Group 1 - Select Water Solutions, Inc. will release its 2024 second quarter financial results on July 30, 2024, after market close [1] - A conference call to discuss the financial results is scheduled for July 31, 2024, at 11:00 a.m. Eastern Time [1] - The conference call will be accessible via phone or live over the Internet [2] Group 2 - Select Water Solutions is a leading provider of sustainable water and chemical solutions to the energy industry [2] - The company emphasizes the importance of safe and environmentally responsible management of water throughout the lifecycle of a well [2] - Select Water Solutions aims to conserve and protect the environment through responsible management of water resources [2]

Select Water Solutions, Inc. (NYSE:WTTR) Q1 2024 Results Conference Call May 1, 2024 11:00 AM ET Company Participants John Schmitz - Founder, Chairman, President & CEO Chris George - EVP, CFO Michael Skarke - EVP, COO Conference Call Participants Bobby Brooks - Northland Jim Rollyson - Raymond James Tom Curran - Seaport Global Securities Don Crist - Johnson Rice Jeff Robertson - Water Tower Research John Daniel - Daniel Energy Partners Operator Good morning, ladies and gentlemen, and thank you for standing ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol | Name of each exchange on which registered | | --- | --- | --- | | Class A common stock, par value | WTTR | New York Sto ...

Exhibit 99.1 FOR IMMEDIATE RELEASE (713) 296-1073 Contacts: Select Water Solutions Chris George – EVP & CFO IR@selectwater.com Dennard Lascar Investor Relations Ken Dennard / Natalie Hairston (713) 529-6600 WTTR@dennardlascar.com SELECT WATER SOLUTIONS ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS AND OPERATIONAL UPDATES Generated revenue of $367 million during the first quarter of 2024 Water Infrastructure segment generated revenue of $64 million during the first quarter of 2024, up 4% sequentially from t ...

Sustainability-Linked Credit Facility - The Sustainability-Linked Credit Facility requires a fixed charge coverage ratio of at least 1.0 to 1.0, with availability conditions tied to either 10% of the maximum revolver amount or $15.0 million [254]. - The facility restricts SES Holdings' ability to make distributions unless certain conditions are met, including maintaining excess availability of at least $33.75 million or a fixed charge coverage ratio of at least 1.0 to 1.0 [254]. - The Sustainability-Linked Credit Facility includes a sustainability adjustments feature that can result in a 0.05% increase or reduction to the effective interest rate based on Select LLC's performance against sustainability targets [255]. - The scheduled maturity date for the Sustainability-Linked Credit Facility is March 17, 2027 [254]. - Non-compliance with the covenants of the Sustainability-Linked Credit Facility could lead to immediate repayment demands from lenders, adversely affecting financial condition [257]. - As of December 31, 2023, the company had no indebtedness under its Sustainability-Linked Credit Facility, but as of February 19, 2024, it had $55.0 million in outstanding indebtedness [415]. Tax Receivable Agreements (TRAs) - The company is obligated to make payments under the Tax Receivable Agreements (TRAs) amounting to 85% of the net cash savings from tax benefits, retaining 15% of these savings [272]. - Payments under the TRAs are expected to be substantial, with estimated termination payments of approximately $62.0 million if terminated on December 31, 2023, based on a discount rate of 6.49% [278]. - The TRA Holders will not reimburse the company for any payments made if tax benefits are later disallowed, potentially leading to payments exceeding actual cash tax savings [279]. - The company’s obligations under the TRAs could negatively impact liquidity and delay potential mergers or asset sales [278]. - The TRA payments are not conditioned upon the continued ownership interest of any holder, allowing for transferability under certain conditions [276]. Financial Condition and Growth - The company has no independent means of generating revenue and relies on distributions from SES Holdings to cover taxes, dividends, and corporate expenses [271]. - The company’s ability to finance future growth and acquisitions may be adversely affected by increased capital costs and interest rates [285]. - The company plans to pursue selected, accretive acquisitions, which involve risks such as unanticipated costs and difficulties in integration [286]. - The company may incur substantial indebtedness to finance future acquisitions, which could burden its results of operations and