Latest news with #JohnTurner
Yahoo
4 days ago
- Automotive
- Yahoo
Kodiak Announces Delivery of Two Additional Customer-Owned and -Operated Driverless Trucks to Atlas; Launches Driverless Service Up To 24/7
With the delivery of these new trucks, Atlas Energy Solutions now owns and operates a fleet of four driverless trucks equipped with Kodiak's technology, with more expected in 2025 Atlas's fully driverless trucks are now capable of operating up to 24/7 MOUNTAIN VIEW, Calif., June 10, 2025 /PRNewswire/ -- Kodiak Robotics, Inc. ("Kodiak"), a leading provider of AI-powered autonomous vehicle technology, today announced the delivery of two additional driverless trucks to Atlas Energy Solutions Inc. ("Atlas") and the launch of up to 24/7 driverless service, stopping only for things such as maintenance and refueling. Atlas now owns and operates four trucks equipped with the Kodiak Driver, Kodiak's advanced AI-powered autonomous solution. The new Kodiak Driver-powered trucks entered service in late May. The two new Kodiak Driver-powered trucks are part of a 100-truck order placed by Atlas as the company seeks to automate its supply chain. The driverless trucks pick up frac sand from Atlas's Dune Express, a 42-mile conveyor system that carries the sand from Atlas's mine closer to well sites. From there, the driverless trucks transport the sand to Atlas's customer well sites across in the Permian Basin, which spans parts of West Texas and Eastern New Mexico. "Our initial rollout of Kodiak Driver-powered driverless trucks represents a significant operational milestone in our autonomous strategy, creating a clear path to continue scaling our businesses together," said John Turner, President and CEO, Atlas Energy Solutions. "Kodiak's autonomous technology can meaningfully help us address challenges ranging from driver recruitment to demanding operating conditions. We plan to continue adding Kodiak Driver-powered trucks to our fleet helping to strengthen our long-term competitiveness." Since launching commercial operations with driverless trucks in December 2024, Atlas's Kodiak Driver-powered trucks have delivered over 800 loads and conducted over 1,600 hours of driverless service. In April, Kodiak announced that it had received a firm commitment from Atlas to order an initial total of 100 trucks, after Kodiak achieved certain key performance and operational milestones. Kodiak offers its Kodiak Driver-powered trucks under a Driver as a Service model, where customers pay a per-mile or per-vehicle licensing fee that covers driverless operations and ongoing system support, with its trucks delivering day and night in most weather conditions. "We continue to make rapid progress on the Kodiak Driver's core technology, enabling such critical features as night driving, " said Don Burnette, Founder and CEO of Kodiak. "Our work with Atlas demonstrates the Kodiak Driver's ability to provide value to commercial trucking customers. We believe the driverless operational experience we're gaining in the Permian Basin will position us to more efficiently scale our driverless operations across domains, including on-highway." About Kodiak Robotics, Robotics, Inc. was founded in 2018 and is a leading provider of AI-powered autonomous vehicle technology that is designed to help tackle some of the toughest driving jobs. Kodiak's driverless solution can help address the critical problem of safely transporting goods in the face of unprecedented supply chain challenges. Kodiak's vision is to become the trusted world leader in autonomous ground transportation. Kodiak is committed to a safer and more efficient future for all through the commercialization of driverless trucking at scale. To that end, Kodiak developed the Kodiak Driver, a virtual driver that combines advanced AI-powered software with modular and vehicle-agnostic hardware designed to help address Kodiak's customers' needs. The Kodiak Driver is not just an idea—it is operating without a human driver today. Kodiak serves customers in both commercial trucking and the public sector. In 2024, Kodiak believes it achieved a historic milestone by becoming the first company to deploy customer-owned and -operated driverless trucks in commercial service. The Kodiak Driver is also being utilized in the public sector, where Kodiak believes it can support national security initiatives and critical government applications. About Atlas Energy SolutionsAtlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas's portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements relating to Kodiak's and Atlas's expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "seek," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding: the ability of Kodiak and Atlas to scale their businesses together; the ability of Kodiak's to help address certain challenges facing Atlas's business and improve Atlas's competitiveness; and Kodiak's ability to efficiently scale its business. These statements are based on various assumptions and on the current expectations of Kodiak's or Atlas's management, as applicable, and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; the rapid evolution of autonomous vehicle technology and flaws or errors in Kodiak's solutions or flaws in or misuse of autonomous vehicle technology in general; the effects of competition; supply shortages in the materials necessary for the production of the Kodiak Driver; risks related to working with third-party manufacturers for key components of the Kodiak Driver; risks related to the retrofitting of Kodiak's vehicles by third parties; and the termination or suspension of any of Kodiak's contracts or the reduction in counterparty spending, including with Atlas. View original content to download multimedia: SOURCE Kodiak Robotics Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
