$SND
Smart Sand, Inc.

2017 Q3 Form 10-Q Financial Statement

#000156459017022977 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2017 Q1
Revenue $39.33M $29.79M $25.06M
YoY Change 259.92% 250.68% 141.91%
Cost Of Revenue $26.30M $21.41M $19.66M
YoY Change 343.38% 227.73% 268.41%
Gross Profit $13.03M $8.380M $5.397M
YoY Change 160.85% 327.12% 7.47%
Gross Profit Margin 33.14% 28.13% 21.54%
Selling, General & Admin $2.275M $2.283M $2.034M
YoY Change 117.91% 117.22% 132.46%
% of Gross Profit 17.46% 27.24% 37.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.744M $1.688M $1.687M
YoY Change 6.73% 7.58% 3.37%
% of Gross Profit 13.38% 20.14% 31.26%
Operating Expenses $4.261M $4.570M $3.839M
YoY Change 73.07% 106.41% 75.46%
Operating Profit $8.771M $3.810M $1.558M
YoY Change 246.13% -1611.9% -45.02%
Interest Expense -$114.0K -$115.0K -$111.0K
YoY Change -95.71% -86.87% -95.17%
% of Operating Profit -1.3% -3.02% -7.12%
Other Income/Expense, Net -$38.00K -$32.00K -$74.00K
YoY Change -98.55% -98.66% -96.66%
Pretax Income $8.733M $3.778M $1.484M
YoY Change -9696.7% -243.0% 139.74%
Income Tax $1.686M $1.154M $515.0K
% Of Pretax Income 19.31% 30.55% 34.7%
Net Earnings $7.047M $2.624M $969.0K
YoY Change -7440.63% -211.75% 153.66%
Net Earnings / Revenue 17.92% 8.81% 3.87%
Basic Earnings Per Share $0.17 $0.07 $0.02
Diluted Earnings Per Share $0.17 $0.06 $0.02
COMMON SHARES
Basic Shares Outstanding 40.38M shares 40.35M shares 39.70M shares
Diluted Shares Outstanding 40.42M shares 40.45M shares 39.87M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.30M $63.40M $72.70M
YoY Change 7228.57% 3236.84%
Cash & Equivalents $51.82M $63.36M $73.64M
Short-Term Investments
Other Short-Term Assets $2.400M $4.800M $2.300M
YoY Change 100.0% 500.0%
Inventory $7.700M $8.800M $9.080M
Prepaid Expenses $864.0K $1.001M $895.0K
Receivables $21.50M $15.00M $9.440M
Other Receivables $742.0K $493.0K $240.0K
Total Short-Term Assets $83.60M $92.40M $95.10M
YoY Change 659.38% 852.58%
LONG-TERM ASSETS
Property, Plant & Equipment $138.5M $111.1M $104.4M
YoY Change 31.53% 4.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $23.00K $23.00K
YoY Change -86.3% -99.71%
Total Long-Term Assets $139.6M $112.3M $105.8M
YoY Change 23.99% -1.78%
TOTAL ASSETS
Total Short-Term Assets $83.60M $92.40M $95.10M
Total Long-Term Assets $139.6M $112.3M $105.8M
Total Assets $223.2M $204.7M $200.9M
YoY Change 80.58% 65.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.50M $3.898M $2.168M
YoY Change 2600.0% 333.11%
Accrued Expenses $9.900M $8.300M $5.200M
YoY Change 182.86% 219.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $300.0K $900.0K
YoY Change -18.18% -80.0%
Total Short-Term Liabilities $24.40M $12.47M $15.56M
YoY Change -54.48% -76.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $700.0K $800.0K
YoY Change -100.0% -98.8%
Other Long-Term Liabilities $1.400M $1.400M $1.400M
YoY Change 16.67% 16.67%
Total Long-Term Liabilities $1.400M $2.100M $2.200M
YoY Change -97.58% -96.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.40M $12.47M $15.56M
Total Long-Term Liabilities $1.400M $2.100M $2.200M
Total Liabilities $44.67M $33.82M $33.12M
YoY Change -63.19% -72.51%
SHAREHOLDERS EQUITY
Retained Earnings $20.71M $13.66M $11.03M
YoY Change -970.94%
Common Stock $158.5M $157.8M $157.3M
YoY Change 3158.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $666.0K $666.0K $539.0K
YoY Change 270.0%
Treasury Stock Shares $81.05K $81.05K $67.59K
Shareholders Equity $178.5M $178.5M $167.8M
YoY Change
Total Liabilities & Shareholders Equity $223.2M $204.7M $200.9M
YoY Change 80.52% 65.05%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $7.047M $2.624M $969.0K
YoY Change -7440.63% -211.75% 153.66%
Depreciation, Depletion And Amortization $1.744M $1.688M $1.687M
YoY Change 6.73% 7.58% 3.37%
Cash From Operating Activities $7.890M -$3.170M $3.840M
YoY Change 288.67% -197.54% 36.17%
INVESTING ACTIVITIES
Capital Expenditures -$19.85M -$6.110M $1.623M
YoY Change 1426.92% 5454.55% 150.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$19.85M -$6.110M -$1.610M
YoY Change 1475.4% 15175.0% 147.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K -510.0K 23.87M
YoY Change -96.35% -71.02% -522.48%
NET CHANGE
Cash From Operating Activities 7.890M -3.170M 3.840M
Cash From Investing Activities -19.85M -6.110M -1.610M
Cash From Financing Activities -70.00K -510.0K 23.87M
Net Change In Cash -12.03M -9.790M 26.10M
YoY Change 946.09% -775.17% -850.0%
FREE CASH FLOW
Cash From Operating Activities $7.890M -$3.170M $3.840M
Capital Expenditures -$19.85M -$6.110M $1.623M
Free Cash Flow $27.74M $2.940M $2.217M
YoY Change 733.03% -12.5% 2.02%

