Latest news with #Wilks
New York Post
9 hours ago
- Sport
- New York Post
Steve Wilks and Aaron Glenn's styles make for unique Jets pairing after years of comparing notes
The last defensive play that Steve Wilks called ended in Mecole Hardman's Super Bowl-winning walk-off touchdown catch. It's been nearly 500 days since the Chiefs beat the 49ers in the 2024 Super Bowl, and Wilks — who was fired days after that game — is back in the NFL as Jets defensive coordinator. Advertisement After spending last season as a college volunteer assistant coach at Charlotte, Wilks is calling plays under defensive-minded Aaron Glenn as part of Glenn's effort to become a CEO-style head coach. 'It's not really about our playbook,' Wilks said. 'It's about our play style.'
Yahoo
28-05-2025
- Business
- Yahoo
Wasena Bridge replacement project could take longer than expected after apparent setback
ROANOKE, Va. (WFXR) – According to Roanoke City officials, Hurricane Helene damaged a temporary work bridge on the Wasena Bridge replacement project, which put construction behind schedule, but it's unknown by how much. For more than a year now, the bridge's closure has affected people's commute patterns, increased traffic on side roads, and closed portions of the Roanoke River Greenway, decreasing foot traffic. That has hurt adjacent businesses like The Green Goat restaurant. 'It's considerably off, the business,' owner Bruce Todaro said. 'If no one is walking on the greenway anymore and no one's walking by the restaurant, the area is just not as well-used as it used to be.' Todaro said he knows better times will come and remains positive. Wasena Bridge project enters new phase 'I know everybody's working hard on the bridge, and it's not necessarily their fault,' he said. 'To my knowledge, the guys are out there every day, and I see them working, I see them working on weekends and into the evening, but hopefully everything comes together in the end, and everybody comes out and supports us.' However, not all businesses in the area have seen an impact by the bridge's closure. Proud Pops barber Shop is one of them. 'I'm a schedule by appointment barber,' Steven Webb, a barber and the owner of the shop said. 'Business hasn't changed a lot for me, but I know for other businesses it might not be the same.' Both Todaro and Wilks are thankful for the community support they do get. 'We appreciate everybody who does come out, that's for sure,' Todaro said. 'If anybody is still wondering what's going on, we're open seven days a week with regular hours of operation, and whenever you can think of us, come on out and support us.' 'I'm very thankful and very blessed to be in this area,' Wilks said. 'It's a great community and everybody here sticks together, and I think that's what's still keeping everybody thriving.' Nobody from Roanoke city was available for comment on the project. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
West Australian
14-05-2025
- Business
- West Australian
Cruise ship season 2025 wraps up with 20,000 tourists visiting the Port of Albany in seven months
Albany's 2024-25 cruise season has drawn to a close with tens of thousands of visitors deposited in the port city since October and a special few leaving with a thoughtful gift from the Men's Shed. The departure of the Insignia last Wednesday represented the last of the region's boat-bound tourists, with almost 20,000 visitors landing in the Great Southern from 18 vessels in the seven months since the season's October beginning. The captain of each cruise vessel making its maiden voyage to the Port of Albany was presented with a plaque made by the Albany Men's Shed made with timber from the port's former deep-water jetty. Southern Ports chief executive Keith Wilks said the majority of the ships were visiting for the first time. 'Sixty per cent of our cruise ship visits this season were the first time those vessels had come into our ports, which shows just how popular our regions are becoming,' he said. 'Every cruise visit is another chance to showcase our spectacular regions to new groups of visitors and we're proud of the role we play in that. 'Cruise visits result in money being spent in local economies and many passengers come back for longer visits after getting a first taste of the region. 'There is so much for tourists to discover and see throughout the Great Southern, Goldfields-Esperance and South West regions that it is impossible to do it all during just one visit.' Significant numbers of tourists explored the Great Southern on their cruise ship maiden voyage to the region, with the Crown Princess delivering 3000 in November, the MSC Magnifica offering more than 2000 in March and 1800 embarking from the Westerdam in December. 'Having so many new vessels include Albany on their itineraries is a reflection on the fact it is one of WA's premier cruise destinations and the industry is continuing to bounce back strongly,' Mr Wilks said. 'Because cruise visits often lead to visitors returning at a later date it's difficult to measure their full impact on our regional economies, but it's certainly overwhelmingly positive.' The 2023-24 cruise season made a $385m economic impact throughout WA, according to data from the Australian Cruise Association.
AU Financial Review
12-05-2025
- Business
- AU Financial Review
A hub where unicorns gather
Parkville is also home to SYNthesis BioVentures, a therapeutics-only venture capital fund focused on early stage medicines in development for diseases of high unmet need. Locating SYNthesis BioVentures in Parkville was a natural decision, says managing director and cancer cell biologist Professor Andrew Wilks. Melbourne isn't just a leading Australian bioscience hub. Wilks says the city sits alongside the likes of Boston, San Diego and San Francisco when comparing the quality of the output of local scientists. 'In addition to first class scientific output, we find that Melbourne's biotech ecosystem has the added benefit of being co-located with most of the country's life science focused venture capitalists and advanced bio-manufacturing hubs, as well as some of the country's most experienced and deal-focused academic technology transfer organisations,' he says. 'Taken together, this means that science, capital, the means of production and key stakeholders are all a short walk – or worst case, a tram ride – away.' Melbourne attracts businesses across all sectors of the economy, with seven of the top 15 Australian companies headquartered in Melbourne – including Australia's largest telecommunication provider, Telstra, and two of Australia's big four banks in NAB and ANZ. Many top global companies have also selected Melbourne for their Australian headquarters, including Alibaba, Asahi, BASF, Bosch, BUPA, CITIC Resources, CSL, Dassault Systèmes, Disney, Electronic Arts, ExxonMobil, GSK, Hanwha, Infosys, Moderna, RUAG, Siemens, Toyota, TotalEnergies, Qenos, Village Roadshow and Zendesk. The city is renowned for its flourishing fintech startup community. Home to more than 330 fintech startups, Melbourne's fintech ecosystem is ranked 25th in the world, comprising a strong network of major players and innovators in banking, payments, credit and lending, wealth management and insurance. The city has hosted the headquarters of home-grown heroes Afterpay and Airwallex, as well as international giants GoCardless, Stripe and Worldline. It is also home to Australia's largest fintech conference, the Intersekt Festival, which attracts more than 1000 industry participants annually. Melbourne has been the perfect launchpad for global payments and financial platform Airwallex, boasting a rich pool of fintech talent, robust partnership opportunities and a vibrant startup ecosystem, says Airwallex co-founder and president Lucy Liu. 'The city's top-tier university programs produce highly skilled graduates who bring fresh, innovative ideas and a passion for the industry, making it easier for us to test, grow and adapt,' Liu says. 'In addition, there are many opportunities for government, industry and entrepreneurs to collaborate and tackle challenges together.' 'By launching Airwallex in Melbourne we've been able to leverage world-class expertise while maintaining the agility and ambition needed to serve our global customer base.' Beyond fintech expertise, the city is home to world-class research institutes, such as the Australian Synchrotron, Australian Centre for Disease Preparedness, AgriBio and Carbon Nexus. It's also Australia's edutech capital, home to one third of the nation's education technology providers. That's to be expected, when the City of Melbourne features eight universities across 40 square kilometres – including Australia's only two universities ranked in the world's top 60 – along with more than 25 technology, engineering and medical facilities.
Business Wire
07-05-2025
- Business
- Business Wire
ProFrac Holding Corp. Reports First Quarter 2025 Results
WILLOW PARK, Texas--(BUSINESS WIRE)--ProFrac Holding Corp. (NASDAQ: ACDC) ('ProFrac', or the 'Company') today announced financial and operational results for its first quarter ended March 31, 2025. Total revenue was $600 million compared to fourth quarter 2024 revenue of $455 million Net loss was $15 million compared to net loss of $102 million in fourth quarter 2024 Adjusted EBITDA (1) was $130 million compared to $71 million in fourth quarter 2024; 22% of revenue in the first quarter compared to 16% of revenue in fourth quarter 2024 Net cash provided by operating activities was $39 million compared to $77 million in fourth quarter 2024 Capital expenditures totaled $53 million compared to $63 million in fourth quarter 2024 Free cash flow (2) was $(14) million compared to $54 million in fourth quarter 2024 "Our first quarter 2025 results were strong, with revenue increasing 32% and Adjusted EBITDA increasing 83% versus fourth quarter 2024. Further, we achieved new operating efficiency records both in terms of pump hours and average pump hours per fleet, a testament to our asset management program and execution in the field. In Proppant Production, volumes ramped significantly early in the quarter, and we achieved volumes in March that were the highest since November 2023," said Matt Wilks, ProFrac's Executive Chairman. "Our industry faces headwinds from tariff-induced uncertainty and OPEC+'s production increase, which pressured commodity prices early in the second quarter and have clouded the forward outlook. Some customers have become more selective with their oil-directed completion schedules, focusing on cash flow optimization while awaiting greater clarity on oil supply and demand dynamics. Gas market dynamics, however, remain relatively favorable, with continued inbounds for our services in the second half of 2025 and early 2026," concluded Mr. Wilks. Outlook In the Stimulation Services segment, ProFrac's active fleet count has declined from the recent first quarter peak. The Company believes operators are extending intervals between completions and reducing activity on projects with less favorable economics in the current pricing environment. Operators continue to reassess capital deployment timing and activity levels. The Company's asset management platform and in-house capabilities enable ProFrac to remain nimble to optimize repair and maintenance as well as the deployment of assets. In the Proppant Production segment, the Company experienced certain transitory costs in the first quarter that weighed on results. In the second quarter, segment volumes are anticipated to slightly decline with the impact partially offset by favorable average sales prices and increased logistics activity relative to the first quarter. Business Segment Information The Stimulation Services segment generated revenues of $525 million in first quarter 2025, which resulted in $105 million of Adjusted EBITDA and a margin of 20%. This compared with $384 million in revenues in fourth quarter 2024, which resulted in $54 million of Adjusted EBITDA and a margin of 14%. The Proppant Production segment generated revenues of $67 million in first quarter 2025, which resulted in $18 million of Adjusted EBITDA and a margin of 27%. This compared with revenues of $47 million in fourth quarter 2024, which resulted in $14 million of Adjusted EBITDA and a margin of 31%. Approximately 36% of the Proppant Production segment's revenue was intercompany during first quarter 2025. The Manufacturing segment generated revenues of $66 million in first quarter 2025, which resulted in $4 million of Adjusted EBITDA and a margin of 6%. This compared with revenues of $62 million in fourth quarter 2024, which resulted in $3 million of Adjusted EBITDA and a margin of 5%. Approximately 87% of the Manufacturing segment's revenue was intercompany during first quarter 2025. Other Business Activities generated revenues of $62 million in first quarter 2025, which resulted in $8 million of Adjusted EBITDA and a margin of 13%. This compared with revenues of $55 million in fourth quarter 2024, which