$SND
Smart Sand, Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017010415 Filed on May 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $25.06M $29.45M $10.36M
YoY Change 141.91% 94.2% -20.75%
Cost Of Revenue $19.66M $8.769M $5.337M
YoY Change 268.41% 126.76% -31.61%
Gross Profit $5.397M $20.68M $5.022M
YoY Change 7.47% 83.06% -4.65%
Gross Profit Margin 21.54% 70.23% 48.48%
Selling, General & Admin $2.034M $5.310M $875.0K
YoY Change 132.46% 148.13%
% of Gross Profit 37.69% 25.67% 17.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.687M $1.590M $1.632M
YoY Change 3.37% 1.92%
% of Gross Profit 31.26% 7.69% 32.5%
Operating Expenses $3.839M $5.407M $2.188M
YoY Change 75.46% 139.88% -20.12%
Operating Profit $1.558M $15.28M $2.834M
YoY Change -45.02% 68.9% 12.1%
Interest Expense -$111.0K -$970.0K -$2.300M
YoY Change -95.17% -61.35%
% of Operating Profit -7.12% -6.35% -81.16%
Other Income/Expense, Net -$74.00K $8.640M -$2.215M
YoY Change -96.66% -86500.0%
Pretax Income $1.484M $21.89M $619.0K
YoY Change 139.74% 235.22%
Income Tax $515.0K $9.450M $237.0K
% Of Pretax Income 34.7% 43.17% 38.29%
Net Earnings $969.0K $12.44M $382.0K
YoY Change 153.66% 449.27% 88.18%
Net Earnings / Revenue 3.87% 42.24% 3.69%
Basic Earnings Per Share $0.02 $0.40 $0.02
Diluted Earnings Per Share $0.02 $0.40 $0.01
COMMON SHARES
Basic Shares Outstanding 39.70M shares 30.95M 22.14M
Diluted Shares Outstanding 39.87M shares 31.21M 26.41M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.70M $46.60M
YoY Change 1094.87%
Cash & Equivalents $73.64M $46.56M
Short-Term Investments
Other Short-Term Assets $2.300M $2.400M
YoY Change 60.0%
Inventory $9.080M $10.34M
Prepaid Expenses $895.0K $861.0K
Receivables $9.440M $5.339M
Other Receivables $240.0K $28.00K
Total Short-Term Assets $95.10M $65.02M
YoY Change 294.42%
LONG-TERM ASSETS
Property, Plant & Equipment $104.4M $104.1M
YoY Change -4.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.00K $23.00K
YoY Change -30.3%
Total Long-Term Assets $105.8M $108.4M
YoY Change -6.59%
TOTAL ASSETS
Total Short-Term Assets $95.10M $65.02M
Total Long-Term Assets $105.8M $108.4M
Total Assets $200.9M $173.5M
YoY Change 30.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.168M $1.663M
YoY Change 42.14%
Accrued Expenses $5.200M $2.400M
YoY Change -27.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $1.000M
YoY Change -44.44%
Total Short-Term Liabilities $15.56M $13.72M
YoY Change -71.75%
LONG-TERM LIABILITIES
Long-Term Debt $800.0K $900.0K
YoY Change -98.61%
Other Long-Term Liabilities $1.400M $1.400M
YoY Change 16.67%
Total Long-Term Liabilities $2.200M $2.300M
YoY Change -96.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.56M $13.72M
Total Long-Term Liabilities $2.200M $2.300M
Total Liabilities $33.12M $31.01M
YoY Change -75.93%
SHAREHOLDERS EQUITY
Retained Earnings $11.03M $10.06M
YoY Change -3284.49%
Common Stock $157.3M $132.9M
YoY Change 3089.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $539.0K $539.0K
YoY Change 338.21%
Treasury Stock Shares $67.59K $67.59K
Shareholders Equity $167.8M $142.4M
YoY Change
Total Liabilities & Shareholders Equity $200.9M $173.5M
YoY Change 30.84%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income $969.0K $12.44M $382.0K
YoY Change 153.66% 449.27% 88.18%
Depreciation, Depletion And Amortization $1.687M $1.590M $1.632M
YoY Change 3.37% 1.92%
Cash From Operating Activities $3.840M $18.60M $2.820M
YoY Change 36.17% 42.53%
INVESTING ACTIVITIES
Capital Expenditures $1.623M -$460.0K $647.0K
YoY Change 150.85% -81.45%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$60.00K
YoY Change
Cash From Investing Activities -$1.610M -$520.0K -$650.0K
YoY Change 147.69% -79.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.87M 28.74M -5.650M
YoY Change -522.48% -524.52%
NET CHANGE
Cash From Operating Activities 3.840M 18.60M 2.820M
Cash From Investing Activities -1.610M -520.0K -650.0K
Cash From Financing Activities 23.87M 28.74M -5.650M
Net Change In Cash 26.10M 46.82M -3.480M
YoY Change -850.0% 1132.11%
FREE CASH FLOW
Cash From Operating Activities $3.840M $18.60M $2.820M
Capital Expenditures $1.623M -$460.0K $647.0K
Free Cash Flow $2.217M $19.06M $2.173M
YoY Change 2.02% 22.73%

