Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today reported financial and operating results for the
fiscal year ended December 31, 2023.
Year End 2023 Financial Highlights and Operational
Updates
- Total sales of $614.0 million (on sales volumes of 11.0 million
tons)
- Net income of $226.5 million (37% Net Income Margin)
- Adjusted EBITDA of $329.7 million (54% Adjusted EBITDA Margin)
(1)
- Net cash provided by operating activities of $299.0
million
- Adjusted Free Cash Flow of $291.1 million (47% Adjusted Free
Cash Flow Margin) (1)
- Dune Express construction remains on-time and on-budget
- New Kermit facility was fully commissioned in December
2023
- Increased quarterly dividend by 5% to $0.21 per share ($0.16
per share fixed, $0.05 per share variable), payable February 29,
2024
- Announced transformative acquisition of Hi-Crush Inc. Please
refer to our accompanying materials on this acquisition released
today
Financial Summary
For Year Ended
December 31,
2023
2022
2021
Sales
$
613,960
$
482,724
$
172,404
Net income
$
226,493
$
217,006
$
4,258
Net Income Margin
37
%
45
%
2
%
Adjusted EBITDA
$
329,655
$
264,026
$
71,968
Adjusted EBITDA Margin
54
%
55
%
42
%
Net cash provided by operating
activities
$
299,027
$
206,012
$
21,356
Adjusted Free Cash Flow
$
291,131
$
228,553
$
64,253
Adjusted Free Cash Flow Margin
47
%
47
%
37
%
(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,
“This was an exceptional year for Atlas. We completed our IPO,
generated Adjusted EBITDA of $329.7 million, grew our dividend to
$0.21 per share, placed our new Kermit plant in-service, fully
launched our differentiated high-capacity trucking business,
kicked-off and have made great progress on the construction of the
Dune Express, and shortly after the end of this year signed-up a
substantial and exciting acquisition of Hi-Crush. In so many
exciting ways, this is a more advanced proppant and logistics
business in February 2024 than February 2023, and we are well on
our way to achieving our goal of being logistically advantaged to
every wellhead in the Permian Basin."
John Turner, President & CFO, added, “In our view, the
acquisition of Hi-Crush announced today furthers Atlas's position
as the premier proppant and logistics provider in the Permian, and
as one of the premier producers in all of North America. The
strategic benefits are clearly evident as the distributed mining
assets add customers in the Midland Basin, further diversifying our
customer portfolio. The Kermit assets provide additional reserves
and production on the giant open dunes, and the proximity of those
assets to our existing operations provide ample opportunity for
operational synergies. Additionally, the acquired contracts add
significant free cash flow at an attractive valuation, which we
expect to accelerate the return of capital to our shareholders.
Last but importantly, the distributed mining assets complement and
further our logistics mission to remove trucks from the public
roadways of the Permian, which drives down costs and emissions
while driving up reliability, importantly while also making the
roadways safer for the local communities."
Year End 2023 Financial Results
Total sales for the year ended December 31, 2023 increased
$131.2 million, or 27.2% when compared to the year ended December
31, 2022, to $614.0 million. Product sales increased $59.7 million,
or 14.6% when compared to the prior year, to $468.1 million, driven
by an increase in both sales volumes and sales price (11.0 million
tons at $42.63 per ton vs. 10.2 million tons at $40.10 per ton).
Given our heavily contracted volume position during the year, this
sequential price increase is a function of higher-priced contracts
realized during the year. Service sales increased by $71.6 million,
or 96.3% when compared to the prior year, to $145.8 million. The
increase in service sales was due to an increase in the number of
active jobs, as well as by a higher asset utilization on continued
customer adoptions of our single- and multi-trailer logistics
offerings.
Cost of sales (excluding depreciation, depletion and accretion
expense) (“cost of sales”) for the year ended December 31, 2023
increased by $61.5 million, or 30.9% when compared to the prior
year, to $260.4 million. The increase in our cost of sales was
primarily driven by an increase in sales volumes and higher
trucking and last mile logistics costs resulting from the increased
size and utilization of our fleet, which were partially offset by
lower contract mining costs and a lower royalty expense as a result
of the removal of the Kermit overriding royalty, which ceased
towards the end of the first quarter of 2023 in connection with our
initial public offering.
