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2022-11-01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 2022
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 |
Warrants, each 124.777 warrants exercisable for one share of Class A common stock at an exercise price of $717.47 per share |
|
ACDCW |
|
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, 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 Exchange Act). Yes ☐ No ☒
At November 8, 2022, the registrant had 53,958,894 shares of Class A common stock, $0.01 par value per share, and 101,133,201 shares of Class B common stock, $0.01 par value per share, outstanding.
Table of Contents
i
Table of Contents
Cautionary statement regarding forward-looking statements
This report contains forward-looking statements within the meaning of 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”) about us and our industry that involve substantial risks and uncertainties. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “may,” “could,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” or similar expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the costs of being a publicly traded corporation and our capital programs.
A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:
• |
our ability to finance, consummate, integrate and realize the benefits expected from our recently completed and potential 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; |
• |
the severity and duration of world health events, including the outbreak of the COVID-19 pandemic, related economic repercussions and the resulting severe disruption in the oil and gas industry and negative impact on demand for oil and gas, which has and may continue to negatively impact our business; |
• |
a further decline or 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 recent conflict between Russia and Ukraine, 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; |
• |
our ability to successfully implement our business plan; |
• |
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; |
1
Table of Contents
• |
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 effects of future litigation; and |
• |
other factors discussed in this report. |
You should not place undue reliance on our forward-looking statements. Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described in Part II, Item 1A of this Quarterly Report on Form 10-Q, the risk factors disclosed under the heading “Risk Factors” in the “Risk Factors” in our prospectus, dated May 12, 2022, filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b) under the Securities Act on May 16, 2022 in connection with our initial public offering, the factors described under the heading “Risk Factors” in our prospectus, dated August 8, 2022, filed with the SEC pursuant to Rule 424(b) under the Securities Act on August 8, 2022, in connection with the resale of our Class A common stock by the selling shareholders named therein, the factors described under the heading “Risk Factors” in our quarterly report on Form 10-Q for the quarter ended June 30, 2022, and the factors described under the heading “Risk Factors” in the proxy statement/information statement/prospectus included in the registration statement on Form S-4 filed with the SEC on August 30, 2022, as amended by Amendment No. 1 to such registration statement filed with the SEC on September 22, 2022, in connection with our acquisition of U.S. Well Services, Inc., any of which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.
The risks included above and in this report and in our other filings with the SEC are not exhaustive. Except as required by law, we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such forward-looking statement is based. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
2
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
ProFrac Holding Corp.
Consolidated balance sheets
(Unaudited)
(In thousands) |
|
September 30,
2022 |
|
|
December 31,
2021 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
64,678 |
|
|
$ |
5,376 |
|
Accounts receivable, net |
|
|
501,337 |
|
|
|
161,632 |
|
Accounts receivable—related party |
|
|
4,510 |
|
|
|
4,515 |
|
Prepaid expenses, and other current assets |
|
|
25,065 |
|
|
|
6,213 |
|
Assets held for sale |
|
|
1,805 |
|
|
|
— |
|
Inventories |
|
|
238,794 |
|
|
|
73,942 |
|
Total current assets |
|
|
836,189 |
|
|
|
251,678 |
|
Property, plant, and equipment |
|
|
1,454,010 |
|
|
|
827,865 |
|
Accumulated depreciation and depletion |
|
|
(632,801 |
) |
|
|
(464,178 |
) |
Property, plant, and equipment, net |
|
|
821,209 |
|
|
|
363,687 |
|
Operating lease right-of-use assets |
|
|
78,569 |
|
|
|
— |
|
Deferred tax assets |
|
|
2,033 |
|
|
|
— |
|
Investments |
|
|
56,753 |
|
|
|
4,244 |
|
Intangible assets, net |
|
|
34,930 |
|
|
|
27,816 |
|
Goodwill |
|
|
97,573 |
|
|
|
— |
|
Other assets |
|
|
52,028 |
|
|
|
17,145 |
|
Total assets |
|
$ |
1,979,284 |
|
|
$ |
664,570 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
Table of Contents
ProFrac Holding Corp.
