- GAAP and adjusted EPS for the quarter of $0.34 and $0.38 per
diluted share, respectively
- Cash flow from operations of $76.7
million for the quarter
- Balance sheet strengthened with additional $25 million of debt extinguished
- Full year 2023 financial guidance reaffirmed
KATY,
Texas, Nov. 3, 2023 /PRNewswire/ -- U.S. Silica
Holdings, Inc. (NYSE: SLCA) (the "Company"), a diversified
industrial minerals company and the leading last-mile logistics
provider to the oil and gas industry, today announced its third
quarter results for the period ended September 30, 2023.
"During the third quarter, we continued to advance our
two-pronged growth strategy of expanding our Industrial &
Specialty Products segment while strengthening our financial
foundation," said Bryan Shinn, the
Company's Chief Executive Officer. "We generated healthy cash flow
from operations and Adjusted EBITDA, driven by strong customer
demand compared to historical averages and supported by our lean
cost structure. We also repurchased and extinguished an additional
$25 million of debt, improving our
balance sheet and leverage profile.
"In our Oil & Gas segment, the sequential decrease in
drilling and completions activity drove lower demand for our
products and services across all basins. Despite this, our
financial results were strong compared to historical averages as
pricing remained attractive and our cost reduction efforts helped
to maintain high margin levels. Additionally, our new,
patent-pending Guardian frac fluid filtration system is performing
well and gaining momentum in the market. Frac companies that have
trialed the Guardian are achieving positive outcomes through
increased pump uptime and improved pump efficiency, with lower
repair and maintenance costs.
"As we guided on last quarter's call, our Industrial &
Specialty Products segment's volumes declined year-over-year due to
mild economic softness, particularly for building products,
diatomaceous earth fillers and filtration, and certain glass
customers that performed maintenance projects after several years
of high demand. Even so, we benefited from ongoing structural cost
reductions along with improved product mix from sales to new
markets, applications and products, as well as price increases, all
of which enabled us to maintain year-over-year profitability
levels.
"The strong results we've reported year-to-date give us
reasonable confidence in reaffirming our full year 2023 guidance.
Furthermore, our customer contracts, coupled with expected
incremental cost and productivity improvements, provide strong
visibility for the remainder of this year. We continue to expect
Adjusted EBITDA to increase approximately 25% year-over-year, with
robust cash flow from operations of approximately $265 million this year, while maintaining our
strong leverage profile."
Third Quarter 2023 Financial Highlights
Net income for the third quarter was $26.9 million, or $0.34 per diluted share. The third quarter
results were impacted by $3.8 million
pre-tax, or $0.04 per diluted share
after-tax, of charges primarily related to a non-recurring
adjustment to depreciation and the loss on extinguishment of debt,
resulting in adjusted EPS (a non-GAAP measure) of $0.38 per diluted share.
These results compared with net income of $46.3 million, or $0.59 per diluted share, for the second quarter
of 2023, which was impacted by $1.4
million pre-tax, or $0.01 per
diluted share after-tax, of charges primarily related to the loss
on extinguishment of debt, resulting in adjusted EPS (a non-GAAP
measure) of $0.60 per diluted
share.
In the third quarter of 2023, the Company completed a
$25 million voluntary term loan
principal repayment, extinguishing the debt at par using excess
cash on hand.
Total Company
In
millions
|
Q3 2023
|
Q2 2023
|
Sequential
Change
|
Q3 2022
|
Year-over-
year
Change
|
Revenue
|
$
367.0
|
$
406.8
|
(10) %
|
$
418.8
|
(12) %
|
Net Income
|
$
26.9
|
$
46.3
|
(42) %
|
$
32.1
|
(16) %
|
Tons Sold
|
4.121
|
4.459
|
(8) %
|
4.624
|
(11) %
|
Contribution
Margin*
|
$
129.2
|
$
150.7
|
(14) %
|
$
131.8
|
(2) %
|
Adjusted
EBITDA*
|
$
102.1
|
$
123.6
|
(17) %
|
$
102.7
|
(1) %
|
Oil & Gas Segment
- Third quarter 2023 results were driven by lower proppant
volumes, fewer SandBox loads, and a decrease in average selling
price per ton.