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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Nature of Business</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.33%;">Smart Sand, Inc. and its subsidiaries (collectively, the &#8220;Company&#8221;) are headquartered in The Woodlands, Texas. Smart Sand, Inc. was incorporated in July 2011.The Company is engaged in the excavation, processing and sale of industrial sand, or proppant, for use in hydraulic fracturing operations for the oil and gas industry. The Company completed construction of the first phase of its primary facility in Oakdale, Wisconsin and commenced operations in July 2012, and subsequently expanded its operations in 2014 and 2015.</p></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.33%;">The preparation of 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 financial statements include, but are not limited to, the sand reserves and its impact on calculating the depletion expense under the units-of-production method; the depreciation associated with property and equipment, impairment considerations of those assets; estimated cost of future asset retirement obligations; stock-based compensation; recoverability of deferred tax assets; inventory reserve; collectability of receivables and certain liabilities. Actual results could differ from management&#8217;s best estimates as additional information or actual results become available in the future, and those differences could be material.</p></div>
CY2017Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Deferred Revenue</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.33%;">The Company receives advance payments from certain customers in order to secure and procure a reliable provision and delivery of product. The Company classifies such advances as current or noncurrent liabilities depending upon the anticipated timing of delivery of the supplied product. Revenue is recognized upon the delivery of the product.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company may receive an advance payment from a customer, based on the terms of the customer&#8217;s long-term contract, for a certain volume of product to be delivered. Revenue is recognized as product is delivered and the deferred revenue is reduced. The deferred revenue balance at March&#160;31, 2017 and December&#160;31, 2016 was $0 and $1,615, respectively, and classified as a current liability in the accompanying condensed consolidated balance sheets<font style="color:#000000;">. </font></p></div>
CY2016Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2200
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000
CY2016Q4 snd Effective Date Of Stock Split
EffectiveDateOfStockSplit
2016-11-09
CY2017Q1 snd Number Of Customers With Supply Agreements
NumberOfCustomersWithSupplyAgreements
4
CY2017Q1 snd Supply Agreements Initial Terms Expiration Year Range Start
SupplyAgreementsInitialTermsExpirationYearRangeStart
2019
CY2017Q1 snd Supply Agreements Initial Terms Expiration Year Range End
SupplyAgreementsInitialTermsExpirationYearRangeEnd
2020
CY2017Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1683000
CY2016Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1553000
CY2017Q1 snd Reservation Revenue
ReservationRevenue
7500000
CY2016Q1 snd Reservation Revenue
ReservationRevenue
2769000
CY2017Q1 snd Minimum Commitment Amount Under Customer Contracts Due Or Payable
MinimumCommitmentAmountUnderCustomerContractsDueOrPayable
0
CY2016Q4 snd Minimum Commitment Amount Under Customer Contracts Due Or Payable
MinimumCommitmentAmountUnderCustomerContractsDueOrPayable
0
CY2017Q1 snd Accounts Receivables Due Period
AccountsReceivablesDuePeriod
P30D
CY2017Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2017Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0
CY2017Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
6604000
CY2016Q1 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
0
CY2017Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
7302000
CY2016Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0
CY2017Q1 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2016Q1 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2017Q1 us-gaap Accretion Expense
AccretionExpense
0
CY2016Q1 us-gaap Accretion Expense
AccretionExpense
74000
CY2016Q1 snd Assumed Conversion Of Common Shares Issuable Under Warrants
AssumedConversionOfCommonSharesIssuableUnderWarrants
3999000
CY2017Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
0
CY2016Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
0
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q1 snd Assumed Conversion Of Common Shares Issuable Under Restricted Stock
AssumedConversionOfCommonSharesIssuableUnderRestrictedStock
177000
CY2016Q1 snd Assumed Conversion Of Common Shares Issuable Under Restricted Stock
AssumedConversionOfCommonSharesIssuableUnderRestrictedStock
276000
CY2017Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2017Q1 snd Inventory Raw Material Net
InventoryRawMaterialNet
264000
CY2016Q4 snd Inventory Raw Material Net
InventoryRawMaterialNet
229000
CY2017Q1 snd Inventory Work In Process Net
InventoryWorkInProcessNet
8398000
CY2016Q4 snd Inventory Work In Process Net
InventoryWorkInProcessNet
12758000
CY2017Q1 snd Inventory Finished Goods Net
