10-Q Filing

SOLARIS ENERGY INFRASTRUCTURE, INC. CIK: 1697500 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-004331`
Period End Date	20180331
Filing Date	20180508
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	soi-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 37 Cash Flow Statement 57 Stockholders Equity 9

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$26.41M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.57M	USD	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$63.42M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.98M	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$20.07M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.62M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.19M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$7.53M	USD	Point-in-time
Inventories	`InventoryNet`	$7.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$87.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$59.79M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$151.16M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$193.78M	USD	Point-in-time
Goodwill	`Goodwill`	$17.24M	USD	Point-in-time
Goodwill	`Goodwill`	$17.24M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	16,000.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.33M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	16,000.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.12M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$32.77M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$25.51M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$260.00K	USD	Point-in-time
Total assets	`Assets`	$309.86M	USD	Point-in-time
Total assets	`Assets`	$287.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.09M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$15.47M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$13.07M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$33.00K	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$33.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.19M	USD	Point-in-time
Capital lease obligations, net of current portion	`CapitalLeaseObligationsNoncurrent`	$173.00K	USD	Point-in-time
Capital lease obligations, net of current portion	`CapitalLeaseObligationsNoncurrent`	$179.00K	USD	Point-in-time
Payables related to parties pursuant to Tax Receivable Agreement	`NotesPayableRelatedPartiesNoncurrent`	$24.68M	USD	Point-in-time
Payables related to parties pursuant to Tax Receivable Agreement	`NotesPayableRelatedPartiesNoncurrent`	$51.22M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$135.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$145.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$69.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.50M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$121.59M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$121.73M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$9.57M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$3.64M	USD	Point-in-time
Treasury stock (at cost), 16 shares as of March 31, 2018 and December 31, 2017	`TreasuryStockValue`	$261.00K	USD	Point-in-time
Treasury stock (at cost), 16 shares as of March 31, 2018 and December 31, 2017	`TreasuryStockValue`	$261.00K	USD	Point-in-time
Total stockholders' equity attributable to Solaris	`StockholdersEquity`	$125.29M	USD	Point-in-time
Total stockholders' equity attributable to Solaris	`StockholdersEquity`	$131.15M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$116.27M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$109.01M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$241.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$240.15M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$287.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$309.86M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Proppant management system rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$8.40M	USD	1 Quarter
Proppant management system rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$27.41M	USD	1 Quarter
Total revenue	`Revenues`	$10.32M	USD	1 Quarter
Depreciation and amortization - Proppant management system rental	`DepreciationAndAmortizationProppantSystemRental`	$1.03M	USD	1 Quarter
Total revenue	`Revenues`	$36.02M	USD	1 Quarter
Depreciation and amortization - Proppant management system rental	`DepreciationAndAmortizationProppantSystemRental`	$2.63M	USD	1 Quarter
Depreciation and amortization - Selling, general and administrative	`DepreciationAndAmortizationSellingGeneralAndAdministrative`	$113.00K	USD	1 Quarter
Depreciation and amortization - Selling, general and administrative	`DepreciationAndAmortizationSellingGeneralAndAdministrative`	$72.00K	USD	1 Quarter
Cost of proppant management system rental (excluding $2,635 and $1,029 of depreciation and amortization for the three months ended March 31, 2018 and 2017, respectively, shown separately)	`CostOfRentalExcludingDepreciationDepletionAndAmortization`	$1.42M	USD	1 Quarter
Cost of proppant management system rental (excluding $2,635 and $1,029 of depreciation and amortization for the three months ended March 31, 2018 and 2017, respectively, shown separately)	`CostOfRentalExcludingDepreciationDepletionAndAmortization`	$350.00K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.51M	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$32.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.16M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.20M	USD	1 Quarter
Salaries, benefits and payroll taxes	`LaborAndRelatedExpense`	$2.62M	USD	1 Quarter
Salaries, benefits and payroll taxes	`LaborAndRelatedExpense`	$1.01M	USD	1 Quarter
Selling, general and administrative (excluding $113 and $72 of depreciation and amortization for the three months ended March 31, 2018 and 2017, respectively, shown separately)	`SellingGeneralAndAdministrativeExpense`	$877.00K	USD	1 Quarter
