ProFrac (ACDC) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $581.5 million, representing a sequential growth of approximately 19$3.0 million, a significant improvement from a net loss of $96.5 million in Q4 2023[2] - Adjusted EBITDA increased by approximately 46$159.7 million in Q1 2024[2] - Free cash flow for Q1 2024 grew 102% sequentially to $25.8 million[2] - Operating income for the three months ended March 31, 2024, was$39.9 million, compared to an operating loss of $14.3 million for the previous quarter[19] - Net income attributable to ProFrac Holding Corp. for the three months ended March 31, 2024, was$1.8 million, a significant recovery from a net loss of $97.9 million in the previous quarter[19] - Adjusted EBITDA for the same period was$159.7 million, compared to $109.5 million in the prior quarter, reflecting a growth of 45.9$3.0 million, a significant improvement from a loss of $96.5 million in the previous quarter[22] Revenue Breakdown - The Stimulation Services segment generated revenues of$517.3 million with an Adjusted EBITDA of $125.0 million in Q1 2024[4] - The Proppant Production segment reported revenues of$77.7 million and Adjusted EBITDA of $28.4 million, with 31$517.3 million in revenue, an increase from $403.3 million in the previous quarter, marking a growth of 28.3$77.7 million from $92.9 million in the previous quarter, a decline of 16.3$79.1 million in Q1 2024[2] - Cash flows from operating activities for the three months ended March 31, 2024, were $79.1 million, compared to$42.7 million for the three months ended December 31, 2023[20] - Total net debt outstanding as of March 31, 2024, was $1.06 billion, a decrease of approximately$26 million from the previous quarter[6] - The company's net debt decreased to $1,056.8 million as of March 31, 2024, down from$1,082.6 million at the end of the previous quarter, a reduction of 2.4%[24] - Total debt decreased to $1,048.6 million from$1,068.5 million in the previous quarter, a decrease of 1.9%[24] - Interest expense, net, was $37.6 million for the three months ended March 31, 2024, slightly down from$38.8 million in the previous quarter[22] Asset and Liability Management - Total current assets increased to $664.6 million as of March 31, 2024, up from$638.1 million as of December 31, 2023[18] - Total liabilities decreased to $1,673.4 million as of March 31, 2024, down from$1,742.1 million as of December 31, 2023[18] - Cash and cash equivalents increased to $28.3 million as of March 31, 2024, compared to$25.3 million as of December 31, 2023[20] - The company reported a decrease in accounts payable to $281.8 million as of March 31, 2024, from$319.0 million as of December 31, 2023[18] Future Outlook - The company expects to incur maintenance-related capital expenditures of between $150 million and$200 million for the full year 2024[5] - The company anticipates steady pricing in the Stimulation Services segment and improved profitability in the Proppant Production segment as third-party volumes expand[3] - ProFrac Holding Corp. plans to continue focusing on market expansion and new product development in the upcoming quarters[21] - The company reported a significant reduction in acquisition and integration costs to $0.2 million for the three months ended March 31, 2024, compared to$1.7 million in the previous quarter[19]