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    Select Water Solutions Announces Third Quarter 2024 Financial Results and Operational Updates

    11/5/24 4:15:00 PM ET
    $WTTR
    Oilfield Services/Equipment
    Energy
    Get the next $WTTR alert in real time by email

    Generated revenue of $371 million during the third quarter of 2024, an increase of 2% sequentially compared to the second quarter of 2024

    Produced $51.9 million of Operating Cash Flow and $20.4 million of Free Cash Flow during the third quarter of 2024

    Increased Net income 26% and improved Adjusted EBITDA 4% sequentially during the third quarter of 2024 relative to the second quarter of 2024

    Water Infrastructure segment revenue, gross profit and gross profit before D&A increased sequentially by 20%, 42% and 33%, respectively, in the third quarter of 2024 as compared to the second quarter of 2024

    Secured multiple new long-term contracts for pipeline gathering, recycling & disposal infrastructure projects, with anticipated new capital deployment of $37 – $42 million

    HOUSTON, Nov. 5, 2024 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE:WTTR) ("Select" or the "Company"), a leading provider of sustainable water and technology solutions to the energy industry, today announced its financial and operating results for the third quarter ended September 30, 2024.

    John Schmitz, Select's Chairman of the Board, President and Chief Executive Officer, stated, "During the third quarter Select delivered another quarter of continued margin improvement and profitability, while generating solid free cash flow. Supported by revenue growth and margin improvement in our Water Infrastructure segment, our unique growth story continued as we were able to improve consolidated gross margins and increase net income and adjusted EBITDA during the third quarter despite activity pullbacks in the broader macro environment.

    "The third quarter showcased the strength and growth potential in our Water Infrastructure segment, as demonstrated with a significant increase in profitability and another quarter of record performance. More specifically, the Water Infrastructure segment posted 20% sequential revenue improvement and 33% growth in gross profit before D&A, resulting in 56.7% gross margins before D&A in the quarter, an increase of more than five percentage points over the second quarter of 2024.  We have materially surpassed our 50% margin goal for Water Infrastructure well ahead of our 2025 target, underscoring our continued ability to increase asset utilization, integrate acquired assets efficiently and our unique ability to sign, construct, and execute highly profitable Water Infrastructure projects out of our growing backlog alongside the basin's most ambitious and pioneering operators.  Our conviction in the strength and torque of this asset base remains unwavering as represented by the decision to increase our quarterly base dividend by 17% for our upcoming November payment.

    "The improvements in the Water Infrastructure segment were a culmination of the acquisitions we have executed year-to-date, further commercialization of our end-to-end water networks, and ongoing cost and operational efficiency initiatives. While we continue to grow our infrastructure footprint through both organic and inorganic capital projects, we also have driven increased utilization and volumes through our existing assets via our targeted sales, business development and network optimization efforts. Our ever-growing footprint enables us to network assets across our infrastructure portfolio, including pipelines, fixed-recycling facilities, and disposal wells, positioning us as an all-encompassing water solutions provider for our customers. Our existing footprint, coupled with the contracts we have executed and the robust pipeline of prospective projects, positions the Water Infrastructure segment for significant ongoing growth in 2025.

    "In the third quarter we continued to build on our organic infrastructure successes with additional project wins supported by long-term contracts. Since the beginning of the third quarter, we contracted an additional 25,000 acres under long-term dedication in the Permian Basin and continue to add long-term optionality, with an additional 57,000 acres added under right-of-first-refusal commitments. These new contracts build off our existing infrastructure, in each case connecting new assets with other legacy or recently acquired infrastructure to create a more interconnected network. In addition to our Permian wins, we also executed two strategic produced water pipeline connection agreements in the Bakken in the third quarter, further exemplifying our industry-leading infrastructure footprint spanning all major lower 48 land basins. In the third quarter we also completed an additional transaction for a disposal well in the Permian to further bolster our disposal portfolio in the Northern Delaware to meet the needs of our customers.

    "Driven by margin outperformance and the pull-forward of activity in our Water Infrastructure segment, we remain confident in our ability to deliver on the headline goals we set out for 2024, including record setting annual Adjusted EBITDA for the Company and more than 50% of our profitability coming from Water Infrastructure and Chemical Technologies. On the capital side of the business, we expect to come in on the low end of the guidance range of $170 million to $190 million for net capital expenditures as we have increased volumes through our existing network and found ways to increase maintenance capital efficiency and deliver at the low end of our guidance range.

