Declared a regular quarterly dividend
of $0.10 per share on December 6, 2018
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or
the “Company”), a leading independent provider of supply chain
management and logistics solutions designed to drive efficiencies
and reduce costs for the oil and natural gas industry, today
reported financial results for the fourth quarter and full year
2018.
Full Year 2018 Financial Review
Solaris reported full year 2018 net income of $86.0 million, or
$1.59 per diluted Class A share, compared to full year 2017 net
income of $22.5 million, or $0.27 per diluted Class A share.
Adjusted pro forma net income for the full year 2018 was $79.6
million, or $1.69 per fully diluted share, an increase of $58.5
million and $1.21 per fully diluted share from full year 2017 pro
forma net income. A description of adjusted pro forma net income
and a reconciliation to net income attributable to Solaris, its
most directly comparable GAAP measure, and the computation of
adjusted pro forma earnings per fully diluted share are provided
below.
Adjusted EBITDA for the full year 2018 was $123.4 million, an
increase of $83.4 million compared to full year 2017. A description
of adjusted EBITDA and a reconciliation to net income, its most
directly comparable GAAP measure, is provided below.
Revenues were $197.2 million for the full year 2018, an increase
of $129.8 million, compared to 2017.
During 2018, the Company generated 40,526 revenue days, the
combined number of days that its systems earned revenue during the
year, a 142% increase compared to 2017. The increase in revenue
days were driven by an increase in customer demand and adoption for
Solaris’ systems as consumption and intensity of proppant increased
across the industry.
Fourth Quarter 2018 Financial Review
Solaris reported net income of $24.7 million, or $0.47 per
diluted Class A share, for fourth quarter 2018, compared to net
income of $26.4 million, or $0.49 per diluted Class A share, in
third quarter 2018 and net income of $9.2 million, or $0.13 per
diluted Class A share, in fourth quarter 2017. Adjusted pro forma
net income for fourth quarter 2018 was $21.6 million, or $0.45 per
fully diluted share, a decrease of $2.4 million and $0.06 per fully
diluted share from third quarter 2018 and an increase of $12.7
million and $0.25 per fully diluted share compared to fourth
quarter 2017. A description of adjusted pro forma net income and a
reconciliation to net income attributable to Solaris, its most
directly comparable generally accepted accounting principles
(“GAAP”) measure, and the computation of adjusted pro forma
earnings per fully diluted share are provided below.
Adjusted EBITDA for fourth quarter 2018 was $34.9 million, a
decrease of $1.6 million compared to third quarter 2018 and an
increase of $19.7 million from fourth quarter 2017. A description
of adjusted EBITDA and a reconciliation to net income, its most
directly comparable GAAP measure, is provided below.
Revenues were $57.3 million for fourth quarter 2018, an increase
of $0.7 million, or 1%, compared to third quarter 2018, and an
increase of $32.1 million, or 127%, compared to fourth quarter
2017.
During fourth quarter 2018, the Company generated 11,155 revenue
days, the combined number of days that its systems earned revenue
during the quarter, a 6% decrease from third quarter 2018, and up
82% compared to fourth quarter 2017. Revenue days were down
sequentially in fourth quarter 2018 due to reduced industry
activity levels, which resulted from seasonal customer spending
declines and commodity price volatility.
Capital Expenditures and Liquidity
The Company invested $36.1 million during fourth quarter 2018,
which included adding 14 mobile proppant management systems and
introducing 3 mobile chemical management systems to the fleet. For
full year 2018, capital expenditures totaled $161.1 million, which
included the addition of 83 mobile proppant management systems and
3 mobile chemical management systems, and the completion of the
Kingfisher Facility. These investments help address customer demand
for Solaris’ products and services and are expected to drive future
earnings and cash flow growth for Solaris.
As of December 31, 2018, the Company had approximately $82.1
million of liquidity, including $25.1 million in cash and $57.0
million of availability under its credit facility, net of $13.0
million of outstanding borrowings. Subsequent to year end, the
Company repaid all of its outstanding borrowings under its credit
facility with cash on hand.
Operational Update and Outlook
Solaris ended December 2018 with 160 mobile proppant management
systems and 3 mobile chemical management systems in the rental
fleet. Based on current industry activity levels, the Company
believes it has approximately 1/3 of overall U.S. wellsite proppant
storage market share which represents the leading share. The
Company expects to end the first quarter 2019 with 163 mobile
proppant management systems and 10 mobile chemical management
systems in the rental fleet.
