ProFrac Holding Corp. Reports First Quarter 2025 Results
First Quarter 2025 Results
-
Total revenue was
$600 million $455 million -
Net loss was
$15 million $102 million -
Adjusted EBITDA(1) was
$130 million $71 million 22% of revenue in the first quarter compared to16% of revenue in fourth quarter 2024 -
Net cash provided by operating activities was
$39 million $77 million -
Capital expenditures totaled
$53 million $63 million -
Free cash flow(2) was
$(14) million $54 million
"Our first quarter 2025 results were strong, with revenue increasing
"Our industry faces headwinds from tariff-induced uncertainty and OPEC+'s production increase, which pressured commodity prices early in the second quarter and have clouded the forward outlook. Some customers have become more selective with their oil-directed completion schedules, focusing on cash flow optimization while awaiting greater clarity on oil supply and demand dynamics. Gas market dynamics, however, remain relatively favorable, with continued inbounds for our services in the second half of 2025 and early 2026," concluded Mr. Wilks.
Outlook
In the Stimulation Services segment, ProFrac's active fleet count has declined from the recent first quarter peak. The Company believes operators are extending intervals between completions and reducing activity on projects with less favorable economics in the current pricing environment. Operators continue to reassess capital deployment timing and activity levels. The Company’s asset management platform and in-house capabilities enable ProFrac to remain nimble to optimize repair and maintenance as well as the deployment of assets.
In the Proppant Production segment, the Company experienced certain transitory costs in the first quarter that weighed on results. In the second quarter, segment volumes are anticipated to slightly decline with the impact partially offset by favorable average sales prices and increased logistics activity relative to the first quarter.
Business Segment Information
The Stimulation Services segment generated revenues of
The Proppant Production segment generated revenues of
The Manufacturing segment generated revenues of
Other Business Activities generated revenues of
Capital Expenditures and Capital Allocation
Cash capital expenditures totaled
On capital allocation, the Company has identified approximately
Balance Sheet and Liquidity
Total debt outstanding as of March 31, 2025 was
Total cash and cash equivalents as of March 31, 2025 was
As of March 31, 2025 the Company had
Footnotes
(1) |
|
Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”) (a “Non-GAAP Financial Measure”). Please see “Non-GAAP Financial Measures” at the end of this news release. |
(2) |
|
Free Cash Flow is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release. |
(3) |
|
Net Debt is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release. |
Conference Call
ProFrac has scheduled a conference call on Wednesday, May 7, 2025, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call’s conclusion on the IR Calendar section of ProFrac’s investor relations website for 90 days.
About ProFrac Holding Corp.
ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources. ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, in addition to Other Business Activities. For more information, please visit ProFrac's website at www.PFHoldingsCorp.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s strategies and plans for growth; the Company’s positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; the Company’s expectations about contributions of acquired entities; fleet deployment levels; the Company’s expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; the Company’s ability to increase the utilization of its mining assets and lower our mining costs per ton; success of the Company’s ongoing strategic initiatives; the risks relating to launching a new business; the Company’s intention to increase the number of fully integrated fleets; the Company’s currently expected guidance regarding its 2025 financial and operational results; the Company’s ability to earn its targeted rates of return; pricing of the Company’s services in light of the prevailing market conditions; the impact of continued inflation, risk of a global recession, and
Forward-looking statements are also subject to the risks and other issues described below under “Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including without limitation any expectations about the Company’s operational and financial performance or achievements through and including 2025. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.
Non-GAAP Financial Measures
Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents.
We view Adjusted EBITDA and Free Cash Flow as important indicators of performance. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, (gain) or loss on extinguishment of debt, unrealized loss (or gain) on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets.
Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company.
The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated.
