Smart Sand, Inc. Files Q2 2024 10-Q Report
Ticker: SND · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1529628
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Smart Sand's Q2 10-Q is in. Check financials for latest performance.
AI Summary
Smart Sand, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Specific financial figures and operational details are provided within the filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of Smart Sand, Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the underlying business of sand mining for energy can be subject to commodity price fluctuations and industry demand.
Key Players & Entities
- Smart Sand, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240813 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 13, 2024.
What is the company's Central Index Key (CIK)?
Smart Sand, Inc.'s Central Index Key (CIK) is 0001529628.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 1400, categorized under MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS).
What is the company's fiscal year end?
Smart Sand, Inc.'s fiscal year ends on December 31.
Filing Stats: 4,714 words · 19 min read · ~16 pages · Grade level 17.2 · Accepted 2024-08-13 16:28:49
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share SND Nasdaq Global Select Mark
Filing Documents
- snd-20240630.htm (10-Q) — 1020KB
- a2024q210qex311.htm (EX-31.1) — 10KB
- a2024q210qex312.htm (EX-31.2) — 10KB
- a2024q210qex321.htm (EX-32.1) — 5KB
- a2024q210qex322.htm (EX-32.2) — 5KB
- a2024q210qex951.htm (EX-95.1) — 45KB
- snd-20240630_g1.jpg (GRAPHIC) — 15KB
- 0001529628-24-000156.txt ( ) — 5273KB
- snd-20240630.xsd (EX-101.SCH) — 40KB
- snd-20240630_cal.xml (EX-101.CAL) — 96KB
- snd-20240630_def.xml (EX-101.DEF) — 147KB
- snd-20240630_lab.xml (EX-101.LAB) — 428KB
- snd-20240630_pre.xml (EX-101.PRE) — 297KB
- snd-20240630_htm.xml (XML) — 711KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 8 Notes to the Condensed Consolidated Financial Statements (Unaudited) 9 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 30 ITEM 4.
Controls and Procedures
Controls and Procedures 30 PART II OTHER INFORMATION 31 ITEM 1.
Legal Proceedings
Legal Proceedings 31 ITEM 1A.
Risk Factors
Risk Factors 31 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 ITEM 3. Defaults upon Senior Securities 31 ITEM 4. Mine Safety Disclosures 31 ITEM 5. Other Information 32 ITEM 6. Exhibits 33
SIGNATURES
SIGNATURES 34 1 Certain Definitions The following definitions apply throughout this quarterly report unless the context requires otherwise: "We", "Us", "Company", "Smart Sand" or "Our" Smart Sand, Inc., a company organized under the laws of Delaware, and its subsidiaries. "shares", "stock" The common stock of Smart Sand, Inc., nominal value $0.001 per share. "ABL Credit Facility", "ABL Credit Agreement", "ABL Security Agreement" The five-year senior secured asset-based lending credit facility (the "ABL Credit Facility") pursuant to: (i) an ABL Credit Agreement, dated December 13, 2019, between the Company and Jefferies Finance LLC, as amended from time to time (as amended, the "ABL Credit Agreement"); and (ii) a Guarantee and Collateral Agreement, dated December 13, 2019, between the Company and Jefferies Finance LLC, as agent, as amended from time to time (as amended, the "Security Agreement"). "Oakdale Equipment Financing", "MLA" The five-year Master Lease Agreement, dated December 13, 2019, between Nexseer Capital ("Nexseer") and related lease schedules in connection therewith (collectively, the "MLA"). The MLA was structured as a sale-leaseback of substantially all of the equipment at the Company's mining and processing facility located near Oakdale, Wisconsin. The Oakdale Equipment Financing was considered a lease under article 2A of the Uniform Commercial Code but was considered a financing arrangement (and not a lease) for accounting or financial reporting purposes. The MLA and all schedules were paid and full and terminated on June 28, 2024. "VFI Equipment Financing" The four-year Master Lease Agreement, dated May 9, 2024, between Varilease Finance, Inc. ("VFI") and related lease schedule entered into on June 26, 2024 in connection therewith (collectively, the "VFI Equipment Financing"). The VFI Equipment Financing was structured as a sale-leaseback of specific SmartSystems TM wellsite proppant storage equipment owned by the Company. The VFI E
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS SMART SAND, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (unaudited) (in thousands, except share amounts) Assets Current assets: Cash and cash equivalents $ 6,257 $ 6,072 Accounts receivable 26,232 23,231 Unbilled receivables 4,332 2,561 Inventory 25,031 26,823 Prepaid expenses and other current assets 2,929 3,217 Total current assets 64,781 61,904 Property, plant and equipment, net 246,530 255,092 Operating lease right-of-use assets 24,431 23,265 Intangible assets, net 5,480 5,876 Other assets 593 163 Total assets $ 341,815 $ 346,300 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 9,548 $ 16,041 Accrued expenses and other liabilities 12,808 11,024 Deferred revenue 636 1,154 Current portion of long-term debt 5,485 15,711 Current portion of operating lease liabilities 10,593 10,536 Total current liabilities 39,070 54,466 Long-term debt 9,330 3,449 Long-term operating lease liabilities 15,062 14,056 Deferred tax liabilities, net 15,029 12,101 Asset retirement obligations 20,421 19,923 Other non-current liabilities 38 38 Total liabilities 98,950 104,033 Commitments and contingencies (Note 12) Stockholders' equity Common stock, $ 0.001 par value, 350,000,000 shares authorized; 46,254,641 issued and 38,771,217 outstanding at June 30, 2024; 45,858,022 issued and 38,486,762 outstanding at December 31, 2023 39 39 Treasury stock, at cost, 7,483,424 and 7,371,260 shares at June 30, 2024 and December 31, 2023, respectively ( 14,471 ) ( 14,249 ) Additional paid-in capital 183,492 181,973 Retained earnings 73,893 74,539 Accumulated other comprehensive loss ( 88 ) ( 35 ) Total stockholders' equity 242,865 242,267 Total liabilities and stockholders' equity $ 341,815 $ 346,300 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 SMART SAND, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERAT