Business
ProFrac Holding Corp. Reports Strong 2022 First Quarter Financial and Operational Results
Full Year 2022 Outlook Continues to Improve WILLOW PARK, Texas, June 16, 2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: PFHC) ("ProFrac" or the
About this update from Profrac Holding Corp.
[{"type":"text","content":"Full Year 2022 Outlook Continues to Improve\nWILLOW PARK, Texas, June 16, 2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: PFHC) (\"ProFrac\" or the \"Company\") today announced financial and operational results for its first quarter ended March 31, 2022. \nFirst Quarter 2022 Results and Recent Highlights\nClosed on acquisition of FTSI on March 4, 2022Total revenues of $345.0 millionNet income of $24.1 millionAdjusted EBITDA(1) of $91.5 million, which includes approximately one month of FTSI's resultsOn a pro forma basis for the FTSI acquisition(2), first quarter Adjusted EBITDA of $99.4 millionCompleted IPO and began trading on NASDAQ on May 13, 2022Ladd Wilks, ProFrac Holding Corp.'s Chief Executive Officer, stated, \"We are very pleased to have closed on the FTSI acquisition in March. The value created with this acquisition far exceeds our expectations in terms of timing and magnitude. We are also pleased to have completed our initial public offering on May 13, 2022. We view this as a great starting point in creating a preeminent energy investment vehicle with the best teams focused on maximizing shareholder value and generating free cash flow through-the-cycle. If we continue to execute on our plan as expected, we hope to explore options to return cash to shareholders.\"\nMatt Wilks, Executive Chairman, added, \"Our first quarter results came in slightly ahead of our internal expectations and market demand continued to increase into the second quarter. Looking forward, combining this momentum with the price increases that went into effect in April on the acquired FTSI fleets, we now estimate that we will be operating 31 average active fleets for the entire second quarter and expect approximately $23-$25 million of annualized Adjusted EBITDA per fleet(3) in the second quarter.\n\"We are even more excited about our near-term and long-term growth opportunities based on our two-prong strategy to Acquire, Retire, Replace,(™)combined with scaling our vertical integration model. We believe this two-prong growth strategy enables us to drive revenue, improve margins, further enhance free cash flow and improve our through-cycle positioning.\" \nFirst Quarter 2022 Financial Results\nFor the first quarter of 2022, consolidated revenues totaled $345.0 million, or approximately $63.6 million per fleet on an annualized basis. SG&A was $...