www.emergelp.com PAGE 1
Emerge Energy Services LP
Citi 1x1 ConferenceLas Vegas
August 21, 2014
www.emergelp.com PAGE 2
Forward Looking StatementsThis presentation contains forward-looking statements. These statements can be identified by the use of forward-looking terminology including“may,” “believe,” “will,” “expect,” “anticipate,” or “estimate.” These forward-looking statements involve risks and uncertainties, and there can beno assurance that actual results will not differ materially from those expected by management of Emerge Energy Services LP. Whenconsidering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report onForm 10-K filed with the SEC. The risk factors and other factors noted in our Form 10-K could cause our actual results to differ materially fromthose contained in any forward-looking statement. Except as required by law, Emerge Energy Services LP does not undertake any obligation toupdate or revise such forward-looking statements to reflect events or circumstances that occur after the date hereof.
In this presentation, we present Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is used as a supplemental financialmeasure by our management and external users of our financial statements, such as investors and commercial banks, to assess the financialperformance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets; the viabilityof capital expenditure projects and the overall rates of return on alternative investment opportunities; our liquidity position and the ability of ourassets to generate cash sufficient to make debt payments and to make distributions; and our operating performance as compared to those ofother companies in our industry without regard to the impact of financing methods and capital structure. We believe that Adjusted EBITDAprovides useful information to investors because, when viewed with our GAAP results and the accompanying reconciliations, it provides a morecomplete understanding of our performance than GAAP results alone. We also believe that external users of our financial statements benefitfrom having access to the same financial measures that management uses in evaluating the results of our business.
We define Adjusted EBITDA generally as: net income plus interest expense, income tax expense, depreciation, depletion and amortizationexpense, non-cash charges and losses that are unusual or non-recurring less interest income, income tax benefits and gains that are unusual ornon-recurring. We report Adjusted EBITDA (which as defined includes certain other adjustments, none of which impacted the calculation ofAdjusted EBITDA herein) to our lenders under our revolving credit facility in determining our compliance with the interest coverage ratio test andcertain senior consolidated indebtedness to Adjusted EBITDA tests thereunder. Adjusted EBITDA should not be considered as an alternative tonet income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance withGAAP.
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Partnership Overview
Sand Fuel
• Primarily consists of processing & selling transportation mixture (“transmix”)
• Also includes wholesale, terminal, and biodiesel operations
• Operations in Dallas / Fort Worth and Birmingham, Alabama
• Located adjacent to major common carrier pipelines
• Leading manufacturer of Northern White silica sand, ~ 99% sold as a proppant for hydraulic fracturing
• Diversified customer base with an attractive mix of contracts
• Three* sand plants backed by several mines with high quality reserves
• Advantaged rail access on two* Class I railroads, with numerous logistics and transload solutions
Together, these segments provide significant EBITDA scale and balance, while giving EMES diversification benefits as the market evolves
*EMES is currently constructing one new 2.5 million ton per year dry plant in Arland, WI, and is in the late stage of permitting a second 2.5 million ton per year facility; together these will should provide direct access to additional Class I railroads
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Our MLP Structure• We have a simplified MLP structure
– All units are Common Units– Non-economic General Partner– No Incentive Distribution Rights (IDRs)– No Minimum Quarterly Distributions (MQD)
• Our Sponsor, Insight Equity, which owns 30% of the Common Units, has fully aligned its financial interests with our Public Unitholders
• EMES pays out 100% of its Available Cash to Common Unitholders– We seek to capture cash flow stability through long term contracts, a low-cost
operating structure, and indexed pricing– Unlike a typical “variable rate” MLP, our gross margins are not based on the spread
between two commodities that may or may not be correlated– Our current credit facility allows us to borrow at favorable rates, and we are well within
