Solaris Oilfield Infrastructure Announces First Quarter 2021 Results
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”), a leading independent provider of supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry, today reported financial results for the first quarter 2021.
Operational Update and Outlook
During the first quarter of 2021, an average of 52 mobile proppant management systems were fully utilized, which was a
“The Solaris team executed strongly and safely as activity continued to recover during the first quarter,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “We are excited about the interest level in our recently announced new technology developments and look forward to sharing additional technology introductions as the year unfolds. As always, we are committed to preserving our balance sheet strength and maximizing both cash flow and returns on capital as we continue to help our customers drive efficiencies through new technology.”
First Quarter 2021 Financial Review
Solaris reported net loss of
Revenues were
Adjusted EBITDA for first quarter 2021 was
Capital Expenditures, Free Cash Flow and Liquidity
Capital expenditures in the first quarter 2021 were
Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during first quarter 2021 was
As of March 31, 2021, the Company had approximately
Shareholder Returns
On March 5, 2021, the Company’s Board of Directors declared a cash dividend of
Conference Call
The Company will host a conference call to discuss its first quarter 2021 results on Tuesday, May 4, 2021 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 10153784. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on the Solaris website, www.solarisoilfield.com.
Website Disclosure
We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the U.S. Securities and Exchange Commission’s (the “SEC”) Regulation FD. Accordingly, investors should monitor our website in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements on our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.
None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the SEC unless we expressly incorporate any such information by reference, and any references to our website are intended to be inactive textual references only.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the volatility in global oil markets and the COVID-19 pandemic, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
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Three Months Ended |
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March 31, |
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December 31, |
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2021 |
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2020 |
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2020 |
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Revenue |
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System rental |
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$ |
13,648 |
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$ |
26,059 |
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$ |
11,451 |
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System services |
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14,710 |
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20,957 |
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13,394 |
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Transloading services |
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114 |
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465 |
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211 |
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Inventory software services |
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197 |
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349 |
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220 |
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Total revenue |
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28,669 |
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47,830 |
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25,276 |
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Operating costs and expenses |
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Cost of system rental (excluding depreciation and amortization) |
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1,608 |
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2,013 |
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1,483 |
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Cost of system services (excluding depreciation and amortization) |
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17,252 |
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24,130 |
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15,498 |
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Cost of transloading services (excluding depreciation and amortization) |
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244 |
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337 |
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257 |
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Cost of inventory software services (excluding depreciation and amortization) |
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102 |
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145 |
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92 |
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Depreciation and amortization |
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6,693 |
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7,114 |
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6,643 |
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Selling, general and administrative (excluding depreciation and amortization) |
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4,606 |
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4,406 |
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4,269 |
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Impairment loss |
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— |
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47,828 |
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— |
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Other operating expenses (1) |
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253 |
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1,198 |
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453 |
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Total operating costs and expenses |
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30,758 |
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87,171 |
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28,695 |
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Operating income (loss) |
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(2,089 |
) |
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(39,341 |
) |
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(3,419 |
) |
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Interest income (expense), net |
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(49 |
) |
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111 |
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(198 |
) |
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Total other income (expense) |
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(49 |
) |
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111 |
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(198 |
) |
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Income (loss) before income tax expense |
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(2,138 |
) |
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(39,230 |
) |
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(3,617 |
) |
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Provision (benefit) for income taxes |
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(213 |
) |
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(6,078 |
) |
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(776 |
) |
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Net income (loss) |
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(1,925 |
) |
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(33,152 |
) |
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(2,841 |
) |
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Less: net (income) loss related to non-controlling interests |
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756 |
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14,071 |
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1,405 |
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Net income (loss) attributable to Solaris |
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$ |
(1,169 |
) |
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$ |
(19,081 |
) |
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$ |
(1,436 |
) |
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Earnings per share of Class A common stock - basic |
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$ |
(0.04 |
) |
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$ |
(0.65 |
) |
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$ |
(0.06 |
) |
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Earnings per share of Class A common stock - diluted |
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$ |
(0.04 |
) |
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$ |
(0.65 |
) |
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$ |
(0.06 |
) |
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Basic weighted average shares of Class A common stock outstanding |
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29,957 |
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29,312 |
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28,944 |
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Diluted weighted average shares of Class A common stock outstanding |
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29,957 |
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29,312 |
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28,944 |
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| 1) | Other operating expenses are primarily related to credit losses, loss on sale of assets and costs associated with workforce reductions. |
SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) |
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March 31, |
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December 31, |
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
55,060 |
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$ |
60,366 |
Accounts receivable, net of allowances for credit losses of |
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21,421 |
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18,243 |
Prepaid expenses and other current assets |
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1,934 |
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2,169 |
Inventories |
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1,509 |
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|
954 |
Total current assets |
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79,924 |
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81,732 |
Property, plant and equipment, net |
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242,413 |
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245,884 |
Non-current inventories |
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2,994 |
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3,318 |
Operating lease right-of-use assets |
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4,579 |
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4,708 |
Goodwill |
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|
13,004 |
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13,004 |
Intangible assets, net |
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2,787 |
|
|
2,982 |
Deferred tax assets |
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|
63,734 |
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|
59,805 |
Other assets |
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|
422 |
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|
463 |
Total assets |
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$ |
409,857 |
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$ |
411,896 |
Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
11,869 |
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$ |
6,863 |
Accrued liabilities |
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7,551 |
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|
11,986 |
Current portion of payables related to Tax Receivable Agreement |
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|
606 |
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|
606 |
Current portion of lease liabilities |
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|
662 |
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|
647 |
Current portion of finance lease liabilities |
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30 |
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|
30 |
Other current liabilities |
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|
75 |
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|
75 |
Total current liabilities |
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20,793 |
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|
20,207 |
Lease liabilities, net of current |
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|
7,288 |
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|
7,419 |
Finance lease liabilities, net of current |
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|
93 |
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|
100 |
Payables related to Tax Receivable Agreement |
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72,908 |
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|
68,097 |
Other long-term liabilities |
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|
591 |
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|
594 |
Total liabilities |
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101,673 |
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|
96,417 |
Stockholders' equity: |
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Preferred stock, |
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— |
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— |
Class A common stock, |
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|
310 |
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|
290 |
Class B common stock, |
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— |
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— |
Additional paid-in capital |
|
|
193,890 |
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180,415 |
Retained earnings |
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15,715 |
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20,549 |
Total stockholders' equity attributable to Solaris and members' equity |
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209,915 |
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Solaris Oilfield Infrastructure, Inc.
NYSE:SOISOI RankingsSOI Latest NewsSOI Stock Data
273.46M
27.13M
7.36%
93.06%
3.73%
Oil and Gas Field Machinery and Equipment Manufacturing
Manufacturing
United States of America
HOUSTON
About SOI• solaris oilfield infrastructure (nyse: soi) is focused on driving logistics and cost efficiencies for operators and service companies during the life cycle of oil and gas wells • the shale development has entered a new stage of evolution, whereby operational efficiencies have become the key differentiator for premier operators and service companies • on site operations (multi well pads, advanced rig moving technologies, quicker concurrent multi-well completions, on-site material handling, measurement and product value recovery) • supply chain management • logistical challenges have increased as operators are not only pumping more proppant per stage, but multi-basin development campaigns are yielding faster drilling and completion times, driving disproportionate proppant consumption and putting additional stress on existing infrastructure • soi is focused on addressing these industry challenges through its product offerings: o mobile sand silos for well site storage and delivery o mob
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