- GAAP and adjusted EPS for the quarter of $0.17 and $0.20 per
diluted share, respectively
- Industrial and Specialty Products segment contribution
margin increased 7% year over year
- Total tonnage sold companywide increased 6%
sequentially
- Cash flow from operations of $40.9
million for the quarter
- Completed term loan repricing and extinguished additional
$25 million of debt
- Received credit rating upgrades from Moody's and S&P
Global
- Company enters into definitive agreement to be acquired by
Apollo Funds for $1.85
billion
KATY,
Texas, April 26, 2024 /PRNewswire/ -- U.S. Silica
Holdings, Inc. (NYSE: SLCA) (the "Company"), a diversified
industrial minerals company and the leading last-mile logistics
provider to the oil and gas industry, today announced its first
quarter results for the period ended March 31, 2024. As
separately announced, U.S. Silica has entered into a definitive
agreement to be acquired by funds managed by affiliates of Apollo
Global Management, Inc. (NYSE: APO) (the "Apollo Funds") in an
all-cash transaction that values the Company at an enterprise value
of approximately $1.85 billion. In
light of the pending transaction with Apollo Funds, U.S. Silica is
not hosting an earnings conference call.
"During the first quarter, we continued to execute our
strategy," said Bryan Shinn, the
Company's Chief Executive Officer. "We generated robust cash flow
from operations to start the year, positioning us well for the
remainder of 2024.
"With the successful repricing of our term loan, we reduced our
total interest rate by 85 basis points. We also repurchased and
extinguished an additional $25
million of debt.
"In our Oil & Gas segment, volumes were up 5% sequentially,
although our margins were impacted by slightly lower pricing,
driven in part by lower natural gas prices. We continue to have 80%
of our capacity under long-term contracts, with additional
amendments and extensions signed in the first quarter.
Additionally, our new, patent-pending Guardian frac fluid
filtration system continues to gain momentum in the market.
"In our Industrial and Specialty Products segment, revenue and
volumes increased 5% and 10% sequentially, respectively, with
margins increasing 7% year over year. In the first quarter, we
entered into several new customer agreements with favorable pricing
and we continue to benefit from ongoing structural cost
reductions.
"We are pleased to reach the separately announced agreement with
Apollo, which will provide our
stockholders with compelling, certain, cash value for their shares.
The transaction also provides us with a partner who is committed to
helping us achieve our long-term objectives while maintaining our
core values and customer-centric approach."
First Quarter 2024 Financial Highlights
Net income for the first quarter was $13.7 million, or $0.17 per diluted share. The first quarter
results included $3.2 million
pre-tax, or $0.03 per diluted share
after-tax, of charges primarily related to the loss on
extinguishment of debt. Excluding these charges, adjusted EPS
(a non-GAAP measure) was $0.20 per
diluted share.
These results compared with net income of $29.1 million, or $0.37 per diluted share, for the fourth quarter
of 2023. The fourth quarter included $9.1
million pre-tax, or $0.09 per
diluted share after-tax, of gains primarily related to asset sales,
partially offset by facility closure costs, business optimization,
and the loss on extinguishment of debt.
In the first quarter of 2024, the Company completed a
$25 million voluntary term loan
principal repayment, extinguishing the debt at par using excess
cash on hand.
Total Company
|
In
millions
|
Q1 2024
|
Q4 2023
|
Sequential
Change
|
Q1 2023
|
Year-over-
year Change
|
|
Revenue
|
$
325.9
|
$
336.0
|
(3) %
|
$
442.2
|
(26) %
|
|
Net Income
|
$
13.7
|
$
29.1
|
(53) %
|
$
44.6
|
(69) %
|
|
Tons Sold
|
4.092
|
3.865
|
6 %
|
4.934
|
(17) %
|
|
Contribution
Margin*
|
$
105.5
|
$
116.9
|
(10) %
|
$
152.8
|
(31) %
|
|
Adjusted
EBITDA*
|
$
77.1
|
$
88.6
|
(13) %
|
$
124.6
|
(38) %
|
Oil & Gas Segment
- First quarter 2024 results were driven by slightly lower
pricing, partially influenced by persistently low natural gas
prices.
