ProFrac Holding Corp. Reports Full Year and Fourth Quarter 2024 Results
ProFrac Holding Corp (NASDAQ: ACDC) reported its full year and Q4 2024 financial results, showing declining performance. Full year 2024 revenue decreased to $2.19 billion from $2.63 billion in 2023, with net loss widening to $208 million from $59 million. Adjusted EBITDA fell to $501 million from $688 million.
Fourth quarter 2024 results showed further deterioration with revenue of $455 million, down from $575 million in Q3, and net loss of $102 million compared to $44 million in Q3. The company cited seasonal budget exhaustion, adverse weather, and pricing pressure as key factors.
The company launched Livewire Power in Q4 2024, focusing on power generation solutions for remote locations. Looking ahead, ProFrac increased its active fleet count by over 25% from Q4 and expects improved revenues and profitability in Q1 2025. The company projects 2025 capital expenditures between $250-300 million.
ProFrac Holding Corp (NASDAQ: ACDC) ha riportato i risultati finanziari per l'intero anno e il quarto trimestre del 2024, evidenziando una performance in calo. I ricavi dell'anno intero 2024 sono diminuiti a $2,19 miliardi rispetto ai $2,63 miliardi del 2023, con una perdita netta che si è ampliata a $208 milioni rispetto ai $59 milioni. L'EBITDA rettificato è sceso a $501 milioni da $688 milioni.
I risultati del quarto trimestre 2024 hanno mostrato un ulteriore deterioramento, con ricavi di $455 milioni, in calo rispetto ai $575 milioni del terzo trimestre, e una perdita netta di $102 milioni rispetto ai $44 milioni del terzo trimestre. L'azienda ha citato l'esaurimento del budget stagionale, condizioni meteorologiche avverse e pressione sui prezzi come fattori chiave.
L'azienda ha lanciato Livewire Power nel quarto trimestre del 2024, concentrandosi su soluzioni di generazione di energia per località remote. Guardando al futuro, ProFrac ha aumentato il numero della sua flotta attiva di oltre il 25% rispetto al quarto trimestre e si aspetta ricavi e profittabilità migliorati nel primo trimestre del 2025. L'azienda prevede spese in conto capitale per il 2025 comprese tra $250-300 milioni.
ProFrac Holding Corp (NASDAQ: ACDC) reportó sus resultados financieros del año completo y del cuarto trimestre de 2024, mostrando un desempeño a la baja. Los ingresos del año completo 2024 disminuyeron a $2.19 mil millones desde $2.63 mil millones en 2023, con una pérdida neta que se amplió a $208 millones desde $59 millones. El EBITDA ajustado cayó a $501 millones desde $688 millones.
Los resultados del cuarto trimestre 2024 mostraron un mayor deterioro con ingresos de $455 millones, en comparación con los $575 millones del tercer trimestre, y una pérdida neta de $102 millones en comparación con los $44 millones del tercer trimestre. La compañía citó el agotamiento del presupuesto estacional, el clima adverso y la presión de precios como factores clave.
La compañía lanzó Livewire Power en el cuarto trimestre de 2024, enfocándose en soluciones de generación de energía para ubicaciones remotas. Mirando hacia adelante, ProFrac aumentó su cuenta de flota activa en más del 25% desde el cuarto trimestre y espera ingresos y rentabilidad mejorados en el primer trimestre de 2025. La compañía proyecta gastos de capital para 2025 entre $250-300 millones.
ProFrac Holding Corp (NASDAQ: ACDC)는 2024년 전체 연도 및 4분기 재무 결과를 발표하며 성과가 감소하고 있음을 보여주었습니다. 2024년 전체 연도 수익은 2023년의 26억 3천만 달러에서 21억 9천만 달러로 감소하였고, 순손실은 5천9백만 달러에서 2억 8천만 달러로 확대되었습니다. 조정된 EBITDA는 6억 8천8백만 달러에서 5억 1천만 달러로 떨어졌습니다.
2024년 4분기 결과는 수익이 3분기의 5억 7천5백만 달러에서 4억 5천5백만 달러로 감소하고, 순손실은 3분기의 4천4백만 달러에 비해 1억 2천만 달러로 증가하면서 추가적인 악화를 보여주었습니다. 회사는 계절 예산 소진, 악천후 및 가격 압박을 주요 요인으로 언급했습니다.
