Third Quarter 2023 Summary Results and Highlights
- Net income of $7.6 million, or $0.16 per diluted Class A share;
Adjusted pro forma net income of $8.5 million, or $0.19 per fully
diluted share, for the quarter ended September 30, 2023
- Adjusted EBITDA of $23.4 million
- Increased deployments of Solaris’ new top fill technology
across multiple basins
- Generated $6 million in free cash flow after asset sales and
reduced borrowings outstanding on the credit facility by $6
million
- Announced a quarterly dividend of $0.12 per share to be paid on
December 11, 2023, which represents a 9% per-share increase over
the third quarter 2023 and Solaris’ third raise since initiating
the dividend in 2018. Once paid, the fourth quarter 2023 dividend
will be Solaris’ 21st consecutive quarterly dividend
- Approximately $158 million cumulatively returned to
shareholders through dividends and share buybacks since 2018, pro
forma for the announced dividend to be paid in December
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or
the “Company”), today announced third quarter 2023 financial and
operational results.
“The Solaris team executed strongly and safely as industry
activity bottomed during the third quarter. Despite this, we
continued to see adoption of our new technology offerings. As a
result, nearly 55% of industry frac crews we followed in the
quarter deployed either a top fill or AutoBlend™ system, up from
over 40% in the prior quarter,” Solaris’ Chairman and Chief
Executive Officer Bill Zartler commented.
“We generated another quarter of positive free cash flow and
used excess cash to reduce our revolver borrowings. We expect free
cash flow to grow in the fourth quarter and into 2024 as we
generate returns from the growth capital we have invested in the
business over the last couple of years. We will use this additional
cash flow to continue to return capital to shareholders and
strengthen the balance sheet.”
“We are pleased to announce today that the Board has approved a
$0.12 per share dividend, the second increase to our ordinary
dividend in 2023. Our current per share dividend is a 9% increase
over the third quarter dividend and a 14% increase over the fourth
quarter 2022 dividend. Since we began returning cash to
shareholders in 2018, we will have cumulatively returned
approximately $158 million through dividends and share
repurchases.”
Third Quarter 2023 Financial Review
Solaris reported net income of $7.6 million, or $0.16 per
diluted Class A share, for third quarter 2023, compared to second
quarter 2023 net income of $12.2 million, or $0.24 per diluted
Class A share, and third quarter 2022 net income of $11.5 million,
or $0.22 per diluted Class A share. Adjusted pro forma net income
for third quarter 2023 was $8.5 million, or $0.19 per fully diluted
share, compared to second quarter 2023 adjusted pro forma net
income of $11.3 million, or $0.25 per fully diluted share, and
third quarter 2022 adjusted pro forma net income of $11.1 million,
or $0.24 per fully diluted share.
Revenues were $69.7 million for third quarter 2023, which were
down 10% sequentially and down 25% year over year. Adjusted EBITDA
for third quarter 2023 was $23.4 million, which was down 13% from
second quarter 2023 and down 2% from third quarter 2022. The
sequential decrease in revenue was primarily driven by decreases in
ancillary trucking services activity. Total system revenue was
approximately flat sequentially, as the decline in industry frac
activity was offset by revenue growth from the addition of top fill
systems. The sequential decrease in Adjusted EBITDA was impacted by
the decline in ancillary services as well as higher maintenance
costs that were incurred to improve system reliability as operators
continue to drive frac efficiency through increased service
intensity. These system improvements are also expected to enhance
Solaris’ ability to respond more quickly to anticipated future
activity improvements.
During the third quarter of 2023, Solaris earned revenue on 108
fully utilized systems, which includes sand systems, top fill
systems and AutoBlend™ systems. Total fully utilized systems were
flat sequentially and up 2% year over year. The Company followed an
average of 67 industry frac crews on a fully utilized basis in the
third quarter of 2023, which was down 8% from 73 frac crews
followed in the second quarter of 2023.