|
In
millions
|
Q1 2024
|
Q4 2023
|
Sequential
Change
|
Q1 2023
|
Year-over-
year Change
|
|
Revenue
|
$
183.2
|
$
200.6
|
(9) %
|
$
300.0
|
(39) %
|
|
Tons Sold
|
3.042
|
2.907
|
5 %
|
3.921
|
(22) %
|
|
Contribution
Margin*
|
$
59.5
|
$
70.1
|
(15) %
|
$
109.9
|
(46) %
|
Industrial & Specialty Products (ISP) Segment
- First quarter 2024 results were impacted by increased activity
levels, improvements in operational efficiencies, price increases,
and lower costs.
|
In
millions
|
Q1 2024
|
Q4 2023
|
Sequential
Change
|
Q1 2023
|
Year-over-
year Change
|
|
Revenue
|
$
142.8
|
$
135.5
|
5 %
|
$
142.2
|
— %
|
|
Tons Sold
|
1.050
|
0.958
|
10 %
|
1.013
|
4 %
|
|
Contribution
Margin*
|
$
45.9
|
$
46.8
|
(2) %
|
$
42.9
|
7 %
|
|
*Contribution Margin
and Adjusted EBITDA are non-GAAP financial measures; see the
discussion of non-GAAP information below and the reconciliation of
GAAP to non-GAAP results included as an exhibit to this press
release.
|
Capital Update
As of March 31, 2024, the Company had $234.5 million in cash and cash equivalents and
total debt of $809.5 million. The
Company's $150.0 million Revolver had
zero drawn with $15.3 million
allocated for letters of credit and availability of $134.7 million. During the first quarter of 2024,
the Company generated $40.9 million
in cash flow from operations while capital expenditures totaled
$12.4 million.
Reclassification of Northern White Sand Offerings
The Company has postponed the proposed realignment of its
Northern White Sand offerings from its Oil & Gas segment to its
Industrial and Specialty Products segment to a later date as it
prioritized the repricing of its term loan during the
quarter.
About U.S. Silica
U.S. Silica Holdings, Inc. is a global performance materials
company and is a member of the Russell 2000. The Company is a
leading producer of commercial silica used in the oil and gas
industry and in a wide range of industrial applications. Over its
124-year history, U.S. Silica has developed core competencies in
mining, processing, logistics and materials science that enable it
to produce and cost-effectively deliver over 800 diversified
products to customers across our end markets.
U.S. Silica's wholly-owned subsidiaries include EP Minerals and
SandBox Logistics™. EP Minerals is an industry leader in the
production of products derived from diatomaceous earth, perlite,
engineered clays, and non-activated clays. SandBox Logistics™ is a
state-of-the-art leader in proppant storage, handling and well-site
delivery, dedicated to making proppant logistics cleaner, safer and
more efficient. The Company has 26 operating mines and processing
facilities and two additional exploration stage properties across
the United States and is
headquartered in Katy, Texas.
Forward-looking Statements
This first quarter 2024 earnings release, as well as other
statements we make, contain "forward-looking statements" within the
meaning of the federal securities laws - that is, statements about
the future, not about past events. Forward-looking statements give
our current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future
performance and business. These statements may include words such
as "anticipate," "estimate," "expect," "project," "plan," "intend,"
"believe," "may," "will," "should," "could," "can have," "likely"
and other words and terms of similar meaning. Forward-looking
statements made include any statement that does not directly relate
to any historical or current fact and may include, but are not
limited to, statements regarding U.S. Silica's estimated and
projected costs and cost reduction programs, reserves and finished
products estimates, growth opportunities, strategy, future
financial results, forecasts, projections, plans and capital
expenditures, technological innovations, and the expected outcome
or impact of pending or threatened litigation. Forward-looking
statements are based on our current expectations and assumptions,
which may not prove to be accurate. These statements are not
guarantees and are subject to risks, uncertainties and changes in
circumstances that are difficult to predict. Many factors
could cause actual results to differ materially and adversely from
these forward-looking statements. Among these factors are global
economic conditions; heightened levels of inflation and rising
interest rates; supply chain and logistics constraints for our
company and our customers, fluctuations in demand for commercial
silica, diatomaceous earth, perlite, clay and cellulose;
fluctuations in demand for frac sand or the development of either
effective alternative proppants or new processes to replace
hydraulic fracturing; the entry of competitors into our
marketplace; changes in production spending by companies in the oil
and gas industry and changes in the level of oil and natural gas
exploration and development; changes in oil and gas inventories;
general economic, political and business conditions in key regions
of the world including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas; pricing pressure; cost
inflation; weather and seasonal factors; the cyclical nature of our
customers' business; our inability to meet our financial and
performance targets and other forecasts or expectations; our
substantial indebtedness and pension obligations, including
restrictions on our operations imposed by our indebtedness;
operational modifications, delays or cancellations; prices for
electricity, natural gas and diesel fuel; our ability to maintain
our transportation network; changes in government regulations and
regulatory requirements, including those related to mining,
explosives, chemicals, and oil and gas production; silica-related
health issues and corresponding litigation; and other risks and
uncertainties detailed in this press release and our most recent
Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S.
