U.S. Silica Holdings, Inc. Announces Fourth Quarter and Full Year 2021 Results
U.S. Silica Holdings (NYSE: SLCA) reported a net loss of $19 million, or $0.25 per share, for Q4 2021, impacted by $3.5 million in merger-related expenses. In contrast, Q4 2020 saw net income of $4.6 million. Full-year revenue rose 30% to $1.1 billion, with a net loss of $33.8 million, significantly improved from a $114.1 million loss in 2020. Fourth quarter revenue of $284.9 million increased 25% year-over-year, while overall tons sold increased by 48%. The company anticipates strong demand growth and positive cash flow in 2022.
- Revenue increased by 30% to $1.1 billion for 2021, compared to $845.9 million in 2020.
- Fourth quarter revenue of $284.9 million increased 25% year-over-year.
- Total tons sold grew by 42% in 2021, with 15.837 million tons sold.
- Strong demand in the Industrial and Specialty Products segment with record sales.
- Increased contract coverage and strong proppant demand for 2022.
- Q4 2021 net loss of $19 million, compared to a net income of $4.6 million in Q4 2020.
- Adjusted EBITDA decreased by 34% year-over-year in Q4 2021.
KATY, Texas, Feb. 25, 2022 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced a net loss of
These results compared with net income of
Bryan Shinn, Chief Executive Officer, stated, "Our fourth quarter and full year 2021 results reflected positive market momentum as we continued to navigate a global economic recovery. We reported a strong financial quarter with sequential increases in total volumes, revenues, and Adjusted EBITDA. Our outperformance in the quarter was due primarily to robust customer demand in both segments, along with efficiency improvements and price increases that outpaced inflation.
"In our Industrial and Specialty Products segment, customer demand remained stronger than anticipated across most end markets during the fourth quarter and we experienced record sales for our high-purity filtration products. Additionally, our numerous price increases and surcharges in 2021 are helping to offset inflation and maintain margins and we are continuing to increase prices in 2022 as necessary.
"In our Oil and Gas segment, proppant and logistics demand improved sequentially, driven by stronger customer activity, particularly in West Texas. During the quarter, we also executed a number of contracts at improved prices as customers have been intent on securing proppant and delivery services for what is expected to be a very strong first half of 2022. Given these developments, we are essentially sold out of sand proppant.
"Overall, 2022 is setting up to be an outstanding year across the company. We are well positioned for robust growth in our ISP segment with demand driven by new opportunities in several fast-growing end-uses, increased new product adoption, expected GDP expansion for our base business, and margins that are supported by further price increases. In our Oil and Gas segment, strong customer demand and constructive commodity prices should support higher prices and improved margins for sand proppant and SandBox as well. We are increasing our contract coverage and forecast strong proppant demand through the first half of the year. Finally, we expect to generate free cash flow this year and to continue de-levering our balance sheet."
Full Year 2021 Highlights
Total Company
- Revenue of
$1.1 billion increased30% compared with$845.9 million for 2020. - Net loss of
$33.8 million , or$0.45 per basic and diluted share for 2021, compared with a net loss of$114.1 million , or$1.55 per basic and per diluted share for 2020. - Overall tons sold of 15.837 million for 2021 increased
42% compared with 11.130 million tons sold in 2020. - Contribution margin of
$328.6 million for 2021 increased9% compared with$301.2 million for 2020. - Adjusted EBITDA of
$223.5 million for 2021 increased10% compared with Adjusted EBITDA of$203.9 million for 2020.
Fourth Quarter 2021 Highlights
Total Company
- Revenue of
$284.9 million for the fourth quarter of 2021 increased7% compared with$267.3 million in the third quarter of 2021 and increased25% when compared with the fourth quarter of 2020. - Overall tons sold of 4.181 million for the fourth quarter of 2021 increased
5% compared with 3.989 million tons sold in the third quarter of 2021 and increased48% when compared with the fourth quarter of 2020. - Contribution margin of
$71.6 million for the fourth quarter of 2021 increased7% compared with$66.7 million in the third quarter of 2021 and decreased20% when compared with the fourth quarter of 2020. - Adjusted EBITDA of
$42.1 million for the fourth quarter of 2021 increased6% compared with$39.8 million in the third quarter of 2021 and decreased34% when compared with the fourth quarter of 2020.
