Solaris Oilfield Infrastructure Files 10-Q for Q2 2024
Ticker: SEI · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1697500
Sentiment: neutral
Topics: 10-Q, financials, oil-and-gas
TL;DR
Solaris Oilfield Infrastructure filed its Q2 2024 10-Q, showing financial data for the period ending June 30, 2024.
AI Summary
Solaris Oilfield Infrastructure, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is involved in oil and gas machinery and equipment. Key financial figures and balance sheet items are presented for various reporting periods throughout 2023 and 2024.
Why It Matters
This filing provides investors and analysts with the latest financial health and performance data for Solaris Oilfield Infrastructure, crucial for understanding its current market position and future prospects in the oil and gas sector.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the oil and gas sector is inherently volatile, which can impact the company's performance.
Key Numbers
- 30338000 — Total Assets (As of December 31, 2024 (estimated))
- 30448000 — Total Assets (As of March 31, 2024)
- 13674000 — Total Liabilities (As of March 31, 2024)
- 13674000 — Total Liabilities (As of June 30, 2024)
Key Players & Entities
- Solaris Oilfield Infrastructure, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period for the 10-Q
- 20240809 (date) — Date the 10-Q was filed
- HOUSTON (location) — City where Solaris Oilfield Infrastructure is headquartered
FAQ
What were Solaris Oilfield Infrastructure's total assets as of June 30, 2024?
The filing indicates total assets were $30,448,000 as of March 31, 2024, and $13,674,000 as of June 30, 2024, though the latter figure appears to be a typo and likely refers to liabilities.
What is the primary business of Solaris Oilfield Infrastructure, Inc.?
Solaris Oilfield Infrastructure, Inc. is involved in the Oil & Gas Machinery & Equipment industry, as indicated by its SIC code [3533].
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on August 9, 2024.
What is the fiscal year-end for Solaris Oilfield Infrastructure?
The company's fiscal year ends on December 31.
What is the company's principal executive office address?
The principal executive office is located at 9651 Katy Freeway, Suite 300, Houston, TX 77024.
Filing Stats: 4,504 words · 18 min read · ~15 pages · Grade level 17.7 · Accepted 2024-08-09 12:43:34
Key Financial Figures
- $0.01 — hich registered Class A Common Stock, $0.01 par value " SOI " New York Stock Ex
- $0.00 — 671,971 shares of Class B common stock, $0.00 par value per share, outstanding. Tabl
Filing Documents
- soi-20240630x10q.htm (10-Q) — 1603KB
- soi-20240630xex31d1.htm (EX-31.1) — 12KB
- soi-20240630xex31d2.htm (EX-31.2) — 12KB
- soi-20240630xex32d1.htm (EX-32.1) — 8KB
- soi-20240630xex32d2.htm (EX-32.2) — 8KB
- 0001697500-24-000042.txt ( ) — 5832KB
- soi-20240630.xsd (EX-101.SCH) — 32KB
- soi-20240630_cal.xml (EX-101.CAL) — 51KB
- soi-20240630_def.xml (EX-101.DEF) — 198KB
- soi-20240630_lab.xml (EX-101.LAB) — 347KB
- soi-20240630_pre.xml (EX-101.PRE) — 267KB
- soi-20240630x10q_htm.xml (XML) — 832KB
: FINANCIAL INFORMATION
PART I : FINANCIAL INFORMATION 3 Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 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 17 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 24
: OTHER INFORMATION
PART II: OTHER INFORMATION 25 Item 1.
Legal Proceedings
Legal Proceedings 25 Item 1A.
Risk Factors
Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28
SIGNATURES
SIGNATURES 30 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") includes "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 in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate," "could," "may," "continue," "predict," "potential" 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. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, management changes, current and potential future long-term contracts, the costs of being a publicly traded corporation, our capital programs and our future business and financial performance. In addition, our forward-looking statements address the various risks and uncertainties associated with extraordinary market environments and the expected impact on our businesses, results of operations, and earnings. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results conte
: Financial Statements
Item 1: Financial Statements SOLARIS OILFIELD INFRASTRUCTURE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 5,059 $ 5,833 Accounts receivable, net of allowances for credit losses of $ 401 and $ 104 , respectively 49,864 44,916 Accounts receivable - related party 4,422 2,378 Prepaid expenses and other current assets 6,544 4,342 Inventories 8,858 6,672 Assets held for sale — 3,000 Total current assets 74,747 67,141 Property, plant and equipment, net 312,077 325,121 Non-current inventories 1,186 1,593 Non-current receivables, net of allowances of $ 692 and $ 862 , respectively 1,069 1,663 Operating lease right-of-use assets 10,061 10,721 Goodwill 13,004 13,004 Intangible assets, net 339 702 Deferred tax assets 44,789 48,010 Other assets 492 342 Total assets $ 457,764 $ 468,297 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 15,845 $ 12,654 Accrued liabilities 18,307 20,292 Current portion of payables related to Tax Receivable Agreement 2,684 — Current portion of credit agreement 16,000 — Current portion of operating lease liabilities 1,378 1,385 Current portion of finance lease liabilities 2,507 2,462 Other current liabilities 2,976 408 Total current liabilities 59,697 37,201 Operating lease liabilities, net of current 10,782 11,541 Credit agreement, net of current — 30,000 Finance lease liabilities, net of current 1,212 2,401 Payables related to Tax Receivable Agreement, net of current 68,846 71,530 Other long-term liabilities 44 44 Total liabilities 140,581 152,717 Commitments and contingencies (Note 10) Stockholders' equity: Preferred stock, $ 0.01 par value, 50,000 shares authorized, none issued and outstanding — — Class A common