회사는 2024년 4분기에 Livewire Power를 출시하여 원격 지역을 위한 전력 생성 솔루션에 집중하고 있습니다. 앞으로 ProFrac은 4분기 대비 활성 함대 수를 25% 이상 증가시켰으며, 2025년 1분기에는 수익과 수익성이 개선될 것으로 예상하고 있습니다. 회사는 2025년 자본 지출을 2억 5천만 달러에서 3억 달러 사이로 예상하고 있습니다.
ProFrac Holding Corp (NASDAQ: ACDC) a publié ses résultats financiers pour l'année entière et le quatrième trimestre 2024, montrant une performance en déclin. Les revenus de l'année entière 2024 ont diminué à 2,19 milliards de dollars contre 2,63 milliards de dollars en 2023, avec une perte nette élargie à 208 millions de dollars contre 59 millions de dollars. L'EBITDA ajusté est tombé à 501 millions de dollars contre 688 millions de dollars.
Les résultats du quatrième trimestre 2024 ont montré une détérioration supplémentaire avec des revenus de 455 millions de dollars, en baisse par rapport à 575 millions de dollars au troisième trimestre, et une perte nette de 102 millions de dollars par rapport à 44 millions de dollars au troisième trimestre. L'entreprise a cité l'épuisement du budget saisonnier, des conditions météorologiques défavorables et la pression des prix comme facteurs clés.
L'entreprise a lancé Livewire Power au quatrième trimestre 2024, en se concentrant sur des solutions de production d'énergie pour des emplacements éloignés. En regardant vers l'avenir, ProFrac a augmenté le nombre de sa flotte active de plus de 25 % par rapport au quatrième trimestre et s'attend à des revenus et une rentabilité améliorés au premier trimestre 2025. L'entreprise prévoit des dépenses en capital pour 2025 comprises entre 250 et 300 millions de dollars.
ProFrac Holding Corp (NASDAQ: ACDC) hat seine finanziellen Ergebnisse für das gesamte Jahr und das vierte Quartal 2024 veröffentlicht, die eine rückläufige Leistung zeigen. Der Umsatz für das gesamte Jahr 2024 sank auf 2,19 Milliarden Dollar von 2,63 Milliarden Dollar im Jahr 2023, während sich der Nettoverlust auf 208 Millionen Dollar von 59 Millionen Dollar ausweitete. Das bereinigte EBITDA fiel auf 501 Millionen Dollar von 688 Millionen Dollar.
Die Ergebnisse des vierten Quartals 2024 zeigten eine weitere Verschlechterung mit einem Umsatz von 455 Millionen Dollar, ein Rückgang von 575 Millionen Dollar im dritten Quartal, und einem Nettoverlust von 102 Millionen Dollar im Vergleich zu 44 Millionen Dollar im dritten Quartal. Das Unternehmen nannte saisonale Budgeterschöpfung, widriges Wetter und Preisdruck als Hauptfaktoren.
Das Unternehmen hat im vierten Quartal 2024 Livewire Power eingeführt, das sich auf Lösungen zur Energieerzeugung für abgelegene Standorte konzentriert. Ausblickend hat ProFrac die Anzahl seiner aktiven Flotte um über 25% seit dem vierten Quartal erhöht und erwartet im ersten Quartal 2025 verbesserte Einnahmen und Rentabilität. Das Unternehmen plant Investitionen für 2025 in Höhe von 250 bis 300 Millionen Dollar.
- Active fleet count increased by over 25% from Q4 2024
- Pricing has stabilized after gradual decline through 2024
- Mine production improved by over 50% in Q1 vs Q4
- Free cash flow of $185 million for full year 2024
- Revenue declined 17% YoY to $2.19B from $2.63B
- Net loss widened to $208M from $59M in 2023
- Q4 revenue dropped 21% QoQ to $455M
- Q4 net loss increased to $102M from $44M in Q3
- Adjusted EBITDA margin decreased to 23% from 26% YoY
Insights
ProFrac's Q4 and full-year 2024 results reveal significant deterioration across key metrics. Revenue declined to
The company's profitability metrics weakened substantially. Adjusted EBITDA margins contracted to
Despite these challenges, ProFrac maintained positive free cash flow of
ProFrac's report contains some forward-looking positives: they've increased active fleet count by
The Proppant Production segment shows potential for improvement, with daily production already up
ProFrac's results reflect broader pressures in the oilfield services sector, with seasonal budget exhaustion and adverse weather conditions explicitly cited as contributing factors to their Q4 underperformance. The pronounced sequential revenue drop of
The company's strategic shifts merit close attention. Their increased focus on electric frac technology through the Livewire Power venture addresses a genuine market need for reliable power generation in remote locations. This positions ProFrac to capitalize on the industry's gradual transition toward more electrified operations, potentially creating a differentiated revenue stream with higher margins than traditional services.
