10-Q/A Filing

SOLARIS ENERGY INFRASTRUCTURE, INC. CIK: 1697500 Q1 2019

Filing Information

Form Type	10-Q/A
Accession Number	`0001697500-19-000044`
Period End Date	20190331
Filing Date	20190726
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	soi-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 32 Cash Flow Statement 60 Stockholders Equity 23

Balance Sheet 78 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
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$25.06M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$9.35M	USD	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$39.75M	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$40.33M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.49M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.36M	USD	Point-in-time
Inventories	`InventoryNet`	$10.47M	USD	Point-in-time
Inventories	`InventoryNet`	$10.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$80.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$64.44M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$310.50M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$296.54M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.35M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	91,000.00	shares	Point-in-time
Goodwill	`Goodwill`	$17.24M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	119,000.00	shares	Point-in-time
Goodwill	`Goodwill`	$17.24M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.54M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.34M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$62.68M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$58.07M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.42M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.45M	USD	Point-in-time
Total assets	`Assets`	$468.98M	USD	Point-in-time
Total assets	`Assets`	$458.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.13M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$12.66M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$9.97M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$12.99M	USD	Point-in-time
Current portion of deferred revenue	`ContractWithCustomerLiabilityCurrent`	$12.99M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$565.00K	USD	Point-in-time
Current portion of finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$35.00K	USD	Point-in-time
Current portion of finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$35.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$515.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$77.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.33M	USD	Point-in-time
Senior secured credit facility	`LongTermLineOfCredit`	$13.00M	USD	Point-in-time
Deferred revenue, net of current	`ContractWithCustomerLiabilityNoncurrent`	$9.33M	USD	Point-in-time
Deferred revenue, net of current	`ContractWithCustomerLiabilityNoncurrent`	$12.47M	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$8.35M	USD	Point-in-time
Finance lease liabilities, net of current	`FinanceLeaseLiabilityNoncurrent`	$149.00K	USD	Point-in-time
Finance lease liabilities, net of current	`FinanceLeaseLiabilityNoncurrent`	$154.00K	USD	Point-in-time
Payables related to Tax Receivable Agreement	`NotesPayableRelatedPartiesNoncurrent`	$56.15M	USD	Point-in-time
Payables related to Tax Receivable Agreement	`NotesPayableRelatedPartiesNoncurrent`	$66.65M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$633.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$598.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$117.73M	USD	Point-in-time
Total liabilities	`Liabilities`	$111.12M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`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`	$164.09M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$188.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.51M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$44.17M	USD	Point-in-time
Treasury stock (at cost), 119 shares and 91 shares as of March 31, 2019 and December 31, 2018, respectively	`TreasuryStockValue`	$1.84M	USD	Point-in-time
Treasury stock (at cost), 119 shares and 91 shares as of March 31, 2019 and December 31, 2018, respectively	`TreasuryStockValue`	$1.41M	USD	Point-in-time
Total stockholders' equity attributable to Solaris	`StockholdersEquity`	$231.09M	USD	Point-in-time
Total stockholders' equity attributable to Solaris	`StockholdersEquity`	$198.45M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$126.77M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$142.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$340.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$254.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$357.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$270.04M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$468.98M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$458.61M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$36.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.34M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$55.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.20M	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.51M	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$862.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.34M	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`	$2.34M	USD	1 Quarter
Selling, general and administrative (excluding $119 and $113 of depreciation and amortization for the three months ended March 31, 2019 and 2018, respectively, shown separately)	`SellingGeneralAndAdministrativeExpense`	$1.69M	USD	1 Quarter
Selling, general and administrative (excluding $119 and $113 of depreciation and amortization for the three months ended March 31, 2019 and 2018, respectively, shown separately)	`SellingGeneralAndAdministrativeExpense`	$1.88M	USD	1 Quarter
Other operating expenses	`OtherOperatingIncomeExpenseNet`	$-213.00K	USD	1 Quarter
Other operating expenses	`OtherOperatingIncomeExpenseNet`	$-1.68M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$20.49M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$27.40M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$27.73M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.53M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$84.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$111.00K	USD	1 Quarter
Total other income (expense)	`TotalOtherIncomeExpenseNet`	$-111.00K	USD	1 Quarter
Total other income (expense)	`TotalOtherIncomeExpenseNet`	$-84.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.62M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.44M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.18M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.03M	USD	1 Quarter
