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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [ ] to [ ]

Commission File Number: 001-41388

ProFrac Holding Corp.

(Exact Name of Registrant as Specified in its Charter)

Delaware

 

87-2424964

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

333 Shops Boulevard, Suite 301, Willow Park, Texas

 

76087

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (254) 776-3722

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

 

ACDC

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑Yes ☐No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☑No

As of November 1, 2024, the registrant had 160,146,602 shares of Class A common stock outstanding.

 

 

 


 

TABLE OF CONTENTS

 

Page

Cautionary Note Regarding Forward-Looking Statements

3

PART I

Item 1.

Financial Statements (Unaudited)

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Operations

6

 

Condensed Consolidated Statements of Comprehensive Income

7

 

Condensed Consolidated Statements of Changes in Equity

8

 

Condensed Consolidated Statements of Cash Flows

10

 

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

39

PART II

Item 1.

Legal Proceedings

40

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3.

Defaults Upon Senior Securities

40

Item 4.

Mine Safety Disclosures

40

Item 5.

Other Information

40

Item 6.

Exhibits

41

SIGNATURES

42

 

 

2


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include those that express a belief, expectation or intention, as well as those that are not statements of historical fact. Forward-looking statements include information regarding our future plans and goals, as well as our expectations with respect to:

Our business strategy and future growth prospects;
Our industry;
Integration of acquired businesses;
Our future profitability, cash flows and liquidity;
Our financial strategy, budget, projections and operating results;
The amount, nature and timing of our capital expenditures and the impact of such expenditures on our performance;
The availability and terms of capital;
Our exploration, development and production activities;
The market for our existing and future products and services;
Competition and government regulations; and
General economic conditions.

These forward-looking statements may be accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “should,” “could,” “would,” “likely,” “future,” “budget,” “pursue,” “target,” “seek,” “objective,” or similar expressions that are predictions of or indicate future events or trends that do not relate to historical matters.

The forward-looking statements in this Quarterly Report speak only as of the date of this Quarterly Report, or such other date as specified herein. We disclaim any obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Forward-looking statements are not assurances of future performance and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties include, but are not limited to, the following:

our ability to finance, consummate, integrate and realize the benefits expected from our past or future acquisitions, including any related synergies;
uncertainty regarding the timing, pace and extent of an economic recovery in the United States and elsewhere, which in turn will likely affect demand for crude oil and natural gas and therefore the demand for our services;
the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil, natural gas, natural gas liquids and other hydrocarbons;
a future decline in domestic spending by the onshore oil and natural gas industry;
actions by members of the Organization of Petroleum Exporting Countries, Russia and other oil-producing countries with respect to oil production levels and announcements of potential changes in such levels;
the political environment in oil and natural gas producing regions, including uncertainty or instability resulting from civil disorder, terrorism or war, such as the ongoing war between Russia and Ukraine and the war between Israel and Hamas, and the global response to such hostilities, which may negatively impact our operating results;
changes in general economic and geopolitical conditions;
competitive conditions in our industry;
changes in the long-term supply of and demand for oil and natural gas;
actions taken by our customers, competitors and third-party operators;
a decline in demand for proppant;
our ability to obtain permits, approvals and authorizations from governmental and third parties, and the effects of or changes to U.S. government regulation;
changes in the availability and cost of capital;
inflationary factors, such as increases in labor costs, material costs and overhead costs;
our ability to successfully implement our business plan, including a transaction to realize the value of our proppant production segment;

3


 

large or multiple customer defaults, including defaults resulting from actual or potential insolvencies;
the effects of consolidation on our customers or competitors;
the price and availability of debt and equity financing (including changes in interest rates);
our ability to complete growth projects on time and on budget;
introduction of new drilling or completion techniques, or services using new technologies subject to patent or other intellectual property protections;
operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;
acts of terrorism, war or political or civil unrest in the United States or elsewhere;
loss or corruption of our information or a cyberattack on our computer systems;
the price and availability of alternative fuels and energy sources;
federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry;
the availability of water resources, suitable proppant and chemicals in sufficient quantities for use in hydraulic fracturing fluids;
the effects of existing and future laws and governmental regulations (or the interpretation thereof) on us and our customers;
the severity and duration of widespread health events and related economic repercussions on the oil and gas industry and on demand for oil and gas; and
the effects of future litigation.

