Aris Water Solutions, Inc. Reports Fourth Quarter and Full Year 2022 Results and Provides 2023 Guidance

HOUSTON–(BUSINESS WIRE)–Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris”, “Aris Water” or the “Company”) today announced financial and operating results for the fourth quarter and year ended December 31, 2022.

  • Total water volumes of approximately 1.31 million barrels per day for the fourth quarter of 2022, growing 20% versus the fourth quarter of 2021. For the full year of 2022, total water volumes grew 36% versus the full year of 2021.
  • Recycled Produced Water volumes of approximately 283 thousand barrels per day in the fourth quarter of 2022, up 53% versus the fourth quarter of 2021. For the full year of 2022, Recycled Produced Water volumes were up 144% versus the full year of 2021.
  • Net income of $5.4 million for the fourth quarter of 2022, down 15% versus the fourth quarter of 2021. Adjusted Net Income1 of $9.0 million for the fourth quarter of 2022, down 25% versus the fourth quarter of 2021. Adjusted EBITDA1 of $36.1 million for the fourth quarter of 2022, up 1% versus the fourth quarter of 2021.
  • Net income of $4.8 million for the full year of 2022, up from a net loss of $7.0 million for the full year of 2021. Adjusted Net Income1 of $44.1 million for the full year of 2022, up 68% versus the full year of 2021. Adjusted EBITDA1 of $149.0 million for the full year of 2022, up 24% versus the full year of 2021.
  • Exceeded the 2022 Sustainability Performance Target (“SPT”) under the Company’s Sustainability Linked Notes. Greater than 70% of Aris’s water sold during 2022 was Recycled Produced Water, exceeding the SPT of 60%.

RECENT EVENTS

  • Announced that ExxonMobil joined Aris’s previously announced strategic agreement with Chevron U.S.A. Inc. (“Chevron”) and ConocoPhillips Company (“ConocoPhillips”) to develop and pilot cost effective technologies and processes to treat produced water for potential beneficial reuse opportunities.
  • Successfully completed a long-term agricultural pilot conducted with Texas A&M which used treated produced water for irrigation of non-consumptive crops cotton and rye grass. The project also quantified and confirmed the significant potential for carbon sequestration in the rye grass, cotton, and their associated roots.
  • Announced the U.S. Department of Energy (“DOE”) and the National Alliance for Water Innovation (“NAWI”) selected Aris’s pilot project focused on the treatment of complex water to receive a federal funding grant.

2022 represented another strong year for Aris as we continued our volume driven growth alongside our large, long-term contracted customers in the core of their premier Delaware Basin acreage. Despite weather related delays and continued inflationary pressure during the fourth quarter, we meaningfully increased our Produced Water Handling volumes and expanded our Adjusted Operating Margins versus the third quarter,” stated Amanda Brock, Chief Executive Officer of Aris. “Our business has grown more than 20% annually supported by our customers’ sustained upstream investments, and their accelerated adoption of our proven, sustainable reuse solutions. While cost headwinds attributable to inflationary pressures, supply chain constraints, and our rapid pace of growth impacted margins in 2022, we are focused on continuing to drive costs down to maintain our positive margin momentum coming out of the fourth quarter. As our customers increase their demand for secure takeaway on our system, we are also making prudent investments to grow our infrastructure network and volumes while realizing identified efficiencies across our system over the course of 2023.

As we look forward this year, we are accelerating our work on piloting and developing proprietary technologies to support water sustainability in the Permian Basin. We continue to lead collaborative industry efforts to identify produced water treatment solutions for use not only within the oil and gas industry but also in other verticals. We are particularly excited about the progress we have made in using treated produced water for non-consumptive agriculture.”

OPERATIONS UPDATE

For the fourth quarter of 2022, the Company handled 1.31 million barrels of water per day of total volumes, up approximately 20% from 1.09 million barrels of water per day for the fourth quarter of 2021. Recycled Produced Water volumes were 283 thousand barrels of water per day for the fourth quarter of 2022, up approximately 53% from 185 thousand barrels of water per day for the fourth quarter of 2021.

