BlackRock Reports Second Quarter 2025 Earnings
Teleconference and Webcast Details
Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts at 7:30 a.m. ET. Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (800) 401-3551, shortly before 7:30 a.m. ET and reference the BlackRock Conference Call (ID Number 1723819). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.
The webcast will be available for replay by 10:30 a.m. ET on Tuesday, July 15, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.
About BlackRock
BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.
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Second quarter 2025 operating cash flows decreased compared to the second quarter 2024 primarily due to lower earnings and higher regulatory certification costs on our vessels and systems during the second quarter 2025, offset in part by the payment of $58.3 million related to the Alliance earn-out and by higher working capital outflows during the second quarter 2024. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $16.1 million during the second quarter 2025 compared to $17.9 million during the prior quarter and $10.7 million during the second quarter 2024. Capital expenditures, which are included in investing cash flows, totaled $4.5 million during the second quarter 2025 compared to $4.5 million during the prior quarter and $4.0 million during the second quarter 2024. Free Cash Flow was $(21.6) million during the second quarter 2025 compared to $12.0 million during the prior quarter and $(16.2) million during the second quarter 2024. The decrease in Free Cash Flow in the second quarter 2025 compared to the prior quarter and the second quarter 2024 was due primarily to lower operating cash flows during the second quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.) Financial Condition and Liquidity Cash and cash equivalents were $319.7 million at June 30, 2025. Available capacity under our ABL facility at June 30, 2025, was $70.5 million, and total liquidity was $374.9 million, excluding $15.3 million pledged toward our ABL facility. Consolidated long-term debt was $311.6 million at June 30, 2025, resulting in negative Net Debt of $8.1 million. (Net Debt is a non-GAAP measure. See reconciliation below.) Conference Call Information Further details are provided in the presentation for Helix's quarterly teleconference to review its second quarter 2025 results (see the Investor Relations page of Helix's website, The teleconference is scheduled for Thursday, July 24, 2025, at 9:00 a.m. Central Time. Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within the United States and 1-646-307-1963 outside the United States. The passcode is "Staffeldt." A live webcast of the teleconference will be available in a listen-only mode on the Investor Relations section of Helix's website. A replay of the webcast will be available on Helix's website shortly after the completion of the event. About Helix Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. For more information about Helix, please visit our website at Non-GAAP Financial Measures Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt. We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision (release) for current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition and any subsequently identified legacy issues with respect thereto; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. HELIX ENERGY SOLUTIONS GROUP, INC. Comparative Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2025 2024 2025 2024 (unaudited) (unaudited) Net revenues $ 302,288 $ 364,797 $ 580,352 $ 661,008 Cost of sales 287,340 289,311 537,866 565,968 Gross profit 14,948 75,486 42,486 95,040 Loss on disposition of assets, net - - - (150 ) Selling, general and administrative expenses (18,100 ) (22,293 ) (37,466 ) (42,973 ) Income (loss) from operations (3,152 ) 53,193 5,020 51,917 Net interest expense (5,875 ) (5,891 ) (11,581 ) (11,368 ) Losses related to convertible senior notes - - - (20,922 ) Other income (expense), net 437 (382 ) 80 (2,598 ) Royalty income and other (5 ) 94 1,411 2,000 Income (loss) before income taxes (8,595 ) 47,014 (5,070 ) 19,029 Income tax provision (benefit) (5,997 ) 14,725 (5,544 ) 13,027 Net income (loss) $ (2,598 ) $ 32,289 $ 474 $ 6,002 Earnings (loss) per share of common stock: Basic $ (0.02 ) $ 0.21 $ 0.00 $ 0.04 Diluted $ (0.02 ) $ 0.21 $ 0.00 $ 0.04 Weighted average common shares outstanding: Basic 148,515 152,234 149,770 152,301 Diluted 148,515 155,024 150,539 155,072 Comparative Condensed Consolidated Balance Sheets June 30, 2025 Dec. 31, 2024 (in thousands) (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 319,743 $ 368,030 Accounts receivable, net 327,921 258,630 Other current assets 112,735 83,022 Total Current Assets 760,399 709,682 Property and equipment, net 1,454,288 1,437,853 Operating lease right-of-use assets 314,263 329,649 Deferred recertification and dry dock costs, net 97,576 71,718 Other assets, net 46,035 48,178 Total Assets $ 2,672,561 $ 2,597,080 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 172,255 $ 144,793 Accrued liabilities 104,772 90,455 Current maturities of long-term debt 9,412 9,186 Current operating lease liabilities 61,525 59,982 Total Current Liabilities 347,964 304,416 Long-term debt 302,200 305,971 Operating lease liabilities 270,119 285,984 Deferred tax liabilities 114,734 113,973 Other non-current liabilities 68,768 66,971 Shareholders' equity 1,568,776 1,519,765 Total Liabilities and Equity $ 2,672,561 $ 2,597,080 HELIX ENERGY SOLUTIONS GROUP, INC. Comparative Condensed Consolidated Statements