Solaris Oilfield Infrastructure Announces Fourth Quarter 2021 Results
Solaris Oilfield Infrastructure reported a net income of $1.1 million, or $0.01 per diluted Class A share, for Q4 2021. This marks a decline from $1.4 million in Q3 2021. Revenues were $46.0 million, down 6% from the previous quarter. However, Adjusted EBITDA rose 27% to $9.8 million. For the full year, revenues increased by 55% to $159.2 million. The company maintained its quarterly dividend of $0.105 per share, returning $92 million to shareholders since late 2018. Total liquidity at year-end was $86.5 million, with a focus on technology investments for 2022.
- 55% increase in full-year revenues to $159.2 million compared to 2020.
- 27% growth in Adjusted EBITDA in Q4 2021, totaling $9.8 million.
- Successful introduction of new technologies like AutoBlend™.
- Consistency in dividend payments with 13 consecutive quarterly dividends.
- Liquidity of $86.5 million as of year-end 2021.
- Q4 2021 net income declined by 21% from Q3 2021.
- Revenues for Q4 2021 decreased by 6% compared to Q3 2021.
Fourth Quarter 2021 Highlights
-
Net income of
$1.1 million $0.01 December 31, 2021 ; Adjusted pro forma net income of$1.0 million $0.02 December 31, 2021
-
Adjusted EBITDA of
$9.8 million December 31, 2021
-
Paid a regular quarterly dividend of
$0.10 5December 17, 2021
Operational Update and Outlook
During the fourth quarter of 2021, an average of 63 mobile proppant management systems were fully utilized, which was up
“2021 was an exciting year for Solaris. We redeployed systems to meet growing demand and also introduced our new AutoBlend™ integrated e-blender and top fill equipment technologies,” Solaris’ Chairman and Chief Executive Officer
Fourth Quarter 2021 Financial Review
Solaris reported net income of
Revenues were
Adjusted EBITDA for fourth quarter 2021 was
Full Year 2021 Financial Review
Solaris reported net loss of
Revenues were
Adjusted EBITDA for full year 2021 was
Capital Expenditures, Free Cash Flow and Liquidity
Capital expenditures in the fourth quarter 2021 were
Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during fourth quarter 2021 was
The Company expects to complete an amendment to its revolving credit facility to extend the term through 2025. The total capacity of the credit facility will remain unchanged at
As of
Shareholder Returns
On
Conference Call
The Company will host a conference call to discuss its fourth quarter and full year 2021 results on
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
Website Disclosure
We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the
None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the
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 various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the volatility in global oil markets and the COVID-19 pandemic, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the 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 the factors discussed or referenced in our filings made from time to time with the
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||||||
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Three Months Ended |
|
Year Ended |
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|
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|
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||||||||||||||
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|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
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|
