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Solaris Oilfield Infrastructure Announces Third Quarter 2020 Results

Third Quarter 2020 Highlights

  • Net loss of $(3.3) million, or $(0.12) per diluted Class A share, for the quarter ended September 30, 2020; Adjusted pro forma net income of $(4.0) million, or $(0.09) per diluted share for the quarter ended September 30, 2020 (see below for a reconciliation of adjusted pro forma net income to net income attributable to Solaris)
  • Adjusted EBITDA of $3.1 million for the quarter ended September 30, 2020
  • Net cash provided by operating activities of $3.7 million for the quarter ended September 30, 2020
  • Positive free cash flow of $2.3 million for the quarter ended September 30, 2020
  • Paid a regular quarterly dividend of $0.105 per share on September 17, 2020

HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”), a leading independent provider of supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry, today reported financial results for the third quarter 2020.

Operational Update and Outlook

During the third quarter 2020, an average of 34 mobile proppant management systems were fully utilized, a 70% increase from the 20 fully utilized systems averaged in the second quarter of 2020. The increase in fully utilized systems was primarily due to a rebound in active hydraulic fracturing crews that began at the end of the second quarter of 2020. Assuming normal holiday seasonality, the Company expects its fourth quarter 2020 activity could be flat to up modestly.

“As our customers returned to a modest level of activity in the third quarter, the Solaris team was ready to help them get back to work and as a result, delivered another quarter of solid results and positive free cash flow,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “We are cautiously optimistic about further activity recovery in the coming year and remain committed to helping our customers operate more efficiently through well site innovation. We also remain committed to our shareholders by continuing to run as lean as possible, paying a dividend and maintaining our debt-free balance sheet.”

Third Quarter 2020 Financial Review

Solaris reported a net loss of $(3.3) million, or $(0.12) per diluted Class A share, for third quarter 2020, compared to a net loss of $(5.5) million, or $(0.20) per diluted Class A share, in second quarter 2020 and net income of $11.4 million, or $0.36 per diluted Class A share, in third quarter 2019. Adjusted pro forma net loss for third quarter 2020 was $(4.0) million, or $(0.09) per fully diluted share, compared to adjusted pro forma net loss in second quarter 2020 of $(7.0) million, or $(0.16) per fully diluted share, and adjusted pro forma net income of $14.2 million, or $0.30 per fully diluted share in third quarter 2019.

Adjusted EBITDA for third quarter 2020 was $3.1 million, compared to adjusted EBITDA of $(0.4) million in second quarter 2020 and $28.0 million in third quarter 2019.

Revenues were $20.5 million for third quarter 2020, which were up 120% from second quarter 2020 and down 66% compared to third quarter 2019.

Capital Expenditures, Free Cash Flow and Liquidity

Capital expenditures in third quarter 2020 were $1.3 million compared to capital expenditures of $0.9 million during second quarter 2020. Capital expenditures year-to-date 2020 were $2.9 million, and the Company expects capital expenditures for full year 2020 to be approximately $5 million.

Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during third quarter 2020 was $2.3 million, which represented the seventh consecutive quarter of positive free cash flow for the Company.

As of September 30, 2020, the Company had approximately $60.9 million of cash on the balance sheet, which reflects over $1.36 per fully diluted share of available cash. The Company’s $50.0 million credit facility remains undrawn.

Shareholder Returns

On August 28, 2020, the Company’s Board of Directors declared a cash dividend of $0.105 per share of Class A common stock, which was paid on September 17, 2020 to holders of record as of September 7, 2020. A distribution of $0.105 per unit was also approved for holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris LLC”). Since initiating the dividend in December 2018, the Company has paid 8 consecutive quarterly dividends. Cumulatively, the Company has returned approximately $68 million in cash to shareholders through dividends and share repurchases since December of 2018.

Conference Call

The Company will host a conference call to discuss its third quarter 2020 results on Friday, October 30, 2020 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 10147907. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures and rents mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States, including the Permian Basin, the Eagle Ford Shale, the STACK/SCOOP formation, the Marcellus and Utica Shales, the Haynesville Shale, the Rockies and the Bakken Shale. Additional information is available on the Solaris website, www.solarisoilfield.com.

Website Disclosure

We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the Securities and Exchange Commission’s (the “SEC”) Regulation FD. Accordingly, investors should monitor our website in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements on our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the SEC unless we expressly incorporate any such information by reference, and any references to our website are intended to be inactive textual references only.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of forward-looking statements include, but are not limited to, statements we make regarding our business strategy, our industry, our future profitability, the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the volatility in global oil markets and the COVID-19 pandemic, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. 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.