Selling, general and administrative expenses (“SG&A”) for
the year ended December 31, 2023 increased by $24.3 million, or
100.0% when compared to the prior year, to $48.6 million, driven
primarily by increases in wages and benefits as a result of an
increased employee base, and higher professional and consulting
fees associated with our initial public offering, corporate
reorganization and acquisition of Hi-Crush. This includes $5.3
million of non-recurring transaction costs and $7.4 million in
stock and unit based compensation.
Net income for the year ended December 31, 2023 was $226.5
million, and Adjusted EBITDA for the year ended December 31, 2023
was $329.7 million.
Fourth Quarter 2023 Financial Results
Fourth quarter 2023 total sales decreased $16.5 million, or
10.5% sequentially, to $141.1 million. Product sales decreased
$14.8 million, or 12.9%, sequentially, to $100.0 million (2.6
million tons at $39.00 per ton vs. 2.8 million tons at $40.62 per
ton), driven by a decrease in both sales volumes and price, driven
primarily by a slow down in drilling and completions activity.
Service sales decreased by $1.7 million, or 4.0%, sequentially, to
$41.1 million.
Fourth quarter 2023 cost of sales decreased by $1.2 million, or
1.8%, sequentially, to $66.6 million, which consists of product
costs of sales of $30.3 million and services cost of sales of $36.3
million. SG&A for the fourth quarter of 2023 decreased $0.7
million, or 4.6%, sequentially, to $13.6 million. Net Income for
the fourth quarter of 2023 was $36.1 million, representing a
decrease of $20.3 million, or 36.0%, sequentially. Adjusted EBITDA
for the fourth quarter of 2023 was $68.7 million, representing a
decrease of $15.4 million, or 18.3%, sequentially.
Liquidity, Capital Expenditures and Other
As of December 31, 2023, the Company’s total liquidity was
$384.1 million, which was comprised of $210.2 million in cash and
cash equivalents (held in cash, CDs, and one- and two-month
Treasury bills), $73.9 million of availability under the Company’s
ABL Facility, and $100.0 million of availability under the
Company's undrawn Delayed Draw Term Loan 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 $365.5 million for the
year ended December 31, 2023, driven largely by costs associated
with the construction of the new Kermit facility and construction
of the Dune Express.
As of December 31, 2023, the Company's fully diluted share count
outstanding was 100,025,584.
Subsequent Events
Acquisition of Hi-Crush
Subsequent to year end, Atlas announced that it has entered into
a definitive agreement with Hi-Crush Inc. (“Hi-Crush”), pursuant to
which Atlas will acquire substantially all of Hi-Crush’s Permian
Basin proppant production assets and North American logistics
operations in a transaction valued at $450 million. The mix of
consideration includes approximately $150 million in cash at close,
9,711,432 million shares of AESI (valued at $175 million), and $125
million in deferred cash in the form of a Seller’s Note. Both the
cash consideration and the principal amount of the Seller's Note
are subject to revision for customary post-closing adjustments. For
more information regarding the transaction, please refer to the
Company’s website at https://ir.atlas.energy/ for the acquisition
press release and related presentation.
Acquisition Financing
In connection with the acquisition, we upsized our ABL facility
to $125.0 million, with the expectation of drawing $50.0 million at
closing. In addition, we installed a new $150.0 million acquisition
term loan facility with Stonebriar Commercial Finance. These
additional credit facilities will combine to fund the upfront cash
consideration agreed to under the Merger Agreement and the
near-term growth capital expenditures for OnCore.
Quarterly Cash Dividend
On February 8, 2024, the Board of Directors (the “Board") of
Atlas declared a dividend to common stockholders of $0.21 per
share, or approximately $21.0 million in aggregate to shareholders.
