ProFrac Holding Corp. Reports Second Quarter 2023 Financial and Operational Results
- Total revenue for Q2 2023 was $709.2 million, down 17% sequentially
- Adjusted EBITDA was $182.5 million
- Net loss for Q2 2023 was ($4.6) million compared to net income of $59.8 million in Q1 2023
- The company reduced indebtedness by $85.6 million and generated $55.6 million of free cash flow
- The Stimulation Services segment generated revenues of $608.2 million in Q2 2023
- Net loss for Q2 2023
- Decrease in total revenue by 17% sequentially
- Reduction in active fleet count
Second Quarter 2023 Results and Recent Highlights
- Total revenue was
compared to$709.2 million in the first quarter of 2023$857.5 million - Net loss was
( compared to net income of$4.6) million in the first quarter of 2023$59.8 million - Adjusted EBITDA(1) was
$182.5 million - Generated
of free cash flow and reduced indebtedness by$55.6 million $85.6 million - Right-sized active fleet count in June and again in August to optimize calendar efficiencies and reduce costs
Matt Wilks, ProFrac's Executive Chairman, stated, "Our second quarter results were challenged as a result of customer consolidation, coordination with customer capital expenditure schedules, and the impacts of the recent banking crisis on private operators. We have adjusted our cost structure to right size our organization, through the acceleration of acquisition synergies and headcount reductions. Most of these reductions will be reflected in the third quarter.
"We expect to see our mining assets grow sales and expand our customer footprint. We're pleased to see improving industry fundamentals and disciplined behavior from our peers, which support a constructive outlook for the second half of 2023.
"We continue to remain focused on maximizing utilization and profitability and adapting our cost structure to further improve our cash flow.
"We strongly believe that our vertical integration strategy differentiates us and results in the potential for strong cash flow generation," continued Wilks. "We believe the biggest value driver is diversifying our proppant segment customer base to further demonstrate our strong cash flow potential."
Second Quarter 2023 Financial Results
For the second quarter of 2023, consolidated revenues totaled
Selling, general, and administrative costs were
Net loss for the second quarter was
In the second quarter, Adjusted EBITDA decreased
Operating cash flow was
Outlook
As the Company looks forward to the remainder of 2023, ProFrac is deploying a more disciplined approach to capital allocation to align with its E&P customers' activity levels. The Company lowered its active fleets in June and again in August, and as a result of these fleet reductions, we have made meaningful reductions to our cost structure that we believe will help maintain the per fleet profitability metrics. We believe stronger commodity prices and improved credit markets should allow our customer base to increase activity levels and demand for our services in the back half of 2023, which we expect to increase further in 2024. We remain prepared to be in a position to reactivate fleets as customers solidify their budgets and determine activity levels for next year.
The Proppant Segment continues to show signs of improvement. Our efforts to diversify the customer base reached an all-time high of approximately
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
Balance Sheet and Liquidity
Total gross debt outstanding as of June 30, 2023 was
Total cash and cash equivalents as of June 30, 2023 was
As of June 30, 2023 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.
Conference Call
ProFrac has scheduled a conference call on Thursday, August 10, 2023 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 August 17, 2023 and may be accessed by calling 201-612-7415 and using passcode 13735083#. 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 energy services company providing well stimulation services, proppants production and other complementary products and services to oil and gas companies engaged in the exploration and production ("E&P") of 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. In some cases, the reader can identify forward-looking statements 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 expectations; the anticipated benefits of the Company's acquisitions, mining operations, and vertical integration strategy; expectations regarding integration efforts and the costs associated with such integration, including impacts on profitability; the Company's intention to increase the number of fully integrated fleets; the Company's currently expected guidance regarding its 2023 financial and operational results; the Company's focus on digesting recent transactions and maximizing the generation of discretionary free cash flow; the Company's ability to earn its targeted rates of return and maximize shareholder returns; the Company's currently expected guidance regarding its planned capital expenditures and capital allocation in 2023; statements regarding the Company's liquidity; the Company's anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; 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 2023 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; global and regional economic and financial conditions; the effectiveness of the Company's risk management strategies; the transition to becoming a public company; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov.
