Solaris Energy Infrastructure, Inc. Q3 FY2021 Earnings Call

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Solaris Oilfield Infrastructure Q3 2021 Earnings Summary

Financial Performance (Q3 2021 vs Q2 2021)

  • Revenue reached $49 million, a 40% sequential increase driven by higher system utilization and record sand volumes in the managed last mile business.
  • Adjusted EBITDA rose 18% sequentially to $7.7 million.
  • Fully utilized systems averaged 59, up 11% sequentially, against relatively flat industry completions activity.
  • Operating cash flow was $7.7 million (including $1 million employee retention credit and AR collection); free cash flow positive at $1.7 million after ~$6 million CapEx.
  • Ended quarter with $43 million cash, zero debt, and $93 million total liquidity; paid 12th consecutive quarterly dividend (~$5 million returned to shareholders).
  • Full-year 2021 CapEx now expected at ~$20 million (within prior $15-20 million range) due to long-lead items for additional AutoBlend units.

Operational and Strategic Highlights

  • Deployed 88 proppant systems (up 1 from Q2); gap between deployed and fully utilized systems narrowed due to improved calendar utilization.
  • Record managed last mile activity and tons delivered in Q3; strong balance sheet enabled accelerated trucking payments to secure capacity amid industry constraints.

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Operator: Good day, and welcome to the Solaris Third Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. . 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 third 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'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, w

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