Solaris Energy Infrastructure, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Solaris Oilfield Infrastructure Q1 2020 Earnings Summary

Key Context: Earnings reflect early impacts of COVID-19 and oil demand collapse starting in March 2020. Company emphasizes strong balance sheet (debt-free), innovation, and cost discipline amid expected sharp Q2 activity decline. All comparisons are sequential unless noted (Q1 2020 vs. Q4 2019).

Financial Performance

  • Revenue: $48 million (up 6% excluding deferred revenue impact, driven by last-mile trucking services offset by fewer systems deployed).
  • Adjusted EBITDA: ~$18 million (down 13%, primarily due to lower cost absorption from reduced systems).
  • Fully Utilized Systems: 83 (down 6% sequentially); 124 systems worked with varying utilization.
  • Gross Profit: ~$21 million (down 12% excluding deferred revenue, impacted by fewer systems and lagging cost cuts).
  • Free Cash Flow: ~$11 million positive (fifth consecutive quarter); operating cash flow ~$12 million minus ~$1 million capex.
  • GAAP Net Loss: $19.1 million ($0.65/share) including $48 million non-cash impairment (e.g., full write-off of Kingfisher transload facility); Adjusted pro forma net income: $14.8 million ($0.32/share) vs. $9.7 million ($0.20/share) in Q4.
  • SG&A: ~$5 million (in line with guidance); Q2 expected $4M-$4.5 million.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, and welcome to the Solaris Oilfield Infrastructure First Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President, Finance and Investor Relations. Please go ahead. Yvonne Fletcher: Good morning, and welcome to the Solaris first quarter 2020 earnings conference call. I'm joined today by our Chairman and CEO, Bill Zartler; and our President and CFO, Kyle Ramachandran. Before we begin, I'd like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that we will make today. Such forward-looking statements may include comments regarding future financial results and reflect a number of known and unknown risks. Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outline those risks.I would also like to point out that our earnings release and today's conference call will contain discussion of non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measur

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional