Slide 1: ProFrac Holdings Corp. Investor Presentation - Earnings Recap
ProFrac Holdings Corp. (NASDAQ: ACDC) Investor Presentation - Earnings Recap www.PFHoldingsCorp.com March 2024
Slide 2: Cautionary Statements
Cautionary Statements 2 Forward-Looking Statements Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by word
Slide 3: Decisive Leadership Delivering Results
Decisive Leadership Delivering Results 3 Matt Wilks Executive Chairman A message from our Chairman: “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. B
Slide 4: Year in Review
4 Year in Review $2.6 Billion Revenue $688 Million Adj. EBITDA $554 Million Cash Flow From Operations $267 Million CapEx 25% Reduction YOY 26% Adj. EBITDA Margin $293 Million Free Cash Flow Acquired & Integrated Right-Sized Business & Optimized Cost Structure Refinanced Debt Extended Maturity by 5 Y
Slide 5: Refocused On Our Core: Pumping Stages & Selling Sand
With Our Acquisitions/Integrations Behind Us, We Are Refocused On Our Core: Pumping Stages & Selling Sand 5 We expect to outperform in 2024 and regain market share regardless of whether activity rises, falls, or remains at constant levels ‒ Our leadership teams have instilled a laser like focus on o
Slide 6: Outlook
Outlook 6 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Jan 2024 Feb 2024 Record Month Stimulation Services Proppant Production Average Pumping Hours per Active Fleet ‒ Reactivated 10 fleets since the start of Q4 with the majority in Q1 2024 ‒ January, which typically results in lo
Slide 7: The Premier Vertically-Integrated Energy Services Holding Company
7 The Premier Vertically-Integrated Energy Services Holding Company Our Portfolio Companies: Other Investments Leading portfolio of next-generation (Tier IV DGB and Electric) frac fleets Operations in major unconventional oil and natural gas plays in the U.S. Permian: 3 mines with 8.5 mmtpy nameplat
Slide 8: Regions We Serve
8 (1) Rockies Bakken Appalachia Haynesville Eagle Ford Permian Frac Pump Portfolio Regions We Serve ‒ We are among the largest well stimulation services providers in the United States with operations focused in the most active unconventional regions, where we have cultivated deep and longstanding cu
Slide 9: Benefits of Internal Manufacturing Capabilities
9 Benefits of Internal Manufacturing Capabilities Equipment Assembly Internal manufacturing capabilities to build new fleets and upgrade legacy fleets to next-generation technology More cost efficient than purchasing from third-party manufacturers Equipment Leasing Reduces capital spend Cisco facili
Slide 10: Alpine: Eight Mines Across Haynesville, Permian and Eagle Ford
10 Alpine is strategically positioned with eight total mines across the Haynesville (4), Permian (3) and Eagle Ford (1) basins Total Nameplate Capacity (mmtpy) River Ridge Hat Creek Sunny Point Merryville Lamesa Kermit Monohans Monarch 21.5 Eagle Ford 3.0 mmtpy Permian 8.5 mmtpy Haynesville 10.0 mmt
Slide 11: Appendix: Financial Tables
Appendix: Financial Tables
Slide 12: Consolidated Balance Sheet
12 (In millions) 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 35.1 25.3 $ Accounts receivable, net 535.5 346.1 Accounts receivable — related party, net 2.1 6.8 Inventories 249.5 236.6 Prepaid expenses and other current assets 43.2 23.3 Total current assets 865.4 638.1 Property, plant
Slide 13: Consolidated Statements of Operations
13 Consolidated Statements of Operations Dec. 31 Sep. 30 Dec. 31 Sep. 30 Dec. 31 Dec. 31 (In millions) 2023 2023 2022 2022 2023 2022 Total revenues $ 574.2 489.1 $ 794.1 $ 696.7 $ 2,630.0 $ 2,425.6 $ Operating costs and expenses: Cost of revenues, exclusive of depreciation, depletion and amortizatio
Slide 14: Consolidated Statements of Cash Flows
14 Consolidated Statements of Cash Flows Dec. 31 Sep. 30 Dec. 31 Dec. 31 Dec. 31 (In millions) 2023 2023 2022 2023 2022 Cash flows from operating activities: Net income (loss) $ (17.9) (96.5) $ 116.0 $ (59.2) $ 342.7 $ Adjustments to reconcile net income (loss) to net cash provided by operating acti
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
15 Reconciliation of Net Income (Loss) to Adjusted EBITDA Dec. 31 Sep. 30 Dec. 31 Sep. 30 Dec. 31 Dec. 31 (In millions) 2023 2023 2022 2022 2023 2022 Net income (loss) $ (17.9) (96.5) $ 116.0 $ 139.3 $ (59.2) $ 342.7 $ Interest expense, net 40.2 38.8 20.5 16.3 154.9 59.5 Depreciation, depletion and
Slide 16: Segment Information
16 Segment Information Dec. 31 Sep. 30 Dec. 31 Sep. 30 Dec. 31 Dec. 31 (In millions) 2023 2023 2022 2022 2023 2022 Revenues Stimulation services $ 489.5 403.3 $ 767.4 $ 668.6 $ 2,291.2 $ 2,348.7 $ Proppant production 98.4 92.9 35.4 24.7 383.3 90.0 Manufacturing 34.1 43.8 51.1 48.7 176.1 166.7 Other
Slide 17: Free Cash Flow
17 Free Cash Flow Dec. 31 Sep. 30 Dec. 31 Dec. 31 Dec. 31 (In millions) 2023 2023 2022 2023 2022 Net cash provided by operating activities $ 123.6 42.7 $ 158.6 $ 553.5 $ 415.2 $ Investment in property, plant & equipment (33.1) (52.6) (116.7) (267.0) (356.2) Proceeds from sale of assets 1.6 3.2 1.7 6
Slide 18: Net Debt
18 Net Debt (In millions) 2023 2022 Current portion of long-term debt $ 127.6 126.4 $ Long-term debt 735.0 923.5 Long-term debt — related party 62.8 18.6 Total debt 925.4 1,068.5 Plus: unamortized debt discounts, premiums, and issuance costs 34.0 39.4 Total principal amount of debt 959.4 1,107.9 Les
Slide 19: Investor Relations Contacts
Investor Relations Contacts ProFrac Holding Corp. Lance Turner – Chief Financial Officer Michael Messina – Director of Finance investors@profrac.com Dennard Lascar Investor Relations Ken Dennard / Rick Black ACDC@dennardlascar.com