Securities and Exchange Commission. If one or more of these or
other risks or uncertainties materialize (or the consequences of
such a development changes), or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those reflected
in our forward-looking statements. The forward-looking
statements speak only as of the date hereof, and we disclaim any
intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events
or otherwise.
|
U.S. SILICA
HOLDINGS, INC.
SELECTED FINANCIAL
DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited; dollars
in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Total sales
|
$
325,942
|
|
$ 336,037
|
|
$
442,240
|
|
Total cost of sales
(excluding depreciation, depletion and amortization)
|
223,724
|
|
226,764
|
|
293,133
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling, general and
administrative
|
30,754
|
|
31,653
|
|
29,163
|
|
Depreciation,
depletion and amortization
|
31,368
|
|
32,505
|
|
35,386
|
|
Total operating
expenses
|
62,122
|
|
64,158
|
|
64,549
|
|
Operating
income
|
40,096
|
|
45,115
|
|
84,558
|
|
Other (expense)
income:
|
|
|
|
|
|
|
Interest
expense
|
(24,263)
|
|
(25,622)
|
|
(24,061)
|
|
Other income
(expense), net, including interest income
|
2,523
|
|
17,778
|
|
(2,352)
|
|
Total other
expense
|
(21,740)
|
|
(7,844)
|
|
(26,413)
|
|
Income before income
taxes
|
18,356
|
|
37,271
|
|
58,145
|
|
Income tax
expense
|
(4,775)
|
|
(8,306)
|
|
(13,573)
|
|
Net income
|
$
13,581
|
|
$
28,965
|
|
$
44,572
|
|
Less: Net loss
attributable to non-controlling interest
|
(107)
|
|
(144)
|
|
(76)
|
|
Net income
attributable to U.S. Silica Holdings, Inc.
|
$
13,688
|
|
$
29,109
|
|
$
44,648
|
|
|
|
|
|
|
|
Earnings per share
attributable to U.S. Silica Holdings, Inc.:
|
|
|
|
|
|
|
Basic
|
$
0.18
|
|
$
0.38
|
|
$
0.58
|
|
Diluted
|
$
0.17
|
|
$
0.37
|
|
$
0.57
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
Basic
|
77,671
|
|
77,181
|
|
76,517
|
|
Diluted
|
79,032
|
|
78,799
|
|
78,292
|
|
U.S. SILICA
HOLDINGS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Dollars in
thousands)
|
|
|
Unaudited
|
|
Audited
|
|
March 31,
2024
|
|
December 31,
2023
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
234,481
|
|
$
245,716
|
|
Accounts receivable,
net
|
189,506
|
|
185,917
|
|
Inventories,
net
|
139,535
|
|
149,429
|
|
Prepaid expenses and
other current assets
|
15,124
|
|
19,682
|
|
Total current
assets
|
578,646
|
|
600,744
|
|
Property, plant and
mine development, net
|
1,107,352
|
|
1,125,220
|
|
Lease right-of-use
assets
|
41,678
|
|
41,095
|
|
Goodwill
|
185,649
|
|
185,649
|
|
Intangible assets,
net
|
129,033
|
|
131,384
|
|
Other assets
|
12,701
|
|
12,501
|
|
Total
assets
|
$
2,055,059
|
|
$
2,096,593
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
122,588
|
|
$
147,479
|
|
Current portion of
operating lease liabilities
|
17,753
|
|
18,569
|
|
Current portion of
long-term debt
|
12,708
|
|
16,367
|
|
Current portion of
deferred revenue
|
1,226
|
|
3,124
|
|
Income tax
payable
|
5,697
|
|
311
|
|
Total current
liabilities
|
159,972
|
|
185,850
|
|
Long-term debt,
net
|
796,755
|
|
823,670
|
|
Deferred
revenue
|
12,456
|
|
12,388
|
|
Liability for pension
and other post-retirement benefits
|
24,679
|
|
28,715
|
|
Deferred income taxes,
net
|
100,452
|
|
100,458
|
|
Operating lease
liabilities
|
53,912
|
|
55,089
|
|
Other long-term
liabilities
|
36,508
|
|
34,896
|
|
Total
liabilities
|
1,184,734
|
|
1,241,066
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
Common stock
|
891
|
|
877
|
|
Additional paid-in