resulted in $4 million of Adjusted EBITDA and a margin of 8%. ProFrac's Other Business Activities include the results of Flotek Industries and Livewire Power, the Company's power generation services business, which began operations in October 2024. Capital Expenditures and Capital Allocation Cash capital expenditures totaled $53 million in the first quarter, below the $63 million reported in fourth quarter 2024. On capital allocation, the Company has identified approximately $70-100 million in potential capital expenditure reductions to flexibly align with evolving market conditions. At this time, ProFrac is not providing specific updated guidance; however, it is important to note that the Company has the ability to respond rapidly to evolving market conditions. Balance Sheet and Liquidity Total debt outstanding as of March 31, 2025 was $1.15 billion. Net debt (3) outstanding as of March 31, 2025 was $1.14 billion. Total cash and cash equivalents as of March 31, 2025 was $16 million, of which $7 million was related to Flotek and not accessible by the Company. As of March 31, 2025 the Company had $76 million of liquidity, including approximately $9 million in cash and cash equivalents, excluding Flotek, and $66 million of availability under its asset-based credit facility. Footnotes Conference Call ProFrac has scheduled a conference call on Wednesday, May 7, 2025, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call's conclusion on the IR Calendar section of ProFrac's investor relations website for 90 days. About ProFrac Holding Corp. ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources. ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, in addition to Other Business Activities. For more information, please visit ProFrac's website at Cautionary Statement Regarding Forward-Looking Statements Certain statements in this press release may be considered 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as 'may,' 'should,' 'expect,' 'intend,' 'will,' 'estimate,' 'anticipate,' 'believe,' 'predict,' or similar words. Forward-looking statements relate to future events or the Company's future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company's strategies and plans for growth; the Company's positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; the Company's expectations about contributions of acquired entities; fleet deployment levels; the Company's expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; the Company's ability to increase the utilization of its mining assets and lower our mining costs per ton; success of the Company's ongoing strategic initiatives; the risks relating to launching a new business; the Company's intention to increase the number of fully integrated fleets; the Company's currently expected guidance regarding its 2025 financial and operational results; the Company's ability to earn its targeted rates of return; pricing of the Company's services in light of the prevailing market conditions; the impact of continued inflation, risk of a global recession, and U.S. trade policy, including the imposition of tariffs and retaliatory measures; the Company's currently expected guidance regarding its planned capital expenditures; statements regarding the Company's liquidity and debt obligations; the Company's anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; expectations regarding pricing per ton range; the amount of capital that may be available to the Company in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and the Company's outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability to achieve the anticipated benefits of the Company's acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company's actions intended to achieve its 2025 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; risks related to the imposition of tariffs and retaliatory measures, and changes in U.S. trade policy; the failure to operationalize or utilize to the extent anticipated the Company's fleets and sand mines in a timely manner or at all; the Company's ability to deploy capital in a manner that furthers the Company's growth strategy, as well as the Company's general ability to execute its business