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17. SELECTED QUARTERLY DATA (UNAUDITED)
The table below presents our quarterly results for the year ended December 31, 2022. The financial information for each of the first three quarters in 2022 has been revised to correct an immaterial error. The net effect of this correction on operating income (loss) was a decrease of $4.2 million, a decrease of $3.0 million, and a decrease of $4.3 million for the first, second, and third quarters of 2022, respectively.
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Year Ended December 31, 2022 |
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First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth Quarter |
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Selected Financial Data: |
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Revenues |
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$ |
345.0 |
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$ |
589.8 |
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$ |
696.7 |
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$ |
794.1 |
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Operating costs and expenses: |
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Cost of revenues, exclusive of depreciation, depletion and amortization |
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236.5 |
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339.2 |
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392.0 |
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471.0 |
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Selling, general, and administrative |
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21.0 |
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83.5 |
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64.5 |
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74.1 |
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Depreciation, depletion and amortization |
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44.6 |
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64.4 |
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69.1 |
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89.2 |
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Acquisition related expenses |
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13.0 |
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4.1 |
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5.8 |
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25.9 |
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Other operating (income) expenses, net |
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(0.1 |
) |
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6.1 |
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0.6 |
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8.7 |
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Total operating costs and expenses |
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315.0 |
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497.3 |
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532.0 |
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668.9 |
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Operating income (loss) |
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30.0 |
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92.5 |
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164.7 |
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125.2 |
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Other (expense) income: |
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Interest expense, net |
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(9.3 |
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(13.4 |
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(16.3 |
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(20.5 |
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Loss on extinguishment of debt |
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(8.3 |
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(8.8 |
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(0.2 |
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(0.3 |
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Other (expense) income, net |
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8.2 |
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1.0 |
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(1.0 |
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8.3 |
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Income (loss) before income taxes |
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20.6 |
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71.3 |
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147.2 |
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112.7 |
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Income tax (expense) benefit |
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(0.6 |
) |
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(3.9 |
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(7.9 |
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3.3 |
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Net income (loss) |
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20.0 |
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67.4 |
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139.3 |
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116.0 |
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Less: net (income) loss attributable to ProFrac Predecessor |
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(19.6 |
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(54.0 |
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- |
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- |
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Less: net loss attributable to noncontrolling interests |
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(0.4 |
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8.7 |
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11.8 |
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8.3 |
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Less: net income attributable to redeemable noncontrolling interests |
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- |
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(15.5 |
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(107.1 |
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(83.4 |
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Net income attributable to ProFrac Holding Corp. |
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$ |
- |
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$ |
6.6 |
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$ |
44.0 |
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$ |
40.9 |
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Earnings per Class A common share: |
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Basic and diluted |
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$ |
- |
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$ |
0.17 |
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$ |
1.07 |
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$ |
0.82 |
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Weighted average Class A common shares outstanding: |
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Basic |
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40.1 |
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41.2 |
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49.7 |
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Diluted |
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40.1 |
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41.3 |
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50.0 |
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