Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today reported financial and operating results for the
second quarter of 2023.
Second Quarter 2023 Highlights
- Total sales of $161.8 million (including proppant sales volumes
of 2.8 million tons)
- Net income of $71.2 million (44% Net Income Margin)
- Adjusted EBITDA of $92.8 million (57% Adjusted EBITDA Margin)
(1)
- Net cash provided by operating activities of $103.9
million
- Adjusted Free Cash Flow of $81.9 million (51% Adjusted Free
Cash Flow Margin) (1)
- Dune Express construction tracking on-time and on-budget
- Kermit expansion expected to come online in the fourth quarter
of 2023
- ~6.0 million tons of 2024 proppant volumes committed
- The Board of Directors declared a quarterly dividend of $0.20
per share of Class A common stock and a corresponding distribution
of $0.20 per Unit for holders of Atlas Sand Operating, LLC Units
("Operating Units")
Financial Summary
Three Months Ended
June 30, 2023
March 31, 2023
December 31, 2022
(unaudited, in thousands,
except percentages)
Sales
$
161,788
$
153,418
$
149,865
Net income
$
71,211
$
62,905
$
62,583
Net Income Margin
44
%
41
%
42
%
Adjusted EBITDA
$
92,846
$
84,033
$
75,235
Adjusted EBITDA Margin
57
%
55
%
50
%
Net cash provided by operating
activities
$
103,883
$
54,235
$
50,012
Adjusted Free Cash Flow
$
81,909
$
76,919
$
67,049
Adjusted Free Cash Flow Margin
51
%
50
%
45
%
(1)
Adjusted EBITDA, Adjusted EBITDA Margin,
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are
non-GAAP financials measures. See Non-GAAP Financial Measures for a
discussion of these measures and a reconciliation of these measures
to our most directly comparable financial measures calculated and
presented in accordance with GAAP.
Bud Brigham, Founder, Executive Chairman and CEO, commented, “We
are extremely proud of our team's strong operational execution that
underpinned robust second quarter results. Second quarter sales
volumes were 2.8 million tons, which annualizes to a run-rate of
just over 11.3 million tons per year. We generated $92.8 million in
Adjusted EBITDA and converted 88.2% of that Adjusted EBITDA to
Adjusted Free Cash Flow."
Bud Brigham continued, "Benefitting from the stability of our
growing contract coverage, as well as our exceptional margins and
associated cash generation, we declared an increased dividend of
$0.20 per share, which includes a base dividend of $0.15 per share
and variable dividend of $0.05 per share. The $0.20 per share
dividend this quarter represents a 33.3% increase from our prior
distribution, and our seventh distribution to our investors. As we
continue to work with the board to clearly define our dividend
framework, the installation of a base dividend is a major step
towards providing enhanced visibility to our investors of our plans
around a return of capital program."
John Turner, President & CFO, added, “As the largest
proppant provider in the Permian, with growing logistics offerings,
our business is stable and very healthy, despite the recent oil
price volatility. Atlas is differentiated by its portfolio of
contracts with high-quality, large scale companies with strong
balance sheets, our sector leading service quality and of course
our low-cost structure. We made further progress bringing our plant
operating costs to more normalized levels this quarter, and remain
optimistic about the long-term fundamentals in the Permian.”
Second Quarter 2023 Financial Results
Second quarter 2023 total sales increased $8.4 million, or 5.5%
sequentially, to $161.8 million. Product sales decreased $2.9
million, or 2.3%, sequentially, to $125.2 million, driven by a
decrease in sales price (2.8 million tons at $44.21 per ton vs. 2.8
million tons at $46.45 per ton). Service sales increased by $11.3
million, or 44.7%, sequentially, to $36.6 million. The increase in
service sales was due to an increase in active jobs enabled by an
increase in trucks deployed.
Second quarter 2023 cost of sales (excluding depreciation,
depletion and accretion expense) (“cost of sales”) increased by
$0.9 million, or 1.5%, sequentially, to $63.5 million. The increase
in our cost of sales was primarily driven by higher trucking and
last mile logistics costs resulting from the increased size of our
fleet, which was partially offset by lower proppant production
costs.
