Solaris Oilfield Infrastructure Announces Fourth Quarter and Full Year 2019 Results

Fourth Quarter and Full Year 2019 Highlights

  • Net income of $90.4 million, or $1.69 per diluted Class A share, for the full year ended December 31, 2019; adjusted pro forma net income of $62.7 million, or $1.32 per diluted share for the year ended December 31, 2019 (see below for a reconciliation of adjusted pro forma net income to net income attributable to Solaris)
  • Net income of $25.3 million, or $0.48 per diluted Class A share, for the quarter ended December 31, 2019; Adjusted pro forma net income of $9.7 million, or $0.20 per diluted share for the quarter ended December 31, 2019
  • Adjusted EBITDA of $112.9 million and $20.9 million for the year and quarter ended December 31, 2019, respectively
  • Net cash provided by operating activities of $114.9 million and $26.3 million for the year and quarter ended December 31, 2019, respectively
  • Positive free cash flow of $80.0 million and $24.4 million for the year and quarter ended December 31, 2019, respectively
  • Raised the regular quarterly dividend 5% in December 2019 and paid the new regular quarterly dividend of $0.105 per share on December 26, 2019
  • Announced a $25 million share repurchase program in December 2019 of which approximately $3.3 million was spent in 2019 to repurchase approximately 0.3 million shares; an additional $14.4 million spent in 2020 to purchase an additional 1.2 million shares through February 14, 2020, leaving approximately $7.3 million of repurchase authorization

HOUSTON–(BUSINESS WIRE)–Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”), a leading independent provider of supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry, today reported financial results for the fourth quarter and full year 2019.

Operational Update and Outlook

During the fourth quarter 2019, an average of 88 mobile proppant management systems were fully utilized, a 23% decrease from the 115 fully utilized systems averaged in the third quarter of 2019, and a 27% decrease compared to fourth quarter 2018. The sequential decrease in fully utilized systems during the fourth quarter of 2019 was primarily due to a decline in active hydraulic fracturing crews as oil and gas operators reduced activity to stay within budgets. For full year 2019, an average 110 mobile proppant management systems were fully utilized, which was essentially flat from the 111 fully utilized systems averaged in 2018.

Based on current industry activity levels, the Company believes it has approximately one third of overall U.S. wellsite proppant storage market share, which continues to represent the leading share.

The Company continues to maintain 166 mobile proppant management systems in its rental fleet, unchanged from the third quarter, and will continue to incorporate field learnings into its fleet of 14 mobile chemical management systems. The Company expects capital expenditures for the full year 2020 to be $20.0-40.0 million, unchanged from prior guidance.

“I’m pleased that the Solaris team delivered another solid year of performance, despite a challenging macro environment,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “In 2019, we began generating meaningful operating cash flow, which we have used to both return capital to our shareholders in the form of dividends and share repurchases, and also continue to invest in value-add new technology. Despite early indications for another decline in industry capital spending levels in 2020, our strong balance sheet and cash generation should allow us to continue driving innovation for our customers while maximizing value for shareholders.”

Full Year 2019 Financial Review

Solaris reported net income of $90.4 million, or $1.69 per diluted Class A share, for full year 2019, compared to full year 2018 net income of $86.0 million, or $1.59 per diluted Class A share. Adjusted pro forma net income for full year 2019 was $62.7 million, or $1.32 per fully diluted share, compared to full year 2018 adjusted pro forma net income of $79.2 million, or $1.68 per fully diluted share. A description of adjusted pro forma net income and a reconciliation to net income attributable to Solaris, its most directly comparable generally accepted accounting principles (“GAAP”) measure, and the computation of adjusted pro forma earnings per fully diluted share are provided below.

Adjusted EBITDA for full year 2019 was $112.9 million, compared to full year 2018 adjusted EBITDA of $122.8 million. A description of adjusted EBITDA and a reconciliation to net income, its most directly comparable GAAP measure, is provided below.