Consolidated balance sheets
(Unaudited)
(In thousands) |
|
September 30,
2022 |
|
|
December 31,
2021 |
|
Liabilities, redeemable noncontrollable interest, and stockholders' and members' (deficit) equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
209,537 |
|
|
$ |
121,070 |
|
Accounts payable—related party |
|
|
34,911 |
|
|
|
21,275 |
|
Current portion of operating lease liabilities |
|
|
9,532 |
|
|
|
— |
|
Accrued expenses |
|
|
194,321 |
|
|
|
38,149 |
|
Other current liabilities |
|
|
36,446 |
|
|
|
34,400 |
|
Current portion of long-term debt |
|
|
60,541 |
|
|
|
31,793 |
|
Total current liabilities |
|
|
545,288 |
|
|
|
246,687 |
|
Long-term debt |
|
|
484,228 |
|
|
|
235,128 |
|
Long-term debt—related party |
|
|
— |
|
|
|
34,645 |
|
Operating lease liabilities |
|
|
73,180 |
|
|
|
— |
|
Other liabilities |
|
|
17,320 |
|
|
|
— |
|
Total liabilities |
|
|
1,120,016 |
|
|
|
516,460 |
|
Commitments and contingencies (Note 17) |
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
|
1,644,426 |
|
|
|
— |
|
Stockholders' and members' equity |
|
|
|
|
|
|
|
|
Members' equity |
|
|
— |
|
|
|
147,015 |
|
Preferred stock, $0.01 par value, 50,000,000 authorized,
none issued and outstanding |
|
|
|
|
|
|
|
|
Class A common stock, $0.01 par value, 600,000,000 authorized,
41,239,957 issued and outstanding at September 30, 2022 and
none issued and outstanding at December 31, 2021 |
|
|
412 |
|
|
|
— |
|
Class B common stock, $0.01 par value, 400,000,000 authorized,
101,133,201 issued and outstanding at September 30, 2022 and
none issued and outstanding at December 31, 2021 |
|
|
1,011 |
|
|
|
— |
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
Accumulated deficit |
|
|
(868,409 |
) |
|
|
— |
|
Accumulated other comprehensive (loss) income |
|
|
9 |
|
|
|
56 |
|
Total stockholders' and members' (deficit) equity attributable to ProFrac Holding Corp. |
|
|
(866,977 |
) |
|
|
147,071 |
|
Noncontrolling interests |
|
|
81,819 |
|
|
|
1,039 |
|
Total stockholders' and members' (deficit) equity |
|
|
(785,158 |
) |
|
|
148,110 |
|
Total liabilities, redeemable noncontrollable interest, and stockholders' and members' (deficit) equity |
|
$ |
1,979,284 |
|
|
$ |
664,570 |
|
The accompanying notes are an integral part of these consolidated financial statements
4
Table of Contents
ProFrac Holding Corp.
Consolidated statements of operations
(Unaudited)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
(In thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
$ |
696,730 |
|
|
$ |
195,931 |
|
|
$ |
1,631,554 |
|
|
$ |
520,336 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues, exclusive of depreciation, depletion and amortization |
|
|
388,068 |
|
|
|
144,163 |
|
|
|
961,267 |
|
|
|
389,177 |
|
Depreciation, depletion and amortization |
|
|
68,758 |
|
|
|
35,241 |
|
|
|
177,038 |
|
|
|
105,606 |
|
Loss on disposal of assets, net |
|
|
667 |
|
|
|
3,397 |
|
|
|
2,656 |
|
|
|
7,472 |
|
Selling, general, and administrative |
|
|
70,287 |
|
|
|
20,047 |
|
|
|
191,962 |
|
|
|
47,919 |
|
Total operating costs and expenses |
|
|
527,780 |
|
|
|
202,848 |
|
|
|
1,332,923 |
|
|
|
550,174 |
|
Operating income (loss) |
|
|
168,950 |
|
|
|
(6,917 |
) |
|
|
298,631 |
|
|
|
(29,838 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(16,261 |
) |
|
|
(6,896 |
) |
|
|
(38,984 |
) |
|
|
(19,118 |
) |
Loss on extinguishment of debt |
|
|
(242 |
) |
|
|
— |
|
|
|
(17,337 |
) |
|
|
— |
|
Other (expense) income, net |
|
|
(928 |
) |
|
|
(92 |
) |
|
|
8,292 |
|
|
|
148 |
|
Income (loss) before income tax provision |
|
|
151,519 |
|
|
|
(13,905 |
) |
|
|
250,602 |
|
|
|
(48,808 |
) |
Income tax (provision) benefit |
|
|
(8,157 |
