Business
ProFrac Holding Corp. Reports 2023 Full Year and Fourth Quarter Financial and Operational Results
WILLOW PARK, Texas, March 13, 2024 /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 13, 2024 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) (\"ProFrac\", or the \"Company\") today announced financial and operational results for its 2023 full year and fourth quarter ended December 31, 2023.\n\n2023 Full Year Results \nTotal revenue was $2.63 billion in 2023 compared to $2.43 billion in 2022Net loss in 2023 was $59 million compared to net income of $343 million in 2022Adjusted EBITDA(1) was $688 millionNet cash provided by operating activities was $554 millionCapital expenditures totaled $267 millionFree cash flow was $293 million, an increase of 173% from 2022Net debt was $1.08 billion as of December 31, 20232023 Fourth Quarter Results \nTotal fourth quarter revenue was $489 million compared to $574 million in the third quarter of 2023 Net loss was $97 million compared to a net loss of $18 million in the third quarter of 2023Adjusted EBITDA(1) was $110 millionNet cash provided by operating activities was $43 millionCapital expenditures totaled $33 millionFree cash flow was $13 millionMatt Wilks, ProFrac's Executive Chairman, stated, \"Our fourth quarter results were challenged, as we expected, due to softness that persisted throughout the second half of the year. Despite lower commodity prices and decreased activity levels, we meaningfully grew our free cash flow generation by 173% for the year and took important steps to position ProFrac for success in 2024 and beyond.\nMr. Wilks added that, \"We have been deliberate and intentional with the actions we've taken, both in the second half of 2023 and early in 2024, to enhance ProFrac's position as a leader in the oilfield services industry. Beginning in 2023, we believed it was important to simplify our approach and focus on three key strategic priorities: providing safe, superior services and improving the overall experience for our customers; improving utilization in every aspect of our business; and achieving the lowest operating costs per unit in the industry.\n\"I am pleased that we have started seeing the impact of this targeted focus in 2024 as we have increased our fleet count for the start of the year with improved pumping efficiencies across all active fleets. To start the year, in January we surpassed our highest pumping efficiency since the fourth quarter of 2022 and in February we pushed the bar even higher as we increa...