our financial covenants– We anticipate that our near term growth opportunities can be financed through
modifications of our current credit facility
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Our Sponsor and Organization
• Formed in 2002– Over $1.3 billion of capital under
management– Currently deploying Fund III
• Strong track record of delivering investor returns
• Invests in middle market companies in asset intensive sectors
• Targets strategically viable companies with transformational upside
• Longer-term investment horizon– Typically 5 to 8 years
• Focus on operational excellence– Deep roots in management
consulting– Hands-on operational approach Ownership positions as of August 1, 2014
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Investment Considerations
Significant Organic Growth Capacity
High Quality, Strategically
Located Assets
Intrinsic Logistics
Advantages
StableCash Flow
Experienced Management
Team
Low Cost Operating Structure
Strong Reputation w/ Customers and
Suppliers
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Our Business Objective And Strategies
• Sand segment has long-term contracts and solid relationships with creditworthy counterparties• Fuel segment contracts and hedges designed to generate stable margins• Continue to seek additional relationships and contracts with similar terms for both segments
• Existing dry plants are at capacity; two new facilities should be shipping in the coming quarters• Significant coarse Northern White reserves; opening new mines and wet plants to lower costs• Multiple opportunities to contract additional transmix supplies, increase wholesale volumes,
and add throughput and terminalling accounts
• Actively pursue additional sales in emerging shale plays• Expand logistics capabilities and footprint through leased and contracted transload sites• Additive blending capabilities and shipper status on Colonial and Plantation pipelines
increasing terminal business
• Actively pursue acquisitions along current and complementary business lines• Leverage expertise into other geographies• Take advantage of industry consolidation opportunities• Acquisition of MidWest Frac assets expected to lower costs and consolidate wet sand supply
• Sufficient capital to pursue growth strategy through acquisitions, organic growth, and asset optimization
• Attractive current financial and credit profiles• Commitment to maximizing total distributions
Seek Contractual Cash Flow Stability
Capitalize on Organic Growth Opportunities
Access New and Adjacent Markets
Pursue Accretive Strategic
Acquisitions
Maintain Financial Strength and
Flexibility
Our primary business objective is to generate cash flow that is predictable and steadily grows over time
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SAND SEGMENT
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Proppants & Hydraulic Fracturing• Frac sand, or “proppant,” is used to prop open fissures in hydraulic fracturing• Demand expected to continue its strong growth into the near future
Hydraulic Fracturing 2013 US Land Proppant Consumption
Historical & Projected US Land Proppant Demand
Source: PacWest Consulting Partners
millions of tons
Raw Sand
Resin‐Coated
Ceramics
0
20
40
60
80
100
2012 2013 2014P 2015P 2016P
Sand Resin‐Coated Ceramics
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Sand Market Overview
• Demand is increasing faster than high quality supply• Logistics capabilities are no longer a competitive advantage but a necessity• Pressure pumpers are moving to the top suppliers
• Industry and analyst reports support a rapidly growing need for high quality frac sand• More wells per rig, more stages per well, more sand per stage• International demand (Latin America, Central Europe) looks to Wisconsin
• Permitting is becoming harder for established players and near impossible for new ones, while economic deposits of coarse Northern White sand are hard to find
• Inexperienced and poor operators are being consolidated or exiting the market• New supply is coming online, but at a more responsible rate
• The Tier 1 suppliers are a larger part of the market, while the Tier 2 suppliers (poorer quality, smaller scale) have less of an impact
• SSS continues to improve its position relative to its Tier 1 competitors
• Prices for coarser grades remain high• Prices for finer grades have found strength• As older contracts with legacy pricing roll off, there are more opportunities to secure
long-term contracts near today’s prices
Major Dynamics
Demand
Supply
Competition
Pricing
As a top Tier 1 supplier, SSS is well-positioned in today’s market
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16-30 Mesh 20-40 Mesh 30-50 Mesh 40-70 Mesh 100+ Mesh