Selling, general and administrative expenses (“SG&A”) for
the second quarter of 2023 increased $3.7 million, or 43.3%,
sequentially, to $12.2 million, driven primarily by increases in
consulting and professional fees and stock-based compensation. The
increase includes $1.1 million for non-recurring transaction costs
related to the Up-C Simplification (defined below) and an increase
of approximately $1.0 million for stock-based compensation
expense.
Net income for the second quarter of 2023 was $71.2 million,
representing an increase of $8.3 million, or 13.2% when compared to
the first quarter of 2023. This increase was primarily associated
with higher revenue generation.
Adjusted EBITDA for the second quarter of 2023 was $92.8
million, representing an increase of $8.8 million, or 10.5% when
compared to the first quarter of 2023.
Liquidity, Capital Expenditures and Other
As of June 30, 2023, the Company’s total liquidity was $415.6
million, which was comprised of $341.7 million in cash and cash
equivalents (held in cash, CDs, and one- and two-month Treasury
bills) and $73.9 million of availability under the Company’s ABL
Facility; the Company had no borrowings outstanding under the ABL
Facility and $1.1 million of outstanding undrawn letters of
credit.
Net cash used in investing activities was $85.9 million during
the second quarter of 2023, driven largely by costs associated with
the construction of the second facility at our Kermit location and
payments for long-lead time equipment for the construction of the
Dune Express. The plant expansion at our Kermit facility is
progressing on-time and on-budget. We expect the additional
production capacity to come online during the fourth quarter of
this year.
As of June 30, 2023, Atlas had 100,000,000 shares of common
stock outstanding, comprised of 57,148,000 shares of Class A common
stock (representing 57.1% of the total voting power) and 42,852,000
shares of Class B common stock outstanding (representing 42.9% of
the total voting power).
Quarterly Dividend
On July 31, 2023, the Board of Directors (the “Board) of Atlas
declared a quarterly dividend to Class A common stockholders of
$0.20 per share. The Board also declared a corresponding
distribution of $0.20 per Unit for holders of Units of Atlas Sand
Operating, LLC. The dividend will be payable on August 17, 2023 to
holders of record of Class A common stock and Units at the close of
business on August 10, 2023.
Subsequent Events
Subsequent to quarter-end, the Company announced that it has
entered into an agreement with Stonebriar Commercial Finance, LLC
("Stonebriar") to refinance its existing term loan facility with a
new $180.0 million term loan facility (the "New Term Loan"). The
New Term Loan will simplify the company’s balance sheet as both the
existing term loan facility and the majority of the Company's
finance leases have been combined into the New Term Loan. The New
Term Loan will bear an interest rate of 9.50% and have a maturity
of August 2030. Additionally, Stonebriar will be providing Atlas
with an additional $100.0 million delayed draw term loan facility
(the "Delayed Draw Facility") to provide the company with
incremental liquidity.
The New Term Loan reduces the Company's debt service
requirements during the buildout of the Dune Express, meaningfully
increasing the Company's liquidity during this period of elevated
capital expenditures and provides for a more flexible covenant
package with fewer restrictions on the Company's ability to make
dividend payments.
In addition, on July 31, 2023, the Board has approved an Up-C
simplification transaction (the "Up-C Simplification") pursuant to
which (i) all outstanding shares of our Class A common stock and
all outstanding Operating Units will be exchanged on a 1:1 basis
for shares of common stock a newly formed public holding company
and (ii) all outstanding shares of our Class B common stock that
correspond to the outstanding Operating Units will be cancelled.
The overall proportionate economic ownership of and voting
percentage of our equity holders in our business after the Up-C
Simplification will be the same as their current overall
proportionate economic ownership of and voting percentage in our
business immediately prior to completion of the transaction. The
Up-C Simplification is expected to be completed in the third
quarter of 2023 and is expected to simplify our current corporate
structure into a single class of shares, reduce overhead expenses
and could result in increased demand for our stock from certain
indices and asset managers due to the elimination of the dual-class
share structure and associated bifurcation of our market
capitalization.
Conference Call Information
The Company will host a conference call to discuss financial and
operational results on Tuesday, August 1, 2023 at 9:00am Central
Time (10:00am Eastern Time). Individuals wishing to participate in
the conference call should dial (877) 407-4133. A live webcast will
be available at https://ir.atlas.energy/. Please access the webcast
or dial in for the call at least 10 minutes ahead of the start time
to ensure a proper connection.