ProFrac's vertically integrated business model, spanning stimulation services, proppant production, and manufacturing, hasn't insulated them from market pressures as effectively as might be expected. Despite intercompany sales comprising
Their capital expenditure outlook of
The stabilization in pricing mentioned by management contradicts the prolonged pricing pressure narrative commonly cited across the sector, raising questions about potential market share sacrifices to maintain rates.
Full Year 2024 Results
-
Total revenue was
$2.19 billion $2.63 billion -
Net loss was
$208 million $59 million -
Adjusted EBITDA(1) was
$501 million $688 million 23% of revenue in 2024 compared to26% of revenue in 2023 -
Net cash provided by operating activities was
$367 million $554 million -
Capital expenditures totaled
$255 million -
Free cash flow(2) was
$185 million -
Net debt(3) was
$1.12 billion
Fourth Quarter 2024 Results
-
Total revenue was
$455 million $575 million -
Net loss was
$102 million $44 million -
Adjusted EBITDA(1) was
$71 million $135 million 16% of revenue in the fourth quarter compared to23% of revenue in the third quarter -
Net cash provided by operating activities was
$77 million $98 million -
Capital expenditures totaled
$63 million -
Free cash flow(2) was
$54 million
"Fourth quarter 2024 results reflected the impact of seasonal budget exhaustion and adverse weather, as well as pricing pressure,” stated Matt Wilks, ProFrac's Executive Chairman. “Since the fourth quarter trough, hydraulic fracturing efficiency has surpassed the 2024 peak experienced in the third quarter, with all of our next generation equipment deployed, and pricing having stabilized. We continue to enhance the quality of our active equipment by leveraging our in-house manufacturing capabilities and asset management platform, a new initiative for us, as we return fleets to service.
“With an expected flattish to modestly improving market for hydraulic fracturing, we anticipate setting new operating efficiency records over the balance of 2025, demonstrating our commitment to delivering leading-edge performance and minimizing non-productive time. In our Proppant Production segment, we expect improved commercial opportunities and operating efficiencies to drive a significant improvement in results.
“Lastly, we are thrilled to announce the launch of Livewire Power, a strategic venture designed to meet the growing demand for flexible and efficient power generation solutions in remote locations or where grid power is insufficient. Officially launched in the fourth quarter of 2024, Livewire marks a significant step forward in our power generation strategy, focusing on the growing demand for power in remote locations, driven by advances in electric frac technology. E-frac technology requires temporary yet substantial power generation, a need not adequately met by existing electrical infrastructure. Distributed power generation will be a key component of our strategy going forward, offering a reliable and scalable solution for oilfield service companies and other industrial users,” concluded Mr. Wilks.
Outlook
In the Stimulation Services segment, ProFrac has increased its active fleet count by over
In the Proppant Production segment, the Company expects improved commercial opportunities and operational efficiencies to drive a material improvement in volumes in 2025, with profitability to benefit from high operating leverage. Average daily production at the mines has improved by over
Business Segment Information
The Stimulation Services segment generated revenues of
The Proppant Production segment generated revenues of
The Manufacturing segment generated revenues of
Other Business Activities generated revenues of
Capital Expenditures and Capital Allocation
Cash capital expenditures totaled
For the full year 2025, the Company expects to incur capital expenditures to be flat to modestly higher in the range of
Balance Sheet and Liquidity
Total debt outstanding as of December 31, 2024 was
Total cash and cash equivalents as of December 31, 2024 was
As of December 31, 2024 the Company had
Footnotes
- 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.
- Free Cash Flow is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release.
- Net Debt 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, March 6, 2025, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call’s conclusion on the IR Calendar section of ProFrac’s investor relations website for 90 days.
About ProFrac Holding Corp.
ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and 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. ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, in addition to Other Business Activities. For more information, please visit ProFrac's website at www.PFHoldingsCorp.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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; fleet deployment levels; 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 2025 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 2025 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; risks regrading access to additional capital; 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 2025. 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, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, 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, Free Cash Flow and Net Debt 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 believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents.
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 taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net (v) stock-based compensation, and (vi) other charges, such as certain credit losses, (gain) or loss on extinguishment of debt, unrealized loss (or gain) on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, and impairments of long-lived assets. 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.
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.
Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company.
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, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated.
