Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today reported financial and operating results for the
quarter ended March 31, 2024.
First Quarter 2024 Highlights
- Total sales of $192.7 million
- Net income of $26.8 million (14% Net Income Margin)
- Adjusted EBITDA of $75.5 million (39% Adjusted EBITDA Margin)
(1)
- Net cash provided by operating activities of $39.6 million
- Adjusted Free Cash Flow of $71.1 million (37% Adjusted Free
Cash Flow Margin) (1)
- Dune Express construction remains on-time and on-budget
- Declares increased quarterly dividend of $0.22 per share ($0.16
per share fixed, $0.06 per share variable), payable May 23,
2024
Financial Summary
Three Months Ended
March 31, 2024
March 31, 2023
December 31, 2023
(unaudited, in thousands,
except percentages)
Sales
$
192,667
$
153,418
$
141,138
Net income
$
26,787
$
62,905
$
36,050
Net Income Margin
14
%
41
%
26
%
Adjusted EBITDA
$
75,543
$
84,033
$
68,698
Adjusted EBITDA Margin
39
%
55
%
49
%
Net cash provided by operating
activities
$
39,562
$
54,235
$
85,503
Adjusted Free Cash Flow
$
71,083
$
79,271
$
56,518
Adjusted Free Cash Flow Margin
37
%
52
%
40
%
(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.
John Turner, President, CEO & CFO, commented, “The first
quarter was a monumental one for our company with the closing of
the Hi-Crush acquisition. We are already realizing benefits from
the transaction through increased scale and are excited with the
way the transaction positions us for long-term success. We’re
looking forward to the remainder of the year, as we recently
floated our two new dredges at our Kermit facility and began
producing sand from the eighth OnCore mine, which is located in the
Midland Basin. Our response to the recent mechanical fire at our
Kermit facility was swift and decisive, and I’m proud of the team’s
efforts to insulate our customers from any disruption in service.
We expect to continue servicing our customers while we finish up
the repairs to the facility."
First Quarter 2024 Financial Results
First quarter 2024 total sales increased $51.6 million, or 37%
when compared to the fourth quarter of 2023, to $192.7 million.
Product sales increased $13.4 million, or 13% when compared to the
fourth quarter of 2023, to $113.4 million. First quarter 2024 sales
volumes increased to 3.9 million tons, or 54% when compared to the
fourth quarter of 2023, which was offset by lower average pricing
experienced during the period. Service sales increased by $38.1
million, or 93% when compared to the fourth quarter of 2023, to
$79.2 million. The increase in service sales was due to an
increased number of active jobs during the period coupled with the
service sales contribution, which only includes 27 days for the
month of March, associated with the previously announced
acquisition of Hi-Crush Inc. ("Hi-Crush").
First quarter 2024 cost of sales (excluding depreciation,
depletion and accretion expense) (“cost of sales”) increased by
$40.1 million, or 60% when compared to the fourth quarter of 2023,
to $106.7 million. The increase in our cost of sales was primarily
driven by cost of sales contribution associated with the Hi-Crush
operations, which only includes 27 days for the month of March.
Selling, general and administrative expenses (“SG&A”) for
the first quarter of 2024 increased $15.5 million, or 114% when
compared to the fourth quarter of 2023, to $29.1 million, driven
primarily by $10.6 million in non-recurring transaction costs
related to the acquisition of Hi-Crush, along with $4.2 million in
stock-based compensation.
Net income for the first quarter of 2024 was $26.8 million, and
Adjusted EBITDA for the first quarter of 2024 was $75.5
million.
Liquidity, Capital Expenditures and Other
As of March 31, 2024, the Company’s total liquidity was $360.9
million, which was comprised of $187.1 million in cash and cash
equivalents (held in cash, CDs, and two- and three-month Treasury
bills), $73.8 million of availability under the Company’s ABL
Facility, and $100 million of availability under the Company's
Delayed Draw Term Loan Facility; the Company had $50.0 million of
borrowings outstanding under the ABL Facility and $1.2 million of
outstanding undrawn letters of credit.
Net cash used in investing activities was $235.1 million during
the first quarter of 2024, driven largely by the cash consideration
component related to the Hi-Crush acquisition, along with costs
associated with the construction of the Dune Express. We continue
to expect the Dune Express to come online in the fourth quarter of
2024.
Quarterly Cash Dividend
On May 6, 2024, the Board of Directors (the “Board) of Atlas
declared an increased dividend to common stockholders of $0.22 per
share, or approximately $24.1 million in aggregate to shareholders.
The dividend includes a $0.16 per share base dividend and a $0.06
per share variable dividend. The dividend will be payable on May
23, 2024 to shareholders of record at the close of business on May
16, 2024.
