ProFrac Holding Corp. Reports First Quarter 2024 Financial and Operational Results
ProFrac Holding Corp. reported strong first-quarter 2024 financial and operational results, with total revenue growing 19% to $581.5 million. Net income improved from a loss of $96.5 million to $3.0 million. Adjusted EBITDA increased by 46% to $159.7 million. Free cash flow grew 102% to $25.8 million. The company's outlook is positive, with steady pricing in the Stimulation Services segment and expected growth in Proppant Production volumes and profitability.
Total revenue grew approximately 19% sequentially to $581.5 million in the first quarter of 2024.
Adjusted EBITDA increased by 46% sequentially to $159.7 million.
Free cash flow grew 102% sequentially to $25.8 million.
ProFrac's outlook is positive, with steady pricing anticipated in the Stimulation Services segment and expected growth in Proppant Production volumes and profitability.
Total net debt outstanding was $1.06 billion as of March 31, 2024, with a decrease of approximately $26 million from the previous quarter.
Total cash and cash equivalents were $28.3 million as of March 31, 2024, with only $5.2 million accessible by the company due to Flotek-related funds.
The company expects maintenance-related capital expenditures of $150-200 million for the full year 2024, with growth-related capital expenditures of approximately $100 million.
Insights
ProFrac Holding Corp's reported revenue growth of 19% sequentially is indicative of strong demand for their services, likely a result of increased activity within the oil and gas sector. Additionally, the conversion from a net loss of $96.5 million to a net income of $3.0 million is a significant turnaround that may be attributed to effective cost management and operational efficiencies. The increase in adjusted EBITDA by 46% and free cash flow by 102% highlights the company's improved profitability and better cash management. The company's ability to decrease net debt by approximately $26 million while investing in growth initiatives is a positive sign of fiscal prudence and strategic capital allocation.
From an investor's perspective, the positive results in the first quarter suggest that ProFrac is successfully executing its recovery plan. However, investors should be mindful of the cyclicality of the oil and gas sector and the impact of commodity prices on service demand. The sequential increase in capital expenditures to $59.9 million indicates an aggressive growth strategy, which could be double-edged if market conditions turn volatile.
The company's expectation for steady pricing in the Stimulation Services segment and improved profitability per fleet suggests confidence in maintaining their competitive edge. The anticipated improvement in the Proppant Production segment's volumes and profitability, expected to track alongside stimulation services, indicates an integrated growth strategy. The intercompany revenues in the Proppant Production and Manufacturing segments reflect a vertically integrated operational model which could insulate the company from external supplier volatility.
Investors may take note of the company's forecast as a sign of stability and potential for sustained growth. However, this outlook is also dependent on industry-wide factors such as oil and gas prices, regulatory changes and technological advancements, which are unpredictable and can influence the company's performance.
First Quarter 2024 Results
- Total revenue grew approximately
19% sequentially to$581.5 million - Net income was
$3.0 million $96.5 million - Adjusted EBITDA(1) grew approximately
46% sequentially over the fourth quarter to$159.7 million - Net cash provided by operating activities grew approximately
85% sequentially over the fourth quarter to$79.1 million - Capital expenditures totaled
$59.9 million - Free cash flow(2) grew
102% sequentially to$25.8 million
Matt Wilks, ProFrac's Executive Chairman, stated, "We are very pleased with our first quarter results, which demonstrate meaningful progress on the strategic initiatives we began emphasizing in the back half of 2023. ProFrac's greater scale, utilization and efficiencies are demonstrated by lower costs and higher profitability. As we outlined on our previous earnings call and as shown by these results, we deployed a substantial number of fleets in a disciplined manner during the first quarter."
Outlook
In the Stimulation Services segment, the Company anticipates pricing to remain steady. Because of our superior cost structure and operating leverage, we continue to see opportunities to further improve profitability per fleet.
In the Proppant Production segment, volumes and profitability are expected to improve as we see third party volumes expand alongside our stimulation services segment volumes.
