Solaris Energy Infrastructure (SEI) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38090
Entity Registrant Name	SOLARIS OILFIELD INFRASTRUCTURE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5223109
Entity Address, Address Line One	9811 Katy Freeway, Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	281
Local Phone Number	501-3070
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	SOI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001697500
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		32,123,630
Class B Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		13,671,971

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,175	$ 8,835
Accounts receivable, net of allowances for credit losses of $355 and $385, respectively	68,124	64,543
Accounts receivable - related party	3,840	4,925
Prepaid expenses and other current assets	4,245	5,151
Inventories	7,621	5,289
Total current assets	86,005	88,743
Property, plant and equipment, net	313,299	298,160
Non-current inventories	1,730	1,569
Operating lease right-of-use assets	3,850	4,033
Goodwill	13,004	13,004
Intangible assets, net	1,247	1,429
Deferred tax assets	53,624	55,370
Other assets	239	268
Total assets	472,998	462,576
Current liabilities:
Accounts payable	29,817	25,934
Accrued liabilities	22,370	25,252
Current portion of payables related to Tax Receivable Agreement		1,092
Current portion of operating lease liabilities	923	917
Current portion of finance lease liabilities	2,191	1,924
Other current liabilities		790
Total current liabilities	55,301	55,909
Operating lease liabilities, net of current	6,034	6,212
Borrowings under the credit agreement	26,000	8,000
Finance lease liabilities, net of current	3,359	3,429
Payables related to Tax Receivable Agreement	71,530	71,530
Other long-term liabilities	364	367
Total liabilities	162,588	145,447
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding
Additional paid-in capital	194,463	202,551
Retained earnings	13,081	12,847
Total stockholders' equity attributable to Solaris	207,848	215,715
Non-controlling interest	102,562	101,414
Total stockholders' equity	310,410	317,129
Total liabilities and stockholders' equity	472,998	462,576
Class A Common Stock
Stockholders' equity:
Common Stock	304	317
Class B Common Stock
Stockholders' equity:
Common Stock

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 355	$ 385
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	600,000	600,000
Common stock, shares issued	30,399	31,641
Common stock, shares outstanding	30,399	31,641
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	180,000	180,000
Common stock, shares issued	13,674	13,674
Common stock, shares outstanding	13,674	13,674

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue	$ 77,828	$ 51,836
Revenue - related parties	4,894	5,079
Total revenue	82,722	56,915
Operating costs and expenses:
Cost of services (excluding depreciation)	53,223	37,671
Depreciation and amortization	8,417	6,929
Selling, general and administrative	6,538	5,211
Other operating (income) expenses	(338)	(309)
Total operating costs and expenses	67,840	49,502
Operating income	14,882	7,413
Interest expense, net	(459)	(79)
Total other expense	(459)	(79)
Income before income tax expense	14,423	7,334
Income tax expense	(2,486)	(1,612)
Net income	11,937	5,722
Less: net income related to non-controlling interests	(4,368)	(2,220)
Net income attributable to Solaris	$ 7,569	$ 3,502
Class A Common Stock
Operating costs and expenses:
Income per share of Class A common stock - basic (in dollars per share)	$ 0.23	$ 0.11
Income per share of Class A common stock - diluted (in dollars per share)	$ 0.23	$ 0.11
Basic weighted-average shares of Class A common stock outstanding (in shares)	31,214,271	31,239,351
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share	31,214,271	31,239,351

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Non-controlling Interest	Total
Balance at beginning of period at Dec. 31, 2021	$ 312		$ 196,912	$ 5,925	$ 94,727	$ 297,876
Balance at beginning of period (in shares) at Dec. 31, 2021	31,146	13,770
Changes in Stockholders' Equity
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	$ 3		574		(577)
Vesting of restricted stock (in shares)	366
Cancelled shares withheld for taxes from RSU vesting	$ (1)		(302)	(388)	(299)	(990)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(96)
Unitholder Distributions					(1,446)	(1,446)
Dividends paid (Class A common stock)				(3,441)		(3,441)
Net income				3,502	2,220	5,722
Balance at end of period at Mar. 31, 2022	$ 314		198,982	5,598	95,145	300,039
Balance at end of period (in shares) at Mar. 31, 2022	31,416	13,770
Balance at beginning of period at Dec. 31, 2022	$ 317		202,551	12,847	101,414	317,129
Balance at beginning of period (in shares) at Dec. 31, 2022	31,641	13,674
Changes in Stockholders' Equity
Share and unit repurchases and retirements	$ (17)		(10,543)	(3,295)	(572)	(14,427)
Share and unit repurchases and retirements (in shares)	(1,641)
Net effect of deferred tax asset and payables related to the vesting of restricted stock			594			594
Stock-based compensation			1,494		660	2,154
Vesting of restricted stock	$ 5		903		(908)
Vesting of restricted stock (in shares)	547
Cancelled shares withheld for taxes from RSU vesting	$ (1)		(536)	(384)	(415)	(1,336)
Cancelled shares withheld for taxes from RSU vesting (in shares)	(148)
Unitholder Distributions					(1,985)	(1,985)
Dividends paid (Class A common stock)				(3,656)		(3,656)
Net income				7,569	4,368	11,937
Balance at end of period at Mar. 31, 2023	$ 304		$ 194,463	$ 13,081	$ 102,562	$ 310,410
Balance at end of period (in shares) at Mar. 31, 2023	30,399	13,674

