Third Quarter 2017 Highlights
-
Record net income of $7.4 million; a $6.3 million increase from second
quarter 2017
-
Record adjusted EBITDA of $11.2 million; 50% increase versus second
quarter 2017 and up 549% year-over-year
-
Record revenue of $18.5 million; 38% increase versus second quarter
2017 and up 289% year-over-year
-
Record 4,564 revenue days; 35% increase versus second quarter 2017 and
up 202% year-over-year
-
Added 15 proppant management systems to the rental fleet; total of 59
systems at quarter-end
HOUSTON--(BUSINESS WIRE)--
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the
“Company”), a leading manufacturer and provider of patented mobile
proppant management systems for oil and natural gas well sites, today
reported financial results for the third quarter 2017, as further
described in the Company’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2017, filed with the Securities and Exchange
Commission (the “SEC”) today.
Third Quarter 2017 Financial Review
Solaris reported net income of $7.4 million for third quarter 2017,
compared to net income of $0.7 million in third quarter 2016 and net
income of $1.1 million in second quarter 2017. Third quarter 2017 net
income included certain non-recurring expenses, including approximately
$617,000 of IPO-related compensation expense, $41,000 related to a loss
on disposal of assets and $36,000 of non-recurring transaction costs.
Adjusted EBITDA for the third quarter was $11.2 million, an increase of
$9.5 million from third quarter 2016 and an increase of $3.7 million
compared to second quarter 2017. A description of adjusted EBITDA and a
reconciliation to net income, its most directly comparable GAAP measure,
is provided below.
Revenues were $18.5 million for the quarter, an increase of $13.7
million, or 289%, compared to third quarter 2016, and an increase of
$5.1 million, or 38%, compared to second quarter 2017.
During third quarter 2017, the Company generated 4,564 revenue days, the
combined number of days that its systems earned revenue during the
quarter, a 202% increase from third quarter 2016, and up 35% compared to
second quarter 2017. Customer demand and adoption rates for Solaris’
systems continue to grow as proppant consumption levels increase across
the industry and customers realize the benefits of Solaris’ technology.
Capital Expenditures and Liquidity
Driven by strong customer demand and continued customer adoption of our
proppant management systems and services, the Company invested $27.6
million in capital equipment during third quarter 2017 and added fifteen
systems to the fleet, ending the quarter with 59 systems. These
investments help address rising customer demand and are expected to
drive future earnings and cash flow growth for Solaris. The Company’s
third quarter capital expenditures included $4.8 million in long-lead
item purchases made in connection with the construction of the
Kingfisher Facility.
As of September 30, 2017, the Company had $54.0 million in cash and
$20.0 million of availability under the undrawn credit facility for
total liquidity of $74.0 million.
Operational Update
We currently have 68 systems in the rental fleet, with more than 90% of
the systems deployed to customers who are renting multiple Solaris
systems.
We recently began operations with our new non-pneumatic loading option,
which provides additional proppant transportation flexibility, allowing
our customers to use belly-dump trucks in addition to the industry
standard pneumatic trucks to fill and maintain inventory in our systems.
In August, Solaris broke ground on the Kingfisher Facility and
construction is progressing on schedule. Solaris plans to take first
delivery of proppant at the facility in January 2018, with the final
completion of the initial phase by August 2018. Solaris is engaged in
discussions with additional tenants interested in obtaining capacity at
the Kingfisher Facility.
Outlook
We are currently manufacturing approximately six systems per month. We
have been able to reach this manufacturing rate through selective
outsourcing of certain components of our systems. Based on our
accelerated manufacturing cadence, we have increased our end of year
system outlook to between 74 to 76 systems, an increase from the
previous guidance of 68 to 72 systems. In addition, we have refined our
2017 capital expenditure guidance to between $85 million to $95 million
as a result of the increased system deliveries.