    "We do anticipate, however, that the seasonal activity slowdown in the fourth quarter will impact the Water Services segment, offset by recovery in our Chemical Technologies segment with new product wins. Additionally, we will see the impact of certain asset specific activity reductions in each of our water transfer, sourcing and recycling businesses associated with certain of our ongoing capital projects in the Northern Delaware Basin. More specifically, we are planning for downtime during all of Q4 at one of our New Mexico recycling facilities as we transition this facility's operations into an integrated system that we expect to be back online in the first quarter of 2025. We will also be taking offline a large diameter historically freshwater distribution pipeline in the Northern Delaware Basin in order to convert the asset into a treated produced water distribution line. These assets are two of our highest earning assets within the segment year-to-date in 2024, so while these initiatives will result in some short-term financial impact to the Water Infrastructure segment in the fourth quarter, in doing so, we are significantly enhancing the long-term potential of our Northern Delaware Basins infrastructure footprint by creating a fully integrated network, connecting our current northern and southern recycling systems across New Mexico. While we expect Adjusted EBITDA to be down in the fourth quarter at $60 million - $62 million, this should be temporary and we expect first quarter of 2025 to come in at or above third quarter levels, with upward trajectory across the remainder of 2025 providing substantial year-over-year Adjusted EBITDA growth next year, as our ongoing capital projects come online and provide additional revenue and profitability for our Water Infrastructure segment throughout 2025.

    "Overall, I am pleased with our financial performance in the third quarter and year-to-date 2024, and I am excited to continue building onto our growing infrastructure platform with additional contract wins expected during the fourth quarter and in 2025. The strength of our overall expected 2024 results, including growing profitability and continued free cash flow generation, combined with our strong project backlog positions the company for steady continued growth looking into 2025 and we remain committed to increasing the profitability of our Water Infrastructure segment to represent more than half of the overall profitability of Select by the end of 2025. Ultimately, we remain committed to delivering industry-leading water and technology solutions with high-margin, long-term contracted infrastructure that is mission critical to our customers and creates significant value for our shareholders," concluded Mr. Schmitz.

    Third Quarter 2024 Consolidated Financial Information

    Revenue for the third quarter of 2024 was $371.3 million as compared to $365.1 million in the second quarter of 2024 and $389.3 million in the third quarter of 2023. Net income for the third quarter of 2024 was $18.8 million as compared to $14.9 million in the second quarter of 2024 and $15.3 million in the third quarter of 2023.

    For the third quarter of 2024, gross profit was $62.4 million, as compared to $60.2 million in the second quarter of 2024 and $56.3 million in the third quarter of 2023. Total gross margin was 16.8% in the third quarter of 2024 as compared to 16.5% in the second quarter of 2024 and 14.5% in the third quarter of 2023. Gross margin before depreciation, amortization and accretion ("D&A") for the third quarter of 2024 was 27.3% as compared to 26.7% for the second quarter of 2024 and 23.4% for the third quarter of 2023.

    Selling, General & Administrative expenses ("SG&A") during the third quarter of 2024 was $37.3 million as compared to $39.0 million during the second quarter of 2024 and $39.0 million during the third quarter of 2023. SG&A during the third and second quarters of 2024 and third quarter of 2023 was impacted by non-recurring transaction and rebranding costs of $0.6 million, $2.9 million and $4.7 million, respectively.

    Adjusted EBITDA was $72.8 million in the third quarter of 2024 as compared to $69.6 million in the second quarter of 2024 and $63.0 million in the third quarter of 2023. Adjusted EBITDA during the third quarter of 2024 was adjusted for $0.7 million of non-recurring transaction and rebranding costs, $0.4 million of non-cash losses on asset sales, and ($0.3) million in other non-recurring adjustments. Non-cash compensation expense accounted for an additional $5.8 million adjustment during the third quarter of 2024. Please refer to the end of this release for reconciliations of gross profit before D&A (non-GAAP measure) to gross profit and of Adjusted EBITDA (non-GAAP measure) to net income.

    Business Segment Information

    The Water Services segment generated revenues of $234.0 million in the third quarter of 2024 as compared to $230.0 million in the second quarter of 2024 and $251.9 million in the third quarter of 2023. Gross margin before D&A for Water Services was 20.5% in the third quarter of 2024 as compared to 22.5% in the second quarter of 2024 and 20.5% in the third quarter of 2023. Water Services segment revenues were up approximately 2% sequentially, with strong net gains in Select's Permian water transfer operations. For the fourth quarter of 2024, the Company expects to see segment revenue decline by 10% - 15%, driven by macro activity declines, consolidation initiatives and the affiliated short-term impact of planned downtime at certain water infrastructure assets in the fourth quarter. The Company expects gross margins before D&A to hold steady at 20% - 21% in the fourth quarter of 2024.