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividends paid (in dollars per share)	$ 0.11	$ 0.105

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 11,937	$ 5,722
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,417	6,929
(Gain) loss on disposal of assets	(22)	107
Stock-based compensation	1,980	1,593
Amortization of debt issuance costs	31	40
Deferred income tax expense	2,329	1,455
Other	10	(1)
Changes in assets and liabilities:
Accounts receivable	(3,581)	(11,321)
Accounts receivable - related party	1,086	(1,216)
Prepaid expenses and other assets	905	1,717
Inventories	(4,071)	(1,152)
Accounts payable	2,042	5,040
Accrued liabilities	(3,122)	(2,644)
Payments pursuant to tax receivable agreement	(1,092)
Net cash provided by operating activities	16,849	6,269
Cash flows from investing activities:
Investment in property, plant and equipment	(18,949)	(11,776)
Cash received from insurance proceeds		231
Proceeds from disposal of assets	123	38
Net cash used in investing activities	(18,826)	(11,507)
Cash flows from financing activities:
Share repurchases	(14,427)
Distribution to unitholders (includes distribution of $1.5 million at $0.11/unit and $1.4 million at $0.105/unit, respectively	(1,985)	(1,446)
Dividend paid to Class A common stock shareholders	(3,656)	(3,441)
Borrowings under the credit agreement	18,000
Payments under finance leases	(738)	(8)
Payments under insurance premium financing	(541)	(246)
Payments for shares withheld for taxes from RSU vesting and cancelled	(1,336)	(990)
Net cash used in financing activities	(4,683)	(6,131)
Net decrease in cash	(6,660)	(11,369)
Cash at beginning of period	8,835	36,497
Cash at end of period	2,175	25,128
Investing:
Capitalized depreciation in property, plant and equipment	129	146
Capitalized stock based compensation	174	115
Property and equipment additions incurred but not paid at period-end	5,015	2,827
Property, plant and equipment additions transferred from inventory	1,578	575
Additions to fixed assets through finance leases	933
Cash paid for:
Interest	335	37
Income taxes	$ 1	$ 22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash dividends paid (in dollars per share)	$ 0.11	$ 0.105
Distribution to unitholders	$ 1.5	$ 1.4

Organization and Background of

Organization and Background of Business	3 Months Ended
	Mar. 31, 2023
Organization and Background of Business
Organization and Background of Business	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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	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 months ended March 31, 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 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 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 months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 82.5 ​ $ 56.6 Transloading and Other ​ ​ 0.2 ​ ​ 0.3 Total revenue ​ $ 82.7 ​ $ 56.9 ​ ​ 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; however, ASU No. 2022-06 extended the effective date of the guidance to December 31, 2024. The Company is currently assessing the impact of the LIBOR transition and this ASU on the Company’s financial statements and any agreements utilizing LIBOR, including the Tax Receivable Agreement, but does not currently expect to have a material impact on our financial statements.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment
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, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2023 2022 Systems and related equipment ​ $ 380.6 ​ $ 369.3 Systems in process ​ ​ 41.4 ​ 30.1 Computer hardware and software ​ 1.7 ​ 1.7 Machinery and equipment ​ 5.4 ​ 5.4 Vehicles ​ 13.2 ​ 13.2 Buildings ​ 4.6 ​ 4.6 Land ​ 0.6 ​ 0.6 Furniture and fixtures ​ ​ 0.4 ​ 0.4 Property, plant and equipment, gross ​ $ 447.9 ​ $ 425.3 Less: accumulated depreciation ​ (134.6) ​ (127.1) Property, plant and equipment, net ​ $ 313.3 ​ $ 298.2 ​