For the year of 2022, the Company handled 1.28 million barrels of water per day of total volumes, up approximately 36% from 947 thousand barrels of water per day for the year of 2021. Recycled Produced Water volumes were 300 thousand barrels per day for the year of 2022, up approximately 144% from 123 thousand barrels per day in 2021. The Company’s volume growth was primarily driven by increased production activity from its long-term contracted customers, the addition of new long-term contracted customers, and continued expansion and adoption of our Recycled Produced Water solutions.

FINANCIAL UPDATE

Net income was $5.4 million for the fourth quarter of 2022 versus net income of $6.4 million in the fourth quarter of 2021. Adjusted Net Income1 was $9.0 million for the fourth quarter of 2022 versus $12.0 million for the fourth quarter of 2021.

Net income was $4.8 million for the year of 2022, versus a net loss of $7.0 million for the year of 2021. Adjusted Net Income1 was $44.1 million for the year of 2022 versus $26.2 million for the year of 2021.

Adjusted EBITDA1 was $36.1 million for the fourth quarter of 2022 versus $35.7 million in the fourth quarter of 2021, an increase of approximately 1%. Adjusted EBITDA1 was $149.0 million for the year of 2022 versus $120.5 million for the year of 2021, an increase of approximately 24%.

The Company had gross margin per barrel of $0.22 per barrel for the fourth quarter of 2022 versus $0.27 per barrel in the fourth quarter of 2021 and $0.23 per barrel for the third quarter of 2022. The Company had Adjusted Operating Margin per barrel2 of $0.37 per barrel for the fourth quarter of 2022, versus $0.43 per barrel in the fourth quarter of 2021 and $0.36 per barrel for the third quarter of 2022. Gross margin per barrel for the year of 2022 was $0.24 per barrel versus $0.22 per barrel for the year of 2021. Adjusted Operating Margin per barrel2 for the year of 2022 was $0.39 per barrel versus $0.41 per barrel for the year of 2021.

While Adjusted Operating Margins improved sequentially in the fourth quarter of 2022, operating margins for the year were negatively impacted by inflationary cost pressures and inefficiencies in water sourcing related to the rapid expansion of reuse operations necessitating increased diesel fuel costs and rental equipment.

Fourth quarter 2022 property, plant, and equipment expenditures totaled $49.5 million versus $11.9 million in the fourth quarter of 2021. Full year 2022 property, plant, and equipment expenditures totaled $146.5 million versus $74.7 million for the full year of 2021, in line with previously communicated expectations.

STRONG BALANCE SHEET AND LIQUIDITY

As of December 31, 2022, the Company had approximately $1.1 million in cash and an available revolving credit facility of approximately $165.0 million for a total available liquidity of approximately $166.1 million. In the fourth quarter of 2022, the Company utilized its revolving credit facility to fund working capital needs and growth capital investments. As of December 31, 2022, the Company’s leverage ratio was 3.0X, the midpoint of our target leverage range of 2.5-3.5X.3

FIRST QUARTER 2023 DIVIDEND

On March 3, 2023, Aris’s Board of Directors declared a dividend on its Class A common stock for the first quarter of 2023 of $0.09 per share. In conjunction with the dividend payment, a distribution of $0.09 per unit will be paid to unit holders of Solaris Midstream Holdings, LLC. The dividend will be paid on March 29, 2023, to holders of record of the Company’s Class A common stock as of the close of business on March 17, 2023. The distribution to unit holders of Solaris Midstream Holdings, LLC will be subject to the same payment and record dates.