Our forward-looking statements speak only as of the date they were made and, except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements because of new information, future events or other factors. All of our forward-looking information involves risks and uncertainties that could cause actual results to differ materially from the results expected. Although it is not possible to identify all factors, these risks and uncertainties include the risk factors and the timing of any of the risk factors identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report").

 

4


 

PART I

ITEM 1. FINANCIAL STATEMENTS

ProFrac Holding Corp.

Condensed Consolidated Balance Sheets

(in millions, except per share amounts or where otherwise noted)

(Unaudited)

 

 

 

September 30,
2024

 

 

December 31,
2023

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

25.5

 

 

$

25.3

 

Accounts receivable, net

 

 

358.2

 

 

 

346.1

 

Accounts receivable — related party, net

 

 

12.8

 

 

 

6.8

 

Inventories

 

 

239.0

 

 

 

236.6

 

Prepaid expenses and other current assets

 

 

44.5

 

 

 

23.3

 

Total current assets

 

 

680.0

 

 

 

638.1

 

Property, plant, and equipment (net of accumulated depreciation of $1,263.2 and $1,010.2, respectively)

 

 

1,825.3

 

 

 

1,779.0

 

Operating lease right-of-use assets, net

 

 

127.1

 

 

 

87.2

 

Goodwill

 

 

302.1

 

 

 

325.9

 

Intangible assets, net

 

 

158.1

 

 

 

173.5

 

Investments ($23.4 at fair value at December 31, 2023)

 

 

7.5

 

 

 

28.9

 

Deferred tax assets

 

 

0.1

 

 

 

0.3

 

Other assets

 

 

35.6

 

 

 

37.8

 

Total assets

 

$

3,135.8

 

 

$

3,070.7

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

356.3

 

 

$

319.0

 

Accounts payable — related party

 

 

22.4

 

 

 

21.9

 

Accrued expenses

 

 

75.5

 

 

 

65.6

 

Current portion of long-term debt

 

 

171.9

 

 

 

126.4

 

Current portion of operating lease liabilities

 

 

19.5

 

 

 

24.5

 

Other current liabilities

 

 

62.2

 

 

 

84.1

 

Other current liabilities — related party

 

 

6.7

 

 

 

7.4

 

Total current liabilities

 

 

714.5

 

 

 

648.9

 

Long-term debt

 

 

986.7

 

 

 

923.5

 

Long-term debt — related party

 

 

14.6

 

 

 

18.6

 

Operating lease liabilities

 

 

113.4

 

 

 

67.8

 

Tax receivable agreement liability

 

 

68.1

 

 

 

68.1

 

Other liabilities

 

 

9.0

 

 

 

15.2

 

Total liabilities

 

 

1,906.3

 

 

 

1,742.1

 

Commitments and contingencies (NOTE 9)

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

Series A redeemable convertible preferred stock, $0.01 par value, 50 thousand shares authorized, issued and outstanding

 

 

62.3

 

 

 

58.7

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value, 50.0 shares authorized, no shares issued and outstanding

 

 

 

 

 

 

Class A common stock, $0.01 par value, 600.0 shares authorized, 160.2 and 159.4 shares issued and outstanding, respectively

 

 

1.5

 

 

 

1.5

 

Class B common stock, $0.01 par value, 400.0 shares authorized, no shares issued and outstanding

 

 

 

 

 

 

Additional paid-in capital

 

 

1,229.5

 

 

 

1,225.4

 

Accumulated deficit

 

 

(129.7

)

 

 

(16.0

)

Accumulated other comprehensive income

 

 

0.3

 

 

 

0.3

 

Total stockholders' equity attributable to ProFrac Holding Corp.

 

 

1,101.6

 

 

 

1,211.2

 

Noncontrolling interests

 

 

65.6

 

 

 

58.7

 

Total stockholders' equity

 

 

1,167.2

 

 

 

1,269.9

 

Total liabilities, mezzanine equity, and stockholders' equity

 

$

3,135.8

 

 

$

3,070.7

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

ProFrac Holding Corp.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Services

 

$

506.5

 

 

$

485.4

 

 

$

1,504.8

 

 

$

1,879.8

 

Product sales

 

 

68.8

 

 

 

88.8

 

 

 

231.4

 

 

 

261.1

 

Total revenues

 

 

575.3

 

 

 

574.2

 

 

 

1,736.2

 

 

 

2,140.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues, exclusive of depreciation, depletion and amortization