In
millions
|
Q3 2023
|
Q2 2023
|
Sequential
Change
|
Q3 2022
|
Year-over-
year
Change
|
Revenue
|
$
231.4
|
$
262.3
|
(12) %
|
$
267.5
|
(13) %
|
Tons Sold
|
3.122
|
3.419
|
(9) %
|
3.498
|
(11) %
|
Contribution
Margin*
|
$
82.9
|
$
99.1
|
(16) %
|
$
85.3
|
(3) %
|
Industrial & Specialty Products (ISP) Segment
- Third quarter 2023 results were impacted by lower activity
levels, partially offset by improvements in operational
efficiencies, price increases, and product mix.
In
millions
|
Q3 2023
|
Q2 2023
|
Sequential
Change
|
Q3 2022
|
Year-over-
year
Change
|
Revenue
|
$
135.5
|
$
144.5
|
(6) %
|
$
151.4
|
(10) %
|
Tons Sold
|
0.999
|
1.040
|
(4) %
|
1.126
|
(11) %
|
Contribution
Margin*
|
$
46.3
|
$
51.6
|
(10) %
|
$
46.5
|
— %
|
|
|
|
*Contribution Margin
and Adjusted EBITDA are non-GAAP financial measures; see the
discussion of non-GAAP information below and the reconciliation of
GAAP to non-GAAP results included as an exhibit to this press
release.
|
Capital Update
As of September 30, 2023, the Company had $222.4 million in cash and cash equivalents and
total debt of $867.6 million. The
Company's $150.0 million Revolver had
zero drawn with $20.8 million
allocated for letters of credit and availability of $129.2 million. During the third quarter of 2023,
the Company generated $76.7 million
in cash flow from operations while capital expenditures totaled
$13.6 million.
Outlook and Guidance
Looking forward to the fourth quarter, the Company's two
business segments remain well positioned in their respective
markets. The Company has a strong portfolio of industrial and
specialty products that serve numerous essential, high growth and
attractive end markets, supported by a robust pipeline of new
products under development. The Company also expects growth in its
underlying base business, coupled with pricing increases and market
share expansion.
The oil and gas industry is progressing through a multi-year
growth cycle. Constructive through-cycle commodity prices are
supportive of an active well completions environment over the next
few years. The Company has strong contractual commitments for its
sand production capacity for the remainder of this year and into
next year.
The Company remains focused on generating cash flow from
operations and de-levering the balance sheet. It expects to produce
significant operating cash flow in 2023, and projects investing at
the high-end of capital expenditures guidance ranging between
$60-$65
million for the year.
The Company will provide more specific outlook and guidance on
the upcoming conference call.
Conference Call
U.S. Silica will host a conference call for investors today,
November 3, 2023, at 7:30 a.m. Central
Time to discuss these results. Hosting the call will be
Bryan Shinn, Chief Executive Officer
and Kevin Hough, interim Executive
Vice President, Chief Financial Officer and Chief Accounting
Officer. Investors are invited to listen to a live webcast of the
conference call and find supporting materials by visiting the
"Investors- Events & Presentations" section of the Company's
website at www.ussilica.com. The webcast will be archived for one
year. The call can also be accessed live over the telephone by
dialing (877) 869-3847 or for international callers, (201)
689-8261. A replay will be available shortly after the call and can
be accessed by dialing (877) 660-6853 or for international callers,
(201) 612-7415. The conference ID for the replay is 13741846. The
replay will be available through December 3,
2023.
About U.S. Silica
U.S. Silica Holdings, Inc. is a global performance materials
company and is a member of the Russell 2000. The Company is a
leading producer of commercial silica used in the oil and gas
industry and in a wide range of industrial applications. Over its
123-year history, U.S. Silica has developed core competencies in
mining, processing, logistics and materials science that enable it
to produce and cost-effectively deliver over 600 diversified
products to customers across our end markets.
U.S. Silica's wholly-owned subsidiaries include EP Minerals and
SandBox Logistics™. EP Minerals is an industry leader in the
production of products derived from diatomaceous earth, perlite,
engineered clays, and non-activated clays. SandBox Logistics™ is a
state-of-the-art leader in proppant storage, handling and well-site
delivery, dedicated to making proppant logistics cleaner, safer and
more efficient. The Company has 27 operating mines and processing
facilities and two additional exploration stage properties across
the United States and is
headquartered in Katy, Texas.