- Tables to Follow-
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Consolidated Balance Sheets |
|
|
December 31, |
|
|
December 31, |
|
||
(In millions) |
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
14.8 |
|
|
$ |
25.3 |
|
Accounts receivable, net |
|
|
316.2 |
|
|
|
346.1 |
|
Accounts receivable — related party, net |
|
|
12.6 |
|
|
|
6.8 |
|
Inventories |
|
|
201.1 |
|
|
|
236.6 |
|
Prepaid expenses and other current assets |
|
|
29.4 |
|
|
|
23.3 |
|
Total current assets |
|
|
574.1 |
|
|
|
638.1 |
|
Property, plant, and equipment, net |
|
|
1,761.2 |
|
|
|
1,779.0 |
|
Operating lease right-of-use assets, net |
|
|
158.6 |
|
|
|
87.2 |
|
Goodwill |
|
|
302.0 |
|
|
|
325.9 |
|
Intangible assets, net |
|
|
148.9 |
|
|
|
173.5 |
|
Investments |
|
|
7.5 |
|
|
|
28.9 |
|
Deferred tax assets |
|
|
— |
|
|
|
0.3 |
|
Other assets |
|
|
35.8 |
|
|
|
37.8 |
|
Total assets |
|
$ |
2,988.1 |
|
|
$ |
3,070.7 |
|
|
|
|
|
|
|
|
||
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
324.3 |
|
|
$ |
319.0 |
|
Accounts payable — related party |
|
|
18.1 |
|
|
|
21.9 |
|
Accrued expenses |
|
|
67.2 |
|
|
|
65.6 |
|
Current portion of long-term debt |
|
|
164.6 |
|
|
|
126.4 |
|
Current portion of operating lease liabilities |
|
|
26.0 |
|
|
|
24.5 |
|
Other current liabilities |
|
|
56.6 |
|
|
|
84.1 |
|
Other current liabilities — related party |
|
|
3.2 |
|
|
|
7.4 |
|
Total current liabilities |
|
|
660.0 |
|
|
|
648.9 |
|
Long-term debt |
|
|
931.1 |
|
|
|
923.5 |
|
Long-term debt — related party |
|
|
13.3 |
|
|
|
18.6 |
|
Operating lease liabilities |
|
|
137.1 |
|
|
|
67.8 |
|
Deferred tax liabilities |
|
|
14.9 |
|
|
|
— |
|
Tax receivable agreement liability |
|
|
82.9 |
|
|
|
68.1 |
|
Other liabilities |
|
|
9.2 |
|
|
|
15.2 |
|
Total liabilities |
|
|
1,848.5 |
|
|
|
1,742.1 |
|
|
|
|
|
|
|
|
||
Mezzanine equity: |
|
|
|
|
|
|
||
Series A preferred stock |
|
|
63.5 |
|
|
|
58.7 |
|
|
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Class A common stock |
|
|
1.5 |
|
|
|
1.5 |
|
Additional paid-in capital |
|
|
1,241.2 |
|
|
|
1,225.4 |
|
Accumulated deficit |
|
|
(235.9 |
) |
|
|
(16.0 |
) |
Accumulated other comprehensive income |
|
|
0.1 |
|
|
|
0.3 |
|
Total stockholders' equity attributable to ProFrac Holding Corp. |
|
|
1,006.9 |
|
|
|
1,211.2 |
|
Noncontrolling interests |
|
|
69.2 |
|
|
|
58.7 |
|
Total stockholders' equity |
|
|
1,076.1 |
|
|
|
1,269.9 |
|
Total liabilities, mezzanine equity, and stockholders' equity |
|
$ |
2,988.1 |
|
|
$ |
3,070.7 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Consolidated Statements of Operations |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
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|
Dec. 31 |
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Sept. 30 |
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|
Dec. 31 |
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|
Sept. 30 |
|
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Dec. 31 |
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|
Dec. 31 |
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||||||
(In millions) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Total revenues |
