ProFrac (US:ACDC)2024-05-09 10:02Financial Performance - Total revenue for Q1 2024 was $581.5 million, representing a sequential growth of approximately 19% compared to Q4 2023[2] - Net income for Q1 2024 was $3.0 million, a significant improvement from a net loss of $96.5 million in Q4 2023[2] - Adjusted EBITDA increased by approximately 46% sequentially to $159.7 million in Q1 2024[2] - Free cash flow for Q1 2024 grew 102% sequentially to $25.8 million[2] - Operating income for the three months ended March 31, 2024, was $39.9 million, compared to an operating loss of $14.3 million for the previous quarter[19] - Net income attributable to ProFrac Holding Corp. for the three months ended March 31, 2024, was $1.8 million, a significant recovery from a net loss of $97.9 million in the previous quarter[19] - Adjusted EBITDA for the same period was $159.7 million, compared to $109.5 million in the prior quarter, reflecting a growth of 45.9%[23] - Net income for the three months ended March 31, 2024, was a loss of $3.0 million, a significant improvement from a loss of $96.5 million in the previous quarter[22] Revenue Breakdown - The Stimulation Services segment generated revenues of $517.3 million with an Adjusted EBITDA of $125.0 million in Q1 2024[4] - The Proppant Production segment reported revenues of $77.7 million and Adjusted EBITDA of $28.4 million, with 31% of its revenue being intercompany[4] - Stimulation services generated $517.3 million in revenue, an increase from $403.3 million in the previous quarter, marking a growth of 28.3%[23] - Proppant production revenue decreased to $77.7 million from $92.9 million in the previous quarter, a decline of 16.3%[23] Cash Flow and Debt Management - Net cash provided by operating activities grew approximately 85% sequentially to $79.1 million in Q1 2024[2] - Cash flows from operating activities for the three months ended March 31, 2024, were $79.1 million, compared to $42.7 million for the three months ended December 31, 2023[20] - Total net debt outstanding as of March 31, 2024, was $1.06 billion, a decrease of approximately $26 million from the previous quarter[6] - The company's net debt decreased to $1,056.8 million as of March 31, 2024, down from $1,082.6 million at the end of the previous quarter, a reduction of 2.4%[24] - Total debt decreased to $1,048.6 million from $1,068.5 million in the previous quarter, a decrease of 1.9%[24] - Interest expense, net, was $37.6 million for the three months ended March 31, 2024, slightly down from $38.8 million in the previous quarter[22] Asset and Liability Management - Total current assets increased to $664.6 million as of March 31, 2024, up from $638.1 million as of December 31, 2023[18] - Total liabilities decreased to $1,673.4 million as of March 31, 2024, down from $1,742.1 million as of December 31, 2023[18] - Cash and cash equivalents increased to $28.3 million as of March 31, 2024, compared to $25.3 million as of December 31, 2023[20] - The company reported a decrease in accounts payable to $281.8 million as of March 31, 2024, from $319.0 million as of December 31, 2023[18] Future Outlook - The company expects to incur maintenance-related capital expenditures of between $150 million and $200 million for the full year 2024[5] - The company anticipates steady pricing in the Stimulation Services segment and improved profitability in the Proppant Production segment as third-party volumes expand[3] - ProFrac Holding Corp. plans to continue focusing on market expansion and new product development in the upcoming quarters[21] - The company reported a significant reduction in acquisition and integration costs to $0.2 million for the three months ended March 31, 2024, compared to $1.7 million in the previous quarter[19]