) |
|
|
(170 |
) |
|
|
(13,021 |
) |
|
|
138 |
|
Net income (loss) |
|
|
143,362 |
|
|
|
(14,075 |
) |
|
|
237,581 |
|
|
|
(48,670 |
) |
Less: net (income) loss attributable to ProFrac Predecessor |
|
|
— |
|
|
|
14,033 |
|
|
|
(79,867 |
) |
|
|
48,509 |
|
Less: net loss attributable to noncontrolling interests |
|
|
11,751 |
|
|
|
42 |
|
|
|
20,039 |
|
|
|
161 |
|
Less: net income attributable to redeemable noncontrolling interests |
|
|
(110,183 |
) |
|
|
— |
|
|
|
(126,265 |
) |
|
|
— |
|
Net income attributable to ProFrac Holding Corp. |
|
$ |
44,930 |
|
|
$ |
— |
|
|
$ |
51,488 |
|
|
$ |
— |
|
Basic and diluted earnings per Class A share |
|
$ |
1.09 |
|
|
|
|
|
|
$ |
1.26 |
|
|
|
|
|
Weighted average shares used in computing basic earnings per Class A share |
|
|
41,239 |
|
|
|
|
|
|
|
40,846 |
|
|
|
|
|
Weighted average shares used in computing diluted earnings per Class A share |
|
|
41,349 |
|
|
|
|
|
|
|
40,927 |
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
5
Table of Contents
ProFrac Holding Corp.
Consolidated statements of comprehensive income (loss)
(Unaudited)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
(In thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income (loss) |
|
$ |
143,362 |
|
|
$ |
(14,075 |
) |
|
$ |
237,581 |
|
|
$ |
(48,670 |
) |
Foreign currency translation adjustments |
|
|
207 |
|
|
|
45 |
|
|
|
84 |
|
|
|
55 |
|
Comprehensive income (loss) |
|
|
143,569 |
|
|
|
(14,030 |
) |
|
|
237,665 |
|
|
|
(48,615 |
) |
Less: comprehensive (income) loss attributable to ProFrac Predecessor |
|
|
— |
|
|
|
14,002 |
|
|
|
(79,765 |
) |
|
|
48,468 |
|
Less: comprehensive loss attributable to noncontrolling interest |
|
|
11,699 |
|
|
|
28 |
|
|
|
20,018 |
|
|
|
147 |
|
Less: comprehensive income attributable to redeemable noncontrolling interest |
|
|
(110,293 |
) |
|
|
— |
|
|
|
(126,375 |
) |
|
|
— |
|
Comprehensive income attributable to ProFrac Holding Corp. |
|
$ |
44,975 |
|
|
$ |
— |
|
|
$ |
51,543 |
|
|
$ |
— |
|
The accompanying notes are an integral part of these consolidated financial statements.
6
Table of Contents
ProFrac Holding Corp.
Consolidated statements of changes in equity
(Unaudited)
|
|
Members' |
|
|
Class A Common Stock |
|
|
Class B Common Stock |
|
|
Additional Paid |
|
|
Retained |
|
|
Accumulated
Other
Comprehensive |
|
|
Noncontrolling |
|
|
Total Equity |
|
(In thousands) |
|
Equity |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
in Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Interests |
|
|
(Deficit) |
|
Balance, January 1, 2022 |
|
$ |
147,015 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56 |
|
|
$ |
1,039 |
|
|
$ |
148,110 |
|
Net income |
|
|
23,710 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
416 |
|
|
|
24,126 |
|
Member contributions |
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Deemed distribution |
|
|
(3,664 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,664 |
) |
THRC related equity |
|
|
72,931 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
72,931 |
|
Foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(102 |
) |
|
|
(34 |
) |
|
|
(136 |
) |
Balance, March 31, 2022 |
|
$ |
244,992 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(46 |
) |
|
$ |
1,421 |
|
|
$ |
246,367 |
|
Net income prior to corporate reorganization |
|
|
56,157 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
|
|
56,111 |
|
Issuance of Class A shares in IPO |
|
|
— |
|
|
|
18,228 |
|
|
|
182 |
|
|
|
— |
|
|
|
— |
|
|
|
227,548 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
227,730 |
|
Issuance of Class B shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
101,133 |
|
|
|
1,011 |
|
|
|