Business Segment Information
The Stimulation Services segment generated revenues of
The Proppant Production segment generated revenues of
The Manufacturing segment generated revenues of
Our Other Business Activities generated revenues of
Capital Expenditures and Capital Allocation
Cash capital expenditures totaled
For the full year 2024, the Company still expects to incur maintenance-related capital expenditures of between
Balance Sheet and Liquidity
Total net debt outstanding as of March 31, 2024 was
Total cash and cash equivalents as of March 31, 2024 was
As of March 31, 2024 the Company had
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) | Free Cash Flow 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 Thursday, May 9, 2024 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 May 16, 2024 and may be accessed by calling 201-612-7415 and using passcode 13745998#. 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 technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources throughout
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. Forward-looking statements may be accompanied 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; customer, market and industry demand and expectations; the Company's expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; the Company's ability to increase the utilization of its mining assets and lower our mining costs per ton; success of the Company's ongoing strategic initiatives; the Company's intention to increase the number of fully integrated fleets; the Company's currently expected guidance regarding its 2024 financial and operational results; the Company's ability to earn its targeted rates of return; pricing of the Company's services in light of the prevailing market conditions; the Company's currently expected guidance regarding its planned capital expenditures; statements regarding the Company's liquidity and debt obligations; the Company's anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; expectations regarding pricing per ton range; the amount of capital that may be 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 Company's acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company's actions intended to achieve its 2024 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated the Company's fleets and sand mines 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; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; industry conditions, including fluctuations in supply, demand and prices for the Company's products and services and for natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the
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 2024. 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 Free Cash Flow are non-GAAP financial measures and should not be considered as a substitute for net income (loss) or net cash from operating activities, respectively, 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 Free Cash Flow 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. We believe Adjusted EBITDA is an important supplemental measure because it allows 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 believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment.
We view Adjusted EBITDA and Free Cash Flow 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, (v) stock-based compensation, and (vi) other charges, such as reorganization costs, stock compensation expense and other costs related to our initial public offering, certain credit losses, (gain) or loss on extinguishment of debt, unrealized loss (or gain) on investment, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, and acquisition earn-out adjustments. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets.
We believe that our presentation of Adjusted EBITDA and Free Cash Flow will provide useful information to investors in assessing our financial condition and results of operations.
Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure 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 Free Cash Flow to the most directly comparable GAAP financial measure for the periods indicated.
Contacts: | ProFrac Holding Corp. |
Lance Turner – Chief Financial Officer | |
Michael | |
Dennard Lascar Investor Relations | |
Ken Dennard / Rick Black | |
- Tables to Follow-
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||
Consolidated Balance Sheets | ||||||||
March 31 | Dec. 31 | |||||||
(In millions) | 2024 | 2023 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 28.3 | $ | 25.3 | ||||
Accounts receivable, net | 381.8 | 346.1 | ||||||
Accounts receivable — related party, net | 11.9 | 6.8 | ||||||
Inventories | 219.8 | 236.6 | ||||||
Prepaid expenses and other current assets | 22.8 | 23.3 | ||||||