Senior Secured Credit Facility

Senior Secured Credit Facility	3 Months Ended
	Mar. 31, 2023
Senior Secured Credit Facility
Senior Secured Credit Facility	4. Senior Secured Credit Facility On April 28, 2023, Solaris LLC executed Amendment No. 2 to the Amended and Restated Credit Agreement, by and among Solaris LLC, as borrower, each of the guarantors party thereto, each of the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent (the “2023 Amendment”) to the Amended and Restated Credit Agreement (the “Credit Agreement”), which was entered into on April 26, 2019, by and among Solaris LLC, as borrower, each of the guarantors party thereto, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, and contained an initial $50.0 borrowing facility. The 2023 Amendment introduced an additional As of March 31, 2023, we had $26.0 borrowings outstanding under the Credit Agreement. As of May 3, 2023, the Company has the ability to draw up to approximately $34.5 under the amended Credit Agreement. Our obligations under the Loan are generally secured by a pledge of substantially all the assets of Solaris LLC and its subsidiaries, and such obligations are guaranteed by Solaris LLC’s domestic subsidiaries other than Immaterial Subsidiaries (as defined in the Credit Agreement). We have the option to prepay the loans at any time without penalty. Borrowings under the Credit Agreement bear interest at either Term Secured Overnight Financing Rate (“SOFR”) or an alternate base rate plus an applicable margin, and interest is payable quarterly for alternate base rate loans or the last business day of the interest period applicable to SOFR loans. The applicable margin ranges from 2.75% to 3.50% for SOFR loans and 1.75% to 2.50% for alternate base rate loans, in each case depending on our total leverage ratio. The Credit Agreement requires that we pay a quarterly commitment fee on undrawn amounts of the Loan, ranging from 0.375% to 0.5% depending upon the total leverage ratio. The weighted average interest rate on the borrowings outstanding as of March 31, 2023 was approximately 7.87%. The Credit Agreement requires that we maintain ratios of (i) consolidated EBITDA to interest expense of not less than 2.75 to 1.00, (ii) senior indebtedness to consolidated EBITDA of not more than 2.50 to 1.00 and (iii) the sum of 100% of eligible accounts, inventory and fixed assets to the total revolving exposure of not less than 1.00 to 1.00 when the total leverage ratio is greater than 2.00 to 1.00 and total revolving exposure under the Loan exceeds $3.0. For the purpose of these tests, certain items are subtracted from indebtedness and senior indebtedness. EBITDA, as defined in the Credit Agreement, excludes certain noncash items and any extraordinary, unusual or nonrecurring gains, losses or expenses. The Credit Agreement also requires that we prepay any outstanding borrowings in the event our total consolidated cash balance exceeds $20.0 on the last business day of every other calendar week, taking into account certain adjustments. Capital expenditures are not restricted unless borrowings under the Loan exceed $5.0 for any 180 consecutive day period, in which case capital expenditures will be permitted up to $100.0 plus any unused availability for capital expenditures from the immediately preceding fiscal year. As of March 31, 2023, we were in compliance with all covenants under the Credit Agreement.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity
Equity	Dividends Solaris LLC paid dividend distributions totaling $5.2 and $4.9 to all Solaris LLC unitholders in the three months ended March 31, 2023 and 2022, respectively, of which $3.7 and $3.4 was paid to Solaris Inc. Solaris Inc. used the proceeds from the distributions to pay quarterly cash dividends to all holders of shares of Class A common stock. On March 2, 2023, the Company’s board of directors authorized a share repurchase plan to repurchase up to $50.0 of the Company’s Class A common stock until the plan terminates pursuant to its provisions. During the three months ended March 31, 2023, Solaris Inc. purchased and retired 1,641,000 shares of the Company’s Class A common stock for $14.4, or $8.80 average price per share, and, in connection therewith, Solaris LLC purchased and retired 1,641,000 Solaris LLC Units from the Company for the same amount. We currently have $35.6 authorized under the share repurchase plan. Stock-based compensation The Company’s long-term incentive plan for employees, directors and consultants (the “LTIP”) provides for the grant of all or any of the following types of equity-based awards: (i) incentive stock options qualified as such under United States federal income tax laws; (ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock units; (vi) bonus stock; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash awards; and (xi) substitute awards. Subject to adjustment in accordance with the terms of the LTIP, 5,118,080 shares of Solaris Inc.’s Class A common stock have been reserved for issuance pursuant to awards under the LTIP. As of March 31, 2023, 812,686 stock awards were available for grant. The following table summarizes activity related to restricted stock for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards ​ ​ Number of Shares ​ ​ Weighted Average Grant Date Fair Value ($) Unvested at January 1, 2023 1,295,728 ​ $ 10.33 Awarded 790,201 ​ ​ 9.19 Vested (548,992) ​ ​ 9.74 Forfeited (9,648) ​ ​ 9.82 Unvested at March 31, 2023 ​ 1,527,289 ​ $ 9.71 ​ Of the 1,527,289 unvested shares of restricted stock, it is expected that 92,776 shares, 659,693 shares, 527,652 shares, and 247,168 shares will vest in 2023, 2024, 2025 and 2026, respectively, in each case, subject to the applicable vesting terms governing such shares of restricted stock. There was approximately $13.7 