Forward-looking Statements
This third quarter 2023 earnings release, as well as other
statements we make, contain "forward-looking statements" within the
meaning of the federal securities laws - that is, statements about
the future, not about past events. Forward-looking statements give
our current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future
performance and business. These statements may include words such
as "anticipate," "estimate," "expect," "project," "plan," "intend,"
"believe," "may," "will," "should," "could," "can have," "likely"
and other words and terms of similar meaning. Forward-looking
statements made include any statement that does not directly relate
to any historical or current fact and may include, but are not
limited to, statements regarding U.S. Silica's estimated and
projected costs and cost reduction programs, reserves and finished
products estimates, growth opportunities, strategy, future
financial results, forecasts, projections, plans and capital
expenditures, technological innovations, and the expected outcome
or impact of pending or threatened litigation. Forward-looking
statements are based on our current expectations and assumptions,
which may not prove to be accurate. These statements are not
guarantees and are subject to risks, uncertainties and changes in
circumstances that are difficult to predict. Many factors
could cause actual results to differ materially and adversely from
these forward-looking statements. Among these factors are global
economic conditions; heightened levels of inflation and rising
interest rates; supply chain and logistics constraints for our
company and our customers, fluctuations in demand for commercial
silica, diatomaceous earth, perlite, clay and cellulose;
fluctuations in demand for frac sand or the development of either
effective alternative proppants or new processes to replace
hydraulic fracturing; the entry of competitors into our
marketplace; changes in production spending by companies in the oil
and gas industry and changes in the level of oil and natural gas
exploration and development; changes in oil and gas inventories;
general economic, political and business conditions in key regions
of the world including the ongoing conflicts between
Russia and Ukraine and between Israel and Hamas; pricing pressure; cost
inflation; weather and seasonal factors; the cyclical nature of our
customers' business; our inability to meet our financial and
performance targets and other forecasts or expectations; our
substantial indebtedness and pension obligations, including
restrictions on our operations imposed by our indebtedness;
operational modifications, delays or cancellations; prices for
electricity, natural gas and diesel fuel; our ability to maintain
our transportation network; changes in government regulations and
regulatory requirements, including those related to mining,
explosives, chemicals, and oil and gas production; silica-related
health issues and corresponding litigation; and other risks and
uncertainties detailed in this press release and our most recent
Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S.
Securities and Exchange Commission. If one or more of these or
other risks or uncertainties materialize (or the consequences of
such a development changes), or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those reflected
in our forward-looking statements. The forward-looking
statements speak only as of the date hereof, and we disclaim any
intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events
or otherwise.
U.S. SILICA
HOLDINGS, INC. SELECTED FINANCIAL DATA FROM CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; dollars
in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
Total sales
|
$
366,961
|
|
$ 406,784
|
|
$
418,813
|
Total cost of sales
(excluding depreciation, depletion and
amortization)
|
240,957
|
|
259,773
|
|
291,520
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
29,287
|
|
28,694
|
|
33,933
|
Depreciation,
depletion and amortization
|
35,822
|
|
33,546
|
|
34,500
|
Total operating
expenses
|
65,109
|
|
62,240
|
|
68,433
|
Operating
income
|
60,895
|
|
84,771
|
|
58,860
|
Other (expense)
income:
|
|
|
|
|
|
Interest
expense
|
(26,039)
|
|
(25,987)
|
|
(20,174)
|
Other income, net,
including interest income
|
4,016
|
|
2,497
|
|
3,576
|
Total other
expense
|
(22,023)
|
|
(23,490)
|
|
(16,598)
|
Income before income
taxes
|
38,872
|
|
61,281
|
|
42,262
|
Income tax
expense
|
(12,064)
|
|
(15,137)
|
|
(10,259)
|
Net income
|
$
26,808
|
|
$
46,144
|
|
$
32,003
|
Less: Net loss
attributable to non-controlling interest
|
(101)
|
|
(115)
|
|
(68)
|
Net income
attributable to U.S. Silica Holdings, Inc.
