Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris”, “Aris Water” or
the “Company”) today announced financial and operating results for
the first quarter ended March 31, 2023.
- Total water volumes of approximately 1.4 million barrels per
day for the first quarter of 2023, up 18% versus the first quarter
of 2022 and up 5% sequentially versus the fourth quarter of
2022.
- Produced Water volumes of approximately 971 thousand barrels
per day for the first quarter of 2023, up 21% versus the first
quarter of 2022 and up 3% sequentially versus the fourth quarter of
2022.
- Water Solutions volumes of approximately 405 thousand barrels
per day in the first quarter of 2023, up 11% versus the first
quarter of 2022 and up 11% sequentially versus the fourth quarter
of 2022.
- Net income of $7.7 million for the first quarter of 2023, up
from a net loss of $6.6 million in the first quarter of 2022 and up
42% sequentially versus the fourth quarter of 2022. Adjusted Net
Income1 of $9.8 million for the first quarter of 2023, down 2%
versus the first quarter of 2022 and up 9% sequentially versus the
fourth quarter of 2022.
- Adjusted EBITDA1 of $38.1 million for the first quarter of
2023, up 6% versus the first quarter of 2022 and up 6% sequentially
versus the fourth quarter of 2022.
- Aris reaffirms its full year 2023 outlook for Adjusted EBITDA
of $150 million - $170 million and capital expenditures of $140
million - $155 million.
“The year is off to a strong start. We continued to grow both
produced water and water solutions volumes while also making
substantive progress across a number of our operational and
financial initiatives. Our focus on improving skim oil recovery
rates, as well as our initiative to reduce working capital, have
already had an immediate impact on the bottom line. Other ongoing
cost savings initiatives, including electrification of field
infrastructure, remain on track, and, as previously indicated, are
expected to deliver incremental margin improvement in the second
half of the year. The first quarter also benefited from lower
SG&A expense, as a portion of budgeted expense was deferred
until later in the year. While we still have much more progress to
make, we are encouraged by these early proof points and we remain
confident that we will deliver on our 2023 operating and financial
plan,” stated Amanda Brock, Chief Executive Officer of Aris.
“We continue to make progress on our beneficial reuse pilot
project, working alongside Chevron, ConocoPhillips and ExxonMobil
to evaluate and develop proprietary processes for cost effective
beneficial reuse, as well as other water sustainability initiatives
in the Permian Basin. Contemporaneously with this pilot project,
Aris is identifying viable commercial applications for the use of
treated produced water. We look forward to sharing further progress
with our investors in the coming quarters.”
OPERATIONS UPDATE
For the first quarter of 2023, the Company handled approximately
1.4 million barrels of water per day of total volumes, up
approximately 18% from 1.2 million barrels of water per day for the
first quarter of 2022 and up approximately 5% sequentially from 1.3
million barrels of water per day for the fourth quarter of
2022.
Skim oil recoveries were 1,348 barrels per day, or approximately
0.14% of produced water volumes, up 62% versus the first quarter of
2022 and up 74% from the fourth quarter of 2022 as operational
changes allowed for the recovery of additional skim oil volumes
which were not recovered in the fourth quarter of 2022.
Recycled Produced Water volumes were approximately 258 thousand
barrels of water per day for the first quarter of 2023, down
approximately 5% from 273 thousand barrels of water per day for the
first quarter of 2022, and down approximately 9% sequentially
versus the fourth quarter of 2022.
Groundwater volumes were approximately 147 thousand barrels of
water per day for the first quarter of 2023, up approximately 123%
from 66 thousand barrels of water per day for the first quarter of
2022, and up approximately 79% sequentially versus the fourth
quarter of 2022.
FINANCIAL UPDATE
Net income was $7.7 million for the first quarter of 2023 versus
a net loss of $6.6 million in the first quarter of 2022 and net
income of $5.4 million in the fourth quarter of 2022. Adjusted Net
Income1 was $9.8 million for the first quarter of 2023 versus $10.0
million for the first quarter of 2022 and $9.0 million in the
fourth quarter of 2022.
Adjusted EBITDA1 was $38.1 million for the first quarter of 2023
versus $35.9 million in the first quarter of 2022, up approximately
6%, and $36.1 million in the fourth quarter of 2022, up
approximately 6%.
