Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) Q4 2023 Earnings Conference Call February 27, 2023 9:00 AM ET

Company Participants

Yvonne Fletcher - SVP, Finance and IR
William Zartler - Founder, Chairman & CEO
Kyle Ramachandran - President & CFO

Conference Call Participants

Stephen Gengaro - Stifel
John Daniel - Daniel Energy Partners

Operator

Good morning, and welcome to the Solaris Q4 2023 Earnings Conference Call. [Operator Instructions] After the today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahead.

Yvonne Fletcher

Good morning, and welcome to the Solaris fourth quarter 2023 earnings conference call. Joining us today are 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, 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 in the News section on our website.

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. 2023 was another strong year for Solaris as we deployed more systems, generated positive free cash flow, and continued to return cash to shareholders. Recapping our results. For the full year, we generated $293 million in revenue, $97 million in adjusted EBITDA, and $26 million in free cash flow.

In the fourth quarter of 2023, we generated $63 million in revenue, $21 million in adjusted EBITDA, and $16 million of free cash flow. We returned a total of $47 million to shareholders in the form of buybacks and dividends and completed two dividend raises during the year. During the last couple of years, we made investments in new products that have created new earnings power and accretive cash flow generative capabilities.