|
$
26,909
|
|
$
46,259
|
|
$
32,071
|
|
|
|
|
|
|
Earnings per share
attributable to U.S. Silica Holdings, Inc.:
|
|
|
|
|
|
Basic
|
$
0.35
|
|
$
0.60
|
|
$
0.42
|
Diluted
|
$
0.34
|
|
$
0.59
|
|
$
0.41
|
Weighted average shares
outstanding:
|
|
|
|
|
|
Basic
|
77,125
|
|
77,089
|
|
75,587
|
Diluted
|
78,700
|
|
78,338
|
|
77,770
|
Dividends declared per
share
|
$
—
|
|
$
—
|
|
$
—
|
U.S. SILICA
HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (Dollars in thousands)
|
|
|
Unaudited
|
|
Audited
|
|
September 30,
2023
|
|
December 31,
2022
|
|
|
|
|
ASSETS
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
222,435
|
|
$
280,845
|
Accounts receivable,
net
|
183,434
|
|
208,631
|
Inventories,
net
|
162,636
|
|
147,626
|
Prepaid expenses and
other current assets
|
26,375
|
|
20,182
|
Total current
assets
|
594,880
|
|
657,284
|
Property, plant and
mine development, net
|
1,131,970
|
|
1,178,834
|
Lease right-of-use
assets
|
43,342
|
|
42,374
|
Goodwill
|
185,649
|
|
185,649
|
Intangible assets,
net
|
133,750
|
|
140,809
|
Other assets
|
11,383
|
|
9,630
|
Total
assets
|
$
2,100,974
|
|
$
2,214,580
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
Liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
161,797
|
|
$
216,239
|
Current portion of
operating lease liabilities
|
19,490
|
|
19,773
|
Current portion of
long-term debt
|
19,763
|
|
19,535
|
Current portion of
deferred revenue
|
5,479
|
|
16,275
|
Income tax
payable
|
2,458
|
|
128
|
Total current
liabilities
|
208,987
|
|
271,950
|
Long-term debt,
net
|
847,849
|
|
1,037,458
|
Deferred
revenue
|
13,100
|
|
14,477
|
Liability for pension
and other post-retirement benefits
|
24,627
|
|
30,911
|
Deferred income taxes,
net
|
94,000
|
|
64,636
|
Operating lease
liabilities
|
58,922
|
|
64,478
|
Other long-term
liabilities
|
28,467
|
|
25,976
|
Total
liabilities
|
1,275,952
|
|
1,509,886
|
Stockholders'
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
—
|
Common stock
|
877
|
|
854
|
Additional paid-in
capital
|
1,245,551
|
|
1,234,834
|
Retained
deficit
|
(233,268)
|
|
(351,084)
|
Treasury stock, at
cost
|
(196,406)
|
|
(186,196)
|
Accumulated other
comprehensive income (loss)
|
1,578
|
|
(1,723)
|
Total U.S. Silica
Holdings, Inc. stockholders' equity
|
818,332
|
|
696,685
|
Non-controlling
interest
|
6,690
|
|
8,009
|
Total stockholders'
equity
|
825,022
|
|
704,694
|
Total liabilities and
stockholders' equity
|
$
2,100,974
|
|
$
2,214,580
|
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses
to evaluate our operating performance and to determine resource
allocation between segments. Segment contribution margin excludes
selling, general, and administrative costs, corporate costs, plant
capacity expansion expenses, and facility closure costs.
The following table sets forth a reconciliation of net income,
the most directly comparable GAAP financial measure, to segment
contribution margin.
