$ARIS
Aris Water Solutions, Inc.

2021 Q4 Form 10-K Financial Statement

#000155837022002585 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $66.98M $229.3M $171.5M
YoY Change -60.94% 33.7%
Cost Of Revenue $39.43M $151.7M $139.5M
YoY Change -71.73% 8.76%
Gross Profit $27.55M $77.57M $32.01M
YoY Change -13.94% 142.3%
Gross Profit Margin 41.13% 33.84% 18.67%
Selling, General & Admin $12.03M $27.27M $18.66M
YoY Change -35.56% 46.1%
% of Gross Profit 43.65% 35.15% 58.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.22M $27.90M $24.25M
YoY Change -37.25% 19.23%
% of Gross Profit 55.23% 35.97% 75.74%
Operating Expenses $12.09M $58.43M $18.66M
YoY Change -35.2% 140.35%
Operating Profit $15.46M $19.14M $13.35M
YoY Change 15.78% 148.47%
Interest Expense -$7.618M -$25.47M -$7.674M
YoY Change -0.73% 231.94%
% of Operating Profit -49.28% -133.07% -57.48%
Other Income/Expense, Net -$25.85M
YoY Change 236.89%
Pretax Income $6.737M -$6.711M $30.00K
YoY Change 22356.67% -22470.0%
Income Tax $379.0K $298.0K $23.00K
% Of Pretax Income 5.63% 76.67%
Net Earnings $1.112M -$6.988M $7.000K
YoY Change 15785.71% 61.46%
Net Earnings / Revenue 1.66% -3.05% 0.0%
Basic Earnings Per Share $0.05 $0.05
Diluted Earnings Per Share $0.05 $0.05 $130.80
COMMON SHARES
Basic Shares Outstanding 20.89M 20.89M
Diluted Shares Outstanding 20.89M 20.89M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.06M $60.06M
YoY Change 140.88%
Cash & Equivalents $60.06M $60.06M $24.93M
Short-Term Investments
Other Short-Term Assets $6.043M $6.043M
YoY Change 40.05%
Inventory
Prepaid Expenses
Receivables $41.97M $41.97M $21.56M
Other Receivables $4.126M $24.32M $3.722M
Total Short-Term Assets $132.4M $132.4M $66.07M
YoY Change 100.38% 100.38%
LONG-TERM ASSETS
Property, Plant & Equipment $633.0M $633.0M $618.2M
YoY Change 2.4% 2.4%
Goodwill $34.59M $34.59M
YoY Change 0.0% 31.22%
Intangibles $304.9M $337.5M
YoY Change -9.66%
Long-Term Investments
YoY Change
Other Assets $1.850M $21.78M $1.429M
YoY Change 29.46% 1424.35%
Total Long-Term Assets $994.3M $994.3M $991.7M
YoY Change 0.26% 0.26%
TOTAL ASSETS
Total Short-Term Assets $132.4M $132.4M $66.07M
Total Long-Term Assets $994.3M $994.3M $991.7M
Total Assets $1.127B $1.127B $1.058B
YoY Change 6.51% 6.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.082M $7.082M $16.07M
YoY Change -55.92% -55.92%
Accrued Expenses $33.96M $33.96M
YoY Change 45.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $49.05M $49.05M $45.79M
YoY Change 7.11% 7.11%
LONG-TERM LIABILITIES
Long-Term Debt $392.1M $392.1M $297.0M
YoY Change 32.0% 32.0%
Other Long-Term Liabilities $1.336M $7.494M
YoY Change 11.47%
Total Long-Term Liabilities $393.4M $399.5M $297.0M
YoY Change 32.45% 31.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.05M $49.05M $45.79M
Total Long-Term Liabilities $393.4M $399.5M $297.0M
Total Liabilities $524.2M $913.8M $349.5M
YoY Change 49.97% 161.46%
SHAREHOLDERS EQUITY
Retained Earnings -$457.0K
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $135.0K
YoY Change
Treasury Stock Shares $10.19K $0.00
Shareholders Equity $212.9M $212.9M
YoY Change
Total Liabilities & Shareholders Equity $1.127B $1.127B $1.058B
YoY Change 6.51% 6.51%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $1.112M -$6.988M $7.000K
YoY Change 15785.71% 61.46%
Depreciation, Depletion And Amortization $15.22M $27.90M $24.25M
YoY Change -37.25% 19.23%
Cash From Operating Activities $1.626M $58.81M $26.86M
YoY Change -93.95% -13.22%
INVESTING ACTIVITIES
Capital Expenditures -$11.94M $74.70M -$47.01M
YoY Change -74.61% -46.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$11.94M -$74.66M -$47.01M
YoY Change -74.61% -46.51%
FINANCING ACTIVITIES
Cash Dividend Paid $213.2M
YoY Change
Common Stock Issuance & Retirement, Net $135.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.98M 50.98M 30.10M
YoY Change 12.9% -43.15%
NET CHANGE
Cash From Operating Activities 1.626M 58.81M 26.86M
Cash From Investing Activities -11.94M -74.66M -47.01M
Cash From Financing Activities 33.98M 50.98M 30.10M
Net Change In Cash 23.67M 35.12M 9.947M
YoY Change 137.92% 96.78%
FREE CASH FLOW
Cash From Operating Activities $1.626M $58.81M $26.86M
Capital Expenditures -$11.94M $74.70M -$47.01M
Free Cash Flow $13.56M -$15.89M $73.87M
YoY Change -81.64% -77.88%