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 2023. 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 are non-GAAP financial measures and should not be considered as a substitute for net income (loss) 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 is a supplemental measure 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 because they allow 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 view Adjusted EBITDA as an important indicator 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 believe that our presentation of Adjusted EBITDA 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.
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 to the most directly comparable GAAP financial measure for the periods indicated.
- Tables to Follow-
ProFrac Holding Corp. (NasdaqGS: ACDC) | |||||||
Consolidated Balance Sheet | |||||||
June 30, | Dec. 31, | ||||||
(In thousands) | 2023 | 2022 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 26.9 | $ | 35.1 | |||
Accounts receivable: | |||||||
Trade customers, net | 460.5 | 535.5 | |||||
Related party | 5.7 | 2.1 | |||||
Inventories | 304.8 | 249.5 | |||||
Prepaid expenses and other current assets | 31.0 | 43.2 | |||||
Total current assets | 828.9 | 865.4 | |||||
Property, plant, and equipment, net | 1,911.6 | 1,396.4 | |||||
Operating lease right-of-use assets, net | 102.0 | 112.9 | |||||
Goodwill | 321.4 | 240.5 | |||||
Intangible assets, net | 191.1 | 203.1 | |||||
Investments | 48.4 | 58.6 | |||||
Deferred tax assets | - | 0.4 | |||||
Other assets | 47.4 | 56.3 | |||||
Total assets | $ | 3,450.8 | $ | 2,933.6 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||
Current liabilities: | |||||||
Accounts payable: | |||||||
Trade creditors | $ | 425.1 | $ | 339.4 | |||
Related party | 33.5 | 24.0 | |||||
Accrued expenses | 124.5 | 115.4 | |||||
Current portion of long-term debt | 114.4 | 127.6 | |||||
Current portion of operating lease liabilities | 36.6 | 36.0 | |||||
Other current liabilities: | |||||||
Third party | 67.4 | 25.7 | |||||
Related party | 36.3 | - | |||||
Total current liabilities | 837.8 | 668.1 | |||||
Long-term debt | 1,019.8 | 735.0 | |||||
Long-term debt—related party | 35.0 | 62.8 | |||||
Operating lease liabilities | 69.8 | 81.0 | |||||
Deferred tax liabilities | 77.6 | - | |||||
Other liabilities | 84.7 | 36.0 | |||||
Total liabilities | 2,124.7 | 1,582.9 | |||||
Redeemable noncontrolling interest | - | 2,462.9 | |||||
Stockholders' equity (deficit): | |||||||
Preferred stock | - | - | |||||
Class A Common Stock | 1.5 | 0.5 | |||||
Class B Common Stock | - | 1.0 | |||||
Additional paid-in capital | 1,166.9 | - | |||||
Retained earnings (accumulated deficit) | 110.6 | (1,185.9) | |||||
Accumulated other comprehensive income | (0.2) | - | |||||
Total stockholders' equity (deficit) attributable to ProFrac Holding Corp. | 1,278.8 | (1,184.4) | |||||
Noncontrolling interests | 47.3 | 72.2 | |||||
Total stockholders' equity (deficit) | 1,326.1 | (1,112.2) | |||||
