Solaris Oilfield Infrastructure Announces First Quarter 2024 Results and Continued Shareholder Returns for Second Quarter 2024
- Revenue of $68 million in the first quarter 2024
- Net income of $7 million, or $0.14 per diluted Class A share
- Adjusted pro forma net income of $7 million, or $0.16 per fully diluted share
- Adjusted EBITDA of $23 million
- Generated $17 million of cash flow from operations and $14 million in free cash flow
- Returned a total of $13 million to shareholders in the first quarter 2024 through share repurchases and dividends
- Approved second quarter 2024 dividend of $0.12 per share to be paid on June 17, 2024
- Cumulatively returned $172 million to shareholders since 2018
- Strong free cash flow generation and shareholder returns commitment by Solaris Oilfield Infrastructure
- Repurchased 1.1 million shares in the first quarter of 2024 for approximately $8 million
- Approximately $15 million remains in the current share repurchase authorization
- Reduced total shares outstanding by 7% since 2018
- Positive free cash flow of $14 million in the first quarter of 2024
- Capital expenditures reduced by approximately 55% from the fourth quarter of 2023
- Full-year 2024 capital expenditures expected to be less than $15 million, a 75% year-over-year reduction
- Ended the first quarter of 2024 with $3 million of cash on the balance sheet
- Net debt at the end of the first quarter of 2024 was $27 million
- None.
Insights
First Quarter 2024 Summary Results and Shareholder Return Highlights
-
Revenue of
$68 million -
Net income of
, or$7 million per diluted Class A share; Adjusted pro forma net income of$0.14 , or$7 million per fully diluted share$0.16 -
Adjusted EBITDA of
$23 million -
Generated
of cash flow from operations and$17 million in free cash flow$14 million -
Returned a total of
to shareholders in first quarter 2024 through share repurchases and dividends, resulting in$13 million cumulatively returned to shareholders since 2018$172 million -
Approved second quarter 2024 dividend of
per share on April 24, 2024, to be paid on June 17, 2024, which, once paid, will represent Solaris’ 23rd consecutive dividend$0.12
“Solaris started the year with strong free cash flow generation as we continue to harvest cash from the organic investments we made over the last few years,” Chairman and Chief Executive Officer Bill Zartler commented.
“Including today’s announced dividend, we have cumulatively returned nearly half of the company’s current market capitalization to shareholders. We expect that the continued growth in our free cash flow during the remainder of this year should support continued execution on our shareholder returns commitment, while allowing us to maintain our healthy balance sheet and build flexibility for future organic and inorganic investments.”
Shareholder Returns
On February 19, 2024, Solaris’ Board of Directors approved a cash dividend of
Solaris repurchased 1.1 million shares during the first quarter of 2024 for approximately
On April 24, 2024, Solaris’ Board of Directors approved a second quarter 2024 cash dividend of
Pro forma for the announced second quarter 2024 dividend, Solaris has returned approximately
Free Cash Flow, Capital Expenditures and Liquidity
Free cash flow after asset disposals was positive
Capital expenditures in the first quarter of 2024 were approximately
As of March 31, 2024, Solaris had
See “About Non-GAAP Measures” below for additional detail and reconciliations of GAAP to non-GAAP measures in the accompanying financial tables.
First Quarter 2024 Financial Review
Net income was
Revenue was
During the first quarter of 2024, Solaris earned revenue on 102 fully utilized systems, which includes sand systems and top fill systems. Total fully utilized systems were essentially flat with fourth quarter 2023 and down
See “About Non-GAAP Measures” below for additional detail and reconciliations of GAAP to non-GAAP measures in the accompanying financial tables.
