Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) Q1 2022 Earnings Conference Call April 29, 2022 9:00 AM ET
Company Participants
Yvonne Fletcher - SVP, Finance & IR
William Zartler - Founder, Chairman & CEO
Kyle Ramachandran - CFO & President
Conference Call Participants
Ian MacPherson - Piper Sandler & Co.
Donald Crist - Johnson Rice & Company
Stephen Gengaro - Stifel, Nicolaus & Company
Sean Mitchell - Daniel Energy Partners
Operator
Good morning, and welcome to the Solaris First Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President, Finance and Investor Relations. Please go ahead.
Yvonne Fletcher
Good morning, and welcome to the Solaris First Quarter 2022 Earnings Conference Call. I'm joined today by our Chairman and CEO, Bill Zartler; and our President and CFO, Kyle Ramachandran.
Before we begin, I'd like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that we will make today. Such forward-looking statements may include comments regarding future financial results and reflect a number of known and unknown risks. Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outline those risks.
I would also like to point out that our earnings release and today's conference call will contain discussion of non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release, which is posted on our website at solarisoilfields.com under the News section.
I'll now turn the call over to our Chairman and CEO, Bill Zartler.
William Zartler
Thank you, Yvonne, and thank you, everyone, for joining us this morning. I'm proud of the results the Solaris team delivered this quarter at the start of what is shaping up to be a key year for both the company, our industry and global commodity fundamentals.
During the first quarter, our fully utilized system count increased roughly 20% sequentially to 75 systems and adjusted EBITDA grew 60% to nearly $16 million. We paid our 14th consecutive dividend and ended the quarter with $25 million of cash and no debt. During the quarter, we grew activity with both existing and new customers and believe that our growth outpaced the overall completions market. We saw increased demand for 9- and 12-pack configurations, which helped our customers navigate through sand supply shortages and delays that became prevalent during the first quarter. We also worked for 10% more oil and gas operators than we worked for in the fourth quarter. Some of this new customer growth was a direct result of demand from our new technology offerings such as our top fill system.