Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Data (Unaudited) (Tables)

v3.23.1
Selected Quarterly Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2022
Quarterly Financial Data [Abstract]  
Summary of Unaudited Financial Information

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.

 

 

Year Ended December 31, 2022

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

Selected Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

345.0

 

 

$

589.8

 

 

$

696.7

 

 

$

794.1

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues, exclusive of depreciation, depletion and amortization

 

 

236.5

 

 

 

339.2

 

 

 

392.0

 

 

 

471.0

 

Selling, general, and administrative

 

 

21.0

 

 

 

83.5

 

 

 

64.5

 

 

 

74.1

 

Depreciation, depletion and amortization

 

 

44.6

 

 

 

64.4

 

 

 

69.1

 

 

 

89.2

 

Acquisition related expenses

 

 

13.0

 

 

 

4.1

 

 

 

5.8

 

 

 

25.9

 

Other operating (income) expenses, net

 

 

(0.1

)

 

 

6.1

 

 

 

0.6

 

 

 

8.7

 

Total operating costs and expenses

 

 

315.0

 

 

 

497.3

 

 

 

532.0

 

 

 

668.9

 

Operating income (loss)

 

 

30.0

 

 

 

92.5

 

 

 

164.7

 

 

 

125.2

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(9.3

)

 

 

(13.4

)

 

 

(16.3

)

 

 

(20.5

)

Loss on extinguishment of debt

 

 

(8.3

)

 

 

(8.8

)

 

 

(0.2

)

 

 

(0.3

)

Other (expense) income, net

 

 

8.2

 

 

 

1.0

 

 

 

(1.0

)

 

 

8.3

 

Income (loss) before income taxes

 

 

20.6

 

 

 

71.3

 

 

 

147.2

 

 

 

112.7

 

Income tax (expense) benefit

 

 

(0.6

)

 

 

(3.9

)

 

 

(7.9

)

 

 

3.3

 

Net income (loss)

 

 

20.0

 

 

 

67.4

 

 

 

139.3

 

 

 

116.0

 

Less: net (income) loss attributable to ProFrac Predecessor

 

 

(19.6

)

 

 

(54.0

)

 

 

-

 

 

 

-

 

Less: net loss attributable to noncontrolling interests

 

 

(0.4

)

 

 

8.7

 

 

 

11.8

 

 

 

8.3

 

Less: net income attributable to redeemable noncontrolling interests

 

 

-

 

 

 

(15.5

)

 

 

(107.1

)

 

 

(83.4

)

Net income attributable to ProFrac Holding Corp.

 

$

-

 

 

$

6.6

 

 

$

44.0

 

 

$

40.9

 

Earnings per Class A common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

-

 

 

$

0.17

 

 

$

1.07

 

 

$

0.82

 

Weighted average Class A common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

40.1

 

 

 

41.2

 

 

 

49.7

 

Diluted

 

 

 

 

 

40.1

 

 

 

41.3

 

 

 

50.0