Conference Call
Solaris will host a conference call to discuss its results for first quarter 2024 on Friday, April 26, 2024 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To join the conference call from within
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within
About Non-GAAP Measures
In addition to financial results determined in accordance with generally accepted accounting principles in
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented systems are deployed across oil and natural gas basins in
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, the volatility in global oil markets, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts, our future business and financial performance and our results of operations, and the other risks discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the
SOLARIS OILFIELD INFRASTRUCTURE, INC |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands, except per share data) |
||||||||||||
(Unaudited) |
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|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
||||||||||
|
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March 31, |
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December 31, |
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|
|
2024 |
|
2023 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
$ |
64,635 |
|
|
$ |
77,828 |
|
|
$ |
60,069 |
|
Revenue - related parties |
|
|
3,255 |
|
|
|
4,894 |
|
|
|
3,278 |
|
Total revenue |
|
|
67,890 |
|
|
|
82,722 |
|
|
|
63,347 |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|||
Cost of services (excluding depreciation and amortization) |
|
|
39,887 |
|
|
|
53,223 |
|
|
|
36,870 |
|
Depreciation and amortization |
|
|
9,934 |
|
|
|
8,417 |
|
|
|
9,518 |
|
Selling, general and administrative |
|
|
7,990 |
|
|
|
6,538 |
|
|
|
7,229 |
|
Other operating (income) expense, net (1) |
|
|
123 |
|
|
|
(338 |
) |
|
|
489 |
|
Total operating costs and expenses |
|
|
57,934 |
|
|
|
67,840 |
|
|
|
54,106 |
|
Operating income |
|
|
9,956 |
|
|
|
14,882 |
|
|
|
9,241 |
|
Interest expense, net |
|
|
(799 |
) |
|
|
(459 |
) |
|
|
(912 |
) |
Income before income tax expense |
|
|
9,157 |
|
|
|
14,423 |
|
|
|
8,329 |
|
Provision for income taxes |
|
|
(1,857 |
) |
|
|
(2,486 |
) |
|
|
(1,370 |
) |
Net income |
|
|
7,300 |
|
|
|
11,937 |
|
|
|
6,959 |
|
Less: net income related to non-controlling interests |
|
|
(2,983 |
) |
|
|
(4,368 |
) |
|
|
(2,658 |
) |
Net income attributable to Solaris Oilfield Infrastructure, Inc. |
|
|
4,317 |
|
|
|
7,569 |
|
|
|
4,301 |
|
Less: income attributable to participating securities (2) |
|
|
(277 |
) |
|
|
(350 |
) |
|
|
(214 |
) |
Net income attributable to common shareholders |
|
$ |
4,040 |
|
|
$ |
7,219 |
|
|
$ |
4,087 |
|
|
|
|
|
|
|
|
|
|
|
|||
Earnings per share of Class A common stock - basic |
|
$ |
0.14 |
|
|
$ |
0.23 |
|
|
$ |
0.14 |
|
Earnings per share of Class A common stock - diluted |
|
$ |
0.14 |
|
|
$ |
0.23 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|||
Basic weighted average shares of Class A common stock outstanding |
|
|
28,587 |
|
|
|
31,214 |
|
|
|
29,024 |
|
Diluted weighted average shares of Class A common stock outstanding |
|
|
28,587 |
|
|
|
31,214 |
|
|
|
29,024 |
|
1) |
Other operating (income) expense, net includes the sale or disposal of assets, credit losses or recoveries, sublease income, transaction costs and other settlements. |
2) |
The Company’s restricted shares of common stock are participating securities. |
SOLARIS OILFIELD INFRASTRUCTURE, INC |
