Solaris Oilfield Infrastructure, Inc. [SOI] Filings

10-Q 1 soi-20230630x10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38090

SOLARIS OILFIELD INFRASTRUCTURE, INC.

(Exact name of registrant as specified in its charter)


Delaware	81-5223109
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9811 Katy Freeway, Suite 700 Houston, Texas	77024
(Address of principal executive offices)	(Zip code)

(281) 501-3070

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value	“SOI”	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 24, 2023, the registrant had 30,477,237 shares of Class A common stock, $0.01 par value per share, and 13,671,971 shares of Class B common stock, $0.00 par value per share, outstanding.

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SOLARIS OILFIELD INFRASTRUCTURE, INC.

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		Page
Cautionary Statement Regarding Forward-Looking Statements		1
PART I: FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
Item 4.	Controls and Procedures	23
PART II: OTHER INFORMATION		25
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	26
SIGNATURES		28

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, management changes, current and potential future long-term contracts, the costs of being a publicly traded corporation, our capital programs and our future business and financial performance. In addition, our forward-looking statements address the various risks and uncertainties associated with extraordinary market environments and the expected impact on our businesses, results of operations, and earnings.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:

●

the level of domestic capital spending and access to capital markets by the oil and natural gas industry and uncertainty regarding the future actions of oil producers, including the members of the Organization of the Petroleum Exporting Countries and Russia;

●

developments and uncertainty in the global economy and the resulting impacts to the demand and supply for crude oil and natural gas or volatility of oil and natural gas prices, and therefore the demand for the services we provide and the commercial opportunities available to us;

●

geopolitical risks, including the war in Ukraine, which could affect the stability and continued recovery of oil and gas markets;

●

consolidation amongst current or potential customers that could affect demand for our products and services;

●

inflationary risks, rising interest rates, central bank policy, bank failures and associated liquidity risks and supply chain constraints, including changes in market price and availability of materials and labor;

●

significant changes in the transportation industries or fluctuations in transportation costs or the availability or reliability of transportation that service our business;

●

large or multiple customer defaults, including defaults resulting from actual or potential insolvencies;

●

technological advancements in well completion technologies and our ability to expand our product and service offerings;

●

competitive conditions in our industry;

●

inability to fully protect our intellectual property rights;

●

actions taken by our customers, competitors and third-party operators;

●

changes in the availability and cost of capital;

●

our ability to successfully implement our business strategy;

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●

increases in tax rates or the enactment of taxes that specifically impact exploration and production operations resulting in an increase in the amount of taxes owed by us;

●

the effects of existing and future laws, rulings, governmental regulations and accounting standards and statements (or the interpretation thereof) on us and our customers;

●

cyber-attacks targeting systems and infrastructure used by the oil and natural gas industry;

●

the effects of future litigation;

●

credit markets;

●

business acquisitions;

●

natural or man-made disasters and other external events that may disrupt our manufacturing operations;

●

uncertainty regarding our future operating results; and

●

plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.

All forward-looking statements speak only as of the date of this Quarterly Report. You should not place undue reliance on our forward-looking statements. Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described under Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, this Quarterly Report and in our other filings with the United States Securities and Exchange Commission (the “SEC”), which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

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PART 1: FINANCIAL INFORMATION

Item 1: Financial Statements

SOLARIS OILFIELD INFRASTRUCTURE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)


	June 30,		December 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	9,371	$	8,835
Accounts receivable, net of allowances for credit losses of $355 and $385, respectively		56,103		64,543
Accounts receivable - related party		6,788		4,925
Prepaid expenses and other current assets		5,671		5,151
Inventories		8,520		5,289
Total current assets		86,453		88,743
Property, plant and equipment, net		325,441		298,160
Non-current inventories		2,097		1,569
Operating lease right-of-use assets		4,844		4,033
Goodwill		13,004		13,004
Intangible assets, net		1,066		1,429
Deferred tax assets		51,099		55,370
Other assets		326		268
Total assets	$	484,330	$	462,576
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	29,209	$	25,934
Accrued liabilities		17,024		25,252
Current portion of payables related to Tax Receivable Agreement		—		1,092
Current portion of operating lease liabilities		1,106		917
Current portion of finance lease liabilities		2,373		1,924
Other current liabilities		1,237		790
Total current liabilities		50,949		55,909
Operating lease liabilities, net of current		6,687		6,212
Borrowings under the credit agreement		43,000		8,000
Finance lease liabilities, net of current		3,582		3,429
Payables related to Tax Receivable Agreement		71,530		71,530
Other long-term liabilities		126		367
Total liabilities		175,874		145,447
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding		—		—
Class A common stock, $0.01 par value, 600,000 shares authorized, 28,968 shares issued and outstanding as of June 30, 2023 and 31,641 shares issued and outstanding as of December 31, 2022		290		317
Class B common stock, $0.00 par value, 180,000 shares authorized, 13,674 shares issued and outstanding as of June 30, 2023 and 13,674 issued and outstanding as of December 31, 2022		—		—
Additional paid-in capital		186,647		202,551
Retained earnings		15,233		12,847
Total stockholders' equity attributable to Solaris		202,170		215,715
Non-controlling interest		106,286		101,414
Total stockholders' equity		308,456		317,129
Total liabilities and stockholders' equity	$	484,330	$	462,576