Solaris recently executed customer agreements to term up the rental of
mobile proppant management systems for a minimum of twelve months. These
long-term arrangements provide enhanced visability into future earnings
and highlight the critical nature and value of our services.
Solaris’ Chief Executive Officer Greg Lanham commented, “We are excited
about the continued adoption of our technology and service offering. As
the industry continues to pump ever increasing amounts of sand per well
and transition towards manufacturing style development of plays –
including multi-well pads and multi-zone development of acreage –
innovative and integrated logistics solutions are required to help drive
supply chain costs down and provide certainty of execution. We believe
our current fleet of 68 systems represents the industry’s leading market
share for new technology proppant handling solutions. We continue to
increase system deployments with our existing customers and gain
adoption with new customers.
“We are also excited about the continued adoption of our proprietary
inventory management system, PropView™. We currently have more than 125
registered third-party users of PropView™, with users spanning across
the supply chain – from E&P procurement departments to pressure pumping
logistic teams to last mile trucking companies. We believe the
integration of our well site systems and the Kingfisher Facility with
PropView™ uniquely position us to provide insight across the supply
chain which we expect will drive continued market share growth.”
Upcoming Conference Participation
Solaris will participate in Cowen and Company’s 7th Annual Energy and
Natural Resources Conference in New York. Solaris’ Chief Executive
Officer, Greg Lanham, will participate on a panel discussion during the
afternoon of December 4, 2017, and the Company will meet with
institutional investors on December 4 and December 5, 2017.
Conference Call
The Company will host a conference call to discuss its third quarter
2017 results on Friday, November 3, 2017 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 (866) 807-9684. To join the conference
call from outside of the United States, participants may dial (412)
317-5415. 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, 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 10113199. 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) manufactures and
provides patented mobile proppant management systems that unload, store
and deliver proppant at oil and natural gas well sites. These patented
systems are deployed in many of the most active oil and natural gas
basins in the United States, including the Permian Basin, the Eagle Ford
Shale and the SCOOP/STACK. Solaris’ new high-capacity transload facility
being built in Kingfisher, Oklahoma will serve customers with operations
in the SCOOP/STACK. 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 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 and Section 21E of
the Securities Exchange Act of 1934. Examples of forward-looking
statements include, but are not limited to, statements we make regarding
the outlook for the construction and operation of our new Kingfisher
Facility, 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, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
| | | | | | | | | | | | |
