SELECT WATER SOLUTIONS ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS AND OPERATIONAL UPDATES
Generated revenue of
On a year-over-year basis, net income increased
Delivered
Returned
During the second quarter, Select realigned its reportable segments to better reflect how its businesses are managed and provide enhanced visibility into each business' financial performance
John Schmitz, Chairman of the Board, President and CEO, stated, "The second quarter saw solid margin improvement resulting from our continued focus on operational integration and improved efficiency across the business. This focus, along with resilience in our production-weighted infrastructure and specialty chemistry businesses, led to
"The second quarter also provided strong cash flows, buoyed by a significant reduction in our working capital, including a
"Additionally, during the second quarter, we decided to reallocate our legacy water sourcing and certain temporary water logistics operations from our Water Infrastructure segment into our Water Services segment. We remain steadfast in our vision to be the recognized leader and trusted partner in sustainable water management solutions, and we believe our continued dedication to achieving operational excellence across the entire organization will further enhance that vision. While Select was originally built as a completions-oriented service business, we have expanded and diversified into something much greater, and we continue to see the recognition of this value-added proposition across our customer base. These changes will allow us to better manage our operations and more efficiently deploy capital across the organization.
"This segment realignment will provide improved clarity around the near-term operational and margin performance of the Water Services segment as well as its long-term value creation opportunities. Similarly, this change will enable us to better capture operational synergies and efficiencies between our water sourcing business and our completions-oriented water transfer business. For the Water Infrastructure segment, following this change the segment's revenues will now be derived from sustainable recycling, pipeline, or disposal revenues substantially all of which are either under long-term contracts or are production-related in nature, generating higher gross margins and adding more stability to the segment's operations than ever before.
"This realignment will also allow our Water Infrastructure segment leadership to dedicate their efforts full time to our highest priority business development opportunities – brownfield gathering infrastructure and disposal projects and greenfield recycling projects backed by long-term contracts. Our net capital expenditure forecast adjusts slightly to
"To put the evolution of our business into perspective, if you look back at Select's previous peak performance in 2018, Water Infrastructure and Chemical Technologies, recast in accordance with the segment realignment, accounted for approximately
"Finally, we are confident in our ability to continue to improve the operational performance of the business and we reaffirm our robust free cash flow outlook for the year. We will remain steadfastly focused on improving our operating margins, growing our free cash flow and executing on the meaningful opportunities that lie ahead to continue developing our sustainable water infrastructure and specialty chemistry solutions. I look forward to building upon our strong first half results, while significantly expanding our free cash flow generation during the remainder of 2023. This will provide ample opportunities for incremental growth, while also allowing us to advance our support of committed capital returns for our shareholders," concluded Schmitz.
During the quarter ended June 30, 2023, Select realigned its reportable segments to better reflect its strategy, how its businesses are managed and provide greater visibility into each business' financial performance. As a result of these changes, Select's legacy water sourcing and certain temporary water logistics service offerings which were previously reported in the Water Infrastructure segment are now included in the Water Services segment. Additionally, the Company's Oilfield Chemicals segment has been renamed Chemical Technologies. For more information regarding these changes, see below under "Changes in Segment Reporting."
The financial information for the second quarter of 2023 in this press release is presented under the realigned segment structure, and the historical financial information for prior periods has been recast to conform to the realigned segment structure. The changes in segment reporting have no impact on the Company's historical consolidated financial position, results of operations or cash flows.
Additional recast historical segment information that conforms to the new reporting structure is available as supplemental financial information in a presentation posted to the "Investors" section of the Company's website at www.investors.selectwater.com. Alternatively, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") concurrent with this release.
Second Quarter 2023 Consolidated Financial Information
Revenue for the second quarter of 2023 was
For the second quarter of 2023, gross profit was
Selling, General & Administrative expenses ("SG&A") during the second quarter of 2023 was
Adjusted EBITDA was
Business Segment Information
The Water Services segment generated revenues of
The Water Infrastructure segment generated revenues of
The Chemical Technologies segment generated revenues of
Cash Flow and Capital Expenditures
Cash flow from operations for the second quarter of 2023 was
Net capital expenditures for the second quarter of 2023 were
Cash flow used in investing activities during the second quarter of 2023 also included
Balance Sheet and Capital Structure
Total cash and cash equivalents were
As of June 30, 2023 and March 31, 2023, the borrowing base under the sustainability-linked credit facility was
Total liquidity was
Changes to Segment Reporting
The Company has three reportable segments: Water Services, Water Infrastructure and Chemical Technologies. Effective June 1, 2023, the Company began to strategically manage certain water sourcing and temporary water logistics operations, previously included in our Water Infrastructure segment, as part of our Water Services segment. These changes were driven by several factors, including that our legacy fresh and brackish water sourcing business works more closely with our temporary water transfer operations that are within Water Services, the continued transition of completions water demand from fresh and brackish water to recycled water, as well as the diversifying demand for these water logistics services beyond the immediate vicinity of our existing pipeline infrastructure. Due to this ongoing evolution, the Company concluded that the Water Services segment management is best suited to manage these operations. Due to the expertise of such management, it is anticipated that more efficient sharing and utilization of resources will yield potential synergies over time.