Facts In Submission

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us-gaap Nature Of Operations
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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-top:10pt;margin-bottom:0pt;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, subsequently expanded its operations in 2014 and 2015 and is currently expanding its operations from 3.3 million of annual processing capacity to 5.5 million tons of annual processing capacity. This expansion is anticipated to be completed early in 2018.</p></div>
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us-gaap Revenue Recognition Deferred Revenue
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CY2017Q3 us-gaap Prepaid Insurance
PrepaidInsurance
72000
CY2016Q4 us-gaap Prepaid Insurance
PrepaidInsurance
514000
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
864000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
861000
CY2017Q3 us-gaap Prepaid Taxes
PrepaidTaxes
947000
CY2017Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
742000
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
28000
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
162775000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
123477000
CY2017Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
24245000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19381000
CY2017Q3 us-gaap Depreciation
Depreciation
1744000
CY2016Q3 us-gaap Depreciation
Depreciation
1634000
us-gaap Depreciation
Depreciation
5094000
us-gaap Depreciation
Depreciation
4807000
CY2017Q3 snd Depletion And Related Adjustment
DepletionAndRelatedAdjustment
12000
CY2016Q3 snd Depletion And Related Adjustment
DepletionAndRelatedAdjustment
13000
snd Depletion And Related Adjustment
DepletionAndRelatedAdjustment
22000
snd Depletion And Related Adjustment
DepletionAndRelatedAdjustment
14000
CY2017Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0
CY2016Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
139000
CY2017Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
865000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
955000
CY2017Q3 us-gaap Construction Payable Current
ConstructionPayableCurrent
4651000
CY2016Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
19000
CY2017Q3 snd Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
78000
CY2016Q4 snd Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
22000
CY2017Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
646000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
350000
CY2017Q3 snd Accrued Freight And Delivery Charges Current
AccruedFreightAndDeliveryChargesCurrent
1172000
CY2016Q4 snd Accrued Freight And Delivery Charges Current
AccruedFreightAndDeliveryChargesCurrent
383000
CY2017Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
544000
CY2016Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
516000
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1956000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
185000
CY2016Q1 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
460000
CY2017Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1445000
CY2016Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1384000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
61000
CY2016 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
80000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
664000
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
CY2016Q4 snd Preferred Stock Undesignated Shares Authorized
PreferredStockUndesignatedSharesAuthorized
10000000
CY2017Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1500000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
10000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
674000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
25000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
649000
CY2017Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0400
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.024
CY2017Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
17.50
CY2017Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2017Q3 snd Stock Sold By Selling Shareholders
StockSoldBySellingShareholders
4450000
CY2017Q3 snd Granted Option Period For Underwriters
GrantedOptionPeriodForUnderwriters
P30D
CY2017Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
3999000
CY2017Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.0045
CY2017Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
4862000
CY2017Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2017Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.193
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.055
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.240
CY2017Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2016Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
11669000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
10002000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
7181000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5220000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
829000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
699000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2676000
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1765000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6744000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
5202000

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