InventoryFinishedGoodsNet
474000
CY2016Q4 snd Inventory Finished Goods Net
InventoryFinishedGoodsNet
451000
CY2017Q1 snd Inventory Spare Parts Net
InventorySparePartsNet
55000
CY2016Q4 snd Inventory Spare Parts Net
InventorySparePartsNet
61000
CY2017Q1 snd Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
9191000
CY2016Q4 snd Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
13499000
CY2017Q1 us-gaap Prepaid Insurance
PrepaidInsurance
449000
CY2016Q4 us-gaap Prepaid Insurance
PrepaidInsurance
514000
CY2017Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
895000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
861000
CY2017Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
240000
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
28000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
125400000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
123477000
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20997000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19381000
CY2017Q1 us-gaap Depreciation
Depreciation
1662000
CY2016Q1 us-gaap Depreciation
Depreciation
1603000
CY2017Q1 snd Depletion And Related Adjustment
DepletionAndRelatedAdjustment
5000
CY2016Q1 snd Depletion And Related Adjustment
DepletionAndRelatedAdjustment
-4000
CY2017Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0
CY2016Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
132000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
677000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
955000
CY2016Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
19000
CY2017Q1 snd Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
231000
CY2016Q4 snd Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
22000
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
229000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
350000
CY2017Q1 snd Accrued Freight And Delivery Charges Current
AccruedFreightAndDeliveryChargesCurrent
2508000
CY2016Q4 snd Accrued Freight And Delivery Charges Current
AccruedFreightAndDeliveryChargesCurrent
383000
CY2017Q1 snd Accrued Revolving Credit Facility Interest Current
AccruedRevolvingCreditFacilityInterestCurrent
42000
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1538000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
701000
CY2016Q1 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
460000
CY2016Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
132000
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
678000
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
512000
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
1190000
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
48000
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
1142000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
278000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
288000
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
566000
CY2017Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1404000
CY2016Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1384000
CY2017Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
20000
CY2017Q1 snd Stock Sold By Selling Shareholders
StockSoldBySellingShareholders
4450000
CY2016Q4 snd Preferred Stock Undesignated Shares Authorized
PreferredStockUndesignatedSharesAuthorized
10000000
CY2017Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1500000
CY2017Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
17.50
CY2017Q1 snd Proceeds From Issuance Of Common Stock Net Of Underwriting Discounts And Expenses
ProceedsFromIssuanceOfCommonStockNetOfUnderwritingDiscountsAndExpenses
24200000
CY2017Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
17.50
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2017Q1 snd Granted Option Period For Underwriters
GrantedOptionPeriodForUnderwriters
P30D
CY2017Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
3999000
CY2017Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.0045
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
5325000
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.347
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.450
CY2017Q1 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2016Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
8087000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6927000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5440000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3129000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1436000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
285000
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1975000
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1805000

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