23-05-2025
- Sport
- BBC News
Four wickets for Crocombe as Sussex bowl out Hants
Rothesay County Championship Division One, Utilita Bowl (day one)Hampshire 154: Brown 53*, Middleton 34; Crocombe 4-27Sussex 110-5: Alsop 30, Coles 23; Turner 3-24Hampshire 0 pts, Sussex 3 ptsMatch scorecard Henry Crocombe and John Turner demonstrated their winter work with Dale Steyn with whirlwind spells as 15 wickets fell on the first day at Utilita Bowl in the County bowlers Crocombe and Turner were part of the England Lions squad mentored by South Africa legend Steyn, and coached by Andrew Flintoff, over the Crocombe, on his first appearance of the summer, claimed 4-27 – with his four wickets coming in 11 afternoon deliveries – to roll south coast rivals Hampshire for reply, Turner ripped through the Sussex middle-order with three wickets in nine evening balls as the visitors slipped to 83-5, before blocking their way to 110-5 by close – still 44 runs chose to bat on a very green surface, one which would prove to nip and bounce unevenly as the day Stoneman only lasted four balls before he edged to second slip – the first of five Hampshire ducks. The rest of the host's top order all got starts, but only Ben Brown would kick Middleton, on the back of a match-winning 76 at Trent Bridge, oozed confidence with 34 and dominated a 43-run stand with Nick he fell leg before to Fynn Hudson-Prentice, before Tom Prest cramped himself for room and was caught at second slip for 18 and Gubbins was lbw to Jack Carson's second Dawson began with four, six, four off Carson, but post-lunch Crocombe came alive with a blistering had not played so far this season due to a shoulder injury – which has dogged his recent campaigns – but with a return to fitness tied with Ollie Robinson rested with an ankle problem, he stepped up.A strong end to last season, having only made his first first-team appearance of the season in the Metro Bank One-Day Cup in July, earned him a place on the Lions tour to South Africa. He only played once, taking a tidy sent Liam Dawson's leg stumps spearing, before yorking Toby Albert first up. His hat-trick ball was a low full toss, but in his following over, he displaced James Fuller's middle-stump with one that jagged fourth wicket in 11 balls saw one rise off a length to take the shoulder of Kyle Abbott's bat and leap to third looked unbeatable as he went to 50 in 98 balls, against the team he spent 14 years, but there was little other resistance. James Coles polished off the tail by bowling Brad Wheal and John reply, Sussex's openers were not allowed to settle, with Tom Haines pouched at first slip and Oli Carter caught Tom Alsop and Coles put on 63 runs without a great deal of worry before Turner did his best Crocombe gone for 19 runs in his first 17 legal deliveries, Turner produced searing pace to take Alsop's outside edge from just back of a out-of-form Tom Clark was squared up to edged to the cordon, before Coles was castled attempting a booming drive. Turner had three wickets in nine balls to put Sussex in Simpson, who was dropped first ball, barely played a shot in anger as he and Hudson-Prentice reached close without further damage, facing 94 balls in their stubborn Reporters' Network supported by Rothesay
National Post
18-05-2025
- Politics
- National Post
Raymond J. de Souza: Parliament needs to shed its 'Rat Pack' rowdiness
Forty years ago a light-hearted moment in Parliament indicated darker days ahead. Article content In May 1985 the ' Rat Pack' made up T-shirts and presented one to John Turner, the leader of the opposition. It was thought some innocent fun, a bit of brio for a deflated Liberal party. Even if it was fun then, it hasn't been for a long time. Article content After the 1984 Mulroney landslide, the Liberals were in rough shape, reduced to only 40 MPs, only 10 more than the NDP, and wondering about their relevance. Into that vacuum stepped four MPs — young, brash and attention-seeking. They pilloried the Mulroney government in question period, especially in regard to patronage and assorted scandals. They brought energy to the dispirited, dreary Grits. Article content Article content They got the nickname 'Rat Pack' and revelled in it. Brian Tobin of Newfoundland was the senior 'statesman' of the group, having been first elected in 1980. The other three were part of the 1984 intake: Sheila Copps of Hamilton, Ont., John Nunziata from Toronto and Don Boudria from east of Ottawa. Article content Article content Parliament