(All amounts
in thousands)
|
Three Months
Ended
|
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
Sales:
|
|
|
|
|
|
Oil & Gas
Proppants
|
$
231,426
|
|
$
262,285
|
|
$
267,461
|
Industrial &
Specialty Products
|
135,535
|
|
144,499
|
|
151,352
|
Total sales
|
366,961
|
|
406,784
|
|
418,813
|
Segment contribution
margin:
|
|
|
|
|
|
Oil & Gas
Proppants
|
82,890
|
|
99,069
|
|
85,295
|
Industrial &
Specialty Products
|
46,347
|
|
51,595
|
|
46,526
|
Total segment
contribution margin
|
129,237
|
|
150,664
|
|
131,821
|
Operating activities
excluded from segment cost of sales
|
(3,233)
|
|
(3,653)
|
|
(4,528)
|
Selling, general and
administrative
|
(29,287)
|
|
(28,694)
|
|
(33,933)
|
Depreciation, depletion
and amortization
|
(35,822)
|
|
(33,546)
|
|
(34,500)
|
Interest
expense
|
(26,039)
|
|
(25,987)
|
|
(20,174)
|
Other income, net,
including interest income
|
4,016
|
|
2,497
|
|
3,576
|
Income tax
expense
|
(12,064)
|
|
(15,137)
|
|
(10,259)
|
Net income
|
$
26,808
|
|
$
46,144
|
|
$
32,003
|
Less: Net loss
attributable to non-controlling interest
|
(101)
|
|
(115)
|
|
(68)
|
Net income
attributable to U.S. Silica Holdings, Inc.
|
$
26,909
|
|
$
46,259
|
|
$
32,071
|
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or
liquidity under GAAP and should not be considered as an alternative
to net income (loss) as a measure of operating performance, cash
flows from operating activities as a measure of liquidity or any
other performance measure derived in accordance with GAAP.
Additionally, Adjusted EBITDA is not intended to be a measure of
free cash flow for management's discretionary use, as it does not
consider certain cash requirements such as interest payments, tax
payments and debt service requirements. Adjusted EBITDA contains
certain other limitations, including the failure to reflect our
cash expenditures, cash requirements for working capital needs and
cash costs to replace assets being depreciated and amortized, and
excludes certain charges that may recur in the future. Management
compensates for these limitations by relying primarily on our GAAP
results and by using Adjusted EBITDA only supplementally. Our
measure of Adjusted EBITDA is not necessarily comparable to other
similarly titled captions of other companies due to potential
inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income,
the most directly comparable GAAP financial measure, to Adjusted
EBITDA:
(All amounts in
thousands)
|
Three Months
Ended
|
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
Net income attributable
to U.S. Silica Holdings, Inc.
|
$
26,909
|
|
$
46,259
|
|
$
32,071
|
Total interest expense,
net of interest income
|
23,912
|
|
24,368
|
|
19,495
|
Provision for
taxes
|
12,064
|
|
15,137
|
|
10,259
|
Total depreciation,
depletion and amortization expenses
|
35,822
|
|
33,546
|
|
34,500
|
EBITDA
|
98,707
|
|
119,310
|
|
96,325
|
Non-cash incentive
compensation (1)
|
3,723
|
|
3,731
|
|
4,826
|
Post-employment
expenses (excluding service costs) (2)
|
(1,001)
|
|
(839)
|
|
(535)
|
Merger and acquisition
related expenses (3)
|
421
|
|
845
|
|
1,532
|
Plant capacity
expansion expenses (4)
|
59
|
|
32
|
|
32
|
Business optimization
projects (5)
|
—
|
|
90
|
|
550
|
Facility closure costs
(6)
|
123
|
|
71
|
|
270
|
Other adjustments
allowable under the Credit Agreement (7)
|
105
|
|
397
|
|
(286)
|
Adjusted
EBITDA
|
$
102,137
|
|
$
123,637
|
|
$
102,714
|
|
|
|
(1)
|
Reflects equity-based
and other equity-related compensation expense.
|
(2)
|
Includes net pension
cost and net post-retirement cost relating to pension and other
post-retirement benefit obligations during the applicable period,
but in each case excluding the service cost relating to benefits
earned during such period. Non-service net periodic benefit costs
are not considered reflective of our operating performance because
these costs do not exclusively originate from employee services
during the applicable period and may experience periodic
fluctuations as a result of changes in non-operating factors,
including changes in discount rates, changes in expected returns on
benefit plan assets, and other demographic actuarial
assumptions.
|
(3)
|
Merger and acquisition
related expenses include legal fees, professional fees, bank fees,
severance costs, and other employee related costs. While these
costs are not operational in nature and are not expected to
continue for any singular transaction on an ongoing basis, similar
types of costs, expenses and charges have occurred in prior periods
and may recur in the future as we continue to integrate prior
acquisitions and pursue any future acquisitions.