    The Water Infrastructure segment generated revenues of $82.0 million in the third quarter of 2024 as compared to $68.6 million in the second quarter of 2024 and $58.4 million in the third quarter of 2023. Gross margin before D&A for Water Infrastructure was 56.7% in the third quarter of 2024 as compared to 51.0% in the second quarter of 2024 and 40.1% in the third quarter of 2023. During the third quarter of 2024, the Water Infrastructure segment realized pull-forward of activity expected in the fourth quarter as well as increased utilization of existing assets and the ongoing benefit of the acquisitions year-to-date. The segment achieved increases in recycling volumes during the third quarter, generating revenue growth of approximately 20% relative to the second quarter of 2024. Additionally, gross margins before D&A improved by more than five percentage points sequentially during the third quarter of 2024, driven by Select's recent acquisitions, and strong incremental margins on additional system utilization across the Company's existing networks. The Company anticipates Water Infrastructure revenues decreasing by 10% - 15% during the fourth quarter of 2024. While the segment will see some impacts from seasonal activity factors, disposal and solids management volumes are expected to remain steady and the majority of the activity reduction is driven by the recent pull-forward of some work into the third quarter and the associated impact of taking offline certain recycling and pipeline distribution assets in the Northern Delaware Basin as part of Select's ongoing capital project efforts to expand its gathering, recycling and distribution networks in the Northern Delaware basin. The Company expects gross margins before D&A of 51% – 54% in the fourth quarter of 2024.

    The Chemical Technologies segment generated revenues of $55.3 million in the third quarter of 2024 as compared to $66.6 million in the second quarter of 2024 and $79.0 million in the third quarter of 2023.   Gross margin before D&A for Chemical Technologies was 12.4% in the third quarter of 2024 as compared to 16.4 % in the second quarter of 2024 and 20.3% in the third quarter of 2023, as activity impacted demand levels during the quarter, especially with pressure pumping customers. For the fourth quarter of 2024, Select anticipates the segment to see both revenue and margin driven by new product development and customer wins, particularly with the Company's E&P customers. Accordingly, revenues are anticipated to increase mid-single-digit percentages and gross margins before D&A to increase to 14% - 16% in the fourth quarter of 2024.

    Cash Flow and Capital Expenditures

    Cash flow from operations for the third quarter of 2024 was $51.9 million as compared to $83.1 million in the second quarter of 2024 and $118.2 million in the third quarter of 2023. Cash flow from operations during the third quarter of 2024 was impacted by a $15.4 million use of cash from working capital.

    Net capital expenditures for the third quarter of 2024 were $31.5 million, comprised of $35.2 million of capital expenditures partially offset by $3.7 million of cash proceeds from asset sales. Free cash flow during the third quarter of 2024 was $20.4 million. Please refer to the end of this release for a reconciliation of free cash flow (non-GAAP measure) to net cash provided by operating activities.

    Cash flow used in investing activities during the third quarter of 2024 also included $8.7 million of outflows for Water Infrastructure related acquisitions.

    Cash flows provided by financing activities during the third quarter of 2024 included $17.2 million of net outflows consisting of $10.0 million of payments on Select's sustainability-linked credit facility, $7.0 million of dividends and distributions paid and $0.2 million of tax withholding payments associated with the vesting of shares under the Company's long-term incentive plan.

    Balance Sheet and Capital Structure

    Total cash and cash equivalents were $10.9 million as of September 30, 2024 as compared to $16.4 million as of June 30, 2024. The Company had $80.0 million of borrowings outstanding under its sustainability-linked credit facility as of September 30, 2024 and $90.0 million outstanding as of June 30, 2024.

    As of September 30, 2024 and June 30, 2024, the borrowing base under the sustainability-linked credit facility was $226.8 million and $220.4 million, respectively. The Company had available borrowing capacity under its sustainability-linked credit facility as of September 30, 2024 and June 30, 2024, of approximately $127.8 million and $113.4 million, respectively, after giving effect to $19.0 million of outstanding letters of credit as of September 30, 2024 and $17.0 million as of June 30, 2024 and $80.0 million of outstanding borrowings as of September 30, 2024 and $90.0 million as of June 30, 2024.

    Total liquidity was $138.7 million as of September 30, 2024, as compared to $129.8 million as of June 30, 2024. The Company had 102,797,453 weighted average shares of Class A common stock outstanding and 16,221,101 weighted average shares of Class B common stock outstanding during the third quarter of 2024.

