Smart Sand, Inc. Announces Fourth Quarter 2023 and Full Year 2023 Results
- Smart Sand achieved record sales volumes and revenue in 2023.
- The company expanded operations into the Canadian frac sand market and enhanced logistics capabilities in key basins.
- Net income for 2023 was $4.6 million, a significant improvement from a net loss in 2022.
- Positive free cash flow of $8.0 million for the full year 2023.
- Adjusted EBITDA increased to $34.1 million in 2023 from $29.3 million in 2022.
- Lower sales volumes in Q4 2023 impacted financial results negatively.
- Fourth quarter 2023 saw a net loss of $(4.8) million compared to net income in previous quarters.
- Contribution margin and Adjusted EBITDA decreased sequentially and year-over-year due to lower revenue.
- Negative free cash flow of $(9.6) million in Q4 2023.
Insights
The reported financial results indicate a significant year-over-year revenue increase for Smart Sand, Inc., signaling robust growth in the company's core business operations. The 16% rise in both total revenue and sand sales revenue reflects a strong market demand, particularly noting the expanded operational footprint in the Canadian market and enhanced logistics capabilities. This growth trajectory is underpinned by a 4% increase in total tons sold, which suggests efficient scaling of operations and potentially improved market share.
From a financial health perspective, the positive free cash flow for the full year, despite a negative free cash flow in the fourth quarter, points to a solid underlying operational efficiency. However, the fourth quarter's negative cash flow and net loss raise concerns about seasonal volatility and its impact on liquidity. The company's ability to maintain a positive cash position, with $6.1 million in cash and $12.0 million in undrawn credit, provides a cushion against short-term headwinds and underscores a stable liquidity position.
Smart Sand's expansion into the Canadian frac sand market and the operational enhancements in the Appalachian Basin are strategic moves that align with industry trends towards localized supply chains and integrated service offerings. The increase in industrial sand opportunities and expansion of last-mile services are particularly noteworthy, as these segments are critical in supporting the broader energy sector's drive for efficiency and cost-effectiveness.
Despite the overall positive annual performance, the fourth-quarter slowdown due to seasonal weather and budget exhaustion among customers reflects the cyclical nature of the frac sand industry. The company's expectation of a rebound in sales volumes and improved financial results in the first quarter of 2024 suggests confidence in the industry's resilience and the potential for a rapid recovery from temporary downturns.
The reported results provide insight into the frac sand and proppant market, which is closely tied to the energy sector, specifically oil and gas exploration and production activities. Smart Sand's performance, with record sales volumes, indicates an uptick in drilling activities, particularly in the operating basins served by the company. The strategic investments in cooling and blending capabilities, as well as the acquisition of rights to operate additional terminals, suggest a forward-looking approach to capitalizing on the anticipated growth in the energy sector.
However, the fourth-quarter results reflect the inherent volatility in the energy industry, with external factors such as weather and customer budget cycles impacting operational performance. The disclosed net loss and reduced contribution margin during this period underscore the need for companies in this sector to maintain flexible operational strategies to navigate such fluctuations.
- 4Q 2023 and full year 2023 revenue of
$61.9 million $296.0 million - 4Q 2023 and full year 2023 total tons sold of approximately 1,016,000 and 4,514,000, respectively.
- 4Q 2023 and full year 2023 net cash (used) provided by operating activities of
$(2.7) million $31.0 million - 4Q 2023 and full year 2023 free cash flow of
$(9.6) million $8.0 million
"Smart Sand delivered strong operating and financial results for the full year 2023" stated Charles Young, Smart Sand's Chief Executive Officer. "Sales volumes for the year were a record for the Company. During the year we gained access to the Canadian frac sand market through the commencement of operations at our
"Lower sales volumes, due primarily to seasonal weather-related issues and a general slowdown in overall market activity from lower customer spending due to year-end budget exhaustion, negatively impacted our operating and financial results in the fourth quarter. However, market activity has picked up considerably since the start of 2024 with current monthly sales volumes trending back to third quarter 2023 levels or better and we expect to see improved operating and financial results in the first quarter 2024."