had only been broadcast since the late 1970s. Television was introduced to inform, but carried with it the potential to outrage. The Rat Pack brought the outrage in abundance. It made for good television, contemporary with salacious daytime talk shows and 15 years ahead of reality television. Article content The Rat Pack was politically effective. Turner encouraged them because they brought new vigour; Brian Mulroney's cabinet — John Crosbie most of all — inveighed against them as they held it to account; the media loved them for generating easy-to-cover controversy; and the public rewarded the Rat Pack with the higher profiles that led to three of the four becoming cabinet ministers. Article content The proudly progressive Rat Pack would be loath to consider themselves progenitors of Trumpian politics, but the all-outrage-all-the-time, name-calling, hyper-partisan, attack-dog style is not a matter of liberal or conservative. It may be more compatible with populist politicians, but that it was perfected by the Liberal Rat Pack demonstrates that it is malleable packaging that can be wrapped around shifting content. Article content Article content Parliament will resume sitting in 10 days with the genuine grace of having King Charles III read the Speech from the Throne. It was an inspired invitation from Prime Minister Mark Carney, and there is no doubt that His Majesty's visit will inspire patriotism and pride in a sovereign Canada. Article content Article content It will be the perfect occasion to restore the dignity of Parliament, especially question period in the House of Commons. For those who can bear to watch, the affair is marked by duelling ovations, each side leaping to its feet to feverishly applaud any and all utterances, no matter how banal, devoid of wit, or empty of substance. When not standing in a cacophonous uproar, they are seated, barracking in a never-ending orgy of argy-bargy. Article content It doesn't have to be that way. Alberta showed the way some years ago, after Jason Kenney won the Progressive Conservative leadership in 2017. After witnessing the raucous spectacle of the legislature (before he had a seat), he vowed to do something about it if elected. When he entered the legislature in 2018 as leader of the United Conservative Party in opposition, he declared unilateral disarmament. His caucus would not applaud, heckle or thump their desks. In early 2019, he promised, if elected premier, the UCP would change the standing orders to demand decorum all around. He did, and Albertans could be proud of the MLAs on both sides. Regrettably, those reforms have not endured under his successor.
Business Wire
05-05-2025
- Business
- Business Wire
Atlas Energy Solutions Announces First Quarter 2025 Results
AUSTIN, Texas--(BUSINESS WIRE)--Atlas Energy Solutions Inc. (NYSE: AESI) ('Atlas' or the 'Company') today reported financial and operating results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights Total sales of $297.6 million Net income of $1.2 million (0% Net Income Margin) Adjusted EBITDA of $74.3 million (25% Adjusted EBITDA Margin) (1) Net cash used in operating activities of $7.5 million Adjusted Free Cash Flow of $58.8 million (20% Adjusted Free Cash Flow Margin) (1) Maintained quarterly dividend of $0.25 per share, payable May 22, 2025 Financial Summary . Three Months Ended March 31, 2025 March 31, 2024 December 31, 2024 (unaudited, in thousands, except percentages) Revenue $ 297,591 $ 192,667 $ 271,338 Net income $ 1,219 $ 26,787 $ 14,402 Net Income Margin 0 % 14 % 5 % Adjusted EBITDA $ 74,291 $ 75,543 $ 63,236 Adjusted EBITDA Margin 25 % 39 % 23 % Net cash provided by (used in) operating activities $ (7,450 ) $ 39,562 $ 70,853 Adjusted Free Cash Flow $ 58,758 $ 71,083 $ 47,934 Adjusted Free Cash Flow Margin 20 % 37 % 18 % Expand (1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP financials measures. See Non-GAAP Financial Measures for a discussion of these measures and a reconciliation of these measures to our most directly comparable financial measures calculated and presented in accordance with GAAP. Expand John Turner, President & CEO, commented, 'The first quarter of 2025 was an exciting start to the year for Atlas with the acquisition of Moser Energy Systems and the start-up of the Dune Express. The acquisition of Moser provides Atlas with a compelling platform for future growth, and we are excited to scale the business and implement technologies to increase efficiencies for both our operations and our customers that we proudly serve. We continue to make significant progress in the ramp-up of the Dune Express and remain focused on reaching full effective utilization this year. While our first quarter results were impacted by higher operating costs tied to the start-up of the Dune Express, we are extremely proud of our team's strong operational execution this quarter.' 