    Northern Delaware Disposal Acquisition

    During the third quarter of 2024, Select completed the acquisition of a disposal well for $4.5 million of cash consideration in the Northern Delaware Basin. The addition of this well bolsters Select's Northern Delaware disposal capacity, adding an anticipated approximately 10,000 barrels per day of disposal capacity in a strategic location with proximity to the Company's organic Water Infrastructure developments.

    Business Development Updates

    Since the start of the third quarter of 2024, Select has executed four new long-term contracts including two for comprehensive produced water gathering, recycling and disposal in the Permian Basin and two disposal gathering pipeline connection contracts in the Bakken. The combined capital expenditures associated with these four projects is expected to be $37 million – $42 million, with each project anticipated to be online in the first half of 2025.

    Northern Delaware System Expansion and Acreage Dedication

    During the third quarter of 2024, Select signed a 12-year agreement for the construction and expansion of recycling and pipeline infrastructure for a large public operator in the Permian Basin, extending Select's existing Lea County, New Mexico recycling infrastructure into Eddy County, New Mexico as well. Expanding upon existing agreements with an established customer, the new agreement adds another 5,000 additional dedicated acres with an additional right-of-first-refusal for another 57,000 acres of potential dedication. To support the agreement, Select will construct a new recycling facility, adding up to 120,000 barrels per day of additional throughput capacity and up to two million barrels of additional storage capacity. The new facility will be connected via 20-miles of large diameter produced water gathering pipelines to Select's existing Northern Delaware recycling infrastructure, as well as to two of our recently acquired nearby SWDs and an existing large diameter pipeline that will be converted from fresh water to produced water distribution. We expect construction to be complete and the pipelines and recycling facilities to be operational in the first half of 2025.

    Midland Basin Recycling and Disposal Project

    During October 2024, Select signed an eight-year agreement for an integrated water gathering, recycling and disposal project in Upton County in the Midland Basin. The project will expand an existing recycling facility by adding 750,000 barrels of additional storage, support a new disposal facility permitted at 20,000 barrels per day and include 4 miles of pipeline buildout to integrate the system. The project is supported by an approximately 20,000 acre dedication for both gathering produced water and purchasing treated produced water and includes a 35 million barrel minimum volume commitment. The project is expected to be completed during the second quarter of 2025.

    Bakken Pipeline Connections

    During the third quarter of 2024, Select signed one 10-year agreement and one 20-year agreement for the construction of pipelines to Select's existing Bakken disposal infrastructure. As part of the agreements Select will update one of its Bakken disposals to accommodate increased capacity in addition to tying pipe into the disposal facility. Additionally, Select has also secured a one million barrel minimum volume commitment in the initial year of the contract in one of the two connection agreements signed in the quarter.

    Conference Call Information

    Select has scheduled a conference call on Wednesday, November 6, 2024 at 11:00 a.m. Eastern time / 10:00 a.m. Central time.  Please dial 201-389-0872 and ask for the Select Water Solutions call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://investors.selectwater.com/events-presentations/current.  A telephonic replay of the conference call will be available through November 20, 2024, and may be accessed by calling 201-612-7415 using passcode 13749690#.  A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.   

    About Select Water Solutions, Inc.