The Company had gross margin per barrel of $0.24 per barrel for
the first quarter of 2023 versus $0.26 per barrel in the first
quarter of 2022 and $0.22 per barrel for the fourth quarter of
2022. The Company had Adjusted Operating Margin per barrel2 of
$0.39 per barrel for the first quarter of 2023, versus $0.42 per
barrel in the first quarter of 2022 and $0.37 per barrel for the
fourth quarter of 2022.
Adjusted Operating Margins continue to be negatively impacted by
inflationary cost pressures, inefficiencies in water sourcing
related to the rapid expansion of our reuse operations, supply
chain delays for permanent equipment, and delays in connecting to
line power requiring increased diesel fuel and rental
equipment.
First quarter 2023 capital expenditures totaled approximately
$48 million versus $26 million in the first quarter of 2022.
STRONG BALANCE SHEET AND
LIQUIDITY
As of March 31, 2023, the Company had approximately $25.5
million in cash and an available revolving credit facility of
approximately $159.0 million for a total available liquidity of
approximately $184.5 million. As of March 31, 2023, the Company’s
leverage ratio was 2.7X, which was below the midpoint of our target
leverage range of 2.5X-3.5X.3 Accounts Receivable balance of
approximately $101 million was down approximately $27 million from
year end 2022 while revenue grew 11% quarter-over-quarter.
SECOND QUARTER 2023
DIVIDEND
On May 8, 2023, Aris’s Board of Directors declared a dividend on
its Class A common stock for the second quarter of 2023 of $0.09
per share. In conjunction with the dividend payment, a distribution
of $0.09 per unit will be paid to unit holders of Solaris Midstream
Holdings, LLC. The dividend will be paid on June 29, 2023, to
holders of record of the Company’s Class A common stock as of the
close of business on June 16, 2023. The distribution to unit
holders of Solaris Midstream Holdings, LLC will be subject to the
same payment and record dates.
SECOND QUARTER 2023 FINANCIAL
OUTLOOK
“In the second quarter, we expect produced water volumes to
continue to grow sequentially versus the first quarter. We also
expect changes in customer mix and CPI-linked contract escalators
to drive higher produced water revenue as compared to the first
quarter,” said Amanda Brock. “Water Solutions volumes are expected
to be down slightly as some contracted volumes scheduled for the
second quarter pulled forward into the first quarter. We are
forecasting skim oil recovery levels to normalize at approximately
0.1% of produced water inlet volumes, higher than a year ago but
below the first quarter results, which we believe included volumes
not collected in the fourth quarter of 2022. We also anticipate
increased well maintenance costs in the second quarter relative to
the first quarter. We remain very focused on enhancing
profitability through continued execution of our ongoing
optimization efforts, and expect to see the impact of these efforts
in the second half of the year.”
- For the second quarter of 2023, the Company expects:
- Produced Water Handling Volumes of between 995 and 1,005
thousand barrels of water per day
- Water Solutions Volumes of between 365 and 375 thousand barrels
of water per day
- Adjusted Operating Margins between $0.36 and $0.38 per barrel
of Total Volumes4
- Skim oil recoveries of 0.10% of inlet produced water handling
volumes at an average realized price of $68 per barrel, net of
taxes and marketing costs
- Adjusted EBITDA between $35.0 and $37.0 million4
- Capital Expenditures between $55.0 and $65.0 million5
CONFERENCE CALL
Aris will host a conference call to discuss its first quarter
2023 results on Tuesday, May 9, 2023, at 8:00 a.m. Central Time
(9:00 a.m. Eastern Time).
Participants should call (877) 407-5792 and refer to Aris Water
Solutions, Inc. when dialing in. Participants are encouraged to log
in to the webcast or dial in to the conference call approximately
ten minutes prior to the start time. To listen via live webcast,
please visit the Investor Relations section of the Company’s
website, www.ariswater.com.
An audio replay of the conference call will be available shortly
after the conclusion of the call and will remain available for
approximately fourteen days. The replay can be accessed by dialing
(877) 660-6853 within the United States or (201) 612-7415 outside
of the United States. The access code is 13737258.
About Aris Water Solutions,
Inc.