An archived version of the conference call will be available on
the Company’s website shortly after the conclusion of the call.
The Company will also post an updated investor presentation
titled “Investor Presentation August 2023”, in addition to an
"August 2023 Growth Projects Update" video, at
https://ir.atlas.energy/ in the "Presentations” section under “News
& Events” tab on the Company’s Investor Relations webpage prior
to the conference call.
About Atlas Energy Solutions
Our company was founded in 2017 by long-time E&P operators
and led by Bud Brigham. Our experience as E&P operators,
combined with our unique asset base and focus on using technology
to deliver novel solutions to our customers’ toughest challenges
and mission-critical needs differentiates us as the proppant and
logistics provider of choice in the Permian Basin.
Atlas is a leader in the proppant and proppant logistics
industry and is currently solely focused on serving customers in
the Permian Basin of West Texas and New Mexico, the most active oil
and natural gas producing regions in North America. Our Kermit, TX
and Monahans, TX facilities are strategically located and
specifically designed to maximize reliability of supply and product
quality, and our deployment of trucking assets and the Dune Express
is expected to drive significant logistics efficiencies.
Our core mission is to maximize value for our stockholders by
generating strong cash flow and allocating our capital resources
efficiently, including providing a regular and durable return of
capital to our investors through industry cycles. Further, we
recognize that our long-term profitability is maximized by being
good stewards of the environments and communities in which we
operate. In our pursuit of this mission, we work to improve the
processes involved in the development of hydrocarbons, which we
believe will ultimately contribute to providing individuals with
access to the energy they need to sustain or improve their quality
of life in a clean, safe, and efficient manner. We take great pride
in contributing positively to the development of the hydrocarbons
that power our lives.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that are predictive or prospective in nature, that depend upon or
refer to future events or conditions or that include the words
“may,” “assume,” “forecast,” “position,” “strategy,” “potential,”
“continue,” “could,” “will,” “plan,” “project,” “budget,”
“predict,” “pursue,” “target,” “seek,” “objective,” “believe,”
“expect,” “anticipate,” “intend,” “estimate” and other expressions
that are predictions of or indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements about our business strategy, our
industry, our future operations and profitability, expected capital
expenditures and the impact of such expenditures on our
performance, statements about the proposed Up-C Simplification,
including the timing of its completion, our ability to consummate
it, its consequences and the anticipated benefits of the Up-C
Simplification to the Company, statements about our financial
position, production, revenues and losses, our capital programs,
management changes, current and potential future long-term
contracts and our future business and financial performance.
Although forward-looking statements reflect our good faith beliefs
at the time they are made, we caution you that these
forward-looking statements are subject to a number of risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. These risks include but are not
limited to: commodity price volatility stemming from the ongoing
war in Ukraine; adverse developments affecting the financial
services industry; our ability to complete growth projects,
including the Dune Express, on time and on budget; the possibility
that the closing conditions of the MRA may not be satisfied or
waived, including that a governmental entity may prohibit, delay or
refuse to grant a necessary regulatory approval; the risk that
stockholder litigation in connection with the Up-C Simplification
may affect the timing or occurrence of the transactions or result
in significant costs of defense, indemnification and liability;
changes in general economic, business and political conditions,
including changes in the financial markets; transaction costs;
diversion of management’s time and attention in connection with the
corporate reorganization transactions; actions of OPEC+ to set and
maintain oil production levels; the level of production of crude
oil, natural gas and other hydrocarbons and the resultant market
prices of crude oil; inflation; environmental risks; operating
risks; regulatory changes; lack of demand; market share growth; the
uncertainty inherent in projecting future rates of reserves;
production; cash flow; access to capital; the timing of development
expenditures; and other factors discussed or referenced in our
filings made from time to time with the U.S. Securities and
Exchange Commission (“SEC”), including those discussed under the
heading “Risk Factors” in our final prospectus, dated March 8,
2023, filed with the SEC pursuant to Rule 424(b) under the
Securities Act on March 10, 2023 in connection with our initial
public offering (our “Final Prospectus”). Readers are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date hereof. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
No Offer or Solicitation
This communication relates to the Up-C Simplification between
Atlas and New Atlas HoldCo Inc., a Delaware corporation (“New
Atlas”). This communication is for informational purposes only and
does not constitute an offer to sell or the solicitation of an
offer to buy any securities or a solicitation of any vote or
approval, in any jurisdiction, pursuant to the Up-C Simplification
or otherwise, nor shall there be any sale, issuance, exchange or
transfer of the securities referred to in this document in any
jurisdiction in contravention of applicable law. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act.