Fourth Quarter 2019 Financial Review

Solaris reported net income of $25.3 million, or $0.48 per diluted Class A share, for fourth quarter 2019, compared to net income of $19.1 million, or $0.36 per diluted Class A share, in third quarter 2019 and net income of $24.7 million, or $0.47 per diluted Class A share, in fourth quarter 2018. Fourth quarter 2019 included a $17.6 million, or $0.37 per diluted Class A share, benefit for deferred revenue recognition that resulted from a contract termination at the Company’s Kingfisher transload facility. Adjusted pro forma net income for fourth quarter 2019 was $9.7 million, or $0.20 per fully diluted share, compared to adjusted pro forma net income in third quarter 2019 of $15.2 million, or $0.32 per fully diluted share, and $21.2 million, or $0.44 per fully diluted share in fourth quarter 2018.

Adjusted EBITDA for fourth quarter 2019 was $20.9 million, compared to adjusted EBITDA of $28.0 million in third quarter 2019 and $34.4 million in fourth quarter 2018.

Revenues were $62.9 million for fourth quarter 2019, which were up 5% from third quarter 2019 and up 10% compared to fourth quarter 2018. Excluding the impact of deferred revenue, fourth quarter 2019 revenues declined 20% from third quarter 2019 and decreased 20% compared to fourth quarter 2018.

Capital Expenditures, Free Cash Flow and Liquidity

The Company invested $1.9 million during fourth quarter 2019 and $34.9 million for full year 2019, which included investments in its mobile proppant and chemical management systems.

Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during fourth quarter 2019 was $24.4 million, which represented the fourth consecutive quarter of positive free cash flow for the Company. For full year 2019, the Company generated $80.0 million of free cash flow.

As of December 31, 2019, the Company had approximately $66.9 million of cash on the balance sheet, which reflects over $1.40 per fully diluted share of available cash. The Company’s $50.0 million credit facility remains undrawn.

Shareholder Returns

On December 3, 2019, the Company announced that its Board of Directors had declared a cash dividend of $0.105 per share of Class A common stock, which represented a 5% increase over the prior quarterly dividend and was paid on December 26, 2019 to holders of record as of December 16, 2019. A distribution of $0.105 per unit was also approved for holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris LLC”). Since initiating the dividend in December 2018, the Company has paid 5 consecutive quarterly dividends, returning a total of nearly $24 million in cash to shareholders.

During the fourth quarter of 2019, Solaris repurchased approximately 0.3 million shares for a total of $3.2 million. Since announcing the share repurchase program in December 2019, Solaris has repurchased a total of approximately 1.4 million shares, or approximately 5% of its fully diluted shares outstanding, at a weighted-average share price of $12.40 for a total of $17.7 million. The Company currently has $7.3 million remaining of its original $25 million share repurchase authorization.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2019 results on Wednesday, February 19, 2020 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 10135468. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures and rents mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States, including the Permian Basin, the Eagle Ford Shale, the STACK/SCOOP formation, the Marcellus and Utica Shales, the Haynesville Shale, the Rockies and the Bakken Shale. Additional information is available on the Solaris website, www.solarisoilfield.com.

Website Disclosure

We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the Securities and Exchange Commission’s (the “SEC”) Regulation FD. Accordingly, investors should monitor our website in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements on our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the SEC unless we expressly incorporate any such information by reference, and any references to our website are intended to be inactive textual references only.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of forward-looking statements include, but are not limited to, statements we make regarding management changes, the outlook for the operation of our Kingfisher Facility, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

 

2019

 

 

 

2018

 

 

2019

 

 

2019

 

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System rental

 

$

 

28,296

 

 

$

 

39,083

 

 

$

 

36,638

 

 

$

 

142,022

 

 

$

 

143,646

 

System services

 

 

15,250

 

 

 

13,511

 

 

 

18,153

 

 

 

63,871

 

 

 

43,010

 

Transloading services

 

 

18,974

 

 

 

4,236

 

 

 

4,417

 

 

 

34,105

 

 

 

8,083

 

Inventory software services

 

 

338

 

 

 

507

 

 

 

396

 

 

 

1,689

 

 

 

2,457

 

Total revenue

 

 

62,858

 

 

 

57,337

 

 

 

59,604

 

 

 

241,687

 

 

 

197,196

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of system rental (excluding $5,908, $4,792 and $5,773 of depreciation and amortization for the three months ended December 31, 2019 and 2018 and September 30, 2019, respectively, and $22,389 and $14,920 of depreciation and amortization for the years ended December 31, 2019 and 2018, respectively, shown separately)