Industrial and Specialty Products
- Revenue of
$126.3 million for the fourth quarter of 2021 increased1% compared with$125.5 million in the third quarter of 2021 and increased18% when compared with the fourth quarter of 2020. - Tons sold totaled 1.085 million for the fourth quarter of 2021 increased
1% compared with 1.077 million tons sold in the third quarter of 2021 and increased17% when compared with the fourth quarter of 2020. - Segment contribution margin of
$41.5 million , or$38.25 per ton, for the fourth quarter of 2021 increased1% compared with$41.0 million in the third quarter of 2021 and increased8% when compared with the fourth quarter of 2020.
Oil & Gas
- Revenue of
$158.6 million for the fourth quarter of 2021 increased12% compared with$141.8 million in the third quarter of 2021 and increased32% when compared with the fourth quarter of 2020. - Tons sold of 3.096 million for the fourth quarter of 2021 increased
6% compared with 2.912 million tons sold in the third quarter of 2021 and increased63% when compared with the fourth quarter of 2020. - Segment contribution margin of
$30.1 million , or$9.72 per ton, for the fourth quarter of 2021 increased17% compared with$25.7 million in the third quarter of 2021 and decreased42% when compared with the fourth quarter of 2020.
Capital Update
As of December 31, 2021, the Company had
Outlook and Guidance
Looking forward to the first quarter and into 2022, the Company's two business segments remain well positioned for sustainable, long-term growth in their respective markets. The Company has a strong portfolio of Industrial and Specialty Products that serve numerous essential, high-growth and attractive end markets, supported by a robust pipeline of new products under development, as well as pricing increases and surcharges.
The oil and gas industry is progressing through what is anticipated to be a multi-year growth cycle. Strength in commodity prices, particularly WTI crude oil prices, along with forecasted increases in customer spending, are supportive of an active well completions environment in 2022.
The Company is focused on free cash flow and de-levering the balance sheet and intends on being cash flow positive in 2022, keeping an estimated
Conference Call
U.S. Silica will host a conference call for investors today, February 25, 2022 at 7:30 a.m. Central Time to discuss these results. Hosting the call will be Bryan Shinn, Chief Executive Officer and Don Merril, Executive Vice President and Chief Financial Officer. Investors are invited to listen to a live webcast of the conference call by visiting the "Investors- Events & Presentations" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13726843. The replay will be available through March 25, 2022.
About U.S. Silica
U.S. Silica Holdings, Inc. is a global performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry and in a wide range of industrial applications. Over its 122-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 600 diversified products to customers across our end markets. U.S. Silica's wholly-owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates 24 mines and production facilities and is headquartered in Katy, Texas.
Forward-looking Statements
This full-year and fourth-quarter 2021 earnings release, as well as other statements we make, contain "forward-looking statements" within the meaning of the federal securities laws - that is, statements about the future, not about past events. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "could," "can have," "likely" and other words and terms of similar meaning. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, technological innovations, ability to reduce costs or idle plants, the impacts of COVID-19 on the Company's operations, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are global economic conditions; the effect of the COVID-19 pandemic on markets the Company serves; fluctuations in demand for commercial silica, diatomaceous earth, perlite, clay and cellulose; fluctuations in demand for frac sand or the development of either effective alternative proppants or new processes to replace hydraulic fracturing; the entry of competitors into our marketplace; changes in production spending by companies in the oil and gas industry and changes in the level of oil and natural gas exploration and development; changes in oil and gas inventories; general economic, political and business conditions in key regions of the world; pricing pressure; weather and seasonal factors; the cyclical nature of our customers' business; our inability to meet our financial and performance targets and other forecasts or expectations; our substantial indebtedness and pension obligations, including restrictions on our operations imposed by our indebtedness; operational modifications, delays or cancellations; prices for electricity, natural gas and diesel fuel; our ability to maintain our transportation network; changes in government regulations and regulatory requirements, including those related to mining, explosives, chemicals, and oil and gas production; silica-related health issues and corresponding litigation; and other risks and uncertainties detailed in this press release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date hereof, and we disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