Solaris’ Chairman and Chief Executive Officer Bill Zartler
commented, “Over the course of 2018 we outperformed overall
industry activity levels, including more than doubling our fleet
size and introducing several new products and enhancements. These
new introductions, including the industry’s first silo-based
chemical management systems and complete automation of our mobile
sand systems, will provide additional growth potential for Solaris.
Our solutions reduce labor requirements and improve wellsite safety
for our customers, which is critical for success during this time
of commodity price uncertainty and upstream capital spending
discipline. We will continue to innovate and be thought leaders in
driving this efficiency for our customers, and at the same time
will exercise capital discipline in our business – only deploying
capital when we think we can generate an attractive return for our
shareholders.”
Quarterly Cash Dividend
On December 6, 2018, the Company announced that its Board of
Directors had declared its first quarterly cash dividend of $0.10
per share of Class A common stock, which was paid on December 27,
2018 to holders of record as of December 17, 2018. A distribution
of $0.10 per unit was also approved for holders of units in Solaris
Oilfield Infrastructure, LLC (“Solaris LLC”).
Conference Call
The Company will host a conference call to discuss its fourth
quarter and full year 2018 results on Thursday, February 28, 2019
at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the
conference call from within the United States, participants may
dial (844) 413-3978. To join the conference call from outside of
the United States, participants may dial (412) 317-6594. When
instructed, please ask the operator to be joined to the Solaris
Oilfield Infrastructure, Inc. call. Participants are encouraged to
log in to the webcast or dial in to the conference call
approximately ten minutes prior to the start time. To listen via
live webcast, please visit the Investor Relations section of the
Company’s website at http://www.solarisoilfield.com.
An audio replay of the conference call will be available shortly
after the conclusion of the call and will remain available for
approximately seven days. It can be accessed by dialing (877)
344-7529 within the United States or (412) 317-0088 outside of the
United States. The conference call replay access code is 10127929.
The replay will also be available in the Investor Relations section
of the Company’s website shortly after the conclusion of the call
and will remain available for approximately seven days.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures
and rents mobile equipment that drives supply chain and execution
efficiencies in the completion of oil and natural gas wells.
Solaris’ patented mobile proppant management systems and mobile
chemical management systems are deployed in many of the most active
oil and natural gas basins in the United States, including the
Permian Basin, the Eagle Ford Shale, the STACK/SCOOP formation, the
Marcellus and Utica Shales, the Haynesville Shale, the Rockies and
the Bakken Shale. Additional information is available on the
Solaris website, www.solarisoilfield.com.
Website Disclosure
We use our website (www.solarisoilfield.com) as a routine
channel of distribution of company information, including news
releases, analyst presentations, and supplemental financial
information, as a means of disclosing material non-public
information and for complying with our disclosure obligations under
the Securities and Exchange Commission’s (the “SEC”) Regulation FD.
Accordingly, investors should monitor our website in addition to
following press releases, SEC filings and public conference calls
and webcasts. Additionally, we provide notifications of news or
announcements on our investor relations website. Investors and
others can receive notifications of new information posted on our
investor relations website in real time by signing up for email
alerts.
None of the information provided on our website, in our press
releases, public conference calls and webcasts, or through social
media channels is incorporated by reference into, or deemed to be a
part of, this Current Report on Form 8-K or will be incorporated by
reference into any other report or document we file with the SEC
unless we expressly incorporate any such information by reference,
and any references to our website are intended to be inactive
textual references only.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Examples of
forward-looking statements include, but are not limited to,
statements we make regarding management changes, the outlook for
the operation of our Kingfisher Facility, current and potential
future long-term contracts and our future business and financial
performance. Forward-looking statements are based on our current
expectations and assumptions regarding our business, the economy
and other future conditions. Because forward-looking statements
relate to the future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, our actual results may differ
materially from those contemplated by the forward-looking
statements. Factors that could cause our actual results to differ
materially from the results contemplated by such forward-looking
statements include, but are not limited to the factors discussed or
referenced in our filings made from time to time with the SEC.
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.