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CONSOLIDATED BALANCE SHEETS |
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(In thousands, except per share amounts) |
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(Unaudited) |
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|
|
|
|
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|
|
March 31, |
|
December 31, |
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|
|
2024 |
|
2023 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,424 |
|
$ |
5,833 |
Accounts receivable, net of allowances of |
|
|
46,411 |
|
|
44,916 |
Accounts receivable - related party |
|
|
2,721 |
|
|
2,378 |
Prepaid expenses and other current assets |
|
|
3,405 |
|
|
4,342 |
Inventories |
|
|
6,924 |
|
|
6,672 |
Assets held for sale |
|
|
— |
|
|
3,000 |
Total current assets |
|
|
62,885 |
|
|
67,141 |
Property, plant and equipment, net |
|
|
320,885 |
|
|
325,121 |
Non-current inventories |
|
|
1,566 |
|
|
1,593 |
Non-current receivables, net of allowance of |
|
|
1,663 |
|
|
1,663 |
Operating lease right-of-use assets |
|
|
10,394 |
|
|
10,721 |
Goodwill |
|
|
13,004 |
|
|
13,004 |
Intangible assets, net |
|
|
521 |
|
|
702 |
Deferred tax assets |
|
|
45,861 |
|
|
48,010 |
Other assets |
|
|
291 |
|
|
342 |
Total assets |
|
$ |
457,070 |
|
$ |
468,297 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
12,266 |
|
$ |
12,654 |
Accrued liabilities |
|
|
16,489 |
|
|
20,292 |
Current portion of payables related to Tax Receivable Agreement |
|
|
2,684 |
|
|
— |
Current portion of operating lease liabilities |
|
|
1,381 |
|
|
1,385 |
Current portion of finance lease liabilities |
|
|
2,495 |
|
|
2,462 |
Other current liabilities |
|
|
— |
|
|
408 |
Total current liabilities |
|
|
35,315 |
|
|
37,201 |
Operating lease liabilities, net of current |
|
|
11,251 |
|
|
11,541 |
Credit agreement |
|
|
30,000 |
|
|
30,000 |
Finance lease liabilities, net of current |
|
|
1,766 |
|
|
2,401 |
Payables related to Tax Receivable Agreement |
|
|
68,846 |
|
|
71,530 |
Other long-term liabilities |
|
|
44 |
|
|
44 |
Total liabilities |
|
|
147,222 |
|
|
152,717 |
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
— |
Class A common stock, |
|
|
283 |
|
|
290 |
Class B common stock, |
|
|
— |
|
|
— |
Additional paid-in capital |
|
|
182,723 |
|
|
188,379 |
Retained earnings |
|
|
17,125 |
|
|
17,314 |
Total stockholders' equity attributable to Solaris Oilfield Infrastructure, Inc. |
|
|
200,131 |
|
|
205,983 |
Non-controlling interest |
|
|
109,717 |
|
|
109,597 |
Total stockholders' equity |
|
|
309,848 |
|
|
315,580 |
Total liabilities and stockholders' equity |
|
$ |
457,070 |
|
$ |
468,297 |
SOLARIS OILFIELD INFRASTRUCTURE, INC |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(In thousands) |
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(Unaudited) |
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|
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|
|
Three Months Ended
|
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
7,300 |
|
|
$ |
11,937 |
|
Adjustment to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
9,934 |
|
|
|
8,417 |
|
(Gain) loss on disposal of asset |
|
|
12 |
|
|
|
(22 |
) |
Stock-based compensation |
|
|
2,217 |
|
|
|
1,980 |
|
Amortization of debt issuance costs |
|
|
43 |
|
|
|
31 |
|
Allowance for credit losses |
|
|
300 |
|
|
|
— |
|
Inventory write-off |
|
|
223 |
|
|
|
— |
|
Deferred income tax expense |
|
|
1,727 |
|
|
|
2,329 |
|
Other |
|
|
31 |
|
|
|
10 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(1,795 |
) |
|
|
(3,581 |