|
$ |
454.7 |
|
|
$ |
575.3 |
|
|
$ |
489.1 |
|
|
$ |
574.2 |
|
|
$ |
2,190.9 |
|
|
$ |
2,630.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenues, exclusive of depreciation, depletion and amortization |
|
|
337.6 |
|
|
|
390.7 |
|
|
|
334.7 |
|
|
|
376.8 |
|
|
|
1,495.1 |
|
|
|
1,740.1 |
|
Selling, general, and administrative |
|
|
48.0 |
|
|
|
51.9 |
|
|
|
47.6 |
|
|
|
52.7 |
|
|
|
204.6 |
|
|
|
233.6 |
|
Depreciation, depletion and amortization |
|
|
113.3 |
|
|
|
112.7 |
|
|
|
107.7 |
|
|
|
111.5 |
|
|
|
442.2 |
|
|
|
438.4 |
|
Acquisition and integration costs |
|
|
2.7 |
|
|
|
2.0 |
|
|
|
1.7 |
|
|
|
2.6 |
|
|
|
7.8 |
|
|
|
21.8 |
|
Goodwill impairment |
|
|
— |
|
|
|
6.8 |
|
|
|
— |
|
|
|
— |
|
|
|
74.5 |
|
|
|
— |
|
Other operating expense (income), net |
|
|
(0.1 |
) |
|
|
15.5 |
|
|
|
11.7 |
|
|
|
10.1 |
|
|
|
27.1 |
|
|
|
29.5 |
|
Total operating costs and expenses |
|
|
501.5 |
|
|
|
579.6 |
|
|
|
503.4 |
|
|
|
553.7 |
|
|
|
2,251.3 |
|
|
|
2,463.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating income (loss) |
|
|
(46.8 |
) |
|
|
(4.3 |
) |
|
|
(14.3 |
) |
|
|
20.5 |
|
|
|
(60.4 |
) |
|
|
166.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense, net |
|
|
(38.8 |
) |
|
|
(40.6 |
) |
|
|
(38.8 |
) |
|
|
(40.2 |
) |
|
|
(156.6 |
) |
|
|
(154.9 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(37.6 |
) |
|
|
— |
|
|
|
(0.8 |
) |
|
|
(33.5 |
) |
Other income (expense), net |
|
|
1.8 |
|
|
|
(0.1 |
) |
|
|
(14.2 |
) |
|
|
(4.9 |
) |
|
|
3.0 |
|
|
|
(36.2 |
) |
Loss before income taxes |
|
|
(83.8 |
) |
|
|
(45.0 |
) |
|
|
(104.9 |
) |
|
|
(24.6 |
) |
|
|
(214.8 |
) |
|
|
(58.0 |
) |
Income tax benefit (expense) |
|
|
(17.9 |
) |
|
|
1.5 |
|
|
|
8.4 |
|
|
|
6.7 |
|
|
|
7.0 |
|
|
|
(1.2 |
) |
Net loss |
|
|
(101.7 |
) |
|
|
(43.5 |
) |
|
|
(96.5 |
) |
|
|
(17.9 |
) |
|
|
(207.8 |
) |
|
|
(59.2 |
) |
Less: net (income) loss attributable to noncontrolling interests |
|
|
(3.3 |
) |
|
|
(1.7 |
) |
|
|
(1.4 |
) |
|
|
(1.0 |
) |
|
|
(7.3 |
) |
|
|
3.3 |
|
Less: net income attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41.8 |
) |
Net loss attributable to ProFrac Holding Corp. |
|
$ |
(105.0 |
) |
|
$ |
(45.2 |
) |
|
$ |
(97.9 |
) |
|
$ |
(18.9 |
) |
|
$ |
(215.1 |
) |
|
$ |
(97.7 |
) |
Net loss attributable to Class A common shareholders |
|
$ |
(106.2 |
) |
|
$ |
(46.4 |
) |
|
$ |
(99.1 |
) |
|
$ |
(27.5 |
) |
|
$ |
(219.9 |
) |
|
$ |
(107.5 |
) |
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Consolidated Statements of Cash Flows |
|
|
Three Months Ended |
Twelve Months Ended |
|
||||||||||||||||
|
|
Dec. 31 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Dec. 31 |
|
|
Dec. 31 |
|
|||||
(In millions) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loss |
|
$ |
(101.7 |
) |
|
$ |
(43.5 |
) |
|
$ |
(96.5 |
) |
|
$ |
(207.8 |
) |
|
$ |
(59.2 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation, depletion and amortization |
|
|
113.3 |
|
|
|
112.7 |
|
|
|
107.7 |
|
|
|
442.2 |
|
|
|
438.4 |
|
Amortization of acquired unfavorable contracts |
|
|
(7.4 |
) |
|
|
(11.7 |
) |
|
|
(16.5 |
) |
|
|
(46.5 |
) |
|
|
(57.5 |
) |
Stock-based compensation |
|
|
1.2 |
|
|
|
1.1 |
|
|
|