Aris Water Solutions, Inc. is a leading, growth-oriented
environmental infrastructure and solutions company that directly
helps its customers reduce their water and carbon footprints. Aris
Water delivers full-cycle water handling and recycling solutions
that increase the sustainability of energy company operations. Its
integrated pipelines and related infrastructure create long-term
value by delivering high-capacity, comprehensive produced water
management, recycling and supply solutions to operators in the core
areas of the Permian Basin.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Examples of forward-looking statements include, but are
not limited to, those regarding the Company’s business strategy,
its industry, its future profitability and our projected guidance
for 2023, the various risks and uncertainties associated with the
extraordinary inflationary environment and impacts resulting from
the volatility in global oil markets, expected capital expenditures
and the impact of such expenditures on performance, management
changes, current and potential future long-term contracts and the
Company’s future business and financial performance and our ability
to identify strategic acquisitions and realize benefits therefrom.
In some cases, you can identify forward-looking statements by
terminology such as “anticipate,” “guidance,” “preliminary,”
“project,” “estimate,” “outlook,” “budget,” “expect,” “continue,”
“will,” “intend,” “plan,” “targets,” “believe,” “forecast,”
“future,” “potential,” “may,” “possible,” “should,” “could” and
variations of such words or similar expressions. Forward-looking
statements are based on the Company’s current expectations and
assumptions regarding its business, the economy and other future
conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, the Company’s actual results may
differ materially from those contemplated by the forward-looking
statements, including our projected guidance for 2023. Factors that
could cause the Company’s actual results to differ materially from
the results contemplated by such forward-looking statements
include, but are not limited to the risk factors discussed or
referenced in its filings made from time to time with the U.S.
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date hereof. Factors or events that could cause the
Company’s actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The
Company undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
__________________________
1 Adjusted EBITDA and Adjusted Net Income are non-GAAP financial
measures. See the supplementary schedules in this press release for
a discussion of how we define and calculate Adjusted EBITDA and
Adjusted Net Income and a reconciliation thereof to net income, the
most directly comparable GAAP measure. 2 Adjusted Operating Margin
per Barrel is a non-GAAP financial measure. See the supplementary
schedules in this press release for a discussion of how we define
and calculate Adjusted Operating Margin per Barrel and a
reconciliation thereof to gross margin, the most directly
comparable GAAP measure. 3 Defined as net debt as of 3/31/2023
divided by annualized 1Q 2023 Adjusted EBITDA. Net debt is
calculated as total debt less cash and cash equivalents. 4 Adjusted
EBITDA and Adjusted Operating Margins are non-GAAP financial
measures. See the supplementary schedules in this press release for
a discussion of how we define and calculate Adjusted EBITDA and
Adjusted Operating Margins per Barrel. 5 Calculated on capital
costs incurred during the period, excluding the impact of working
capital.
Table 1
Aris Water Solutions,
Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
(in thousands, except for share and
Three Months Ended
per share amounts)
March 31,
2023
2022
Revenue
Produced Water Handling
$
46,100
$
35,100
Produced Water Handling—Affiliate
23,140
21,081
Water Solutions
13,882
11,644
Water Solutions—Affiliate
7,984
3,144
Other Revenue
465
—
Total Revenue
91,571
70,969
Cost of Revenue
Direct Operating Costs
43,845
26,671
Depreciation, Amortization and
Accretion
18,606
16,579
Total Cost of Revenue
62,451
43,250
Operating Costs and Expenses
General and Administrative
11,799
10,711
Impairment of Long-Lived Assets
—
15,597
Research and Development Expense
408
19
Other Operating Expense
217
1,064
Total Operating Expenses
12,424
27,391
Operating Income
16,696
328
Other Expense
Interest Expense, Net
7,661
7,785
Income (Loss) Before Income
Taxes
9,035
(7,457
)
Income Tax Expense (Benefit)
1,327
(840
)
Net Income (Loss)
7,708
(6,617
)
Net Income (Loss) Attributable to
Noncontrolling Interest
4,330
(4,395
)
Net Income (Loss) Attributable to Aris
Water Solutions, Inc.