of unrecognized compensation expense related to unvested restricted stock as of March 31, 2023. The unrecognized compensation expense will be recognized over the weighted average remaining vesting period of During the three-month period ending March 31, 2023, we granted 176,898 performance-based restricted stock units (“PSUs”), with a weighted average grant date fair value of $11.92 per share to management under the LTIP. The performance criteria for the PSUs are split as follows: ● Relative PSUs: 50% of the PSUs are based on total shareholder return relative to the total shareholder return of a predetermined group of peer companies. This relative total shareholder return is calculated at the end of the performance periods stipulated in the PSU agreement. ● Absolute PSUs: 50% of the PSUs have a performance criteria of absolute total shareholder return calculated at the end of the performance period stipulated in the PSU agreement. The vesting and payout of the PSUs occur when the related service condition is completed, which is approximately three years after the grant date regardless of the duration of the stipulated performance period. The PSUs can be paid out in either Class A common stock or cash, at our election. Dividends accrue on PSUs and are paid upon vesting. As of March 31, 2023, $2.0 of compensation cost related to unvested PSUs remained to be recognized. The cost is expected to be recognized over a weighted-average period of 2.5 years. The grant date fair value was determined using the Monte Carlo simulation method and is expensed ratably over the service period. Expected volatilities used in the fair value simulation were estimated using historical periods consistent with the remaining performance periods. The risk-free rate was based on the U.S. Treasury rate for a term commensurate with the expected life of the grant. We used the following assumptions to estimate the fair value of PSUs granted during the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ Assumptions Risk-free interest rate ​ 4.6% Volatility ​ 58.93% ​ The following table summarizes activity related to PSUs for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ Number of Units ​ ​ Value ($) Outstanding at January 1, 2023 ​ — ​ ​ $ — Granted ​ 176,898 ​ ​ ​ 11.92 Forfeited ​ — ​ ​ ​ — Outstanding at March 31, 2023 ​ 176,898 ​ ​ $ 11.92 ​ Income (Loss) Per Share Basic income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Solaris Inc. by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted income (loss) per share is computed giving effect to all potentially dilutive shares. The following table sets forth the calculation of income (loss) per share for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Basic net income (loss) per share: ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ Net income attributable to Solaris ​ $ 7.6 ​ $ 3.5 Less: income attributable to participating securities (1) ​ ​ (0.4) ​ ​ (0.1) Net income attributable to common stockholders ​ $ 7.2 ​ $ 3.4 ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ Weighted average number of unrestricted outstanding common shares used to calculate basic net income per share ​ ​ 31,214,271 ​ ​ 31,239,351 Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share ​ ​ 31,214,271 ​ ​ 31,239,351 ​ ​ ​ ​ ​ ​ ​ Income per share of Class A common stock - basic ​ $ 0.23 ​ $ 0.11 Income per share of Class A common stock - diluted ​ $ 0.23 ​ $ 0.11 ​ (1) The Company’s restricted shares of common stock are participating securities. ​ The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Class B common stock ​ ​ 13,671,971 ​ ​ 13,768,517 Restricted stock awards ​ ​ 1,374,760 ​ ​ 1,025,513 Performance-based restricted stock awards ​ ​ 176,898 ​ ​ — Stock Options ​ ​ 5,440 ​ ​ 7,122 Total ​ ​ 15,229,069 ​ ​ 14,801,152 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	6. Income Taxes Income Taxes between the book value and the tax basis of the Company’s investment in Solaris LLC. This difference originates from the equity offerings of Class A common stock, exchanges of Solaris LLC Units (together with a corresponding number of shares of Class B common stock) for shares of Class A common stock, and issuances of Class A common stock, and corresponding Solaris LLC Units, in connection with stock-based compensation. Based on our cumulative earnings history and forecasted future sources of taxable income, we believe that we will be able to realize our deferred tax assets in the future. As the Company reassesses this position in the future, changes in cumulative earnings history, excluding non-recurring charges, or changes to forecasted taxable income may alter this expectation and may result in an increase in the valuation allowance and an increase in the effective tax rate. ​ Section 382 of the Internal Revenue Code of 1986, contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss and tax credit carryovers and certain built-in losses recognized in years after the “ownership change.” An “ownership change” is generally defined as any change in ownership of more than 50% of a corporation’s stock over a rolling three-year period by stockholders that own (directly or indirectly) 5% or more of the stock of a corporation, or arising from a new issuance of stock by a corporation. If an ownership change occurs, Section 382 generally imposes an annual limitation on the use of pre-ownership change net operating loss carryovers to offset taxable income earned after the ownership change. We do not believe the Section 382 annual limitation related to historical ownership changes impacts our ability to utilize our net operating losses; however, if we were to experience a future ownership change our ability to use net operating losses may be impacted. Payables Related to the Tax Receivable Agreement