Following these changes, the Water Infrastructure segment will be specifically dedicated to the Company's strategic efforts and near-term growth priorities around increasing production-weighted and long-term contracted revenues around fixed pipelines and recycling and disposal facilities.
Concurrently, the Company has also renamed its Oilfield Chemicals segment as Chemical Technologies. This change was based on a number of factors including the continued success of Select's chemicals business in delivering customized, specialty chemical products developed through proprietary research and development efforts, the deemphasis of certain traditional commoditized chemistry products within the oil and gas industry, and the continued investments in time and resources to develop, manufacture and sell specialty chemical products for non-oilfield industrial-related applications. This segment name change is a naming convention-only modification and did not impact any current or prior year numbers. Overall, we believe these segment changes better align the business with the current and future state of the Company's operations and capital allocation and strategic objectives.
Following these changes, Select will continue to operate multiple service lines, aggregated into three reportable segments, Water Services, Water Infrastructure and Chemical Technologies.
The Water Services reportable segment will consist of:
- Water Sourcing (previously reported in Water Infrastructure);
- Water Transfer (including certain water logistics operations previously reported in Water Infrastructure);
- Water Containment;
- Water Monitoring;
- Flowback & Well Testing;
- Fluids Hauling; and
- Accommodations and Rentals.
The Water Infrastructure reportable segment will consist of:
- Water Recycling & Reuse;
- Gathering & Distribution Pipelines; and
- Fluid Disposal.
The Chemical Technologies reportable segment's service lines remain unchanged, consisting of:
- Chemical Manufacturing;
- Completion Chemicals; and
- Water Treatment.
The changes in segment reporting have no impact on the Company's historical consolidated financial position, results of operations or cash flows; however, prior periods have been recast to include the water sourcing and water logistics operations within the Water Services segment and remove the results of those operations from the Water Infrastructure segment.
Additional recast historical segment information that conforms to the new reporting structure is available as supplemental financial information in a presentation posted to the "Investors" section of the Company's website at www.investors.selectwater.com. Alternatively, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") concurrent with this release.
Second Quarter Earnings Conference Call
Select has scheduled a conference call on Thursday, August 3, 2023 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://investors.selectwater.com/events-presentations/current. A telephonic replay of the conference call will be available through August 17, 2023 and may be accessed by calling 201-612-7415 using passcode 13740154#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About Select Water Solutions, Inc.
Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the Company's continued success. For more information, please visit Select's website, https://www.selectwater.com/.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "intend," "project," "will," "estimate" and other similar expressions. Examples of forward-looking statements include, but are not limited to, the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. 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. These risks and uncertainties include the risks that the benefits contemplated from our recent acquisitions may not be realized, the ability of Select to successfully integrate the acquired businesses' operations, including employees, and realize anticipated synergies and cost savings and the potential impact of the consummation of the acquisitions on relationships, including with employees, suppliers, customers, competitors and creditors. Factors that could materially impact such forward-looking statements include, but are not limited to: the global macroeconomic uncertainty related to the