Subsequent Events
Kermit Facility Operational Update
As previously reported, on Sunday, April 14th, a mechanical fire
occurred at the Atlas mine in Kermit, Texas. The team began to move
temporary loadout equipment to the Kermit facility within 48 hours
of the incident. On Thursday, April 25, Atlas reopened the Kermit
facility and began to fulfill a portion of Kermit facility customer
commitments with sand produced and loaded from that facility. We
continue to review the financial impact of the incident and believe
we will have the Kermit facility fully operational by the end of 2Q
2024.
Conference Call Information
The Company will host a conference call to discuss financial and
operational results on Monday, May 6, 2024 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 May 2024”, in addition to a "May 2024
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
Atlas Energy Solutions Inc. is a leading proppant producer and
proppant logistics provider, serving primarily the Permian Basin of
West Texas and New Mexico. We operate 12 proppant production
facilities across the Permian Basin with a combined annual
production capacity of 28 million tons, including both large-scale
in-basin facilities and smaller distributed mining units. We manage
a portfolio of leading-edge logistics assets, which includes our
42-mile Dune Express conveyor system, which is currently under
construction and is scheduled to come online in the fourth quarter
of 2024. In addition to our conveyor infrastructure, we manage a
fleet of 120 trucks, which are capable of delivering expanded
payloads due to our custom-manufactured trailers and patented
drop-depot process. Our approach to managing both our proppant
production and proppant logistics operations is intently focused on
leveraging technology, automation and remote operations to drive
efficiencies.
We are a low-cost producer of various high-quality, locally
sourced proppants used during the well completion process. We offer
both dry and damp sand, and carry various mesh sizes including 100
mesh and 40/70 mesh. Proppant is a key component necessary to
facilitate the recovery of hydrocarbons from oil and natural gas
wells.
Our logistics platform is designed to increase the efficiency,
safety and sustainability of the oil and natural gas industry
within the Permian Basin. Proppant logistics is increasingly a
differentiating factor affecting customer choice among proppant
producers. The cost of delivering sand, even short distances, can
be a significant component of customer spending on their well
completions given the substantial volumes that are utilized in
modern well designs.
We continue to invest in and pursue leading-edge technologies,
including autonomous trucking, digital infrastructure, and
artificial intelligence, to support opportunities to gain
efficiencies in our operations. To this end, we have recently taken
delivery of next-generation dredge mining assets to drive
efficiencies in our proppant production operations. These
technology-focused investments aim to improve our cost structure
and also combine to produce beneficial environmental and community
impacts.
While our core business is fundamentally aligned with a lower
emissions economy, our core obligation has been, and will always
be, to our stockholders. We recognize that maximizing value for our
stockholders requires that we optimize the outcomes for our broader
stakeholders, including our employees and the communities in which
we operate. We are proud of the fact that our approach to
innovation in the hydrocarbon industry while operating in an
environmentally responsible manner creates immense value. Since our
founding in 2017, our core mission has been to improve human
beings’ access to the hydrocarbons that power our lives while also
delivering differentiated social and environmental progress. Our
Atlas team has driven innovation and has produced industry-leading
environmental benefits by reducing energy consumption, emissions,
and our aerial footprint. We call this Sustainable Environmental
and Social Progress.
We were founded in 2017 by Ben M. “Bud” Brigham, our Executive
Chairman, and are led by an entrepreneurial team with a history of
constructive disruption bringing significant and complementary
experience to this enterprise, including the perspective of
longtime E&P operators, which provides for an elevated
understanding of the end users of our products and services. Our
executive management team has a proven track record with a history
of generating positive returns and value creation. Our experience
as E&P operators was instrumental to our understanding of the
opportunity created by in-basin sand production and supply in the
Permian Basin, which we view as North America’s premier shale
resource and which we believe will remain its most active through
economic cycles.