Full Year 2023 Highlights
Total revenue was
Total tons sold were 4,514,000 for the full year 2023, compared to full year 2022 total tons sold of 4,333,000, an increase of
Net income was
Net cash provided by operating activities was
Contribution margin was
Fourth Quarter 2023 Highlights
Total revenue was
Tons sold in the fourth quarter of 2023 were 1,016,000, a
For the fourth quarter of 2023, the Company had a net loss of
Contribution margin was
Lower net income, contribution margin and adjusted EBITDA sequentially and year-over-year were primarily due to lower revenue from decreased tons sold, partially offset by lower cost of goods sold.
Capital and Liquidity
For the full year 2023, we had positive free cash flow of
Conference Call
Smart Sand will host a conference call and live webcast for analysts and investors on March 12, 2024 at 10:00 a.m. Eastern Time to discuss the Company's fourth quarter and full year 2023 financial results. Investors are invited to join the conference by dialing (646) 357-8785 or 1-800-836-8184 and referencing "Smart Sand" when connected to the operator. Additionally, the call may also be streamed via webcast at https://app.webinar.net/2LBqwEV8z34 or within the "Investors" section of the Company's website at www.smartsand.com. A replay will be available shortly after the call and can be accessed on the "Investors" section of the Company's website.
Forward-looking Statements
All statements in this news release other than statements of historical facts are forward-looking statements that contain our Company's current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "expect," "will," "estimate," "believe" and other similar expressions. Although we believe that the expectations reflected and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements.
Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, fluctuations in product demand, regulatory changes, adverse weather conditions, increased fuel prices, higher transportation costs, access to capital, increased competition, continued effects of the global pandemic, changes in economic or political conditions, and such other factors discussed or referenced in the "Risk Factors" section of our Company's Form 10-K for the year ended December 31, 2023, to be filed by us with the U.S. Securities and Exchange Commission on March 11, 2024.
You should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
About Smart Sand
Smart Sand is a fully integrated frac and industrial sand supply and services company, offering complete mine to wellsite proppant and logistics solutions to our frac sand customers, and a broad offering of products for industrial sand customers. The Company produces low-cost, high quality Northern White sand, which is a premium sand used as a proppant to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells. The Company's sand is also a high-quality product used in a variety of industrial applications, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscaping, retail, recreation and more. The Company offers logistics solutions to our customers through its in-basin transloading terminals and SmartSystems™ wellsite storage and sand management capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in
Availability of Information on Smart Sand's Website
We routinely announce material information using
SMART SAND, INC. CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
Three Months Ended | |||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||
(unaudited) | (unaudited) | (unaudited) | |||
(in thousands, except per share amounts) | |||||
Revenues: | |||||
Sand sales revenue | $ 60,147 | $ 72,480 | $ 71,099 | ||
Shortfall revenue | — | 2,389 | 414 | ||
Logistics revenue | 1,800 | 2,031 | 2,316 | ||
Total revenue | 61,947 | 76,900 | 73,829 | ||
Cost of goods sold | 59,116 | 62,502 | 62,657 | ||
Gross profit | 2,831 | 14,398 | 11,172 | ||
Operating expenses: | |||||
Salaries, benefits and payroll taxes | 4,509 | 4,292 | 3,309 | ||