financial condition [290]. - The integration of acquired businesses may involve unforeseen costs and operational difficulties, potentially affecting the company's financial condition [289]. Ownership and Equity - Future sales of equity securities may dilute ownership and depress share prices, with the company authorized to issue up to 350 million shares of Class A common stock [258]. - Registration Rights Holders, owning over 20 million shares, can initiate public offerings, potentially impacting the market price of Class A common stock [259]. - The company may issue preferred stock that could adversely affect the voting power or value of Class A common stock [266]. - The exclusive forum provision in the amended certificate of incorporation may limit stockholders' ability to bring claims in favorable judicial forums [267]. Tax and Operating Losses - As of December 31, 2023, the company had approximately $168.6 million of tax-affected U.S. federal net operating loss carryforwards, with $88.3 million expected to expire unused beginning in 2031 [282]. - The company may face limitations on the utilization of net operating loss carryforwards due to potential ownership changes, which could adversely affect operating results and cash flows [284]. - The company intends to limit the number of unitholders to avoid being classified as a publicly-traded partnership, which could lead to significant tax inefficiencies [280]. Asset Management - For the year ended December 31, 2023, the company recorded $11.1 million in abandonment charges to write down the carrying value of definite-lived intangible assets and $1.5 million for long-lived assets [292]. - The company recorded $4.7 million of goodwill in connection with the Breakwater acquisition for the year ended December 31, 2023 [293]. - The company may be required to take write-downs of the carrying values of long-lived and finite-lived intangible assets based on impairment assessments [292]. Market Conditions - The demand for oilfield services is largely dependent on drilling and completion activity in the U.S. oil and gas industry, influenced by various uncontrollable factors [413]. - Sustained low oil and gas prices could lead to reduced capital spending and drilling activity by customers, adversely affecting the company's business [414]. - The company does not maintain key person insurance on any of its personnel, increasing exposure to risks associated with the loss of key executives [291]. - The company faces intense competition for acquisition opportunities, which may increase costs or hinder the completion of acquisitions [289].

Select Water Solutions, Inc. (NYSE:WTTR) Q4 2023 Earnings Conference Call February 21, 2024 11:00 AM ET Company Participants Chris George - Senior Vice President, Corporate Development, Investor Relations & Sustainability John Schmitz - Founder, Chairman, President & Chief Executive Officer Nick Swyka - Senior Vice President and Chief Financial Officer Michael Skarke - Executive Vice President and Chief Operating Officer Conference Call Participants Jim Rollyson - Raymond James Tom Curran - Seaport Research ...

```markdown [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [Full Year 2023 Performance Summary](index=1&type=section&id=Full%20Year%202023%20Performance%20Summary) Select Water Solutions achieved record FY2023 financial results, driven by Water Infrastructure growth and robust capital returns Full Year 2023 Key Financial Metrics | Metric | FY 2023 Value | Year-over-Year Change | | :--- | :--- | :--- | | Consolidated Revenue | $1.6 billion | +14% | | Water Infrastructure Revenue | $230.0 million | +84% | | Operating Cash Flows | $285.4 million | +$252 million | | Capital Returned to Shareholders | $86.7 million | N/A | - The company achieved **record highs** in **consolidated revenue**, **net income**, **adjusted EBITDA**, and **operating cash flow** for the full year **2023**[2](index=2&type=chunk) - **Capital allocation** in **2023** included funding **capex**, increasing dividends by **20%**, executing **share repurchases**, completing six bolt-on acquisitions, and repaying all outstanding debt[2](index=2&type=chunk) [CEO's Statement and Outlook](index=1&type=section&id=CEO%27s%20Statement%20and%20Outlook) [2023 Performance Review](index=1&type=section&id=2023%20Performance%20Review) The CEO highlighted 2023 as a **record year** with all segments showing **revenue** and **gross profit** growth, led by Water Infrastructure - All **business segments** experienced year-over-year growth in both **revenue** and **gross profit** during **2023**[3](index=3&type=chunk) Water Infrastructure