 

 

390.7

 

 

 

376.8

 

 

 

1,157.5

 

 

 

1,405.4

 

Selling, general, and administrative

 

 

51.9

 

 

 

52.7

 

 

 

156.6

 

 

 

186.0

 

Depreciation, depletion and amortization

 

 

112.7

 

 

 

111.5

 

 

 

328.9

 

 

 

330.7

 

Acquisition and integration costs

 

 

2.0

 

 

 

2.6

 

 

 

5.1

 

 

 

20.1

 

Goodwill impairment

 

 

6.8

 

 

 

 

 

 

74.5

 

 

 

 

Other operating expense, net

 

 

15.5

 

 

 

10.1

 

 

 

27.2

 

 

 

17.8

 

Total operating costs and expenses

 

 

579.6

 

 

 

553.7

 

 

 

1,749.8

 

 

 

1,960.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(4.3

)

 

 

20.5

 

 

 

(13.6

)

 

 

180.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(40.6

)

 

 

(40.2

)

 

 

(117.8

)

 

 

(116.1

)

Gain (loss) on extinguishment of debt

 

 

 

 

 

 

 

 

(0.8

)

 

 

4.1

 

Other income (expense), net

 

 

(0.1

)

 

 

(4.9

)

 

 

1.2

 

 

 

(22.0

)

Income (loss) before income taxes

 

 

(45.0

)

 

 

(24.6

)

 

 

(131.0

)

 

 

46.9

 

Income tax benefit (expense)

 

 

1.5

 

 

 

6.7

 

 

 

24.9

 

 

 

(9.6

)

Net income (loss)

 

 

(43.5

)

 

 

(17.9

)

 

 

(106.1

)

 

 

37.3

 

Less: net (income) loss attributable to noncontrolling interests

 

 

(1.7

)

 

 

(1.0

)

 

 

(4.0

)

 

 

4.7

 

Less: net income attributable to redeemable noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(41.8

)

Net income (loss) attributable to ProFrac Holding Corp.

 

$

(45.2

)

 

$

(18.9

)

 

$

(110.1

)

 

$

0.2

 

Net loss attributable to Class A common shareholders

 

$

(46.4

)

 

$

(27.5

)

 

$

(113.7

)

 

$

(8.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per Class A common share (basic and diluted)

 

$

(0.29

)

 

$

(0.17

)

 

$

(0.71

)

 

$

(0.07

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

160.1

 

 

 

159.4

 

 

 

159.9

 

 

 

121.3

 

Diluted

 

 

160.1

 

 

 

159.4

 

 

 

159.9

 

 

 

121.3

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

ProFrac Holding Corp.

Condensed Consolidated Statement of Comprehensive Income

(in millions)

(Unaudited)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income (loss)

 

$

(43.5

)

 

$

(17.9

)

 

$

(106.1

)

 

$

37.3

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(0.2

)

 

 

 

 

 

0.2

 

 

 

(0.1

)

Comprehensive income (loss)

 

 

(43.7

)

 

 

(17.9

)

 

 

(105.9

)

 

 

37.2

 

Less: comprehensive (income) loss attributable to noncontrolling interest

 

 

(1.4

)

 

 

(1.0

)

 

 

(4.2

)

 

 

4.7

 

Less: comprehensive income attributable to redeemable noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

(41.9

)

Comprehensive income (loss) attributable to ProFrac Holding Corp.

 

$

(45.1

)

 

$

(18.9

)

 

$

(110.1

)

 

$

0.0

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

ProFrac Holding Corp.

Condensed Consolidated Statements of Changes in Equity

(in millions)

(Unaudited)

 

 

 

Class A Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Noncontrolling

 

 

Total Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Interests

 

 

Equity

 

Balance, December 31, 2023

 

 

159.4

 

 

$

1.5

 

 

$

1,225.4

 

 

$

(16.0

)

 

$

0.3

 

 

$

58.7

 

 

$

1,269.9

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

1.2

 

 

 

3.0

 

Stock-based compensation

 

 

 

 

 

 

 

 

1.9

 

 

 

 

 

 

 

 

 

0.2

 

 

 

2.1

 

Tax withholding related to net share settlement of equity awards

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Share issuance

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment of Series A redeemable convertible preferred stock to redemption amount

 

 

 

 

 

 

 

 

 

 

 

(1.2

)

 

 

 

 

 

 

 