Depreciation and amortization | 667 | 647 | 598 | ||
Selling, general and administrative | 5,579 | 4,625 | 5,421 | ||
Loss (gain) on disposal of fixed assets, net | (19) | (92) | 188 | ||
Total operating expenses | 10,736 | 9,472 | 9,516 | ||
Operating (loss) income | (7,905) | 4,926 | 1,656 | ||
Other income (expenses): | |||||
Interest expense, net | (332) | (276) | (364) | ||
Other income | 119 | 198 | 412 | ||
Total other income (expenses), net | (213) | (78) | 48 | ||
(Loss) income before income tax benefit | (8,118) | 4,848 | 1,704 | ||
Income tax benefit | (3,332) | (1,879) | (923) | ||
Net (loss) income | $ (4,786) | $ 6,727 | $ 2,627 | ||
Net (loss) income per common share: | |||||
Basic | $ (0.12) | $ 0.18 | $ 0.06 | ||
Diluted | $ (0.12) | $ 0.18 | $ 0.06 | ||
Weighted-average number of common shares: | |||||
Basic | 38,339 | 38,253 | 42,833 | ||
Diluted | 38,499 | 38,412 | 42,862 | ||
SMART SAND, INC. CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Year Ended December 31, | |||
2023 | 2022 | ||
(in thousands, except per share amount) | |||
Revenues: | |||
Sand sales revenue | $ 283,160 | $ 243,162 | |
Shortfall revenue | 4,304 | 5,010 | |
Logistics revenue | 8,509 | 7,568 | |
Total revenue | 295,973 | 255,740 | |
Cost of goods sold | 254,418 | 226,149 | |
Gross profit | 41,555 | 29,591 | |
Operating expenses: | |||
Salaries, benefits and payroll taxes | 18,309 | 13,480 | |
Depreciation and amortization | 2,535 | 2,244 | |
Selling, general and administrative | 20,413 | 17,288 | |
Loss (gain) on disposal of fixed assets, net | 1,802 | (294) | |
Bad debt expense | — | 1 | |
Total operating expenses | 43,059 | 32,719 | |
Operating loss | (1,504) | (3,128) | |
Other (expenses) income: | |||
Interest expense, net | (1,272) | (1,608) | |
Other income | 524 | 828 | |
Total other (expenses) income, net | (748) | (780) | |
Loss before income tax benefit | (2,252) | (3,908) | |
Income tax benefit | (6,901) | (3,205) | |
Net income (loss) | $ 4,649 | $ (703) | |
Net income (loss) per common share: | |||
Basic | $ 0.12 | $ (0.02) | |
Diluted | $ 0.12 | $ (0.02) | |
Weighted-average number of common shares: | |||
Basic | 38,948 | 42,408 | |
Diluted | 39,046 | 42,408 | |
SMART SAND, INC. CONSOLIDATED BALANCE SHEETS | |||
December 31, | |||
2023 | 2022 | ||
(in thousands of | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 6,072 | $ 5,510 | |
Accounts receivable | 23,231 | 35,746 | |
Unbilled receivables | 2,561 | 79 | |
Inventory | 26,823 | 20,185 | |
Prepaid expenses and other current assets | 3,217 | 6,593 | |
Total current assets | 61,904 | 68,113 | |
Property, plant and equipment, net | 255,092 | 258,843 | |
Operating lease right-of-use assets | 23,265 | 26,075 | |
Intangible assets, net | 5,876 | 6,669 | |
Other assets | 163 | 303 | |
Total assets | $ 346,300 | $ 360,003 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 16,041 | $ 14,435 | |
Accrued expenses and other liabilities | 11,024 | 13,430 | |
Deferred revenue | 1,154 | 6,959 | |
Current portion of long-term debt | 15,711 | 6,183 | |
Current portion of operating lease liabilities | 10,536 | 10,910 | |
Total current liabilities | 54,466 | 51,917 | |
Long-term debt | 3,449 | 9,807 | |
Long-term operating lease liabilities | 14,056 | 17,642 | |
Deferred tax liabilities, long-term, net | 12,101 | 18,238 | |
Asset retirement obligation | 19,923 | 18,888 | |
Other non-current liabilities | 38 | 40 | |
Total liabilities | 104,033 | 116,532 | |
Commitments and contingencies | |||
Stockholders' equity | |||
Common stock | 39 | 43 | |
Treasury stock, at cost | (14,249) | (5,075) | |
Additional paid-in capital | 181,973 | 178,386 | |
Retained earnings | 74,539 | 69,890 | |
Accumulated other comprehensive (loss) income | (35) | 227 | |
Total stockholders' equity | 242,267 | 243,471 | |
Total liabilities and stockholders' equity | $ 346,300 | $ 360,003 | |
SMART SAND, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Three Months Ended | |||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||