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SOLARIS OILFIELD INFRASTRUCTURE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Revenue		69,925		81,130		147,753		132,966
Revenue - related parties		7,277		5,581		12,171		10,660
Total revenue		77,202		86,711		159,924		143,626

Operating costs and expenses:
Cost of services (excluding depreciation)		45,652		61,237		98,875		98,908
Depreciation and amortization		9,071		7,132		17,488		14,061
Property tax contingency		—		3,072		—		3,072
Selling, general and administrative		6,825		6,062		13,363		11,273
Other operating income		(125)		(1,114)		(463)		(1,423)
Total operating costs and expenses		61,423		76,389		129,263		125,891
Operating income		15,779		10,322		30,661		17,735
Interest expense, net		(879)		(88)		(1,338)		(167)
Total other expense		(879)		(88)		(1,338)		(167)
Income before income tax expense		14,900		10,234		29,323		17,568
Income tax expense		(2,659)		(1,945)		(5,145)		(3,557)
Net income		12,241		8,289		24,178		14,011
Less: net income related to non-controlling interests		(4,709)		(2,836)		(9,077)		(5,056)
Net income attributable to Solaris	$	7,532	$	5,453	$	15,101	$	8,955

Income per share of Class A common stock – basic	$	0.24	$	0.16	$	0.47	$	0.27
Income per share of Class A common stock – diluted	$	0.24	$	0.16	$	0.47	$	0.27

Basic weighted-average shares of Class A common stock outstanding		29,542		31,432		30,373		31,337
Diluted weighted-average shares of Class A common stock outstanding		29,542		31,432		30,373		31,337

]

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SOLARIS OILFIELD INFRASTRUCTURE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	Six Months Ended June 30, 2023
	Class A			Class B			Additional							Non-		Total
	Common Stock			Common Stock			Paid-in		Retained		Treasury Stock			controlling		Stockholders'
	Shares	Amount		Shares	Amount		Capital		Earnings		Shares	Amount		Interest		Equity
Balance at January 1, 2023	31,641		317	13,674		—		202,551		12,847	—		—		101,414		317,129
Net effect of deferred tax asset and payables related to the stock repurchase and the vesting of restricted stock	—		—	—		—		594		—	—		—		—		594
Share and unit repurchases and retirements	(1,641)		(17)	—		—		(10,543)		(3,295)	—		—		(572)		(14,427)
Stock-based compensation	—		—	—		—		1,494		—	—		—		660		2,154
Vesting of restricted stock	547		5	—		—		903		—	—		—		(908)		—
Cancelled shares withheld for taxes from RSU vesting	(148)		(1)	—		—		(536)		(384)	—		—		(415)		(1,336)
Unitholder Distributions	—		—	—		—		—		—	—		—		(1,985)		(1,985)
Dividends paid ($0.11 per share of Class A common stock)	—		—	—		—		—		(3,656)	—		—		—		(3,656)
Net income	—		—	—		—		—		7,569	—		—		4,368		11,937
Balance at March 31, 2023	30,399	$	304	13,674	$	—	$	194,463	$	13,081	—	$	—	$	102,562	$	310,410
Share and unit repurchases and retirements	(1,438)		(14)	—		—		(9,222)		(1,990)	—		—		(104)		(11,330)
Stock-based compensation	—		—	—		—		1,399		—	—		—		647		2,046
Vesting of restricted stock	10		1	—		—		16		—	—		—		(17)		-
Cancelled shares withheld for taxes from RSU vesting	(3)		(1)	—		—		(9)		(2)	—		—		(7)		(19)
Unitholder Distributions	—		—	—		—		—		—	—		—		(1,504)		(1,504)
Dividends paid ($0.11 per share of Class A common stock)	—		—	—		—		—		(3,388)	—		—		—		(3,388)
Net income	—		—	—		—		—		7,532	—		—		4,709		12,241
Balance at June 30, 2023	28,968	$	290	13,674	$	—	$	186,647	$	15,233	—	$	—	$	106,286	$	308,456

