ProFrac (US:ACDC)2024-08-08 10:03Financial Performance - Total revenue for Q2 2024 was $579.4 million, a slight decrease from $581.5 million in Q1 2024[1] - Net loss for Q2 2024 was $65.6 million, compared to a net income of $3.0 million in Q1 2024[1] - Adjusted EBITDA for Q2 2024 was $135.6 million, down from $159.7 million in Q1 2024[1] - Total revenues for the quarter ended June 30, 2024, were $579.4 million, a decrease of 18.3% compared to $709.2 million for the same period in 2023[24] - The company reported an operating loss of $49.2 million for the quarter, compared to an operating income of $53.7 million in the same quarter last year[24] - Net loss attributable to ProFrac Holding Corp. was $66.7 million for the quarter, compared to a net income of $22.0 million in the same quarter of the previous year[24] - Adjusted EBITDA for the three months ended June 30, 2024, was $135.6 million, down from $159.7 million in the previous quarter and $182.5 million in the same period last year[27] - Total revenues for the three months ended June 30, 2024, were $579.4 million, a decrease of 17.3% compared to $709.2 million for the same period in 2023[28] - Adjusted EBITDA for the three months ended June 30, 2024, was $135.6 million, down 25.7% from $182.5 million in the same period last year[28] - The company reported a total adjusted EBITDA of $295.3 million for the six months ended June 30, 2024, compared to $429.6 million for the same period in 2023, a decrease of 31.2%[28] Cash Flow and Investments - Free cash flow increased by 187% sequentially to $74.0 million in Q2 2024[1] - The company generated $113.5 million in net cash provided by operating activities for the three months ended June 30, 2024, an increase from $79.1 million in the previous quarter but a decrease from $153.7 million in the same period last year[25] - ProFrac's net cash used in investing activities was $231.5 million for the three months ended June 30, 2024, compared to $53.3 million in the previous quarter[25] - The company made acquisitions net of cash acquired amounting to $194.4 million during the three months ended June 30, 2024[25] Debt and Liabilities - Total debt outstanding increased to $1.20 billion as of June 30, 2024, up from $1.05 billion in Q1 2024[7] - Total liabilities rose to $1,891.4 million, an increase of 8.6% from $1,742.1 million at the end of 2023[22] - Net debt as of June 30, 2024, increased to $1,210.4 million from $1,082.6 million at December 31, 2023, reflecting a rise of 11.8%[29] - Total principal amount of debt as of June 30, 2024, was $1,234.4 million, up from $1,107.9 million at December 31, 2023, an increase of 11.4%[29] Segment Performance - The Stimulation Services segment generated revenues of $505.6 million with an Adjusted EBITDA of $107.3 million in Q2 2024[5] - The Proppant Production segment reported revenues of $69.5 million and recognized a goodwill impairment of $67.7 million[5] - The company anticipates a gradual recovery in total volumes and pricing in the Proppant Production segment despite current declines[4] - Stimulation services revenue for the three months ended June 30, 2024, was $505.6 million, a decrease of 16.9% from $608.2 million in the same period last year[28] - Proppant production revenue for the three months ended June 30, 2024, was $69.5 million, down 36.7% from $109.8 million in the same period last year[28] - Manufacturing segment revenue increased to $55.9 million for the three months ended June 30, 2024, compared to $31.1 million in the same period last year, marking an increase of 79.4%[28] Asset Management - Current assets increased to $703.9 million as of June 30, 2024, from $638.1 million at the end of 2023, representing a growth of 10.3%[22] - Cash and cash equivalents decreased slightly to $24.0 million from $25.3 million at the end of 2023[22] - Accounts receivable increased to $378.8 million, up from $346.1 million, indicating a growth of 9.5%[22] Goodwill and Impairments - The company recorded a goodwill impairment of $67.7 million during the quarter[24] - The company incurred a goodwill impairment of $67.7 million during the three months ended June 30, 2024, which was the same amount as the previous year[27] Future Outlook and Plans - The Company expects capital expenditures for 2024 to be approximately $150 million to $200 million for maintenance and $100 million for growth-related initiatives[6] - ProFrac Holding Corp. has indicated plans for market expansion and new product development in the upcoming quarters[24] - 70% of active fleets now include electric or natural gas-capable equipment, reflecting a shift towards more sustainable technologies[3]