Proppant Market Differentiation• EMES mines and processes industry-leading frac sand• There are significant variations in sand characteristics and quality
OIL / LIQUIDS(Coarser Sand)
DRY GAS(Finer Sand)
0 PSI
2,000 PSI
4,000 PSI
6,000 PSI
8,000 PSI
10,000 PSI
12,000+ PSI
SHA
LLOW
DEEP
SSS
SSS
SSS
SSS SSS
Low quality sand
Industry leading sand
Resin and Ceramic Coated
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Competitive Advantages
Quality of Sand• Emerge sand exceeds API and customer specs• Over 60% of Emerge’s Northern White sand is a mesh size of 50 or larger• One of only four companies with commercial quantities of 16/30 sand• Fully enclosed dry plants for year-round operations, regardless of weather
Customer Focus
• Responsiveness, customer service and quality set Emerge apart from the competition
• A recently conducted survey ranked the SSS brand above that of competitors (1)
• Community focus: SSS voted Business of the Year in Barron County in 2013
Cost Discipline
• Focus on lowering costs by building wet plant capacity and increasing production at our dry plants
• Manage Emerge rail car fleet to minimize downtime and demurrage• Rail yard design at WI plants allows for efficient loading and storage of sand• Lean SG&A profile among the lowest of Tier I sand suppliers
Logistics
• Wisconsin dry plants are on two Class One railroads– Economic two-line hauls provide unit train access to a third Class One railroad
• 13 transload sites across North America and more planned– Emerge can deliver FOB mine or FOB transload within 60 miles of the wellhead
• Track storage in Wisconsin for 850 railcars, soon to be 900 railcars
(1) Study conducted by Bronson Ma Creative LLC in July 2013
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Our Assets – An Overview
High Quality Reserves
• 87.7 million tons of Northern White silica sand– Ideal for crude oil and liquids-rich natural gas extraction from unconventional plays– Proved reserves of 65-mesh or larger; additional 70 to 100-mesh reserves not included
• 28.2 million tons of native Texas sand– High quality, white sand for use in “overpacking,” dry gas fracking and sports sand
applications
Wet Plant Capacity
• Total pro forma capacity of 8.5 million tons– Four active Northern White plants with 5.4 mm tpy capacity– One Northern White plant (Thompson Hills) with 1.6 mm tpy capacity under construction– Kosse wet plant has a capacity of 1.5 mm tpy
• Additional capacity from third party sources available
Dry Plant Capacity
• Two world-class dry plants operating in Wisconsin with two more on the way– 2.4 mm tpy Barron Plant on the Canadian National– 1.4 mm tpy New Auburn Plant on the Union Pacific– 2.5 mm tpy Arland Plant expected online by end of 2014– 2.5 m tpy Independence Plant expected by early 2015
• 600,000 tpy “native” sand plant in Kosse, Texas closing on full capacity utilization
Transportation and Logistics
• 13 transload sites in North America– 3 in the Western Canadian Sedimentary Basin, including the Sexsmith Mega-Centre– 5 serving Texas-area basins, 4 in the Marcellus/Utica, 1 serving the Bakken
• Rail fleet of nearly 4,700 cars, expected to grow to over 6,400 within a year• Railcar storage for 840 railcars at Wisconsin facilities, going to over 1,000 by year end
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Not All Sands Are Created Equal“Native” Angular Sand –
Glass Shards and Little RocksNorthern White Sand
from Barron – Uncultured Pearls
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Sand Asset SummaryWet Plant Location
Proven Recoverable Reserves (1)
Primary Reserve Composition
Depth of Reserve (Feet)
Lease Expiration Date
Mine Area (Acres)
Plant Capacity(Thousands of
Tons)New Auburn 20.0 mm tons 14-60 mesh 45-105 March 2036 418 (1) 2,000
FLS / Arland 12.0 mm tons 14-50 mesh 40-50 July 2037 364 1,200
LP Mine 8.7 mm tons 14-50 mesh 40-50 March 2038 145 1,000
Church Road (MWF) 7.5 mm tons 14-50 mesh 40-50 N/A (Owned) 80 1,200
Kosse, TX 28.2 mm tons 100 mesh 100 N/A (Owned) 225 1,500
Thompson Hills (2) 39.5 mm tons 14-50 mesh 15-95 December 2037 580 1,600
Independence (3) N/A 14-50 mesh NA NA NA 2,000
Dry Plant Location On-Site Rail Infrastructure
On-site RailcarStorage Capacity
Plant Capacity (Thousands of Tons)
2013 Sales Volumes (Thousands of Tons)
Barron, WI 3.5 miles 430 cars 2,400 1,205
New Auburn, WI 4.5 miles 420 cars 1,400 1,331
Kosse, TX N/A N/A 600 115
Arland (2) N/A N/A 2,500 N/A
Independence (3) N/A N/A 2,500 N/A
(1) Reserves are estimated as of December 31, 2013 by third-party independent engineering firms based on core drilling results and in accordance with the SEC's definitions of proven recoverable reserves and related rules for companies engaged in significant mining activities and represent marketable finished product. Estimates for Wisconsin reserves exclusive of sand smaller than 65-mesh.