|
|
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|
|
|
|
|
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|
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|
|||||
Revenue |
|
|
45,964 |
|
|
|
25,276 |
|
|
|
49,377 |
|
|
|
159,189 |
|
|
|
102,976 |
|
|
|
|
|
|
|
|
|
|
|
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Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of services (excluding depreciation and amortization) |
|
|
32,658 |
|
|
|
17,330 |
|
|
|
38,460 |
|
|
|
115,459 |
|
|
|
65,764 |
|
Depreciation and amortization |
|
|
6,923 |
|
|
|
6,643 |
|
|
|
6,842 |
|
|
|
27,210 |
|
|
|
27,021 |
|
Selling, general and administrative |
|
|
4,934 |
|
|
|
4,269 |
|
|
|
4,760 |
|
|
|
19,264 |
|
|
|
16,481 |
|
Impairment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,828 |
|
Other operating (income) expenses (1) |
|
|
(280 |
) |
|
|
453 |
|
|
|
(2,690 |
) |
|
|
(2,357 |
) |
|
|
5,782 |
|
Total operating costs and expenses |
|
|
44,235 |
|
|
|
28,695 |
|
|
|
47,372 |
|
|
|
159,576 |
|
|
|
162,876 |
|
Operating income (loss) |
|
|
1,729 |
|
|
|
(3,419 |
) |
|
|
2,005 |
|
|
|
(387 |
) |
|
|
(59,900 |
) |
Interest expense, net |
|
|
(77 |
) |
|
|
(198 |
) |
|
|
(66 |
) |
|
|
(247 |
) |
|
|
(162 |
) |
Total other expense |
|
|
(77 |
) |
|
|
(198 |
) |
|
|
(66 |
) |
|
|
(247 |
) |
|
|
(162 |
) |
Income (loss) before income tax expense |
|
|
1,652 |
|
|
|
(3,617 |
) |
|
|
1,939 |
|
|
|
(634 |
) |
|
|
(60,062 |
) |
Provision (benefit) for income taxes |
|
|
549 |
|
|
|
(776 |
) |
|
|
507 |
|
|
|
626 |
|
|
|
(8,969 |
) |
Net income (loss) |
|
|
1,103 |
|
|
|
(2,841 |
) |
|
|
1,432 |
|
|
|
(1,260 |
) |
|
|
(51,093 |
) |
Less: net (income) loss related to non-controlling interests |
|
|
(465 |
) |
|
|
1,405 |
|
|
|
(558 |
) |
|
|
392 |
|
|
|
21,752 |
|
Net income (loss) attributable to Solaris |
|
$ |
638 |
|
|
$ |
(1,436 |
) |
|
$ |
874 |
|
|
$ |
(868 |
) |
|
$ |
(29,341 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Earnings per share of Class A common stock - basic |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
(1.03 |
) |
Earnings per share of Class A common stock - diluted |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
(1.03 |
) |
|
|
|
|
|
|
|
|
|
|
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Basic weighted average shares of Class A common stock outstanding |
|
|
31,129 |
|
|
|
28,944 |
|
|
|
31,058 |
|
|
|
30,786 |
|
|
|
28,915 |
|
Diluted weighted average shares of Class A common stock outstanding |
|
|
31,129 |
|
|
|
28,944 |
|
|
|
31,058 |
|
|
|
30,786 |
|
|
|
28,915 |
|
1) |
Other operating (income) expenses are primarily related to a gain from employee retention credits, offset by credit losses, loss on sale of assets and costs associated with workforce reductions. |
CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) |
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|
2021 |
|
2020 |
||
Assets |
|
|
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|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
36,497 |
|
$ |
60,366 |
Accounts receivable, net of allowances for credit losses of |
|
|
33,120 |
|
|
18,243 |
Prepaid expenses and other current assets |
|
|
9,797 |
|
|
2,169 |
Inventories |
|
|
1,654 |
|
|
954 |
Total current assets |
|
|
81,068 |
|
|
81,732 |
Property, plant and equipment, net |
|
|
240,091 |
|
|
245,884 |
Non-current inventories |
|
|
2,676 |
|
|
3,318 |
Operating lease right-of-use assets |
|
|
4,182 |
|
|
4,708 |
|
|
|
13,004 |
|
|
13,004 |
Intangible assets, net |
