Profrac Holding Corp. · NASDAQ:ACDC
Profrac — Investor Presentation (November 2022)
20 slides from Profrac's investor presentation, Nov 14, 2022
Slide 1: November 2022 Investor Presentation
Exhibit 99.3 Nasdaq GS: ACDC November 2022 Investor Presentation w w w . P F H o l d i n g s C o r p . c o m
Slide 2: Safe Harbor Forward-Looking Statements
2 Safe Harbor Forward-Looking Statements Certain statements in this presentation (and the oral statements made in connection therewith) may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some c
Slide 3: Who We Are
3 Who We Are ProFrac is growth-oriented, vertically integrated and innovation-driven High Performing Pressure Pumping Fleets that have Consistently Outperformed Peers Focused on Cash Flow and Efficiency ✓ Vertically Integrated Platform with In-House Manufacturing and Sand Production Enhance Efficien
Slide 4: 3Q22 Financial Results Exceeded Expectations
4 3Q22 Financial Results Exceeded Expectations Consolidated 3Q22 revenues were approximately $696.7 million, up 18% from 2Q22 ✓ 3Q22 net income was $143.4 million, up 105% from 2Q22 ✓ (1) 3Q22 Adjusted EBITDA was $256.1 million, up 22% from 2Q22 ✓ (1,2) 3Q22 Annualized Adjusted EBITDA per fleet was
Slide 5: ACDC: New Ticker Highlights Our Industry Leading Position in Electric Frac Technology
5 ACDC: New Ticker Highlights Our Industry Leading Position in Electric Frac Technology ▪ Acquisition of U.S. Well Services solidifies our position as the industry leader in electric hydraulic fracturing ▪ Our new ticker symbol “ACDC” commemorates our market leadership – We own the industry's leadin
Slide 6: Fleet Overview
6 Fleet Overview Operational Footprint Retiring & Upgrading Older, Less Technologically Advanced Fleets Tier IV Dual Fuel Tier II Dual Fuel Tier IV Diesel Tier II Diesel E-Fleet 44 1 39 4 12 8 8 Operating Locations 12 Dual Fuel & Diesel Fleets 4 Willow Park Headquarters E-Fleets 3 Houston Offices 7
Slide 7: USWS Transaction Summary
7 USWS Transaction Summary On November 1, 2022, ProFrac completed acquisition of U.S. Well Creates Market Leader in Electric Frac Services, Inc. (“USWS”) ▪ Acquired 7 all-electric fleets in operation plus one Tier IV diesel ▪ USWS was first to deploy an electric frac fleet in 2014 fleet available to
Slide 8: Next-Gen Fleets Offer Unrivaled Savings
8 (1) Next-Gen Fleets Offer Unrivaled Savings (2) Annual Cost to Operator ─ Annual fuel cost savings from Tier IV Dual Fuel and Electric -22% -32% fleets can be as much as $20 million and $40 million per $93 fleet, respectively ─ Combination of economic advantage and ESG profile of $73 next-generati
Slide 9: ACDC to Become Differentiated Leader in Next-Gen Frac Solutions Market
9 ( ) ACDC to Become Differentiated Leader in Next-Gen ¹ Frac Solutions Market (2) Largest Pressure Pumpers by Total HHP (HHP in 000s) ▪ Transaction creates third largest frac company by 3,500 total horsepower and the largest electric frac fleet 200 (2,3) provider 3,300 2,650 Current HHP 2,460 200 (
Slide 10: Post-Transaction Capital Structure With Low Leverage
10 (1) Post-Transaction Capital Structure With Low Leverage (1) (1,2) Pro Forma Indebtedness Net Debt 9/30 Pro Forma for Sep 30, 2022 Acquisition (3) ($ in millions) ACDC USWS ACDC ABL $ - $ 16.7 $ 163.0 First Financial Loan 19.1 - 19.1 $670.5m New Term Loan Credit Facility 525.7 - 5 25.7 Convertibl
Slide 11: Investor Contacts
Investor Contacts: Lance Turner Bryan Wheatly Chief Financial Officer Director, Investor Relations investors@profrac.com investors@profrac.com 254-776-3722 717-368-7720 Ken Dennard / Rick Black ACDC@dennardlascar.com 713-529-6600 w w w . P F H o l d i n g s C o r p . c o m
Slide 12: Appendix: Financial Results and Non-GAAP Reconciliations
12 Appendix Financial Results and Non-GAAP Reconciliations
Slide 13: Consolidated Statements of Operations
13 Consolidated Statements of Operations Three Months Ended Nine Months Ended Sep. 30 Jun. 30 Sep. 30 Jun. 30 Sep. 30 Sep. 30 (In thousands) 2022 2022 2021 2021 2022 2021 Revenues $ 696,730 $ 5 89,844 $ 1 95,931 $ 174,819 $ 1 ,631,554 $ 5 20,336 Operating costs and expenses: Costs of revenues, exclu
Slide 14: Consolidated Balance Sheet
14 Consolidated Balance Sheet Sep. 30 Dec. 31 (In thousands) 2022 2021 Assets Current assets: Cash and cash equivalents $ 64,678 $ 5 ,376 Accounts receivable, net 501,337 161,632 Accounts receivable - related party 4,510 4,515 Prepaid expenses, and other current assets 25,065 6,213 Assets held for s
Slide 15: Consolidated Statements of Cash Flow
15 Consolidated Statements of Cash Flow Three Months Ended Nine Months Ended Sep. 30 Jun. 30 Sep. 30 Sep. 30 (In thousands) 2022 2022 2022 2021 Cash flows from operating activities: Net income (loss) $ 143,362 $ 70,093 $ 237,581 $ (48,670) Adjustments to reconcile net income (loss) to net cash provi
Slide 16: Reconciliation of Net Income (Loss) to Adjusted EBITDA
16 Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended Nine Months Ended Sep. 30 Jun. 30 Sep. 30 Jun. 30 Sep. 30 Sep. 30 (In thousands) 2022 2022 2021 2021 2022 2021 Net income (loss) $ 143,362 $ 7 0,093 $ (14,075) $ (8,606) $ 237,581 $ (48,670) Interest expense, net 1 6,261 1
Slide 17: Reconciliation of Net Income to Adjusted EBITDA excluding other business activities
17 Reconciliation of Net Income (Loss) to Adjusted EBITDA excluding other business activities & Calculation of Annualized Adjusted EBITDA per Active Fleet Three Months Ended Nine Months Ended Sep. 30 Jun. 30 Sep. 30 Jun. 30 Sep. 30 Sep. 30 (In thousands except average active fleets and annualization
Slide 18: Calculation of Net Debt
18 Calculation of Net Debt Sep. 30 Jun. 30 (In thousands) 2022 2022 Current portion of long-term debt $ 6 0,541 $ 51,329 Long-term debt 4 84,228 4 27,961 Long-term debt - related party - - Total debt 5 44,769 4 79,290 Plus: Unamortized debt issuance costs 2 3,235 1 5,755 Total gross debt 5 68,004 49
Slide 19: Calculation of Net Debt excluding other business activities
19 Calculation of Net Debt excluding other business activities Sep. 30 Jun. 30 (In thousands) 2022 2022 Current portion of long-term debt $ 4 4,917 $ 3 6,938 Long-term debt 481,265 424,825 Long-term debt - related party - - Total debt 526,182 4 61,763 Plus: Unamortized debt issuance costs 2 3,235 1
Slide 20: Slide 20
ProFrac Holding — Investor Presentation (November 2022) on 6ix