) |
Accounts receivable - related party |
|
|
(343 |
) |
|
|
1,086 |
|
Prepaid expenses and other assets |
|
|
951 |
|
|
|
905 |
|
Inventories |
|
|
(448 |
) |
|
|
(4,071 |
) |
Accounts payable |
|
|
(131 |
) |
|
|
2,042 |
|
Accrued liabilities |
|
|
(3,146 |
) |
|
|
(3,122 |
) |
Payments pursuant to tax receivable agreement |
|
|
— |
|
|
|
(1,092 |
) |
Net cash provided by operating activities |
|
|
16,875 |
|
|
|
16,849 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Investment in property, plant and equipment |
|
|
(3,358 |
) |
|
|
(18,949 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
10 |
|
|
|
123 |
|
Net cash used in investing activities |
|
|
(3,348 |
) |
|
|
(18,826 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Share repurchases and retirements |
|
|
(8,092 |
) |
|
|
(14,427 |
) |
Distribution to non-controlling interest unitholders |
|
|
(1,641 |
) |
|
|
(1,985 |
) |
Dividend paid to Class A common stock shareholders |
|
|
(3,648 |
) |
|
|
(3,656 |
) |
Payments under finance leases |
|
|
(602 |
) |
|
|
(738 |
) |
Payments under insurance premium financing |
|
|
(414 |
) |
|
|
(541 |
) |
Cancelled shares withheld for taxes from vesting of restricted stock |
|
|
(1,539 |
) |
|
|
(1,336 |
) |
Borrowings under the credit agreement |
|
|
4,000 |
|
|
|
18,000 |
|
Repayment of credit agreement |
|
|
(4,000 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(15,936 |
) |
|
|
(4,683 |
) |
|
|
|
|
|
|
|
||
Net decrease in cash and cash equivalents |
|
|
(2,409 |
) |
|
|
(6,660 |
) |
Cash and cash equivalents at beginning of period |
|
|
5,833 |
|
|
|
8,835 |
|
Cash and cash equivalents at end of period |
|
$ |
3,424 |
|
|
$ |
2,175 |
|
|
|
|
|
|
|
|
||
Non-cash activities |
|
|
|
|
|
|
||
Investing: |
|
|
|
|
|
|
||
Capitalized depreciation in property, plant and equipment |
|
$ |
120 |
|
|
$ |
129 |
|
Capitalized stock based compensation |
|
|
134 |
|
|
|
174 |
|
Property and equipment additions incurred but not paid at period-end |
|
|
331 |
|
|
|
5,015 |
|
Reclassification of assets held for sale to property, plant and equipment |
|
|
3,000 |
|
|
|
— |
|
Additions to fixed assets through finance leases |
|
|
— |
|
|
|
933 |
|
Cash paid for: |
|
|
|
|
|
|
||
Interest |
|
$ |
758 |
|
|
$ |
335 |
|
Income taxes |
|
|
76 |
|
|
|
1 |
|
SOLARIS OILFIELD INFRASTRUCTURE, INC
RECONCILIATION AND CALCULATION OF NON-GAAP FINANCIAL AND OPERATIONAL MEASURES
(In thousands)
(Unaudited)
EBITDA AND ADJUSTED EBITDA
We view EBITDA and Adjusted EBITDA as important indicators of performance. We use them to assess our results of operations because it allows us, our investors and our lenders to compare our operating performance on a consistent basis across periods by removing the effects of varying levels of interest expense due to our capital structure, depreciation and amortization due to our asset base and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding trends and other factors affecting our business in addition to measures calculated under generally accepted accounting principles in
We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense, including franchise taxes. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses.
EBITDA and Adjusted EBITDA should not be considered in isolation or as substitutes for an analysis of our results of operation and financial condition as reported in accordance with GAAP. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternative 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 net income to EBITDA and Adjusted EBITDA for each of the periods indicated.