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SOLARIS OILFIELD INFRASTRUCTURE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	Six Months Ended June 30, 2022
	Class A			Class B			Additional							Non-		Total
	Common Stock			Common Stock			Paid-in		Retained		Treasury Stock			controlling		Stockholders'
	Shares	Amount		Shares	Amount		Capital		Earnings		Shares	Amount		Interest		Equity
Balance at January 1, 2022	31,146	$	312	13,770	$	—	$	196,912	$	5,925	—	$	—	$	94,727	$	297,876
Net effect of deferred tax asset and payables related to the vesting of restricted stock	—		—	—		—		610		—	—		—		—		610
Stock-based compensation	—		—	—		—		1,188		—	—		—		520		1,708
Vesting of restricted stock	366		3	—		—		574		—	—		—		(577)		—
Cancelled shares withheld for taxes from RSU vesting	(96)		(1)	—		—		(302)		(388)	—		—		(299)		(990)
Unitholder Distributions	—		—	—		—		—		—	—		—		(1,446)		(1,446)
Dividends paid ($0.105 per share of Class A common stock)	—		—	—		—		—		(3,441)	—		—		—		(3,441)
Net income	—		—	—		—		—		3,502	—		—		2,220		5,722
Balance at March 31, 2022	31,416		314	13,770		—		198,982		5,598	—		—		95,145		300,039
Exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock	96		1	(96)		—		683		—	—		—		(684)		—
Net effect of deferred tax asset and payables related to Tax Receivable Agreement from the exchange of Solaris LLC Units and shares of Class B common stock for shares of Class A common stock and the vesting of restricted stock	—		—	—		—		(437)		—	—		—		—		(437)
Stock-based compensation	—		—	—		—		1,121		—	—		—		490		1,611
Vesting of restricted stock	7		—	—		—		9		—	—		—		(9)		—
Cancelled shares withheld for taxes from RSU vesting	(2)		—	—		—		(4)		(6)	—		—		(7)		(17)
Solaris LLC distribution paid to Solaris LLC unitholders (other than Solaris Inc.) at $0.105 per Solaris LLC Unit	—		—	—		—		—		—	—		—		(1,446)		(1,446)
Dividends paid ($0.105 per share of Class A common stock)	—		—	—		—		—		(3,444)	—		—		—		(3,444)
Net income	—		—	—		—		—		5,453	—		—		2,836		8,289
Balance at June 30, 2022	31,517	$	315	13,674	$	—	$	200,354	$	7,601	—	$	—	$	96,325	$	304,595

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SOLARIS OILFIELD INFRASTRUCTURE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	For the Six Months Ended
	June 30,
	2023		2022
Cash flows from operating activities:
Net income	$	24,178	$	14,011
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		17,488		14,061
Property tax contingency		—		3,072
Gain on disposal of assets		(18)		(39)
Allowance for credit losses		(2)		(388)
Stock-based compensation		3,904		3,112
Amortization of debt issuance costs		71		98
Deferred income tax expense		4,853		3,101
Change in payables related to parties pursuant to Tax Receivable Agreement		—		(654)
Other		(162)		(178)
Changes in operating assets and liabilities:
Accounts receivable		8,442		(33,008)
Accounts receivable - related party		(1,863)		(338)
Prepaid expenses and other assets		1,143		5,098
Inventories		(5,801)		(3,457)
Accounts payable		3,047		7,902
Accrued liabilities		(8,728)		10,001
Payments pursuant to tax receivable agreement		(1,092)		—
Net cash provided by operating activities		45,460		22,394
Cash flows from investing activities:
Investment in property, plant and equipment		(40,130)		(32,326)
Cash received from insurance proceeds		69		860
Proceeds from disposal of assets		165		57
Net cash used in investing activities		(39,896)		(31,409)
Cash flows from financing activities:
Share repurchases		(25,757)		—
Distribution to unitholders (includes distribution of $3.0 million at $0.11/unit and $2.9 million at $0.105/unit, respectively)		(3,489)		(2,892)
Dividend paid to Class A common stock shareholders		(7,044)		(6,885)
Borrowings under the credit agreement		35,000		—
Payments under finance leases		(1,326)		(567)
Payments under insurance premium financing		(966)		(422)
Payments related to debt issuance cost		(91)		(358)
Payments for shares withheld for taxes from RSU vesting and cancelled		(1,355)		(1,007)
Net cash used in financing activities		(5,028)		(12,131)

Net increase (decrease) in cash		536		(21,146)
Cash at beginning of period		8,835		36,497
Cash at end of period	$	9,371	$	15,351

Non-cash activities
Investing:
Capitalized depreciation in property, plant and equipment		202		289
Capitalized stock based compensation		296		207
Property and equipment additions incurred but not paid at period-end		3,402		6,490
Property, plant and equipment additions transferred from inventory		2,042		1,058
Additions to fixed assets through finance leases		1,926		2,267
Financing:
Insurance premium financing		697		1,331
Cash paid for:
Interest		1,028		37
Income Taxes		198		370

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SOLARIS OILFIELD INFRASTRUCTURE, INC.
Notes to the Condensed Consolidated Financial Statements
(Dollars in millions, except share data)

1. Organization and Background of Business

Description of Business

We design and manufacture specialized equipment, which combined with field technician support, last mile logistics services and our software solutions, enables us to provide a service offering that helps oil and natural gas operators and their suppliers drive efficiencies that reduce operational footprint and costs during the completion phase of well development. Our equipment and services are deployed across active oil and natural gas basins in the United States.