Total current assets | 664.6 | 638.1 | ||||||
Property, plant, and equipment, net | 1,689.8 | 1,779.0 | ||||||
Operating lease right-of-use assets, net | 77.7 | 87.2 | ||||||
Goodwill | 342.3 | 325.9 | ||||||
Intangible assets, net | 164.7 | 173.5 | ||||||
Investments | 30.4 | 28.9 | ||||||
Deferred tax assets | 0.1 | 0.3 | ||||||
Other assets | 37.4 | 37.8 | ||||||
Total assets | $ | 3,007.0 | $ | 3,070.7 | ||||
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 281.8 | $ | 319.0 | ||||
Accounts payable — related party | 16.6 | 21.9 | ||||||
Accrued expenses | 89.0 | 65.6 | ||||||
Current portion of long-term debt | 136.4 | 126.4 | ||||||
Current portion of operating lease liabilities | 19.6 | 24.5 | ||||||
Other current liabilities | 64.4 | 84.1 | ||||||
Other current liabilities — related party | 15.8 | 7.4 | ||||||
Total current liabilities | 623.6 | 648.9 | ||||||
Long-term debt | 895.1 | 923.5 | ||||||
Long-term debt — related party | 17.1 | 18.6 | ||||||
Operating lease liabilities | 63.2 | 67.8 | ||||||
Tax receivable agreement liability | 64.8 | 68.1 | ||||||
Other liabilities | 9.6 | 15.2 | ||||||
Total liabilities | 1,673.4 | 1,742.1 | ||||||
Mezzanine equity: | ||||||||
Series A preferred stock | 59.9 | 58.7 | ||||||
Stockholders' equity: | ||||||||
Preferred stock | — | — | ||||||
Class A common stock | 1.5 | 1.5 | ||||||
Additional paid-in capital | 1,227.2 | 1,225.4 | ||||||
Accumulated deficit | (15.4) | (16.0) | ||||||
Accumulated other comprehensive income | 0.3 | 0.3 | ||||||
Total stockholders' equity attributable to ProFrac Holding Corp. | 1,213.6 | 1,211.2 | ||||||
Noncontrolling interests | 60.1 | 58.7 | ||||||
Total stockholders' equity | 1,273.7 | 1,269.9 | ||||||
Total liabilities, mezzanine equity, and stockholders' equity | $ | 3,007.0 | $ | 3,070.7 | ||||
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | Dec. 31 | March 31 | ||||||||||
(In millions) | 2024 | 2023 | 2023 | |||||||||
Total revenues | $ | 581.5 | $ | 489.1 | $ | 857.5 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of revenues, exclusive of depreciation, depletion and amortization | 373.7 | 323.0 | 545.9 | |||||||||
Selling, general, and administrative | 50.6 | 59.3 | 77.9 | |||||||||
Depreciation, depletion and amortization | 112.8 | 107.7 | 110.3 | |||||||||
Acquisition and integration costs | 0.2 | 1.7 | 12.3 | |||||||||
Other operating expense, net | 4.3 | 11.7 | 4.4 | |||||||||
Total operating costs and expenses | 541.6 | 503.4 | 750.8 | |||||||||
Operating income (loss) | 39.9 | (14.3) | 106.7 | |||||||||
Other income (expense): | ||||||||||||
Interest expense, net | (37.6) | (38.8) | (34.9) | |||||||||
Gain (loss) on extinguishment of debt | (0.8) | (37.6) | 4.1 | |||||||||
Other income (expense), net | 1.8 | (14.2) | (9.4) | |||||||||
Income (loss) before income taxes | 3.3 | (104.9) | 66.5 | |||||||||
Income tax benefit (expense) | (0.3) | 8.4 | (6.7) | |||||||||
Net income (loss) | 3.0 | (96.5) | 59.8 | |||||||||
Less: net (income) loss attributable to noncontrolling interests | (1.2) | (1.4) | 4.2 | |||||||||
Less: net income attributable to redeemable noncontrolling interests | — | — | (42.0) | |||||||||
Net income (loss) attributable to ProFrac Holding Corp. | $ | 1.8 | $ | (97.9) | $ | 22.0 | ||||||
Net income (loss) attributable to Class A common shareholders | $ | 0.6 | $ | (99.1) | $ | 22.0 | ||||||
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | Dec. 31 | March 31 | ||||||||||
(In millions) | 2024 | 2023 | 2023 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 3.0 | $ | (96.5) | $ | 59.8 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating | ||||||||||||
Depreciation, depletion and amortization | 112.8 | 107.7 | 110.3 | |||||||||
Amortization of acquired contract liabilities | (16.5) | (16.5) | (8.1) | |||||||||
Stock-based compensation | 2.1 | 2.5 | 13.1 | |||||||||
Loss (gain) on disposal of assets, net | (1.4) | (1.4) | 1.5 | |||||||||
Non-cash loss (gain) on extinguishment of debt | 0.8 | 21.5 | (4.1) | |||||||||
Amortization of debt issuance costs | 3.2 | 5.5 | 6.1 | |||||||||
Acquisition earnout adjustment | — | — | (3.0) | |||||||||
Unrealized loss (gain) on investments, net | (1.2) | 14.4 | 9.7 | |||||||||
Deferred tax expense (benefit) | 0.2 | (4.9) | — | |||||||||
Other non-cash items, net | — | (0.1) | 0.1 | |||||||||
Changes in operating assets and liabilities: | (23.9) | 10.5 | 48.1 | |||||||||
Net cash provided by operating activities | 79.1 | 42.7 | 233.5 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions, net of cash acquired | — | 2.0 | (443.6) | |||||||||
Investment in property, plant & equipment | (59.9) | (33.1) | (83.2) | |||||||||
Proceeds from sale of assets | 6.6 | 3.2 | 1.0 | |||||||||