Important Additional Information
In connection with the Up-C Simplification, New Atlas will file
with the SEC a registration statement on Form S-4, which will
include an information statement of Atlas and a prospectus of New
Atlas. Atlas and New Atlas may also file other documents with the
SEC regarding the Up-C Simplification. After the registration
statement has been declared effective by the SEC, a definitive
information statement/prospectus will be mailed to the shareholders
of Atlas. This document is not a substitute for the registration
statement and information statement/prospectus that will be filed
with the SEC or any other documents that Atlas or New Atlas may
file with the SEC or send to shareholders of Atlas in connection
with the Up-C Simplification. INVESTORS AND SHAREHOLDERS OF ATLAS
ARE URGED TO READ THE REGISTRATION STATEMENT AND INFORMATION
STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ALL OTHER
RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE UP-C SIMPLIFICATION AND RELATED MATTERS.
Investors and shareholders will be able to obtain free copies of
the registration statement and the information statement/prospectus
(when available) and all other documents filed or that will be
filed with the SEC by Atlas or New Atlas, through the website
maintained by the SEC at www.sec.gov. These documents (when they
are available) can also be obtained free of charge from Atlas or
New Atlas by directing a written request to Atlas Energy Solutions
Inc., 5918 W. Courtyard Drive, Suite 500, Austin, Texas 78730,
Attention: Investor Relations, Telephone: 512-220-1200.
Atlas Energy Solutions
Inc.
Condensed Consolidated
Statements of Income
(unaudited, in thousands, except
per share data)
Three Months Ended
June 30, 2023
March 31, 2023
December 31, 2022
Product sales
$
125,216
$
128,142
$
121,881
Service sales
36,572
25,276
27,984
Total sales
161,788
153,418
149,865
Cost of sales (excluding depreciation,
depletion and accretion expense)
63,504
62,555
67,285
Depreciation, depletion and accretion
expense
9,433
8,519
7,791
Gross profit
88,851
82,344
74,789
Selling, general and administrative
expense (including stock and unit-based compensation expense of
$1,624, $622, and $135, respectively.)
12,183
8,504
7,903
Operating income
76,668
73,840
66,886
Interest expense, net
(521
)
(3,442
)
(3,990
)
Other income
118
184
121
Income before income taxes
76,265
70,582
63,017
Income tax expense
5,054
7,677
434
Net income
$
71,211
$
62,905
$
62,583
Less: Pre-IPO net income attributable to
Atlas Sand Company, LLC
-
54,561
Less: Net income attributable to
redeemable noncontrolling interest
32,693
6,610
Net income attributable to Atlas Energy
Solutions, Inc.
$
38,518
$
1,734
Net income per Class A common share
Basic
$
0.67
$
0.03
Diluted
$
0.67
$
0.03
Weighted average Class A common shares
outstanding
Basic
57,148
57,148
Diluted
57,420
57,408
Atlas Energy Solutions
Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended
June 30, 2023
March 31, 2023
December 31, 2022
Operating activities:
Net income
$
71,211
$
62,905
$
62,583
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and accretion
expense
9,814
8,808
8,089
Amortization of debt discount
120
118
119
Amortization of deferred financing
costs
104
87
110
Stock and unit-based compensation
1,624
622
135
Deferred income tax
5,819
3,808
(2
)
Commodity derivatives gain
—
—
15
Settlements on commodity derivatives
—
—
141
Other
(21
)
206
232
Changes in operating assets and
liabilities:
15,212
(22,319
)
(21,410
)
Net cash provided by operating
activities
103,883
54,235
50,012
Investing activities:
Purchases of property, plant and
equipment
(85,895
)
(60,940
)
(35,428
)
Net cash used in investing
activities
(85,895
)
(60,940
)
(35,428
)
Financing Activities:
Net proceeds from IPO
—
303,426
—
Payment of offering costs
(4,439
)
(1,581
)
—
Member distributions prior to IPO
—
(15,000
)
(15,000
)
Principal payments on term loan
borrowings
(8,347
)
(8,226
)
(7,987
)
Issuance costs associated with debt
financing
(222
)
(530
)
—
Payments under finance leases
(962
)
(738
)
(307
)
Dividends paid to Class A common
stockholders
(8,572
)
—
—
Distributions paid to Atlas Sand
Operating, LLC unitholders
(6,428
)
—
—
Net cash provided by (used in)
financing activities
(28,970
)
277,351
(23,294
)
Net increase (decrease) in cash and cash
equivalents
(10,982
)
270,646
(8,710
)
Cash and cash equivalents, beginning of
period
352,656