|
(4)
|
Plant capacity
expansion expenses include expenses that are not inventoriable or
capitalizable as related to plant expansion projects greater than
$5 million in capital expenditures or plant start up
projects. While these expenses are not operational in nature
and are not expected to continue for any singular project on an
ongoing basis, similar types of expenses have occurred in prior
periods and may recur in the future if we continue to pursue future
plant capacity expansion.
|
(5)
|
Reflects costs incurred
related to business optimization projects within our corporate
center, which aim to measure and improve the efficiency,
productivity and performance of our organization. While these costs
are not operational in nature and are not expected to continue for
any singular project on an ongoing basis, similar types of expenses
may recur in the future.
|
(6)
|
Reflects costs incurred
related to idled sand facilities and closed corporate offices,
including severance costs and remaining contracted costs such as
office lease costs, maintenance, and utilities. While these costs
are not operational in nature and are not expected to continue for
any singular event on an ongoing basis, similar types of expenses
may recur in the future.
|
(7)
|
Reflects miscellaneous
adjustments permitted under the Credit Agreement, such as
recruiting fees and relocation costs. The three months ended
September 30, 2023 also included recruiting costs of $0.2 million,
adjustments to non-controlling interest of $0.1 million,
restructuring costs of $0.2 million, a loss on the extinguishment
of debt of $1.1 million, offset by proceeds of the sale of assets
of $1.5 million. The three months ended June 30, 2023 also included
costs related to recruiting of $0.5 million and $1.1 million
related to the loss on extinguishment of debt, offset by proceeds
of the sale of assets of $1.1 million. The three months ended
September 30, 2022 also included recruiting costs of $0.2 million,
adjustments to non-controlling interest of $0.2 million,
restructuring costs of $0.8 million, weather events of $0.2
million, offset by a gain on the extinguishment of debt of $1.7
million, proceeds of the sale of assets of $0.3 million and other
costs of $0.3 million.
|
Adjusted EPS
Adjusted EPS is diluted earnings or loss per share adjusted to
exclude costs associated with merger & acquisition related
activities and strategic business reviews, costs associated with
business optimization, the effect of a non-recurring depreciation
adjustment, and gain or loss on debt extinguishment.
Management believes Adjusted EPS is useful in providing
period-to-period comparisons of the results of the Company's
operations to assist investors in reviewing the Company's operating
performance over time. Management believes it is useful to exclude
certain items when comparing current performance to prior periods
because these items can vary significantly depending on specific
underlying transactions or events. Also, management believes
certain excluded items may not relate specifically to current
operating trends or be indicative of future results.
The following table sets forth a reconciliation from GAAP EPS to
adjusted EPS:
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
Reported Diluted
EPS
|
$
0.34
|
|
$
0.59
|
|
$
0.41
|
Merger &
Acquisition
|
—
|
|
0.01
|
|
0.01
|
Business
Optimization
|
—
|
|
—
|
|
0.01
|
Depreciation
Adjustment
|
0.03
|
|
—
|
|
—
|
(Gain)/Loss on
extinguishment of debt
|
0.01
|
|
0.01
|
|
—
|
Other
|
—
|
|
(0.01)
|
|
—
|
Total
Adjustments
|
0.04
|
|
0.01
|
|
0.02
|
Adjusted Diluted
EPS
|
$
0.38
|
|
$
0.60
|
|
$
0.43
|
|
|
|
|
|
|
Diluted
Shares
|
78,700
|
|
78,338
|
|
77,770
|
Forward-looking Non-GAAP Measures
A reconciliation of Adjusted EBITDA as used in our guidance, is
a forward-looking non-GAAP financial measure, to the most directly
comparable GAAP financial measure, is not provided because the
Company is unable to provide such reconciliation without
unreasonable effort. The inability to provide each reconciliation
is due to the unpredictability of the amounts and timing of events
affecting the items we exclude from the non-GAAP measure.
U.S. Silica Holdings, Inc.
Investor
Contact
Patricia Gil
Vice President, Investor Relations & Sustainability
(281) 505-6011
gil@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.