 

(1.2

)

Balance, March 31, 2024

 

 

159.6

 

 

$

1.5

 

 

$

1,227.2

 

 

$

(15.4

)

 

$

0.3

 

 

$

60.1

 

 

$

1,273.7

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(66.7

)

 

 

 

 

 

1.1

 

 

 

(65.6

)

Stock-based compensation

 

 

 

 

 

 

 

 

2.8

 

 

 

 

 

 

 

 

 

0.1

 

 

 

2.9

 

Class A shares issued for vested stock awards

 

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding related to net share settlement of equity awards

 

 

(0.2

)

 

 

 

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

0.5

 

 

 

0.4

 

Adjustment of Series A redeemable convertible preferred stock to redemption amount

 

 

 

 

 

 

 

 

 

 

 

(1.2

)

 

 

 

 

 

 

 

 

(1.2

)

Noncontrolling interest of acquired business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.2

 

 

 

2.2

 

Balance, June 30, 2024

 

 

160.2

 

 

$

1.5

 

 

$

1,228.6

 

 

$

(83.3

)

 

$

0.2

 

 

$

64.0

 

 

$

1,211.0

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(45.2

)

 

 

 

 

 

1.7

 

 

 

(43.5

)

Stock-based compensation

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

 

 

 

0.2

 

 

 

1.1

 

Class A shares issued for vested stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding related to net share settlement of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

(0.3

)

 

 

(0.2

)

Adjustment of Series A redeemable convertible preferred stock to redemption amount

 

 

 

 

 

 

 

 

 

 

 

(1.2

)

 

 

 

 

 

 

 

 

(1.2

)

Balance, September 30, 2024

 

 

160.2

 

 

$

1.5

 

 

$

1,229.5

 

 

$

(129.7

)

 

$

0.3

 

 

$

65.6

 

 

$

1,167.2

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8


 

ProFrac Holding Corp.

Condensed Consolidated Statements of Changes in Equity (continued)

(in millions)

(Unaudited)

 

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

Additional
Paid-in

 

 

(Accumulated Deficit) Retained

 

 

Accumulated
Other
Comprehensive

 

 

Noncontrolling

 

 

Total Stockholders' (Deficit)

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Equity

 

Balance, December 31, 2022

 

 

53.9

 

 

$

0.5

 

 

 

104.2

 

 

$

1.0

 

 

$

 

 

$

(1,185.9

)

 

$

 

 

$

72.2

 

 

 

(1,112.2

)

Class A shares issued to acquire Producers

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

6.2

 

 

 

 

 

 

 

 

 

 

 

 

6.2

 

Class A shares issued to acquire Performance Proppants

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

3.4

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.0

 

 

 

 

 

 

(4.2

)

 

 

17.8

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

 

 

 

0.1

 

 

 

1.0

 

Stock-based compensation related to deemed contribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

3.5

 

Conversion of Flotek notes to equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12.7

 

 

 

12.7

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

Adjustment of redeemable noncontrolling interest to redemption amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9.2

)

 

 

1,277.4

 

 

 

 

 

 

 

 

 

1,268.2

 

Balance, March 31, 2023

 

 

54.6

 

 

$

0.5

 

 

 

104.2

 

 

$

1.0

 

 

$

4.8

 

 

$

113.5

 

 

$

0.1

 

 

$

80.9

 

 

$

200.8

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.7

 

 

 

 

 

 

 

 

 

(0.4

)

 

 

2.3

 

Stock-based compensation related to deemed contribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

6.8

 

Class A shares issued for vested equity awards

 

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding related to net share settlement of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.8

)

 

 

 

 

 

 

 

 

 

 

 

(0.8

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.9

)

 

 

 

 

 

(1.5

)

 

 

(4.4

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.3

)

 

 

(0.1

)

 

 

(0.4

)

Flotek common stock issued to satisfy convertible notes held by ProFrac Holdings Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.3

 

 

 

 

 

 

 

 

 

(14.3

)

 

 

 

Adjustment of redeemable noncontrolling interest to redemption amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(57.9

)

 

 

 

 

 

 

 

 

 

 

 

(57.9

)

Conversion of Class B common stock to Class A common stock

 

 

104.2

 

 

 

1.0

 

 

 

(104.2

)

 

 

(1.0

)

 

 

1,313.3

 

 

 

 

 

 

 

 

 

 

 

 

1,313.3