82,010
90,720
Cash and cash equivalents, end of
period
$
341,674
$
352,656
$
82,010
Atlas Energy Solutions
Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
As of
As of
June 30, 2023
December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
341,674
$
82,010
Accounts receivable, including related
parties
85,940
74,392
Inventories, prepaid expenses and other
current assets
26,654
22,329
Total current assets
454,268
178,731
Property, plant and equipment, net
700,018
541,524
Right-of-use assets
40,797
23,222
Other long-term assets
3,537
7,522
Total assets
$
1,198,620
$
750,999
Liabilities, redeemable noncontrolling
interest, and stockholders' and members' equity
Current liabilities:
Accounts payable, including related
parties
$
47,858
$
31,799
Accrued liabilities and other current
liabilities
63,604
36,289
Current portion of long-term debt
29,746
20,586
Total current liabilities
141,208
88,674
Long-term debt, net of discount and
deferred financing costs
101,201
126,588
Deferred tax liabilities
39,070
1,906
Other long-term liabilities
38,012
22,474
Total liabilities
319,491
239,642
Redeemable noncontrolling interest
802,443
—
Total stockholders' and members'
equity
76,686
511,357
Total liabilities, redeemable
noncontrolling interest and stockholders’ and members’
equity
$
1,198,620
$
750,999
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash
Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow
Conversion and Maintenance Capital Expenditures are non-GAAP
supplemental financial measures used by our management and by
external users of our financial statements such as investors,
research analysts and others, in the case of Adjusted EBITDA, to
assess our operating performance on a consistent basis across
periods by removing the effects of development activities, provide
views on capital resources available to organically fund growth
projects and, in the case of Adjusted Free Cash Flow, assess the
financial performance of our assets and their ability to sustain
dividends or reinvest to organically fund growth projects over the
long term without regard to financing methods, capital structure,
or historical cost basis.
These measures do not represent and should not be considered
alternatives to, or more meaningful than, net income, income from
operations, net cash provided by operating activities or any other
measure of financial performance presented in accordance with GAAP
as measures of our financial performance. Adjusted EBITDA and
Adjusted Free Cash Flow have important limitations as analytical
tools because they exclude some but not all items that affect net
income, the most directly comparable GAAP financial measure. Our
computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted
Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash
Flow Conversion and Maintenance Capital Expenditures may differ
from computations of similarly titled measures of other
companies.
Non-GAAP Measure
Definitions:
- We define Adjusted EBITDA as net income before
depreciation, depletion and accretion, interest expense, income tax
expense, stock and unit-based compensation, loss on extinguishment
of debt, unrealized commodity derivative gain (loss), and
non-recurring transaction costs. Management believes Adjusted
EBITDA is useful because it allows management to more effectively
evaluate the Company’s operating performance and compare the
results of its operations from period to period and against our
peers without regard to financing method or capital structure. We
exclude the items listed above from net income in arriving at
Adjusted EBITDA because these amounts can vary substantially from
company to company within our industry depending upon accounting
methods and book values of assets, capital structures and the
method by which the assets were acquired.
- We define Adjusted EBITDA Margin as Adjusted EBITDA
divided by total sales.
- We define Adjusted Free Cash Flow as Adjusted EBITDA
less Maintenance Capital Expenditures. Management believes that
Adjusted Free Cash Flow is useful to investors as it provides a
measure of the ability of our business to generate cash.
- We define Adjusted Free Cash Flow Margin as Adjusted
Free Cash Flow divided by total sales.
- We define Adjusted Free Cash Flow Conversion as Adjusted
Free Cash Flow divided by Adjusted EBITDA.
- We define Maintenance Capital Expenditures as capital
expenditures excluding growth capital expenditures.