Capital Expenditures, Free Cash Flow and Liquidity
Capital expenditures after the sale of assets in the third
quarter 2023 were approximately $15 million, which is primarily
related to manufacturing of top fill systems. The Company expects
capital expenditures in the fourth quarter of 2023 to be
approximately $10 million, including maintenance capital
expenditures. Based on this estimate, full year 2023 capital
expenditures are expected to be at the low end of the previously
guided range of $65 million to $75 million.
Free cash flow (defined as net cash provided by operating
activities less investment in property, plant and equipment) after
asset sales was positive $6 million in the third quarter of 2023,
including a working capital use of $1 million and capital
expenditures of $17 million, which was offset by the sale of $2
million of assets no longer used. Distributable cash flow (defined
as Adjusted EBITDA less maintenance capital expenditures) was
approximately $20 million for the third quarter 2023 and covered
quarterly dividend distributions of $5 million by approximately
four times.
As of September 30, 2023, the Company had approximately $3
million of cash on the balance sheet. The Company reduced net
borrowings on the credit facility by $6 million and ended the third
quarter of 2023 with $37 million in borrowings outstanding and $41
million of liquidity.
Shareholder Returns
On August 15, 2023, the Company’s Board of Directors approved a
cash dividend of $0.11 per share of Class A common stock, which was
paid on September 15, 2023 to holders of record as of September 5,
2023. A distribution of $0.11 per unit was also approved for
holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris
LLC”).
On October 25, 2023, the Company’s Board of Directors approved a
cash dividend of $0.12 per share of Class A common stock, to be
paid on December 11, 2023 to holders of record as of December 1,
2023. A distribution of $0.12 per unit has also been approved for
holders of units in Solaris LLC, which is subject to the same
payment and record dates.
The Company did not repurchase shares during the third quarter
of 2023 and approximately $24 million remains in the Company’s
stock repurchase authorization. Since initiating the repurchase
authorization in the first quarter of 2023, Solaris has repurchased
a total of 3.1 million Class A common shares, or 6.5% of the
Company’s total outstanding shares.
Pro forma for the announced dividend to be paid in December
2023, the Company has paid 21 consecutive quarterly dividends and
repurchased approximately 12% of total outstanding shares.
Conference Call
The Company will host a conference call to discuss its third
quarter 2023 results on Friday, October 27, 2023 at 8:00 a.m.
Central Time (9:00 a.m. Eastern Time). To join the conference call
from within the United States, participants may dial (844)
413-3978. To join the conference call from outside of the United
States, participants may dial (412) 317-6594. When instructed,
please ask the operator to be joined to the Solaris Oilfield
Infrastructure, Inc. call. Participants are encouraged to log in to
the webcast or dial in to the conference call approximately ten
minutes prior to the start time. To listen via live webcast, please
visit the Investor Relations section of the Company’s website at
http://www.solarisoilfield.com.
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 the United States or (412) 317-0088 outside of the
United States. The conference call replay access code is 2373251.
The replay will also be available in the Investor Relations section
of the Company’s website shortly after the conclusion of the call
and will remain available for approximately seven days.
About Non-GAAP Measures
In addition to financial results determined in accordance with
generally accepted accounting principles in the United States
(“GAAP”), this news release presents non-GAAP financial measures.
Management believes that adjusted net income, adjusted diluted
earnings per share and Adjusted EBITDA, provide useful information
to investors regarding the Company’s financial condition and
results of operations because they reflect the core operating
results of our businesses and help facilitate comparisons of
operating performance across periods. Although management believes
the aforementioned non-GAAP financial measures are good tools for
internal use and the investment community in evaluating Solaris’
overall financial performance, the foregoing non-GAAP financial
measures should be considered in addition to, not as a substitute
for or superior to, other measures of financial performance
prepared in accordance with GAAP. A reconciliation of these
non-GAAP measures to the most directly comparable GAAP measures is
included in the accompanying financial tables.
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
equipment and systems are deployed across oil and natural gas
basins in the United States. Additional information is available on
our website, www.solarisoilfield.com.
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 U.S. Securities and Exchange Commission’s (the “SEC”)
Regulation FD. Accordingly, investors should monitor our website in
addition to following press releases, SEC filings and public
conference calls and webcasts. Additionally, we provide
notifications of news or announcements on our investor relations
website. Investors and others can receive notifications of new
information posted on our investor relations website in real time
by signing up for email alerts.