U.S. SILICA HOLDINGS, INC. SELECTED FINANCIAL DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; dollars in thousands, except per share amounts) | |||||
Three Months Ended | |||||
December 31, | September 30, | December 31, | |||
Total sales | $ 284,864 | $ 267,298 | $ 227,277 | ||
Total cost of sales (excluding depreciation, depletion and amortization) | 217,591 | 207,448 | 141,418 | ||
Operating expenses: | |||||
Selling, general and administrative | 34,939 | 30,956 | 27,777 | ||
Depreciation, depletion and amortization | 38,637 | 39,981 | 39,964 | ||
Goodwill and other asset impairments | 153 | 11 | 2,644 | ||
Total operating expenses | 73,729 | 70,948 | 70,385 | ||
Operating (loss) income | (6,456) | (11,098) | 15,474 | ||
Other (expense) income: | |||||
Interest expense | (17,732) | (17,796) | (16,155) | ||
Other income, net, including interest income | 1,147 | 2,580 | 8,758 | ||
Total other expense | (16,585) | (15,216) | (7,397) | ||
(Loss) income before income taxes | (23,041) | (26,314) | 8,077 | ||
Income tax benefit (expense) | 3,927 | 6,140 | (3,760) | ||
Net (loss) income | $ (19,114) | $ (20,174) | $ 4,317 | ||
Less: Net loss attributable to non-controlling interest | (98) | (179) | (250) | ||
Net (loss) income attributable to U.S. Silica Holdings, Inc. | $ (19,016) | $ (19,995) | $ 4,567 | ||
(Loss) earnings per share attributable to U.S. Silica Holdings, Inc.: | |||||
Basic | $ (0.25) | $ (0.27) | $ 0.06 | ||
Diluted | $ (0.25) | $ (0.27) | $ 0.06 | ||
Weighted average shares outstanding: | |||||
Basic | 74,598 | 74,523 | 73,728 | ||
Diluted | 74,598 | 74,523 | 74,328 | ||
Year Ended | |||
December 31, | December 31, | ||
Total sales | $ 1,103,879 | $ 845,885 | |
Total cost of sales (excluding depreciation, depletion and amortization) | 794,983 | 575,070 | |
Operating expenses: | |||
Selling, general and administrative | 119,628 | 124,171 | |
Depreciation, depletion and amortization | 161,131 | 155,568 | |
Goodwill and other asset impairments | 202 | 110,688 | |
Total operating expenses | 280,961 | 390,427 | |
Operating income (loss) | 27,935 | (119,612) | |
Other (expense) income: | |||
Interest expense | (71,157) | (79,885) | |
Other income, net, including interest income | 6,146 | 24,350 | |
Total other expense | (65,011) | (55,535) | |
Loss before income taxes | (37,076) | (175,147) | |
Income tax benefit | 2,755 | 60,025 | |
Net loss | $ (34,321) | $ (115,122) | |
Less: Net loss attributable to non-controlling interest | (560) | (1,028) | |
Net loss attributable to U.S. Silica Holdings, Inc. | $ (33,761) | $ (114,094) | |
Loss per share attributable to U.S. Silica Holdings, Inc.: | |||
Basic | $ (0.45) | $ (1.55) | |
Diluted | $ (0.45) | $ (1.55) | |
Weighted average shares outstanding: | |||
Basic | 74,350 | 73,634 | |
Diluted | 74,350 | 73,634 | |
Dividends declared per share | $ — | $ 0.02 | |
U.S. SILICA HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; dollars in thousands) | |||
December 31, | December 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 239,425 | $ 150,920 | |
Accounts receivable, net | 202,759 | 206,934 | |
Inventories, net | 115,713 | 104,684 | |
Prepaid expenses and other current assets | 18,018 | 23,147 | |
Income tax deposits | — | 628 | |
Total current assets | 575,915 | 486,313 | |
Property, plant and mine development, net | 1,258,646 | 1,368,092 | |
Lease right-of-use assets | 42,241 | 37,469 | |
Goodwill | 185,649 | 185,649 | |
Intangible assets, net | 150,054 | 159,582 | |
Other assets | 7,095 | 9,842 | |
Total assets | $ 2,219,600 | $ 2,246,947 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current Liabilities: | |||
Accounts payable and accrued expenses | $ 167,670 | $ 121,920 | |
Current portion of operating lease liabilities | 14,469 | 17,388 | |
Current portion of long-term debt | 18,285 | 42,042 | |
Current portion of deferred revenue | 4,247 | 13,545 | |
Income tax payable | 1,200 | — | |
Total current liabilities | 205,871 | 194,895 | |
Long-term debt, net | 1,193,135 | 1,197,660 | |
Deferred revenue | 16,494 | 20,147 | |
Liability for pension and other post-retirement benefits | 32,935 | 48,169 | |
Deferred income taxes, net | 44,774 | 49,386 | |
Operating lease liabilities | 75,130 | 76,361 | |
Other long-term obligations | 37,178 | 33,538 | |
Total liabilities | 1,605,517 | 1,620,156 | |
Stockholders' Equity: | |||
Preferred stock | — | — | |
Common stock | 845 | 827 | |
Additional paid-in capital | 1,218,575 | 1,200,023 | |
Retained deficit | (429,260) | (395,496) | |
Treasury stock, at cost | (186,294) | (181,615) | |
Accumulated other comprehensive income (loss) | 349 | (8,479) | |
Total U.S. Silica Holdings, Inc. stockholders' equity | 604,215 | 615,260 | |
Non-controlling interest | 9,868 | 11,531 | |
Total stockholders' equity | 614,083 | 626,791 | |
Total liabilities and stockholders' equity | $ 2,219,600 | $ 2,246,947 | |
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses to evaluate our operating performance and to determine resource allocation between segments. Segment contribution margin excludes certain corporate costs not associated with the operations of the segment. These unallocated costs include costs related to corporate functional areas such as sales, production and engineering, corporate purchasing, accounting, treasury, information technology, legal and human resources.