The dividend includes a $0.16 per share base dividend and a $0.05
per share variable dividend. As previously announced, the dividend
will be payable on February 29, 2024 to shareholders of record at
the close of business on February 22, 2024.
Conference Call Information
The Company will host a conference call to discuss financial and
operational results on Tuesday, February 27, 2024 at 8:00am Central
Time (9:00am 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 February 2024”, in addition to a
"Year End 2023 Capital 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 the Hi-Crush Inc. acquisition and
the anticipated benefits of such transaction, our business
strategy, our industry, our future operations and profitability,
expected capital expenditures and the impact of such expenditures
on our performance, 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 armed conflicts between Russia and Ukraine and Israel and
Hamas; increasing hostilities and instability in the Middle East;
adverse developments affecting the financial services industry; our
ability to complete growth projects, including the Dune Express, on
time and on budget; the risk that stockholder litigation in
connection with our recent corporate reorganization may 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;
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 prospectus, dated September 11, 2023, filed with the SEC
pursuant to Rule 424(b) under the Securities Act on September 12,
2023 in connection with our recent corporate reorganization, and
any subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. 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.
Atlas Energy Solutions
Inc.
Condensed Consolidated
Statements of Income
(in thousands, except per share
data)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
(unaudited)
(unaudited)
(unaudited)
Product sales
$
99,988
$
114,773
$
121,881
$
468,119
$
408,446
$
142,519
Service sales
41,150
42,843
27,984
145,841
74,278
29,885
Total sales
141,138
157,616
149,865
613,960
482,724
172,404
Cost of sales (excluding depreciation,
depletion and accretion expense)
66,567
67,770
67,285
260,396
198,918
84,656
Depreciation, depletion and accretion
expense
11,625
10,221
7,791
39,798
27,498
23,681
Gross profit
62,946
79,625
74,789
313,766
256,308
64,067
Selling, general and administrative
expense (including stock and unit-based compensation expense of
$3,749, $1,414, $135, $7,409, $678, and $129, respectively.)
13,648
14,301
7,903
48,636
24,317
17,071
Operating income
49,298
65,324
66,886
265,130
231,991
46,996
Interest expense, net
(2,230
)
(1,496
)
(3,990
)
(7,689
)
(15,760
)
(42,198
)
Other income
(8
)
136
121
430
2,631
291
Income before income taxes
47,060
63,964
63,017
257,871
218,862
5,089
Income tax expense
11,010
7,637
434
31,378
1,856
831
Net income
$
36,050
$
56,327
$
62,583
$
226,493
$
217,006
$
4,258
Less: Pre-IPO net income attributable to
Atlas Sand Company, LLC
—
—
54,561
Less: Net income attributable to
redeemable noncontrolling interest
313
26,887
66,503
Net income attributable to Atlas Energy
Solutions, Inc.
$
35,737
$
29,440
$
105,429
Net income per common share
Basic
$
0.36
$
0.51
$
1.50
Diluted
$
0.36
$
0.51
$
1.48
Weighted average common shares
outstanding
Basic
99,566
57,237
70,450
Diluted
100,242
57,928
71,035
Atlas Energy Solutions
Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
(unaudited)
(unaudited)
(unaudited)
Operating activities:
Net income
$
36,050
$
56,327
$
62,583
$
226,493
$
217,006
$
4,258
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and accretion
expense
12,266
10,746