SOLARIS OILFIELD INFRASTRUCTURE, INC AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data)
(Unaudited) Three Months Ended Year
Ended December 31, September 30, December
31, 2018 2017 2018 2018 2017
Revenue System rental $ 39,083 $ 20,093 $ 42,031 $ 143,646 $
54,653 System services 13,511 4,906 12,053 43,010 12,537
Transloading services 4,236 — 2,000 8,083 — Inventory software
services 507 205 602
2,457 205 Total revenue 57,337 25,204
56,686 197,196 67,395
Operating costs and expenses Cost of
system rental (excluding $4,792, $2,044 and $4,133 of depreciation
and amortization for the three months ended December 31, 2018 and
2017 and September 30, 2018, respectively, and $14,920 and $5,792
of depreciation and amortization for the years ended December 31,
2018 and 2017, respectively, shown separately) 2,180 1,033 1,949
7,230 2,627 Cost of system services (excluding $385, $178 and $347
of depreciation and amortization for the three months ended
December 31, 2018 and 2017 and September 30, 2018, respectively,
and $1,274 and $461 of depreciation and amortization for the years
ended December 31, 2018 and 2017, respectively, shown separately)
15,942 5,544 13,906 50,633 14,184 Cost of transloading services
(excluding $410 and $529 of depreciation and amortization for the
three months ended December 31, 2018 and September 30, 2018,
respectively, and $954 of depreciation and amortization for the
year ended December 31, 2018, shown separately) 778 76 597 2,242 76
Cost of inventory software services (excluding $196, $42 and $193
of depreciation and amortization for the three months ended
December 31, 2018 and 2017 and September 30, 2018, respectively,
and $794 and $42 of depreciation and amortization for the years
ended December 31, 2018 and 2017, respectively, shown separately)
183 — 191 797 — Depreciation and amortization 5,908 2,359 5,328
18,422 6,635 Salaries, benefits and payroll taxes 2,411 3,522 2,182
10,383 9,209 Selling, general and administrative (excluding $125,
$95 and $126 of depreciation and amortization for the three months
ended December 31, 2018 and 2017 and September 30, 2018,
respectively, and $480 and $340 of depreciation and amortization
for the years ended December 31, 2018 and 2017, respectively, shown
separately) 1,685 1,424 1,687 6,375 5,077 Other operating expenses
75 153 56 1,827
4,126 Total operating cost and expenses
29,162 14,111 25,896
97,909 41,934 Operating income 28,175 11,093
30,790 99,287 25,461 Interest expense, net (103 ) (26 ) (116 ) (374
) (97 ) Income pursuant to Tax Receivable Agreement —
22,939 — — 23,022
Total other income (expense) (103 ) 22,913
(116 ) (374 ) 22,925 Income
before income tax expense 28,072 34,006 30,674 98,913 48,386
Provision for income taxes 3,420 24,762
4,237 12,961 25,899 Net
income 24,652 9,244 26,437 85,952 22,487 Less: net income related
to Solaris LLC — — — — (3,665 ) Less: net income related to
non-controlling interests (11,767 ) (7,137 )
(13,418 ) (43,521 ) (15,186 ) Net income attributable
to Solaris $ 12,885 $ 2,107 $ 13,019 $ 42,431
$ 3,636
Earnings per share of Class A common
stock - basic (1) $ 0.47 $ 0.13 $ 0.49 $ 1.60
$ 0.28 Earnings per share of Class A common stock -
diluted (1) $ 0.47 $ 0.13 $ 0.49 $ 1.59
$ 0.27 Basic weighted average shares of Class A
common stock outstanding (1) 27,050 15,120 26,197 25,678 12,117
Diluted weighted average shares of Class A common stock outstanding
(1) 27,162 15,508 26,329 25,829 12,482
(1) – Represents earnings per share of Class A common stock and
weighted average shares of Class A common stock outstanding for the
period following the initial public offering (“IPO”).