plans; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks regrading access to additional capital; industry conditions, including fluctuations in supply, demand and prices for the Company's products and services and for natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine; the effectiveness of the Company's risk management strategies; and other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the Company's filings with the Securities and Exchange Commission ('SEC'), which are available on the SEC's website at Forward-looking statements are also subject to the risks and other issues described below under 'Non-GAAP Financial Measures,' which could cause actual results to differ materially from current expectations included in the Company's forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including without limitation any expectations about the Company's operational and financial performance or achievements through and including 2025. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law. Non-GAAP Financial Measures Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents. We view Adjusted EBITDA and Free Cash Flow as important indicators of performance. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, (gain) or loss on extinguishment of debt, unrealized loss (or gain) on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company. The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated. - Tables to Follow- March 31, December 31, (In millions) 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 16.0 $ 14.8 Accounts receivable, net 405.8 312.7 Accounts receivable — related party, net 17.6 16.1 Inventories 200.1 201.1 Prepaid expenses and other current assets 30.3 29.4 Total current assets 669.8 574.1 Property, plant, and equipment, net 1,713.8 1,761.2 Operating lease right-of-use assets, net 151.7 158.6 Goodwill 301.3 302.0 Intangible assets, net 139.6 148.9 Other assets 44.7 43.3 Total assets $ 3,020.9 $ 2,988.1 LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 351.6 $ 324.3 Accounts payable — related party 40.0 18.1 Accrued expenses 75.0 67.2 Current portion of long-term debt 146.8 159.6 Current portion of long-term debt— related party 5.0 5.0 Current portion of operating lease liabilities 27.0 26.0 Other current liabilities 36.3 56.6 Other current liabilities — related party 2.8 3.2 Total current liabilities 684.5 660.0 Long-term debt 967.9 936.1 Long-term debt — related party 7.1 8.3 Operating lease liabilities 130.3 137.1 Deferred tax liabilities 14.8 14.9 Tax receivable agreement liability 82.9 82.9 Other liabilities 9.3 9.2 Total liabilities 1,896.8 1,848.5 Mezzanine equity: Series A preferred stock 64.8 63.5 Stockholders' equity: Class A common stock 1.5 1.5 Additional paid-in capital 1,241.1 1,241.2 Accumulated deficit (254.7 ) (235.9 ) Accumulated other comprehensive income 0.2 0.1 Total stockholders' equity attributable to ProFrac Holding Corp. 988.1 1,006.9 Noncontrolling interests 71.2 69.2 Total stockholders' equity 1,059.3 1,076.1 Total liabilities, mezzanine equity, and stockholders' equity $ 3,020.9 $ 2,988.1 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Statements of Operations Expand Three Months Ended Mar. 31 Dec. 31 Mar. 31 (In millions) 2025 2024 2024 Total revenues $ 600.3 $ 454.7 $ 581.5 Operating costs and expenses: Cost of revenues, exclusive of depreciation, depletion and amortization 419.4 337.6 373.7 Selling, general, and administrative 53.6 48.0 50.6 Depreciation, depletion and amortization 106.0 113.3 112.8 Acquisition and integration costs 0.1 2.7 0.2 Other operating expense (income), net 5.2 (0.1 ) 4.3 Total operating costs and expenses 584.3 501.5 541.6 Operating income (loss) 16.0 (46.8 ) 39.9 Other income (expense): Interest expense, net (35.9 ) (38.8 ) (37.6 ) Loss on extinguishment of debt — — (0.8 ) Other income, net 4.8 1.8 1.8 Income (loss) before income taxes (15.1 ) (83.8 ) 3.3 Income tax expense (0.3 ) (17.9 ) (0.3 ) Net income (loss) (15.4 ) (101.7 ) 3.0 Less: net income attributable to noncontrolling interests (2.1 ) (3.3 ) (1.2 ) Net income (loss) attributable to ProFrac Holding Corp. $ (17.5 ) $ (105.0 ) $ 1.8 Net income (loss) attributable to Class A common shareholders $ (18.8 ) $ (106.2 ) $ 0.6 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Statements of Cash Flows Expand Three Months Ended Mar. 31 Dec. 31 Mar. 31 (In millions) 2025 2024 2024 Cash flows from operating activities: Net income (loss) $ (15.4 ) $ (101.7 ) $ 3.0 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 106.0 113.3 112.8 Amortization of acquired unfavorable contracts (5.7 ) (7.4 ) (16.5 ) Stock-based compensation 1.1 1.2 2.1 Loss (gain) on disposal of assets, net 3.4 2.8 (1.4 ) Gain on insurance recoveries — (1.7 ) — Non-cash loss on extinguishment of debt — — 0.8 Amortization of debt issuance costs 3.0 3.3 3.2 Unrealized gain on investments, net (3.7 ) (1.3 ) (1.2 ) Deferred tax expense — 14.7 0.2 Other non-cash items, net 0.2 — — Changes in operating assets and liabilities (50.2 ) 53.3 (23.9 ) Net cash provided by operating activities 38.7 76.5 79.1 Cash flows from investing activities: Investment in property, plant & equipment (52.5 ) (63.2 ) (59.9 ) Proceeds from sale of assets 0.2 41.0 6.6 Proceeds from insurance recoveries — 1.7 — Other 0.6 — — Net cash used in investing activities (51.7 ) (20.5 ) (53.3 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — 0.3 — Repayments of long-term debt (42.5 ) (47.2 ) (37.5 ) Borrowings from revolving credit agreements 419.1 357.8 501.1 Repayments of revolving credit agreements (361.1 ) (377.5 ) (485.2 ) Payment of debt issuance costs — (0.1 ) (1.1 ) Cash settlement of vested stock awards (1.0 ) — — Tax withholding related to net share settlement of equity awards — — (0.1 ) Purchase of noncontrolling interest (0.3 ) — — Net cash provided by (used in) financing activities 14.2 (66.7 ) (22.8 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 1.2 (10.7 ) 3.0 Cash, cash equivalents, and restricted cash beginning of period 14.8 25.5 25.3 Cash, cash equivalents, and restricted cash end of period $ 16.0 $ 14.8 $ 28.3 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Reconciliation of Net Income (Loss) to Adjusted EBITDA Expand Three Months Ended Mar. 31 Dec. 31 Mar. 31 (In millions) 2025 2024 2024 Net income (loss) $ (15.4 ) $ (101.7 ) $ 3.0 Interest expense, net 35.9 38.8 37.6 Depreciation, depletion and amortization 106.0 113.3 112.8 Income tax expense 0.3 17.9 0.3 Loss (gain) on disposal of assets, net 3.4 2.8 (1.4 ) Loss on extinguishment of debt — — 0.8 Stock-based compensation 1.1 1.2 2.1 Transaction costs 0.2 — — Severance charges — — 0.7 Acquisition and integration costs 0.1 2.7 0.2 Supply commitment charges — — 0.2 Gain on insurance recoveries — (1.7 ) — Litigation expenses and accruals for legal contingencies 1.6 (1.2 ) 4.8 Unrealized gain on investments, net (3.7 ) (1.3 ) (1.2 ) Adjusted EBITDA $ 129.5 $ 70.8 $ 159.9 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Segment Information Expand Three Months Ended Mar. 31 Dec. 31 Mar. 31 (In millions) 2025 2024 2024 Revenues Stimulation services $ 524.5 $ 384.4 $ 517.3 Proppant production 67.3 46.5 77.7 Manufacturing 65.8 61.9 43.5 Other 62.2 54.9 41.7 Total segments 719.8 547.7 680.2 Eliminations (119.5 ) (93.0 ) (98.7 ) Total revenues $ 600.3 $ 454.7 $ 581.5 Adjusted EBITDA Stimulation services $ 104.6 $ 53.6 $ 125.2 Proppant production 18.3 14.2 28.4 Manufacturing 4.0 3.0 4.4 Other 7.7 4.4 3.6 Total segments 134.6 75.2 161.6 Eliminations (5.1 ) (4.4 ) (1.7 ) Total adjusted EBITDA $ 129.5 $ 70.8 $ 159.9 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Net Debt Expand March 31, December 31, (In millions) 2025 2024 Current portion of long-term debt $ 146.8 $ 159.6 Current portion of long-term debt— related party 5.0 5.0 Long-term debt 967.9 936.1 Long-term debt — related party 7.1 8.3 Total debt 1,126.8 1,109.0 Plus: unamortized debt discounts, premiums, and issuance costs 27.6 29.9 Total principal amount of debt 1,154.4 1,138.9 Less: cash and cash equivalents (16.0 ) (14.8 ) Net debt $ 1,138.4 $ 1,124.1 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Free Cash Flow Expand Three Months Ended Mar. 31 Dec. 31 (In millions) 2025 2024 Net cash provided by operating activities $ 38.7 $ 76.5 Investment in property, plant & equipment (52.5 ) (63.2 ) Proceeds from sale of assets 0.2 41.0 Free cash flow $ (13.6 ) $ 54.3 Expand