Facts In Submission

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>Organization and Background of Business</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Aris Water Solutions, Inc. (”Aris Inc.”, the “Company”, “we”, “our, or “us”) is an independent, environmentally-focused company headquartered in Houston, Texas, that, through its controlling interest in Solaris Midstream Holdings, LLC (“Solaris LLC”), provides sustainability-enhancing services to oil and natural gas operators. We strive to build long-term value through the development, construction and operation of integrated produced water handling and recycling infrastructure that provides high-capacity, comprehensive produced water management, recycling and supply solutions for operators in the Permian Basin.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We were incorporated on May 26, 2021 as a Delaware corporation and were formed to serve as the issuer in an initial public offering of equity (the “IPO” or “Offering”). Concurrent with the completion of the IPO, we became the new parent holding company of Solaris LLC, a Delaware limited liability company.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As a holding company, our principal asset is a membership interest in Solaris LLC. As the sole managing member of Solaris LLC, we operate and control all of the business and affairs of Solaris, LLC, and through Solaris LLC and its subsidiaries, conduct its business. We consolidate the financial results of Solaris LLC and report noncontrolling interest related to the portion of Solaris LLC units not owned by us.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Initial Public Offering</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On October 21, 2021, we announced the pricing of our Offering of 17,650,000 shares of its Class A common stock at a price to the public of $13.00 per share. In addition, we granted the underwriters a <span style="-sec-ix-hidden:Hidden_mpMFJmItpEW-h9cI5CR06A;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">30-day</span></span><span style="white-space:pre-wrap;"> option to purchase up to an additional 2,647,500 shares of our Class A common stock at the public offering price, less underwriting discounts and commissions. On October 22, 2021, the underwriters fully exercised such option to purchase an additional 2,647,500 shares of Class A common stock. The Offering, including the underwriters’ option, closed on October 26, 2021.</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The closing of the Offering, including the underwriters’ option, resulted in net proceeds of approximately $246.4 million, after deducting underwriting discounts and commissions and other issuance costs. We contributed all of the net IPO proceeds to Solaris LLC in exchange for a single class of units in Solaris LLC and shares of our Class B common stock. Solaris LLC distributed approximately $213.2 million of the net proceeds to the Legacy Owners of Solaris LLC units and retained the remaining $33.2 million of the net proceeds for general corporate purposes, which may include capital expenditures, working capital and potential acquisitions and strategic transactions.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Amended and Restated Solaris LLC Agreement</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On October 26, 2021, in connection with the IPO, the Solaris LLC Agreement was amended and restated. The amendments to the Solaris LLC Agreement, include, among other things:</p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">provisions to convert all of the membership interests in Solaris LLC into (a) a single class of units in Solaris LLC representing in the aggregate </span><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">33,202,500</span><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;"> Solaris LLC units and (b) the right to receive the distributions of proceeds described above and an aggregate of </span><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">33,202,500</span><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;"> shares of Aris Inc.’s Class B Common Stock and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">the admission of Aris Inc. as the sole managing member of Solaris LLC.</span></td></tr></table><div style="margin-top:12pt;"/><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">In accordance with the terms of the amended and restated Solaris LLC Agreement, the holders of Solaris LLC units generally have the right to exchange their Solaris LLC units (and a corresponding number of shares of the Class B Common Stock), for an aggregate of 33,202,500 shares of the Class A Common Stock at an exchange ratio of one share of Class A Common Stock for each Solaris LLC unit (and corresponding share of </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Class B Common Stock) exchanged, subject to conversion rate adjustments for stock splits, stock dividends and reclassifications.