FIRST QUARTER AND FULL YEAR 2023 OPERATING AND FINANCIAL OUTLOOK

  • For the first quarter of 2023, the Company expects:

    • Produced Water Handling Volumes of between 925 and 935 thousand barrels of water per day
    • Water Solutions Volumes of between 360 and 370 thousand barrels of water per day
    • Adjusted Operating Margins between $0.36 and $0.39 per barrel of Total Volumes4
    • Adjusted EBITDA between $33.0 and $35.0 million4
    • Capital Expenditures between $45.0 and $55.0 million5
  • For the full year of 2023, the Company expects:

    • Produced Water Handling Volumes of between 1.01 million and 1.04 million barrels of water per day
    • Water Solutions Volumes of between 375 and 395 thousand barrels of water per day
    • Adjusted Operating Margins between $0.38 and $0.41 per barrel of Total Volumes4
    • Adjusted EBITDA between $150.0 and $170.0 million4
    • Capital Expenditures between $140.0 and $155.0 million5 including:

      • $110-120 million of growth capital
      • $16-18 million of system optimization and operating cost reduction capital
      • $11-13 million of asset integrity and maintenance capital
      • $3-4 million of non-recurring accounting software implementation, SOX compliance, office space and other expenditures

In 2023, we are forecasting continued strong year-over-year volume growth of 15% – 20% in our core Produced Water Handling business,” said Amanda Brock. “While the rate of completions on our acreage has moderated, leading to a slightly lower outlook for Water Solutions this year, we are continuing to grow our Produced Water volumes in line with overall basin oil production growth. In order to capture these increasing Produced Water volumes, we will invest in growth capital, although we expect our spending on growth projects to be down versus last year. The balance of our capital spend is designed to drive operating cost improvements and position our Company for sustained growth in 2024 and beyond.”

We made sequential progress on our margins at the end of 2022 and anticipate margins will continue to improve over the course of 2023 as we connect our newer recycling facilities to line power and drive other cost efficiencies on our system. While we have been a volume-driven growth company since inception, we remain selective as we evaluate new growth opportunities and work towards becoming free cash flow positive,” Ms. Brock concluded.

CONFERENCE CALL

Aris will host a conference call to discuss its fourth quarter and full year 2022 results on Tuesday, March 7, 2023, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time).

Participants should call (877) 407-5792 and refer to Aris Water Solutions, Inc. when dialing in. 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, www.ariswater.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately fourteen days. The replay can be accessed by dialing (877) 660-6853 within the United States or (201) 612-7415 outside of the United States. The access code is 13736196.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin.

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, those regarding the Company’s business strategy, its industry, its future profitability and our projected guidance for 2023, the various risks and uncertainties associated with the extraordinary inflationary environment and impacts resulting from 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 and the Company’s future business and financial performance and our ability to identify strategic acquisitions and realize benefits therefrom. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “guidance,” “preliminary,” “project,” “estimate,” “outlook,” “expect,” “continue,” “will,” “intend,” “plan,” “targets,” “believe,” “forecast,” “future,” “potential,” “may,” “possible,” “should,” “could” and variations of such words or similar expressions. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its 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, the Company’s actual results may differ materially from those contemplated by the forward-looking statements, including our projected guidance for 2023. Factors that could cause the Company’s actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the risk factors discussed or referenced in its filings made from time to time with the U.S. Securities and Exchange Commission. 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 the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to 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 Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted EBITDA and Adjusted Net Income and a reconciliation thereof to net income, the most directly comparable GAAP measure.

2 Adjusted Operating Margin per Barrel is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted Operating Margin per Barrel and a reconciliation thereof to gross margin, the most directly comparable GAAP measure.

3 Defined as net debt as of 12/31/2022 divided by annualized 4Q2022 Adjusted EBITDA. Net debt is calculated as total debt less cash and cash equivalents.

4 Adjusted EBITDA and Adjusted Operating Margins are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted EBITDA and Adjusted Operating Margins per Barrel.