 

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2020

 

2019

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System rental

 

$

9,197

 

$

36,638

 

$

5,463

 

$

40,720

 

$

113,726

System services

 

 

10,855

 

 

18,153

 

 

3,419

 

 

35,231

 

 

48,621

Transloading services

 

 

310

 

 

4,417

 

 

264

 

 

1,039

 

 

15,131

Inventory software services

 

 

169

 

 

396

 

 

192

 

 

710

 

 

1,351

Total revenue

 

 

20,531

 

 

59,604

 

 

9,339

 

 

77,700

 

 

178,829

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of system rental (excluding depreciation and amortization)

 

 

1,181

 

 

2,838

 

 

823

 

 

4,018

 

 

7,737

Cost of system services (excluding depreciation and amortization)

 

 

13,126

 

 

21,072

 

 

6,013

 

 

43,269

 

 

56,366

Cost of transloading services (excluding depreciation and amortization)

 

 

243

 

 

652

 

 

202

 

 

783

 

 

2,051

Cost of inventory software services (excluding depreciation and amortization)

 

 

97

 

 

160

 

 

122

 

 

364

 

 

460

Depreciation and amortization

 

 

6,594

 

 

6,908

 

 

6,671

 

 

20,378

 

 

19,875

Selling, general and administrative (excluding depreciation and amortization)

 

 

3,840

 

 

4,933

 

 

3,967

 

 

12,212

 

 

13,967

Impairment loss

 

 

 

 

 

 

 

 

47,828

 

 

Other operating expenses (1)

 

 

1,856

 

 

248

 

 

2,274

 

 

5,329

 

 

529

Total operating costs and expenses

 

 

26,937

 

 

36,811

 

 

20,072

 

 

134,181

 

 

100,985

Operating income (loss)

 

 

(6,406)

 

 

22,793

 

 

(10,733)

 

 

(56,481)

 

 

77,844

Interest income (expense), net

 

 

(40)

 

 

(8)

 

 

(35)

 

 

36

 

 

(775)

Total other income (expense)

 

 

(40)

 

 

(8)

 

 

(35)

 

 

36

 

 

(775)

Income (loss) before income tax expense

 

 

(6,446)

 

 

22,785

 

 

(10,768)

 

 

(56,445)

 

 

77,069

Provision (benefit) for income taxes

 

 

(843)

 

 

3,703

 

 

(1,272)

 

 

(8,193)

 

 

12,042

Net income (loss)

 

 

(5,603)

 

 

19,082

 

 

(9,496)

 

 

(48,252)

 

 

65,027

Less: net (income) loss related to non-controlling interests

 

 

2,320

 

 

(7,684)

 

 

3,956

 

 

20,347

 

 

(28,036)

Net income (loss) attributable to Solaris

 

$

(3,283)

 

$

11,398

 

$

(5,540)

 

$

(27,905)

 

$

36,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of Class A common stock - basic

 

$

(0.12)

 

$

0.36

 

$

(0.20)

 

$

(0.97)

 

$

1.33

Earnings per share of Class A common stock - diluted

 

$

(0.12)

 

$

0.36

 

$

(0.20)

 

$

(0.97)

 

$

1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares of Class A common stock outstanding

 

 

28,787

 

 

30,951

 

 

28,638

 

 

28,912

 

 

27,270

Diluted weighted average shares of Class A common stock outstanding

 

 

28,787

 

 

30,980

 

 

28,638

 

 

28,912

 

 

27,317

(1)

 

Other operating expenses are primarily related to credit losses, loss on sale of assets and costs associated with workforce reductions.

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

September 30,

 

December 31,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

60,944

 

$

66,882

Accounts receivable, net of allowances for credit losses of $1,076 and $339 as of September 30, 2020 and December 31, 2019, respectively

 

 

18,044

 

 

38,554

Prepaid expenses and other current assets

 

 

2,716

 

 

5,002

Inventories

 

 

1,073

 

 

7,144

Total current assets

 

 

82,777

 

 

117,582

Property, plant and equipment, net

 

 

250,454

 

 

306,583

Non-current inventories

 

 

3,323

 

 

Operating lease right-of-use assets

 

 

4,612

 

 

7,871

Goodwill

 

 

13,004

 

 

17,236

Intangible assets, net

 