(2) Currently under construction; expected to be operational in late 2014(3) Currently under construction; expected to be operational in early 2015
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Sand Operations Process Flow
Thompson Hills FLS/Arland
New Auburn
Barron
LP Mine Church Road
New Auburn IndependenceIndependence
Arland
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Pro Forma Operations Process Flow
Thompson Hills FLS/Arland
New Auburn
Barron
LP Mine Church Road
New Auburn IndependenceIndependence
Arland
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North American Sand MarketsBy early 2015, EMES expects to have single-line access to four Class One railroads, which will provide direct rail access to every major basin in North America
Source: Association of American Railroads & U.S. Geological Survey.
BasinHighest Quality SandMine LocationsSSS Transload Sites
BNSFCN/GTWCP/SOOCSX /NSKCS/KSCSMUP
National Network
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Diversified Sales Portfolio
Sales by Basin
Eagle Ford Canada Permian Marcellus
Bakken Mid‐Con Haynesville Rockies
Barnett Other
Sales by Customer
Cust A Cust B Cust C Cust D
Cust E Cust F Cust G Cust H
Cust I Cust J Cust K Other (38)Includes sales from January 1, 2014 through June 30, 2014
Basin and customer listed in order of largest to smallest
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Sand Segment Growth Opportunities
Contracts and Customers
• Emerge has 7.4 million tons per year under contract with an average life of 4.4 years
• In negotiations for additional tons through multi-year, fixed price/volume contracts, including take-or-pay contracts
• Expanding and extending contracts with existing customers
Logistics
• Able to capture higher margins by delivering within 60 miles of the the wellhead
• Leasing and contracting on an exclusive basis with transload facilities that can serve our customer drilling areas
• New proposed facilities would allow us to reach four Class One railroads
International• Western Canada has significant need for frac sand; Barron has
strong logistics solution with single-line haul on the Canadian National Railroad
• Other international efforts underway
Organic / Acquisition
Opportunities
• Two new 2.5 mm tpy facilities announced• Significant additional resource potential adjacent to current reserves• Several parties have approached EMES to partner or acquire their
facilities and/or reserves
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FUEL SEGMENT
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Fuel Segment OperationsFuel Segment provides a stable base with meaningful growth opportunities
(millions of gallons)
TransmixProcessing
Capacity
Fuel from Transmix Sold
in 20131
Terminal TankageCapacity
Wholesale Fuel Sold in
20131
BiodieselRefining Capacity
Pipeline Connectivity
Dallas – Fort Worth, TX 107.3 97.2 12.0 17.6 NAExplorer/Eagle/
Proprietary Refiner
Birmingham, AL 76.7 29.5 22.0 121.8 2.0 Colonial/Plantation
• Transmix Refining– Distillation of comingled refined products– Primarily sourced from pipelines– Minimal commodity exposure (typically one week on average)
• Terminalling– Fixed-fee revenue for storage and/or transfer to truck rack– Revenue enhancement through blending and vapor recovery
• Wholesale Distribution– Diesel and gasoline sales to local customers– Product sourced from terminal customers and connecting pipeline– Minimal commodity exposure (typically less than 2 weeks)
• Biodiesel Refinery– Blending biodiesel with petroleum diesel to create higher margin fuel
blends– Generates 1.5 Renewable Fuel Credits (RINs) per gallon 2
1 Direct Fuels includes all gallons sold during the calendar year2 EPA regulation Section 80.1115
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Overview of Fuel Segment BusinessFuel segment revenue comes from a diverse mix of stable margin and fixed-fee activities
Truck
Pipeline