Atlas Energy Solutions Inc. –
Supplemental Information
Reconciliation of Adjusted
EBITDA and Adjusted Free Cash Flow to Net Income
(unaudited, in thousands)
For the Three Months
Ended
June 30, 2023
March 31, 2023
December 31, 2022
Net Income
$
71,211
$
62,905
$
62,583
Depreciation, depletion and accretion
expense
9,814
8,808
8,089
Interest expense
4,027
4,021
3,993
Income tax expense
5,054
7,677
434
EBITDA
$
90,106
$
83,411
$
75,099
Stock and unit-based compensation
1,624
622
135
Unrealized commodity derivative gain
—
—
1
Non-recurring transaction costs
1,116
—
—
Adjusted EBITDA
$
92,846
$
84,033
$
75,235
Maintenance capital expenditures
$
10,937
$
7,114
$
8,186
Adjusted Free Cash Flow
$
81,909
$
76,919
$
67,049
Atlas Energy Solutions Inc. –
Supplemental Information
Reconciliation of Adjusted
Free Cash Flow to Net Cash Provided by Operating Activities
(unaudited, in thousands, except
percentages)
For the Three Months
Ended
June 30, 2023
March 31, 2023
December 31, 2022
Net cash provided by operating
activities
$
103,883
$
54,235
$
50,012
Current income tax expense
(benefit)(1)
(765
)
3,869
436
Change in operating assets and
liabilities
(15,212
)
22,319
21,410
Cash interest expense(1)
3,804
3,816
3,764
Maintenance capital expenditures(1)
(10,937
)
(7,114
)
(8,186
)
Non-recurring transaction costs
1,116
—
—
Other
20
(206
)
(387
)
Adjusted Free Cash Flow
$
81,909
$
76,919
$
67,049
Adjusted EBITDA Margin
57
%
55
%
50
%
Adjusted Free Cash Flow Margin
51
%
50
%
45
%
Adjusted Free Cash Flow Conversion
88
%
92
%
89
%
(1)
A reconciliation of the adjustment of
these items used to calculate Adjusted Free Cash Flow to the
Consolidated Financial Statements is included below.
Atlas Energy Solutions Inc. –
Supplemental Information
Reconciliation of Maintenance
Capital Expenditures to Purchase of Property, Plant and
Equipment
(unaudited, in thousands)
Three Months Ended
June 30, 2023
March 31, 2023
December 31, 2022
Maintenance capital
expenditures, accrual basis reconciliation:
Purchases of property, plant and
equipment
$
85,895
$
60,940
$
35,428
Changes in operating assets and
liabilities associated with investing activities(1)
20,996
6,811
6,031
Less: Growth capital expenditures
(95,954
)
(60,637
)
(33,273
)
Maintenance Capital Expenditures,
accrual basis
$
10,937
$
7,114
$
8,186
(1)
Positive working capital changes reflect
capital expenditures in the current period that will be paid in a
future period. Negative working capital changes reflect capital
expenditures incurred in a prior period but paid during the period
presented.
Atlas Energy Solutions Inc. –
Supplemental Information
Reconciliation of Current
Income Tax Expense to Income Tax Expense
(unaudited, in thousands)
Three Months Ended
June 30, 2023
March 31, 2023
December 31, 2022
Current tax expense
reconciliation:
Income tax expense
$
5,054
$
7,677
$
434
Less: deferred tax expense
(5,819
)
(3,808
)
2
Current income tax expense
(benefit)
$
(765
)
$
3,869
$
436
Atlas Energy Solutions Inc. –
Supplemental Information
Cash Interest Expense to
Income Expense, Net
(unaudited, in thousands)
Three Months Ended
June 30, 2023
March 31, 2023
December 31, 2022
Cash interest
expense reconciliation:
Interest expense, net
$
521
$
3,442
$
3,990
Less: Amortization of debt discount
(120
)
(118
)
(119
)
Less: Amortization of deferred financing
costs
(104
)
(87
)
(110
)
Less: Interest income
3,507
579
3
Cash interest expense
$
3,804
$
3,816
$
3,764
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230731666652/en/
Kyle Turlington T: 512-220-1200 IR@atlas.energy
Grafico Azioni New Atlas Holdco (NYSE:AESI)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni New Atlas Holdco (NYSE:AESI)
Storico
Da Ott 2023 a Ott 2024