'With the heightened current uncertainty around the global economic outlook and commodity prices, we have seen some customers choose to defer development projects planned for the second quarter into the latter half of the year in order to better gauge what direction the market is headed. While we do not know ultimately what will transpire in the market, Atlas' ability to improve wellsite efficiencies and generate incremental savings for our customer base positions us well for whatever outcome we ultimately see.' First Quarter 2025 Financial Results First quarter 2025 total sales increased $26.3 million, or 9.7% when compared to the fourth quarter of 2024, to $297.6 million. Product sales increased $11.3 million, or 8.8% when compared to the fourth quarter of 2024, to $139.7 million. First quarter 2025 sales volumes increased to 5.7 million tons, or 11.8% when compared to the fourth quarter of 2024. Service sales increased $7.7 million, or 5.4% when compared to the fourth quarter of 2024, to $150.6 million. First quarter 2025 rental revenue was $7.3 million. First quarter 2025 cost of sales (excluding depreciation, depletion and accretion expense) ('cost of sales') increased by $15.1 million, or 7.9% when compared to the fourth quarter of 2024, to $206.1 million. The increase in our cost of sales was primarily driven by increased product and service sales. Selling, general and administrative expenses ('SG&A') for the first quarter of 2025 increased $8.9 million, or 34.9% when compared to the fourth quarter of 2024, to $34.4 million, primarily driven by $8.2 in acquisition-related and other transactions costs, along with $6.5 million in stock-based compensation. Net income for the first quarter of 2025 was $1.2 million, and Adjusted EBITDA for the first quarter of 2025 was $74.3 million. Liquidity, Capital Expenditures and Other As of March 31, 2025, the Company's total liquidity was $193.5 million, which was comprised of $68.7 million in cash and cash equivalents, $124.8 million of availability under the Company's 2023 ABL Credit Facility. Net cash used in investing activities was $228.5 million during the first quarter of 2025, driven largely by the cash component of the Moser acquisition, along with remaining costs associated with the construction of the Dune Express. Quarterly Cash Dividend On May 2, 2025, the Board of Directors of Atlas declared a dividend to common stockholders of $0.25 per share, or approximately $30.9 million in aggregate to shareholders. The dividend will be payable on May 22, 2025 to shareholders of record at the close of business on May 15, 2025. Future Guidance The Company is providing financial guidance for the second quarter of 2025. Guidance is based on current outlook and plans and is subject to a number of known and unknown uncertainties and risks and constitutes 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 as further described under the Cautionary Statement below. Actual results may differ materially from the guidance set forth below. For the second quarter of 2025, management expects sales volumes and Adjusted EBITDA to be relatively flat to up sequentially compared to first quarter levels. Conference Call Information The Company will host a conference call to discuss financial and operational results on Tuesday, May 6, 2025 at 9:00am Central Time (10:00am Eastern Time). Individuals wishing to participate in the conference call should dial (877) 407-4133. A live webcast will be available at Please access the webcast or dial in for the call at least 10 minutes ahead of the start time to ensure a proper connection. An archived version of the conference call will be available on the Company's website shortly after the conclusion of the call. The Company will also post an updated investor presentation titled 'Investor Presentation May 2025', in addition to a "May 2025 Growth Projects Update" video, at in the "Presentations' section under 'News & Events' tab on the Company's Investor Relations webpage prior to the conference call. About Atlas Energy Solutions Atlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas's portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders. Cautionary Statement Regarding Forward-Looking Statements This press release contains 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 or prospective in nature, that depend upon or refer to future events or conditions or that include the words 'may,' 'assume,' 'forecast,' 'position,' 'strategy,' 'potential,' 'continue,' 'could,' 'will,' 'plan,' 'project,' 'budget,' 'predict,' 'pursue,' 'target,' 'seek,' 'objective,' 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate' 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. Examples of forward-looking statements include, but are not limited to statements regarding: the anticipated financial performance of Atlas following the recent acquisition of Moser Energy Systems (the 'Moser Acquisition'), expected accretion to Adjusted EBITDA, expectations regarding the leverage and dividend profile and expectations of Atlas, our plans and expectations regarding our stock repurchase program; the expected synergies and efficiencies to be achieved as a result of the Moser Acquisition; expansion and growth of Atlas's business following the Moser Acquisition, our business strategy, industry, future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance. Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: uncertainties as to whether the Moser Acquisition will achieve its anticipated benefits and projected synergies within the expected time period or at all; Atlas's ability to integrate Moser's operations in a successful manner and in the expected time period; unforeseen or unknown liabilities, future capital expenditures and potential litigation relating to the Moser Acquisition; unexpected future capital expenditures; our ability to successfully execute our stock repurchase program or implement future stock repurchase programs; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine and Israel and Hamas; increasing hostilities and instability in the Middle East; adverse developments affecting the financial services industry; changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by U.S. and foreign governments; our ability to complete growth projects, on time and on budget; the risk that stockholder litigation in connection with our recent corporate reorganization may result in significant costs of defense, indemnification and liability; changes in general economic, business and political conditions, including changes in the financial markets; transaction costs; actions of OPEC+ to set and maintain oil production levels; the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil; inflation; environmental risks; operating risks; regulatory changes; lack of demand; market share growth; the uncertainty inherent in projecting future rates of reserves; production; cash flow; access to capital; the timing of development expenditures; the ability of our customers to meet their obligations to us; our ability to maintain effective internal controls; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission ('SEC'), including those discussed under the heading 'Risk Factors' in our Annual Report on Form 10-K, filed with the SEC on February 25, 2025, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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. Atlas Energy Solutions Inc. Condensed Consolidated Statements of Cash Flows (unaudited, in thousands) Three Months Ended Operating activities: Net income $ 1,219 $ 26,787 $ 14,402 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and accretion expense 38,264 18,007 31,342 Amortization of debt discount 1,109 407 1,038 Amortization of deferred financing costs 106 78 117 Amortization expense of acquired intangible assets 4,785 1,061 3,743 Stock-based compensation 6,518 4,206 6,420 Deferred income tax 1,379 7,521 4,569 Other (122 ) (5 ) 62 Changes in operating assets and liabilities: (60,708 ) (18,500 ) 9,160 Net cash provided by (used in) operating activities (7,450 ) 39,562 70,853 Investing activities: Purchases of property, plant and equipment (52,389 ) (95,486 ) (76,431 ) Acquisition, net of cash acquired (181,511 ) (142,233 ) (11,192 ) Proceeds from insurance recovery 5,398 — 4,700 Net cash used in investing activities (228,502 ) (237,719 ) (82,923 ) Financing Activities: Proceeds from equity offering, net of issuance costs 253,070 — — Proceeds from term loan borrowings 188,805 148,500 20,000 Principal payments on term loan borrowings (4,725 ) (1,381 ) (4,452 ) Payment on ABL credit facility (70,000 ) — — Payment on Deferred Cash Consideration Note (101,252 ) — — Payments under finance leases (959 ) (65 ) (851 ) Repayment of equipment finance notes (841 ) (216 ) (1,036 ) Dividends (30,435 ) (21,005 ) (26,451 ) Taxes withheld on vesting RSUs (595 ) — (2,067 ) Issuance costs associated with debt financing (146 ) (730 ) (6 ) Proceeds from ABL credit facility — 50,000 20,000 Net cash provided by financing activities 232,922 175,103 5,137 Net decrease in cash and cash equivalents (3,030 ) (23,054 ) (6,933 ) Cash and cash equivalents, beginning of period 71,704 210,174 78,637 Cash and cash equivalents, end of period $ 68,674 $ 187,120 $ 71,704 Expand Atlas Energy Solutions Inc. Condensed Consolidated Balance Sheets (in thousands) As of As of March 31, 2025 December 31, 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 68,674 $ 71,704 Accounts receivable, net 244,735 165,967 Inventories, prepaid expenses and other current assets 62,965 51,747 Total current assets 376,374 289,418 Property, plant and equipment, net 1,552,680 1,486,246 Right-of-use assets 21,285 18,666 Goodwill 136,290 68,999 Intangible assets 203,666 105,867 Other long-term assets 4,485 3,456 Total assets $ 2,294,780 $ 1,972,652 Liabilities and stockholders' equity Current liabilities: Accounts payable, including related parties 115,523 119,244 Accrued liabilities and other current liabilities 82,843 80,085 Current portion of long-term debt 33,656 43,736 Total current liabilities 232,022 243,065 Long-term debt, net of discount and deferred financing costs 493,531 466,989 Deferred tax liabilities 243,845 206,872 Other long-term liabilities 24,311 19,170 Total liabilities 993,709 936,096 Total stockholders' equity 1,301,071 1,036,556 Total liabilities and stockholders' equity $ 2,294,780 $ 1,972,652 Expand Non-GAAP Financial Measures Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others, in the case of Adjusted EBITDA, to assess our consolidated operating