ProFrac (US:ACDC)2024-03-12 16:00Financial Performance - Total revenue for 2023 was $2.63 billion, a 8.3% increase from $2.43 billion in 2022[2] - Net loss for 2023 was $59 million, compared to a net income of $343 million in 2022[2] - Adjusted EBITDA for 2023 was $688 million[2] - Free cash flow for 2023 was $293 million, an increase of 173% from 2022[2] - Fourth quarter revenue was $489 million, down from $574 million in the third quarter of 2023[3] - Net loss in the fourth quarter was $97 million, compared to a net loss of $18 million in the third quarter of 2023[3] - The company reported a net loss attributable to ProFrac Holding Corp. of $97.9 million for the three months ended December 31, 2023, compared to a net loss of $18.9 million for the same period in 2022[22] - The company reported a net loss of $(96.5) million for the three months ended December 31, 2023, compared to a net loss of $(17.9) million for the same period in 2022[22] - The company reported a net loss of $96.5 million for the three months ended December 31, 2023, compared to a net income of $116.0 million for the same period in 2022[23] Revenue by Segment - The Stimulation Services segment generated $2.29 billion in revenue for 2023, with $480 million of Adjusted EBITDA[7] - The Proppant Production segment generated $383 million in revenue for 2023, with $196 million of Adjusted EBITDA[7] - Stimulation services revenue for the three months ended December 31, 2023, was $403.3 million, down from $489.5 million in the previous quarter, a decrease of 17.6%[25] - Proppant production revenue for the three months ended December 31, 2023, was $92.9 million, a decrease of 8.5% from $98.4 million in the previous quarter[25] Cash Flow and Capital Expenditures - The company expects cash capital expenditures for 2024 to be between $150 million and $200 million for maintenance and an additional $100 million for growth initiatives[9] - Cash flows from operating activities provided $10.5 million in Q4 2023, a decrease from $27.3 million in Q4 2022[23] - The company had net cash used in investing activities of $28.4 million in Q4 2023, compared to $398.8 million in Q4 2022[23] - Free cash flow for the twelve months ended December 31, 2023, was $292.7 million, compared to $107.3 million for the previous year, indicating a significant increase[27] Debt and Liabilities - Total net debt as of December 31, 2023 was $1.08 billion, an increase of approximately $27 million from the third quarter[10] - Long-term debt increased to $923.5 million as of December 31, 2023, compared to $735.0 million in 2022, marking a 25.6% rise[21] - Total liabilities increased to $1,742.1 million as of December 31, 2023, from $1,582.9 million in 2022, reflecting a 10.1% increase[21] - Total debt as of December 31, 2023, was $1,068.5 million, an increase from $925.4 million as of December 31, 2022, representing a year-over-year increase of 15.4%[26] - Net debt as of December 31, 2023, increased to $1,082.6 million from $924.3 million as of December 31, 2022, reflecting a year-over-year increase of 17.1%[26] Assets and Equity - Cash and cash equivalents decreased to $25.3 million as of December 31, 2023, down from $35.1 million at the end of 2022[21] - Total current assets were $638.1 million as of December 31, 2023, a decline from $865.4 million in 2022, reflecting a 26.2% decrease[21] - The company’s total assets grew to $3,070.7 million as of December 31, 2023, compared to $2,933.6 million in 2022, representing a 4.7% increase[21] Operating Performance - Operating costs and expenses for the year ended December 31, 2023, totaled $2,463.4 million, up from $2,013.2 million in 2022, indicating a 22.3% increase[22] - The operating loss for the three months ended December 31, 2023, was $(14.3) million, a decrease from an operating income of $20.5 million in the prior quarter[22] - Adjusted EBITDA for the three months ended December 31, 2023, was $109.5 million, down from $149.3 million in the previous quarter, representing a decline of 26.7%[25] Other Financial Metrics - The company experienced depreciation, depletion, and amortization expenses of $107.7 million in Q4 2023, slightly down from $111.5 million in Q4 2022[23] - The company recorded a deferred tax expense of $4.9 million in Q4 2023, compared to a benefit of $5.0 million in Q4 2022[23] - Stock-based compensation expenses were $2.5 million in Q4 2023, a decrease from $14.1 million in Q4 2022[23] - The total cash, cash equivalents, and restricted cash at the end of the period was $27.3 million, down from $48.7 million at the end of Q4 2022[23] - The company reported a loss on investments of $14.4 million in Q4 2023, compared to a gain of $5.1 million in Q4 2022[23] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[24]