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ProFrac (ACDC) - 2024 Q3 - Quarterly Results
ACDCProFrac (ACDC)2024-11-05 11:01

Revenue and Financial Performance - Total revenue for Q3 2024 was 575.3million,comparedto575.3 million, compared to 579.4 million in Q2 2024[3] - Total revenues for the nine months ended September 30, 2024, were 1,736.2million,comparedto1,736.2 million, compared to 2,140.9 million for the same period in 2023, reflecting a decrease of 18.9%[27] - Total revenues for the nine months ended September 30, 2024, were 1,736.2million,comparedto1,736.2 million, compared to 2,140.9 million for the same period in 2023, representing a decrease of 18.9%[30] - Stimulation services revenue for the nine months ended September 30, 2024, was 1,530.0million,down18.91,530.0 million, down 18.9% from 1,887.9 million in the same period of 2023[30] - Proppant production revenue for the nine months ended September 30, 2024, was 200.0million,adecreaseof31.1200.0 million, a decrease of 31.1% from 290.4 million in the same period of 2023[30] Net Loss and Income - Net loss for Q3 2024 was 43.5million,animprovementfromanetlossof43.5 million, an improvement from a net loss of 65.6 million in Q2 2024[3] - Net loss attributable to ProFrac Holding Corp. for the nine months ended September 30, 2024, was 110.1million,comparedtoanetincomeof110.1 million, compared to a net income of 0.2 million for the same period in 2023[27] - Net income (loss) for the nine months ended Sep. 30, 2024 was (106.1)million,comparedto(106.1) million, compared to 37.3 million in the same period of 2023[28] Adjusted EBITDA - Adjusted EBITDA for Q3 2024 was 134.8million,slightlydownfrom134.8 million, slightly down from 135.6 million in Q2 2024[3] - The Stimulation Services segment generated 507.1millioninrevenueand507.1 million in revenue and 112.6 million in Adjusted EBITDA for Q3 2024[7] - The Proppant Production segment generated 52.8millioninrevenueand52.8 million in revenue and 17.3 million in Adjusted EBITDA for Q3 2024[7] - Adjusted EBITDA for the nine months ended Sep. 30, 2024 was 430.3million,downfrom430.3 million, down from 578.9 million in the same period of 2023[29] - Total adjusted EBITDA for the nine months ended September 30, 2024, was 430.3million,down25.7430.3 million, down 25.7% from 578.9 million in the same period of 2023[30] Cash Flow and Capital Expenditures - Net cash provided by operating activities in Q3 2024 was 98.0million,comparedto98.0 million, compared to 113.5 million in Q2 2024[3] - Capital expenditures in Q3 2024 totaled 70.0million,approximatelyflatfromthepriorquarter[9]−NetcashprovidedbyoperatingactivitiesfortheninemonthsendedSep.30,2024was70.0 million, approximately flat from the prior quarter[9] - Net cash provided by operating activities for the nine months ended Sep. 30, 2024 was 290.8 million, down from 510.8 million in the same period of 2023[28] - Investment in property, plant & equipment for the nine months ended Sep. 30, 2024 was 191.8 million, compared to 233.9millioninthesameperiodof2023[28]−NetcashusedininvestingactivitiesfortheninemonthsendedSep.30,2024was233.9 million in the same period of 2023[28] - Net cash used in investing activities for the nine months ended Sep. 30, 2024 was 351.8 million, compared to 687.4millioninthesameperiodof2023[28]−FreecashflowforthethreemonthsendedSeptember30,2024,was687.4 million in the same period of 2023[28] - Free cash flow for the three months ended September 30, 2024, was 30.9 million, a decrease of 58.2% from 74.0 million in the previous quarter[32] - Investment in property, plant & equipment for the three months ended September 30, 2024, was 70.0 million, up 13.1% from 61.9millioninthepreviousquarter[32]DebtandLiabilities−TotaldebtoutstandingasofSeptember30,2024was61.9 million in the previous quarter[32] Debt and Liabilities - Total debt outstanding as of September 30, 2024 was 1.17 billion, with net debt at 1.18billion[11]−Long−termdebtroseto1.18 billion[11] - Long-term debt rose to 986.7 million as of September 30, 2024, from 923.5millionasofDecember31,2023,indicatinga6.8923.5 million as of December 31, 2023, indicating a 6.8% increase[26] - Total current liabilities increased to 714.5 million as of September 30, 2024, from 648.9millionasofDecember31,2023,representinga10.1648.9 million as of December 31, 2023, representing a 10.1% increase[26] - Net debt as of September 30, 2024, was 1,180.2 million, an increase of 9.0% from 1,082.6millionasofDecember31,2023[31]AssetsandReceivables−Totalassetsincreasedto1,082.6 million as of December 31, 2023[31] Assets and Receivables - Total assets increased to 3,135.8 million as of September 30, 2024, from 3,070.7millionasofDecember31,2023,representingagrowthof2.13,070.7 million as of December 31, 2023, representing a growth of 2.1%[25] - Accounts receivable increased to 358.2 million as of September 30, 2024, from 346.1millionasofDecember31,2023,reflectinga3.5346.1 million as of December 31, 2023, reflecting a 3.5% increase[25] - Cash and cash equivalents remained relatively stable at 25.5 million as of September 30, 2024, compared to 25.3millionasofDecember31,2023[25]OperatingPerformance−OperatingincomefortheninemonthsendedSeptember30,2024,wasalossof25.3 million as of December 31, 2023[25] Operating Performance - Operating income for the nine months ended September 30, 2024, was a loss of 13.6 million, compared to an income of 180.9millionforthesameperiodin2023[27]−Selling,general,andadministrativeexpensesfortheninemonthsendedSeptember30,2024,were180.9 million for the same period in 2023[27] - Selling, general, and administrative expenses for the nine months ended September 30, 2024, were 156.6 million, compared to 186.0millionforthesameperiodin2023,reflectinga15.8186.0 million for the same period in 2023, reflecting a 15.8% decrease[27] - Depreciation, depletion and amortization for the nine months ended Sep. 30, 2024 was 328.9 million, compared to 330.7millioninthesameperiodof2023[28]−Interestexpense,netfortheninemonthsendedSep.30,2024was330.7 million in the same period of 2023[28] - Interest expense, net for the nine months ended Sep. 30, 2024 was 117.8 million, compared to 116.1millioninthesameperiodof2023[29]−Stock−basedcompensationfortheninemonthsendedSep.30,2024was116.1 million in the same period of 2023[29] - Stock-based compensation for the nine months ended Sep. 30, 2024 was 6.1 million, compared to 27.3millioninthesameperiodof2023[28]GoodwillImpairment−GoodwillimpairmentfortheninemonthsendedSeptember30,2024,was27.3 million in the same period of 2023[28] Goodwill Impairment - Goodwill impairment for the nine months ended September 30, 2024, was 74.5 million, compared to no impairment in the same period in 2023[27] - Goodwill impairment for the nine months ended Sep. 30, 2024 was 74.5million,comparedto74.5 million, compared to 0 in the same period of 2023[28] Financing Activities - Net cash provided by (used in) financing activities for the nine months ended Sep. 30, 2024 was 61.2million,comparedto61.2 million, compared to 164.5 million in the same period of 2023[28] Future Outlook - The company expects a recovery in activity in 2025 compared to Q4 2024, particularly in oil-levered regions[6] Equipment and Fleet - Approximately 72% of the company's active fleets include e-fleet or natural gas-capable equipment[5]