- Tables to Follow-
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Consolidated Balance Sheets |
|
|
March 31, |
|
|
December 31, |
|
||
(In millions) |
|
2025 |
|
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
16.0 |
|
|
$ |
14.8 |
|
Accounts receivable, net |
|
|
405.8 |
|
|
|
312.7 |
|
Accounts receivable — related party, net |
|
|
17.6 |
|
|
|
16.1 |
|
Inventories |
|
|
200.1 |
|
|
|
201.1 |
|
Prepaid expenses and other current assets |
|
|
30.3 |
|
|
|
29.4 |
|
Total current assets |
|
|
669.8 |
|
|
|
574.1 |
|
Property, plant, and equipment, net |
|
|
1,713.8 |
|
|
|
1,761.2 |
|
Operating lease right-of-use assets, net |
|
|
151.7 |
|
|
|
158.6 |
|
Goodwill |
|
|
301.3 |
|
|
|
302.0 |
|
Intangible assets, net |
|
|
139.6 |
|
|
|
148.9 |
|
Other assets |
|
|
44.7 |
|
|
|
43.3 |
|
Total assets |
|
$ |
3,020.9 |
|
|
$ |
2,988.1 |
|
|
|
|
|
|
|
|
||
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
351.6 |
|
|
$ |
324.3 |
|
Accounts payable — related party |
|
|
40.0 |
|
|
|
18.1 |
|
Accrued expenses |
|
|
75.0 |
|
|
|
67.2 |
|
Current portion of long-term debt |
|
|
146.8 |
|
|
|
159.6 |
|
Current portion of long-term debt— related party |
|
|
5.0 |
|
|
|
5.0 |
|
Current portion of operating lease liabilities |
|
|
27.0 |
|
|
|
26.0 |
|
Other current liabilities |
|
|
36.3 |
|
|
|
56.6 |
|
Other current liabilities — related party |
|
|
2.8 |
|
|
|
3.2 |
|
Total current liabilities |
|
|
684.5 |
|
|
|
660.0 |
|
Long-term debt |
|
|
967.9 |
|
|
|
936.1 |
|
Long-term debt — related party |
|
|
7.1 |
|
|
|
8.3 |
|
Operating lease liabilities |
|
|
130.3 |
|
|
|
137.1 |
|
Deferred tax liabilities |
|
|
14.8 |
|
|
|
14.9 |
|
Tax receivable agreement liability |
|
|
82.9 |
|
|
|
82.9 |
|
Other liabilities |
|
|
9.3 |
|
|
|
9.2 |
|
Total liabilities |
|
|
1,896.8 |
|
|
|
1,848.5 |
|
|
|
|
|
|
|
|
||
Mezzanine equity: |
|
|
|
|
|
|
||
Series A preferred stock |
|
|
64.8 |
|
|
|
63.5 |
|
|
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Class A common stock |
|
|
1.5 |
|
|
|
1.5 |
|
Additional paid-in capital |
|
|
1,241.1 |
|
|
|
1,241.2 |
|
Accumulated deficit |
|
|
(254.7 |
) |
|
|
(235.9 |
) |
Accumulated other comprehensive income |
|
|
0.2 |
|
|
|
0.1 |
|
Total stockholders' equity attributable to ProFrac Holding Corp. |
|
|
988.1 |
|
|
|
1,006.9 |
|
Noncontrolling interests |
|
|
71.2 |
|
|
|
69.2 |
|
Total stockholders' equity |
|
|
1,059.3 |
|
|
|
1,076.1 |
|
Total liabilities, mezzanine equity, and stockholders' equity |
|
$ |
3,020.9 |
|
|
$ |
2,988.1 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Consolidated Statements of Operations |
|
|
Three Months Ended |
|
|||||||||
|
|
Mar. 31 |
|
|
Dec. 31 |
|
|
Mar. 31 |
|
|||
(In millions) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|||
Total revenues |
|
$ |
600.3 |
|
|
$ |
454.7 |
|
|
$ |
581.5 |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|||
Cost of revenues, exclusive of depreciation, depletion and amortization |
|
|
419.4 |
|
|
|
337.6 |
|
|
|
373.7 |
|
Selling, general, and administrative |
|
|
53.6 |
|
|
|
48.0 |
|
|
|
50.6 |
|
Depreciation, depletion and amortization |
|
|
106.0 |
|
|
|
113.3 |
|
|
|
112.8 |
|
Acquisition and integration costs |
|
|
0.1 |
|
|
|
2.7 |
|
|
|
0.2 |
|
Other operating expense (income), net |
|
|
5.2 |
|
|
|
(0.1 |
) |
|
|
4.3 |
|
Total operating costs and expenses |
|
|
584.3 |
|
|
|
501.5 |
|
|
|
541.6 |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating income (loss) |
|
|
16.0 |
|
|
|
(46.8 |
) |
|
|
39.9 |
|
|
|
|
|
|
|
|
|
|
|
|||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|||
Interest expense, net |
|
|
(35.9 |
) |
|
|
(38.8 |
