Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) Q1 2024 Earnings Call Transcript April 26, 2024 9:00 AM ET

Company Participants

Yvonne Fletcher - SVP of Finance & IR
Bill Zartler - Chairman and CEO
Kyle Ramachandran - President and CFO

Conference Call Participants

Luke Lemoine - Piper Sandler
Stephen Gengaro - Stifel
Don Crist - Johnson Rice
Sean Mitchell - Daniel Energy Partners

Operator

Good day, and welcome to the Solaris Oilfield Infrastructure First Quarter 2024 Earnings Teleconference and Webcast. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] 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 First Quarter 2024 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 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 in the news section on our website.

I'll now turn the call over to our Chairman and CEO, Bill Zartler.

Bill Zartler

Thank you, Yvonne, and thank you for everyone for joining us this morning. Solaris is off to a great start in 2024. We produced another quarter of strong free cash flow, returned incremental cash to shareholders and continued to deliver service quality to our customers.

To recap our first quarter results, we generated $68 million in revenue, $23 million in adjusted EBITDA and $14 million of free cash flow. We returned a total of $13 million to shareholders, including $8 million of share repurchases and $5 million of dividends. Last year, we announced an enhanced framework to return at least 50% of free cash flow to shareholders over the long term. To date, we have returned far above that minimum commitment. During the first quarter, we distributed $5 million in dividends and opportunistically bought back just over 1 million shares for about $8 million.