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2023
Concentrations
Concentrations	7. Concentrations For the three months ended March 31, 2023, three customers accounted for 13%, 12% and 11% of the Company’s revenues. For the three months ended March 31, 2022, one customer accounted for 29% of the Company’s revenues. As of March 31, 2023, one customer accounted for 13% of the Company’s accounts receivable. As of December 31, 2022, one customer accounted for 22% of the Company’s accounts receivable. For the three months ended March 31, 2023, no suppliers accounted for more than 10% of the Company’s total purchases. For the three months ended March 31, 2022, one supplier accounted for 11% of the Company’s total purchases. As of March 31, 2023, no supplier accounted for more than 10% of the Company’s accounts payable. As of December 31, 2022, one supplier accounted for 13% of the Company’s accounts payable.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Tax Matters We are subject to a number of state and local taxes that are not income-based. As many of these taxes are subject to assessment and audit by the taxing authorities, it is possible that an assessment or audit could result in additional taxes due. We accrue for additional taxes when we determine that it is probable that we will have incurred a liability and we can reasonably estimate the amount of the liability. On June 16, 2022, Cause Number CV20-09-372, styled Solaris Oilfield Site Services v. Brown County Appraisal District, was presented to the 35th District Court of Brown County, Texas. The 35 th Litigation and Claims In the normal course of business, the Company is subjected to various claims, legal actions, contract negotiations and disputes. The Company provides for losses, if any, in the year in which they can be reasonably estimated. In management’s opinion, there are currently no such matters outstanding that would have a material effect on the accompanying condensed consolidated financial statements. See Note 9 “Related Party Transactions” for contingent payments related to contracts with customers.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	9. Related Party Transactions The Company recognizes certain costs incurred in relation to transactions incurred in connection with the amended and restated administrative services agreement, dated May 17, 2017, between Solaris LLC and Solaris Energy Management, LLC, a company owned by William A. Zartler, the Chief Executive Officer and Chairman of the Board. These services include rent paid for office space, travel services, personnel, consulting and administrative costs. For the three months ended March 31, 2023 and 2022, Solaris LLC paid $0.5 and $0.2 , respectively, for these services. As of March 31, 2023, and December 31, 2022, the Company included $0.1 and $0.1 , respectively, in prepaid expenses and other current assets on the condensed consolidated balance sheets. Additionally, as of March 31, 2023 and December 31, 2022, the Company included $0.1 and $0.1 , respectively, of accruals to related parties in accrued liabilities on the consolidated balance sheet The Company has executed a guarantee of lease agreement with Solaris Energy Management, LLC, a related party of the Company, related to the rental of office space for the Company’s corporate headquarters. The total future guaranty under the guarantee of lease agreement with Solaris Energy Management, LLC is $4.1 as of March 31, 2023. As of March 31, 2023, THRC Holdings, LP, an entity managed by THRC Management, LLC (collectively “THRC”), held shares representing a 9.6% ownership of the Company’s Class A common stock and 6.9% total shares outstanding. THRC is affiliated with certain of the Company’s customers, including ProFrac Services, LLC (“ProFrac”) and certain of the Company’s suppliers including Automatize Logistics, LLC, IOT-EQ, LLC and Cisco Logistics, LLC (“Cisco”) (together the “THRC Affiliates”). For the three months ended March 31, 2023, the Company recognized revenues related to our service offering provided to the THRC Affiliates of $4.9. Accounts receivable related to THRC Affiliates as of March 31, 2023 was $3.8. For the three months ended March 31, 2023, the Company recognized cost of services provided by THRC Affiliates of $1.1. There was $1.0 of accounts payable related to THRC Affiliates as of March 31, 2023. Solaris is the dedicated wellsite sand storage provider (“Services”) to certain THRC Affiliates. Solaris provides volume-based pricing for the Services and may be required to pay up to $4.0 in payments throughout a term ending in 2024, contingent upon the ability of these affiliates to meet minimum Services revenue thresholds. As of March 31, 2023, accounts payable to THRC Affiliates related to these services is $0.9, which was recognized in revenues. ​ On January 31, 2023, the Company made payments of $1.1 under the Tax Receivable Agreement. Solaris LLC made a tax distribution to Solaris Inc. of $1.1 to satisfy these obligations and concurrently made a cash distribution on a pro rata basis to each of the other members of Solaris LLC of $0.4. ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	10. Subsequent Events On April 28, 2023, the Company executed a second amendment to the Credit Agreement. Refer to Note 4. “Senior Secured Credit Facility.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation and Consolidation	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 months ended March 31, 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	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 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	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 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 months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 82.5 ​ $ 56.6 Transloading and Other ​ ​ 0.2 ​ ​ 0.3 Total revenue ​ $ 82.7 ​ $ 56.9
Recently Issued Accounting Standards	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; however, ASU No. 2022-06 extended the effective date of the guidance to December 31, 2024. The Company is currently assessing the impact of the LIBOR transition and this ASU on the Company’s financial statements and any agreements utilizing LIBOR, including the Tax Receivable Agreement, but does not currently expect to have a material impact on our financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Schedule of disaggregated revenues from contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Wellsite services ​ $ 82.5 ​ $ 56.6 Transloading and Other ​ ​ 0.2 ​ ​ 0.3 Total revenue ​ $ 82.7 ​ $ 56.9