|
|
2,203 |
|
|
2,982 |
Deferred tax assets |
|
|
62,942 |
|
|
59,805 |
Other assets |
|
|
57 |
|
|
463 |
Total assets |
|
$ |
406,223 |
|
$ |
411,896 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,927 |
|
$ |
6,863 |
Accrued liabilities |
|
|
16,918 |
|
|
11,986 |
Current portion of payables related to Tax Receivable Agreement |
|
|
1,210 |
|
|
606 |
Current portion of lease liabilities |
|
|
717 |
|
|
647 |
Current portion of finance lease liabilities |
|
|
31 |
|
|
30 |
Other current liabilities |
|
|
496 |
|
|
75 |
Total current liabilities |
|
|
29,299 |
|
|
20,207 |
Lease liabilities, net of current |
|
|
6,702 |
|
|
7,419 |
Finance lease liabilities, net of current |
|
|
70 |
|
|
100 |
Payables related to Tax Receivable Agreement |
|
|
71,892 |
|
|
68,097 |
Other long-term liabilities |
|
|
384 |
|
|
594 |
Total liabilities |
|
|
108,347 |
|
|
96,417 |
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
— |
Class A common stock, |
|
|
312 |
|
|
290 |
Class B common stock, |
|
|
— |
|
|
— |
Additional paid-in capital |
|
|
196,912 |
|
|
180,415 |
Retained earnings |
|
|
5,925 |
|
|
20,549 |
Total stockholders' equity attributable to Solaris and members' equity |
|
|
203,149 |
|
|
201,254 |
Non-controlling interest |
|
|
94,727 |
|
|
114,225 |
Total stockholders' equity |
|
|
297,876 |
|
|
315,479 |
Total liabilities and stockholders' equity |
|
$ |
406,223 |
|
$ |
411,896 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
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|
|
||||
|
|
Year Ended
|
|
Three Months
|
|
Three
|
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|
|
2021 |
|
2020 |
|
2021 |
|
2021 |
||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income |
|
$ |
(1,260 |
) |
|
$ |
(51,093 |
) |
|
$ |
1,103 |
|
|
$ |
1,432 |
|
Adjustment to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
27,210 |
|
|
|
27,021 |
|
|
|
6,922 |
|
|
|
6,843 |
|
Impairment loss |
|
|
— |
|
|
|
47,828 |
|
|
|
— |
|
|
|
— |
|
Loss on disposal of asset |
|
|
125 |
|
|
|
1,428 |
|
|
|
12 |
|
|
|
(4 |
) |
Stock-based compensation |
|
|
5,210 |
|
|
|
4,735 |
|
|
|
1,303 |
|
|
|
1,355 |
|
Amortization of debt issuance costs |
|
|
176 |
|
|
|
176 |
|
|
|
44 |
|
|
|
44 |
|
Allowance for credit losses |
|
|
365 |
|
|
|
2,910 |
|
|
|
(265 |
) |
|
|
31 |
|
Deferred income tax expense |
|
|
132 |
|
|
|
(9,153 |
) |
|
|
405 |
|
|
|
334 |
|
Other |
|
|
(150 |
) |
|
|
(193 |
) |
|
|
3 |
|
|
|
(8 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
(15,242 |
) |
|
|
17,400 |
|
|
|
4,605 |
|
|
|
(6,150 |
) |
Prepaid expenses and other assets |
|
|
(6,726 |
) |
|
|
2,423 |
|
|
|
(3,460 |
) |
|
|
(2,524 |
) |
Inventories |
|
|
(978 |
) |
|
|
(235 |
) |
|
|
(264 |
) |
|
|
371 |
|
Accounts payable |
|
|
2,959 |
|
|
|
3,051 |
|
|
|
(4,117 |
) |
|
|
(164 |
) |
Accrued liabilities |
|
|
4,652 |
|
|
|
(2,445 |
) |
|
|
(1,515 |
) |
|
|
6,096 |
|
Net cash provided by operating activities |
|
|
16,473 |
|
|
|
43,853 |
|
|
|
4,776 |
|
|
|
7,656 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in property, plant and equipment |
|
|
(19,638 |
) |
|
|
(4,661 |
) |
|
|
(5,936 |
) |
|
|
(5,985 |
) |
Proceeds from disposal of assets |
|
|
80 |
|
|
|
786 |
|
|
|
38 |
|
|
|
2 |
|
Cash received from insurance proceeds |
|
|
34 |
|
|
|
100 |
|
|
|
(1 |
) |
|
|
29 |
|
Net cash used in investing activities |
|
|
(19,524 |
) |
|
|
(3,775 |
) |
|
|
(5,899 |
) |
|
|
(5,954 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distribution and dividend paid to |
|
|
(19,205 |
) |
