ProFrac Holding Corp
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
ACDC$3.53+3.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STAT EMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(59.2) | $342.7 | $(43.5) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities : | |||
| Depreciation, depletion and amortization | 438.4 | 267.3 | 140.7 |
| Amortization of acquired contract liabilities | (57.5) | (6.6) | — |
| Stock-based compensation | 29.8 | 67.4 | — |
| Loss (gain) on disposal of assets, net | (1.7) | 2.1 | 9.8 |
| Non-cash loss on extinguishment of debt | 17.4 | 10.7 | 0.5 |
| Amortization of debt issuance costs | 24.3 | 6.7 | 2.2 |
| Acquisition earnout adjustment | (6.6) | — | — |
| Loss (gain) on investments, net | 38.5 | (16.5) | — |
| Deferred tax expense | 0.1 | 3.7 | — |
| Other non-cash items, net | — | 2.0 | (1.3) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 204.8 | (203.3) | (89.6) |
| Inventories | 19.1 | (105.1) | (16.1) |
| Prepaid expenses and other assets | 26.5 | (26.4) | 3.8 |
| Accounts payable | (68.2) | 42.9 | 31.6 |
| Accrued expenses | (43.8) | 18.5 | 6.1 |
| Other liabilities | (8.4) | 9.1 | (0.3) |
| Net cash provided by operating activities | 553.5 | 415.2 | 43.9 |
| Cash flows from investing activities: | |||
| Acquisitions, net of cash acquired | (454.5) | (640.7) | (4.3) |
| Investment in property, plant & equipment | (267.0) | (356.2) | (87.4) |
| Proceeds from sale of assets | 6.2 | 48.3 | 17.5 |
| Investment in unconsolidated affiliate | — | (47.2) | (4.2) |
| Initial investment in Flotek | — | (10.0) | — |
| Other investments | (0.5) | (22.8) | — |
| Net cash used in investing activities | (715.8) | (1,028.6) | (78.4) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | 1,220.0 | 818.9 | 160.3 |
| Repayments of long-term debt | (946.7) | (531.7) | (146.9) |
| Borrowings from revolving credit agreements | 1,575.8 | 567.9 | 63.5 |
| Repayments to revolving credit agreements | (1,685.2) | (402.7) | (35.5) |
| Payment of debt issuance costs | (62.3) | (38.6) | (2.0) |
| Tax withholding related to net share settlement of equity awards | (0.8) | — | — |
| Proceeds from issuance of Series A preferred stock | 50.0 | — | — |
| Payment of Series A preferred stock issuance costs | (1.1) | — | — |
| Member contribution | — | 5.0 | — |
| Proceeds from issuance of common stock | — | 329.1 | — |
| Payment of common stock issuance costs | — | (27.4) | — |
| Payment of THRC related equity | — | (72.9) | — |
| Other | — | (1.7) | (2.5) |
| Net cash provided by financing activities | 149.7 | 645.9 | 36.9 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (12.6) | 32.5 | 2.4 |
| Cash, cash equivalents, and restricted cash beginning of period | 37.9 | 5.4 | 3.0 |
| Cash, cash equivalents, and restricted cash end of period | $25.3 | $37.9 | $5.4 |
| Supplemental cash flow information | |||
| Cash payments for interest | $139.1 | $35.0 | $23.5 |
| Cash payments (refunds received) for income taxes | $0.3 | $4.8 | $(0.2) |
| Non-cash investing and financing activities | |||
| Capital expenditures included in accounts payable | $44.9 | $26.9 | $24.9 |
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