SOLARIS OILFIELD
INFRASTRUCTURE, INC AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands) (Unaudited)
December 31, December 31, 2018 2017
Assets Current assets: Cash $ 25,057 $ 63,421
Accounts receivable, net 39,746 12,979 Prepaid expenses and other
current assets 5,492 3,622 Inventories 10,470
7,532 Total current assets 80,765 87,554 Property, plant and
equipment, net 296,538 151,163 Goodwill 17,236 17,236 Intangible
assets, net 4,540 5,335 Deferred tax assets 24,624 25,512 Other
assets 1,454 260 Total assets $ 425,157
$ 287,060
Liabilities and Stockholders' Equity
Current liabilities: Accounts payable $ 9,127 $ 5,000 Accrued
liabilities 12,658 15,468 Current portion of deferred revenue
12,990
—
Current portion of capital lease obligations 35 33 Other current
liabilities 515 — Total current
liabilities 35,325 20,501 Senior
secured credit facility 13,000
—
Deferred revenue, net of current portion 12,468
—
Capital lease obligations, net of current portion 154 179 Payables
related to Tax Receivable Agreement 56,149 24,675 Other long-term
liabilities 633 145 Total liabilities
117,729 45,500 Commitments and
contingencies Stockholders' equity
Preferred stock, $0.01 par value, 50,000
shares authorized, none issued and outstanding
— —
Class A common stock, $0.01 par value,
600,000 shares authorized, 27,091 issued and 27,000 outstanding as
of December 31, 2018 and 19,026 issued and 19,010 outstanding as of
December 31, 2017
271 190 Class B common stock, $0.00 par value, 180,000 shares
authorized, 19,627 shares issued and outstanding as of December 31,
2018 and 26,811 issued and outstanding as of December 31, 2017 — —
Additional paid-in capital 126,347 121,727 Retained earnings 43,317
3,636 Treasury stock (at cost), 91 shares and 16 shares as of
December 31, 2018 and 2017, respectively (1,414 )
(261 ) Total stockholders' equity attributable to Solaris and
members' equity 168,521 125,292
Non-controlling interest 138,907 116,268
Total stockholders' equity 307,428
241,560 Total liabilities and stockholders' equity $ 425,157
$ 287,060
SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (Unaudited) For the Year Ended
December 31, 2018 2017 Cash flows from operating
activities: Net income $ 85,952 $ 22,487 Adjustment to reconcile
net income to net cash provided by operating activities:
Depreciation and amortization 18,422 6,635 Loss on disposal of
asset 318 498 Stock-based compensation 3,861 3,701 Amortization of
debt issuance costs 296 51 Change in payables related to Tax
Receivable Agreement — (23,022 ) Deferred income tax expense
12,277
25,652 Other 620 (28 ) Changes in assets and liabilities: Accounts
receivable (26,766 ) (8,469 ) Prepaid expenses and other assets
(686 ) (3,273 ) Inventories (10,470 ) (7,532 ) Accounts payable
4,469 4,224 Accrued liabilities
2,614
5,805 Deferred revenue 25,458 — Net
cash provided by operating activities 116,365
26,729 Cash flows from investing activities: Investment in
property, plant and equipment (161,079 ) (93,912 ) Cash paid for
Railtronix® acquisition — (5,000 ) Investment in intangible assets
(6 ) (72 ) Cash received from insurance proceeds 540
— Net cash used in investing activities
(160,545 ) (98,984 ) Cash flows from financing activities:
Payments under capital leases (28 ) (27 ) Payments under insurance
premium financing (1,275 ) — Payments under notes payable — (451 )
Proceeds from stock option exercises 932 — Payments related to
purchase of treasury stock (1,146 ) — Proceeds from borrowings
under the senior secured credit facility 13,000 3,000 Repayment of
senior secured credit facility — (5,500 ) Payments related to debt
issuance costs (1,014 ) (111 ) Proceeds from issuance of Class A
common stock sold in initial public offering, net of offering costs
— 111,075 Proceeds from issuance of Class A common stock sold in
November Offering, net of offering costs — 44,684 Distributions
paid to unitholders — (25,818 ) Proceeds from pay down of
promissory note related to membership units — 5,256 Distribution
and dividend paid to Solaris LLC unitholders and Class A common
shareholders (4,713 ) — Other 60 — Net
cash provided by financing activities 5,816
132,108 Net increase (decrease) in cash (38,364 ) 59,853
Cash at beginning of period 63,421 3,568
Cash at end of period $ 25,057 $ 63,421
Non-cash activities Investing: Capitalized depreciation in
property, plant and equipment $ 688 $ 668 Property and equipment
additions incurred but not paid at period-end 3,909 7,765 Issuance
of shares in acquisition — 4,505 Financing: Insurance premium
financing 1,552 — Accrued interest from notes receivable issued for
membership units — — Cash paid for: Interest 281 104 Income taxes
314 45
SOLARIS OILFIELD INFRASTRUCTURE, INC
AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION — ADJUSTED EBITDA
(In thousands)
(Unaudited)
We view EBITDA and Adjusted EBITDA as important indicators of
performance. We define EBITDA as net income, plus (i) depreciation
and amortization expense, (ii) interest expense and (iii) income
tax expense, including franchise taxes. We define Adjusted EBITDA
as EBITDA plus (i) stock-based compensation expense and (ii)
certain non-cash items and extraordinary, unusual or non-recurring
gains, losses or expenses.
