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ProFrac (ACDC) - 2023 Q4 - Annual Results
ACDCProFrac (ACDC)2024-03-12 16:00

Financial Performance - Total revenue for 2023 was 2.63billion,a8.32.63 billion, a 8.3% increase from 2.43 billion in 2022[2] - Net loss for 2023 was 59million,comparedtoanetincomeof59 million, compared to a net income of 343 million in 2022[2] - Adjusted EBITDA for 2023 was 688million[2]−Freecashflowfor2023was688 million[2] - Free cash flow for 2023 was 293 million, an increase of 173% from 2022[2] - Fourth quarter revenue was 489million,downfrom489 million, down from 574 million in the third quarter of 2023[3] - Net loss in the fourth quarter was 97million,comparedtoanetlossof97 million, compared to a net loss of 18 million in the third quarter of 2023[3] - The company reported a net loss attributable to ProFrac Holding Corp. of 97.9millionforthethreemonthsendedDecember31,2023,comparedtoanetlossof97.9 million for the three months ended December 31, 2023, compared to a net loss of 18.9 million for the same period in 2022[22] - The company reported a net loss of (96.5)millionforthethreemonthsendedDecember31,2023,comparedtoanetlossof(96.5) million for the three months ended December 31, 2023, compared to a net loss of (17.9) million for the same period in 2022[22] - The company reported a net loss of 96.5millionforthethreemonthsendedDecember31,2023,comparedtoanetincomeof96.5 million for the three months ended December 31, 2023, compared to a net income of 116.0 million for the same period in 2022[23] Revenue by Segment - The Stimulation Services segment generated 2.29billioninrevenuefor2023,with2.29 billion in revenue for 2023, with 480 million of Adjusted EBITDA[7] - The Proppant Production segment generated 383millioninrevenuefor2023,with383 million in revenue for 2023, with 196 million of Adjusted EBITDA[7] - Stimulation services revenue for the three months ended December 31, 2023, was 403.3million,downfrom403.3 million, down from 489.5 million in the previous quarter, a decrease of 17.6%[25] - Proppant production revenue for the three months ended December 31, 2023, was 92.9million,adecreaseof8.592.9 million, a decrease of 8.5% from 98.4 million in the previous quarter[25] Cash Flow and Capital Expenditures - The company expects cash capital expenditures for 2024 to be between 150millionand150 million and 200 million for maintenance and an additional 100millionforgrowthinitiatives[9]−Cashflowsfromoperatingactivitiesprovided100 million for growth initiatives[9] - Cash flows from operating activities provided 10.5 million in Q4 2023, a decrease from 27.3millioninQ42022[23]−Thecompanyhadnetcashusedininvestingactivitiesof27.3 million in Q4 2022[23] - The company had net cash used in investing activities of 28.4 million in Q4 2023, compared to 398.8millioninQ42022[23]−FreecashflowforthetwelvemonthsendedDecember31,2023,was398.8 million in Q4 2022[23] - Free cash flow for the twelve months ended December 31, 2023, was 292.7 million, compared to 107.3millionforthepreviousyear,indicatingasignificantincrease[27]DebtandLiabilities−TotalnetdebtasofDecember31,2023was107.3 million for the previous year, indicating a significant increase[27] Debt and Liabilities - Total net debt as of December 31, 2023 was 1.08 billion, an increase of approximately 27millionfromthethirdquarter[10]−Long−termdebtincreasedto27 million from the third quarter[10] - Long-term debt increased to 923.5 million as of December 31, 2023, compared to 735.0millionin2022,markinga25.6735.0 million in 2022, marking a 25.6% rise[21] - Total liabilities increased to 1,742.1 million as of December 31, 2023, from 1,582.9millionin2022,reflectinga10.11,582.9 million in 2022, reflecting a 10.1% increase[21] - Total debt as of December 31, 2023, was 1,068.5 million, an increase from 925.4millionasofDecember31,2022,representingayear−over−yearincreaseof15.4925.4 million as of December 31, 2022, representing a year-over-year increase of 15.4%[26] - Net debt as of December 31, 2023, increased to 1,082.6 million from 924.3millionasofDecember31,2022,reflectingayear−over−yearincreaseof17.1924.3 million as of December 31, 2022, reflecting a year-over-year increase of 17.1%[26] Assets and Equity - Cash and cash equivalents decreased to 25.3 million as of December 31, 2023, down from 35.1millionattheendof2022[21]−Totalcurrentassetswere35.1 million at the end of 2022[21] - Total current assets were 638.1 million as of December 31, 2023, a decline from 865.4millionin2022,reflectinga26.2865.4 million in 2022, reflecting a 26.2% decrease[21] - The company’s total assets grew to 3,070.7 million as of December 31, 2023, compared to 2,933.6millionin2022,representinga4.72,933.6 million in 2022, representing a 4.7% increase[21] Operating Performance - Operating costs and expenses for the year ended December 31, 2023, totaled 2,463.4 million, up from 2,013.2millionin2022,indicatinga22.32,013.2 million in 2022, indicating a 22.3% increase[22] - The operating loss for the three months ended December 31, 2023, was (14.3) million, a decrease from an operating income of 20.5millioninthepriorquarter[22]−AdjustedEBITDAforthethreemonthsendedDecember31,2023,was20.5 million in the prior quarter[22] - Adjusted EBITDA for the three months ended December 31, 2023, was 109.5 million, down from 149.3millioninthepreviousquarter,representingadeclineof26.7149.3 million in the previous quarter, representing a decline of 26.7%[25] Other Financial Metrics - The company experienced depreciation, depletion, and amortization expenses of 107.7 million in Q4 2023, slightly down from 111.5millioninQ42022[23]−Thecompanyrecordedadeferredtaxexpenseof111.5 million in Q4 2022[23] - The company recorded a deferred tax expense of 4.9 million in Q4 2023, compared to a benefit of 5.0millioninQ42022[23]−Stock−basedcompensationexpenseswere5.0 million in Q4 2022[23] - Stock-based compensation expenses were 2.5 million in Q4 2023, a decrease from 14.1millioninQ42022[23]−Thetotalcash,cashequivalents,andrestrictedcashattheendoftheperiodwas14.1 million in Q4 2022[23] - The total cash, cash equivalents, and restricted cash at the end of the period was 27.3 million, down from 48.7millionattheendofQ42022[23]−Thecompanyreportedalossoninvestmentsof48.7 million at the end of Q4 2022[23] - The company reported a loss on investments of 14.4 million in Q4 2023, compared to a gain of $5.1 million in Q4 2022[23] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[24]