 

 

1,970

 

 

 

2,180

 

 

 

2,838

 

 

 

9,707

 

 

 

7,230

 

Cost of system services (excluding $375, $385 and $384 of depreciation and amortization for the three months ended December 31, 2019 and 2018 and September 30, 2019, respectively, and $1,548 and $1,274 of depreciation and amortization for the years ended December 31, 2019 and 2018, respectively, shown separately)

 

 

18,383

 

 

 

15,942

 

 

 

21,072

 

 

 

74,749

 

 

 

50,633

 

Cost of transloading services (excluding $412, $410 and $411 of depreciation and amortization for the three months ended December 31, 2019 and 2018 and September 30, 2019, respectively, and $1,643 and $954 of depreciation and amortization for the years ended December 31, 2019 and 2018, respectively, shown separately)

 

 

550

 

 

 

778

 

 

 

652

 

 

 

2,601

 

 

 

2,242

 

Cost of inventory software services (excluding $193, $196 and $193 of depreciation and amortization for the three months ended December 31, 2019 and 2018 and September 30, 2019, respectively, and $772 and $794 of depreciation and amortization for the years ended December 31, 2019 and 2018, respectively, shown separately)

 

 

144

 

 

 

183

 

 

 

160

 

 

 

604

 

 

 

797

 

Depreciation and amortization

 

 

7,050

 

 

 

5,908

 

 

 

6,908

 

 

 

26,925

 

 

 

18,422

 

Selling, general and administrative (excluding $162, $125 and $147 of depreciation and amortization for the three months ended December 31, 2019 and 2018 and September 30, 2019, respectively, and $573 and $480 of depreciation and amortization for the years ended December 31, 2019 and 2018, respectively, shown separately)

 

 

4,619

 

 

 

4,096

 

 

 

4,933

 

 

 

18,586

 

 

 

16,758

 

Other operating expenses

 

 

56

 

 

 

75

 

 

 

248

 

 

 

585

 

 

 

1,827

 

Total operating cost and expenses

 

 

32,772

 

 

 

29,162

 

 

 

36,811

 

 

 

133,757

 

 

 

97,909

 

Operating income

 

 

30,086

 

 

 

28,175

 

 

 

22,793

 

 

 

107,930

 

 

 

99,287

 

Interest expense, net

 

 

141

 

 

 

(103

)

 

 

(8

)

 

 

(634

)

 

 

(374

)

Total other expense

 

 

141

 

 

 

(103

)

 

 

(8

)

 

 

(634

)

 

 

(374

)

Income before income tax expense

 

 

30,227

 

 

 

28,072

 

 

 

22,785

 

 

 

107,296

 

 

 

98,913

 

Provision for income taxes

 

 

4,894

 

 

 

3,420

 

 

 

3,703

 

 

 

16,936

 

 

 

12,961

 

Net income

 

 

25,333

 

 

 

24,652

 

 

 

19,082

 

 

 

90,360

 

 

 

85,952

 

Less: net income related to non-controlling interests

 

 

(10,317

)

 

 

(11,767

)

 

 

(7,684

)

 

 

(38,353

)

 

 

(43,521

)

Net income attributable to Solaris

 

$

 

15,016

 

 

$

 

12,885

 

 

$

 

11,398

 

 

$

 

52,007

 

 

$

 

42,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of Class A common stock – basic

 

$

 

0.48

 

 

$

 

0.47

 

 

$

 

0.36

 

 

$

 

1.69

 

 

$

 

1.60

 

Earnings per share of Class A common stock – diluted

 

$

 

0.48

 

 

$

 

0.47

 

 

$

 

0.36

 

 

$

 

1.69

 

 

$

 

1.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares of Class A common stock outstanding

 

 

30,933

 

 

 

27,050

 

 

 

30,951

 

 

 

30,141

 

 

 

25,678

 

Diluted weighted average shares of Class A common stock outstanding

 

 

30,961

 

 

 

27,162

 

 

 

30,980

 

 

 

30,185

 

 

 

25,829

 

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

2019

 

 

 

2018

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

66,882

 

 

$

 

25,057

 