    Select is a leading provider of sustainable water and technology solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the Company's continued success.  For more information, please visit Select's website, https://www.selectwater.com.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "intend," "project," "will," "estimates," "preliminary," "forecast" and other similar expressions. Examples of forward-looking statements include, but are not limited to, the expectations of plans, business strategies, objectives and growth, projected financial results and future financial and operational performance, expected capital expenditures, our share repurchase program and future dividends. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include the risks that the benefits contemplated from our recent acquisitions may not be realized, the ability of Select to successfully integrate the acquired businesses' operations, including employees, and realize anticipated synergies and cost savings and the potential impact of the consummation of the acquisitions on relationships, including with employees, suppliers, customers, competitors and creditors. Factors that could materially impact such forward-looking statements include, but are not limited to: the global macroeconomic uncertainty related to the Russia-Ukraine war and related economic sanctions; the conflict in the Israel-Gaza region and related hostilities in the Middle East, including heightened tensions with Iran, Lebanon and Yemen; the ability to source certain raw materials and other critical components or manufactured products globally on a timely basis from economically advantaged sources, including any delays and/or supply chain disruptions due to increased hostilities in the Middle East; actions by the members of the Organization of the Petroleum Exporting Countries ("OPEC") and Russia (together with OPEC and other allied producing countries, "OPEC+") with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations, which may be exacerbated by the recent Middle East conflicts; actions taken by federal or state governments, such as executive orders or new or expanded regulations, that may negatively impact the future production of oil and natural gas in the U.S. or our customers' access to federal and state lands for oil and gas development operations, thereby reducing demand for our services in the affected areas; the severity and duration of world health events, and any resulting impact on commodity prices and supply and demand considerations; the impact of central bank policy actions, such as sustained, elevated  interest rates in response to, among other things, high rates of inflation, and disruptions in the bank and capital markets; the degree to which consolidation among our customers may affect spending on U.S. drilling and completions activity; the level of capital spending and access to capital markets by oil and gas companies, trends and volatility in oil and gas prices, and our ability to manage through such volatility; the impact of current and future laws, rulings and governmental regulations, including those related to hydraulic fracturing, accessing water, disposing of wastewater, transferring produced water, interstate freshwater transfer, chemicals, carbon pricing, pipeline construction, taxation or emissions, leasing, permitting or drilling on federal lands and various other environmental matters; regulatory and related policy actions intended by federal, state and/or local governments to reduce fossil fuel use and associated carbon emissions, or to drive the substitution of renewable forms of energy for oil and gas, may over time reduce demand for oil and gas and therefore the demand for our services, including as a result of the Inflation Reduction Act of 2022, the U.S. Supreme Court's overturning of the Chevron deference doctrine or otherwise; growing demand for electric vehicles that may result in reduced demand for refined products deriving from crude oil such as gasoline and diesel fuel, and therefore the demand for our services; the impact of advances or changes in well-completion technologies or practices that result in reduced demand for our services, either on a volumetric or time basis; changes in global political or economic conditions, generally, including as a result of the fall 2024 presidential election and any resultant political uncertainty, and in the markets we serve, including the rate of inflation and potential economic recession; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

    WTTR-ER

     

    SELECT WATER SOLUTIONS, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)

    (in thousands, except share and per share data)





































    Three months ended,



    Nine months ended Sept 30,





    Sept 30, 2024



    June 30, 2024



    Sept 30, 2023



    2024



    2023

    Revenue































    Water Services



    $

    234,019



    $

    230,008



    $

    251,870



    $

    692,334



    $

    791,145

    Water Infrastructure





    82,017





    68,564





    58,375





    214,089





    169,118

    Chemical Technologies





    55,313





    66,559





    79,028





    196,605





    250,230

    Total revenue





    371,349





    365,131





    389,273





    1,103,028





    1,210,493

    Costs of revenue































    Water Services





    186,041





    178,308





    200,361





    545,881





    626,878

    Water Infrastructure





    35,503





    33,581





    34,992





    102,776





    103,718

    Chemical Technologies





    48,450





    55,641





    63,005





    165,846





    200,017

    Depreciation, amortization and accretion





    38,906





    37,445





    34,650





    113,243





    102,776

    Total costs of revenue





    308,900





    304,975





    333,008





    927,746





    1,033,389

    Gross profit





    62,449





    60,156





    56,265





    175,282





    177,104

    Operating expenses































    Selling, general and administrative





    37,268





    38,981





    38,983





    120,229





    109,147

    Depreciation and amortization





    661





    748





    512





    2,667





    1,846

    Impairments and abandonments





    —





    46





    32





    91





    11,554

    Lease abandonment costs





    5





    17





    (12)





    411





    73

    Total operating expenses





    37,934





    39,792





    39,515





    123,398





    122,620

    Income from operations





    24,515





    20,364





    16,750





    51,884





    54,484

    Other income (expense)































    Gain on sales of property and equipment and divestitures, net





    1,624





    382





    23





    2,331





    1,688

    Interest expense, net





    (1,906)





    (2,026)





    (765)





    (5,204)





    (4,290)

    Other





    (78)





    42





    767





    (318)





    2,482

    Income before income tax expense and equity in gains (losses) of

    unconsolidated entities





    24,155





    18,762





    16,775





    48,693





    54,364

    Income tax expense





    (5,852)





    (3,959)





    (483)





    (11,263)





    (1,068)

    Equity in gains (losses) of unconsolidated entities





    507





    96





    (978)





    154





    (1,716)

    Net income





    18,810





    14,899





    15,314





    37,584





    51,580

    Less: net income attributable to noncontrolling interests





    (3,019)





    (2,031)





    (968)





    (5,300)





    (4,772)

    Net income attributable to Select Water Solutions, Inc.