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|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
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|
|
March 31, |
|
December 31, |
|||||||
|
|
2024 |
|
2023 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
||
Net income |
|
$ |
7,300 |
|
$ |
11,937 |
|
|
$ |
6,959 |
|
Depreciation and amortization |
|
|
9,934 |
|
|
8,417 |
|
|
|
9,518 |
|
Interest expense, net |
|
|
799 |
|
|
459 |
|
|
|
912 |
|
Provision for income taxes (1) |
|
|
1,857 |
|
|
2,486 |
|
|
|
1,370 |
|
EBITDA |
|
$ |
19,890 |
|
$ |
23,299 |
|
|
$ |
18,759 |
|
Stock-based compensation expense (2) |
|
|
2,217 |
|
|
1,980 |
|
|
|
1,911 |
|
(Gain) loss on disposal of assets |
|
|
12 |
|
|
(361 |
) |
|
|
(4 |
) |
Credit losses |
|
|
300 |
|
|
— |
|
|
|
650 |
|
Other (3) |
|
|
268 |
|
|
200 |
|
|
|
6 |
|
Adjusted EBITDA |
|
$ |
22,687 |
|
$ |
25,118 |
|
|
$ |
21,322 |
|
____________________ | |
1) |
|
2) |
Represents stock-based compensation expense related to restricted stock awards and performance-based restricted stock units. |
3) |
Other includes the net effect of inventory write-offs, transaction costs and other settlements. |
FREE CASH FLOW
Free cash flow is an important supplemental measure to assess our liquidity but should not be considered as an alternative to net cash flow from operating activities presented in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
||||||||||
|
|
March 31, |
|
December 31, |
||||||||
|
|
2024 |
|
2023 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Net cash flows provided by operating activities |
|
$ |
16,875 |
|
|
$ |
16,849 |
|
|
$ |
23,583 |
|
Cash used for capital expenditures, net of proceeds from disposal of assets |
|
|
(3,348 |
) |
|
|
(18,826 |
) |
|
|
(7,173 |
) |
Free cash flow |
|
$ |
13,527 |
|
|
$ |
(1,977 |
) |
|
$ |
16,410 |
|
ADJUSTED PRO FORMA NET INCOME AND ADJUSTED PRO FORMA EARNINGS PER FULLY DILUTED SHARE
Adjusted pro forma net income represents net income attributable to Solaris assuming the full exchange of all outstanding membership interests in Solaris LLC not held by Solaris Oilfield Infrastructure, Inc. for shares of Class A common stock, adjusted for certain non-recurring items that the Company doesn't believe directly reflect its core operations and may not be indicative of ongoing business operations. Adjusted pro forma earnings per fully diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding units of Solaris LLC (“Solaris LLC Units”), after giving effect to the dilutive effect of outstanding equity-based awards.
When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding Solaris LLC Units, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Solaris as a result of increases in its ownership of Solaris LLC, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.
Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should not be considered alternatives to net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the net income attributable to Solaris. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income attributable to Solaris, the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully diluted share are set forth below.
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Three Months Ended |
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March 31, |
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December 31, |
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2024 |
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2023 |
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2023 |
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Numerator: |
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Net income attributable to Solaris |
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$ |
4,317 |
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$ |
7,569 |
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$ |
4,301 |
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Adjustments: |
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Reallocation of net income attributable to non-controlling interests from the assumed exchange of LLC Interests (1) |
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2,983 |
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4,368 |
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2,658 |
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Loss on disposal of assets |
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12 |
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(361 |
) |
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(4 |
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Credit losses |
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300 |
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— |
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650 |
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Other (2) |
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268 |
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200 |
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6 |
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Incremental income tax expense |
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(626 |
) |
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(779 |
) |
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(976 |
) |
Adjusted pro forma net income |
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$ |
7,254 |
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$ |
10,997 |
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$ |
6,635 |
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Denominator: |
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Weighted average shares of Class A common stock outstanding |
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28,587 |
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31,214 |
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29,024 |
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Adjustments: |
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Potentially dilutive shares (3) |
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15,543 |
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15,224 |
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15,252 |
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Adjusted pro forma fully weighted average shares of Class A common stock outstanding - diluted |
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44,130 |
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46,438 |
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44,276 |
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Adjusted pro forma earnings per share - diluted |
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$ |
0.16 |
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$ |
0.24 |
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$ |
0.15 |
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(1) |
Assumes the exchange of all outstanding Solaris LLC Units for shares of Class A common stock at the beginning of the relevant reporting period, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests. |
(2) |
Other includes the net effect of inventory write-offs, transaction costs and other settlements. |
(3) |
Assumes the exchange of all outstanding Solaris LLC Units for shares of Class A common stock and vesting of Restricted stock awards and Performance-based restricted stock awards at the beginning of the relevant reporting periods. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425803054/en/
Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
IR@solarisoilfield.com
Source: Solaris Oilfield Infrastructure, Inc.
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