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Smart Sand, Inc. (SND) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Smart Sand, Inc.

CIK: 1529628 Ticker: SND


Smart Sand, Inc. Announces First Quarter 2020 Results
1Q 2020 revenue of $47.5 million
1Q 2020 total tons sold of approximately 757,000
1Q 2020 Adjusted EBITDA of $6.4 million
1Q 2020 Contribution Margin of $11.5 million
1Q 2020 Contribution Margin per ton of $15.20

THE WOODLANDS, Texas, May 6, 2020 – Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated frac sand supply and services company that is a low-cost producer of high quality Northern White frac sand and provider of proppant logistics and storage solutions through its in-basin transloading terminal and SmartSystems
TM products and services, today announced results for the first quarter 2020.
Charles Young, Smart Sand’s Chief Executive Officer, stated “Although we had strong first quarter results, we recognize that the current market is changing rapidly due to the impact on demand from the COVID-19 coronavirus pandemic and the current oversupply of oil. We are in difficult times right now, but Smart Sand was built to last with strategic assets at the core of our business made to weather the storms that we are facing in the market today. We’ve made the tough decisions to reduce our workforce and cut costs as part of executing on our long-term strategy so that we can continue to operate the business we built. We have demonstrated in the past that we can manage through market downturns and we plan to do what it takes to manage through this one as well.”
“While our primary focus is currently on cost management and maintaining a strong balance sheet, we are still planning for the future. We continue to work with our customers and respond to their needs. While we have significantly pulled back on our capital expenditures for new SmartSystems, we are shifting our focus to perfecting our new SmartPath transloader. Our new SmartPath technology enables users to combine all of the benefits of bottom dump trailers with the safety, low dust and small footprint of silos on a wellsite. Our SmartPath's patent-pending features include a fixed-in-place drive-over sand drop area, complete dust control system, and the throughput capacity to keep ahead of the frac job.”

First Quarter 2020 Highlights
Revenues were $47.5 million in the first quarter of 2020, flat compared to fourth quarter of 2019 revenues of $47.7 million and a decrease of 8% compared to first quarter of 2019 revenues of $51.8 million. Included in revenues were $1.3 million and $11.6 million of shortfall revenues for the first quarter of 2020 and the fourth quarter of 2019, respectively. Solid revenues in the first quarter 2020 were due to higher sales volumes partially offset by lower shortfall revenue compared to the prior periods, respectively.
Overall tons sold were approximately 757,000 in the first quarter of 2020, compared with approximately 462,000 tons in the fourth quarter of 2019 and 648,000 tons in the first quarter of 2019. Activity remained strong through our terminal in Van Hook, North Dakota during the quarter.
Net loss was $84 thousand, or $0.00 per basic and diluted share, for the first quarter of 2020, compared with net income of $2.4 million, or $0.06 per basic share and diluted share, for the fourth quarter of 2019 and net income of $4.0 million, or $0.10 per basic and diluted share, for the first quarter of 2019. Net loss in the current period was impacted by seasonal inventory costs as we depleted our winter inventory. Higher shortfall revenue in both of the prior periods attributed to the higher net income in each respective period.
Adjusted EBITDA was $6.4 million for the first quarter of 2020, compared with $19.6 million for the fourth quarter 2019 and $12.4 million during the same period last year, decreases of 68% and 49%, respectively. The decrease in Adjusted EBITDA compared to the fourth quarter of 2019 was primarily due to lower shortfall revenue and higher cost of goods sold as we recognized seasonal inventory costs that had been capitalized into inventory in previous periods. The decrease in Adjusted EBITDA compared to the first quarter 2019 was due to lower shortfall revenue and lower average price per ton for sand in the current period.



The following information was filed by Smart Sand, Inc. (SND) on Wednesday, May 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Income Statements (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders??? Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
(Details)
(Tables)
Accrued And Other Expenses
Asset Retirement Obligation
Asset Retirement Obligation (Tables)
Asset Retirement Obligation - Additional Information (Detail)
Asset Retirement Obligation - Reconciliation Of Total Reclamation Liability For Asset Retirement Obligations (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Schedule Of Future Minimum Annual Commitments Under Non-Lease Contracts (Detail)
Commitments And Contingencies Litigation (Details)
Concentrations
Concentrations - Additional Information (Detail)
Contingent Consideration
Contingent Consideration (Tables)
Contingent Consideration - Fair Value Of Financial Instruments Carried At Fair Value (Details)
Contingent Consideration - Fair Value Reconciliation (Details)
Contingent Consideration - Schedule Of Consideration Transferred (Details)
Credit Facility - Additional Information (Detail)
Debt
Debt (Tables)
Debt Long-Term Debt, Net (Details)
Earnings Per Share (Details)
Earnings Per Share (Notes)
Earnings Per Share (Tables)
Earnings Per Share Anti-Dilutive Awards Excluded From Calculation (Details)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Detail)
Leases (Details)
Leases (Notes)
Leases (Tables)
Leases Lease Cost (Details)
Leases Lease Maturities (Details)
Leases Other Lease (Details)
Organization And Nature Of Business
Organization And Nature Of Business (Detail)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Tables)
Property, Plant And Equipment, Net - Narrative (Detail)
Property, Plant And Equipment, Net - Schedule Of Net Property, Plant And Equipment (Detail)
Revenue (Notes)
Revenue (Tables)
Revenue Deferred Revenue (Details)
Revenue Disaggregation Of Revenue (Details)
Revenue Performance Obligation (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Restricted Stock Activity (Detail)
Stock-Based Compensation - Unrecognized Compensation Expense Is To Be Recognized (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Ticker: SND
CIK: 1529628
Form Type: 10-Q Quarterly Report
Accession Number: 0001529628-20-000082
Submitted to the SEC: Tue May 05 2020 8:16:48 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Mining And Quarrying Of Nonmetallic Minerals No Fuels

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