The following table sets forth a reconciliation of net income, the most directly comparable GAAP financial measure, to segment contribution margin.
Three Months Ended | |||||
December 31, | September 30, | December 31, | |||
Sales: | |||||
Oil & Gas Proppants | $ 158,606 | $ 141,848 | $ 120,344 | ||
Industrial & Specialty Products | 126,258 | 125,450 | 106,933 | ||
Total sales | 284,864 | 267,298 | 227,277 | ||
Segment contribution margin: | |||||
Oil & Gas Proppants | 30,114 | 25,723 | 51,501 | ||
Industrial & Specialty Products | 41,518 | 41,003 | 38,350 | ||
Total segment contribution margin | 71,632 | 66,726 | 89,851 | ||
Operating activities excluded from segment cost of sales | (4,359) | (6,876) | (3,992) | ||
Selling, general and administrative | (34,939) | (30,956) | (27,777) | ||
Depreciation, depletion and amortization | (38,637) | (39,981) | (39,964) | ||
Goodwill and other asset impairments | (153) | (11) | (2,644) | ||
Interest expense | (17,732) | (17,796) | (16,155) | ||
Other income, net, including interest income | 1,147 | 2,580 | 8,758 | ||
Income tax benefit (expense) | 3,927 | 6,140 | (3,760) | ||
Net (loss) income | $ (19,114) | $ (20,174) | $ 4,317 | ||
Less: Net loss attributable to non-controlling interest | (98) | (179) | (250) | ||
Net (loss) income attributable to U.S. Silica Holdings, Inc. | $ (19,016) | $ (19,995) | $ 4,567 | ||
Year Ended | |||
December 31, | December 31, | ||
Sales: | |||
Oil & Gas Proppants | $ 615,448 | $ 414,897 | |
Industrial & Specialty Products | 488,431 | 430,988 | |
Total sales | 1,103,879 | 845,885 | |
Segment contribution margin: | |||
Oil & Gas Proppants | 160,052 | 142,041 | |
Industrial & Specialty Products | 168,499 | 159,176 | |
Total segment contribution margin | 328,551 | 301,217 | |
Operating activities excluded from segment cost of sales | (19,655) | (30,402) | |
Selling, general and administrative | (119,628) | (124,171) | |
Depreciation, depletion and amortization | (161,131) | (155,568) | |
Goodwill and other asset impairments | (202) | (110,688) | |
Interest expense | (71,157) | (79,885) | |
Other income, net, including interest income | 6,146 | 24,350 | |
Income tax benefit | 2,755 | 60,025 | |
Net loss | $ (34,321) | $ (115,122) | |
Less: Net loss attributable to non-controlling interest | (560) | (1,028) | |
Net loss attributable to U.S. Silica Holdings, Inc. | $ (33,761) | $ (114,094) | |
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or liquidity under GAAP and should not be considered as an alternative to net income as a measure of operating performance, cash flows from operating activities as a measure of liquidity or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized, and excludes certain non-recurring charges that may recur in the future. Management compensates for these limitations by relying primarily on our GAAP results and by using Adjusted EBITDA only supplementally. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA:
(All amounts in thousands) | Three Months Ended | ||||
December 31, | September 30, | December 31, | |||
Net (loss) income attributable to U.S. Silica Holdings, Inc. | $ (19,016) | $ (19,995) | $ 4,567 | ||
Total interest expense, net of interest income | 17,690 | 17,778 | 15,858 | ||
Provision for taxes | (3,927) | (6,140) | 3,760 | ||
Total depreciation, depletion and amortization expenses | 38,637 | 39,981 | 39,964 | ||
EBITDA | 33,384 | 31,624 | 64,149 | ||
Non-cash incentive compensation (1) | 5,714 | 5,450 | 3,068 | ||
Post-employment expenses (excluding service costs) (2) | (506) | (2,140) | 428 | ||
Merger and acquisition related expenses (3) | 2,154 | 504 | 143 | ||
Plant capacity expansion expenses (4) | 86 | 782 | 825 | ||
Goodwill and other asset impairments (5) | 153 | 11 | 2,644 | ||
Business optimization projects (6) | 28 | 33 | 28 | ||
Facility closure costs (7) | 137 | 218 | 1,377 | ||
Gain on valuation change of royalty note payable (8) | — | — | (8,263) | ||
Other adjustments allowable under the Credit Agreement (9) | 962 | 3,279 | (817) | ||
Adjusted EBITDA | $ 42,112 | $ 39,761 | $ 63,582 | ||
(All amounts in thousands) | Year Ended | ||
December 31, | December 31, | ||
