ProFrac (US:ACDC)2024-11-05 11:01Revenue and Financial Performance - Total revenue for Q3 2024 was $575.3 million, compared to $579.4 million in Q2 2024[3] - Total revenues for the nine months ended September 30, 2024, were $1,736.2 million, compared to $2,140.9 million for the same period in 2023, reflecting a decrease of 18.9%[27] - Total revenues for the nine months ended September 30, 2024, were $1,736.2 million, compared to $2,140.9 million for the same period in 2023, representing a decrease of 18.9%[30] - Stimulation services revenue for the nine months ended September 30, 2024, was $1,530.0 million, down 18.9% from $1,887.9 million in the same period of 2023[30] - Proppant production revenue for the nine months ended September 30, 2024, was $200.0 million, a decrease of 31.1% from $290.4 million in the same period of 2023[30] Net Loss and Income - Net loss for Q3 2024 was $43.5 million, an improvement from a net loss of $65.6 million in Q2 2024[3] - Net loss attributable to ProFrac Holding Corp. for the nine months ended September 30, 2024, was $110.1 million, compared to a net income of $0.2 million for the same period in 2023[27] - Net income (loss) for the nine months ended Sep. 30, 2024 was $(106.1) million, compared to $37.3 million in the same period of 2023[28] Adjusted EBITDA - Adjusted EBITDA for Q3 2024 was $134.8 million, slightly down from $135.6 million in Q2 2024[3] - The Stimulation Services segment generated $507.1 million in revenue and $112.6 million in Adjusted EBITDA for Q3 2024[7] - The Proppant Production segment generated $52.8 million in revenue and $17.3 million in Adjusted EBITDA for Q3 2024[7] - Adjusted EBITDA for the nine months ended Sep. 30, 2024 was $430.3 million, down from $578.9 million in the same period of 2023[29] - Total adjusted EBITDA for the nine months ended September 30, 2024, was $430.3 million, down 25.7% from $578.9 million in the same period of 2023[30] Cash Flow and Capital Expenditures - Net cash provided by operating activities in Q3 2024 was $98.0 million, compared to $113.5 million in Q2 2024[3] - Capital expenditures in Q3 2024 totaled $70.0 million, approximately flat from the prior quarter[9] - Net cash provided by operating activities for the nine months ended Sep. 30, 2024 was $290.8 million, down from $510.8 million in the same period of 2023[28] - Investment in property, plant & equipment for the nine months ended Sep. 30, 2024 was $191.8 million, compared to $233.9 million in the same period of 2023[28] - Net cash used in investing activities for the nine months ended Sep. 30, 2024 was $351.8 million, compared to $687.4 million in the same period of 2023[28] - Free cash flow for the three months ended September 30, 2024, was $30.9 million, a decrease of 58.2% from $74.0 million in the previous quarter[32] - Investment in property, plant & equipment for the three months ended September 30, 2024, was $70.0 million, up 13.1% from $61.9 million in the previous quarter[32] Debt and Liabilities - Total debt outstanding as of September 30, 2024 was $1.17 billion, with net debt at $1.18 billion[11] - Long-term debt rose to $986.7 million as of September 30, 2024, from $923.5 million as of December 31, 2023, indicating a 6.8% increase[26] - Total current liabilities increased to $714.5 million as of September 30, 2024, from $648.9 million as of December 31, 2023, representing a 10.1% increase[26] - Net debt as of September 30, 2024, was $1,180.2 million, an increase of 9.0% from $1,082.6 million as of December 31, 2023[31] Assets and Receivables - Total assets increased to $3,135.8 million as of September 30, 2024, from $3,070.7 million as of December 31, 2023, representing a growth of 2.1%[25] - Accounts receivable increased to $358.2 million as of September 30, 2024, from $346.1 million as of December 31, 2023, reflecting a 3.5% increase[25] - Cash and cash equivalents remained relatively stable at $25.5 million as of September 30, 2024, compared to $25.3 million as of December 31, 2023[25] Operating Performance - Operating income for the nine months ended September 30, 2024, was a loss of $13.6 million, compared to an income of $180.9 million for the same period in 2023[27] - Selling, general, and administrative expenses for the nine months ended September 30, 2024, were $156.6 million, compared to $186.0 million for the same period in 2023, reflecting a 15.8% decrease[27] - Depreciation, depletion and amortization for the nine months ended Sep. 30, 2024 was $328.9 million, compared to $330.7 million in the same period of 2023[28] - Interest expense, net for the nine months ended Sep. 30, 2024 was $117.8 million, compared to $116.1 million in the same period of 2023[29] - Stock-based compensation for the nine months ended Sep. 30, 2024 was $6.1 million, compared to $27.3 million in the same period of 2023[28] Goodwill Impairment - Goodwill impairment for the nine months ended September 30, 2024, was $74.5 million, compared to no impairment in the same period in 2023[27] - Goodwill impairment for the nine months ended Sep. 30, 2024 was $74.5 million, compared to $0 in the same period of 2023[28] Financing Activities - Net cash provided by (used in) financing activities for the nine months ended Sep. 30, 2024 was $61.2 million, compared to $164.5 million in the same period of 2023[28] Future Outlook - The company expects a recovery in activity in 2025 compared to Q4 2024, particularly in oil-levered regions[6] Equipment and Fleet - Approximately 72% of the company's active fleets include e-fleet or natural gas-capable equipment[5]