$SEI
Solaris Energy Infrastructure, Inc.

2021 Q2 Form 10-Q Financial Statement

#000169750021000032 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $35.20M $9.339M
YoY Change 276.91% -85.43%
Cost Of Revenue $25.14M $7.090M
YoY Change 254.51% -71.61%
Gross Profit $10.04M $2.250M
YoY Change 346.4% -94.25%
Gross Profit Margin 28.53% 24.09%
Selling, General & Admin $4.964M $3.967M
YoY Change 25.13% -20.76%
% of Gross Profit 49.42% 176.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.752M $6.671M
YoY Change 1.21% 3.76%
% of Gross Profit 67.22% 296.49%
Operating Expenses $4.964M $3.967M
YoY Change 25.13% -20.76%
Operating Profit -$2.032M -$10.73M
YoY Change -81.07% -139.28%
Interest Expense -$55.00K -$40.00K
YoY Change 37.5% -93.94%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.087M -$10.77M
YoY Change -80.62% -140.38%
Income Tax -$200.0K -$1.300M
% Of Pretax Income
Net Earnings -$1.200M -$5.500M
YoY Change -78.18% -141.43%
Net Earnings / Revenue -3.41% -58.89%
Basic Earnings Per Share
Diluted Earnings Per Share -$39.08K -$193.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.28M $63.60M
YoY Change -27.24% 114.14%
Cash & Equivalents $46.28M $63.63M
Short-Term Investments
Other Short-Term Assets $3.813M $4.800M
YoY Change -20.56% 6.67%
Inventory $1.939M $1.016M
Prepaid Expenses
Receivables $31.34M $11.16M
Other Receivables $0.00 $0.00
Total Short-Term Assets $83.37M $80.62M
YoY Change 3.41% -8.91%
LONG-TERM ASSETS
Property, Plant & Equipment $245.5M $255.5M
YoY Change -3.93% -20.74%
Goodwill $13.00M $13.00M
YoY Change 0.0%
Intangibles $2.593M $3.372M
YoY Change -23.1%
Long-Term Investments
YoY Change
Other Assets $381.0K $545.0K
YoY Change -30.09% -99.1%
Total Long-Term Assets $328.2M $339.2M
YoY Change -3.25% -16.07%
TOTAL ASSETS
Total Short-Term Assets $83.37M $80.62M
Total Long-Term Assets $328.2M $339.2M
Total Assets $411.6M $419.8M
YoY Change -1.97% -14.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.15M $3.998M
YoY Change 253.8% 42.79%
Accrued Expenses $12.01M $6.333M
YoY Change 89.58% -61.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00K $0.00
YoY Change
Total Short-Term Liabilities $28.29M $11.02M
YoY Change 156.86% -67.22%
LONG-TERM LIABILITIES
Long-Term Debt $85.00K $100.0K
YoY Change -15.0% 0.0%
Other Long-Term Liabilities $587.0K $607.0K
YoY Change -3.29% -99.27%
Total Long-Term Liabilities $587.0K $607.0K
YoY Change -3.29% -99.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.29M $11.02M
Total Long-Term Liabilities $587.0K $607.0K
Total Liabilities $108.9M $87.37M
YoY Change 24.59% -64.7%
SHAREHOLDERS EQUITY
Retained Earnings $11.14M $31.52M
YoY Change -64.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $206.1M $210.3M
YoY Change
Total Liabilities & Shareholders Equity $411.6M $419.8M
YoY Change -1.97% -14.79%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.200M -$5.500M
YoY Change -78.18% -141.43%
Depreciation, Depletion And Amortization $6.752M $6.671M
YoY Change 1.21% 3.76%
Cash From Operating Activities $1.240M $22.60M
YoY Change -94.51% -34.3%
INVESTING ACTIVITIES
Capital Expenditures -$5.116M -$900.0K
YoY Change 468.44% -89.16%
Acquisitions
YoY Change
Other Investing Activities $46.00K $700.0K
YoY Change -93.43%
Cash From Investing Activities -$5.070M -$100.0K
YoY Change 4970.0% -98.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.960M -4.800M
YoY Change 3.33% -15.79%
NET CHANGE
Cash From Operating Activities 1.240M 22.60M
Cash From Investing Activities -5.070M -100.0K
Cash From Financing Activities -4.960M -4.800M
Net Change In Cash -8.790M 17.70M
YoY Change -149.66% -12.81%
FREE CASH FLOW
Cash From Operating Activities $1.240M $22.60M
Capital Expenditures -$5.116M -$900.0K
Free Cash Flow $6.356M $23.50M
YoY Change -72.95% -44.96%

