$SEI
Solaris Energy Infrastructure, Inc.

2020 Q3 Form 10-Q Financial Statement

#000155837020012067 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $20.53M $62.86M $59.60M
YoY Change -65.55% 9.62% 5.14%
Cost Of Revenue $14.65M $20.94M $24.61M
YoY Change -40.47% 9.75% 47.9%
Gross Profit $5.880M $41.92M $34.99M
YoY Change -83.2% 9.59% -12.61%
Gross Profit Margin 28.64% 66.69% 58.7%
Selling, General & Admin $3.840M $4.730M $4.933M
YoY Change -22.16% 15.37% 27.47%
% of Gross Profit 65.31% 11.28% 14.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.594M $7.000M $6.900M
YoY Change -4.43% 18.64% 30.19%
% of Gross Profit 112.14% 16.7% 19.72%
Operating Expenses $3.840M $11.83M $4.933M
YoY Change -22.16% 17.36% -46.73%
Operating Profit -$6.406M $30.09M $22.79M
YoY Change -128.11% 6.81% -25.95%
Interest Expense -$40.00K $140.0K -$10.00K
YoY Change 300.0% -240.0% -91.67%
% of Operating Profit 0.47% -0.04%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$6.446M $30.23M $22.79M
YoY Change -128.29% 7.7% -25.71%
Income Tax -$800.0K $4.890M $3.700M
% Of Pretax Income 16.18% 16.24%
Net Earnings -$3.300M $15.02M $11.40M
YoY Change -128.95% 16.5% -12.46%
Net Earnings / Revenue -16.07% 23.89% 19.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$113.9K $387.2K $368.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.90M $66.90M $51.70M
YoY Change 17.79% 166.53% 2361.9%
Cash & Equivalents $60.94M $66.88M $51.69M
Short-Term Investments
Other Short-Term Assets $2.700M $1.837M $3.500M
YoY Change -22.86% -57.28% -47.76%
Inventory $1.073M $7.144M $7.500M
Prepaid Expenses
Receivables $18.04M $38.55M $44.10M
Other Receivables $0.00 $1.800M $1.800M
Total Short-Term Assets $82.78M $117.6M $108.5M
YoY Change -23.71% 45.52% 102.05%
LONG-TERM ASSETS
Property, Plant & Equipment $250.5M $306.6M $319.3M
YoY Change -21.55% 3.41% 18.7%
Goodwill $13.00M $17.24M
YoY Change
Intangibles $3.177M $3.761M
YoY Change
Long-Term Investments
YoY Change
Other Assets $464.0K $625.0K $57.10M
YoY Change -99.19% -98.95% 103.2%
Total Long-Term Assets $334.4M $387.5M $397.6M
YoY Change -15.91% 2.56% 24.6%
TOTAL ASSETS
Total Short-Term Assets $82.78M $117.6M $108.5M
Total Long-Term Assets $334.4M $387.5M $397.6M
Total Assets $417.1M $505.1M $506.1M
YoY Change -17.58% 10.13% 35.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.122M $3.824M $3.500M
YoY Change 160.63% -57.98% -41.67%
Accrued Expenses $8.037M $14.45M $17.40M
YoY Change -53.81% 13.76% 12.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $17.83M $20.39M $35.10M
YoY Change -49.19% -42.25% 56.7%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% -99.24% -98.78%
Other Long-Term Liabilities $742.0K $460.0K $79.40M
YoY Change -99.07% -99.34% 48.41%
Total Long-Term Liabilities $742.0K $460.0K $79.50M
YoY Change -99.07% -99.44% 28.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.83M $20.39M $35.10M
Total Long-Term Liabilities $742.0K $460.0K $79.50M
Total Liabilities $94.28M $95.41M $251.7M
YoY Change -62.54% -63.33% 17.34%
SHAREHOLDERS EQUITY
Retained Earnings $25.10M $74.22M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.526M
YoY Change
Treasury Stock Shares $0.00 $163.0K
Shareholders Equity $205.2M $263.8M $254.5M
YoY Change
Total Liabilities & Shareholders Equity $417.1M $505.1M $506.1M
YoY Change -17.58% 10.13% 35.76%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$3.300M $15.02M $11.40M
YoY Change -128.95% 16.5% -12.46%
Depreciation, Depletion And Amortization $6.594M $7.000M $6.900M
YoY Change -4.43% 18.64% 30.19%
Cash From Operating Activities $3.700M $26.40M $31.10M
YoY Change -88.1% -55.18% 7.61%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$2.000M -$4.200M
YoY Change -69.05% -94.46% -89.18%
Acquisitions
YoY Change
Other Investing Activities $100.0K $200.0K $700.0K
YoY Change -85.71% -33.33% 600.0%
Cash From Investing Activities -$1.300M -$1.800M -$3.500M
YoY Change -62.86% -94.94% -90.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.100M -9.200M -5.700M
YoY Change -10.53% 4500.0% -187.69%
NET CHANGE
Cash From Operating Activities 3.700M 26.40M 31.10M
Cash From Investing Activities -1.300M -1.800M -3.500M
Cash From Financing Activities -5.100M -9.200M -5.700M
Net Change In Cash -2.700M 15.40M 21.90M
YoY Change -112.33% -33.33% -744.12%
FREE CASH FLOW
Cash From Operating Activities $3.700M $26.40M $31.10M
Capital Expenditures -$1.300M -$2.000M -$4.200M
Free Cash Flow $5.000M $28.40M $35.30M
YoY Change -85.84% -70.11% -47.86%

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SOLARIS OILFIELD INFRASTRUCTURE, INC.
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">1.    Organization and Background of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Description of Business</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">Solaris Oilfield Infrastructure, Inc. (either individually or together with its subsidiaries, as the context requires, the “Company” or “Solaris”), a Delaware corporation, is an oilfield services company that provides supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry. The Company is headquartered in Houston, Texas. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;">Recent Developments</i> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The global response to COVID-19 as well as the actions taken by a number of global oil producers have contributed to steep declines in the demand and pricing for oil, natural gas and NGLs, negatively impacting U.S. producers and reducing demand for our services. Our revenues have decreased materially as a result of these lower activity levels. In response, we have reduced direct operating costs and selling, general and administrative (“SG&amp;A”) expenses, including reducing workforce levels across the Company, and we have lowered our capital expenditures. We have also recognized impairments on certain assets which is discussed further in Note. 2. Although pricing has stabilized, the commodity price environment is expected to remain depressed based on over-supply, decreased demand and a potential global economic recession. In response, in addition to other measures, the Company has reduced costs and lowered its capital budget for the year.</p>
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these condensed consolidated financial statements include, but are not limited to, collectability of accounts receivable, stock-based compensation, depreciation associated with property, </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">plant and equipment and related impairment considerations of those assets, impairment considerations of goodwill, determination of fair value of intangible assets acquired in business combinations, income taxes, determination of the present value of lease payments and right-of-use assets, inventory valuation and certain other assets and liabilities. Actual results could differ from management’s best estimates as additional information or actual results become available in the future, and those differences could be material.</p>
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us-gaap Stock Repurchased And Retired During Period Shares
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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