We believe that our presentation of EBITDA and Adjusted EBITDA
provides useful information to investors in assessing our financial
condition and results of operations. Net income is the GAAP measure
most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and
Adjusted EBITDA should not be considered alternatives to net income
presented in accordance with GAAP. Because EBITDA and Adjusted
EBITDA may be defined differently by other companies in our
industry, our definitions of EBITDA and Adjusted EBITDA may not be
comparable to similarly titled measures of other companies, thereby
diminishing their utility. The following table presents a
reconciliation of net income to EBITDA and Adjusted EBITDA for each
of the periods indicated.
Three months ended Year
ended December 31, September 30,
December 31, 2018 2017
2018 2018 2017 Net income
$ 24,652 $ 9,244 $ 26,437 $ 85,952 $ 22,487 Depreciation and
amortization 5,908 2,359 5,328 18,422 6,635 Interest expense, net
103 26 116 374 97 Income taxes (1) 3,420 24,762
4,237 12,961 25,899 EBITDA $
34,083 $ 36,391 $ 36,118 $ 117,709 $ 55,118 IPO bonuses (2) — 581 —
896 4,627 Stock-based compensation expense (3) 720 1,039 338 2,920
2,211 Non-recurring cash bonuses (4) — — — 1,679 — Change in
payables related to Tax Receivable Agreement — (22,939 ) — —
(23,022 ) Loss on disposal of assets 76 47 51 153 498 Non-recurring
organizational costs (5) — — — — 348 Other (6) — 107
— — 143 Adjusted EBITDA $ 34,879
$ 15,226 $ 36,507 $ 123,357 $ 39,923 (1)
Federal and state income taxes, including $22,637 related to the
United States federal income tax legislation enacted in Public Law
No. 115-97, commonly referred to as the Tax Cuts and Jobs Act (the
“Tax Act”) in the year ended December 31, 2017. (2) One-time
cash bonuses of $3,100 in the year ended December 31, 2017 and
stock-based compensation expense related to restricted stock awards
with one-year vesting of $581 for the three months ended December
31, 2017 and $896 and $1,527 for the years ended December 31, 2018
and 2017, respectively, that were granted to certain employees and
consultants in connection with the IPO. (3) Represents
stock-based compensation expense of $576, $1,012 and $275 for the
three months ended December 31, 2018 and 2017 and September 30,
2018, respectively, and $2,713 and $1,918 for the years ended
December 31, 2018 and 2017, respectively, related to restricted
stock awards with three-year vesting, $144 and $63 for the three
months ended December 31, 2018 and September 30, 2018,
respectively, and $207 for the year ended December 31, 2018 related
to restricted stock awards with one-year vesting, and $27 and $293
for the three months and year ended December 31, 2017,
respectively, related to the options issued under our long-term
incentive plan. (4) Certain performance-based cash awards
paid in connection with the purchase of Railtronix upon the
achievement of certain financial milestones. (5) Certain
non-recurring organization costs in 2017 associated with our IPO.
(6) Non-recurring transaction costs in 2017.
SOLARIS OILFIELD INFRASTRUCTURE, INC
AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION — ADJUSTED PRO FORMA NET INCOME AND ADJUSTED PRO FORMA
EARNINGS PER FULLY DILUTED SHARE
(In thousands)
(Unaudited)
Adjusted pro forma net income represents net income attributable
to Solaris assuming the full exchange of all outstanding membership
interests in Solaris LLC not held by Solaris Oilfield
Infrastructure, Inc. for shares of Class A common stock, adjusted
for certain non-recurring items that the Company doesn't believe
directly reflect its core operations and may not be indicative of
ongoing business operations. Adjusted pro forma earnings per fully
diluted share is calculated by dividing adjusted pro forma net
income by the weighted-average shares of Class A common stock
outstanding, assuming the full exchange of all outstanding Solaris
LLC Units, after giving effect to the dilutive effect of
outstanding equity-based awards.
