Smart Sand, Inc 8-K/A, filed Mar 9, 2022

Smart Sand, Inc. (SND)

8-K/A 2022-03-09 For: 2022-03-08

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Added on April 07, 2026

About this 8-K/A

Smart Sand, Inc filed this 8-K/A on March 9, 2022, reporting on events of March 8, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit Number						Description

99.1						Smart Sand, Inc. press release dated March 8 , 202 2


	Three Months Ended
	December 31, 2021		September 30, 2021		December 31, 2020
	(unaudited)		(unaudited)		(unaudited)
	(in thousands, except per share amounts)
Revenues:
Sand sales revenue	$	34,111	$	31,343	$	20,093
Shortfall revenue	—		2,680		1,133
Logistics revenue	969		456		4,111
Total revenue	35,080		34,479		25,337
Cost of goods sold	39,432		36,526		32,999
Inventory impairment loss	2,170		—
Gross profit	(6,522)		(2,047)		(7,662)
Operating expenses:
Salaries, benefits and payroll taxes	4,108		2,490		2,878
Depreciation and amortization	490		352		557
Selling, general and administrative	3,873		3,867		5,134
Change in the estimated fair value of contingent consideration	—		—		(390)
Impairment loss	—		—		5,115
Total operating expenses	8,471		6,709		13,294
Operating loss	(14,993)		(8,756)		(20,956)
Other (expenses) income:
Gain on bargain purchase	—		—		(289)
Interest expense, net	(452)		(467)		(515)
Loss on extinguishment of debt	—		—		—
Other income	316		1,792		320
Total other (expenses) income, net	(136)		1,325		(484)
Loss before income tax benefit	(15,129)		(7,431)		(21,440)
Income tax benefit	(2,896)		(169)		(18,556)
Net loss	$	(12,233)	$	(7,262)	$	(2,884)

Net loss per common share:
Basic	$	(0.29)	$	(0.17)	$	(0.07)
Diluted	$	(0.29)	$	(0.17)	$	(0.07)
Weighted-average number of common shares:
Basic	41,869		41,850		41,324
Diluted	41,869		41,850		41,324


	Year Ended December 31,
	2021		2020
	(in thousands, except per share amount)
Revenues:
Sand sales revenue	$	117,402	$	70,902
Shortfall revenue	4,421		23,281
Logistics revenue	4,825		28,157
Total revenue	126,648		122,340
Cost of goods sold	140,384		104,221
Inventory impairment loss	2,170		—
Gross profit	(15,906)		18,119
Operating expenses:
Salaries, benefits and payroll taxes	11,258		9,993
Depreciation and amortization	1,980		1,911
Selling, general and administrative	14,749		15,527
Bad debt expense	19,592		—
Change in the estimated fair value of contingent consideration	—		(1,410)
Impairment loss	—		5,115
Total operating expenses	47,579		31,136
Operating loss	(63,485)		(13,017)
Other income (expenses):
Gain on bargain purchase	—		39,600
Interest expense, net	(1,979)		(2,091)

Other income	5,773		482
Total other income (expenses), net	3,794		37,991
Income before income tax (benefit) expense	(59,691)		24,974
Income tax benefit	(9,017)		(12,980)
Net (loss) income	$	(50,674)	$	37,954
Net (loss) income per common share:
Basic	$	(1.21)	$	0.94
Diluted	$	(1.21)	$	0.94
Weighted-average number of common shares:
Basic	41,775		40,260
Diluted	41,775		40,260


	December 31,
	2021		2020
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	25,588	$	11,725
Accounts receivable	17,481		69,720
Unbilled receivables	1,884		127
Inventory	15,024		19,136
Prepaid expenses and other current assets	13,886		11,378
Total current assets	73,863		112,086
Property, plant and equipment, net	262,465		274,676
Operating lease right-of-use assets	29,828		32,099
Intangible assets, net	7,461		8,253
Other assets	402		563
Total assets	$	374,019	$	427,677
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	8,479	$	3,268
Accrued expenses and other liabilities	14,073		13,142
Deferred revenue, current	9,842		6,875

Long-term debt, net, current	7,127		6,901
Operating lease liabilities, current	9,029		7,077
Total current liabilities	48,550		37,263
Deferred revenue, net	6,428		3,482
Long-term debt, net	15,353		22,445
Operating lease liabilities, long-term	23,690		27,020
Deferred tax liabilities, long-term, net	22,434		32,981
Asset retirement obligation	16,155		14,996
Contingent consideration	—		180
Other non-current liabilities	249		503
Total liabilities	132,859		138,870
Commitments and contingencies
Stockholders’ equity
Common stock	42		42
Treasury stock, at cost	(4,535)		(4,134)
Additional paid-in capital	174,486		171,209
Retained earnings	70,593		121,267
Accumulated other comprehensive income	574		423
Total stockholders’ equity	241,160		288,807
Total liabilities and stockholders’ equity	$	374,019	$	427,677


	Year Ended December 31,				Three Months Ended
	2021		2020		December 31, 2021
	(audited)		(audited)		(unaudited)
	(in thousands)
Operating activities:
Net (loss) income	$	(50,674)	$	37,954	$	(12,233)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and accretion of asset retirement obligation	25,308		22,130		6,371
Impairment loss	2,170		5,115		2,170
Amortization of intangible assets	795		793		199

Loss on disposal of assets	555		237		332
Provision for bad debt	19,592		—		—
Amortization of deferred financing cost	105		105		26
Accretion of debt discount	183		185		43
Deferred income taxes	(10,547)		(2,573)		(3,004)
Stock-based compensation	3,161		3,831		1,030
Employee stock purchase plan compensation	34		34		10
Change in contingent consideration fair value	—		(1,410)		—
Gain on bargain purchase, net of cash acquired	—		(39,291)		—
Changes in assets and liabilities:					0
Accounts receivable	32,899		(10,719)		(1,892)
Unbilled receivables	(2,011)		4,638		(898)
Inventories	1,942		4,738		(1,813)
Prepaid expenses and other assets	751		(5,327)		2,637
Deferred revenue	5,913		1,032		(179)
Accounts payable	4,508		(370)		2,944
Accrued and other expenses	(2,246)		4,981		(848)
Income taxes payable	—		(542)		—
Net cash provided (used) by operating activities	32,438		25,541		(5,105)
Investing activities:

Purchases of property, plant and equipment	(11,220)		(8,620)		(4,244)
Proceeds from disposal of assets	78		61		—
Net cash used in investing activities	(11,142)		(8,559)		(4,244)
Financing activities:

Proceeds from the issuance of notes payable	—		952		—
Repayments of notes payable	(6,770)		(4,802)		(1,602)
Payments under equipment financing obligations	(123)		(123)		(31)
Payment of deferred financing and debt issuance costs	—		(20)		—
Proceeds from revolving credit facility	—		6,000		—
Repayment of revolving credit facility	—		(8,500)		—
Payment of contingent consideration	(180)		(310)		—
Proceeds from equity issuance	42		62		—


Purchase of treasury stock	(402)		(1,155)		(108)
Net cash used in financing activities	(7,433)		(7,896)		(1,741)

Net increase in cash and cash equivalents	13,863		9,086		(11,090)
Cash and cash equivalents at beginning of period	11,725		2,639		36,678
Cash and cash equivalents at end of period	$	25,588	$	11,725	$	25,588


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))