Contacts: | Select Water Solutions, Inc. |
Chris George – Senior Vice President, Corporate | |
Development, Investor Relations & Sustainability | |
(713) 296-1073 | |
Dennard Lascar Investor Relations | |
Ken Dennard / Natalie Hairston | |
(713) 529-6600 | |
WTTR-ER
SELECT WATER SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Revenue | ||||||||||||
Water Services | $ | 264,597 | $ | 230,502 | $ | 539,275 | $ | 429,122 | ||||
Water Infrastructure | 55,277 | 25,778 | 110,743 | 49,318 | ||||||||
Chemical Technologies | 84,754 | 79,623 | 171,202 | 152,232 | ||||||||
Total revenue | 404,628 | 335,903 | 821,220 | 630,672 | ||||||||
Costs of revenue | ||||||||||||
Water Services | 206,576 | 187,675 | 426,517 | 353,391 | ||||||||
Water Infrastructure | 34,392 | 15,324 | 68,726 | 31,032 | ||||||||
Chemical Technologies | 67,303 | 67,988 | 137,012 | 130,151 | ||||||||
Other | — | 1 | — | 1 | ||||||||
Depreciation and amortization | 35,183 | 29,253 | 68,126 | 55,753 | ||||||||
Total costs of revenue | 343,454 | 300,241 | 700,381 | 570,328 | ||||||||
Gross profit | 61,174 | 35,662 | 120,839 | 60,344 | ||||||||
Operating expenses | ||||||||||||
Selling, general and administrative | 34,335 | 26,695 | 70,164 | 55,010 | ||||||||
Depreciation and amortization | 739 | 526 | 1,334 | 1,093 | ||||||||
Impairments and abandonments | 356 | — | 11,522 | — | ||||||||
Lease abandonment costs | 9 | 162 | 85 | 253 | ||||||||
Total operating expenses | 35,439 | 27,383 | 83,105 | 56,356 | ||||||||
Income from operations | 25,735 | 8,279 | 37,734 | 3,988 | ||||||||
Other income (expense) | ||||||||||||
(Loss) gain on sales of property and equipment and divestitures, net | (1,246) | 731 | 1,665 | 2,384 | ||||||||
Interest expense, net | (2,042) | (494) | (3,525) | (1,214) | ||||||||
Foreign currency gain (loss), net | 1 | (6) | (3) | (3) | ||||||||
Bargain purchase gain | — | 5,607 | — | 17,041 | ||||||||
Other | 872 | 875 | 1,718 | 1,124 | ||||||||
Income before income tax expense | 23,320 | 14,992 | 37,589 | 23,320 | ||||||||
Income tax expense | (387) | (182) | (585) | (396) | ||||||||
Equity in losses of unconsolidated entities | (372) | (229) | (738) | (358) | ||||||||
Net income | 22,561 | 14,581 | 36,266 | 22,566 | ||||||||
Less: net income attributable to noncontrolling interests | (2,446) | (2,078) | (3,804) | (3,261) | ||||||||
Net income attributable to Select Water Solutions, Inc. | $ | 20,115 | $ | 12,503 | $ | 32,462 | $ | 19,305 | ||||
Net income per share attributable to common stockholders: | ||||||||||||
Class A—Basic | $ | 0.20 | $ | 0.13 | $ | 0.31 | $ | 0.21 | ||||
Class B—Basic | $ | — | $ | — | $ | — | $ | — | ||||
Net income per share attributable to common stockholders: | ||||||||||||
Class A—Diluted | $ | 0.20 | $ | 0.13 | $ | 0.31 | $ | 0.20 | ||||
Class B—Diluted | $ | — | $ | — | $ | — | $ | — | ||||
SELECT WATER SOLUTIONS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) | |||||||||
June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 10,562 | $ | 6,028 | $ | 7,322 | |||
Accounts receivable trade, net of allowance for credit losses | 430,765 | 492,613 | 429,983 | ||||||
Accounts receivable, related parties | 290 | 607 | 5,087 | ||||||
Inventories | 42,893 | 40,846 | 41,164 | ||||||
Prepaid expenses and other current assets | 36,483 | 39,774 | 34,380 | ||||||
Total current assets | 520,993 | 579,868 | 517,936 | ||||||
Property and equipment | 1,120,626 | 1,112,899 | 1,084,005 | ||||||
Accumulated depreciation | (609,392) | (597,861) | (584,451) | ||||||
Total property and equipment, net | 511,234 | 515,038 | 499,554 | ||||||
Right-of-use assets, net | 41,923 | 44,562 | 47,662 | ||||||
Goodwill | 4,683 | — | — | ||||||
Other intangible assets, net | 125,514 | 125,799 | 138,800 | ||||||
Other long-term assets, net | 22,745 | 19,985 | 18,901 | ||||||
Total assets | $ | 1,227,092 | $ | 1,285,252 | $ | 1,222,853 | |||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 47,387 | $ | 77,585 | $ | 61,539 | |||