of Cash Flows Six Months Ended (in thousands) 6/30/2025 6/30/2024 (unaudited) Cash flows from operating activities: Net income $ 474 $ 6,002 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 87,871 89,824 Deferred recertification and dry dock costs (33,931 ) (20,330 ) Payment of earnout consideration - (58,300 ) Losses related to convertible senior notes - 20,922 Working capital and other (55,105 ) 14,202 Net cash provided by (used in) operating activities (691 ) 52,320 Cash flows from investing activities: Capital expenditures (8,958 ) (7,594 ) Proceeds from insurance recoveries - 363 Net cash used in investing activities (8,958 ) (7,231 ) Cash flows from financing activities: Repayments of long-term debt (4,537 ) (65,042 ) Repurchases of common stock (30,214 ) (10,189 ) Payment of earnout consideration - (26,700 ) Other financing activities (6,029 ) 405 Net cash used in financing activities (40,780 ) (101,526 ) Effect of exchange rate changes on cash and cash equivalents 2,142 (688 ) Net decrease in cash and cash equivalents (48,287 ) (57,125 ) Cash and cash equivalents: Balance, beginning of year 368,030 332,191 Balance, end of period $ 319,743 $ 275,066 Reconciliation of Non-GAAP Measures Three Months Ended Six Months Ended (in thousands, unaudited) 6/30/2025 6/30/2024 3/31/2025 6/30/2025 6/30/2024 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (2,598 ) $ 32,289 $ 3,072 $ 474 $ 6,002 Adjustments: Income tax provision (benefit) (5,997 ) 14,725 453 (5,544 ) 13,027 Net interest expense 5,875 5,891 5,706 11,581 11,368 Other (income) expense, net (437 ) 382 357 (80 ) 2,598 Depreciation and amortization 45,389 43,471 42,482 87,871 89,824 EBITDA 42,232 96,758 52,070 94,302 122,819 Adjustments: Loss on disposition of assets, net - - - - 150 General provision for (release of) current expected credit losses 198 137 (85 ) 113 (6 ) Losses related to convertible senior notes - - - - 20,922 Adjusted EBITDA $ 42,430 $ 96,895 $ 51,985 $ 94,415 $ 143,885 Free Cash Flow: Cash flows from operating activities $ (17,133 ) $ (12,164 ) $ 16,442 $ (691 ) $ 52,320 Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (4,470 ) (3,989 ) (4,488 ) (8,958 ) (7,231 ) Free Cash Flow $ (21,603 ) $ (16,153 ) $ 11,954 $ (9,649 ) $ 45,089 Net Debt: Long-term debt including current maturities $ 311,612 $ 318,629 $ 311,109 $ 311,612 $ 318,629 Less: Cash and cash equivalents (319,743 ) (275,066 ) (369,987 ) (319,743 ) (275,066 ) Net Debt $ (8,131 ) $ 43,563 $ (58,878 ) $ (8,131 ) $ 43,563 View source version on Contacts Erik Staffeldt - Executive Vice President and CFOPh: 281-618-0400email: estaffeldt@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Guidance (2) Increasing third quarter 2025 Adjusted EBITDA guidance to $58-63 million from previous guidance of $55-60 million and establishing fourth quarter 2025 Adjusted EBITDA guidance in-line with third quarter 2025 at $58-63 million. Financing and Balance Sheet During second quarter 2025, Solaris closed $155 million of 4.75% senior convertible notes. Stateline JV closed a $550 million senior secured loan facility, with an initial draw of $72 million. Consolidated total debt was $535 million as of June 30, 2025. Consolidated total cash was $139 million at June 30, 2025. After subtracting the portion of debt and cash attributable to Solaris' 49.9% non-controlling interest partner in Stateline JV, debt and cash attributable to Solaris were $500 million and $119 million, respectively. Shareholder Returns – Approved third quarter 2025 dividend of $0.12 per share on July 23, 2025, to be paid on September 26, 2025, to holders of record as of September 16, 2025, which, once paid, will represent Solaris' 28 th consecutive dividend. CEO Commentary 'Solaris delivered another quarter of strong results as we continue to execute on our strategy of growing our Power Solutions segment while generating substantial free cash flow in our Logistics Solutions segment,' commented Bill Zartler, Solaris' Chairman and Chief Executive Officer. 'In the second quarter, we continued to expand our power fleet, meaningfully accelerated power delivery on our initial data center project, welcomed new customers, and began installing critical emissions control equipment to support multi-year contracts. I'm pleased with the performance this year from a financial, operational and commercial perspective. The prospects for continued growth in our Power Solutions segment look strong as we continue to develop our business and asset base.' Segment Results (3) Solaris Power Solutions Activity – Second quarter 2025 averaged approximately 600 MW of capacity earning revenue compared to approximately 390 MW in first quarter 2025. Revenue – Second quarter 2025 revenue of $76 million increased 53% sequentially from first quarter 2025, in-line with growth in average megawatts earning revenue. Profitability – Second quarter 2025 Segment Adjusted EBITDA (1)(3) of $46 million increased 43% from first quarter 2025 due to growth in owned MW, increased contribution from leased capacity, and the pull-forward contribution of the start-up and commissioning of higher-than-expected capacity. Solaris Logistics Solutions Activity – 94 fully utilized systems, a decline of 4% sequentially from first quarter 2025 amidst lower commodity prices. Revenue – Second quarter 2025 revenue of $74 million decreased 4% from first quarter 2025, in-line with activity. Profitability – Second quarter 2025 Segment Adjusted EBITDA (1)(3) of $23 million decreased 13% from first quarter 2025 due primarily to the decrease in fully-utilized system count and higher fixed cost