Selling, general and administrative (excluding $113 and $72 of depreciation and amortization for the three months ended March 31, 2018 and 2017, respectively, shown separately)	`SellingGeneralAndAdministrativeExpense`	$1.88M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$1.68M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$5.47M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$20.49M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.85M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.53M	USD	1 Quarter
Interest expense	`InterestExpense`	$84.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$22.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-25.00K	USD	1 Quarter
Total other income (expense)	`TotalOtherIncomeExpenseNet`	$-84.00K	USD	1 Quarter
Total other income (expense)	`TotalOtherIncomeExpenseNet`	$-47.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.44M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.80M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$22.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.03M	USD	1 Quarter
Net income	`ProfitLoss`	$4.78M	USD	1 Quarter
Net income	`ProfitLoss`	$13.41M	USD	1 Quarter
Less: net income related to Solaris LLC	`NetIncomeLossBeforeReorganizationEquity`	$4.78M	USD	1 Quarter
Less: net income related to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$7.49M	USD	1 Quarter
Net income attributable to Solaris	`NetIncomeLoss`	$5.93M	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income, since acquisition date	`ProfitLoss`	$4.78M	USD	1 Quarter
Net income, since acquisition date	`ProfitLoss`	$13.41M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.16M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.20M	USD	1 Quarter
Loss on disposal of asset	`GainLossOnDispositionOfAssets1`	$-3.00K	USD	1 Quarter
Loss on disposal of asset	`GainLossOnDispositionOfAssets1`	$-25.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$32.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.51M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$63.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$12.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.91M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$9.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.09M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.01M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.57M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.57M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.12M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$451.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.46M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$510.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$397.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$620.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.44M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.84M	USD	1 Quarter
Investment in property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.16M	USD	1 Quarter
Investment in property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.62M	USD	1 Quarter
Proceeds from disposal of asset	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$6.00K	USD	1 Quarter
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$6.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.62M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.17M	USD	1 Quarter
Payments under capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$7.00K	USD	1 Quarter
Payments under capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$7.00K	USD	1 Quarter
Payments under notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-60.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$676.00K	USD	1 Quarter
Payments related to debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$954.00K	USD	1 Quarter
Proceeds from pay down of promissory note related to membership units	`ProceedsFromRepaymentOfLoansForMemberUnit`	$3.05M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.98M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-285.00K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-37.01M	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.79M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$26.41M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.57M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$63.42M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$26.41M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.57M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$63.42M	USD	Point-in-time
Capitalized depreciation in property, plant and equipment	`CapitalizedDepreciationInPropertyPlantAndEquipment`	$140.00K	USD	1 Quarter
Capitalized depreciation in property, plant and equipment	`CapitalizedDepreciationInPropertyPlantAndEquipment`	$156.00K	USD	1 Quarter
Property and equipment additions incurred but not paid at period-end	`CapitalExpendituresIncurredButNotYetPaid`	$6.27M	USD	1 Quarter
Property and equipment additions incurred but not paid at period-end	`CapitalExpendituresIncurredButNotYetPaid`	$625.00K	USD	1 Quarter
Notes payable issued for property, plant and equipment	`NotesIssued1`	$186.00K	USD	1 Quarter
Accrued interest from notes receivable issued for membership units	`AccruedInterestFromNotesReceivable`	$57.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$43.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$11.00K	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$241.56M	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$240.15M	USD	Point-in-time
Deferred tax asset and payables related to parties pursuant to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreementExchangeOfShares`	$-17.37M	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$676.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.87M	USD	1 Quarter
Net income	`ProfitLoss`	$4.78M	USD	1 Quarter
Net income	`ProfitLoss`	$13.41M	USD	1 Quarter
Balance at end of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$241.56M	USD	Point-in-time
Balance at end of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$240.15M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.