2.5 |
|
|
|
7.3 |
|
|
|
29.8 |
|
Loss (gain) on disposal of assets, net |
|
|
2.8 |
|
|
|
(1.4 |
) |
|
|
(1.4 |
) |
|
|
0.3 |
|
|
|
(1.7 |
) |
Gain on insurance recoveries |
|
|
(1.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4.9 |
) |
|
|
— |
|
Non-cash loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
21.5 |
|
|
|
0.8 |
|
|
|
17.4 |
|
Amortization of debt issuance costs |
|
|
3.3 |
|
|
|
3.6 |
|
|
|
5.5 |
|
|
|
14.5 |
|
|
|
24.3 |
|
Acquisition earnout adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6.6 |
) |
Unrealized loss (gain) on investments, net |
|
|
(1.3 |
) |
|
|
1.1 |
|
|
|
14.4 |
|
|
|
(0.4 |
) |
|
|
38.5 |
|
Provision for supply commitment charges |
|
|
— |
|
|
|
9.4 |
|
|
|
— |
|
|
|
9.6 |
|
|
|
— |
|
Goodwill impairment |
|
|
— |
|
|
|
6.8 |
|
|
|
— |
|
|
|
74.5 |
|
|
|
— |
|
Deferred tax expense (benefit) |
|
|
14.7 |
|
|
|
1.8 |
|
|
|
(4.9 |
) |
|
|
(10.7 |
) |
|
|
0.1 |
|
Other non-cash items, net |
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
Changes in operating assets and liabilities |
|
|
53.3 |
|
|
|
18.2 |
|
|
|
10.5 |
|
|
|
88.5 |
|
|
|
130.0 |
|
Net cash provided by operating activities |
|
|
76.5 |
|
|
|
98.0 |
|
|
|
42.7 |
|
|
|
367.3 |
|
|
|
553.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
(194.4 |
) |
|
|
(454.5 |
) |
Investment in property, plant & equipment |
|
|
(63.2 |
) |
|
|
(70.0 |
) |
|
|
(33.1 |
) |
|
|
(255.0 |
) |
|
|
(267.0 |
) |
Proceeds from sale of assets |
|
|
41.0 |
|
|
|
2.9 |
|
|
|
3.2 |
|
|
|
72.9 |
|
|
|
6.2 |
|
Proceeds from insurance recoveries |
|
|
1.7 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
6.2 |
|
|
|
— |
|
Other investments |
|
|
— |
|
|
|
— |
|
|
|
(0.5 |
) |
|
|
(2.0 |
) |
|
|
(0.5 |
) |
Net cash used in investing activities |
|
|
(20.5 |
) |
|
|
(67.0 |
) |
|
|
(28.4 |
) |
|
|
(372.3 |
) |
|
|
(715.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from issuance of long-term debt |
|
|
0.3 |
|
|
|
15.5 |
|
|
|
885.3 |
|
|
|
136.7 |
|
|
|
1,220.0 |
|
Repayments of long-term debt |
|
|
(47.2 |
) |
|
|
(54.4 |
) |
|
|
(842.8 |
) |
|
|
(157.2 |
) |
|
|
(946.7 |
) |
Borrowings from revolving credit agreements |
|
|
357.8 |
|
|
|
546.2 |
|
|
|
355.9 |
|
|
|
1,938.2 |
|
|
|
1,575.8 |
|
Repayments of revolving credit agreements |
|
|
(377.5 |
) |
|
|
(536.9 |
) |
|
|
(369.8 |
) |
|
|
(1,918.1 |
) |
|
|
(1,685.2 |
) |
Payment of debt issuance costs |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(43.4 |
) |
|
|
(3.6 |
) |
|
|
(62.3 |
) |
Tax withholding related to net share settlement of equity awards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
|
|
(0.8 |
) |
Proceeds from issuance of Series A preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50.0 |
|
Payment of Series A preferred stock issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.1 |
) |
Net cash provided by (used in) financing activities |
|
|
(66.7 |
) |
|
|
(29.7 |
) |
|
|
(14.8 |
) |
|
|
(5.5 |
) |
|
|
149.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
(10.7 |
) |
|
|
1.3 |
|
|
|
(0.5 |
) |
|
|
(10.5 |
) |
|
|
(12.6 |
) |
Cash, cash equivalents, and restricted cash beginning of period |
|
|
25.5 |
|
|
|
24.2 |
|
|
|
25.8 |
|
|
|
25.3 |