$
3,378
$
(2,222
)
Net Income (Loss) Per Share of Class A
Common Stock
Basic
$
0.11
$
(0.11
)
Diluted
$
0.11
$
(0.11
)
Weighted Average Shares of Class A Common
Stock Outstanding
Basic
29,935,145
21,852,966
Diluted
29,935,145
21,852,966
Table 2
Aris Water Solutions,
Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(in thousands, except for share and per
share amounts)
March 31,
December 31,
2023
2022
Assets
Cash
$
25,508
$
1,122
Accounts Receivable, Net
73,732
81,683
Accounts Receivable from Affiliate
27,239
46,029
Other Receivables
4,771
4,354
Prepaids and Deposits
4,543
5,805
Total Current Assets
135,793
138,993
Fixed Assets
Property, Plant and Equipment
955,848
907,784
Accumulated Depreciation
(97,479
)
(88,681
)
Total Property, Plant and Equipment,
Net
858,369
819,103
Intangible Assets, Net
260,394
269,845
Goodwill
34,585
34,585
Deferred Income Tax Assets, Net
29,206
30,424
Right-of-Use Assets
8,754
9,135
Other Assets
1,139
1,281
Total Assets
$
1,328,240
$
1,303,366
Liabilities and Stockholders'
Equity
Accounts Payable
$
27,733
$
22,982
Payables to Affiliate
2,611
3,021
Accrued and Other Current Liabilities
75,185
65,411
Total Current Liabilities
105,529
91,414
Long-Term Debt, Net of Debt Issuance
Costs
435,389
428,921
Asset Retirement Obligation
17,962
17,543
Tax Receivable Agreement Liability
98,090
97,980
Other Long-Term Liabilities
10,048
10,421
Total Liabilities
667,018
646,279
Commitments and Contingencies
Stockholders' Equity
Preferred Stock $0.01 par value,
50,000,000 authorized. None issued or outstanding as of March 31,
2023 and December 31, 2022
—
—
Class A Common Stock $0.01 par value,
600,000,000 authorized, 30,312,649 issued and 30,073,594
outstanding as of March 31, 2023; 30,115,979 issued and 29,919,217
outstanding as of December 31, 2022
302
300
Class B Common Stock $0.01 par value,
180,000,000 authorized, 27,554,566 issued and outstanding as of
March 31, 2023; 27,575,519 issued and outstanding as of December
31, 2022
276
276
Treasury Stock (at Cost), 239,055 shares
as of March 31, 2023; 196,762 shares as of December 31, 2022
(3,490
)
(2,891
)
Additional Paid-in-Capital
322,167
319,545
Accumulated Deficit
(7,170
)
(7,722
)
Total Stockholders' Equity Attributable to
Aris Water Solutions, Inc.
312,085
309,508
Noncontrolling Interest
349,137
347,579
Total Stockholders' Equity
661,222
657,087
Total Liabilities and Stockholders'
Equity
$
1,328,240
$
1,303,366
Table 3
Aris Water Solutions,
Inc.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Three Months Ended
(in thousands)
March 31,
2023
2022
Cash Flow from Operating
Activities
Net Income (Loss)
$
7,708
$
(6,617
)
Adjustments to reconcile Net Income (Loss)
to Net Cash provided by Operating Activities:
Deferred Income Tax Expense (Benefit)
1,300
(840
)
Depreciation, Amortization and
Accretion
18,606
16,579
Stock-Based Compensation
2,468
2,337
Impairment of Long-Lived Assets
-
15,597
(Gain) Loss on Disposal of Asset, Net
(13
)
554
Amortization of Debt Issuance Costs,
Net
508
565
Other
180
205
Changes in Operating Assets and
Liabilities:
Accounts Receivable
7,951
(7,996
)
Accounts Receivable from Affiliate
18,790
608
Other Receivables
(332
)
795
Prepaids and Deposits
1,262
852
Accounts Payable
1,298
1,026
Payables to Affiliate
(410
)
241
Accrued Liabilities and Other
357
2,484
Net Cash Provided by Operating
Activities
59,673
26,390
Cash Flow from Investing
Activities
Property, Plant and Equipment
Expenditures
(35,315
)
(9,810
)
Net Cash Used in Investing
Activities
(35,315
)
(9,810
)
Cash Flow from Financing
Activities
Dividends and Distributions Paid
(5,373
)
(8,856
)
Repurchase of Shares
(599
)
-
Repayment of Credit Facility
(9,000
)
-
Proceeds from Credit Facility
15,000
-
Net Cash Provided by (Used in)
Financing Activities
28
(8,856
)
Net Increase in Cash
24,386
7,724
Cash, Beginning of Period
1,122
60,055
Cash, End of Period
$
25,508
$
67,779
Use of Non-GAAP Financial
Information
The Company uses financial measures that are not calculated in
accordance with U.S. generally accepted accounting principles
(“GAAP”), including Adjusted EBITDA, Adjusted Operating Margin,
Adjusted Operating Margin per Barrel, and Adjusted Net Income.