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment
Schedule of property plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2023 2022 Systems and related equipment ​ $ 380.6 ​ $ 369.3 Systems in process ​ ​ 41.4 ​ 30.1 Computer hardware and software ​ 1.7 ​ 1.7 Machinery and equipment ​ 5.4 ​ 5.4 Vehicles ​ 13.2 ​ 13.2 Buildings ​ 4.6 ​ 4.6 Land ​ 0.6 ​ 0.6 Furniture and fixtures ​ ​ 0.4 ​ 0.4 Property, plant and equipment, gross ​ $ 447.9 ​ $ 425.3 Less: accumulated depreciation ​ (134.6) ​ (127.1) Property, plant and equipment, net ​ $ 313.3 ​ $ 298.2

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity
Summary of activity related to restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards ​ ​ Number of Shares ​ ​ Weighted Average Grant Date Fair Value ($) Unvested at January 1, 2023 1,295,728 ​ $ 10.33 Awarded 790,201 ​ ​ 9.19 Vested (548,992) ​ ​ 9.74 Forfeited (9,648) ​ ​ 9.82 Unvested at March 31, 2023 ​ 1,527,289 ​ $ 9.71 ​
Schedule of assumptions used to estimate the fair value of PSUs granted	​ ​ ​ ​ ​ ​ Assumptions Risk-free interest rate ​ 4.6% Volatility ​ 58.93% ​
Schedule of PSU activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ Grant Date Fair ​ ​ Number of Units ​ ​ Value ($) Outstanding at January 1, 2023 ​ — ​ ​ $ — Granted ​ 176,898 ​ ​ ​ 11.92 Forfeited ​ — ​ ​ ​ — Outstanding at March 31, 2023 ​ 176,898 ​ ​ $ 11.92 ​
Schedule of earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Basic net income (loss) per share: ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Numerator ​ ​ ​ ​ ​ ​ Net income attributable to Solaris ​ $ 7.6 ​ $ 3.5 Less: income attributable to participating securities (1) ​ ​ (0.4) ​ ​ (0.1) Net income attributable to common stockholders ​ $ 7.2 ​ $ 3.4 ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ Weighted average number of unrestricted outstanding common shares used to calculate basic net income per share ​ ​ 31,214,271 ​ ​ 31,239,351 Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share ​ ​ 31,214,271 ​ ​ 31,239,351 ​ ​ ​ ​ ​ ​ ​ Income per share of Class A common stock - basic ​ $ 0.23 ​ $ 0.11 Income per share of Class A common stock - diluted ​ $ 0.23 ​ $ 0.11 ​ (1) The Company’s restricted shares of common stock are participating securities. ​
Schedule of antidilutive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Class B common stock ​ ​ 13,671,971 ​ ​ 13,768,517 Restricted stock awards ​ ​ 1,374,760 ​ ​ 1,025,513 Performance-based restricted stock awards ​ ​ 176,898 ​ ​ — Stock Options ​ ​ 5,440 ​ ​ 7,122 Total ​ ​ 15,229,069 ​ ​ 14,801,152

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenues Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 82,722	$ 56,915
Wellsite services
Disaggregation of Revenue [Line Items]
Revenue	82,500	56,600
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 200	$ 300

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property, plant and equipment, gross	$ 447,900	$ 425,300
Less: accumulated depreciation	(134,600)	(127,100)
Property, plant and equipment, net	313,299	298,160
Systems and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	380,600	369,300
Systems in process
Property, Plant and Equipment
Property, plant and equipment, gross	41,400	30,100
Vehicles
Property, Plant and Equipment
Property, plant and equipment, gross	13,200	13,200
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	5,400	5,400
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross	4,600	4,600
Computer hardware and software
Property, Plant and Equipment
Property, plant and equipment, gross	1,700	1,700
Land
Property, Plant and Equipment
Property, plant and equipment, gross	600	600
Furniture and fixtures
Property, Plant and Equipment
Property, plant and equipment, gross	$ 400	$ 400