|
|
|
37.9 |
|
Cash, cash equivalents, and restricted cash end of period |
|
$ |
14.8 |
|
|
$ |
25.5 |
|
|
$ |
25.3 |
|
|
$ |
14.8 |
|
|
$ |
25.3 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Reconciliation of Net Loss to Adjusted EBITDA |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||
|
|
Dec. 31 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Dec. 31 |
|
||||||
(In millions) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Net loss |
|
$ |
(101.7 |
) |
|
$ |
(43.5 |
) |
|
$ |
(96.5 |
) |
|
$ |
(17.9 |
) |
|
$ |
(207.8 |
) |
|
$ |
(59.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense, net |
|
|
38.8 |
|
|
|
40.6 |
|
|
|
38.8 |
|
|
|
40.2 |
|
|
|
156.6 |
|
|
|
154.9 |
|
Depreciation, depletion and amortization |
|
|
113.3 |
|
|
|
112.7 |
|
|
|
107.7 |
|
|
|
111.5 |
|
|
|
442.2 |
|
|
|
438.4 |
|
Income tax expense (benefit) |
|
|
17.9 |
|
|
|
(1.5 |
) |
|
|
(8.4 |
) |
|
|
(6.7 |
) |
|
|
(7.0 |
) |
|
|
1.2 |
|
Loss (gain) on disposal of assets, net |
|
|
2.8 |
|
|
|
(1.4 |
) |
|
|
(1.4 |
) |
|
|
(1.3 |
) |
|
|
0.3 |
|
|
|
(1.7 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
37.6 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
33.5 |
|
Acquisition earnout adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6.6 |
) |
Stock-based compensation |
|
|
1.2 |
|
|
|
1.1 |
|
|
|
2.5 |
|
|
|
2.3 |
|
|
|
7.3 |
|
|
|
10.1 |
|
Stock-based compensation related to deemed contributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.1 |
|
|
|
— |
|
|
|
19.7 |
|
Provision for credit losses, net of recoveries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Transaction costs |
|
|
— |
|
|
|
3.9 |
|
|
|
— |
|
|
|
— |
|
|
|
3.9 |
|
|
|
— |
|
Severance charges |
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
2.5 |
|
|
|
1.1 |
|
Acquisition and integration costs |
|
|
2.7 |
|
|
|
2.0 |
|
|
|
1.7 |
|
|
|
2.6 |
|
|
|
7.8 |
|
|
|
21.8 |
|
Supply commitment charges |
|
|
— |
|
|
|
9.4 |
|
|
|
— |
|
|
|
— |
|
|
|
9.6 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
2.5 |
|
|
|
— |
|
|
|
— |
|
|
|
2.5 |
|
Impairment of goodwill |
|
|
— |
|
|
|
6.8 |
|
|
|
— |
|
|
|
— |
|
|
|
74.5 |
|
|
|
— |
|
Gain on insurance recoveries |
|
|
(1.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.9 |
) |
|
|
— |
|
Litigation expenses and accruals for legal contingencies |
|
|
(1.2 |
) |
|
|
2.9 |
|
|
|
10.6 |
|
|
|
10.3 |
|
|
|
15.7 |
|
|
|
34.1 |
|
Unrealized loss (gain) on investments, net |
|
|
(1.3 |
) |
|
|
1.1 |
|
|
|
14.4 |
|
|
|
5.1 |
|
|
|
(0.4 |
) |
|
|
38.5 |
|
Adjusted EBITDA |
|
$ |
70.8 |
|
|
$ |
134.8 |
|
|
$ |
109.5 |
|
|
$ |
149.3 |
|
|
$ |
501.1 |
|
|
$ |
688.4 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Segment Information |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||
|
|
Dec. 31 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Dec. 31 |
|
||||||
(In millions) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stimulation services |
|
$ |
384.4 |
|
|
$ |
507.1 |
|
|
$ |
403.3 |
|
|
$ |
489.5 |
|
|
$ |
1,914.4 |
|
|
$ |
2,291.2 |
|
Proppant production |
|
|
46.5 |
|
|
|
52.8 |
|
|
|
92.9 |
|
|
|
98.4 |
|
|
|
246.5 |
|
|
|
383.3 |
|
Manufacturing |
|
|
61.9 |
|
|
|
61.5 |