Other investments | — | (0.5) | — | |||||||||
Net cash used in investing activities | (53.3) | (28.4) | (525.8) | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of long-term debt | — | 885.3 | 320.0 | |||||||||
Repayments of long-term debt | (37.5) | (842.8) | (18.2) | |||||||||
Borrowings from revolving credit agreements | 501.1 | 355.9 | 406.7 | |||||||||
Repayments of revolving credit agreements | (485.2) | (369.8) | (363.0) | |||||||||
Payment of debt issuance costs | (1.1) | (43.4) | (18.4) | |||||||||
Tax withholding related to net share settlement of equity awards | (0.1) | — | — | |||||||||
Net cash provided by (used in) financing activities | (22.8) | (14.8) | 327.1 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 3.0 | (0.5) | 34.8 | |||||||||
Cash, cash equivalents, and restricted cash beginning of period | 25.3 | 25.8 | 37.9 | |||||||||
Cash, cash equivalents, and restricted cash end of period | $ | 28.3 | $ | 25.3 | $ | 72.7 | ||||||
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | Dec. 31 | March 31 | ||||||||||
(In millions) | 2024 | 2023 | 2023 | |||||||||
Net income (loss) | $ | 3.0 | $ | (96.5) | $ | 59.8 | ||||||
Interest expense, net | 37.6 | 38.8 | 34.9 | |||||||||
Depreciation, depletion and amortization | 112.8 | 107.7 | 110.3 | |||||||||
Income tax expense (benefit) | 0.3 | (8.4) | 6.7 | |||||||||
Loss (gain) on disposal of assets, net | (1.4) | (1.4) | 1.5 | |||||||||
Loss (gain) on extinguishment of debt | 0.8 | 37.6 | (4.1) | |||||||||
Acquisition earnout adjustment | — | — | (3.0) | |||||||||
Stock-based compensation | 2.1 | 2.5 | 2.9 | |||||||||
Stock-based compensation related to deemed contributions | — | — | 10.2 | |||||||||
Provision for credit losses, net of recoveries | — | — | 0.1 | |||||||||
Impairment of long-lived assets | — | 2.5 | — | |||||||||
Severance charges | 0.7 | — | — | |||||||||
Acquisition and integration costs | 0.2 | 1.7 | 12.3 | |||||||||
Litigation expenses and accruals for legal contingencies | 4.8 | 10.6 | 5.8 | |||||||||
Unrealized loss (gain) on investments, net | (1.2) | 14.4 | 9.7 | |||||||||
Adjusted EBITDA | $ | 159.7 | $ | 109.5 | $ | 247.1 | ||||||
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||||||
Segment Information | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | Dec. 31 | March 31 | ||||||||||
(In millions) | 2024 | 2023 | 2023 | |||||||||
Revenues | ||||||||||||
Stimulation services | $ | 517.3 | $ | 403.3 | $ | 790.2 | ||||||
Proppant production | 77.7 | 92.9 | 82.2 | |||||||||
Manufacturing | 43.5 | 34.1 | 67.1 | |||||||||
Other | 41.7 | 43.5 | 49.2 | |||||||||
Total segments | 680.2 | 573.8 | 988.7 | |||||||||
Eliminations | (98.7) | (84.7) | (131.2) | |||||||||
Total revenues | $ | 581.5 | $ | 489.1 | $ | 857.5 | ||||||
Adjusted EBITDA | ||||||||||||
Stimulation services | $ | 125.0 | $ | 58.0 | $ | 205.7 | ||||||
Proppant production | 28.4 | 44.9 | 41.3 | |||||||||
Manufacturing | 4.4 | 1.8 | 8.0 | |||||||||
Other | 3.6 | 4.8 | (7.9) | |||||||||
Total segments | 161.4 | 109.5 | 247.1 | |||||||||
Eliminations | (1.7) | — | — | |||||||||
Total adjusted EBITDA | $ | 159.7 | $ | 109.5 | $ | 247.1 | ||||||
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||
Net Debt | ||||||||
March 31 | Dec. 31 | |||||||
(In millions) | 2024 | 2023 | ||||||
Current portion of long-term debt | $ | 136.4 | $ | 126.4 | ||||
Long-term debt | 895.1 | 923.5 | ||||||
Long-term debt — related party | 17.1 | 18.6 | ||||||
Total debt | 1,048.6 | 1,068.5 | ||||||
Plus: unamortized debt discounts, premiums, and issuance costs | 36.5 | 39.4 | ||||||
Total principal amount of debt | 1,085.1 | 1,107.9 | ||||||
Less: cash and cash equivalents | (28.3) | (25.3) | ||||||
Net debt | $ | 1,056.8 | $ | 1,082.6 | ||||
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||
Free Cash Flow | ||||||||
Three Months Ended | ||||||||
March 31 | Dec. 31 | |||||||
(In millions) | 2024 | 2023 | ||||||
Net cash provided by operating activities | $ | 79.1 | $ | 42.7 | ||||
Investment in property, plant & equipment | (59.9) | (33.1) | ||||||
Proceeds from sale of assets | 6.6 | 3.2 | ||||||
Free cash flow | $ | 25.8 | $ | 12.8 | ||||
View original content:https://www.prnewswire.com/news-releases/profrac-holding-corp-reports-first-quarter-2024-financial-and-operational-results-302140758.html
SOURCE ProFrac Holding Corp.
FAQ
What was the total revenue for ProFrac Holding Corp. in the first quarter of 2024?
How did ProFrac's net income perform in the first quarter of 2024 compared to the previous quarter?
What was the adjusted EBITDA for ProFrac Holding Corp. in the first quarter of 2024?
What is ProFrac's outlook for the Stimulation Services segment?
What are the expectations regarding ProFrac's Proppant Production volumes and profitability?