5 Calculated on capital costs incurred during the period, excluding the impact of working capital.

Table 1

Aris Water Solutions, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except for share and

 

Three Months Ended

 

Year Ended

per share amounts)

 

December 31,

 

December 31,

 

 

2022

2021

 

2022

2021

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Produced Water Handling

 

$

41,061

 

$

27,118

 

$

151,360

 

$

98,486

 

Produced Water Handling—Affiliates

 

 

24,023

 

 

24,382

 

 

93,107

 

 

86,598

 

Water Solutions

 

 

13,928

 

 

13,297

 

 

60,672

 

 

25,121

 

Water Solutions—Affiliates

 

 

3,516

 

 

2,182

 

 

15,156

 

 

19,046

 

Other Revenue

 

 

342

 

 

 

 

706

 

 

 

Total Revenue

 

 

82,870

 

 

66,979

 

 

321,001

 

 

229,251

 

Cost of Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Direct Operating Costs

 

 

38,143

 

 

24,211

 

 

139,480

 

 

90,914

 

Depreciation, Amortization and Accretion

 

 

17,800

 

 

15,217

 

 

67,524

 

 

60,767

 

Total Cost of Revenue

 

 

55,943

 

 

39,428

 

 

207,004

 

 

151,681

 

Operating Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Abandoned Well Costs

 

 

1,134

 

 

1,103

 

 

15,771

 

 

28,505

 

General and Administrative

 

 

11,890

 

 

12,026

 

 

45,220

 

 

27,266

 

Impairment of Long-Lived Assets

 

 

 

 

 

 

15,597

 

 

 

Research and Development Expense

 

 

161

 

 

 

 

691

 

 

 

Other Operating Expense

 

 

396

 

 

67

 

 

2,212

 

 

2,657

 

Total Operating Expenses

 

 

13,581

 

 

13,196

 

 

79,491

 

 

58,428

 

Operating Income

 

 

13,346

 

 

14,355

 

 

34,506

 

 

19,142

 

Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, Net

 

 

7,322

 

 

7,618

 

 

29,185

 

 

25,473

 

Other

 

 

 

 

 

 

 

 

380

 

Total Other Expense

 

 

7,322

 

 

7,618

 

 

29,185

 

 

25,853

 

Income (Loss) Before Income Taxes

 

 

6,024

 

 

6,737

 

 

5,321

 

 

(6,711

)

Income Tax Expense

 

 

605

 

 

379

 

 

524

 

 

298

 

Net Income (Loss)

 

 

5,419

 

 

6,358

 

 

4,797

 

 

(7,009

)

Equity Accretion and Dividend—Redeemable Preferred Units

 

 

 

 

 

 

 

 

21

 

Net Income (Loss) Attributable to Stockholders’/Members’ Equity

 

 

5,419

 

 

6,358

 

 

4,797

 

 

(6,988

)

Net Income (Loss) Equity Accretion and Dividend Prior to IPO

 

 

 

 

3,037

 

 

 

 

(10,309

)

Net Income (Loss) Attributable to Noncontrolling Interests

 

 

3,590

 

 

2,209

 

 

3,097

 

 

2,209

 

Net Income (Loss) Attributable to Aris Water Solutions, Inc.

 

$

1,829

 

$

1,112

 

$

1,700

 

$

1,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

$

0.05

 

$

0.04

 

$

0.05

 

Diluted

 

$

0.06

 

$

0.05

 

$

0.04

 

$

0.05

 

Weighted Average Shares of Class A Common Stock Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,946,505

 

 

20,888,675

 

 

24,070,934

 

 

20,888,675

 

Diluted

 

 

28,051,871

 

 

20,888,675

 

 

24,146,215

 

 

20,888,675

 

Table 2

Aris Water Solutions, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

 

 

 

 

(in thousands, except for share and per share amounts)

 

December 31,

 

 

2022

 

2021

Assets

 

 

 

 

 

 

Cash

 

$

1,122

 

 

$

60,055

 

Accounts Receivable, Net

 

 

81,683

 

 

 

41,973

 

Accounts Receivable from Affiliates

 

 

46,029

 

 

 

20,191

 

Other Receivables

 

 

4,354

 

 

 

4,126

 

Prepaids and Deposits

 

 

5,805

 

 

 

6,043

 

Total Current Assets

 

 

138,993

 

 

 

132,388

 

Fixed Assets

 

 

 

 

 

 

Property, Plant and Equipment

 