|
|
(19,026 |
) |
|
|
(4,805 |
) |
|
|
(4,806 |
) |
Share repurchases |
|
|
— |
|
|
|
(26,717 |
) |
|
|
— |
|
|
|
— |
|
Payments under finance leases |
|
|
(30 |
) |
|
|
(35 |
) |
|
|
(7 |
) |
|
|
(11 |
) |
Payments under insurance premium financing |
|
|
(657 |
) |
|
|
— |
|
|
|
(247 |
) |
|
|
(246 |
) |
Proceeds from stock option exercises |
|
|
13 |
|
|
|
64 |
|
|
|
1 |
|
|
|
— |
|
Payments for shares withheld for taxes from RSU vesting and cancelled |
|
|
(786 |
) |
|
|
(276 |
) |
|
|
— |
|
|
|
(84 |
) |
Payments related to purchase of treasury stock |
|
|
— |
|
|
|
(454 |
) |
|
|
— |
|
|
|
— |
|
Distribution to |
|
|
(153 |
) |
|
|
(150 |
) |
|
|
(153 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(20,818 |
) |
|
|
(46,594 |
) |
|
|
(5,211 |
) |
|
|
(5,147 |
) |
Net decrease in cash and cash equivalents |
|
|
(23,869 |
) |
|
|
(6,516 |
) |
|
|
(6,334 |
) |
|
|
(3,445 |
) |
Cash and cash equivalents at beginning of period |
|
|
60,366 |
|
|
|
66,882 |
|
|
|
42,831 |
|
|
|
46,276 |
|
Cash and cash equivalents at end of period |
|
$ |
36,497 |
|
|
$ |
60,366 |
|
|
$ |
36,497 |
|
|
$ |
42,831 |
|
Non-cash activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Employee retention credit |
|
$ |
1,900 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,900 |
|
Investing: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capitalized depreciation in property, plant and equipment |
|
|
3,129 |
|
|
|
613 |
|
|
|
869 |
|
|
|
1,971 |
|
Capitalized stock based compensation |
|
|
299 |
|
|
|
255 |
|
|
|
71 |
|
|
|
77 |
|
Property and equipment additions incurred but not paid at period-end |
|
|
206 |
|
|
|
172 |
|
|
|
206 |
|
|
|
323 |
|
Property, plant and equipment additions transferred from inventory |
|
|
920 |
|
|
|
358 |
|
|
|
(38 |
) |
|
|
30 |
|
Financing: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Insurance premium financing |
|
|
246 |
|
|
|
— |
|
|
|
246 |
|
|
|
410 |
|
Cash paid for: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest |
|
|
132 |
|
|
|
282 |
|
|
|
33 |
|
|
|
33 |
|
Income taxes |
|
|
325 |
|
|
|
796 |
|
|
|
— |
|
|
|
— |
|
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 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.
We believe that our presentation of EBITDA and Adjusted EBITDA provides 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 net income to EBITDA and Adjusted EBITDA for each of the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three months ended |
|
Year ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) |
|
$ |
1,103 |
|
|
$ |
(2,841 |
) |
|
$ |
1,432 |
|
|
$ |
(1,260 |
) |
|
$ |
(51,093 |
) |
Depreciation and amortization |
|
|
6,923 |
|
|
|
6,643 |
|
|
|
6,842 |
|
|
|
27,210 |
|
|
|
27,021 |
|
Interest expense, net |
|
|
77 |
|
|
|
198 |
|
|
|
66 |
|
|
|
247 |
|
|
|
162 |
|
Income taxes (1) |
|
|
549 |
|
|
|
(776 |
) |
|
|
507 |
|
|
|
626 |
|
|
|
(8,969 |
) |
EBITDA |
|
$ |
8,652 |
|
|
$ |
3,224 |
|
|
$ |
8,847 |
|
|
$ |
26,823 |
|
|
$ |
(32,879 |
) |
Stock-based compensation expense (2) |
|
|
1,303 |
|
|
|
1,003 |
|
|
|
1,355 |
|
|
|
5,210 |
|
|
|
4,735 |
|
Employee retention credit (3) |
|
|
35 |
|
|
|
— |
|
|
|
(2,992 |
) |
|
|
(2,957 |
) |
|
|
— |
|
Loss on disposal of assets |
|
|
12 |
|
|
|
(23 |
) |
|
|
(4 |
) |
|
|
125 |
|
|
|
1,428 |
|
Impairment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,828 |
|
Severance expense |
|
|
— |
|
|
|
5 |
|
|
|
41 |
|
|
|
41 |
|
|
|
547 |
|
Credit losses |
|
|
(264 |
) |
|
|
30 |
|
|
|
30 |
|
|
|
365 |
|
|
|
2,728 |
|
Other write-offs (4) |
