Business
ProFrac Holding Corp. Reports First Quarter 2023 Financial and Operational Results
WILLOW PARK, Texas, May 9, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced financial and operational
About this update from Profrac Holding Corp.
[{"type":"text","content":"WILLOW PARK, Texas, May 9, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) (\"ProFrac\", or the \"Company\") today announced financial and operational results for its first quarter ended March 31, 2023.\nFirst Quarter 2023 Results and Recent Highlights\nTotal revenue grew approximately 7% sequentially to $851.7 million over 2022 fourth quarter revenue Net income declined approximately 48% sequentially to $59.8 millionAdjusted EBITDA(1) excluding Flotek declined approximately 5% sequentially to $255.0 millionAnnualized Adjusted EBITDA per fleet(2) excluding Flotek was $25.1 million on 40.7 average active fleets during the quarterThe Company did not adjust for approximately $20 million of costs related to the conversion, optimization and retirement of certain acquired assets and businesses; excluding these costs Annualized Adjusted EBITDA per fleet excluding Flotek would have been approximately $27 millionFirst quarter results include the consolidation of Flotek results which contributed $49.2 million in revenue and a loss of ($7.9) million in Adjusted EBITDAFollowing the acquisition of Performance Proppants, ProFrac is the largest provider of in-basin sand in North AmericaMatt Wilks, ProFrac's Executive Chairman, stated, \"We are pleased to report that ProFrac delivered solid operational and financial results for the first quarter of 2023. Once again, we generated strong revenues and Adjusted EBITDA as we continue to execute on our strategy. I am proud of what this team has accomplished and excited to realize the full potential of this business as we move forward.\"\n\"During the first quarter, ProFrac incurred substantial costs related to our recent acquisitions of U.S. Well Services, Monarch Silica, REV, Performance Proppants and Producers. Management estimates that the Company incurred over $20 million of expenses associated with the optimization of these businesses, as well as with upgrading, standardizing and retirement of certain acquired assets. Because ProFrac is able to integrate acquired businesses so swiftly we recognize both the commercial and operational synergies as well as the associated integration expenses on an accelerated basis. As noted, we believe the profitability of the business was impacted while initiating our long-term integrated commercial strategy. While we are proud of the performance posted...