Accrued accounts payable | 75,872 | 75,625 | 67,462 | ||||||
Accounts payable and accrued expenses, related parties | 3,057 | 4,469 | 3,305 | ||||||
Accrued salaries and benefits | 24,613 | 15,431 | 28,686 | ||||||
Accrued insurance | 17,714 | 23,503 | 26,180 | ||||||
Sales tax payable | 3,655 | 4,036 | 3,056 | ||||||
Accrued expenses and other current liabilities | 19,301 | 19,783 | 23,292 | ||||||
Current operating lease liabilities | 16,162 | 16,898 | 17,751 | ||||||
Current portion of finance lease obligations | 15 | 19 | 19 | ||||||
Total current liabilities | 207,776 | 237,349 | 231,290 | ||||||
Long-term operating lease liabilities | 40,712 | 43,372 | 46,388 | ||||||
Long-term debt | 65,000 | 75,500 | 16,000 | ||||||
Other long-term liabilities | 49,651 | 45,696 | 45,447 | ||||||
Total liabilities | 363,139 | 401,917 | 339,125 | ||||||
Commitments and contingencies | |||||||||
Class A common stock, | 1,038 | 1,090 | 1,094 | ||||||
Class A-2 common stock, | — | — | — | ||||||
Class B common stock, | 162 | 162 | 162 | ||||||
Preferred stock, | — | — | — | ||||||
Additional paid-in capital | 1,023,370 | 1,063,149 | 1,075,915 | ||||||
Accumulated deficit | (278,732) | (298,847) | (311,194) | ||||||
Total stockholders' equity | 745,838 | 765,554 | 765,977 | ||||||
Noncontrolling interests | 118,115 | 117,781 | 117,751 | ||||||
Total equity | 863,953 | 883,335 | 883,728 | ||||||
Total liabilities and equity | $ | 1,227,092 | $ | 1,285,252 | $ | 1,222,853 | |||
SELECT WATER SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||
Cash flows from operating activities | |||||||||||||||
Net income | $ | 22,561 | $ | 13,705 | $ | 14,581 | $ | 36,266 | $ | 22,566 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||
Depreciation and amortization | 35,922 | 33,538 | 29,779 | 69,460 | 56,846 | ||||||||||
Loss (gain) on disposal of property and equipment and divestitures | 1,246 | (2,911) | (731) | (1,665) | (2,384) | ||||||||||
Equity in losses of unconsolidated entities | 372 | 366 | 229 | 738 | 358 | ||||||||||
Bad debt expense | 856 | 1,975 | 692 | 2,831 | 1,263 | ||||||||||
Amortization of debt issuance costs | 122 | 122 | 123 | 244 | 417 | ||||||||||
Inventory adjustments | 367 | 75 | 189 | 442 | 189 | ||||||||||
Equity-based compensation | 4,809 | 2,964 | 3,944 | 7,773 | 7,219 | ||||||||||
Impairment and abandonments | 356 | 11,166 | — | 11,522 | — | ||||||||||
Bargain purchase gain | — | — | (5,607) | — | (17,041) | ||||||||||
Unrealized loss on short-term investment | — | — | — | — | 40 | ||||||||||
Other operating items, net | (462) | (442) | (577) | (904) | (478) | ||||||||||
Changes in operating assets and liabilities | |||||||||||||||
Accounts receivable | 61,308 | (64,922) | (43,031) | (3,614) | (89,653) | ||||||||||
Prepaid expenses and other assets | (1,753) | (5,431) | 1,066 | (7,184) | 5,620 | ||||||||||
Accounts payable and accrued liabilities | (23,739) | (8,221) | 10,425 | (31,960) | 7,570 | ||||||||||
Net cash provided by (used in) operating activities | 101,965 | (18,016) | 11,082 | 83,949 | (7,468) | ||||||||||
Cash flows from investing activities | |||||||||||||||
Purchase of property and equipment | (39,350) | (27,885) | (15,513) | (67,235) | (30,976) | ||||||||||
Purchase of equity method investments | (500) | — | (800) | (500) | (4,267) | ||||||||||
Collection of note receivable | — | — | — | — | 184 | ||||||||||
Distribution from cost method investment | — | — | 40 | — | 60 | ||||||||||
Acquisitions, net of cash and restricted cash received | (4,000) | (9,418) | (1,084) | (13,418) | 5,857 | ||||||||||
Proceeds received from sales of property and equipment | 3,077 | 6,724 | 5,560 | 9,801 | 17,683 | ||||||||||
Other | — | — | — | — | (429) | ||||||||||
Net cash used in investing activities | (40,773) | (30,579) | (11,797) | (71,352) | (11,888) | ||||||||||
Cash flows from financing activities | |||||||||||||||
Borrowings from revolving line of credit | 28,500 | 76,750 | 10,000 | 105,250 | 30,000 | ||||||||||
Payments on revolving line of credit | (39,000) | (17,250) | (10,000) | (56,250) | (30,000) | ||||||||||
Payments on long-term debt | — | — | — | — | (18,780) | ||||||||||