 

3,177

 

 

3,761

Deferred tax assets

 

 

59,325

 

 

51,414

Other assets

 

 

464

 

 

625

Total assets

 

$

417,136

 

$

505,072

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

9,122

 

$

3,824

Accrued liabilities

 

 

8,037

 

 

14,447

Current portion of payables related to Tax Receivable Agreement

 

 

 

 

1,416

Current portion of lease liabilities

 

 

600

 

 

626

Other current liabilities

 

 

75

 

 

74

Total current liabilities

 

 

17,834

 

 

20,387

Lease liabilities, net of current

 

 

7,499

 

 

7,985

Payables related to Tax Receivable Agreement

 

 

68,206

 

 

66,582

Other long-term liabilities

 

 

742

 

 

460

Total liabilities

 

 

94,281

 

 

95,414

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding

 

 

 

 

Class A common stock, $0.01 par value, 600,000 shares authorized, 28,842 shares issued and outstanding as of September 30, 2020 and 30,928 shares issued and 30,765 shares outstanding as of December 31, 2019

 

 

289

 

 

308

Class B common stock, $0.00 par value, 180,000 shares authorized, 15,785 shares issued and outstanding as of September 30, 2020 and 180,000 shares authorized, 15,939 issued and outstanding as of December 31, 2019

 

 

 

 

Additional paid-in capital

 

 

179,811

 

 

191,843

Retained earnings

 

 

25,098

 

 

74,222

Treasury stock (at cost), 0 shares and 163 shares as of September 30, 2020 and December 31, 2019, respectively

 

 

 

 

(2,526)

Total stockholders' equity attributable to Solaris and members' equity

 

 

205,198

 

 

263,847

Non-controlling interest

 

 

117,657

 

 

145,811

Total stockholders' equity

 

 

322,855

 

 

409,658

Total liabilities and stockholders' equity

 

$

417,136

 

$

505,072

 

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended September 30,

 

Three Months Ended
September 30,

 

 

2020

 

2019

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(48,252)

 

$

65,027

 

$

(5,603)

Adjustment to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

20,378

 

 

19,875

 

 

6,593

Loss on disposal of asset

 

 

1,439

 

 

181

 

 

37

Allowance for credit losses

 

 

2,880

 

 

 

 

1,247

Stock-based compensation

 

 

3,732

 

 

3,265

 

 

1,076

Amortization of debt issuance costs

 

 

132

 

 

709

 

 

44

Deferred income tax expense

 

 

(8,299)

 

 

11,284

 

 

(930)

Impairment loss

 

 

47,828

 

 

 

 

Other

 

 

(151)

 

 

37

 

 

(6)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

17,630

 

 

(4,369)

 

 

(8,130)

Prepaid expenses and other assets

 

 

1,876

 

 

2,088

 

 

2,093

Inventories

 

 

(359)

 

 

(2,555)

 

 

174

Accounts payable

 

 

5,245

 

 

(3,909)

 

 

5,098

Accrued liabilities

 

 

(6,069)

 

 

6,424

 

 

1,994

Deferred revenue

 

 

 

 

(9,508)

 

 

Net cash provided by operating activities

 

 

38,010

 

 

88,549

 

 

3,687

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Investment in property, plant and equipment

 

 

(2,901)

 

 

(32,914)

 

 

(1,343)

Proceeds from disposal of assets

 

 

724

 

 

130

 

 

64

Cash received from insurance proceeds

 

 

53

 

 

618

 

 

Net cash used in investing activities

 

 

(2,124)

 

 

(32,166)

 

 

(1,279)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(26,717)

 

 

 

 

Distribution and dividend paid to Solaris LLC unitholders and Class A common shareholders

 

 

(14,267)

 

 

(14,274)

 

 

(4,760)

Distribution to Solaris LLC unitholders for income tax withholding

 

 

(150)

 

 

 

 

(150)

Payments under finance leases

 

 

(24)

 

 

(26)

 

 

(6)

Payments under insurance premium financing

 

 

 

 

(1,443)

 

 

Proceeds from stock option exercises

 

 

64

 

 

294

 

 

Payments for shares withheld for taxes from RSU vesting and cancelled

 

 

(276)

 

 

 

 

(180)

Payments related to purchase of treasury stock

 

 

(454)

 

 

(1,108)

 

 

Payments related to debt issuance costs

 

 

 

 

(197)

 

 

Repayment of senior secured credit facility

 

 

 

 

(13,000)