Segment FY 2023 vs. FY 2022 Growth | Metric | Growth Rate (YoY) | | :--- | :--- | | Segment Revenue | 84% | | Segment Gross Profit | 162% | - The company successfully executed its M&A strategy and made organic infrastructure investments, positioning it for future opportunities[12](index=12&type=chunk) [2024 Outlook and Strategy](index=2&type=section&id=2024%20Outlook%20and%20Strategy) For **2024**, Select projects continued strong Water Infrastructure growth, targeting over **50%** consolidated profitability - Targeting net **capital expenditures** of **$140 – $160 million** for **2024**, primarily for high-margin, long-term contracted projects in the Water Infrastructure segment[5](index=5&type=chunk) 2024 Water Infrastructure Segment Growth Forecast (YoY) | Metric | Expected Growth | | :--- | :--- | | Segment Revenues | 30% – 40% | | Segment Gross Profit | 40% – 50% | - Expects Q1 **2024** consolidated **Adjusted EBITDA** of **$52 – $56 million**, with full-year **Adjusted EBITDA** anticipated to grow year-over-year[9](index=9&type=chunk) - The company aims for Water Infrastructure and Chemical Technologies to generate over **50%** of consolidated profitability in **2024**[10](index=10&type=chunk) - On a consolidated basis, the company targets converting more than **40%** of its **2024 Adjusted EBITDA** into **free cash flow**[11](index=11&type=chunk) [Financial Results](index=3&type=section&id=Financial%20Results) [Consolidated Financial Performance](index=3&type=section&id=Consolidated%20Financial%20Performance) The company reported strong year-over-year and sequential financial performance, with increased **revenue** and **net income** Full Year 2023 Consolidated Results For FY2023, **revenue** grew **14%** to **$1.6 billion**, with **net income** and **Adjusted EBITDA** also significantly increasing Full Year Consolidated Financials (2023 vs. 2022) | Metric | Full Year 2023 | Full Year 2022 | | :--- | :--- | :--- | | Revenue | $1.6 billion | $1.4 billion | | Net Income | $79.2 million | $54.9 million | | Gross Profit | $231.7 million | $160.8 million | | Gross Margin | 14.6% | 11.6% | | Adjusted EBITDA | $258.3 million | $194.8 million | - **SG&A** increased to **$155.5 million** in FY2023 from **$118.9 million** in FY2022, largely due to a rise in **non-recurring transaction and rebranding costs** from **$8.9 million** to **$20.5 million**[15](index=15&type=chunk) Fourth Quarter 2023 Consolidated Results In Q4 **2023**, **revenue** was **$374.9 million**, with **net income** surging to **$27.6 million** due to a significant tax benefit Fourth Quarter Consolidated Financials (Q4'23 vs. Q3'23 vs. Q4'22) | Metric | Q4 2023 | Q3 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | | Revenue | $374.9 M | $389.3 M | $381.7 M | | Net Income | $27.6 M | $15.3 M | $7.6 M | | Gross Profit | $54.6 M | $56.3 M | $41.6 M | | Gross Margin | 14.6% | 14.5% | 10.9% | | Adjusted EBITDA | $58.3 M | $63.0 M | $52.2 M | - The significant increase in Q4 **2023 net income** was primarily due to a **$61.9 million** release of a valuation allowance on deferred tax assets, partially offset by a **$38.2 million** expense for **tax receivable agreements**[17](index=17&type=chunk) [Segment Performance](index=5&type=section&id=Segment%20Performance) In Q4 **2023**, Water Infrastructure showed strong sequential growth, while Water Services and Chemical Technologies saw declines Q4 2023 Segment Revenue and Gross Margin before D&A | Segment | Revenue (Q4 2023) | Gross Margin before D&A (Q4 2023) | Sequential Revenue Change | | :--- | :--- | :--- | :--- | | Water Services | $241.8 M | 22.3% | -4.0% | | Water Infrastructure | $60.9 M | 43.3% | +4.2% | | Chemical Technologies | $72.3 M | 14.1% | -8.6% | - Water Services **revenue** decline of **4.0%** outperformed the overall **7.9%** decline in **completions activity**. For Q1 **2024**, a mid-single-digit **revenue** decline is expected[21](index=21&type=chunk) - Water Infrastructure **revenue** growth was driven by an **11.2%** increase in **disposal volumes**. For Q1 **2024**, a mid-single-digit **revenue** increase is anticipated[22](index=22&type=chunk) - Chemical Technologies **gross profit** in Q4 was impacted by **$2.4 million** in non-recurring **inventory write-downs** and **insurance adjustments**. For Q1 **2024**, low-single-digit **revenue** growth is expected[23](index=23&type=chunk) [Cash Flow, Capital Expenditures, and Balance Sheet](index=6&type=section&id=Cash%20Flow%2C%20Capital%20Expenditures%2C%20and%20Balance%20Sheet) [Cash Flow and Capital Expenditures](index=6&type=section&id=Cash%20Flow%20and%20Capital%20Expenditures) The