Total liabilities, redeemable noncontrolling interest, and stockholders' equity (deficit) | $ | 3,450.8 | $ | 2,933.6 |
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | March 31, | June 30, | March 31, | June 30, | June 30, | |||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||
Revenues | $ | 709.2 | $ | 857.5 | $ | 589.8 | $ | 345.0 | $ | 1,566.7 | $ | 934.8 | ||||||
Operating costs and expenses: | ||||||||||||||||||
Cost of revenues, exclusive of depreciation, depletion and amortization | 467.8 | 545.9 | 339.2 | 236.5 | 1,013.7 | 575.7 | ||||||||||||
Selling, general, and administrative | 70.3 | 77.9 | 83.5 | 21.0 | 148.2 | 104.5 | ||||||||||||
Depreciation, depletion and amortization | 108.9 | 110.3 | 64.4 | 44.6 | 219.2 | 109.0 | ||||||||||||
Acquisition and integration costs | 5.2 | 12.3 | 4.1 | 13.0 | 17.5 | 17.1 | ||||||||||||
Other operating expense, net | 3.3 | 4.4 | 6.1 | (0.1) | 7.7 | 6.0 | ||||||||||||
Total operating costs and expenses | 655.5 | 750.8 | 497.3 | 315.0 | 1,406.3 | 812.3 | ||||||||||||
Operating income | 53.7 | 106.7 | 92.5 | 30.0 | 160.4 | 122.5 | ||||||||||||
Other (expense) income: | ||||||||||||||||||
Interest expense, net | (41.0) | (34.9) | (13.4) | (9.3) | (75.9) | (22.7) | ||||||||||||
(Loss) gain on extinguishment of debt | - | 4.1 | (8.8) | (8.3) | 4.1 | (17.1) | ||||||||||||
Other (expense) income, net | (7.7) | (9.4) | 1.0 | 8.2 | (17.1) | 9.2 | ||||||||||||
Income before income taxes | 5.0 | 66.5 | 71.3 | 20.6 | 71.5 | 91.9 | ||||||||||||
Income tax expense | (9.6) | (6.7) | (3.9) | (0.6) | (16.3) | (4.5) | ||||||||||||
Net (loss) income | $ | (4.6) | $ | 59.8 | $ | 67.4 | $ | 20.0 | $ | 55.2 | $ | 87.4 | ||||||
Less: net income attributable to ProFrac Predecessor | - | - | (54.0) | (19.6) | - | (73.6) | ||||||||||||
Less: net (income) loss attributable to noncontrolling interests | 1.5 | 4.2 | 8.7 | (0.4) | 5.7 | 8.3 | ||||||||||||
Less: net loss (income) attributable to redeemable noncontrolling interests | 0.2 | (42.0) | (15.5) | - | (41.8) | (15.5) | ||||||||||||
Net income attributable to ProFrac Holding Corp. | $ | (2.9) | $ | 22.0 | $ | 6.6 | $ | - | $ | 19.1 | $ | 6.6 |
ProFrac Holding Corp. (NasdaqGS: ACDC) | ||||||||||||||||
Consolidated Statements of Cash Flow | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | (4.6) | $ | 59.8 | $ | 67.4 | $ | 55.2 | $ | 87.4 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation, depletion and amortization | 108.9 | 110.3 | 64.4 | 219.2 | 109.0 | |||||||||||
Amortization of contract liabilities | (16.5) | (8.1) | - | (24.6) | - | |||||||||||
Stock-based compensation | 9.8 | 13.1 | 40.4 | 22.9 | 40.4 | |||||||||||
Loss on disposal of assets, net | (0.5) | 1.5 | 2.2 | 1.0 | 2.0 | |||||||||||
Non-cash (gain) loss on extinguishment of debt | - | (4.1) | 5.9 | (4.1) | 10.2 | |||||||||||
Amortization of debt issuance costs | 6.8 | 6.1 | 1.3 | 12.9 | 2.7 | |||||||||||
Acquisition earnout adjustment | (3.6) | (3.0) | - | (6.6) | - | |||||||||||
Unrealized loss (gain) on investments, net | 9.3 | 9.7 | (0.4) | 19.0 | (8.5) | |||||||||||