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 anticipated financial
performance of Atlas following our acquisition of substantially all
of the Permian Basin proppant production and logistics businesses
and operations of Hi-Crush Inc. (the “Hi-Crush Acquisition”); the
expected synergies and efficiencies to be achieved as a result of
the Hi-Crush Acquisition; statements regarding the extent of the
damage to the Kermit facility, the required repairs and the cost
and timeline of such repairs; Atlas’s expectations regarding the
timing of the Kermit facility’s return to service and its
utilization; Atlas’s expectations relating to continuing operations
during the pendency of repairs; statements about the availability
and extent of insurance coverage; statements about the ultimate
impact of the incident on Atlas’s future performance; expected
accretion to free cash flow and earnings per share; expectations
regarding the leverage and dividend profile of Atlas; expansion and
growth of Atlas’s business; expected production volumes; our
business strategy, our industry, our future operations and
profitability, expected capital expenditures and the impact of such
expenditures on our performance, 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: uncertainties as to whether the Hi-Crush Acquisition
will achieve its anticipated benefits and projected synergies
within the expected time period or at all; Atlas’s ability to
integrate Hi-Crush Inc.’s operations in a successful manner and in
the expected time period; risks that the anticipated tax treatment
of the Hi-Crush Acquisition is not obtained; unforeseen or unknown
liabilities; unexpected future capital expenditures; potential
litigation relating to the Hi-Crush Acquisition; the effect of the
completion of the Hi-Crush Acquisition on Atlas’s business
relationships and business generally; risks that the Hi-Crush
Acquisition disrupts current plans and operations of Atlas and its
management team and potential difficulties in retaining employees
as a result of the Hi-Crush Acquisition; the risks related to
Atlas’s financing of the Hi-Crush Acquisition; potential negative
effects of the Hi-Crush Acquisition on the market price of Atlas’s
common stock or operating results; uncertainties as to whether we
will be able to effectuate the repairs to the Kermit facility in
the expected time period or at all; uncertainty regarding the
ultimate cost to repair the facility and bring it back online and
the availability of insurance proceeds to offset the cost of such
repairs; risks relating to the impact of this incident on our
ability to service our customers; commodity price volatility,
including 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; the ability of our customers to meet
their obligations to us; our ability to maintain effective internal
controls; 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 Annual Report on Form 10-K, filed with the SEC on
February 27, 2024, 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
(unaudited, in thousands, except
per share data)
Three Months Ended
March 31, 2024
March 31, 2023
December 31, 2023
(unaudited)
(unaudited)
(unaudited)
Product sales
$
113,432
$
128,142
$
99,988
Service sales
79,235
25,276
41,150
Total sales
192,667
153,418
141,138
Cost of sales (excluding depreciation,
depletion and accretion expense)
106,746
62,555
66,567
Depreciation, depletion and accretion
expense
17,175
8,519
11,625
Gross profit
68,746
82,344
62,946
Selling, general and administrative
expense (including stock and unit-based compensation expense of
$4,206, $622 and $3,749, respectively.)
29,069
8,504
13,648
Operating income
39,677
73,840
49,298
Interest expense, net
(4,978
)
(3,442
)
(2,230
)
Other income
23
184
(8
)
Income before income taxes
34,722
70,582
47,060
Income tax expense
7,935
7,677
11,010
Net income
$
26,787
$
62,905
$
36,050
Less: Pre-IPO net income attributable to
Atlas Sand Company, LLC
54,561
—
Less: Net income attributable to
redeemable noncontrolling interest
6,610
313
Net income attributable to Atlas Energy
Solutions Inc.
$
26,787
$
1,734
$
35,737
Net income per common share
Basic
$
0.26
$
0.03
$
0.36
Diluted
$
0.26
$
0.03
$
0.36
Weighted average common shares
outstanding
Basic
102,931
57,148
99,566
Diluted
103,822
57,408
100,242
Atlas Energy Solutions
Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended
March 31, 2024
March 31, 2023
December 31, 2023
(unaudited)
(unaudited)
(unaudited)
Operating activities:
Net income
$
26,787
$
62,905
$
36,050
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and accretion
expense
18,007
8,808
12,266
Amortization of debt discount
407
118
292
Amortization of deferred financing
costs
78
87
67
Amortization of Hi-Crush intangible
assets
1,061
—
—
Stock and unit-based compensation
4,206
622
3,749
Deferred income tax
7,521
3,808
10,142
Other
(5
)
206
(4
)
Changes in operating assets and
liabilities:
(18,500
)
(22,319
)
22,941
Net cash provided by operating
activities
39,562
54,235
85,503
Investing activities:
Purchases of property, plant and
equipment
(95,486
)
(60,940
)
(119,793
)
Hi-Crush acquisition, net of cash
acquired
(139,658
)
—
—
Net cash used in investing
activities
(235,144
)
(60,940
)
(119,793
)
Financing Activities:
Net proceeds from IPO
—
303,426
—
Payment of offering costs
—
(1,581
)
—
Member distributions prior to IPO
—
(15,000
)
—
Proceeds from borrowings
198,500
—
—
Principal payments on term loan
borrowings
(1,381
)
(8,226
)
—
Issuance costs associated with Hi-Crush
Acquisition
(2,575
)
—
—
Issuance costs associated with debt
financing
(730
)
(530
)
—
Payments under capital leases
(65
)
(738
)
(69
)
Repayment of notes payable
(216
)
—
—
Dividends and distributions
(21,005
)
—
(20,005
)
Net cash provided by (used in)
financing activities
172,528
277,351
(20,074
)
Net increase (decrease) in cash and cash
equivalents
(23,054
)
270,646
(54,364
)
Cash and cash equivalents, beginning of
period
210,174
82,010
264,538
Cash and cash equivalents, end of
period
$
187,120
$
352,656
$
210,174
Atlas Energy Solutions
Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
As of
As of
March 31, 2024
December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
187,120
210,174
Accounts receivable, including related
parties
185,758
71,170
Inventories, prepaid expenses and other
current assets
52,619
37,342
Total current assets
425,497
318,686
Property, plant and equipment, net
1,287,505
934,660
Right-of-use assets
21,363
4,151
Goodwill
91,171
—
Intangible assets
112,462
1,767
Other long-term assets
3,686
2,422
Total assets
1,941,684
1,261,686
Liabilities, redeemable noncontrolling
interest, and stockholders' and members' equity
Current liabilities:
Accounts payable, including related
parties
102,308
61,159
Accrued liabilities and other current
liabilities
63,688
31,433
Current portion of long-term debt
24,129
—
Total current liabilities
190,125
92,592
Long-term debt, net of discount and
deferred financing costs
457,170
172,820
Deferred tax liabilities
199,429
121,529
Other long-term liabilities
28,530
6,921
Total liabilities
875,254
393,862
Total stockholders' and members'
equity
1,066,430
867,824
Total liabilities, redeemable
noncontrolling interest and stockholders’ and members’
equity
1,941,684
1,261,686
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
March 31, 2024
March 31, 2023
December 31, 2023
Net income
$
26,787
$
62,905
$
36,050
Depreciation, depletion and accretion
expense
18,007
8,808
12,266
Amortization expense
1,061
—
—
Interest expense
6,976
4,021
4,731
Income tax expense
7,935
7,677
11,010
EBITDA
$
60,766
$
83,411
$
64,057
Stock and unit-based compensation
4,206
622
3,749
Non-recurring transaction costs
10,571
—
892
Adjusted EBITDA
$
75,543
$
84,033
$
68,698
Maintenance Capital Expenditures
$
4,460
$
4,762
$
12,180
Adjusted Free Cash Flow
$
71,083
$
79,271
$
56,518
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
March 31, 2024
March 31, 2023
December 31, 2023
Net cash provided by operating
activities
$
39,562
$
54,235
$
85,503
Current income tax expense
(benefit)(1)
414
3,869
868
Change in operating assets and
liabilities
18,500
22,319
(22,941
)
Cash interest expense(1)
6,491
3,816
4,371
Maintenance capital expenditures(1)
(4,460
)
(4,762
)
(12,180
)
Non-recurring transaction costs
10,571
—
892
Other
5
(206
)
5
Adjusted Free Cash Flow
$
71,083
$
79,271
$
56,518
Adjusted EBITDA Margin
39
%
55
%
49
%
Adjusted Free Cash Flow Margin
37
%
52
%
40
%
Adjusted Free Cash Flow Conversion
94
%
94
%
82
%
(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
March 31, 2024
March 31, 2023
December 31, 2023
Maintenance Capital
Expenditures, accrual basis reconciliation:
Purchases of property, plant and
equipment
$
95,486
$
60,940
$
119,793
Changes in operating assets and
liabilities associated with investing activities(1)
(2,575
)
6,811
(1,828
)
Less: Growth capital expenditures
(88,451
)
(62,989
)
(105,785
)
Maintenance Capital Expenditures,
accrual basis
$
4,460
$
4,762
$
12,180
(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
March 31, 2024
March 31, 2023
December 31, 2023
Current tax expense
reconciliation:
Income tax expense
$
7,935
$
7,677
$
11,010
Less: deferred tax expense
(7,521
)
(3,808
)
(10,142
)
Current income tax expense
(benefit)
$
414
$
3,869
$
868
Atlas Energy Solutions Inc. –
Supplemental Information
Cash Interest Expense to
Income Expense, Net
(unaudited, in thousands)
Three Months Ended
March 31, 2024
March 31, 2023
December 31, 2023
Cash interest
expense reconciliation:
Interest expense, net
$
4,978
$
3,442
$
2,230
Less: Amortization of debt discount
(407
)
(118
)
(292
)
Less: Amortization of deferred financing
costs
(78
)
(87
)
(67
)
Less: Interest income
1,998
579
2,500
Cash interest expense
$
6,491
$
3,816
$
4,371
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240506006875/en/
Kyle Turlington T: 512-220-1200 IR@atlas.energy
Grafico Azioni New Atlas Holdco (NYSE:AESI)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni New Atlas Holdco (NYSE:AESI)
Storico
Da Dic 2023 a Dic 2024