    $

    15,791



    $

    12,868



    $

    14,346



    $

    32,284



    $

    46,808

































    Net income per share attributable to common stockholders:































    Class A—Basic



    $

    0.16



    $

    0.13



    $

    0.14



    $

    0.32



    $

    0.46

    Class B—Basic



    $

    —



    $

    —



    $

    —



    $

    —



    $

    —

































    Net income per share attributable to common stockholders:































    Class A—Diluted



    $

    0.15



    $

    0.13



    $

    0.14



    $

    0.32



    $

    0.45

    Class B—Diluted



    $

    —



    $

    —



    $

    —



    $

    —



    $

    —

     

    SELECT WATER SOLUTIONS, INC.

    CONSOLIDATED BALANCE SHEETS

    (unaudited)

    (in thousands, except share data)































    Sept 30, 2024



    June 30, 2024



    March 31, 2024



    December 31, 2023

    Assets

























    Current assets

























    Cash and cash equivalents



    $

    10,938



    $

    16,417



    $

    12,753



    $

    57,083

    Accounts receivable trade, net of allowance for credit losses





    298,676





    295,115





    323,113





    322,611

    Accounts receivable, related parties





    119





    98





    330





    171

    Inventories





    35,819





    37,501





    37,636





    38,653

    Prepaid expenses and other current assets





    51,130





    35,142





    37,886





    35,541

    Total current assets





    396,682





    384,273





    411,718





    454,059

    Property and equipment





    1,363,666





    1,312,239





    1,242,133





    1,144,989

    Accumulated depreciation





    (689,978)





    (663,284)





    (650,952)





    (627,408)

    Total property and equipment, net





    673,688





    648,955





    591,181





    517,581

    Right-of-use assets, net





    39,714





    42,293





    42,931





    39,504

    Goodwill





    30,259





    36,664





    31,202





    4,683

    Other intangible assets, net





    127,930





    126,834





    127,649





    116,189

    Deferred tax assets, net





    48,879





    54,529





    60,489





    61,617

    Other long-term assets, net





    29,495





    29,572





    26,137





    24,557

    Total assets



    $

    1,346,647



    $

    1,323,120



    $

    1,291,307



    $

    1,218,190

    Liabilities and Equity

























    Current liabilities

























    Accounts payable



    $

    41,435



    $

    36,746



    $

    54,389



    $

    42,582

    Accrued accounts payable





    66,172





    72,493





    62,833





    66,182

    Accounts payable and accrued expenses, related parties





    5,891





    3,251





    4,227





    4,086

    Accrued salaries and benefits





    21,142





    24,342





    17,692





    28,401

    Accrued insurance





    29,970





    17,399





    17,227





    19,720

    Sales tax payable





    2,668





    2,493





    2,973





    1,397

    Current portion of tax receivable agreements liabilities





    469





    469





    469





    469

    Accrued expenses and other current liabilities





    37,866





    38,282





    35,800





    33,511

    Current operating lease liabilities





    16,781





    16,934





    16,241





    15,005

    Current portion of finance lease obligations





    207





    199





    196





    194

    Total current liabilities





    222,601





    212,608





    212,047





    211,547

    Long-term tax receivable agreements liabilities





    37,718





    37,718





    37,718





    37,718

    Long-term operating lease liabilities





    34,792





    37,938





    39,667





    37,799

    Long-term debt





    80,000





    90,000





    75,000





    —

    Other long-term liabilities





    52,110





    42,726





    38,554





    38,954

    Total liabilities





    427,221





    420,990





    402,986





    326,018

    Commitments and contingencies

























    Class A common stock, $0.01 par value





    1,028





    1,028





    1,027





    1,022

    Class B common stock, $0.01 par value





    162





    162





    162





    162

    Preferred stock, $0.01 par value





    —





    —





    —





    —

    Additional paid-in capital





    999,812





    1,001,123





    1,001,967





    1,008,095

    Accumulated deficit





    (204,507)





    (220,298)





    (233,166)





    (236,791)

    Total stockholders' equity





    796,495





    782,015





    769,990





    772,488

    Noncontrolling interests





    122,931





    120,115





    118,331





    119,684

    Total equity





    919,426





    902,130





    888,321





    892,172

    Total liabilities and equity



    $

    1,346,647



    $

    1,323,120



    $

    1,291,307



    $

    1,218,190

     

    SELECT WATER SOLUTIONS, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited)

    (in thousands)





































    Three months ended



    Nine months ended





    Sept 30, 2024



    June 30, 2024



    Sept 30, 2023



    Sept 30, 2024



    Sept 30, 2023

    Cash flows from operating activities































    Net income



    $

    18,810



    $

    14,899



    $

    15,314



    $

    37,584



    $

    51,580

    Adjustments to reconcile net income to net cash provided by operating activities































    Depreciation, amortization and accretion





    39,567





    38,193





    35,162





    115,910





    104,622

    Deferred tax expense (benefit)