Net income	`ProfitLoss`	$13.41M	USD	1 Quarter
Net income	`ProfitLoss`	$23.43M	USD	1 Quarter
Less: net income related to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$7.49M	USD	1 Quarter
Less: net income related to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$11.12M	USD	1 Quarter
Net income attributable to Solaris	`NetIncomeLoss`	$5.93M	USD	1 Quarter
Net income attributable to Solaris	`NetIncomeLoss`	$12.32M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$13.41M	USD	1 Quarter
Net income	`ProfitLoss`	$23.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.34M	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`	$-213.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.51M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$862.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$63.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$79.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.91M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$3.99M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$9.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-2.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$584.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.09M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.57M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.13M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.12M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.54M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$510.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.03M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$620.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-759.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-3.13M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.44M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.01M	USD	1 Quarter
Investment in property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.37M	USD	1 Quarter
Investment in property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.16M	USD	1 Quarter
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$6.00K	USD	1 Quarter
Cash received from insurance proceeds	`ProceedsFromInsuranceSettlementInvestingActivities`	$24.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.17M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.35M	USD	1 Quarter
Payments under finance leases	`FinanceLeasePrincipalPayments`	$9.00K	USD	1 Quarter
Payments under finance leases	`FinanceLeasePrincipalPayments`	$7.00K	USD	1 Quarter
Payments under insurance premium financing	`RepaymentsOfUnsecuredDebt`	$439.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$676.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$266.00K	USD	1 Quarter
Payments related to purchase of treasury stock	`PaymentsForRepurchaseOfEquity`	$431.00K	USD	1 Quarter
Repayment of senior secured credit facility	`RepaymentsOfLongTermLinesOfCredit`	$13.00M	USD	1 Quarter
Payments related to debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$954.00K	USD	1 Quarter
Distribution and dividend paid to Solaris LLC unitholders and Class A common shareholders	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$4.76M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-285.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.37M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-15.71M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-37.01M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.41M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.06M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.35M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$63.42M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.41M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.06M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.35M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$63.42M	USD	Point-in-time
Capitalized depreciation in property, plant and equipment	`CapitalizedDepreciationInPropertyPlantAndEquipment`	$186.00K	USD	1 Quarter
Capitalized depreciation in property, plant and equipment	`CapitalizedDepreciationInPropertyPlantAndEquipment`	$140.00K	USD	1 Quarter
Property and equipment additions incurred but not paid at period-end	`CapitalExpendituresIncurredButNotYetPaid`	$240.00K	USD	1 Quarter
Property and equipment additions incurred but not paid at period-end	`CapitalExpendituresIncurredButNotYetPaid`	$6.27M	USD	1 Quarter
Interest	`InterestPaidNet`	$11.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$119.00K	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Distributions paid to unit holders (in dollars per unit)	`DistributionMadeToLimitedLiabilityCompanyLLCMemberDistributionsDeclaredPerUnit`	$0.10	USD	1 Quarter
Cash dividends paid (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.10	USD	1 Quarter
Cash dividends paid (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.10	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$340.88M	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$254.24M	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$357.86M	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$270.04M	USD	Point-in-time
Effect of ASU No. 2016-02 implementation	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$-532.00K	USD	Point-in-time
Deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreementExchangeOfShares`	$1.90M	USD	1 Quarter
Deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreementExchangeOfShares`	$171.00K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$676.00K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-161.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$899.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.87M	USD	1 Quarter
Payments related to purchase of treasury stock	`StockRepurchasedDuringPeriodValue`	$4.00K	USD	1 Quarter
Solaris LLC distribution paid to Solaris LLC unitholders at $0.10 per Solaris LLC Unit	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.64M	USD	1 Quarter
Dividends paid ($0.10 per share of Class A common stock)	`DividendsCommonStockCash`	$3.12M	USD	1 Quarter
Net income	`ProfitLoss`	$13.41M	USD	1 Quarter
Net income	`ProfitLoss`	$23.43M	USD	1 Quarter
Balance at end of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$340.88M	USD	Point-in-time
Balance at end of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$254.24M	USD	Point-in-time
Balance at end of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$357.86M	USD	Point-in-time
Balance at end of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$270.04M	USD	Point-in-time

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