|
|
|
34.1 |
|
|
|
43.8 |
|
|
|
222.8 |
|
|
|
176.1 |
|
Other |
|
|
54.9 |
|
|
|
51.3 |
|
|
|
43.5 |
|
|
|
48.6 |
|
|
|
195.5 |
|
|
|
193.0 |
|
Total segments |
|
|
547.7 |
|
|
|
672.7 |
|
|
|
573.8 |
|
|
|
680.3 |
|
|
|
2,579.2 |
|
|
|
3,043.6 |
|
Eliminations |
|
|
(93.0 |
) |
|
|
(97.4 |
) |
|
|
(84.7 |
) |
|
|
(106.1 |
) |
|
|
(388.3 |
) |
|
|
(413.6 |
) |
Total revenues |
|
$ |
454.7 |
|
|
$ |
575.3 |
|
|
$ |
489.1 |
|
|
$ |
574.2 |
|
|
$ |
2,190.9 |
|
|
$ |
2,630.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stimulation services |
|
$ |
53.6 |
|
|
$ |
112.6 |
|
|
$ |
55.5 |
|
|
$ |
93.3 |
|
|
$ |
398.7 |
|
|
$ |
477.4 |
|
Proppant production |
|
|
14.2 |
|
|
|
17.3 |
|
|
|
47.4 |
|
|
|
51.6 |
|
|
|
85.6 |
|
|
|
198.1 |
|
Manufacturing |
|
|
3.0 |
|
|
|
0.1 |
|
|
|
1.8 |
|
|
|
1.6 |
|
|
|
7.6 |
|
|
|
14.5 |
|
Other |
|
|
4.4 |
|
|
|
4.8 |
|
|
|
4.8 |
|
|
|
2.8 |
|
|
|
17.2 |
|
|
|
(1.6 |
) |
Total segments |
|
|
75.2 |
|
|
|
134.8 |
|
|
|
109.5 |
|
|
|
149.3 |
|
|
|
509.1 |
|
|
|
688.4 |
|
Eliminations |
|
|
(4.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8.0 |
) |
|
|
— |
|
Total adjusted EBITDA |
|
$ |
70.8 |
|
|
$ |
134.8 |
|
|
$ |
109.5 |
|
|
$ |
149.3 |
|
|
$ |
501.1 |
|
|
$ |
688.4 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Net Debt |
|
|
December 31, |
|
|
December 31, |
|
||
(In millions) |
|
2024 |
|
|
2023 |
|
||
Current portion of long-term debt |
|
$ |
164.6 |
|
|
$ |
126.4 |
|
Long-term debt |
|
|
931.1 |
|
|
|
923.5 |
|
Long-term debt — related party |
|
|
13.3 |
|
|
|
18.6 |
|
Total debt |
|
|
1,109.0 |
|
|
|
1,068.5 |
|
|
|
|
|
|
|
|
||
Plus: unamortized debt discounts, premiums, and issuance costs |
|
|
29.9 |
|
|
|
39.4 |
|
Total principal amount of debt |
|
|
1,138.9 |
|
|
|
1,107.9 |
|
|
|
|
|
|
|
|
||
Less: cash and cash equivalents |
|
|
(14.8 |
) |
|
|
(25.3 |
) |
Net debt |
|
$ |
1,124.1 |
|
|
$ |
1,082.6 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Free Cash Flow |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||
|
|
Dec. 31 |
|
|
Sep. 30 |
|
|
Dec. 31 |
|
|
Dec. 31 |
|
|
Dec. 31 |
|
|||||
(In millions) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Net cash provided by operating activities |
|
$ |
76.5 |
|
|
$ |
98.0 |
|
|
$ |
42.7 |
|
|
$ |
367.3 |
|
|
$ |
553.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment in property, plant & equipment |
|
|
(63.2 |
) |
|
|
(70.0 |
) |
|
|
(33.1 |
) |
|
|
(255.0 |
) |
|
|
(267.0 |
) |
Proceeds from sale of assets |
|
|
41.0 |
|
|
|
2.9 |
|
|
|
3.2 |
|
|
|
72.9 |
|
|
|
6.2 |
|
Free cash flow |
|
$ |
54.3 |
|
|
$ |
30.9 |
|
|
$ |
12.8 |
|
|
$ |
185.2 |
|
|
$ |
292.7 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306549003/en/
ProFrac Holding Corp.
Austin Harbour – Chief Financial Officer
Michael
investors@pfholdingscorp.com
ICR, Inc.
PFHoldingsIR@icrinc.com
Source: ProFrac Holding Corp.
FAQ
What caused ProFrac's (ACDC) revenue decline in Q4 2024?
How much did ProFrac (ACDC) invest in capital expenditures for 2024?
What is ProFrac's (ACDC) net debt position as of December 31, 2024?
What is Livewire Power and when did ProFrac (ACDC) launch it?
What are ProFrac's (ACDC) capital expenditure projections for 2025?