Senior Secured Credit Facility

Senior Secured Credit Facility (Details) - USD ($) $ in Millions	Apr. 28, 2023	Apr. 26, 2019	Mar. 31, 2023
2019 Credit Agreement
Senior Secured Credit Facility
Maximum borrowing		$ 50
Cash adjustment to net indebtedness		$ 3
Senior indebtedness to consolidated EBITDA		2.50
Eligible accounts (as a percent)		100%
Eligible accounts to revolving exposure ratio		1
Leverage ratio for debt repayment		2
Ratio of consolidated EBITDA to fixed charges		2.75%
2023 Credit Agreement
Senior Secured Credit Facility
Outstanding credit facility			$ 26
Remaining borrowing capacity			$ 34.5
Weighted average interest rate (as a percent)			7.87%
2023 Credit Agreement | Subsequent Event
Senior Secured Credit Facility
Maximum borrowing	$ 75
Potential additional borrowing available	25
Maximum borrowing capacity with accordion option	100
Cash threshold triggering repayment	20
Cash threshold over a period of time triggering repayment	$ 5
Period for cash threshold repayment trigger	180 days
Maximum capital expenditures allowed	$ 100
2023 Credit Agreement | First quarter of 2024 | Subsequent Event
Senior Secured Credit Facility
Reducing revolver, percentage	15%
2023 Credit Agreement | First quarter 2025 | Subsequent Event
Senior Secured Credit Facility
Reducing revolver, percentage	20%
2023 Credit Agreement | Minimum | Subsequent Event
Senior Secured Credit Facility
Commitment fee (as a percent)	0.375%
2023 Credit Agreement | Maximum | Subsequent Event
Senior Secured Credit Facility
Commitment fee (as a percent)	0.50%
2023 Credit Agreement | SOFR | Minimum | Subsequent Event
Senior Secured Credit Facility
Interest rate	2.75%
2023 Credit Agreement | SOFR | Maximum | Subsequent Event
Senior Secured Credit Facility
Interest rate	3.50%
2023 Credit Agreement | Alternate base rate | Minimum | Subsequent Event
Senior Secured Credit Facility
Interest rate	1.75%
2023 Credit Agreement | Alternate base rate | Maximum | Subsequent Event
Senior Secured Credit Facility
Interest rate	2.50%

Equity - Dividends (Details)

Equity - Dividends (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity
Distributions paid to unit holders		$ 1,985	$ 1,446
Dividend paid to common stock		3,656	3,441
Solaris LLC
Equity
Distributions paid to unit holders	$ 400	$ 5,200	$ 4,900

Equity - Share Repurchase (Deta

Equity - Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 02, 2023
Equity
Share Repurchase, Authorized	$ 35.6
Solaris LLC
Equity
Repurchased and retired (in shares)	1,641,000
Class A Common Stock
Equity
Repurchased and retired (in shares)	1,641,000
Repurchased and retired	$ 14.4
Average price (in dollars per share)	$ 8.80
Class A Common Stock | Maximum
Equity
Share Repurchase, Authorized		$ 50

Equity - SBC (Details)

Equity - SBC (Details) - LTIP	Mar. 31, 2023 shares
Stock-based compensation
Available for grant (in shares)	812,686
Class A Common Stock
Stock-based compensation
Reserved for issuance (in shares)	5,118,080

Equity - Restricted stock (Deta

Equity - Restricted stock (Details) - Restricted stock awards $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Number of Shares
Unvested, beginning (in shares)	1,295,728
Awarded (in shares)	790,201
Vested (in shares)	(548,992)
Forfeited (in shares)	(9,648)
Unvested, end (in shares)	1,527,289
Weighted Average Grant Date Fair Value
Unvested, beginning (in dollars per share) | $ / shares	$ 10.33
Awarded (in dollars per share) | $ / shares	9.19
Vested (in dollars per share) | $ / shares	9.74
Forfeited (in dollars per share) | $ / shares	9.82
Unvested, end (in dollars per share) | $ / shares	$ 9.71
Other non-option information
Unrecognized compensation costs | $	$ 13.7
Expected period for recognizing compensation expense	1 year 7 months 6 days
First vesting period
Number of Shares
Unvested, end (in shares)	92,776
Second vesting period
Number of Shares
Unvested, end (in shares)	659,693
Third vesting period
Number of Shares
Unvested, end (in shares)	527,652
Fourth vesting period
Number of Shares
Unvested, end (in shares)	247,168