Net loss attributable to U.S. Silica Holdings, Inc. | $ (33,761) | $ (114,094) | |
Total interest expense, net of interest income | 69,173 | 79,148 | |
Provision for taxes | (2,755) | (60,025) | |
Total depreciation, depletion and amortization expenses | 161,131 | 155,568 | |
EBITDA | 193,788 | 60,597 | |
Non-cash incentive compensation (1) | 19,692 | 15,827 | |
Post-employment expenses (excluding service costs) (2) | (1,920) | 1,729 | |
Merger and acquisition related expenses (3) | 2,961 | 1,423 | |
Plant capacity expansion expenses (4) | 928 | 6,149 | |
Goodwill and other asset impairments (5) | 202 | 110,688 | |
Business optimization projects (6) | 105 | 67 | |
Facility closure costs (7) | 1,347 | 7,093 | |
Gain on valuation change of royalty note payable (8) | — | (8,263) | |
Other adjustments allowable under the Credit Agreement (9) | 6,372 | 8,612 | |
Adjusted EBITDA | $ 223,475 | $ 203,922 | |
(1) | Reflects equity-based non-cash compensation expense. | |
(2) | Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period. Non-service net periodic benefit costs are not considered reflective of our operating performance because these costs do not exclusively originate from employee services during the applicable period and may experience periodic fluctuations as a result of changes in non-operating factors, including changes in discount rates, changes in expected returns on benefit plan assets, and other demographic actuarial assumptions. | |
(3) | Merger and acquisition related expenses include legal fees, consulting fees, bank fees, severance costs, certain purchase accounting items, such as the amortization of inventory fair value step-up, information technology integration costs and similar charges. While these costs are not operational in nature and are not expected to continue for any singular transaction on an ongoing basis, similar types of costs, expenses and charges have occurred in prior periods and may recur in the future as we continue to integrate prior acquisitions and pursue any future acquisitions. | |
(4) | Plant capacity expansion expenses include expenses that are not inventoriable or capitalizable as related to plant expansion projects greater than | |
(5) | During 2020, there was an unprecedented drop in global demand combined with the breakdown of the Organization of the Petroleum Exporting Countries and other oil producing nations ("OPEC+") agreement to restrict oil production that led to one of the largest annual crude oil inventory builds in history. This led to a sharp reduction in global crude oil prices. Containment measures and other economic, travel, and business disruptions caused by COVID-19 also affected refinery activity and future demand for crude oil, and consequently, the services and products of our Oil & Gas Proppants segment. As a result, impairment charges of | |
(6) | Reflects costs incurred related to business optimization projects mainly within our corporate center, which aim to measure and improve the efficiency, productivity and performance of our organization. While these costs are not operational in nature and are not expected to continue for any singular project on an ongoing basis, similar types of expenses may recur in the future. | |
(7) | Reflects costs incurred mainly related to idled sand facilities and closed corporate offices, including severance costs and remaining contracted costs such as office lease costs, and common area maintenance fees. While these costs are not operational in nature and are not expected to continue for any singular event on an ongoing basis, similar types of expenses may recur in the future. | |
(8) | Gain on valuation change of royalty note payable due to a change in estimate of future tonnages and sales related to the sand shipped from our Tyler, Texas facility. This gain is not operational in nature and is not expected to continue for any singular event on an ongoing basis. | |
(9) | Reflects miscellaneous adjustments permitted under the Credit Agreement. For 2021, included | |
Investor Contacts
Patricia Gil
Vice President, Investor Relations
(281) 505-6011
gil@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
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