capital
|
1,253,497
|
|
1,249,460
|
|
Retained
deficit
|
(190,471)
|
|
(204,159)
|
|
Treasury stock, at
cost
|
(202,363)
|
|
(196,745)
|
|
Accumulated other
comprehensive income (loss)
|
2,623
|
|
(125)
|
|
Total U.S. Silica
Holdings, Inc. stockholders' equity
|
864,177
|
|
849,308
|
|
Non-controlling
interest
|
6,148
|
|
6,219
|
|
Total stockholders'
equity
|
870,325
|
|
855,527
|
|
Total liabilities and
stockholders' equity
|
$
2,055,059
|
|
$
2,096,593
|
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses
to evaluate our operating performance and to determine resource
allocation between segments. Segment contribution margin excludes
selling, general, and administrative costs, corporate costs, plant
capacity expansion expenses, and facility closure costs.
The following table sets forth a reconciliation of net income,
the most directly comparable GAAP financial measure, to segment
contribution margin.
|
(All amounts
in thousands)
|
Three Months
Ended
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Sales:
|
|
|
|
|
|
|
Oil & Gas
Proppants
|
$
183,172
|
|
$
200,552
|
|
$
300,013
|
|
Industrial &
Specialty Products
|
142,770
|
|
135,485
|
|
142,227
|
|
Total sales
|
325,942
|
|
336,037
|
|
442,240
|
|
Segment contribution
margin:
|
|
|
|
|
|
|
Oil & Gas
Proppants
|
59,515
|
|
70,142
|
|
109,897
|
|
Industrial &
Specialty Products
|
45,949
|
|
46,794
|
|
42,929
|
|
Total segment
contribution margin
|
105,464
|
|
116,936
|
|
152,826
|
|
Operating activities
excluded from segment cost of sales
|
(3,246)
|
|
(7,663)
|
|
(3,719)
|
|
Selling, general and
administrative
|
(30,754)
|
|
(31,653)
|
|
(29,163)
|
|
Depreciation, depletion
and amortization
|
(31,368)
|
|
(32,505)
|
|
(35,386)
|
|
Interest
expense
|
(24,263)
|
|
(25,622)
|
|
(24,061)
|
|
Other income (expense),
net, including interest income
|
2,523
|
|
17,778
|
|
(2,352)
|
|
Income tax
expense
|
(4,775)
|
|
(8,306)
|
|
(13,573)
|
|
Net income
|
$
13,581
|
|
$
28,965
|
|
$
44,572
|
|
Less: Net loss
attributable to non-controlling interest
|
(107)
|
|
(144)
|
|
(76)
|
|
Net income
attributable to U.S. Silica Holdings, Inc.
|
$
13,688
|
|
$
29,109
|
|
$
44,648
|
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or
liquidity under GAAP and should not be considered as an alternative
to net income (loss) as a measure of operating performance, cash
flows from operating activities as a measure of liquidity or any
other performance measure derived in accordance with GAAP.
Additionally, Adjusted EBITDA is not intended to be a measure of
free cash flow for management's discretionary use, as it does not
consider certain cash requirements such as interest payments, tax
payments and debt service requirements. Adjusted EBITDA contains
certain other limitations, including the failure to reflect our
cash expenditures, cash requirements for working capital needs and
cash costs to replace assets being depreciated and amortized, and
excludes certain charges that may recur in the future. Management
compensates for these limitations by relying primarily on our GAAP
results and by using Adjusted EBITDA only supplementally. Our
measure of Adjusted EBITDA is not necessarily comparable to other
similarly titled captions of other companies due to potential
inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income,
the most directly comparable GAAP financial measure, to Adjusted
EBITDA:
|
(All amounts in
thousands)
|
Three Months
Ended
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Net income attributable
to U.S. Silica Holdings, Inc.
|
$
13,688
|
|
$
29,109
|
|
$
44,648
|
|
Total interest expense,
net of interest income
|
20,673
|
|
22,845
|
|
21,568
|
|
Provision for
taxes
|
4,775
|
|
8,306
|
|
13,573
|
|
Total depreciation,
depletion and amortization expenses
|
31,368
|
|
32,505
|
|
35,386
|
|
EBITDA
|
70,504
|
|
92,765
|
|
115,175
|
|
Non-cash incentive
compensation (1)
|
4,051
|
|
3,910
|
|
3,335
|
|
Post-employment
expenses (excluding service costs) (2)
|
(664)
|
|
982
|
|
(839)
|
|
Merger and acquisition
related expenses (3)
|
361
|
|
665
|
|
224
|
|
Plant capacity
expansion expenses (4)
|
47
|
|
6
|
|
66
|
|
Business optimization
projects (5)
|
(77)
|
|
846
|
|
956
|
|
Facility closure costs
(6)
|
345
|
|
3,462
|
|
81
|
|
Other adjustments
allowable under the Credit Agreement (7)
|
2,565
|
|
(14,045)
|
|
5,637
|
|
Adjusted
EBITDA
|
$
77,132
|
|
$
88,591
|
|
$
124,635
|
|
|
|
|
(1)
|
Reflects equity-based
and other equity-related compensation expense.
|
|
(2)
|
Includes net pension
cost and net post-retirement cost relating to pension and other
post-retirement benefit obligations during the applicable period,
but in each case excluding the service cost relating to benefits
earned during such period. Non-service net periodic benefit costs
are not considered reflective of our operating performance because
these costs do not exclusively originate from employee services
during the applicable period and may experience periodic
fluctuations as a result of changes in non-operating factors,
including changes in discount rates, changes in expected returns on
benefit plan assets, and other demographic actuarial
assumptions.
|
|
(3)
|
Merger and acquisition
related expenses include legal fees, professional fees, bank fees,
severance costs, and other employee related costs. While these
costs are not operational in nature and are not expected to
continue for any singular transaction on an ongoing basis, similar
types of costs, expenses and charges have occurred in prior periods
and may recur in the future as we continue to integrate prior
acquisitions and pursue any future acquisitions.
|
|
(4)
|
Plant capacity
expansion expenses include expenses that are not inventoriable or
capitalizable as related to plant expansion projects greater than
$2 million in capital expenditures or plant start up
projects. While these expenses are not operational in nature
and are not expected to continue for any singular project on an
ongoing basis, similar types of expenses have occurred in prior
periods and may recur in the future if we continue to pursue future
plant capacity expansion.
|
|
(5)
|
Reflects costs incurred
related to business optimization projects within our corporate
center, which aim to measure and improve the efficiency,
productivity and performance of our organization. While these costs
are not operational in nature and are not expected to continue for
any singular project on an ongoing basis, similar types of expenses
may recur in the future.
|
|
(6)
|
Reflects costs incurred
related to idled sand facilities and closed corporate offices,
including severance costs and remaining contracted costs such as
office lease costs, maintenance, and utilities. While these costs
are not operational in nature and are not expected to continue for
any singular event on an ongoing basis, similar types of expenses
may recur in the future.
|
|
(7)
|
Reflects miscellaneous
adjustments permitted under the Credit Agreement, such as
recruiting fees and relocation costs. The three months ended March
31, 2024 also included costs related to severance restructuring of
$0.1 million, $0.3 million of sales of assets, and $2.0 million
related to the loss on extinguishment of debt. The three months
ended December 31, 2023 also included costs related to severance
restructuring of $0.1 million, recruiting costs of $0.5 million,
and $1.0 million related to the loss on extinguishment of debt,
offset by net proceeds of the sale of assets of $12.4 million. The
three months ended March 31, 2023 also included costs related to
severance restructuring of $0.8 million, an adjustment to
non-controlling interest of $0.2 million and $5.3 million related
to the loss on extinguishment of debt, offset by an insurance
recovery of $0.8 million.
|
Adjusted EPS
Adjusted EPS is diluted earnings or loss per share adjusted to
exclude costs associated with merger & acquisition related
activities and strategic business reviews, costs associated with
business optimization, the effect of a non-recurring depreciation
adjustment, and gain or loss on debt extinguishment.
