AESI Holdings Inc.

CIK:0001910950|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total sales	$ 161,788	$ 131,323	$ 315,206	$ 191,177
Operating expenses:
GrossProfit	88,851	77,869	171,195	107,111
Cost of sales (excluding depreciation, depletion and accretion expense)	63,504	47,050	126,059	71,495
Depreciation, depletion and accretion expense	9,433	6,404	17,952	12,571
Selling, general and administrative expense	12,183	5,365	20,687	10,640
Operating income	76,668	72,504	150,508	96,471
Interest expense, net	(521)	(3,904)	(3,963)	(7,894)
Other income	118	514	302	1,608
Income before income taxes	76,265	69,114	146,847	90,185
Income tax expense	5,054	593	12,731	818
Net income	71,211	68,521	134,116	89,367
Less: Pre-IPO net income attributable to Atlas Sand Company, LLC	0		54,561
Less: Net income attributable to redeemable noncontrolling interest	32,693		39,303
Net income attributable to Atlas Energy Solutions, Inc.	$ 38,518		$ 40,252	89,367
Earnings Per Share, Basic [Abstract]
Earnings Per Share, Basic	$ 0.67		$ 0.70
Earnings Per Share, Diluted	$ 0.67		$ 0.70
Weighted Average Number of Shares Outstanding, Basic	57,148		57,148
Weighted Average Number of Shares Outstanding, Diluted	57,420		57,420
Product [Member]
Total sales	$ 125,216	112,531	$ 253,358	167,343
Service [Member]
Total sales	$ 36,572	$ 18,792	$ 61,848	$ 23,834

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 134,116	$ 89,367
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and accretion expense	18,622	13,229
Amortization of debt discount	238	222
Amortization of deferred financing costs	191	223
Stock and unit-based compensation	2,246	383
Deferred income tax	9,627	0
Commodity derivatives gain	0	(1,173)
Settlements on commodity derivatives	0	871
Other	185	(250)
Changes in operating assets and liabilities:
Accounts receivable	(12,598)	(44,544)
Accounts receivable - related party	868	55
Inventories	2,313	684
Spare part inventories	(2,737)	(2,447)
Prepaid expenses and other current assets	(3,929)	2,085
Other long-term assets	(918)	(3,343)
Accounts payable	1,813	2,599
Accounts payable - related parties	24	(417)
Deferred revenue	0	6,815
Accrued liabilities and other liabilities	8,057	11,072
Net cash provided by operating activities	158,118	75,431
Investing activities:
Purchases of property, plant and equipment	(146,835)	(18,428)
Net cash used in investing activities	(146,835)	(18,428)
Financing Activities:
Net proceeds from IPO	303,426	0
Payment of offering costs	(6,020)	0
Member distributions prior to IPO	(15,000)	(15,024)
Principal payments on term loan borrowings	(16,573)	(12,745)
Issuance costs associated with debt financing	(752)	(233)
Payments under finance leases	(1,700)	(393)
Dividends paid to Class A common stockholders	(8,572)	0
Distributions paid to Atlas Sand Operating, LLC unitholders	(6,428)	0
Net cash provided by (used in) financing activities	248,381	(28,395)
Net increase in cash and cash equivalents	259,664	28,608
Cash and cash equivalents, beginning of period	82,010	40,401
Cash and cash equivalents, end of period	341,674	69,009
Supplemental cash flow information
Interest	7,426	7,358
Taxes	4,227	468
Noncash Investing and Financing Items [Abstract]
Property, plant and equipment in accounts payable and accrued liabilities	$ 51,088	$ 10,022

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 341,674,000	$ 82,010,000
Accounts receivable	85,940,000	73,341,000
Accounts receivable - related parties	0	1,051,000
Inventories	3,301,000	5,614,000
Spare part inventories	13,506,000	10,797,000
Prepaid expenses and other current assets	9,847,000	5,918,000
Total current assets	454,268,000	178,731,000
Property, plant and equipment, net	700,018,000	541,524,000
Finance lease right-of-use assets	36,609,000	19,173,000
Operating lease right-of-use assets	4,188,000	4,049,000
Other long-term assets	3,537,000	7,522,000
Total assets	1,198,620,000	750,999,000
Current liabilities:
Accounts payable	47,681,000	31,645,000
Accounts payable - related parties	177,000	154,000
Accrued liabilities	51,380,000	30,630,000
Current portion of long-term debt	29,746,000	20,586,000
Other current liabilities	12,224,000	5,659,000
Total current liabilities	141,208,000	88,674,000
Long-term debt, net of discount and deferred financing costs	101,201,000	126,588,000
Deferred tax liabilities	39,070,000	1,906,000
Other long-term liabilities	38,012,000	22,474,000
Total liabilities	319,491,000	239,642,000
Commitments and contingencies (Note 7)
Redeemable noncontrolling interest	802,443,000	0
Stockholders' / members' equity:
Members' Capital	0	511,357,000
Preferred stock	0	0
Additional paid-in-capital	44,150,000	0
Retained earnings	31,536,000	0
Total stockholders' and members' equity	76,686,000	511,357,000
Total liabilities, redeemable noncontrolling interest and stockholders' and members' equity	1,198,620,000	750,999,000
Common Class A [Member]
Stockholders' / members' equity:
Common stock	571,000	0
Common Class B [Member]
Stockholders' / members' equity:
Common stock	$ 429,000	$ 0