8,089
41,634
28,617
24,604
Loss on extinguishment of debt
—
—
—
—
—
11,922
Amortization of debt discount
292
231
119
761
457
7,320
Amortization of deferred financing
costs
67
79
110
337
442
739
Stock and unit-based compensation
3,749
1,414
135
7,409
678
129
Deferred income tax
10,142
9,432
(2
)
29,201
(2
)
360
Interest paid-in-kind through issuance of
additional term loans
—
—
—
—
—
3,039
Repayment of paid-in-kind interest
borrowings
—
—
—
—
—
(22,233
)
Commodity derivatives gain
—
—
15
—
(1,842
)
(55
)
Settlements on commodity derivatives
—
—
141
—
2,137
—
Other
(4
)
(42
)
232
139
293
(105
)
Changes in operating assets and
liabilities:
22,941
(22,781
)
(21,410
)
(6,947
)
(41,774
)
(8,622
)
Net cash provided by operating
activities
85,503
55,406
50,012
299,027
206,012
21,356
Investing activities:
Purchases of property, plant and
equipment
(119,793
)
(98,858
)
(35,428
)
(365,486
)
(89,592
)
(19,371
)
Net cash used in investing
activities
(119,793
)
(98,858
)
(35,428
)
(365,486
)
(89,592
)
(19,371
)
Financing Activities:
Proceeds from equity issuances
—
—
—
—
—
12,613
Net proceeds from IPO
—
—
—
303,426
—
—
Payment of offering costs
—
—
—
(6,020
)
—
—
Member distributions prior to IPO
—
—
(15,000
)
(15,000
)
(45,024
)
(10,000
)
Proceeds from term loan borrowings
—
—
—
—
—
178,200
Principal payments on term loan
borrowings
—
—
(7,987
)
(16,573
)
(28,544
)
(172,872
)
Prepayment fee on 2021 Term Loan Credit
Facility
—
(2,649
)
—
(2,649
)
—
—
Debt extinguishment cost
—
—
—
—
—
(4,514
)
Issuance costs associated with debt
financing
—
(3,645
)
—
(4,397
)
(233
)
(660
)
Payments under finance and capital
leases
(69
)
(232
)
(307
)
(2,001
)
(1,010
)
(423
)
Dividends and distributions
(20,005
)
(27,158
)
—
(62,163
)
—
—
Net cash provided by (used in)
financing activities
(20,074
)
(33,684
)
(23,294
)
194,623
(74,811
)
2,344
Net increase (decrease) in cash and cash
equivalents
(54,364
)
(77,136
)
(8,710
)
128,164
41,609
4,329
Cash and cash equivalents, beginning of
period
264,538
341,674
90,720
82,010
40,401
36,072
Cash and cash equivalents, end of
period
$
210,174
$
264,538
$
82,010
$
210,174
$
82,010
$
40,401
Atlas Energy Solutions
Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
As of
As of
December 31,2023
December 31,2022
Assets
Current assets:
Cash and cash equivalents
$
210,174
$
82,010
Accounts receivable, including related
parties
71,170
74,392
Inventories, prepaid expenses and other
current assets
37,342
22,329
Total current assets
318,686
178,731
Property, plant and equipment, net
934,660
541,524
Right-of-use assets
4,151
23,222
Other long-term assets
4,189
7,522
Total assets
$
1,261,686
$
750,999
Liabilities, redeemable noncontrolling
interest, and stockholders' and members' equity
Current liabilities:
Accounts payable, including related
parties
$
61,159
$
31,799
Accrued liabilities and other current
liabilities
31,433
36,289
Current portion of long-term debt
—
20,586
Total current liabilities
92,592
88,674
Long-term debt, net of discount and
deferred financing costs
172,820
126,588
Deferred tax liabilities
121,529
1,906
Other long-term liabilities
6,921
22,474
Total liabilities
393,862
239,642
Total stockholders' and members'
equity
867,824
511,357
Total liabilities, redeemable
noncontrolling interest and stockholders’ and members’
equity
$
1,261,686
$
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)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Net income
$
36,050
$
56,327
$
62,583
$
226,493
$
217,006
$
4,258
Depreciation, depletion and accretion
expense
12,266
10,746
8,089
41,634
28,617
24,604
Interest expense
4,731
