Solaris Energy Infrastructure, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Solaris Oilfield Infrastructure Q3 2020 Earnings Summary

Financial Highlights (vs. Q2 2020)
  • Revenue: Over $20 million, up 120% sequentially, driven by higher activity and increased last-mile services (trucking revenue component).
  • Fully utilized systems: 34, up 70% from 20 in Q2 2020, primarily due to Permian Basin rebound.
  • Adjusted EBITDA: Approximately $3 million.
  • Free cash flow: Positive $2.3 million (seventh consecutive quarter of positive FCF); operating cash flow ~$3.7 million.
  • GAAP net loss: $3.3 million ($0.12 per share); adjusted pro forma net loss $4 million ($0.09 per share).
  • SG&A: ~$4 million (flat sequentially, including non-cash stock compensation).
  • Cash balance: ~$61 million (~$1.36 per share), down slightly from $64 million at end of Q2 due to dividend payment.
  • Dividends: ~$5 million returned to shareholders (eighth consecutive quarterly dividend, flat with prior quarter).
  • CapEx: Lowered full-year 2020 guidance to ~$5 million (low end of prior range); Q3 spend ~$1.3 million.
Operational and Strategic Highlights
  • Deployed 65 proppant systems total in Q3 with varying utilization; 34 fully utilized equivalents reflect daily revenue generation.
  • Throughput records achieved via efficiency gains; sand volumes through systems up ~20-40% beyond the 70% system increase due to higher intensities and simu-fracs.

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Operator: Good morning and welcome to the Solaris Oil Third Quarter 2020 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be opportunity to ask questions. Please note that this event is being recorded. I'd now like to turn the conference over to Ms. Yvonne Fletcher, Senior Vice President of Investor Relations. Please go ahead. Yvonne Fletcher: Good morning and welcome to the Solaris Third Quarter 2020 Earnings Conference Call. I am 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 measures are available in our earnings release. I'll now turn the call

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