Accounts receivable, net

 

 

38,554

 

 

 

39,746

 

Prepaid expenses and other current assets

 

 

5,002

 

 

 

5,492

 

Inventories

 

 

7,144

 

 

 

10,470

 

Total current assets

 

 

117,582

 

 

 

80,765

 

Property, plant and equipment, net

 

 

306,583

 

 

 

296,538

 

Operating lease right-of-use assets

 

 

7,871

 

 

 

 

Goodwill

 

 

17,236

 

 

 

17,236

 

Intangible assets, net

 

 

3,761

 

 

 

4,540

 

Deferred tax assets

 

 

51,414

 

 

 

58,074

 

Other assets

 

 

625

 

 

 

1,454

 

Total assets

 

$

 

505,072

 

 

$

 

458,607

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

 

3,824

 

 

$

 

9,127

 

Accrued liabilities

 

 

14,447

 

 

 

12,658

 

Current portion of payables related to Tax Receivable Agreement

 

 

1,416

 

 

 

 

Current portion of deferred revenue

 

 

 

 

 

12,990

 

Current portion of operating lease liabilities

 

 

596

 

 

 

 

Current portion of finance lease liabilities

 

 

30

 

 

 

35

 

Other current liabilities

 

 

74

 

 

 

515

 

Total current liabilities

 

 

20,387

 

 

 

35,325

 

Senior secured credit facility

 

 

 

 

 

13,000

 

Deferred revenue, net of current

 

 

 

 

 

12,468

 

Operating lease liabilities, net of current

 

 

7,855

 

 

 

 

Finance lease liabilities, net of current

 

 

130

 

 

 

154

 

Payables related to Tax Receivable Agreement

 

 

66,582

 

 

 

56,149

 

Other long-term liabilities

 

 

460

 

 

 

633

 

Total liabilities

 

 

95,414

 

 

 

117,729

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding

 

 

 

 

 

 

Class A common stock, $0.01 par value, 600,000 shares authorized, 30,928 issued and 30,765 outstanding as of December 31, 2019 and 27,172, issued and 27,091 outstanding as of December 31, 2018

 

 

308

 

 

 

271

 

Class B common stock, $0.00 par value, 180,000 shares authorized, 15,939 shares issued and outstanding as of December 31, 2019 and 19,627 issued and outstanding as of December 31, 2018

 

 

 

 

 

 

Additional paid-in capital

 

 

191,843

 

 

 

164,086

 

Retained earnings

 

 

74,222

 

 

 

35,507

 

Treasury stock (at cost), 163 shares and 91 shares as of December 31, 2019 and 2018, respectively

 

 

(2,526

)

 

 

(1,414

)

Total stockholders’ equity attributable to Solaris and members’ equity

 

 

263,847

 

 

 

198,450

 

Non-controlling interest

 

 

145,811

 

 

 

142,428

 

Total stockholders’ equity

 

 

409,658

 

 

 

340,878

 

Total liabilities and stockholders’ equity

 

$

 

505,072

 

 

$

 

458,607

 

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

 

90,360

 

 

$

 

85,952

 

Adjustment to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

26,925

 

 

 

18,422

 

Loss on disposal of asset

 

 

261

 

 

 

318

 

Stock-based compensation

 

 

4,475

 

 

 

3,861

 

Amortization of debt issuance costs

 

 

753

 

 

 

296

 

Write-off of deposit

 

 

202

 

 

 

 

Provision for bad debt

 

 

339

 

 

 

 

Deferred income tax expense

 

 

16,122

 

 

 

12,277

 

Other

 

 

(150

)

 

 

620

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

853

 

 

 

(26,766

)

Prepaid expenses and other assets

 

 

2,332

 

 

 

(686

)

Inventories

 

 

(2,744

)

 

 

(10,470

)

Accounts payable

 

 

(3,582

)

 

 

4,469

 

Accrued liabilities

 

 

4,183

 

 

 

2,614

 

Deferred revenue

 

 

(25,458

)

 

 

25,458

 

Net cash provided by operating activities

 

 

114,871

 

 

 

116,365

 

Cash flows from investing activities:

 

 

 

 

 

 

Investment in property, plant and equipment

 

 

(34,852

)