) |
|
|
(37.6 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
Other income, net |
|
|
4.8 |
|
|
|
1.8 |
|
|
|
1.8 |
|
Income (loss) before income taxes |
|
|
(15.1 |
) |
|
|
(83.8 |
) |
|
|
3.3 |
|
Income tax expense |
|
|
(0.3 |
) |
|
|
(17.9 |
) |
|
|
(0.3 |
) |
Net income (loss) |
|
|
(15.4 |
) |
|
|
(101.7 |
) |
|
|
3.0 |
|
Less: net income attributable to noncontrolling interests |
|
|
(2.1 |
) |
|
|
(3.3 |
) |
|
|
(1.2 |
) |
Net income (loss) attributable to ProFrac Holding Corp. |
|
$ |
(17.5 |
) |
|
$ |
(105.0 |
) |
|
$ |
1.8 |
|
Net income (loss) attributable to Class A common shareholders |
|
$ |
(18.8 |
) |
|
$ |
(106.2 |
) |
|
$ |
0.6 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Consolidated Statements of Cash Flows |
|
|
Three Months Ended |
|
|||||||||
|
|
Mar. 31 |
|
|
Dec. 31 |
|
|
Mar. 31 |
|
|||
(In millions) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|||
Net income (loss) |
|
$ |
(15.4 |
) |
|
$ |
(101.7 |
) |
|
$ |
3.0 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|||
Depreciation, depletion and amortization |
|
|
106.0 |
|
|
|
113.3 |
|
|
|
112.8 |
|
Amortization of acquired unfavorable contracts |
|
|
(5.7 |
) |
|
|
(7.4 |
) |
|
|
(16.5 |
) |
Stock-based compensation |
|
|
1.1 |
|
|
|
1.2 |
|
|
|
2.1 |
|
Loss (gain) on disposal of assets, net |
|
|
3.4 |
|
|
|
2.8 |
|
|
|
(1.4 |
) |
Gain on insurance recoveries |
|
|
— |
|
|
|
(1.7 |
) |
|
|
— |
|
Non-cash loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Amortization of debt issuance costs |
|
|
3.0 |
|
|
|
3.3 |
|
|
|
3.2 |
|
Unrealized gain on investments, net |
|
|
(3.7 |
) |
|
|
(1.3 |
) |
|
|
(1.2 |
) |
Deferred tax expense |
|
|
— |
|
|
|
14.7 |
|
|
|
0.2 |
|
Other non-cash items, net |
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
(50.2 |
) |
|
|
53.3 |
|
|
|
(23.9 |
) |
Net cash provided by operating activities |
|
|
38.7 |
|
|
|
76.5 |
|
|
|
79.1 |
|
|
|
|
|
|
|
|
|
|
|
|||
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|||
Investment in property, plant & equipment |
|
|
(52.5 |
) |
|
|
(63.2 |
) |
|
|
(59.9 |
) |
Proceeds from sale of assets |
|
|
0.2 |
|
|
|
41.0 |
|
|
|
6.6 |
|
Proceeds from insurance recoveries |
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
Other |
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(51.7 |
) |
|
|
(20.5 |
) |
|
|
(53.3 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of long-term debt |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
Repayments of long-term debt |
|
|
(42.5 |
) |
|
|
(47.2 |
) |
|
|
(37.5 |
) |
Borrowings from revolving credit agreements |
|
|
419.1 |
|
|
|
357.8 |
|
|
|
501.1 |
|
Repayments of revolving credit agreements |
|
|
(361.1 |
) |
|
|
(377.5 |
) |
|
|
(485.2 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
(0.1 |
) |
|
|
(1.1 |
) |
Cash settlement of vested stock awards |
|
|
(1.0 |
) |
|
|
— |
|
|
|
— |
|
Tax withholding related to net share settlement of equity awards |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Purchase of noncontrolling interest |
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
|
14.2 |
|
|
|
(66.7 |
) |
|
|
(22.8 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
1.2 |
|
|
|
(10.7 |
) |
|
|
3.0 |
|
Cash, cash equivalents, and restricted cash beginning of period |
|
|
14.8 |
|
|
|
25.5 |
|
|
|
25.3 |
|
Cash, cash equivalents, and restricted cash end of period |
|
$ |
16.0 |
|
|
$ |
14.8 |
|
|
$ |
28.3 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|
|
Three Months Ended |
|
|||||||||
|
|
Mar. 31 |
|
|
Dec. 31 |
|
|
Mar. 31 |
|
|||
(In millions) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|||
Net income (loss) |