</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Redemption Rights</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Following the Offering, under the Solaris LLC Agreement, Legacy Owners of Solaris LLC units, subject to certain limitations, have the right, pursuant to a redemption right, to cause Solaris LLC to acquire all or a portion of their Solaris LLC units for, at Solaris LLC’s election, (x) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each Solaris LLC unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassifications or (y) an equivalent amount of cash. Alternatively, upon the exercise of the redemption right, we have the right, pursuant to a call right, to acquire each tendered Solaris LLC unit directly from the Legacy Owner for, at our election, (x) one share of Class A common stock or (y) an equivalent amount of cash.</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On December 6, 2021, 1,486,396 Solaris LLC units were converted to shares of our Class A common stock. As of December 31, 2021, we own approximately 41% of Solaris LLC. 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CurrentFederalStateAndLocalTaxExpenseBenefit
-81000
CY2020 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
23000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-6711000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
30000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
13061000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6711000
CY2019 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
1000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
323000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
56000
CY2021 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
379000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
298000
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1409000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
45000
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.007
CY2021 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
2186000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.325
CY2021 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
-464000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.069
CY2021 aris Effective Income Tax Rate Reconciliation Income Tax Payable Written Off Amount
EffectiveIncomeTaxRateReconciliationIncomeTaxPayableWrittenOffAmount
-81000
CY2021 aris Effective Income Tax Rate Reconciliation Tax Payable Written Off Percent
EffectiveIncomeTaxRateReconciliationTaxPayableWrittenOffPercent
0.012
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
21000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.003
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
298000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.044
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.044
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2021 aris Decrease In Tax Benefit Due To Consolidation
DecreaseInTaxBenefitDueToConsolidation
2200000
CY2021 aris Noncontrolling Interest Increase In Tax Benefit Due To Consolidation
NoncontrollingInterestIncreaseInTaxBenefitDueToConsolidation
500000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
67769000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
67769000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
608000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
67161000
CY2021Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
47228000
CY2021Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
47228000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
19933000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
19900000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
67200000
CY2021Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
47200000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
600000
CY2021Q4 aris Percentage Of Franchise Tax Rate
PercentageOfFranchiseTaxRate
0.01
CY2021Q4 aris Percentage Of Margin Tax On Total Revenue
PercentageOfMarginTaxOnTotalRevenue
0.70
CY2021Q4 aris Number Of Classes Of Membership Units Outstanding
NumberOfClassesOfMembershipUnitsOutstanding
4
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2021Q4 aris Dividend Per Share Pro Rated For Period After Ipo
DividendPerShareProRatedForPeriodAfterIpo
0.09
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1600000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2021Q4 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
2022000
CY2021Q4 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
2023000
CY2021Q4 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
2024000
CY2021Q4 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
2025000
CY2021Q4 us-gaap Other Commitment Due In Fifth Year
OtherCommitmentDueInFifthYear
2026000
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3321000
CY2021Q4 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
2209000
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
1112000
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20888675
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2021 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
17000000.0
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2021 us-gaap Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
1600000
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04

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