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
601 |
|
Transaction costs (5) |
|
|
49 |
|
|
|
603 |
|
|
|
385 |
|
|
|
459 |
|
|
|
603 |
|
Adjusted EBITDA |
|
$ |
9,787 |
|
|
$ |
4,854 |
|
|
$ |
7,662 |
|
|
$ |
30,066 |
|
|
$ |
25,591 |
|
1) |
Federal and state income taxes. |
|
2) |
Represents stock-based compensation expense related to restricted stock awards. |
|
3) |
Employee retention credit as part of Consolidated Appropriations Act of 2021, net of administrative fees. |
|
4) |
Write-off of certain prepaid and cancelled purchase orders. |
|
5) |
Costs related to the evaluation of potential acquisitions. |
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
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
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three months ended |
|
Year ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
||||||||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to Solaris |
|
$ |
638 |
|
|
$ |
(1,436 |
) |
|
$ |
874 |
|
|
$ |
(868 |
) |
|
$ |
(29,341 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reallocation of net income (loss) attributable to non-controlling interests from the assumed exchange of LLC Interests (1) |
|
|
465 |
|
|
|
(1,405 |
) |
|
|
558 |
|
|
|
(392 |
) |
|
|
(21,752 |
) |
Employee retention credit (2) |
|
|
35 |
|
|
|
— |
|
|
|
(2,992 |
) |
|
|
(2,957 |
) |
|
|
— |
|
Loss on disposal of assets |
|
|
12 |
|
|
|
(23 |
) |
|
|
(4 |
) |
|
|
125 |
|
|
|
1,428 |
|
Credit losses |
|
|
(264 |
) |
|
|
30 |
|
|
|
30 |
|
|
|
365 |
|
|
|
2,728 |
|
Impairment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,828 |
|
Severance expense |
|
|
— |
|
|
|
5 |
|
|
|
41 |
|
|
|
41 |
|
|
|
547 |
|
Other write-offs (3) |
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
601 |
|
Transaction costs (4) |
|
|
49 |
|
|
|
603 |
|
|
|
385 |
|
|
|
459 |
|
|
|
603 |
|
Incremental income tax benefit (expense) |
|
|
102 |
|
|
|
(136 |
) |
|
|
515 |
|
|
|
672 |
|
|
|
(9,281 |
) |
Adjusted pro forma net income (loss) |
|
$ |
1,037 |
|
|
$ |
(2,350 |
) |
|
$ |
(593 |
) |
|
$ |
(2,555 |
) |
|
$ |
(6,639 |
) |
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average shares of Class A common stock outstanding |
|
|
31,129 |
|
|
|
28,944 |
|
|
|
31,058 |
|
|
|
30,786 |
|
|
|
28,915 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assumed exchange of Solaris LLC Units for shares of Class A common stock (1) |
|
|
13,785 |
|
|
|
15,683 |
|
|
|
13,819 |
|
|
|
14,034 |
|
|
|
15,842 |
|
Adjusted pro forma fully weighted average shares of Class A common stock outstanding - diluted |
|
|
44,914 |
|
|
|
44,627 |
|
|
|
44,877 |
|
|
|
44,820 |
|
|
|
44,757 |
|
Adjusted pro forma earnings per share - diluted |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.15 |
) |
(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) |
Employee retention credit as part of Consolidated Appropriations Act of 2021, net of administrative fees. |
|
(3) |
Write-off of certain prepaid and cancelled purchase orders. |
|
(4) |
Costs related to the evaluation of potential acquisitions. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220221005444/en/
Senior Vice President, Finance and Investor Relations
(281) 501-3070
IR@solarisoilfield.com
Source:
FAQ
What were Solaris Oilfield Infrastructure's Q4 2021 earnings?
How did Solaris' revenues change in Q4 2021?
What is Solaris' Adjusted EBITDA for Q4 2021?
How much cash has Solaris returned to shareholders since 2018?
What is Solaris Oilfield Infrastructure's liquidity position?