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 press release or will be incorporated by reference
into any report or document we file with the SEC unless we
expressly incorporate any such information by reference, and any
references to our website are intended to be inactive textual
references only.
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 SEC.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
SOLARIS OILFIELD
INFRASTRUCTURE, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per
share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
2023
2022
2023
2023
2022
Revenue
64,427
89,376
69,925
212,180
222,342
Revenue - related parties
5,249
2,949
7,277
17,420
13,609
Total revenue
69,676
92,325
77,202
229,600
235,951
Operating costs and expenses:
Cost of services (excluding depreciation
and amortization)
42,102
64,171
45,652
140,977
163,079
Depreciation and amortization
9,179
7,716
9,071
26,667
21,777
Property tax contingency (1)
—
—
—
—
3,072
Selling, general and administrative
6,359
5,929
6,825
19,722
17,202
Impairment of fixed assets
1,423
—
—
1,423
—
Other operating (income)/expense (2)
613
524
(125
)
150
(899
)
Total operating costs and expenses
59,676
78,340
61,423
188,939
204,231
Operating income
10,000
13,985
15,779
40,661
31,720
Interest expense, net
(1,057
)
(141
)
(879
)
(2,395
)
(308
)
Total other expense
(1,057
)
(141
)
(879
)
(2,395
)
(308
)
Income before income tax expense
8,943
13,844
14,900
38,266
31,412
Provision for income taxes
1,305
2,332
2,659
6,450
5,889
Net income
7,638
11,512
12,241
31,816
25,523
Less: net income related to
non-controlling interests
(2,704
)
(4,106
)
(4,709
)
(11,781
)
(9,162
)
Net income attributable to Solaris
$
4,934
$
7,406
$
7,532
$
20,035
$
16,361
Earnings per share of Class A common stock
- basic
$
0.16
$
0.22
$
0.24
$
0.64
$
0.49
Earnings per share of Class A common stock
- diluted
$
0.16
$
0.22
$
0.24
$
0.64
$
0.49
Basic weighted average shares of Class A
common stock outstanding
29,025
31,599
29,542
29,919
31,425
Diluted weighted average shares of Class A
common stock outstanding
29,025
31,599
29,542
29,919
31,425
1)
Property tax contingency represents a
reserve related to an unfavorable Texas District Court ruling
related to prior period property taxes. The ruling is currently
under appeal and we anticipate a ruling to be delivered sometime in
the fourth quarter of 2023.
2)
Other income includes accrued excise tax
on share repurchases, the sale or disposal of assets, insurance
gains, credit losses or recoveries, severance costs, and other
settlements.
SOLARIS OILFIELD
INFRASTRUCTURE, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In thousands, except per
share amounts)
(Unaudited)
September 30,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
3,451
$
8,835
Accounts receivable, net of allowances for
credit losses of $316 and $385, respectively
48,295
64,543
Accounts receivable - related party
7,065
4,925
Prepaid expenses and other current
assets
5,633
5,151
Inventories
7,447
5,289
Assets held for sale
3,000
—
Total current assets
74,891
88,743
Property, plant and equipment, net
327,427
298,160
Non-current inventories
1,856
1,569
Operating lease right-of-use assets
12,773
4,033
Goodwill
13,004
13,004
Intangible assets, net
884
1,429
Deferred tax assets
49,398
55,370
Other assets
275
268
Total assets
$
480,508
$
462,576
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
20,053
$
25,934
Accrued liabilities
18,002
25,252
Current portion of payables related to Tax
Receivable Agreement
—
1,092
Current portion of operating lease
liabilities
1,599
917
Current portion of finance lease
liabilities
2,429
1,924
Other current liabilities
822
790
Total current liabilities
42,905
55,909
Operating lease liabilities, net of
current
13,197
6,212
Borrowings under the credit agreement
37,000
8,000
Finance lease liabilities, net of
current
3,029
3,429
Payables related to Tax Receivable
Agreement