absorption. Footnotes (1) See 'About Non-GAAP Measures' below for additional detail and reconciliations of GAAP to non-GAAP measures in the accompanying financial tables. Due to the forward-looking nature of such metrics, a reconciliation of 2025 third quarter and fourth quarter Adjusted EBITDA to the most directly comparable GAAP measure cannot be provided without unreasonable efforts. (2) Please refer to the Earnings Supplemental Slides posted under 'Events' on the Investor Relations section of the Company's website for more detail on activity and financial guidance, including expected 2025 and 2026 estimated capital expenditures by quarter. (3) Segment Adjusted EBITDA excludes Corporate and other Adjusted EBITDA. (4) Adjusted EBITDA attributable to Solaris excludes the 49.9% non-controlling interest share of Stateline JV's Adjusted EBITDA attributable to CTC Property LLC. Expand Conference Call Solaris will host a conference call to discuss its results for second quarter 2025 on Thursday, July 24, 2025 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978, or for participants outside of the United States (412) 317-6594. Participants should ask the operator to join the Solaris Energy Infrastructure, Inc. call. 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 at An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 6815511. The replay will also be available in the Investor Relations section of the Company's website shortly after the conclusion of the call and will remain available for approximately seven days. About Non-GAAP Measures In addition to financial results determined in accordance with generally accepted accounting principles in the United States ('GAAP'), this news release presents non-GAAP financial measures. Management believes that EBITDA, Adjusted EBITDA, Adjusted pro forma net income and Adjusted pro forma earnings per fully diluted share provide useful information to investors regarding the Company's financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating Solaris' overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables. About Solaris Energy Infrastructure, Inc. Solaris Energy Infrastructure, Inc. (NYSE:SEI) provides mobile and scalable equipment-based solutions for use in distributed power generation as well as the management of raw materials used in the completion of oil and natural gas wells. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including energy, data centers, and other commercial and industrial sectors. Additional information is available on our website, 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, our business strategy, our industry, our future profitability, changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, and the impact of such policies on us, our customers and the global economic environment, the success of the Stateline JV and associated transactions and its impact on the financial condition and results of operations of our Solaris Power Solutions segment, the anticipated growth of our power fleet and sources of financing thereafter, 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, our future business and financial performance and our results of operations, and the other risks discussed in Part I, Item 1A. 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the US Securities Exchange Commission (the 'SEC') on March 5, 2025, Part II, Item 1A. 'Risk Factors' in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 7, 2025 and Part II. Item 1A. 'Risk Factors' in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 to be filed with the SEC subsequent to the issuance of this communication. Forward-looking statements are based on our current expectations and assumptions regarding our 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, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. 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 our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly 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) Represents reversal of a portion of previously recognized property tax contingency following a settlement agreement with Brown County Appraisal District. 2) Other operating expense (income), net includes the gains or losses on the sale or disposal of assets, credit losses or recoveries, sublease income, transaction costs and other settlements. 3) The Company's unvested restricted shares of common stock are participating securities because they entitle the holders to non-forfeitable rights to dividends until the awards vest or are forfeited. Expand SOLARIS ENERGY INFRASTRUCTURE, INC SEGMENT REPORTING (In thousands) (Unaudited) We report two distinct business segments, which offer different services and align with how our chief operating decision maker assesses operating performance and allocates resources. Our reporting segments are: Solaris Power Solutions – provides configurable sets of natural gas-powered mobile turbines and ancillary equipment. This segment primarily leases equipment to data center and energy customers and is focused on continuing to grow its services with these customers as well as across multiple commercial and industrial end-markets. Solaris Logistics Solutions – designs and manufactures specialized equipment that enables the efficient management of raw materials used in the completion of oil and natural gas wells. Solaris' equipment-based logistics services including field technician support, software solutions, and may also include last mile and mobilization services. We evaluate the performance of our business segments based on Adjusted EBITDA. We define Adjusted