4,673
3,993
17,452
15,803
30,290
Income tax expense
11,010
7,637
434
31,378
1,856
831
EBITDA
$
64,057
$
79,383
$
75,099
$
316,957
$
263,282
$
59,983
Stock and unit-based compensation
3,749
1,414
135
7,409
678
129
Loss on extinguishment of debt
—
—
—
—
—
11,922
Unrealized commodity derivative loss
—
—
1
—
66
(66
)
Non-recurring transaction costs
892
3,281
—
5,289
—
—
Adjusted EBITDA
$
68,698
$
84,078
$
75,235
$
329,655
$
264,026
$
71,968
Maintenance Capital Expenditures
$
12,180
$
15,557
$
8,186
$
38,524
$
35,473
$
7,715
Adjusted Free Cash Flow
$
56,518
$
68,521
$
67,049
$
291,131
$
228,553
$
64,253
Atlas Energy Solutions Inc. –
Supplemental Information
Reconciliation of Adjusted
Free Cash Flow to Net Cash Provided by Operating Activities
(unaudited, in thousands, except
percentages)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Net cash provided by operating
activities
$
85,503
$
55,406
$
50,012
$
299,027
$
206,012
$
21,356
Repayment of paid-in-kind interest
borrowings
—
—
—
—
—
22,233
Current income tax expense
(benefit)(1)
868
(1,795
)
436
2,177
1,858
471
Change in operating assets and
liabilities
(22,941
)
22,781
21,410
6,947
41,774
8,622
Cash interest expense(1)
4,371
4,363
3,764
16,354
14,904
19,173
Maintenance capital expenditures(1)
(12,180
)
(15,557
)
(8,186
)
(38,524
)
(35,473
)
(7,715
)
Non-recurring transaction costs
892
3,281
—
5,289
—
—
Other
5
42
(387
)
(139
)
(522
)
113
Adjusted Free Cash Flow
$
56,518
$
68,521
$
67,049
$
291,131
$
228,553
$
64,253
Adjusted EBITDA Margin
49
%
53
%
50
%
54
%
55
%
42
%
Adjusted Free Cash Flow Margin
40
%
43
%
45
%
47
%
47
%
37
%
Adjusted Free Cash Flow Conversion
82
%
81
%
89
%
88
%
87
%
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
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Maintenance Capital
Expenditures, accrual basis reconciliation:
Purchases of property, plant and
equipment
$
119,793
$
98,858
$
35,428
$
365,486
$
89,592
$
19,371
Changes in operating assets and
liabilities associated with investing activities(1)
(1,828
)
40,153
6,031
66,132
20,747
2,362
Less: Growth capital expenditures
(105,785
)
(123,454
)
(33,273
)
(393,094
)
(74,866
)
(14,018
)
Maintenance Capital Expenditures,
accrual basis
$
12,180
$
15,557
$
8,186
$
38,524
$
35,473
$
7,715
(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
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Current tax expense
reconciliation:
Income tax expense
$
11,010
$
7,637
$
434
$
31,378
$
1,856
$
831
Less: deferred tax expense
(10,142
)
(9,432
)
2
(29,201
)
2
(360
)
Current income tax expense
(benefit)
$
868
$
(1,795
)
$
436
$
2,177
$
1,858
$
471
Atlas Energy Solutions Inc. –
Supplemental Information
Cash Interest Expense to
Income Expense, Net
(unaudited, in thousands)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2021
Cash interest
expense reconciliation:
Interest expense, net
$
2,230
$
1,496
$
3,990
$
7,689
$
15,760
$
30,276
Less: Interest paid-in-kind through
issuance of additional term loans
—
—
—
—
—
(3,039
)
Less: Amortization of debt discount
(292
)
(231
)
(119
)
(761
)
(457
)
(7,320
)
Less: Amortization of deferred financing
costs
(67
)
(79
)
(110
)
(337
)
(442
)
(739
)
Less: Interest income
2,500
3,177
3
9,763
43
14
Less: Other
—
—
—
—
—
(19
)
Cash interest expense
$
4,371
$
4,363
$
3,764
$
16,354
$
14,904
$
19,173
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227616947/en/
Investor Contact Kyle Turlington T: 512-220-1200
IR@atlas.energy
Grafico Azioni New Atlas Holdco (NYSE:AESI)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni New Atlas Holdco (NYSE:AESI)
Storico
Da Mar 2024 a Mar 2025
