Solaris Energy Infrastructure, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Solaris Q1 2021 Earnings Summary

  • Revenue: Nearly $29 million, +13% sequentially vs. Q4 2020, driven by higher activity and last-mile services.
  • Adjusted EBITDA: Over $6 million, +26% sequentially vs. Q4 2020.
  • Fully Utilized Systems: Averaged 52, +24% sequentially vs. Q4 2020 (83 systems deployed at varying utilization).
  • Free Cash Flow: Slightly positive at $100,000 (operating cash flow ~$2.8 million minus ~$2.6 million capex); impacted by seasonal working capital and higher receivables.
  • Liquidity: $55 million cash + $35 million undrawn credit facility = $90 million total (no debt).
  • Shareholder Returns: ~$5 million in dividends (10th consecutive quarter); ~$78 million total returned since dividend initiation over 2 years ago.
  • Weather Impact: February winter storms modestly reduced profitability; absent this, per-system profitability would have been closer to Q4 2020 levels.

Operational & Strategic Highlights

  • Continued recovery in completions/rig count drove activity; oil prices stable ~$60/bbl, natural gas ~$2.50-$3.
  • Focus on simul-fracs and efficiency; water silo conversions from sand silos gaining traction for buffer/storage needs (3-silo water systems).

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Operator: Good day, and welcome to the Solaris First Quarter 2021 Earnings Teleconference and Webcast. Please note this event is being recorded. I would like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahead. Yvonne Fletcher: Good morning and welcome to the Solaris first quarter 2021 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 would 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. Bill Zartler: Thank you, Yvonne, and thank you, everyone, for joining us today. I'm pleased to share another quarter of strong Solaris results with you today. During the first quarter of 2021, Solaris generated a 13% sequential increase in revenue to nearly $29 million, generated an adjusted EBITDA that increased 26% sequentially to over $6 million. We paid our 10th consecutive quarterly dividend. We ended the quarter with $55 million of cash and no debt on the balance sheet. The first quarter of 2021 showed continued economic and industry progress as oil demand continue to recover against a backdrop of disciplined U.S. and global supply. This improving outlook steadily drove oil prices back to the

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