Management believes Adjusted EPS is useful in providing
period-to-period comparisons of the results of the Company's
operations to assist investors in reviewing the Company's operating
performance over time. Management believes it is useful to exclude
certain items when comparing current performance to prior periods
because these items can vary significantly depending on specific
underlying transactions or events. Also, management believes
certain excluded items may not relate specifically to current
operating trends or be indicative of future results.
The following table sets forth a reconciliation from GAAP EPS to
adjusted EPS:
|
Three Months
Ended
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Reported Diluted
EPS
|
$
0.17
|
|
$
0.37
|
|
$
0.57
|
|
Business
Optimization
|
—
|
|
0.01
|
|
0.01
|
|
Facility Closure
Costs
|
—
|
|
0.03
|
|
—
|
|
Asset
(Gain)/Loss
|
—
|
|
(0.15)
|
|
—
|
|
(Gain)/Loss on
extinguishment of debt
|
0.02
|
|
0.01
|
|
0.05
|
|
Other
|
0.01
|
|
0.01
|
|
0.01
|
|
Total
Adjustments
|
0.03
|
|
(0.09)
|
|
0.07
|
|
Adjusted Diluted
EPS
|
$
0.20
|
|
$
0.28
|
|
$
0.64
|
|
|
|
|
|
|
|
Diluted
Shares
|
79,032
|
|
78,799
|
|
78,292
|
Net Debt
Net Debt is calculated by adding together the current portion of
long-term debt and long-term debt, net and subtracting cash and
cash equivalents from the total. Net debt shows how a company's
indebtedness has changed over a period as a result of cash flows.
Net debt allows investors to see how business financing has changed
and assess whether an entity that has had a significant increase in
cash has, for example, achieved this only by taking on a
corresponding increase in debt. Net debt is not a measure of our
financial performance or liquidity under GAAP and should not be
considered as an alternative to net income as a measure of
operating performance, cash flows from operating activities as a
measure of liquidity or any other performance measure derived in
accordance with GAAP.
Net Leverage Ratio
Net Leverage Ratio is calculated by dividing net debt by
Trailing Twelve Month (TTM) Adjusted EBITDA. Management believes
that net leverage ratio provides useful information to investors
because it is an important indicator of the Company's indebtedness
in relation to its operating performance. Net Leverage Ratio should
be considered in addition to results prepared in accordance with
GAAP and should not be considered substitutes for or superior to
GAAP results. In addition, our Net Leverage Ratio may not be
comparable to similarly titled measures utilized by other
companies.
The following table sets forth a reconciliation for net debt and
net leverage ratio:
|
Three Months
Ended
|
|
(All amounts in
thousands)
|
March 31,
2023
|
June 30,
2023
|
September 30,
2023
|
December 31,
2023
|
March 31,
2024
|
|
Cash and cash
equivalents
|
$
(139,494)
|
$
(186,961)
|
$
(222,435)
|
$
(245,716)
|
$
(234,481)
|
|
Current portion of
long-term debt
|
13,590
|
10,152
|
19,763
|
16,367
|
12,708
|
|
Long-term
debt
|
897,013
|
871,913
|
847,849
|
823,670
|
796,754
|
|
Net debt
|
$ 771,109
|
$ 695,104
|
$ 645,177
|
$
594,321
|
$
574,981
|
|
|
|
|
|
|
|
TTM Adjusted
EBITDA
|
$ 425,291
|
$ 455,142
|
$ 454,565
|
$
439,000
|
$
391,497
|
|
Net Leverage
Ratio
|
1.8x
|
1.5x
|
1.4x
|
1.4x
|
1.5x
|
Forward-looking Non-GAAP Measures
A reconciliation of net leverage ratio and segment contribution
margin as used in our guidance, which are forward-looking non-GAAP
financial measures, to the most directly comparable GAAP financial
measure, is not provided because the Company is unable to provide
such reconciliations without unreasonable effort. The inability to
provide each reconciliation is due to the unpredictability of the
amounts and timing of events affecting the items we exclude from
the non-GAAP measure.
U.S. Silica Holdings, Inc.
Investor
Contact
Marcelo Barbosa
Vice President, Finance
(281) 258-2173
barbosa@ussilica.com
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SOURCE U.S. Silica