(unaudited) | (unaudited) | (unaudited) | |||
(in thousands) | |||||
Operating activities: | |||||
Net (loss) income | $ (4,786) | $ 6,727 | $ 2,627 | ||
Adjustments to reconcile net income to net cash provided by | |||||
Depreciation, depletion and accretion of asset retirement | 7,113 | 7,021 | 6,584 | ||
Amortization of intangible assets | 197 | 198 | 196 | ||
Loss (gain) on disposal of assets | (19) | (92) | 188 | ||
Amortization of deferred financing cost | 26 | 26 | 26 | ||
Accretion of debt discount | 46 | 47 | 46 | ||
Deferred income taxes | (2,041) | (2,348) | (1,412) | ||
Stock-based compensation | 1,035 | 860 | 748 | ||
Employee stock purchase plan compensation | 4 | 5 | 7 | ||
Changes in assets and liabilities: | |||||
Accounts receivable | 784 | 5,980 | (4,027) | ||
Unbilled receivables | (2,396) | 92 | 2,398 | ||
Inventories | (868) | (2,950) | 433 | ||
Prepaid expenses and other assets | (2,860) | 661 | 3,452 | ||
Deferred revenue | (863) | (4,328) | (2,946) | ||
Asset retirement obligation settlement | (197) | — | — | ||
Accounts payable | 5,845 | (1,822) | 2,460 | ||
Accrued expenses and other liabilities | (3,679) | 2,400 | (5,191) | ||
Net cash provided (used) by operating activities | (2,659) | 12,477 | 5,589 | ||
Investing activities: | |||||
Purchases of property, plant and equipment | (6,905) | (6,881) | (3,196) | ||
Proceeds from disposal of assets | 6 | 50 | 75 | ||
Net cash used in investing activities | (6,899) | (6,831) | (3,121) | ||
Financing activities: | |||||
Repayments of notes payable | (1,483) | (1,502) | (1,851) | ||
Payments under equipment financing obligations | (71) | (200) | (28) | ||
Proceeds from revolving credit facility | 8,000 | — | 4,000 | ||
Repayment of revolving credit facility | — | — | (10,000) | ||
Proceeds from equity issuance | — | 23 | — | ||
Royalty stock issuance | — | — | 639 | ||
Purchase of treasury stock | (125) | (150) | (89) | ||
Net cash provided by (used in) financing activities | 6,321 | (1,829) | (7,329) | ||
Net increase in cash and cash equivalents | (3,237) | 3,817 | (4,861) | ||
Cash and cash equivalents at beginning of period | 9,309 | 5,492 | 10,371 | ||
Cash and cash equivalents at end of period | $ 6,072 | $ 9,309 | $ 5,510 | ||
SMART SAND, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Year Ended December 31, | |||
2023 | 2022 | ||
(audited) | (audited) | ||
(in thousands) | |||
Operating activities: | |||
Net income (loss) | $ 4,649 | $ (703) | |
Adjustments to reconcile net income to net cash provided by operating | |||
Depreciation, depletion and accretion of asset retirement obligation | 27,472 | 26,488 | |
Amortization of intangible assets | 793 | 792 | |
(Gain) loss on disposal of assets | 1,802 | (294) | |
Provision for bad debt | — | 1 | |
Amortization of deferred financing cost | 105 | 105 | |
Accretion of debt discount | 186 | 186 | |
Deferred income taxes | (6,137) | (4,196) | |
Stock-based compensation, net | 3,507 | 3,184 | |
Employee stock purchase plan compensation | 24 | 25 | |
Changes in assets and liabilities: | |||
Accounts receivable | 12,672 | (18,265) | |
Unbilled receivables | (2,640) | 1,805 | |
Inventories | (6,638) | (5,161) | |
Prepaid expenses and other assets | 1,996 | 6,524 | |
Settlement of asset retirement obligation | (197) | — | |
Deferred revenue | (5,805) | (9,311) | |
Accounts payable | 1,974 | 5,244 | |
Accrued and other expenses | (2,772) | (1,004) | |
Net cash provided by operating activities | 30,991 | 5,420 | |
Investing activities: | |||
Acquisition of businesses, net of cash acquired | — | (6,547) | |
Purchases of property, plant and equipment | (23,031) | (12,731) | |
Proceeds from disposal of assets | 129 | 1,070 | |
Net cash used in investing activities | (22,902) | (18,208) | |
Financing activities: | |||
Repayments of notes payable | (10,435) | (7,325) | |
Payments under equipment financing obligations | (394) | (116) | |
Proceeds from revolving credit facility | 23,000 | 10,000 | |
