Business
ProFrac Holding Corp. Reports 2022 Fourth Quarter and Full Year Financial and Operational Results
WILLOW PARK, Texas, March 21, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced financial and
About this update from Profrac Holding Corp.
[{"type":"text","content":"WILLOW PARK, Texas, March 21, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) (\"ProFrac\", or the \"Company\") today announced financial and operational results for its fourth quarter and full year ended December 31, 2022.\nFull Year 2022 Results\nTotal revenue of $2.4 billion, up 216% year-over-yearNet income totaled $342.7 million compared to a net loss of ($43.5) million in the previous yearAdjusted EBITDA(1) excluding Flotek increased approximately 520% year-over-year to $835.5 millionAdjusted EBITDA per active fleet(2) excluding Flotek was $27.9 million on 29.9 average active fleets during the yearFull year results include the consolidation of Flotek results which contributed $37.1 million in revenue excluding intercompany eliminations, and ($24.3) million in Adjusted EBITDAFourth Quarter 2022 Results and Recent Highlights\nTotal revenue grew approximately 14% sequentially to $794.1 million over 2022 third quarter revenue Net income declined approximately 17% sequentially to $116 millionAdjusted EBITDA(1) excluding Flotek increased approximately 2% sequentially to $269.2 millionAnnualized Adjusted EBITDA per fleet(2) excluding Flotek was $29.9 million on 36 average active fleets during the quarterFourth quarter results include the consolidation of Flotek results which contributed $15.9 million in revenue excluding intercompany eliminations, and ($5.8) million in Adjusted EBITDAIn the fourth quarter of 2022, the Company successfully closed on its acquisitions of US Well Services, the Eagle Ford sand mining operations of Monarch Silica, and Rev Energy HoldingsIn the first quarter of 2023, the Company upsized the term loan credit facility by $320 million and closed on its acquisitions of Producers Service Holdings and Performance ProppantsMatt Wilks, ProFrac's Executive Chairman, stated, \"I am extremely pleased with our company's commitment and hard work that continues to generate improved operational efficiencies and financial growth as we scale the business. We believe our vertically integrated business model positions ProFrac to reduce market volatility and deliver more consistent profitability throughout the cycle.\" \nLadd Wilks, ProFrac's Chief Executive Officer, added, \"We are incredibly proud of our team's performance in the fourth quarter growing revenue by 14% sequentially despite an early round of cold ...