 

 

(161,079

)

Cash received from insurance proceeds

 

 

618

 

 

 

540

 

Proceeds from disposal of assets

 

 

232

 

 

 

 

Investment in intangible assets

 

 

 

 

 

(6

)

Net cash used in investing activities

 

 

(34,002

)

 

 

(160,545

)

Cash flows from financing activities:

 

 

 

 

 

 

Distribution and dividend paid to Solaris LLC unitholders and Class A common shareholders

 

 

(19,260

)

 

 

(4,713

)

Share repurchases

 

 

(3,249

)

 

 

 

Payments under finance leases

 

 

(35

)

 

 

(28

)

Payments under insurance premium financing

 

 

(2,485

)

 

 

(1,275

)

Proceeds from stock option exercises

 

 

294

 

 

 

932

 

Payments related to purchase of treasury stock

 

 

(1,112

)

 

 

(1,146

)

Proceeds from borrowings under the senior secured credit facility

 

 

 

 

 

13,000

 

Repayment of senior secured credit facility

 

 

(13,000

)

 

 

 

Payments related to debt issuance costs

 

 

(197

)

 

 

(1,014

)

Other

 

 

 

 

 

60

 

Net cash provided by financing activities

 

 

(39,044

)

 

 

5,816

 

Net increase (decrease) in cash and cash equivalents

 

 

41,825

 

 

 

(38,364

)

Cash and cash equivalents at beginning of period

 

 

25,057

 

 

 

63,421

 

Cash and cash equivalents at end of period

 

$

 

66,882

 

 

$

 

25,057

 

Non-cash activities

 

 

 

 

 

 

Investing:

 

 

 

 

 

 

Capitalized depreciation in property, plant and equipment

 

$

 

735

 

 

$

 

688

 

Property and equipment additions incurred but not paid at period-end

 

 

82

 

 

 

3,909

 

Property, plant and equipment additions transferred from inventory

 

 

5,882

 

 

 

7,532

 

Financing:

 

 

 

 

 

 

Insurance premium financing

 

 

1,869

 

 

 

1,552

 

Cash paid for (received from):

 

 

 

 

 

 

Interest

 

 

275

 

 

 

281

 

Income taxes

 

 

663

 

 

 

314

 

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION — ADJUSTED EBITDA

(In thousands)

(Unaudited)

We view EBITDA and Adjusted EBITDA as important indicators of performance. We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense, including franchise taxes. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses.

We believe that our presentation of EBITDA and Adjusted EBITDA provides useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for each of the periods indicated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2019

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 

25,333

 

 

$

 

24,652

 

 

$

 

19,082

 

 

$

 

90,360

 

 

$

 

85,952

 

Depreciation and amortization

 

 

7,050

 

 

 

5,908

 

 

 

6,908

 

 

 

26,925

 

 

 

18,422

 

Interest expense, net

 

 

(141

)

 

 

103

 

 

 

8

 

 

 

634

 

 

 

374

 

Income taxes (1)

 

 

4,894

 

 

 

3,420

 

 

 

3,703

 

 

 

16,936

 

 

 

12,961

 

EBITDA

 

$

 

37,136

 

 

$

 

34,083

 

 

$

 

29,701

 

 

$

 

134,855

 

 

$

 

117,709

 

Stock-based compensation expense (2)

 

 

1,213

 

 

 

720

 

 

 

1,225

 

 

 

4,476

 

 

 

2,920

 

Loss on disposal of assets

 

 

80

 

 

 

76

 

 

 

99

 

 

 

463

 

 

 

153

 

Severance expense

 

 

75

 

 

 

 

 

 

154

 

 

 

229

 

 

 

 

Transload contract termination (3)

 

 

(17,630

)

 

 

(522

)

 

 

(3,204

)

 

 

(27,138

)

 

 

(522

)

Non-recurring cash bonuses (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,679

 

IPO bonuses (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

896

 

Adjusted EBITDA

 

$

 

20,874

 

 

$

 

34,357

 

 

$

 

27,975

 

 

$

 

112,885

 

 

$

 

122,835

 

Contacts

Yvonne Fletcher

Senior Vice President, Finance and Investor Relations

(281) 501-3070

[email protected]

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