71,530
71,530
Other long-term liabilities
120
367
Total liabilities
167,781
145,447
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000
shares authorized, none issued and outstanding
—
—
Class A common stock, $0.01 par value,
600,000 shares authorized, 29,052 shares issued and outstanding as
of September 30, 2023 and 31,641 shares issued and outstanding as
of December 31, 2022
291
317
Class B common stock, $0.00 par value,
180,000 shares authorized, 13,674 shares issued and outstanding as
of September 30, 2023 and December 31, 2022
—
—
Additional paid-in capital
187,700
202,551
Retained earnings
16,811
12,847
Total stockholders' equity attributable to
Solaris and members' equity
204,802
215,715
Non-controlling interest
107,925
101,414
Total stockholders' equity
312,727
317,129
Total liabilities and stockholders'
equity
$
480,508
$
462,576
SOLARIS OILFIELD
INFRASTRUCTURE, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September
30,
Three Months Ended September
30,
2023
2022
2023
Cash flows from operating activities:
Net income
$
31,816
$
25,523
$
7,638
Adjustment to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
26,667
21,777
9,179
Impairment of fixed assets
1,423
—
1,423
Loss on disposal of asset
604
1,307
622
Stock-based compensation
5,830
4,665
1,926
Amortization of debt issuance costs
114
127
43
Allowance for credit losses
160
(420
)
162
Change in payables related to Tax
Receivable Agreement
—
(654
)
—
Deferred income tax expense
6,019
5,143
1,166
Other
(178
)
(178
)
(16
)
Changes in assets and liabilities:
Accounts receivable
16,088
(38,563
)
7,646
Accounts receivable - related party
(2,140
)
1,011
(277
)
Prepaid expenses and other assets
263
2,972
(880
)
Inventories
(5,020
)
(4,744
)
781
Accounts payable
(6,469
)
12,569
(9,516
)
Accrued liabilities
(7,744
)
10,305
984
Payments pursuant to tax receivable
agreement
(1,092
)
—
—
Property tax contingency (1)
—
3,072
—
Net cash provided by operating
activities
66,341
43,912
20,881
Cash flows from investing activities:
Investment in property, plant and
equipment
(57,117
)
(59,527
)
(16,987
)
Cash received from insurance proceeds
122
1,308
53
Proceeds from disposal of assets
2,165
422
2,000
Net cash used in investing activities
(54,830
)
(57,797
)
(14,934
)
Cash flows from financing activities:
Share repurchases
(25,757
)
—
—
Distribution to unitholders (includes
distribution of $4.5 million at $0.11/unit, $4.3 million at
$0.105/unit, and $1.5 million at $0.11/unit, respectively)
(4,993
)
(4,327
)
(1,504
)
Dividend paid to Class A common stock
shareholders
(10,402
)
(10,348
)
(3,358
)
Borrowings under the credit agreement
35,000
9,000
—
Repayment of the credit agreement
(6,000
)
(3,000
)
(6,000
)
Payments under finance leases
(1,908
)
(1,100
)
(582
)
Payments under insurance premium
financing
(1,380
)
(946
)
(414
)
Payments related to debt issuance
costs
(91
)
(358
)
—
Payments for shares withheld for taxes
from RSU vesting and cancelled
(1,364
)
(1,100
)
(9
)
Net cash used in financing activities
(16,895
)
(12,179
)
(11,867
)
Net decrease in cash and cash
equivalents
(5,384
)
(26,064
)
(5,920
)
Cash and cash equivalents at beginning of
period
8,835
36,497
9,371
Cash and cash equivalents at end of
period
$
3,451
$
10,433
$
3,451
Non-cash activities
Investing:
Capitalized depreciation in property,
plant and equipment
202
424
95
Capitalized stock based compensation
410
296
114
Property and equipment additions incurred
but not paid at period-end
588
3,436
360
Property, plant and equipment additions
transferred from inventory
2,575
1,210
533
Additions to fixed assets through finance
leases
2,012
4,554
86
Financing:
Insurance premium financing
283
806
414
Cash paid for:
Interest
2,079
102
1,051
Income taxes
198
370
—
(1)
Property tax contingency represents a
reserve related to an unfavorable Texas District Court ruling
related to prior period property taxes. The ruling is currently
under appeal.