Although these Non-GAAP financial measures are important factors in
assessing the Company’s operating results and cash flows, they
should not be considered in isolation or as a substitute for net
income or gross margin or any other measures prepared under
GAAP.
The Company calculates Adjusted EBITDA as net income (loss)
plus: interest expense; income taxes; depreciation, amortization
and accretion expense; abandoned well costs, asset impairment and
abandoned project charges; losses on the sale of assets;
transaction costs; research and development expense; loss on debt
modification; stock-based compensation expense; and other
non-recurring or unusual expenses or charges (such as temporary
power costs and severance costs), less any gains on sale of assets.
For the fourth quarter of 2022, we began including research and
development expense in our calculation of Adjusted EBITDA due to
our new beneficial reuse pilot projects, which are discreet,
non-revenue initiatives.
The Company calculates Adjusted Operating Margin as Gross Margin
plus depreciation, amortization and accretion and temporary power
costs. The Company defines Adjusted Operating Margin per Barrel as
Adjusted Operating Margin divided by total volumes.
The Company calculates Adjusted Net Income as Net Income (Loss)
Attributable to Stockholders’ Equity plus the after-tax impacts of
stock-based compensation and plus or minus the after-tax impacts of
certain items affecting comparability, which are typically noncash
and/or nonrecurring items. The Company calculated Diluted Adjusted
Net Income Per Share as (i) Adjusted Net Income (Loss) Attributable
to Stockholder’s Equity plus the after-tax impacts of stock-based
compensation and plus or minus the after-tax impacts of certain
items affecting comparability, which are typically noncash and/or
nonrecurring items, divided by (ii) the diluted weighted-average
shares of Class A common stock outstanding, assuming the full
exchange of all outstanding LLC interests, adjusted for the
dilutive effect of outstanding equity-based awards.
For the quarter ended March 31, 2023, the Company calculates its
leverage ratio as net debt as of March 31, 2023, divided by
annualized 1Q 2023 Adjusted EBITDA. Net debt is calculated as the
principal amount of total debt outstanding as of March 31, 2023,
less cash and cash equivalents as of March 31, 2023.
The Company believes these presentations are used by investors
and professional research analysts for the valuation, comparison,
rating, and investment recommendations of companies within its
industry. Similarly, the Company’s management uses this information
for comparative purposes as well. Adjusted EBITDA, Adjusted
Operating Margin, Adjusted Operating Margin per Barrel, and
Adjusted Net Income are not measures of financial performance under
GAAP and should not be considered as measures of liquidity or as
alternatives to net income (loss) or gross margin. Additionally,
these presentations as defined by the Company may not be comparable
to similarly titled measures used by other companies and should be
considered in conjunction with net income (loss) and other measures
prepared in accordance with GAAP, such as gross margin, operating
income, net income or cash flows from operating activities.
Although we provide forecasts for the non-GAAP measures Adjusted
EBITDA and Adjusted Operating Margin per Barrel, we are not able to
forecast their most directly comparable measures (net income and
gross margin) calculated and presented in accordance with GAAP
without unreasonable effort. Certain elements of the composition of
forward-looking non-GAAP metrics are not predictable, making it
impractical for us to forecast. Such elements include but are not
limited to non-recurring gains or losses, unusual or non-recurring
items, income tax benefit or expense, or one-time transaction costs
and cost of revenue, which could have a significant impact on the
GAAP measures. The variability of the excluded items may have a
significant, and potentially unpredictable, impact on our future
GAAP results. As a result, no reconciliation of forecasted non-GAAP
measures is provided.
Table 4
Aris Water Solutions,
Inc.
Operating Metrics
(Unaudited)
Three Months Ended
March 31,
2023
2022
(thousands of barrels of water per
day)
Produced Water Handling Volumes
971
803
Water Solutions Volumes
Recycled Produced Water Volumes Sold
258
273
Groundwater Volumes Sold
147
66
Groundwater Volumes Transferred (1)
—
25
Total Water Solutions Volumes
405
364
Total Volumes
1,376
1,167
Per Barrel Operating Metrics (2)
Produced Water Handling Revenue/Barrel
$
0.79
$
0.78
Water Solutions Revenue/Barrel
$
0.60
$
0.45
Revenue/Barrel of Total Volumes
$
0.74
$
0.68
Direct Operating Costs/Barrel
$
0.35
$
0.25
Gross Margin/Barrel
$
0.24
$
0.26
Adjusted Operating Margin/Barrel
$
0.39
$
0.42
(1) The groundwater transfer assets were
sold in Q1 2022.