Repayment of revolving credit facility | (15,000) | (10,000) | |
Proceeds from equity issuance | 56 | 52 | |
Royalty stock issuance | — | 639 | |
Purchase of treasury stock | (4,754) | (540) | |
Net cash used in financing activities | (7,527) | (7,290) | |
Net increase in cash and cash equivalents | 562 | (20,078) | |
Cash and cash equivalents at beginning of period | 5,510 | 25,588 | |
Cash and cash equivalents at end of period | $ 6,072 | $ 5,510 | |
Non-GAAP Financial Measures
Contribution Margin
We also use contribution margin, which we define as total revenues less costs of goods sold excluding depreciation, depletion and accretion of asset retirement obligations, to measure its financial and operating performance. Contribution margin excludes other operating expenses and income, including costs not directly associated with the operations of the Company's business such as accounting, human resources, information technology, legal, sales and other administrative activities.
Historically, we have reported production costs and production cost per ton as non-GAAP financial measures. As we expand our logistics activities and continue to sell sand closer to the wellhead, our sand production costs will only be a portion of our overall cost structure.
Gross profit is the GAAP measure most directly comparable to contribution margin. Contribution margin should not be considered an alternative to gross profit presented in accordance with GAAP. Because contribution margin may be defined differently by other companies in the industry, our definition of contribution margin may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. The following table presents a reconciliation of contribution margin to gross profit.
Three Months Ended | |||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||
(in thousands) | |||||
Revenue | $ 61,947 | $ 76,900 | $ 73,829 | ||
Cost of goods sold | 59,116 | 62,502 | 62,657 | ||
Gross profit | 2,831 | 14,398 | 11,172 | ||
Depreciation, depletion, and accretion of asset retirement obligations | 6,381 | 6,573 | 6,184 | ||
Contribution margin | $ 9,212 | $ 20,971 | $ 17,356 | ||
Contribution margin per ton | $ 9.07 | $ 17.20 | $ 14.77 | ||
Total tons sold | 1,016 | 1,219 | 1,175 | ||
Year Ended December 31, | |||
2023 | 2022 | ||
(in thousands) | |||
Revenue | $ 295,973 | $ 255,740 | |
Cost of goods sold | 254,418 | 226,149 | |
Gross profit | 41,555 | 29,591 | |
Depreciation, depletion, and accretion of asset retirement obligations included in cost of | 25,469 | 25,038 | |
Contribution margin | $ 67,024 | $ 54,629 | |
Contribution margin per ton | $ 14.85 | $ 12.61 | |
Total tons sold | 4,514 | 4,333 | |
EBITDA and Adjusted EBITDA
We define EBITDA as net income, plus: (i) depreciation, depletion and amortization expense; (ii) income tax expense (benefit); (iii) interest expense; and (iv) franchise taxes. We define Adjusted EBITDA as EBITDA, plus: (i) gain or loss on sale of fixed assets or discontinued operations; (ii) integration and transition costs associated with specified transactions; (iii) equity compensation; (iv) acquisition and development costs; (v) non-recurring cash charges related to restructuring, retention and other similar actions; (vi) earn-out, contingent consideration obligations and other acquisition and development costs; and (vii) non-cash charges and unusual or non-recurring charges. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors and commercial banks, to assess:
- the financial performance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets;
- the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities;
- our ability to incur and service debt and fund capital expenditures;
- our operating performance as compared to those of other companies in our industry without regard to the impact of financing methods or capital structure; and
- our debt covenant compliance, as Adjusted EBITDA is a key component of critical covenants to the ABL Credit Facility.