    5,650





    3,792





    (54)





    10,571





    (97)

    Gain on disposal of property and equipment and divestitures





    (1,624)





    (382)





    (23)





    (2,331)





    (1,688)

    Equity in (gains) losses of unconsolidated entities





    (507)





    (96)





    978





    (154)





    1,716

    Bad debt expense





    (472)





    731





    1,156





    855





    3,987

    Amortization of debt issuance costs





    122





    122





    122





    366





    366

    Inventory adjustments





    (95)





    (400)





    115





    (528)





    557

    Equity-based compensation





    5,799





    6,201





    5,014





    18,359





    12,787

    Impairments and abandonments





    —





    46





    32





    91





    11,554

    Other operating items, net





    (41)





    655





    2





    926





    (639)

           Changes in operating assets and liabilities































           Accounts receivable





    (2,415)





    31,298





    74,081





    29,011





    70,467

                  Prepaid expenses and other assets





    (15,536)





    1,222





    (11,613)





    (16,494)





    (18,797)

    Accounts payable and accrued liabilities





    2,618





    (13,167)





    (2,073)





    (27,047)





    (34,253)

       Net cash provided by operating activities





    51,876





    83,114





    118,213





    167,119





    202,162

    Cash flows from investing activities































           Purchase of property and equipment





    (35,204)





    (49,113)





    (35,166)





    (118,080)





    (102,401)

    Purchase of equity-method investments





    —





    —





    —





    —





    (500)

    Acquisitions, net of cash received





    (8,650)





    (41,477)





    —





    (158,438)





    (13,418)

    Proceeds received from sales of property and equipment





    3,730





    3,379





    1,579





    12,275





    11,380

           Net cash used in investing activities





    (40,124)





    (87,211)





    (33,587)





    (264,243)





    (104,939)

    Cash flows from financing activities































    Borrowings from revolving line of credit





    7,500





    52,500





    —





    150,000





    105,250

           Payments on revolving line of credit





    (17,500)





    (37,500)





    (65,000)





    (70,000)





    (121,250)

           Payments of finance lease obligations





    (49)





    (48)





    (45)





    (163)





    (55)

    Dividends and distributions paid





    (7,012)





    (7,034)





    (5,821)





    (21,533)





    (17,907)

    Distributions to noncontrolling interests





    —





    —





    1,000





    —





    (1,581)

    Contributions from noncontrolling interests





    —





    —





    —





    —





    5,950

    Repurchase of common stock





    (171)





    (156)





    (276)





    (7,323)





    (49,905)

           Net cash (used in) provided by financing activities





    (17,232)





    7,762





    (70,142)





    50,981





    (79,498)

    Effect of exchange rate changes on cash





    1





    (1)





    (3)





    (2)





    (4)

    Net (decrease) increase in cash and cash equivalents





    (5,479)





    3,664





    14,481





    (46,145)





    17,721

    Cash and cash equivalents, beginning of period





    16,417





    12,753





    10,562





    57,083





    7,322

    Cash and cash equivalents, end of period



    $

    10,938



    $

    16,417



    $

    25,043



    $

    10,938



    $

    25,043



































     

    Comparison of Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, gross profit before depreciation, amortization and accretion ("D&A"), gross margin before D&A and free cash flow are not financial measures presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). We define EBITDA as net income (loss), plus interest expense, income taxes and depreciation, amortization and accretion. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment and abandonment charges or asset write-offs pursuant to GAAP, plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains), plus/(minus) losses/(gains) on unconsolidated entities and plus tax receivable agreements expense less bargain purchase gains from business combinations. We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment, plus proceeds received from sale of property and equipment. EBITDA, Adjusted EBITDA, gross profit before D&A, gross margin before D&A and free cash flow are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them 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,  amortization and accretion) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A, gross margin before D&A and free cash flow because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.

    Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit and gross margin are the GAAP measures most directly comparable to gross profit before D&A and gross margin before D&A, respectively. Net cash provided by (used in) operating activities is the GAAP measure most directly comparable to free cash flow. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA, gross profit before D&A, gross margin before D&A or free cash flow in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA, gross profit before D&A, gross margin before D&A and free cash flow may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

    For forward-looking non-GAAP measures, the Company is unable to provide a reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measure as the information necessary for a quantitative reconciliation, including potential acquisition-related transaction and rebranding costs as well as the purchase price accounting allocation of the recent acquisitions and the resulting impacts to depreciation, amortization and accretion expense, among other items is not available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy at this time.