(2) Per barrel operating metrics are
calculated independently. Therefore, the sum of individual amounts
may not equal the total presented.
Table 5
Aris Water Solutions,
Inc.
Reconciliation of Net Income
(Loss) to Non-GAAP Adjusted EBITDA
(Unaudited)
Three Months Ended
(in thousands)
March 31,
2023
2022
Net Income (Loss)
$
7,708
$
(6,617
)
Interest Expense, Net
7,661
7,785
Income Tax Expense (Benefit)
1,327
(840
)
Depreciation, Amortization and
Accretion
18,606
16,579
Impairment of Long-Lived Assets
—
15,597
Stock-Based Compensation
2,468
2,337
(Gain) Loss on Disposal of Asset, Net
(13
)
554
Transaction Costs
45
508
Research and Development Expense
408
19
Other
(104
)
2
Adjusted EBITDA
$
38,106
$
35,924
Table 6
Aris Water Solutions,
Inc.
Reconciliation of Gross Margin
to Adjusted Operating Margin and
Adjusted Operating Margin per
Barrel
(Unaudited)
Three Months Ended
(in thousands)
March 31,
2023
2022
Total Revenue
$
91,571
$
70,969
Cost of Revenue
(62,451
)
(43,250
)
Gross Margin
29,120
27,719
Depreciation, Amortization and
Accretion
18,606
16,579
Adjusted Operating Margin
$
47,726
$
44,298
Total Volumes (Thousands of BBLs)
123,815
105,006
Adjusted Operating Margin/BBL
$
0.39
$
0.42
Table 7
Aris Water Solutions,
Inc.
Reconciliation of Net Income
(Loss) to Non-GAAP Adjusted Net Income
(Unaudited)
Three Months Ended
(in thousands)
March 31,
2023
2022
Net Income (Loss)
$
7,708
$
(6,617
)
Adjusted items:
Impairment of Long-Lived Assets
—
15,597
(Gain) Loss on Disposal of Asset, Net
(13
)
554
Stock-Based Compensation
2,468
2,337
Tax Effect of Adjusting Items (1)
(326
)
(1,843
)
Adjusted Net Income
$
9,837
$
10,028
(1) Estimated tax effect of adjusted items
allocated to Aris based on statutory rates
Table 8
Aris Water Solutions,
Inc.
Reconciliation of Diluted Net
Income (Loss) Per Share to Non-GAAP Diluted Adjusted Net Income Per
Share
(Unaudited)
Three Months Ended
March 31,
2023
Diluted Net Income (Loss) Per Share of
Class A Common Stock
$
0.11
Adjusted items:
Reallocation of Net Income (Loss)
Attributable to Noncontrolling Interests From the Assumed Exchange
of LLC Interests
0.03
(Gain) Loss on Disposal of Asset, Net
-
Stock-Based Compensation
0.04
Tax Effect of Adjusting Items (1)
(0.01
)
Diluted Adjusted Net Income Per Share
$
0.17
(1) Estimated tax effect of adjusted items
allocated to Aris based on statutory rates
Diluted Weighted Average Shares of Class A
Common Stock Outstanding
29,935,145
Adjusted Items:
Assumed Redemption of LLC Interests
27,568,302
Dilutive Performance-Based Stock Units
(2)
-
Diluted Adjusted Fully Weighted Average
Shares of Class A Common Stock Outstanding
57,503,447
(2) Dilutive impact of Performance-Based
Stock Units already included for the three-months ended March 31,
2023
Table 9
Aris Water Solutions,
Inc.
Computation of Leverage
Ratio
(Unaudited)
As of
March 31,
(in thousands)
2023
Principal Amount of Debt at March 31,
2023
$
441,000
Less: Cash at March 31, 2023
(25,508
)
Net Debt
$
415,492
Adjusted EBITDA for the Three Months Ended
March 31, 2023
$
38,106
x 4 Quarters
x 4
Annualized Adjusted EBITDA
$
152,424
Net Debt
$
415,492
÷ Annualized Adjusted EBITDA
$
152,424
Leverage Ratio
2.73
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005667/en/
David Tuerff Senior Vice President, Finance and Investor
Relations (281) 501-3070 IR@ariswater.com
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