 

907,784

 

 

 

700,756

 

Accumulated Depreciation

 

 

(88,681

)

 

 

(67,749

)

Total Property, Plant and Equipment, Net

 

 

819,103

 

 

 

633,007

 

Intangible Assets, Net

 

 

269,845

 

 

 

304,930

 

Goodwill

 

 

34,585

 

 

 

34,585

 

Deferred Income Tax Assets, Net

 

 

30,424

 

 

 

19,933

 

Right-of-Use Assets

 

 

9,135

 

 

 

 

Other Assets

 

 

1,281

 

 

 

1,850

 

Total Assets

 

$

1,303,366

 

 

$

1,126,693

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Accounts Payable

 

$

22,982

 

 

$

7,082

 

Payables to Affiliates

 

 

3,021

 

 

 

1,499

 

Accrued and Other Current Liabilities

 

 

65,411

 

 

 

40,464

 

Total Current Liabilities

 

 

91,414

 

 

 

49,045

 

Long-Term Debt, Net of Debt Issuance Costs

 

 

428,921

 

 

 

392,051

 

Asset Retirement Obligation

 

 

17,543

 

 

 

6,158

 

Tax Receivable Agreement Liability

 

 

97,980

 

 

 

75,564

 

Other Long-Term Liabilities

 

 

10,421

 

 

 

1,336

 

Total Liabilities

 

 

646,279

 

 

 

524,154

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Preferred Stock $0.01 par value, 50,000,000 authorized. None issued or outstanding as of December 31, 2022 and December 31, 2021

 

 

 

 

 

 

Class A Common Stock $0.01 par value, 600,000,000 authorized, 30,115,979 issued and 29,919,217 outstanding as of December 31, 2022; 21,858,022 issued and 21,847,831 outstanding as of December 31, 2021

 

 

300

 

 

 

218

 

Class B Common Stock $0.01 par value, 180,000,000 authorized, 27,575,519 issued and outstanding as of December 31, 2022; 31,716,104 issued and outstanding as of December 31, 2021

 

 

276

 

 

 

317

 

Treasury Stock (at Cost), 196,762 shares as of December 31, 2022; 10,191 shares as of December 31, 2021

 

 

(2,891

)

 

 

(135

)

Additional Paid-in-Capital

 

 

319,545

 

 

 

212,926

 

Accumulated Deficit

 

 

(7,722

)

 

 

(457

)

Total Stockholders’ Equity Attributable to Aris Water Solutions, Inc.

 

 

309,508

 

 

 

212,869

 

Noncontrolling Interests

 

 

347,579

 

 

 

389,670

 

Total Stockholders’ Equity

 

 

657,087

 

 

 

602,539

 

Total Liabilities and Stockholders’ Equity

 

$

1,303,366

 

 

$

1,126,693

 

Table 3

Aris Water Solutions, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Year Ended

(in thousands)

 

 

December 31,

December 31,

 

 

 

2022

 

2021

2022

 

2021

Cash Flow from Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

5,419

 

 

$

6,358

 

 

$

4,797

 

 

$

(7,009

)

Adjustments to reconcile Net Income (Loss) to Net Cash provided by Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, Amortization and Accretion

 

 

17,800

 

 

 

15,217

 

 

 

67,524

 

 

 

60,767

 

Deferred Income Tax Expense

 

 

562

 

 

 

379

 

 

 

466

 

 

 

379

 

Stock-Based Compensation

 

 

2,900

 

 

 

1,586

 

 

 

12,034

 

 

 

1,586

 

Impairment of Long-Lived Assets

 

 

 

 

 

 

 

 

15,597

 

 

 

 

Abandoned Well Costs

 

 

1,134

 

 

 

1,103

 

 

 

15,771

 

 

 

28,505

 

Loss (Gain) on Disposal of Asset, Net

 

 

(3

)

 

 

50

 

 

 

478

 

 

 

275

 

Abandoned Projects

 

 

6

 

 

 

12

 

 

 

72

 

 

 

2,047

 