|
$ |
(15.4 |
) |
|
$ |
(101.7 |
) |
|
$ |
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense, net |
|
|
35.9 |
|
|
|
38.8 |
|
|
|
37.6 |
|
Depreciation, depletion and amortization |
|
|
106.0 |
|
|
|
113.3 |
|
|
|
112.8 |
|
Income tax expense |
|
|
0.3 |
|
|
|
17.9 |
|
|
|
0.3 |
|
Loss (gain) on disposal of assets, net |
|
|
3.4 |
|
|
|
2.8 |
|
|
|
(1.4 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Stock-based compensation |
|
|
1.1 |
|
|
|
1.2 |
|
|
|
2.1 |
|
Transaction costs |
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
Severance charges |
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
Acquisition and integration costs |
|
|
0.1 |
|
|
|
2.7 |
|
|
|
0.2 |
|
Supply commitment charges |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
Gain on insurance recoveries |
|
|
— |
|
|
|
(1.7 |
) |
|
|
— |
|
Litigation expenses and accruals for legal contingencies |
|
|
1.6 |
|
|
|
(1.2 |
) |
|
|
4.8 |
|
Unrealized gain on investments, net |
|
|
(3.7 |
) |
|
|
(1.3 |
) |
|
|
(1.2 |
) |
Adjusted EBITDA |
|
$ |
129.5 |
|
|
$ |
70.8 |
|
|
$ |
159.9 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Segment Information |
|
|
Three Months Ended |
|
|||||||||
|
|
Mar. 31 |
|
|
Dec. 31 |
|
|
Mar. 31 |
|
|||
(In millions) |
|
2025 |
|
|
2024 |
|
|
2024 |
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|||
Stimulation services |
|
$ |
524.5 |
|
|
$ |
384.4 |
|
|
$ |
517.3 |
|
Proppant production |
|
|
67.3 |
|
|
|
46.5 |
|
|
|
77.7 |
|
Manufacturing |
|
|
65.8 |
|
|
|
61.9 |
|
|
|
43.5 |
|
Other |
|
|
62.2 |
|
|
|
54.9 |
|
|
|
41.7 |
|
Total segments |
|
|
719.8 |
|
|
|
547.7 |
|
|
|
680.2 |
|
Eliminations |
|
|
(119.5 |
) |
|
|
(93.0 |
) |
|
|
(98.7 |
) |
Total revenues |
|
$ |
600.3 |
|
|
$ |
454.7 |
|
|
$ |
581.5 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|||
Stimulation services |
|
$ |
104.6 |
|
|
$ |
53.6 |
|
|
$ |
125.2 |
|
Proppant production |
|
|
18.3 |
|
|
|
14.2 |
|
|
|
28.4 |
|
Manufacturing |
|
|
4.0 |
|
|
|
3.0 |
|
|
|
4.4 |
|
Other |
|
|
7.7 |
|
|
|
4.4 |
|
|
|
3.6 |
|
Total segments |
|
|
134.6 |
|
|
|
75.2 |
|
|
|
161.6 |
|
Eliminations |
|
|
(5.1 |
) |
|
|
(4.4 |
) |
|
|
(1.7 |
) |
Total adjusted EBITDA |
|
$ |
129.5 |
|
|
$ |
70.8 |
|
|
$ |
159.9 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Net Debt |
|
|
March 31, |
|
|
December 31, |
|
||
(In millions) |
|
2025 |
|
|
2024 |
|
||
Current portion of long-term debt |
|
$ |
146.8 |
|
|
$ |
159.6 |
|
Current portion of long-term debt— related party |
|
|
5.0 |
|
|
|
5.0 |
|
Long-term debt |
|
|
967.9 |
|
|
|
936.1 |
|
Long-term debt — related party |
|
|
7.1 |
|
|
|
8.3 |
|
Total debt |
|
|
1,126.8 |
|
|
|
1,109.0 |
|
|
|
|
|
|
|
|
||
Plus: unamortized debt discounts, premiums, and issuance costs |
|
|
27.6 |
|
|
|
29.9 |
|
Total principal amount of debt |
|
|
1,154.4 |
|
|
|
1,138.9 |
|
|
|
|
|
|
|
|
||
Less: cash and cash equivalents |
|
|
(16.0 |
) |
|
|
(14.8 |
) |
Net debt |
|
$ |
1,138.4 |
|
|
$ |
1,124.1 |
|
ProFrac Holding Corp. (NasdaqGS: ACDC) |
Free Cash Flow |
|
|
Three Months Ended |
|
|||||
|
|
Mar. 31 |
|
|
Dec. 31 |
|
||
(In millions) |
|
2025 |
|
|
2024 |
|
||
Net cash provided by operating activities |
|
$ |
38.7 |
|
|
$ |
76.5 |
|
|
|
|
|
|
|
|
||
Investment in property, plant & equipment |
|
|
(52.5 |
) |
|
|
(63.2 |
) |
Proceeds from sale of assets |
|
|
0.2 |
|
|
|
41.0 |
|
Free cash flow |
|
$ |
(13.6 |
) |
|
$ |
54.3 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250507167333/en/
ProFrac Holding Corp.
Austin Harbour – Chief Financial Officer
Michael
investors@pfholdingscorp.com
ICR, Inc.
PFHoldingsIR@icrinc.com
Source: ProFrac Holding Corp.