Facts In Submission

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SOLARIS OILFIELD INFRASTRUCTURE, INC.
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CY2020Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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us-gaap Distribution Made To Limited Liability Company Llc Member Distributions Declared Per Unit
DistributionMadeToLimitedLiabilityCompanyLLCMemberDistributionsDeclaredPerUnit
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CY2020Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
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CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
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CY2020Q2 us-gaap Profit Loss
ProfitLoss
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CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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soi Property Plant And Equipment Additions Transferred From Inventory
PropertyPlantAndEquipmentAdditionsTransferredFromInventory
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soi Property Plant And Equipment Additions Transferred From Inventory
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soi Insurance Premium Financing
InsurancePremiumFinancing
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us-gaap Interest Paid Net
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Gain Loss On Disposition Of Assets1
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-117000
us-gaap Gain Loss On Disposition Of Assets1
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soi Accounts Receivable Credit Loss Expense Reversal And Other
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soi Accounts Receivable Credit Loss Expense Reversal And Other
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us-gaap Share Based Compensation
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2552000
us-gaap Share Based Compensation
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Asset Impairment Charges
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47828000
us-gaap Other Noncash Income Expense
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146000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
145000
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
217000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1085000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
533000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4040000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
34323000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7716000
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Insurance Settlement Investing Activities
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6000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
713000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7670000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-845000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
26717000
us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
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9594000
us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
12000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
18000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
164000
us-gaap Proceeds From Stock Options Exercised
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12000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
64000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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702000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
96000
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
454000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10460000
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-14090000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3250000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60366000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46276000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63632000
soi Capitalized Depreciation In Property Plant And Equipment
CapitalizedDepreciationInPropertyPlantAndEquipment
289000
soi Capitalized Depreciation In Property Plant And Equipment
CapitalizedDepreciationInPropertyPlantAndEquipment
316000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
151000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
135000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
612000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6000
us-gaap Interest Paid Net
InterestPaidNet
66000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
325000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
813000
CY2021Q2 soi Limited Liability Company Distribution Received
LimitedLiabilityCompanyDistributionReceived
3300000
us-gaap Nature Of Operations
NatureOfOperations
<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;">We design and manufacture specialized equipment, which combined with field technician support, logistics services and our software solutions, enables us to provide a service offering that helps oil and natural gas operators and their suppliers drive efficiencies and reduce costs during the completion phase of well development. Our equipment and services are deployed in most of the active oil and natural gas basins in the United States. </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 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The most significant estimates relate to stock-based compensation, useful lives and salvage values of long-lived assets, future cash flows associated with goodwill and long-lived asset impairment, net realizable value of inventory, collectability of accounts receivable and estimates of allowance for credit losses and determination of the present value of lease payments and right-of-use assets.</p>
CY2021Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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CY2021Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2021Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2020Q2 soi Limited Liability Company Distribution Received
LimitedLiabilityCompanyDistributionReceived
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soi Limited Liability Company Distribution Received
LimitedLiabilityCompanyDistributionReceived
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soi Limited Liability Company Distribution Received
LimitedLiabilityCompanyDistributionReceived
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-1200000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
100000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
200000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1300000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.117
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.102
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.147
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13921
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16630
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14501
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16632
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-7400000

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