Amortization of Debt Issuance Costs, Net

 

 

580

 

 

 

553

 

 

 

2,143

 

 

 

1,873

 

Other

 

 

312

 

 

 

 

 

 

623

 

 

 

596

 

Changes in Operating Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

 

(5,128

)

 

 

(10,225

)

 

 

(38,811

)

 

 

(21,456

)

Accounts Receivable from Affiliates

 

 

(20,257

)

 

 

1,393

 

 

 

(25,838

)

 

 

(8,653

)

Other Receivables

 

 

1,301

 

 

 

133

 

 

 

(838

)

 

 

364

 

Prepaids, Deposits and Other Current Assets

 

 

(3,977

)

 

 

(4,694

)

 

 

238

 

 

 

(2,178

)

Accounts Payable

 

 

(1,330

)

 

 

(4,987

)

 

 

1,903

 

 

 

(8,271

)

Payables to Affiliates

 

 

609

 

 

 

330

 

 

 

1,522

 

 

 

(385

)

Deferred Revenue

 

 

 

 

 

(93

)

 

 

14

 

 

 

(139

)

Accrued Liabilities and Other

 

 

(6,900

)

 

 

(5,489

)

 

 

12,518

 

 

 

10,511

 

Net Cash Provided by Operating Activities

 

 

(6,972

)

 

 

1,626

 

 

 

70,213

 

 

 

58,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow from Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment Expenditures

 

 

(49,534

)

 

 

(11,936

)

 

 

(146,525

)

 

 

(74,664

)

Cash Paid for Asset Acquisitions

 

 

(1,747

)

 

 

 

 

 

(5,100

)

 

 

 

Proceeds from the Sale of Property, Plant and Equipment

 

 

7,259

 

 

 

 

 

 

14,700

 

 

 

 

Net Cash Used in Investing Activities

 

 

(44,022

)

 

 

(11,936

)

 

 

(136,925

)

 

 

(74,664

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow from Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions Paid

 

 

(5,308

)

 

 

(213,186

)

 

 

(24,465

)

 

 

(213,186

)

Repurchase of Shares

 

 

(2,756

)

 

 

(135

)

 

 

(2,756

)

 

 

(135

)

Proceeds from Credit Facility

 

 

35,000

 

 

 

 

 

 

35,000

 

 

 

 

Repayment of Credit Facility

 

 

 

 

 

 

 

 

 

 

 

(297,000

)

Proceeds from issuance of Class A Common Stock sold in Initial Public Offering, Net of Underwriting Discounts and Commissions

 

 

 

 

 

249,355

 

 

 

 

 

 

249,355

 

Payment of Issuance Costs of Class A Common Stock

 

 

 

 

 

(2,058

)

 

 

 

 

 

(2,913

)

Proceeds from Senior-Sustainability Linked Notes

 

 

 

 

 

 

 

 

 

 

 

400,000

 

Payments of Financing Costs Related to Issuance of Senior- Sustainability Linked Notes

 

 

 

 

 

 

 

 

 

 

 

(9,352

)

Redemption of Redeemable Preferred Units

 

 

 

 

 

 

 

 

 

 

 

(74,357

)

Payments of Financing Costs Related to Credit Facility

 

 

 

 

 

 

 

 

 

 

 

(1,442

)

Members’ Contributions

 

 

 

 

 

 

 

 

 

 

 

5

 

Net Cash Provided by Financing Activities

 

 

26,936

 

 

 

33,976

 

 

 

7,779

 

 

 

50,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Decrease) Increase in Cash

 

 

(24,058

)

 

 

23,666

 

 

 

(58,933

)

 

 

35,123

 

Cash, Beginning of Period

 

 

25,180

 

 

 

36,389

 

 

 

60,055

 

 

 

24,932

 

Cash, End of Period

 

$

1,122

 

 

$

60,055

 

 

$

1,122

 

 

$

60,055

 

Contacts

David Tuerff

Senior Vice President, Finance & Investor Relations

832-803-0367

IR@ariswater.com

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