 

 

Net cash used in financing activities

 

 

(41,824)

 

 

(29,754)

 

 

(5,096)

Net (decrease) increase in cash and cash equivalents

 

 

(5,938)

 

 

26,629

 

 

(2,688)

Cash and cash equivalents at beginning of period

 

 

66,882

 

 

25,057

 

 

63,632

Cash and cash equivalents at end of period

 

$

60,944

 

$

51,686

 

$

60,944

Non-cash activities

 

 

 

 

 

 

 

 

 

Investing:

 

 

 

 

 

 

 

 

 

Capitalized depreciation in property, plant and equipment

 

$

359

 

$

559

 

$

43

Capitalized stock based compensation

 

 

198

 

 

133

 

 

63

Property and equipment additions incurred but not paid at period-end

 

 

12

 

 

235

 

 

6

Property, plant and equipment additions transferred from inventory

 

 

359

 

 

5,355

 

 

3

Financing:

 

 

 

 

 

 

 

 

 

Insurance premium financing

 

 

 

 

1,869

 

 

Cash paid for:

 

 

 

 

 

 

 

 

 

Interest

 

 

99

 

 

200

 

 

33

Income taxes

 

 

796

 

 

663

 

 

(17)

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION — ADJUSTED EBITDA

(In thousands)

(Unaudited)

We view EBITDA and Adjusted EBITDA as important indicators of performance. We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense, including franchise taxes. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses.

We believe that our presentation of EBITDA and Adjusted EBITDA provides useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for each of the periods indicated.

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(5,603)

 

$

19,082

 

$

(9,496)

 

$

(48,252)

 

$

65,027

Depreciation and amortization

 

 

6,594

 

 

6,908

 

 

6,671

 

 

20,378

 

 

19,875

Interest (income) expense, net

 

 

40

 

 

8

 

 

35

 

 

(36)

 

 

775

Income taxes (1)

 

 

(843)

 

 

3,703

 

 

(1,272)

 

 

(8,193)

 

 

12,042

EBITDA

 

$

188

 

$

29,701

 

$

(4,062)

 

$

(36,103)

 

$

97,719

Stock-based compensation expense (2)

 

 

1,077

 

 

1,225

 

 

1,326

 

 

3,732

 

 

3,265

Loss on disposal of assets

 

 

38

 

 

99

 

 

1,345

 

 

1,451

 

 

383

Credit losses

 

 

1,246

 

 

 

 

740

 

 

2,698

 

 

Impairment loss

 

 

 

 

 

 

 

 

47,828

 

 

Severance expense

 

 

3

 

 

154

 

 

211

 

 

542

 

 

154

Other write-offs (3)

 

 

586

 

 

 

 

 

 

589

 

 

528

Transload contract termination (4)

 

 

 

 

(3,204)

 

 

 

 

 

 

(9,507)

Adjusted EBITDA

 

$

3,138

 

$

27,975

 

$

(440)

 

$

20,737

 

$

92,542

_________________________

(1)

 

Federal and state income taxes.

(2)

 

Represents stock-based compensation expense related to restricted stock awards.

(3)

 

Write-off of certain prepaid and cancelled purchase orders in the three and nine months ended September 30, 2020 and unamortized debt issuance costs in the nine months ended September 30, 2019 when the Amended and Restated Credit Agreement, dated as of January 19, 2018, was replaced in its entirety by the 2019 Credit Agreement.

(4)

 

Deferred revenue related to full termination of a sand storage and transloading agreement; no deferred revenue balance remained as of December 31, 2019.

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION — ADJUSTED PRO FORMA NET INCOME
AND ADJUSTED PRO FORMA EARNINGS PER FULLY DILUTED SHARE

(In thousands)

(Unaudited)

Adjusted pro forma net income represents net income attributable to Solaris assuming the full exchange of all outstanding membership interests in Solaris LLC not held by Solaris Oilfield Infrastructure, Inc. for shares of Class A common stock, adjusted for certain non-recurring items that the Company doesn't believe directly reflect its core operations and may not be indicative of ongoing business operations. Adjusted pro forma earnings per fully diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding Solaris LLC Units, after giving effect to the dilutive effect of outstanding equity-based awards.

When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding Solaris LLC Units, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Solaris as a result of increases in its ownership of Solaris LLC, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should not be considered alternatives to net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the net income attributable to Solaris. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income attributable to Solaris, the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully diluted share are set forth below.


Contacts

Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720

 

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