|
| | Three Months Ended | | | Nine Months Ended |
| | September 30, | | | September 30, |
| | 2017 | | 2016 | | | 2017 | | 2016 |
| Revenue | | | | | | | | | | | | | |
|
Proppant system rental
| |
$
|
15,062
| | |
$
|
3,846
| | | |
$
|
34,560
| | |
$
|
8,679
| |
|
Proppant system services
| |
|
3,416
|
| |
|
902
|
| | |
|
7,631
|
| |
|
2,189
|
|
Total revenue
| | |
18,478
| | | |
4,748
| | | | |
42,191
| | | |
10,868
| |
| Operating costs and expenses | | | | | | | | | | | | | |
|
Cost of proppant system rental (excluding $1,523 and $857, and 3,748
and $2,418, of depreciation and amortization for the three and nine
months ended September 30, 2017 and 2016, respectively, shown
separately)
| | |
641
| | | |
386
| | | | |
1,588
| | | |
1,181
| |
|
Cost of proppant system services (excluding $129 and $42, and $283
and $111, of depreciation and amortization for the three and nine
months ended September 30, 2017 and 2016, respectively, shown
separately)
| | |
3,933
| | | |
1,501
| | | | |
8,640
| | | |
3,301
| |
|
Depreciation and amortization
| | |
1,742
| | | |
959
| | | | |
4,276
| | | |
2,739
| |
|
Salaries, benefits and payroll taxes
| | |
2,942
| | | |
635
| | | | |
5,687
| | | |
1,992
| |
|
Selling, general and administrative (excluding $90 and $60, and $245
and $210, of depreciation and amortization for the three and nine
months ended September 30, 2017 and 2016, respectively, shown
separately)
| | |
1,176
| | | |
543
| | | | |
3,653
| | | |
1,842
| |
|
Other operating expenses
| |
|
(38
|
)
| |
|
—
|
| | |
|
3,770
|
| |
|
—
|
|
|
Total operating cost and expenses
| |
|
10,396
|
| |
|
4,024
|
| | |
|
27,614
|
| |
|
11,055
|
|
|
Operating income (loss)
| | |
8,082
| | | |
724
| | | | |
14,577
| | | |
(187
|
)
|
|
Interest expense
| | |
(27
|
)
| | |
(5
|
)
| | | |
(71
|
)
| | |
(14
|
)
|
|
Other income (expense)
| |
|
(32
|
)
| |
|
6
|
| | |
|
(119
|
)
| |
|
7
|
|
|
Total other income (expense)
| |
|
(59
|
)
| |
|
1
|
| | |
|
(190
|
)
| |
|
(7
|
)
|
|
Income (loss) before income tax expense
| | |
8,023
| | | |
725
| | | | |
14,387
| | | |
(194
|
)
|
|
Provision for income taxes
| |
|
(617
|
)
| |
|
(14
|
)
| | |
|
(1,137
|
)
| |
|
(26
|
)
|
|
Net income (loss)
| | |
7,406
| | | |
711
| | | | |
13,250
| | | |
(220
|
)
|
|
Less: net (income) loss related to Solaris LLC
| | |
—
| | | |
(711
|
)
| | | |
(3,665
|
)
| | |
220
| |
|
Less: net income related to non-controlling interests
| |
|
(6,027
|
)
| |
|
—
|
| | |
|
(8,049
|
)
| |
|
—
|
|
|
Net income attributable to Solaris
| |
$
|
1,379
|
| |
$
|
—
|
| | |
$
|
1,536
|
| |
$
|
—
|
|
| |
|
| |
|
| | |
|
| |
|
|
|
Earnings per share of Class A common stock - basic (1)
| |
$
|
0.13
|
| |
$
|
—
|
| | |
$
|
0.14
|
| |
$
|
—
|
|
|
Earnings per share of Class A common stock - diluted (1)
| |
$
|
0.12
|
| |
$
|
—
|
| | |
$
|
0.14
|
| |
$
|
—
|
|
| | | | | | | | | | | | |
|
|
Basic weighted average shares of Class A common stock outstanding (1)
| | |
10,100
| | | |
—
| | | | |
10,100
| | | |
—
| |
|
Diluted weighted average shares of Class A common stock outstanding
(1)
| | |
10,563
| | | |
—
| | | | |
10,552
| | | |
—
| |
|
|
|
(1) – Represents earnings per share of Class A common stock and
weighted average shares of Class A common stock outstanding for the
period following the reorganization transactions and IPO.
|
|
|
SOLARIS OILFIELD INFRASTRUCTURE, LLC AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) |
|
|
|
|
|
|
|
| September 30, |
|
|
| December 31, |
| | | | | | 2017 | | | | 2016 |
| Assets | | | | | | | | | | | | |
|
Current assets:
| | | | | | | | | | | | |
|
Cash
| | | | | |
$
|
53,996
| | | |
$
|
3,568
|
|
Accounts receivable, net
| | | | | | |
9,543
| | | | |
4,510
|
|
Prepaid expenses and other current assets
| | | | | | |
4,011
| | | | |
403
|
|
Inventories
| | | | | |
|
6,675
| | | |
|
1,365
|
|
Total current assets
| | | | | | |
74,225
| | | | |
9,846
|
|
Property, plant and equipment, net
| | | | | | |
100,006
| | | | |
54,350
|
|
Goodwill
| | | | | | |
13,004
| | | | |
13,004
|
|
Intangible assets, net
| | | | | | |
67
| | | | |
36
|
|
Deferred tax assets
| | | | | | |
29,648
| | | | |
—
|
|
Other assets
| | | | | |
|
239
| | | |
|
—
|
|
Total assets
| | | | | |
$
|
217,189
| | | |
$
|
77,236
|
| Liabilities and Members’ Equity | | | | | | | | | | | | |
|
Current liabilities:
| | | | | | | | | | | | |
|
Accounts payable
| | | | | |
$
|
5,209
| | | |
$
|
705
|
|
Accrued liabilities
| | | | | | |
4,733
| | | | |
2,144
|
|
Current portion of capital lease obligations
| | | | | | |
33
| | | | |
26
|
|
Current portion of notes payable
| | | | | | |
—
| | | | |
169
|
|
Current portion of senior secured credit facility
| | | | | |
|
—
| | | |
|
31
|
|
Total current liabilities
| | | | | |
|
9,975
| | | |
|
3,075
|
|
Capital lease obligations, net of current portion
| | | | | | |
186
| | | | |
213
|
|
Notes payable, net of current portion
| | | | | | |
—
| | | | |
282
|
|
Senior secured credit facility, net of current portion
| | | | | | |
—
| | | | |
2,320
|
|
Payable related to parties pursuant to tax receivable agreements
| | | | | | |
11,475
| | | | |
—
|
|
Other long-term liabilities
| | | | | |
|
154
| | | |
|
—
|
|
Total liabilities
| | | | | |
|
21,790
| | | |
|
5,890
|
|
Commitments and contingencies
| | | | | | | | | | | | |
|
Stockholders' and members’ equity
| | | | | | | | | | | | |
|
Members’ equity
| | | | | | |
—
| | | | |
69,267
|
|
Preferred stock, $0.01 par value, 50,000 shares authorized, none
issued and outstanding
| | | | | | |
—
| | | | |
—
|
Class A common stock, $0.01 par value, 600,000 shares authorized,
10,100 shares issued and
outstanding as of September 30, 2017 and none issued and
outstanding as of December 31,
2016
| | | | | | |
101
| | | | |
—
|
Class B common stock, $0.00 par value, 180,000 shares authorized,
32,366 shares issued and
outstanding as of September 30, 2017 and none issued and
outstanding as of December 31,
2016
| | | | | | |
—
| | | | |
—
|
|
Additional paid-in capital
| | | | | | |
60,657
| | | | |
—
|
|
Accumulated earnings
| | | | | |
|
1,536
| | | |
|
2,079
|
|
Total stockholders' equity attributable to Solaris and members'
equity
| | | | | |
|
62,294
| | | |
|
71,346
|
|
Non-controlling interest
| | | | | |
|
133,105
| | | |
|
—
|
|
Total stockholders' and members' equity
| | | | | |
|
195,399
| | | |
|
71,346
|
|
Total liabilities, stockholders' and members’ equity
| | | | | |
$
|
217,189
| | | |
$
|
77,236
|
|
|
|
|
SOLARIS OILFIELD INFRASTRUCTURE, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
|
|
|
|
|
|
|
| For the Nine Months Ended September 30, |
| | | | | | 2017 |
|
|
| 2016 |
|
Cash flows from operating activities:
| | | | | | | | | | | | |
|
Net income (loss)
| | | | | |
$
|
13,250
| | | | |
$
|
(220
|
)
|
|
Adjustment to reconcile net income (loss) to net cash provided by
(used in) operating activities:
| | | | | | | | | | | | |
|
Depreciation and amortization
| | | | | | |
4,276
| | | | | |
2,739
| |
|
Loss on disposal of asset
| | | | | | |
451
| | | | | |
—
| |
|
Provision for bad debt
| | | | | | |
—
| | | | | |
85
| |
|
Unit-based compensation
| | | | | | |
2,097
| | | | | |
108
| |
|
Amortization of debt issuance costs
| | | | | | |
35
| | | | | |
—
| |
|
Amortization of prepaid expenses and other assets
| | | | | | |
879
| | | | | |
—
| |
|
Deferred income tax expense
| | | | | | |
1,059
| | | | | |
—
| |
|
Other
| | | | | | |
(19
|
)
| | | | |
—
| |
|
Changes in assets and liabilities:
| | | | | | | | | | | | |
|
Accounts receivable
| | | | | | |
(5,033
|
)
| | | | |
(2,169
|
)
|
|
Prepaid expenses and other assets
| | | | | | |
(4,504
|
)
| | | | |
3
| |
|
Inventories
| | | | | | |
(6,675
|
)
| | | | |
507
| |
|
Accounts payable
| | | | | | |
4,504
| | | | | |
154
| |
|
Accrued liabilities
| | | | | |
|
2,679
|
| | | |
|
(439
|
)
|
|
Net cash provided by operating activities
| | | | | |
|
12,999
|
| | | |
|
768
|
|
|
Cash flows from investing activities:
| | | | | | | | | | | | |
|
Investment in property, plant and equipment
| | | | | | |
(49,015
|
)
| | | | |
(5,926
|
)
|
|
Investment in intangible assets
| | | | | |
|
(34
|
)
| | | |
|
(25
|
)
|
|
Net cash used in investing activities
| | | | | |
|
(49,049
|
)
| | | |
|
(5,951
|
)
|
|
Cash flows from financing activities:
| | | | | | | | | | | | |
|
Payments under capital leases
| | | | | | |
(20
|
)
| | | | |
(19
|
)
|
|
Payments under notes payable
| | | | | | |
(451
|
)
| | | | |
(142
|
)
|
|
Proceeds from borrowings under the credit facility
| | | | | | |
3,000
| | | | | |
—
| |
|
Repayment of credit facility
| | | | | | |
(5,500
|
)
| | | | |
—
| |
|
Proceeds from pay down of promissory note related to membership units
| | | | | | |
4,303
| | | | | |
—
| |
|
Payments related to debt issuance costs
| | | | | | |
(111
|
)
| | | | |
—
| |
|
Proceeds from issuance of Class A common stock sold in initial
public offering, net of offering costs
| | | | | | |
111,075
| | | | | |
—
| |
|
Distributions paid to unit and option holders
| | | | | |
|
(25,818
|
)
| | | |
|
—
|
|
|
Net cash provided by (used in) financing activities
| | | | | |
|
86,478
|
| | | |
|
(161
|
)
|
|
Net increase (decrease) in cash
| | | | | | |
50,428
| | | | | |
(5,344
|
)
|
|
Cash at beginning of period
| | | | | |
|
3,568
|
| | | |
|
6,923
|
|
|
Cash at end of period
| | | | | |
$
|
53,996
|
| | | |
$
|
1,579
|
|
|
Non-cash activities
| | | | | | | | | | | | |
|
Investing:
| | | | | | | | | | | | |
|
Capitalized depreciation in property, plant and equipment
| | | | | |
$
|
492
| | | | |
$
|
515
| |
Financing:
| | | | | | | | | | | | |
|
Notes payable issued for property, plant and equipment
| | | | | | |
—
| | | | | |
257
| |
|
Accrued interest from notes receivable issued for membership units
| | | | | | |
142
| | | | | |
250
| |
|
Cash paid for:
| | | | | | | | | | | | |
|
Interest
| | | | | | |
96
| | | | | |
14
| |
|
Income taxes
| | | | | | |
45
| | | | | |
35
| |
|
|
SOLARIS OILFIELD INFRASTRUCTURE, LLC AND SUBSIDIARIES
RECONCILIATION
OF GAAP TO NON-GAAP FINANCIAL INFORMATION — ADJUSTED EBITDA
(In
thousands)
(Unaudited)
We view EBITDA and Adjusted EBITDA as important indicators of
performance. We define EBITDA as net income (loss), plus
(i) depreciation and amortization expense, (ii) interest expense and
(iii) income tax expense, including franchise taxes. We define Adjusted
EBITDA as EBITDA plus (i) unit-based compensation expense and
(ii) certain non-cash charges and unusual or non-recurring charges.