Deferred tax expense | - | - | 1.0 | - | 1.0 | |||||||||||
Other non-cash items, net | - | 0.1 | - | 0.1 | - | |||||||||||
Changes in operating assets and liabilities | 44.1 | 48.1 | (141.4) | 92.2 | (159.7) | |||||||||||
Net cash provided by operating activities | 153.7 | 233.5 | 40.8 | 387.2 | 84.5 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisitions, net of cash acquired | (18.2) | (443.6) | 21.8 | (461.8) | (257.2) | |||||||||||
Investment in property, plant & equipment | (98.1) | (83.2) | (74.6) | (181.3) | (116.1) | |||||||||||
Proceeds from sale of assets | 0.4 | 1.0 | 0.5 | 1.4 | 46.1 | |||||||||||
Investment in unconsolidated affiliate | - | - | (1.3) | - | (47.2) | |||||||||||
Initial investment in Flotek | - | - | - | - | (10.0) | |||||||||||
Other investments | - | - | - | - | (3.9) | |||||||||||
Net cash used in investing activities | (115.9) | (525.8) | (53.6) | (641.7) | (388.3) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of long-term debt | 0.2 | 320.0 | 27.2 | 320.2 | 587.5 | |||||||||||
Repayments of long-term debt | (57.0) | (18.2) | (270.0) | (75.2) | (497.8) | |||||||||||
Borrowings from revolving credit agreements | 457.9 | 406.7 | 99.3 | 864.6 | 197.2 | |||||||||||
Repayments to revolving credit agreements | (482.9) | (363.0) | (26.7) | (845.9) | (122.9) | |||||||||||
Payment of debt issuance costs | (0.1) | (18.4) | (0.7) | (18.5) | (23.6) | |||||||||||
Tax withholding related to net share settlement of equity awards | (0.8) | - | - | (0.8) | - | |||||||||||
Member contribution | - | - | - | - | 5.0 | |||||||||||
Proceeds from issuance of common stock | - | - | 329.1 | - | 329.1 | |||||||||||
Payment of common stock issuance costs | - | - | (27.4) | - | (27.4) | |||||||||||
Payment of THRC related equity | - | - | (72.9) | - | (72.9) | |||||||||||
Net cash (used in) provided by financing activities | (82.7) | 327.1 | 57.9 | 244.4 | 374.2 | |||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | $ | (44.9) | $ | 34.8 | $ | 45.1 | $ | (10.1) | $ | 70.4 | ||||||
Cash, cash equivalents, and restricted cash beginning of period | 72.7 | 37.9 | 30.7 | 37.9 | 5.4 | |||||||||||
Cash, cash equivalents, and restricted cash end of period | $ | 27.8 | $ | 72.7 | $ | 75.8 | $ | 27.8 | $ | 75.8 |
ProFrac Holding Corp. (NasdaqGS: ACDC) | |||||||||||||||||||
Reconciliation of Net (Loss) Income Adjusted EBITDA | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | March 31, | June 30, | June 30, | ||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | |||||||||||||
Net (loss) income | $ | (4.6) | $ | 59.8 | $ | 67.4 | $ | 20.0 | $ | 55.2 | $ | 87.4 | |||||||
Interest expense, net | 41.0 | 34.9 | 13.4 | 9.3 | 75.9 | 22.7 | |||||||||||||
Depreciation, depletion and amortization | 108.9 | 110.3 | 64.4 | 44.6 | 219.2 | 109.0 | |||||||||||||
Income taxes | 9.6 | 6.7 | 3.9 | 0.6 | 16.3 | 4.5 | |||||||||||||
(Gain) loss on disposal of assets, net | (0.5) | 1.5 | 2.2 | (0.2) | 1.0 | 2.0 | |||||||||||||
