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ProFrac (ACDC) - 2024 Q4 - Annual Results
ACDCProFrac (ACDC)2025-03-06 11:04

Financial Performance - Total revenue for 2024 was 2.19billion,adecreaseof16.72.19 billion, a decrease of 16.7% from 2.63 billion in 2023[4] - Net loss for 2024 was 208million,comparedtoanetlossof208 million, compared to a net loss of 59 million in 2023[4] - Adjusted EBITDA for 2024 was 501million,representing23501 million, representing 23% of revenue, down from 26% in 2023[4] - Operating income for the twelve months ended December 31, 2024, was a loss of 60.4 million, compared to an operating income of 166.6millionforthesameperiodin2023[33]−NetlossattributabletoProFracHoldingCorp.forthethreemonthsendedDecember31,2024,was166.6 million for the same period in 2023[33] - Net loss attributable to ProFrac Holding Corp. for the three months ended December 31, 2024, was 105.0 million, compared to a net loss of 97.9millionforthesameperiodin2023[33]−TotalrevenuesforthethreemonthsendedDecember31,2024,were97.9 million for the same period in 2023[33] - Total revenues for the three months ended December 31, 2024, were 454.7 million, a decrease of 21% from 575.3millioninthepreviousquarter[36]−AdjustedEBITDAforthethreemonthsendedDecember31,2024,was575.3 million in the previous quarter[36] - Adjusted EBITDA for the three months ended December 31, 2024, was 70.8 million, down from 134.8millioninthepreviousquarter,reflectingadeclineof47.5134.8 million in the previous quarter, reflecting a decline of 47.5%[35] Cash Flow and Investments - Free cash flow for 2024 was 185 million, with net cash provided by operating activities at 367million[4]−Cashflowsfromoperatingactivitiesgenerated367 million[4] - Cash flows from operating activities generated 76.5 million for the three months ended December 31, 2024, compared to 98.0millioninthepreviousquarter[34]−ForthethreemonthsendedDecember31,2024,netcashprovidedbyoperatingactivitieswas98.0 million in the previous quarter[34] - For the three months ended December 31, 2024, net cash provided by operating activities was 76.5 million, compared to 42.7millionforthesameperiodin2023,reflectinga7942.7 million for the same period in 2023, reflecting a 79% increase[38] - Free cash flow for the three months ended December 31, 2024, was 54.3 million, up from 12.8millioninthesameperiodof2023,representinga32412.8 million in the same period of 2023, representing a 324% increase[38] - The net cash provided by operating activities for the twelve months ended December 31, 2024, was 367.3 million, down from 553.5millionin2023,reflectingadeclineof33.6553.5 million in 2023, reflecting a decline of 33.6%[38] - For the twelve months ended December 31, 2024, free cash flow was 185.2 million, compared to 292.7millionin2023,showingadecreaseof36.7292.7 million in 2023, showing a decrease of 36.7%[38] - Investment in property, plant & equipment for the twelve months ended December 31, 2024, was 255.0 million, a decrease from 267.0millionin2023,indicatinga4.5267.0 million in 2023, indicating a 4.5% reduction[38] - The investment in property, plant & equipment for the three months ended December 31, 2024, was 63.2 million, down from 33.1millioninthesameperiodof2023,representinga9033.1 million in the same period of 2023, representing a 90% increase[38] Assets and Liabilities - Total current assets decreased to 574.1 million as of December 31, 2024, from 638.1millionasofDecember31,2023,representingadeclineofapproximately10638.1 million as of December 31, 2023, representing a decline of approximately 10%[32] - Total liabilities increased to 1,848.5 million as of December 31, 2024, compared to 1,742.1millionasofDecember31,2023,reflectinganincreaseofabout61,742.1 million as of December 31, 2023, reflecting an increase of about 6%[32] - Cash and cash equivalents decreased to 14.8 million as of December 31, 2024, down from 25.3millionasofDecember31,2023,adeclineofapproximately4125.3 million as of December 31, 2023, a decline of approximately 41%[32] - Long-term debt remained relatively stable at 931.1 million as of December 31, 2024, compared to 923.5millionasofDecember31,2023[32]−Thecompany’stotaldebtincreasedto923.5 million as of December 31, 2023[32] - The company’s total debt increased to 1,109.0 million as of December 31, 2024, up from 1,068.5millioninthepreviousyear[37]−Thecurrentportionoflong−termdebtincreasedto1,068.5 million in the previous year[37] - The current portion of long-term debt increased to 164.6 million as of December 31, 2024, compared to 126.4millioninthepreviousyear[37]SegmentPerformance−TheStimulationServicessegmentgeneratedrevenuesof126.4 million in the previous year[37] Segment Performance - The Stimulation Services segment generated revenues of 1.91 billion in 2024, with an Adjusted EBITDA margin of 21%[10] - The Proppant Production segment's revenues for 2024 were 247million,withamarginof35247 million, with a margin of 35%[11] - Stimulation services revenue for the three months ended December 31, 2024, was 384.4 million, a decrease of 24.2% from 507.1millioninthepreviousquarter[36]GoodwillandEquity−Thecompanyexperiencedagoodwillimpairmentof507.1 million in the previous quarter[36] Goodwill and Equity - The company experienced a goodwill impairment of 74.5 million for the twelve months ended December 31, 2024[33] - Total stockholders' equity attributable to ProFrac Holding Corp. decreased to 1,006.9millionasofDecember31,2024,from1,006.9 million as of December 31, 2024, from 1,211.2 million as of December 31, 2023, a decline of approximately 17%[32] - The company reported acquisition and integration costs of 2.7millionforthethreemonthsendedDecember31,2024,comparedto2.7 million for the three months ended December 31, 2024, compared to 1.7 million for the same period in 2023[33] New Initiatives - The company launched Livewire Power in Q4 2024 to address the demand for flexible power generation solutions[7]