We believe that our presentation of EBITDA and Adjusted EBITDA provides
useful information to investors in assessing our financial condition and
results of operations. Net income is the GAAP measure most directly
comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA
should not be considered alternatives to net income presented in
accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined
differently by other companies in our industry, our definitions of
EBITDA and Adjusted EBITDA may not be comparable to similarly titled
measures of other companies, thereby diminishing their utility. The
following table presents a reconciliation of Net income (loss) to EBITDA
and Adjusted EBITDA for each of the periods indicated.
|
|
|
|
|
|
|
| Three months ended |
|
| Nine months ended |
| | | | | | September 30, | | | September 30, |
| | | | | | 2017 |
|
| 2016 | | | 2017 |
|
| 2016 |
| | | | | | | | | | | | | | | | | | |
|
|
Net income (loss)
| | | | | |
$
|
7,406
| | | |
$
|
711
| | |
$
|
13,250
| | | |
$
|
(220
|
)
|
|
Depreciation and amortization
| | | | | | |
1,742
| | | | |
959
| | | |
4,276
| | | | |
2,739
| |
|
Interest expense, net
| | | | | | |
27
| | | | |
5
| | | |
71
| | | | |
14
| |
|
Income taxes (1)
| | | | | |
|
617
|
| | |
|
14
| | |
|
1,137
|
| | |
|
26
|
|
|
EBITDA
| | | | | |
$
|
9,792
| | | |
$
|
1,689
| | |
$
|
18,734
| | | |
$
|
2,559
| |
|
IPO bonuses (2)
| | | | | | |
617
| | | | |
—
| | | |
4,046
| | | | |
—
| |
|
Unit-based compensation expense (3)
| | | | | | |
795
| | | | |
36
| | | |
1,172
| | | | |
108
| |
|
Loss on disposal of assets
| | | | | | |
41
| | | | |
—
| | | |
451
| | | | |
—
| |
|
Non-recurring organizational costs (4)
| | | | | | |
—
| | | | |
—
| | | |
348
| | | | |
—
| |
|
Change in payable related to parties pursuant to tax receivable
agreements
| | | | | | |
(83
|
)
| | | |
—
| | | |
(83
|
)
| | | |
—
| |
|
Other (5)
| | | | | |
|
36
|
| | |
|
—
| | |
|
36
|
| | |
|
—
|
|
|
Adjusted EBITDA
| | | | | |
$
|
11,198
|
| | |
$
|
1,725
| | |
$
|
24,704
|
| | |
$
|
2,667
|
|
__________________
|
|
(1)
|
|
Income taxes include add-back for federal and state taxes.
|
| |
|
|
(2)
| |
One-time cash bonuses of $3.1 million for the nine months ended
September 30, 2017 and stock-based compensation expense of $0.6
million and $0.9 million with one-year vesting for the three and
nine months ended September 30, 2017, respectively, were paid or
granted to certain employees and consultants in connection with the
Offering.
|
| |
|
|
(3)
| |
Represents unit-based compensation costs of $0.7 million and $0.9
million for the three and nine months ended September 30, 2017,
respectively, related to restricted stock awards, with three-year
vesting. Also includes $0.1 million and $0.3 million for the three
and nine months ended September 30, 2017, respectively, related to
options under the Plan.
|
| |
|
|
(4)
| |
Certain non-recurring organizational costs associated with Solaris’
IPO.
|
| |
|
|
(5)
| |
Non-recurring transaction costs.
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102006875/en/
Solaris Oilfield Infrastructure, Inc.
Kyle Ramachandran, (281)
501-3070
Chief Financial Officer
[email protected]
Source: Solaris Oilfield Infrastructure, Inc.