    The following table presents a reconciliation of free cash flow to net cash provided by operating activities, which is the most directly comparable GAAP measure for the periods presented:











    Three months ended





    Sept 30, 2024



    June 30, 2024



    Sept 30, 2023











    (unaudited) (in thousands)

    Net cash provided by operating activities



    $

    51,876



    $

    83,114



    $

    118,213

    Purchase of property and equipment





    (35,204)





    (49,113)





    (35,166)

    Proceeds received from sale of property and equipment





    3,730





    3,379





    1,579

    Free cash flow



    $

    20,402



    $

    37,380



    $

    84,626

























    The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net income, which is the most directly comparable GAAP measure for the periods presented:







    Three months ended,







    Sept 30, 2024



    June 30, 2024



    Sept 30, 2023







    (unaudited) (in thousands)

    Net income





    $

    18,810



    $

    14,899



    $

    15,314

    Interest expense, net







    1,906





    2,026





    765

    Income tax expense







    5,852





    3,959





    483

    Depreciation, amortization and accretion







    39,567





    38,193





    35,162

    EBITDA







    66,135





    59,077





    51,724

    Trademark abandonment and other impairments







    —





    46





    —

    Non-cash loss on sale of assets or subsidiaries







    368





    1,432





    583

    Non-cash compensation expenses







    5,799





    6,201





    5,014

    Non-recurring transaction and rebranding costs







    710





    2,866





    4,669

    Non-recurring severance expense







    —





    —





    —

    Lease abandonment costs







    5





    17





    (12)

    Equity in (gains) losses of unconsolidated entities







    (507)





    (96)





    978

    Impairments and Abandonments







    —





    —





    32

    Other







    240





    104





    1

    Adjusted EBITDA





    $

    72,750



    $

    69,647



    $

    62,989



    The following table presents a reconciliation of gross profit before D&A to total gross profit, which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:





    Three months ended,





    Sept 30, 2024



    June 30, 2024



    Sept 30, 2023





    (unaudited) (in thousands)

    Gross profit by segment



















    Water services



    $

    28,482



    $

    30,688



    $

    28,689

    Water infrastructure





    28,957





    20,354





    14,191

    Chemical technologies





    5,010





    9,114





    13,385

    As reported gross profit





    62,449





    60,156





    56,265





















    Plus D&A



















    Water services





    19,496





    21,012





    22,820

    Water infrastructure





    17,557





    14,629





    9,192

    Chemical technologies





    1,853





    1,804





    2,638

    Total D&A





    38,906





    37,445





    34,650





















    Gross profit before D&A



    $

    101,355



    $

    97,601



    $

    90,915





















    Gross profit before D&A by segment



















    Water services





    47,978





    51,700





    51,509

    Water infrastructure





    46,514





    34,983





    23,383

    Chemical technologies





    6,863





    10,918





    16,023

    Total gross profit before D&A



    $

    101,355



    $

    97,601



    $

    90,915





















    Gross margin before D&A by segment



















    Water services





    20.5 %





    22.5 %





    20.5 %

    Water infrastructure





    56.7 %





    51.0 %





    40.1 %

    Chemical technologies





    12.4 %





    16.4 %





    20.3 %

    Total gross margin before D&A





    27.3 %





    26.7 %





    23.4 %

     

    Contacts:       

    Select Water Solutions

    Garrett Williams – VP, Corporate Finance & Investor Relations

    (713) 296-1010

    [email protected]

    Dennard Lascar Investor Relations

    Ken Dennard / Natalie Hairston

    (713) 529-6600

    [email protected]

    Cision View original content:https://www.prnewswire.com/news-releases/select-water-solutions-announces-third-quarter-2024-financial-results-and-operational-updates-302296916.html

    SOURCE Select Water Solutions, Inc.

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    • SVP, GC, CCO & Corp. Sec. Ibrahim Christina M covered exercise/tax liability with 25,818 shares, decreasing direct ownership by 18% to 117,377 units (SEC Form 4)

      4 - Select Water Solutions, Inc. (0001693256) (Issuer)

      5/6/25 12:22:09 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Director Burleson Gayle was granted 17,422 shares, increasing direct ownership by 25% to 85,768 units (SEC Form 4)

      4 - Select Water Solutions, Inc. (0001693256) (Issuer)

      5/5/25 1:23:06 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy
    • Director Wall Douglas James was granted 17,422 shares, increasing direct ownership by 17% to 122,724 units (SEC Form 4)

      4 - Select Water Solutions, Inc. (0001693256) (Issuer)

      5/2/25 5:38:27 PM ET
      $WTTR
      Oilfield Services/Equipment
      Energy