(Gain) loss on extinguishment of debt | - | (4.1) | 8.8 | 8.3 | (4.1) | 17.1 | |||||||||||||
Acquisition earnout adjustment | (3.6) | (3.0) | - | - | (6.6) | - | |||||||||||||
Stock-based compensation | 2.4 | 2.9 | 1.5 | - | 5.3 | 1.5 | |||||||||||||
Stock-based compensation related to deemed contributions | 7.4 | 10.2 | 38.9 | - | 17.6 | 38.9 | |||||||||||||
Provision for credit losses, net of recoveries | - | 0.1 | - | - | 0.1 | - | |||||||||||||
Reorganization costs | - | - | (0.1) | 0.1 | - | - | |||||||||||||
Acquisition and integration costs | 5.2 | 12.3 | 4.1 | 13.0 | 17.5 | 17.1 | |||||||||||||
Litigation expenses and accruals for legal contingencies | 7.4 | 5.8 | 4.0 | - | 13.2 | 4.0 | |||||||||||||
Unrealized loss (gain) on investments, net | 9.3 | 9.7 | (0.4) | (8.1) | 19.0 | (8.5) | |||||||||||||
Total adjusted EBITDA for reportable segments | $ | 182.5 | $ | 247.1 | $ | 208.1 | $ | 87.6 | $ | 429.6 | $ | 295.7 |
ProFrac Holding Corp. (NasdaqGS: ACDC) | |||||||||||||||||||
Segment Information | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | March 31, | June 30, | June 30, | ||||||||||||||
(In thousands) | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | |||||||||||||||||||
Stimulation services | $ | 608.2 | $ | 790.2 | $ | 576.5 | $ | 336.2 | $ | 1,398.4 | $ | 912.7 | |||||||
Proppant production | 109.8 | 82.2 | 17.5 | 12.4 | 192.0 | 29.9 | |||||||||||||
Manufacturing | 31.1 | 67.1 | 34.9 | 32.0 | 98.2 | 66.9 | |||||||||||||
Other | 51.7 | 49.2 | 15.3 | - | 100.9 | 15.3 | |||||||||||||
Total segments | 800.8 | 988.7 | 644.2 | 380.6 | 1,789.5 | 1,024.8 | |||||||||||||
Eliminations | (91.6) | (131.2) | (54.4) | (35.6) | (222.8) | (90.0) | |||||||||||||
Total revenues | $ | 709.2 | $ | 857.5 | $ | 589.8 | $ | 345.0 | $ | 1,566.7 | $ | 934.8 | |||||||
Adjusted EBITDA | |||||||||||||||||||
Stimulation services | $ | 122.9 | $ | 205.7 | $ | 196.2 | $ | 73.6 | $ | 328.6 | $ | 269.8 | |||||||
Proppant production | 57.8 | 41.3 | 12.5 | 7.9 | 99.1 | 20.4 | |||||||||||||
Manufacturing | 3.1 | 8.0 | 6.8 | 6.1 | 11.1 | 12.9 | |||||||||||||
Other | (1.3) | (7.9) | (7.4) | - | (9.2) | (7.4) | |||||||||||||
Adjusted EBITDA for reportable segments | $ | 182.5 | $ | 247.1 | $ | 208.1 | $ | 87.6 | $ | 429.6 | $ | 295.7 |
ProFrac Holding Corp. (NasdaqGS: ACDC) | |||||||
Net Debt | |||||||
June 30, | Dec. 31, | ||||||
(In thousands) | 2023 | 2022 | |||||
Current portion of long-term debt | $ | 114.4 | $ | 127.6 | |||
Long-term debt | 1,019.8 | 735.0 | |||||
Long-term debt—related party | 35.0 | 62.8 | |||||
Total debt | 1,169.2 | 925.4 | |||||
Plus: Unamortized debt issuance costs | 36.4 | 34.0 | |||||
Total gross debt | 1,205.6 | 959.4 | |||||
Less: Cash and cash equivalents | (26.9) | (35.1) | |||||
Net debt | $ | 1,178.7 | $ | 924.3 |
Contacts: | ProFrac Holding Corp. |
Lance Turner – Chief Financial Officer | |
Dennard Lascar Investor Relations | |
Ken Dennard / Rick Black | |
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SOURCE ProFrac Holding Corp.
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