We believe that our presentation of EBITDA and Adjusted EBITDA will provide useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of EBITDA and Adjusted EBITDA to net income for each of the periods indicated.
The following tables present a reconciliation of EBITDA and Adjusted EBITDA to net income for each of the periods indicated:
Three Months Ended | |||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||
(in thousands) | |||||
Net (loss) income | $ (4,786) | $ 6,727 | $ 2,627 | ||
Depreciation, depletion and amortization | 7,078 | 6,985 | 6,590 | ||
Income tax benefit | (3,332) | (1,879) | (923) | ||
Interest expense | 329 | 304 | 379 | ||
Franchise taxes | 300 | 66 | 85 | ||
EBITDA | $ (411) | $ 12,203 | $ 8,758 | ||
Loss (gain) on sale of fixed assets | (19) | (92) | 188 | ||
Equity compensation | 1,003 | 850 | 706 | ||
Royalty stock issuance | — | — | 639 | ||
Acquisition and development costs (1) | 204 | 70 | 241 | ||
Cash charges related to restructuring and retention | 14 | — | — | ||
Accretion of asset retirement obligations | 234 | 235 | 189 | ||
Adjusted EBITDA | $ 1,025 | $ 13,266 | $ 10,721 | ||
(1) | Represents costs incurred related to the business combinations and current development project activities. |
Year Ended December 31, | |||
2023 | 2022 | ||
(in thousands) | |||
Net (loss) income | $ 4,649 | $ (703) | |
Depreciation, depletion and amortization | 27,363 | 26,521 | |
Income tax benefit | (6,901) | (3,205) | |
Interest expense | 1,532 | 1,661 | |
Franchise taxes | 804 | 353 | |
EBITDA | $ 27,447 | $ 24,627 | |
(Gain) loss on sale of fixed assets | 1,802 | (294) | |
Equity compensation | 3,391 | 2,729 | |
Royalty stock issuance | — | 639 | |
Acquisition and development costs (1) | 545 | 675 | |
Cash charges related to restructuring and retention of employees | 32 | 137 | |
Accretion of asset retirement obligations | 904 | 758 | |
Adjusted EBITDA | $ 34,121 | $ 29,271 | |
(1) | Represents costs incurred related to the business combinations and current development project activities. |
Free Cash Flow
Free cash flow, which we define as net cash provided by operating activities less purchases of property, plant and equipment, is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors and commercial banks, to measure the liquidity of our business.
Net cash provided by operating activities is the GAAP measure most directly comparable to free cash flow. Free cash flow should not be considered an alternative to net cash provided by operating activities presented in accordance with GAAP. Because free cash flows may be defined differently by other companies in our industry, our definition of free cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. The following table presents a reconciliation of free cash flow to net cash provided by operating activities.
Three Months Ended | |||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||
(in thousands) | |||||
Net cash provided by (used in) operating activities | $ (2,659) | $ 12,477 | $ 5,589 | ||
Purchases of property, plant and equipment | (6,905) | (6,881) | (3,196) | ||
Free cash flow | $ (9,564) | $ 5,596 | $ 2,393 | ||
Year Ended December 31, | |||
2023 | 2022 | ||
(in thousands) | |||
Net cash provided by (used in) operating activities | $ 30,991 | $ 5,420 | |
Acquisition of | — | (6,547) | |
Purchases of property, plant and equipment | (23,031) | (12,731) | |
Free cash flow | $ 7,960 | $ (13,858) | |
Investor Contacts:
Lee Beckelman
Chief Financial Officer
(281) 231-2660
lbeckelman@smartsand.com
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SOURCE Smart Sand, Inc.
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