EBITDA as our net income plus depreciation and amortization expense, interest expense, income tax expense, stock-based compensation expense, and certain non-cash items and any extraordinary, unusual or non-recurring gains, losses or expenses. Summarized financial information by business segment is shown below. The financial information by business segment for prior periods has been restated to reflect the changes in reportable segments. * See 'About Non-GAAP Measures' above for additional detail and reconciliations of GAAP to non-GAAP measures in the accompanying financial tables. Expand SOLARIS ENERGY INFRASTRUCTURE, INC (In thousands, except per share data) (Unaudited) EBITDA AND ADJUSTED EBITDA We view EBITDA and Adjusted EBITDA as important indicators of performance. We use them to assess our results of operations because it allows us, our investors and our lenders to compare our operating performance on a consistent basis across periods by removing the effects of varying levels of interest expense due to our capital structure, depreciation and amortization due to our asset base and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding trends and other factors affecting our business in addition to measures calculated under generally accepted accounting principles in the United States ('GAAP'). We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses. EBITDA and Adjusted EBITDA should not be considered in isolation or as substitutes for an analysis of our results of operation and financial condition as reported in accordance with GAAP. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted EBITDA. (1) United States federal and state income taxes. (2) Represents stock-based compensation expense related to restricted stock awards and performance-based restricted stock units. (3) Represents costs incurred to establish the Stateline JV, including legal fees related to debt amendments to incorporate provisions for the joint venture. (4) Represents reversal of a portion of previously recognized property tax contingency following a settlement agreement with Brown County Appraisal District. (5) Represents reversal of previously recognized accrued property tax expenses following a settlement agreement with Brown County Appraisal District, included in cost of services in the condensed consolidated statements of operations. (6) Represents costs incurred to affect the acquisition of Mobile Energy Rentals LLC. (7) Other includes the net effect of loss/gain on disposal of assets and lease terminations, inventory write-offs, and transaction costs incurred for activities related to acquisition opportunities. (8) Represents the 49.9% non-controlling interest share of Stateline JV's Adjusted EBITDA loss attributable to CTC Property LLC. Expand CASH AND DEBT ATTRIBUTABLE TO SOLARIS (1) Cash segregated for capital expenditures. Expand ADJUSTED PRO FORMA NET INCOME AND ADJUSTED PRO FORMA EARNINGS PER FULLY DILUTED SHARE Adjusted pro forma net income represents net income attributable to Solaris assuming the full exchange of all outstanding membership interests in Solaris Energy Infrastructure, LLC ('Solaris LLC') not held by Solaris Energy Infrastructure, Inc. for shares of Class A common stock, adjusted for certain non-recurring items that the Company doesn't believe directly reflect its core operations and may not be indicative of ongoing business operations. Adjusted pro forma earnings per fully diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding units of Solaris LLC ('Solaris LLC Units'), after giving effect to the dilutive effect of outstanding equity-based awards. When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding Solaris LLC Units, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Solaris as a result of increases in its ownership of Solaris LLC, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should not be considered alternatives to net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the net income attributable to Solaris. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income attributable to Solaris, the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully diluted share are set forth below. (1) Assumes the exchange of all outstanding Solaris LLC Units for shares of Class A common stock at the beginning of the relevant reporting period, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests. (2) Represents costs incurred to establish the Stateline JV, including legal fees related to debt amendments to incorporate provisions for the joint venture. (3) Represents reversal of a portion of previously recognized property tax contingency following a settlement agreement with Brown County Appraisal District. (4) Represents reversal of previously recognized accrued property tax expenses following a settlement agreement with Brown County Appraisal District, included in cost of services in the condensed consolidated statements of operations. (5) Represents costs incurred to affect the acquisition of Mobile Energy Rentals LLC. (6) Other includes the net effect of loss/gain on disposal of assets and lease terminations, inventory write-offs, and transaction costs incurred for activities related to acquisition opportunities. (7) Represents the 49.9% non-controlling interest share of Stateline JV's net loss attributable to CTC Property LLC. (8) Represents the weighted-average potentially dilutive effect of Class B common stock, unvested restricted stock awards, unvested performance-based restricted stock units, outstanding stock options, and shares issuable upon conversion of the convertible notes. Expand