Equity - Performance Stock Unit

Equity - Performance Stock Units (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Restricted stock awards
Other non-option information
Unrecognized compensation costs | $	$ 13.7
Expected period for recognizing compensation expense	1 year 7 months 6 days
Number of Shares
Unvested, beginning (in shares) | shares	1,295,728
Awarded (in shares) | shares	790,201
Forfeited (in shares) | shares	(9,648)
Unvested, end (in shares) | shares	1,527,289
Weighted Average Grant Date Fair Value
Unvested, beginning (in dollars per share) | $ / shares	$ 10.33
Awarded (in dollars per share) | $ / shares	9.19
Forfeited (in dollars per share) | $ / shares	9.82
Unvested, end (in dollars per share) | $ / shares	$ 9.71
Performance-based restricted stock awards
Other non-option information
Relative PSUs (percentage)	50%
Absolute PSUs (percentage)	50%
Unrecognized compensation costs | $	$ 2
Expected period for recognizing compensation expense	2 years 6 months
Assumptions
Expected risk-free rate of return (as a percent)	4.60%
Expected volatility (as a percent)	58.93%
Number of Shares
Awarded (in shares) | shares	176,898
Unvested, end (in shares) | shares	176,898
Weighted Average Grant Date Fair Value
Awarded (in dollars per share) | $ / shares	$ 11.92
Unvested, end (in dollars per share) | $ / shares	$ 11.92

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income attributable to Solaris	$ 7,569	$ 3,502
Less: income attributable to participating securities	(400)	(100)
Net income attributable to common stockholders	$ 7,200	$ 3,400
Class A Common Stock
Denominator
Weighted average number of unrestricted outstanding common shares used to calculate basic net income per share	31,214,271	31,239,351
Diluted weighted-average shares of Class A common stock outstanding used to calculate diluted net income per share	31,214,271	31,239,351
Income per share of Class A common stock - basic (in dollars per share)	$ 0.23	$ 0.11
Income per share of Class A common stock - diluted (in dollars per share)	$ 0.23	$ 0.11

Equity - Antidilutive (Details)

Equity - Antidilutive (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Potentially dilutive shares
Excluded from EPS calculation (in shares)	15,229,069	14,801,152
Class B Common Stock
Potentially dilutive shares
Excluded from EPS calculation (in shares)	13,671,971	13,768,517
Restricted stock awards
Potentially dilutive shares
Excluded from EPS calculation (in shares)	1,374,760	1,025,513
Performance-based restricted stock awards
Potentially dilutive shares
Excluded from EPS calculation (in shares)	176,898
Stock options
Potentially dilutive shares
Excluded from EPS calculation (in shares)	5,440	7,122

Income Taxes - Quarter (Details

Income Taxes - Quarter (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Income tax expense		$ (2,486)	$ (1,612)
Effective tax rate		17.20%	22.30%
Distributions paid to unit holders		$ 1,985	$ 1,446
Solaris LLC
Distributions paid to unit holders	$ 400	5,200	$ 4,900
Tax Receivable Agreement
Payments pursuant to tax receivable agreement	1,100
Distributions paid to unit holders	$ 1,100
Payables related to Tax Receivable Agreement		$ 71,500
Benefit of remaining cash savings (as a percent)		85%

Concentrations (Details)

Concentrations (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue | Customer | One Customer
Concentrations
Concentration risk (as a percent)	13%	29%
Revenue | Customer | Two Customers
Concentrations
Concentration risk (as a percent)	12%
Revenue | Customer | Three Customers
Concentrations
Concentration risk (as a percent)	11%
Accounts receivable | Customer | One Customer
Concentrations
Concentration risk (as a percent)		13%	22%
Purchases | Supplier | One Supplier
Concentrations
Concentration risk (as a percent)		11%
Accounts payables | Supplier | One Supplier
Concentrations
Concentration risk (as a percent)			13%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Solaris Energy Management, LLC
Other commitments	$ 4.1
Accrued tax expense
Other commitments	$ 3.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transactions
Revenue from related party		$ 4,894	$ 5,079
Distributions paid to unit holders		1,985	1,446
Tax Receivable Agreement
Related Party Transactions
Payments pursuant to tax receivable agreement	$ 1,100
Distributions paid to unit holders	1,100
William A. Zartler
Related Party Transactions
Payment made to related party		500	200
Due to related party		100		$ 100
William A. Zartler | Prepaid operating expenses and other current assets
Related Party Transactions
Due from related party		100		$ 100
Solaris Energy Management, LLC
Related Party Transactions
Other commitments		4,100
THRC Affiliates
Related Party Transactions
Due from related party		3,800
Due to related party		1,000
Revenue from related party		4,900
Related party costs		1,100
THRC Affiliates - Services
Related Party Transactions
Revenue from related party		900
Other commitments		4,000
Solaris LLC
Related Party Transactions
Distributions paid to unit holders	$ 400	$ 5,200	$ 4,900
THRC | Solaris Oilfield Infrastructure
Related Party Transactions
Noncontrolling interest (as a percent)		6.90%
THRC | Solaris Oilfield Infrastructure | Class A Common Stock
Related Party Transactions
Noncontrolling interest (as a percent)		9.60%