performance on a consistent basis across periods by removing the effects of development activities, provide views on capital resources available to organically fund growth projects and, in the case of Adjusted Free Cash Flow, assess the financial performance of our assets and their ability to sustain dividends or reinvest to organically fund growth projects over the long term without regard to financing methods, capital structure, or historical cost basis. These measures do not represent and should not be considered alternatives to, or more meaningful than, net income, income from operations, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted EBITDA and Adjusted Free Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Adjusted Free Cash Flow Conversion and Maintenance Capital Expenditures may differ from computations of similarly titled measures of other companies. Non-GAAP Measure Definitions: We define Adjusted EBITDA as net income before depreciation, depletion and accretion, amortization expense of acquired intangible assets, interest expense, income tax expense, stock and unit-based compensation, loss on extinguishment of debt, loss on disposal of assets, insurance recovery (gain), unrealized commodity derivative gain (loss), other acquisition related costs, and other non-recurring costs. Management believes Adjusted EBITDA is useful because it allows management to more effectively evaluate the Company's consolidated operating performance and compare the results of its operations from period to period and against our peers without regard to financing method or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain prior period non-recurring costs of goods sold are now included as an add-back to adjusted EBITDA in order to conform to the current period presentation and to more accurately describe the Company's consolidated operating performance and results period over period. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total sales. We define Adjusted Free Cash Flow as Adjusted EBITDA less Maintenance Capital Expenditures. Management believes that Adjusted Free Cash Flow is useful to investors as it provides a measure of the ability of our business to generate cash. We define Adjusted Free Cash Flow Margin as Adjusted Free Cash Flow divided by total sales. We define Adjusted Free Cash Flow Conversion as Adjusted Free Cash Flow divided by Adjusted EBITDA. We define Maintenance Capital Expenditures as capital expenditures excluding growth capital expenditures and reconstruction of previously incurred growth capital expenditures. Atlas Energy Solutions Inc. – Supplemental Information (unaudited, in thousands) Three Months Ended March 31, 2025 March 31, 2024 December 31, 2024 Net income $ 1,219 $ 26,787 $ 14,402 Depreciation, depletion and accretion expense 38,264 18,007 31,342 Amortization expense of acquired intangible assets 4,785 1,061 3,743 Interest expense 13,046 6,976 12,257 Income tax expense 2,293 7,935 4,420 EBITDA $ 59,607 $ 60,766 $ 66,164 Stock-based compensation 6,518 4,206 6,420 Insurance recovery (gain) (1) — — (10,098 ) Other non-recurring costs (2) 849 368 — Other acquisition related costs (3) 7,317 10,203 750 Adjusted EBITDA $ 74,291 $ 75,543 $ 63,236 Maintenance Capital Expenditures (4) $ 15,533 $ 4,460 $ 15,302 Adjusted Free Cash Flow $ 58,758 $ 71,083 $ 47,934 Expand Atlas Energy Solutions Inc. – Supplemental Information Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities (unaudited, in thousands, except percentages) Three Months Ended March 31, 2025 March 31, 2024 December 31, 2024 Net cash provided by (used in) operating activities $ (7,450 ) $ 39,562 $ 70,853 Current income tax expense (benefit) (4) 914 414 (149 ) Change in operating assets and liabilities 60,708 18,500 (9,160 ) Cash interest expense (4) 11,831 6,491 11,102 Maintenance capital expenditures (4) (15,533 ) (4,460 ) (15,302 ) Other non-recurring costs (2) 849 368 — Other acquisition related costs (3) 7,317 10,203 750 Insurance recovery (gain) (1) — — (10,098 ) Other 122 5 (62 ) Adjusted Free Cash Flow $ 58,758 $ 71,083 $ 47,934 Adjusted EBITDA Margin 25 % 39 % 23 % Adjusted Free Cash Flow Margin 20 % 37 % 18 % Adjusted Free Cash Flow Conversion 79 % 94 % 76 % Expand (1) Represents insurance recovery (gain) deemed collectible and legally enforceable related to the fire at one of the Kermit plants. (2) Other non-recurring costs includes costs incurred during our 2025 Term Loan Credit Facility transaction, reorganization under a new public holding company (the 'Up-C Simplification'), temporary loadout, and other infrequent and unusual costs. (3) Represents transactions costs incurred in connection with acquisitions, including fees paid to finance, legal, accounting and other advisors, employee retention and benefit costs, and other operational and corporate costs. (4) A reconciliation of these items used to calculate Adjusted Free Cash Flow to comparable GAAP measures is included below. Expand (1) Positive working capital changes reflect capital expenditures in the current period that will be paid in a future period. Negative working capital changes reflect capital expenditures incurred in a prior period but paid during the period presented. In addition, this amount includes equipment assets acquired through debt. Expand Expand Expand