company generated a **record $285.4 million** in **operating cash flow** for FY2023, with **net capital expenditures** of **$119.0 million** Cash Flow and Capex Summary | Metric | Full Year 2023 | Full Year 2022 | | :--- | :--- | :--- | | Cash Flow from Operations | $285.4 M | $33.2 M | | Net Capital Expenditures | $119.0 M | $40.6 M | | Cash Flow from Operations less Net Capex | $166.4 M | N/A | - The significant increase in **2023 operating cash flow** was aided by a **$102.3 million** inflow from reduced **accounts receivable balances**[24](index=24&type=chunk) - Financing activities in **2023** included **$61.8 million** in **Class A share repurchases** and **$24.9 million** in **dividends and distributions**[27](index=27&type=chunk) - In Q4 **2023**, the company acquired legacy **revenue royalty interests** in the Bakken for **$3.5 million** and a **disposal offload facility** in East Texas for **$0.8 million**[26](index=26&type=chunk) [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) As of Dec **31**, **2023**, Select significantly improved its **balance sheet** with **$57.1 million** cash and no credit facility borrowings Balance Sheet and Liquidity Comparison (Year-End) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $57.1 M | $7.3 M | | Borrowings Outstanding | $0 | $16.0 M | | Available Borrowing Capacity | $250.3 M | $206.1 M | | Total Liquidity | $307.4 M | $213.4 M | [Business Development and Strategy](index=7&type=section&id=Business%20Development%20and%20Strategy) [Water Infrastructure Projects](index=7&type=section&id=Water%20Infrastructure%20Projects) Select announced four new long-term contracted Water Infrastructure projects, including the Thompson Pipeline in the Bakken - **Bakken Thompson Pipeline**: A new **24-mile**, **~$25-27 million** pipeline project backed by an **8-year** contract and a **~225,000-acre** dedication. Expected to be operational by Q3 **2024**[31](index=31&type=chunk) - **Northern Delaware Basin Expansion**: A new **2-mile** produced water gathering pipeline supported by a **10-year** contract, expanding a previously announced recycling system[33](index=33&type=chunk) - **Midland Basin Expansion**: Expanded a fixed recycling facility, more than doubling throughput capacity to **120,000 bpd** and dedicated acreage to **~24,000 acres**[34](index=34&type=chunk) - **Northeast Disposal Agreement**: Entered a multi-year disposal contract with a large public independent, adding long-term **revenues** to a previously acquired asset[35](index=35&type=chunk) [Segment Reporting Changes](index=8&type=section&id=Segment%20Reporting%20Changes) Effective Q2 **2023**, Select realigned its reportable segments to better reflect its strategy, recasting historical data - The company realigned its reportable segments in Q2 **2023** to better reflect its **business strategy** and provide greater **financial visibility**[36](index=36&type=chunk) - Certain services previously in the Water Infrastructure segment were moved to the Water Services segment. Historical data has been recast, with no impact on consolidated financial results[36](index=36&type=chunk)[37](index=37&type=chunk) [Non-GAAP Financial Measures](index=14&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like **Adjusted EBITDA** and **gross profit** before D&A to provide supplemental financial information - The company uses **non-GAAP measures** like **Adjusted EBITDA** and **gross profit** before D&A to help users of financial statements compare **operating performance** on a consistent basis[49](index=49&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Full Year) | Metric | Full Year 2023 ($M) | Full Year 2022 ($M) | | :--- | :--- | :--- | | **Net income** | **$79.2** | **$54.9** | | Interest expense, net | $4.4 | $2.7 | | Income tax (benefit) expense | ($60.2) | $1.0 | | Depreciation and amortization | $141.1 | $115.7 | | **EBITDA** | **$164.5** | **$174.2** | | Adjustments (TRA expense, impairments, transaction costs, etc.) | $93.8 | $20.6 | | **Adjusted EBITDA** | **$258.3** | **$194.8** | Reconciliation of Gross Profit to Gross Profit before D&A (Full Year) | Metric | Full Year 2023 ($M) | Full Year 2022 ($M) | | :--- | :--- | :--- | | **As reported gross profit** | **$231.7** | **$160.8** | | Plus: Depreciation and amortization | $138.8 | $113.5 | | **Gross profit before D&A** | **$370.5** | **$274.3** | ```

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 001-38066 SELECT WATER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) (State of incorporation) (IRS Employer WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition per ...