When used in conjunction with GAAP financial measures, adjusted
pro forma net income and adjusted pro forma earnings per fully
diluted share are supplemental measures of operating performance
that the Company believes are useful measures to evaluate
performance period over period and relative to its competitors. By
assuming the full exchange of all outstanding Solaris LLC Units,
the Company believes these measures facilitate comparisons with
other companies that have different organizational and tax
structures, as well as comparisons period over period because it
eliminates the effect of any changes in net income attributable to
Solaris as a result of increases in its ownership of Solaris LLC,
which are unrelated to the Company's operating performance, and
excludes items that are non-recurring or may not be indicative of
ongoing operating performance.
Adjusted pro forma net income and adjusted pro forma earnings
per fully diluted share are not necessarily comparable to similarly
titled measures used by other companies due to different methods of
calculation. Presentation of adjusted pro forma net income and
adjusted pro forma earnings per fully diluted share should not be
considered alternatives to net income and earnings per share, as
determined under GAAP. While these measures are useful in
evaluating the Company's performance, it does not account for the
earnings attributable to the non-controlling interest holders and
therefore does not provide a complete understanding of the net
income attributable to Solaris. Adjusted pro forma net income and
adjusted pro forma earnings per fully diluted share should be
evaluated in conjunction with GAAP financial results. A
reconciliation of adjusted pro forma net income to net income
attributable to Solaris, the most directly comparable GAAP measure,
and the computation of adjusted pro forma earnings per fully
diluted share are set forth below.
Three months ended Year
ended December 31, September 30,
December 31, 2018 2017
2018 2018 2017 Numerator: Net
income attributable to Solaris $ 12,885 $ 2,107 $ 13,019 $ 42,431 $
3,636 Adjustments: Reallocation of net income attributable to
non-controlling interests from the assumed exchange of LLC
Interests(1) 11,767 7,137 13,418 43,521 18,851 IPO bonuses (2) —
581 — 896 4,627 Non-recurring cash bonuses (3) — — — 1,679 — Loss
on disposal of assets 76 47 51 153 498 Non-recurring organizational
costs (4) — — — — 348 Change in payables related to Tax Receivable
Agreement — (21,936 ) — — (21,936 )
Remeasurement of deferred tax assets
— 22,637 — — 22,637 Other — 107 — — 143 Income tax expense
(3,128 ) (1,751 ) (2,465 ) (9,095 )
(7,693 ) Adjusted pro forma net income $ 21,600 $ 8,929
$ 24,023 $ 79,585 $ 21,111 Denominator:
Weighted average shares of Class A common stock outstanding -
diluted 27,162 15,508 26,329 25,829 12,482 Adjustments: Assumed
exchange of Solaris LLC Units for shares of Class A common stock
(1) 20,742 29,888 20,781
21,370 31,622 Adjusted pro forma fully
weighted average shares of Class A common stock outstanding -
diluted 47,904 45,396 47,110
47,199 44,104 Adjusted pro forma
earnings per share - diluted $ 0.45 $ 0.20 $ 0.51
$ 1.69 $ 0.48 (1) Assumes the
exchange of all outstanding Solaris LLC Units for shares of Class A
common stock at the beginning of the relevant reporting period,
resulting in the elimination of the non-controlling interest and
recognition of the net income attributable to non-controlling
interests. (2) One-time cash bonuses of $3,100 in the year
ended December 31, 2017 and stock-based compensation expense
related to restricted stock awards with one-year vesting of $581
for the three months ended December 31, 2017 and $896 and $1,527
for the years ended December 31, 2018 and 2017, respectively, that
were granted to certain employees and consultants in connection
with the IPO. (3) Certain performance-based cash awards paid
in connection with the purchase of Railtronix upon the achievement
of certain financial milestones. (4) Certain non-recurring
organization costs in 2017 associated with our IPO.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190227005976/en/
Yvonne FletcherSenior Vice President, Finance and Investor
Relations(281) 501-3070IR@solarisoilfield.com
Solaris Oilfield Infrast... (NYSE:SOI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Solaris Oilfield Infrast... (NYSE:SOI)
Historical Stock Chart
From Jul 2023 to Jul 2024