Payments of finance lease obligations | (5) | (5) | (42) | (10) | (103) | ||||||||||
Payment of debt issuance costs | — | — | (113) | — | (2,144) | ||||||||||
Dividends paid | (5,880) | (6,206) | — | (12,086) | — | ||||||||||
Proceeds from share issuance | — | — | 13 | — | 25 | ||||||||||
Contributions from noncontrolling interests | — | 4,950 | — | 4,950 | — | ||||||||||
Distributions to noncontrolling interests | (1,581) | — | — | (1,581) | — | ||||||||||
Repurchase of common stock | (38,694) | (10,935) | (787) | (49,629) | (19,695) | ||||||||||
Net cash (used in) provided by financing activities | (56,660) | 47,304 | (929) | (9,356) | (40,697) | ||||||||||
Effect of exchange rate changes on cash | 2 | (3) | (13) | (1) | (6) | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,534 | (1,294) | (1,657) | 3,240 | (60,059) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 6,028 | 7,322 | 27,399 | 7,322 | 85,801 | ||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 10,562 | $ | 6,028 | $ | 25,742 | $ | 10,562 | $ | 25,742 | |||||
Comparison of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with accounting principles generally accepted in the
Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures 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 our net income, which is the most directly comparable GAAP measure for the periods presented:
Three months ended, | |||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||
(unaudited) | |||||||||||
(in thousands) | |||||||||||
Net income | $ | 22,651 | $ | 13,705 | $ | 14,581 | |||||
Interest expense, net | 2,042 | 1,483 | 494 | ||||||||
Income tax expense | 387 | 198 | 182 | ||||||||
Depreciation and amortization | 35,922 | 33,538 | 29,779 | ||||||||
EBITDA | 60,912 | 48,924 | 45,036 | ||||||||
Trademark abandonment | — | 11,106 | — | ||||||||
Other impairments and abandonments | 356 | 60 | — | ||||||||
Bargain purchase gain | — | — | (5,607) | ||||||||
Non-cash loss on sale of assets or subsidiaries | 1,426 | 823 | 1,013 | ||||||||
Non-cash compensation expenses | 4,809 | 2,964 | 3,944 | ||||||||
Non-recurring transaction costs | 1,963 | 2,881 | 2,879 | ||||||||
Lease abandonment costs | 9 | 76 | 162 | ||||||||
Equity in losses of unconsolidated entities | 372 | 366 | 229 | ||||||||
Foreign currency loss (gain), net | (1) | 4 | 6 | ||||||||
Adjusted EBITDA | $ | 69,846 | $ | 67,204 | $ | 47,662 | |||||
The following table presents a reconciliation of gross profit before D&A to total gross profit, which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:
Three months ended, | ||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||
(unaudited) | ||||||||||
(in thousands) | ||||||||||
Gross profit by segment | ||||||||||
Water Services | $ | 34,881 | $ | 32,137 | $ | 23,582 | ||||
Water Infrastructure | 11,512 | 12,872 | 2,892 | |||||||
Chemical Technologies | 14,782 | 14,656 | 9,188 | |||||||
Other | — | — | (1) | |||||||
As reported gross profit | 61,175 | 59,665 | 35,661 | |||||||
Plus depreciation and amortization | ||||||||||
Water Services | 23,140 | 22,600 | 19,245 | |||||||
Water Infrastructure | 9,373 | 8,260 | 7,562 | |||||||
Chemical Technologies | 2,669 | 2,083 | 2,447 | |||||||
Other | — | — | — | |||||||
Total depreciation and amortization | 35,182 | 32,943 | 29,254 | |||||||
Gross profit before D&A | $ | 96,357 | $ | 92,608 | $ | 64,915 | ||||
Gross profit before D&A by segment | ||||||||||
Water Services | 58,021 | 54,737 | 42,827 | |||||||
Water Infrastructure | 20,885 | 21,132 | 10,454 | |||||||
Chemical Technologies | 17,451 | 16,739 | 11,635 | |||||||
Other | — | — | (1) | |||||||
Total gross profit before D&A | $ | 96,357 | $ | 92,608 | $ | 64,915 | ||||
Gross margin before D&A by segment | ||||||||||
Water Services | 21.9 % | 19.9 % | 18.6 % | |||||||
Water Infrastructure | 37.8 % | 38.1 % | 40.6 % | |||||||
Chemical Technologies | 20.6 % | 19.4 % | 14.6 % | |||||||
Other | n/a | n/a | n/a | |||||||
Total gross margin before D&A | 23.8 % | 22.2 % | 19.3 % | |||||||
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SOURCE Select Water Solutions