SOLARIS OILFIELD INFRASTRUCTURE, INC AND
SUBSIDIARIES
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
Nine Months Ended
September 30,
June 30,
September 30,
2023
2022
2023
2023
2022
Net income
$
7,638
$
11,512
$
12,241
$
31,816
$
25,523
Depreciation and amortization
9,179
7,716
9,071
26,667
21,777
Interest expense, net
1,057
141
879
2,395
308
Income taxes (1)
1,305
2,332
2,659
6,450
5,889
EBITDA
$
19,179
$
21,701
$
24,850
$
67,328
$
53,497
Property tax contingency (2)
—
—
—
—
3,072
Stock-based compensation expense (3)
1,917
1,553
1,924
5,821
4,665
Loss on disposal of assets
746
989
4
390
1,025
Impairment on fixed assets (4)
1,423
—
—
1,423
—
Change in payables related to Tax
Receivable Agreement (5)
—
—
—
—
(654
)
Other (6)
163
(309
)
47
409
(867
)
Adjusted EBITDA
$
23,428
$
23,934
$
26,825
$
75,371
$
60,738
_______________________
1)
Federal and state income taxes.
2)
Property tax contingency represents a
reserve related to an unfavorable Texas District Court ruling
related to prior period property taxes. The ruling is currently
under appeal and we anticipate a ruling to be delivered sometime in
the fourth quarter of 2023.
3)
Represents stock-based compensation
expense related to restricted stock awards, including
performance-based restricted stock.
4)
Impairment recorded on certain fixed
assets classified as assets held for sale during the three months
ended September 30, 2023.
5)
Reduction in liability due to state tax
rate change.
6)
Other includes accrued excise tax on share
repurchases, gains on insurance claims, credit losses or recoveries
and other settlements.
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.
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
2023
2022
2023
2023
2022
Numerator:
Net income attributable to Solaris
$
4,934
$
7,406
$
7,532
$
20,035
$
16,361
Adjustments:
Reallocation of net income attributable to
non-controlling interests from the assumed exchange of LLC
Interests (1)
2,704
4,106
4,709
11,781
9,162
Loss on disposal of assets
746
989
4
390
1,025
Impairment on fixed assets (2)
1,423
—
—
1,423
—
Property tax contingency (3)
—
—
—
—
3,072
Change in payables related to Tax
Receivable Agreement (4)
—
—
—
—
(654
)
Other (5)
163
(309
)
47
409
(867
)
Incremental income tax expense
(1,453
)
(1,071
)
(983
)
(2,688
)
(2,780
)
Adjusted pro forma net income
$
8,517
$
11,121
$
11,309
$
31,350
$
25,319
Denominator:
Weighted average shares of Class A common
stock outstanding
29,025
31,599
29,542
29,919
31,425
Adjustments:
Potentially dilutive shares (6)
15,448
15,021
15,365
15,273
14,983
Adjusted pro forma fully weighted average
shares of Class A common stock outstanding - diluted
44,473
46,620
44,907
45,192
46,408
Adjusted pro forma earnings per share -
diluted
$
0.19
$
0.24
$
0.25
$
0.69
$
0.55
(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)
Impairment recorded on certain fixed
assets classified as assets held for sale during the three months
ended September 30, 2023.
(3)
Property tax contingency represents a
reserve related to an unfavorable Texas District Court ruling
related to prior period property taxes. The ruling is currently
under appeal and we anticipate a ruling to be delivered sometime in
the fourth quarter of 2023.
(4)
Reduction in liability due to state tax
rate change.
(5)
Other includes accrued excise tax on share
repurchases, gains on insurance claims, credit losses or recoveries
and other settlements.
(6)
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/20231026107862/en/
Yvonne Fletcher Senior Vice President, Finance and Investor
Relations (281) 501-3070 IR@solarisoilfield.com
Solaris Oilfield Infrast... (NYSE:SOI)
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