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Solaris Oilfield Infrastructure, Inc. (either individually or together with its subsidiaries, as the context requires “Solaris Inc.” or the “Company”) is the managing member of Solaris Oilfield Infrastructure, LLC (“Solaris LLC”) and is responsible for all operational, management and administrative decisions relating to Solaris LLC’s business. Solaris Inc. consolidates the financial results of Solaris LLC and its subsidiaries and reports non-controlling interest related to the portion of the units in Solaris LLC (the “Solaris LLC Units”) not owned by Solaris Inc., which will reduce net income attributable to the holders of Solaris Inc.’s Class A common stock.

The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These financial statements reflect all normal recurring adjustments that are necessary for fair presentation. Operating results for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year or for any interim period.

The unaudited interim condensed consolidated financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with Solaris Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022 and notes thereto.

All material intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates are related to stock-based compensation, useful lives and salvage values of long-lived assets, future cash flows associated with goodwill and long-lived asset impairment evaluations, net realizable value of inventory, income taxes, Tax Receivable Agreement liability, collectability of accounts receivable and estimates of allowance for credit losses and determination of the present value of lease payments and right-of-use assets.

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenues from Contracts with Customers (“ASC Topic 606”). Under ASC Topic 606, revenue recognition is based on the transfer of control, or the customer’s

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ability to benefit from our services and products in an amount that reflects the consideration expected to be received in exchange for those services and products.

The majority of our contracts contain multiple performance obligations, such as work orders containing a combination of equipment, last mile logistics services, and labor services. We allocate the transaction price to each performance obligation identified in the contract based on relative stand-alone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product or service is transferred to the customer, in satisfaction of the corresponding performance obligations. We measure progress using an input method based on resources consumed or expended relative to the total resources expected to be consumed or expended. We assess our customers’ ability and intention to pay, which is based on a variety of factors including historical payment experience and financial condition and we typically charge our customers on a weekly or monthly basis. Contracts with customers are typically on thirty- to sixty-day payment terms.

Disaggregation of Revenue

The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Wellsite services	$	77.1	$	86.5	$	159.6	$	143.1
Transloading and Other		0.1		0.2		0.3		0.5
Total revenue	$	77.2	$	86.7	$	159.9	$	143.6

Recently Issued Accounting Standards

In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, Reference Rate Reform, which provided temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provided certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. The original guidance expired on December 31, 2022, and ASU No. 2022-06 extended the effective date of the guidance to December 31, 2024. As described more fully in Note 6. “Income Taxes,” the Tax Receivable Agreement was amended on June 27, 2023, to replace the references to LIBOR.

3. Property, Plant and Equipment

Property, plant and equipment are stated at cost. We manufacture or construct most of our systems. During the manufacturing of these assets, they are reflected as systems in process until complete. Modifications to existing systems,

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including the expenditures for upgrades and enhancements that result in additional functionality, increased efficiency, or the extension of the estimated useful life, are capitalized. Property, plant and equipment consists of the following:


	June 30,		December 31,
	2023		2022
Systems and related equipment	$	402.0	$	369.3
Systems in process		37.5		30.1
Computer hardware and software		3.7		1.7
Machinery and equipment		5.4		5.4
Vehicles		14.1		13.2
Buildings		4.6		4.6
Land		0.6		0.6
Furniture and fixtures

Solaris Oilfield Infrastructure, Inc. [SOI] Filings
10-Q	[2023-07-28]
10-Q	[2023-05-04]
10-K	[2023-03-09]
10-Q	[2022-11-02]
10-Q	[2022-08-02]
10-Q	[2022-04-29]
10-K	[2022-02-24]
10-Q	[2021-11-01]
10-Q	[2021-08-05]
10-Q	[2021-05-03]
10-K	[2021-02-23]
10-Q	[2020-10-29]
10-Q	[2020-07-30]
10-Q	[2020-05-01]
10-K	[2020-02-19]
10-Q	[2019-10-30]
10-Q	[2019-07-31]
10-Q	[2019-05-01]
10-K	[2019-02-27]
10-Q	[2018-10-31]
10-Q	[2018-08-01]
10-Q	[2018-05-08]
10-K	[2018-03-06]
S-1	[2017-11-07]
10-Q	[2017-11-02]
10-Q	[2017-08-14]
10-Q	[2017-06-12]
S-1	[2017-03-15]