Irish Times
02-05-2025
- Business
- Irish Times
How to fix the Northern Ireland economy
Over the last 50 years, the North's economy has performed poorly, not only relative to the Republic but also compared to the rest of the United Kingdom. While the Troubles had a big impact in the 1970s and 1980s, the 25 years since the Belfast Agreement have not been marked by a recovery in its position within the UK, despite Stormont having control over important aspects of its economy. Northern Ireland could do much better if it had a long-term strategy designed to raise productivity and living standards. Some of the vital elements of such a strategy were considered at an Economic & Social Research Institute (ESRI) 'shared island' conference earlier this week. [ Republic and NI must co-operate to attract foreign investment to Border counties, says Taoiseach Opens in new window ] When compared to the rest of the UK. the North spends more per head on education and health, but gets poorer outcomes. The priority should be to raise the delivery of key public services to the standard of the rest of the United Kingdom. This means managing the North's existing resources at least as well as the rest of the UK. READ MORE Unlike the rest of the United Kingdom, which abandoned such selection decades ago, today in the North 40 per cent of children are selected at age 11 to go to grammar school, with the remaining 60 per cent facing poorer prospects and life chances. This results in a much higher level of early school leaving than elsewhere in the UK or the Republic, with serious long-term social and economic consequences. An effective way to tackle underperforming education would be to eliminate selection at age 11, integrate Protestant and Catholic schools, and provide a unitary post-primary system. Instead of having four second-level schools, Catholic and Protestant, grammar and secondary, in a town, a single school could provide a much better range of educational opportunities at a lower cost. John Turner of Queen's University advocated this reform at the ESRI conference . It wouldn't be easy. Apart from the opposition of interest groups, implementing such a big change would take time, as the new integrated schools would need larger buildings with enhanced facilities. But here in the Republic, in many of our towns, we have successfully integrated separate boys' and girls' secondary schools and the local vocational school. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 The North also needs to expand the number of third-level places. Today, many northern students pursue their university education in Britain, never to return. More college places in the North would lead to a long-term increase in the share of graduates in the workforce, and raise labour productivity and prosperity in the coming decades. While spending per head on health is higher in the North than elsewhere in the UK, it delivers poorer services, with much longer waiting lists. One factor is the absence of consolidation of hospital services into a smaller number of centres of excellence. Here in the Republic, former minister for health Mary Harney's consolidation of cancer services into eight centres of excellence improved outcomes by concentrating expertise, particularly in rarer conditions. As in education, any programme of consolidation would require additional capital investment to deliver expanded facilities. The North also suffers from significant infrastructural deficits, especially in water and transport. These hamper economic, social, and environmental development. Northern Ireland's investment per head in transport is only two-thirds of that in the rest of the United Kingdom. While the long-term running costs of consolidated health or education services should be no higher than at present, there would be significant upfront investment needed to achieve the mergers that would yield better results. Additional investment is also needed in Northern Ireland's transport and water infrastructure. In the short run, painful cuts may be needed elsewhere to find the funds to reallocate to investment. Stormont will find it difficult to take tough decisions that will yield long-term benefits and to sell this to the community. One potential source of revenue for additional investment could be to raise the North's property tax rates to match those in England. Such a tax increase would fall more heavily on those who are better off, so would be progressive. If the North implemented the necessary far-reaching reforms, over the next 25 years, it would greatly enhance living standards and social conditions for all. For those who hanker after a United Ireland, their first port of call should be to make this happen, narrowing the current big gap with the Republic and Britain. While the benefits would take years to mature, it would eventually greatly reduce the potential cost to the Republic of unification. For unionists, narrowing the gap with the rest of the UK would be also be a big plus. A win-win.
