ProFrac Holding Corp. Reports 2022 Fourth Quarter and Full Year Financial and Operational Results.
WILLOW PARK, Texas: ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced financial and operational results for its fourth quarter and full year ended December 31, 2022.
Full Year 2022 Results
Total revenue of $2.4 billion, up 216% year-over-year
Net income totaled $342.7 million compared to a net loss of ($43.5) million in the previous year
Adjusted EBITDA(1) excluding Flotek increased approximately 520% year-over-year to $835.5 million
Adjusted EBITDA per active fleet(2) excluding Flotek was $27.9 million on 29.9 average active fleets during the year
Full year results include the consolidation of Flotek results which contributed $37.1 million in revenue excluding intercompany eliminations, and ($24.3) million in Adjusted EBITDA
Fourth Quarter 2022 Results and Recent Highlights
Total revenue grew approximately 14% sequentially to $794.1 million over 2022 third quarter revenue
Net income declined approximately 17% sequentially to $116 million
Adjusted EBITDA(1) excluding Flotek increased approximately 2% sequentially to $269.2 million
Annualized Adjusted EBITDA per fleet(2) excluding Flotek was $29.9 million on 36 average active fleets during the quarter
Fourth quarter results include the consolidation of Flotek results which contributed $15.9 million in revenue excluding intercompany eliminations, and ($5.8) million in Adjusted EBITDA
In the fourth quarter of 2022, the Company successfully closed on its acquisitions of US Well Services, the Eagle Ford sand mining operations of Monarch Silica, and Rev Energy Holdings
In the first quarter of 2023, the Company upsized the term loan credit facility by $320 million and closed on its acquisitions of Producers Service Holdings and Performance Proppants
Matt Wilks, ProFrac's Executive Chairman, stated, "I am extremely pleased with our company's commitment and hard work that continues to generate improved operational efficiencies and financial growth as we scale the business. We believe our vertically integrated business model positions ProFrac to reduce market volatility and deliver more consistent profitability throughout the cycle."
Ladd Wilks, ProFrac's Chief Executive Officer, added, "We are incredibly proud of our team's performance in the fourth quarter growing revenue by 14% sequentially despite an early round of cold weather that impacted operations. We continue to benefit from our vertically integrated services model. By controlling critical links in our...
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