Select Water Solutions, Inc. (NYSE:WTTR) Q3 2023 Earnings Conference Call November 1, 2023 11:00 AM ET Company Participants Chris George - SVP, Corporate Development, IR and Sustainability John Schmitz - Founder, Chairman, President and CEO Nick Swyka - SVP and CFO Michael Skarke - EVP and COO Conference Call Participants Jim Rollyson - Raymond James Luke Lemoine - Piper Sandler Tom Curran - Seaport Research Partners Don Crist - Johnson Rice John Daniel - Daniel Energy Jeff Robertson - Water Tower Research ...

Financial Data and Key Metrics Changes - Select Water Solutions reported a sequential net income increase of 65% to $23 million and adjusted EBITDA rose to $70 million, a 4% increase from the first quarter of 2023 [9][34] - Revenue for the second quarter declined by 3% to $405 million, but gross margins improved, leading to higher profitability [34][28] - The company generated $102 million in cash flow from operations, with free cash flow nearly matching adjusted EBITDA at $66 million after accounting for $36 million in net CapEx [10][11] Business Line Data and Key Metrics Changes - Water Services revenue decreased by approximately $10 million sequentially, or nearly 4%, while prioritizing higher profitability over top-line growth [37] - The recalibrated Water Infrastructure segment is expected to see revenue gains in the third quarter by mid-single digits and gross margins before depreciation and amortization (D&A) are projected to improve by 200 to 400 basis points [38] - The Chemical Technologies segment achieved an all-time high gross margin exceeding 20%, with expectations for steady results in the third quarter [39] Market Data and Key Metrics Changes - The company noted a modest decline in rig and completion activity during the second quarter, yet maintained steady pricing and profitability among customers [35][28] - Accounts receivable decreased by $62 million during the quarter, with a new target to reduce AR by $100 million by year-end [32] Company Strategy and Development Direction - The company is focused on acquisition integration, improving efficiencies, and operational excellence, with a strategic emphasis on sustainable water management solutions [14][15] - Select Water Solutions aims to enhance its infrastructure and specialty chemistry solutions, with expectations that over 50% of profitability will come from sustainable recycling solutions and contracted pipelines by 2024 [26][25] - The company is prioritizing capital allocation to strategic areas, particularly where proprietary applications of automation and chemistry can be integrated [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to advance profitability despite macroeconomic headwinds, with expectations for continued cash flow momentum and project impacts in the latter half of 2023 [35][28] - The company is optimistic about the growth prospects in the Water Infrastructure segment, with a strong project backlog and anticipated project completions in late 2023 [20][19] Other Important Information - The company has made changes to its segment reporting structure, reallocating certain operations to better align with core service offerings [6][18] - Select Water Solutions is committed to sustainability and has published its 2022 sustainability report, outlining its achievements and future targets [23] Q&A Session Summary Question: What are the expected margins for the Water Infrastructure segment? - Management anticipates reaching a 50% run rate for margins by late 2024, driven by contracted projects with healthy EBITDA contributions [44] Question: What is the outlook for M&A opportunities? - The company is focused on enhancing its existing asset base and will consider M&A opportunities that align with this strategy, particularly those that can add value to its infrastructure [50] Question: How is the company addressing operational efficiencies in Water Services? - The company aims for mid-20s margins in the near term, focusing on integration and operational efficiency, including the consolidation of unprofitable locations [54] Question: What is the current utilization of existing sites in Water Infrastructure? - Utilization is estimated at 50% to 60%, with ongoing efforts to tie in more customers and leverage capacity [57] Question: Are there new potential projects outside current operating areas? - Yes, there are opportunities in existing basins and new areas, with a focus on full lifecycle water projects [68]