Distillation Terminalling
Automobiles
Trains
Truck
BiodieselBlending
GasolineAdditives
Biodiesel Facility Gasoline Additives
Truck Rack FacilityDiesel
Transmix
Product Source EMES Consumer
GasolineGasoline
Diesel
GasolineDiesel
• EMES uses throughput contracts, indexed pricing, and hedging to minimize spread volatility• EMES holds product for 7-10 days to minimize exposure to price fluctuations
Wholesale and TerminalVapor Recovery Unit
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Refined Product Pipelines in the US
Transmix facilities are primarily located along major refined products pipelines
Refined Products PipelineTransmix Facilities
EMES’ FP&D Facilities
DirectFuels
AEC
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Per Gallon Fuel MarginsFuel margins have remained strong primarily on base margin strength
$(0.050)
$‐
$0.050
$0.100
$0.150
$0.200
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Aggregate per Gallon Fuel Margin
Blending Costs & RINS Effect of pricing volatility Base Margin
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Fuel Segment Growth Opportunities
Transmix and Throughput
• Leverage strong relationships and existing pipeline connectivity• Expand into adjacent geographies• Birmingham facility has significant unused capacity
• Biodiesel facility recently restarted• Renewable Identification Numbers (“RINs”) provide significant value
potential
• New additive systems in place at both terminals, allowing us to terminal and sell branded as well as unbranded petroleum products
• Shipper status on Colonial and Plantation provides additional gross margin opportunities
• Opportunity to acquire additional transmix operations and terminal sites
• Space for expansion at both sites
Biodiesel
Terminalling Opportunities
Organic Growthand Acquisitions
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FINANCIAL OVERVIEW
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Recent Financial ResultsUnaudited Financial Results for Emerge
Three Months Ended June 30,
2014
Three Months Ended Mar 31,
2014
Three Months Ended Dec 31,
2013
Three Months Ended Sept 30,
2013
Revenue $ 298,273 $ 274,081 $ 246,030 $ 270,241
Cost of Goods Sold 261,395 239,796 214,927 238,736
DD&A 5,711 5,770 6,362 6,390
SG&A 8,994 8,475 9,439 7,969
IPO‐Related Charges ‐ ‐ ‐ 44
Income from Operations 22,173 20,040 15,302 17,102
Interest Expense 1,943 1,584 1,279 1,645
Other (23) (119) (58) (118)
Provision for Income Taxes 170 89 90 171
Net Income (Loss) $ 20,092 $ 18,486 $ 13,991 $ 15,404
EPU (Diluted) $ 0.83 $ 0.77 $ 0.58 $ 0.64
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Pro Forma CapitalizationEMES has a $350 million revolver with an undrawn revolver capacity of$139.6 million
EMES Capitalization as of June 30, 2014 ($ in millions)
Cash (Unrestricted) $11.6
Revolving Line of Credit $170.0
Other Long-Term Debt / Capital Lease 6.4
Partners Equity 161.8
Total Book Capitalization $338.3
Debt / LTM Adjusted EBITDA 1.6x
LTM Adjusted EBITDA / LTM Interest Expense 16.9x
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Selected Historical Sales Volumes
Sand Sales by Quarter Fuel Sales by Quarter
0
100,000
200,000
300,000
400,000
500,000
600,000
1Q 20132Q 20133Q 20134Q 20131Q 20142Q 2014
Tons of Sand
Barron New Auburn Kosse
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1Q 20132Q 20133Q 20134Q 20131Q 20142Q 2014
Thousands of Gallons
Wholesale Terminal Transmix*
* Volume of transmix processed; finished product is sold as wholesale fuel
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• Coarse reserves, state of the art facilities, and prime access to multiple Class One railways• Flexible logistics network of transload sites in key basins• Fuel assets have strong position in their markets in major metropolitan areas
• Vast majority of sand sales under long-term contract or to contracted customers• Sand costs are stable and predictable• Fuel purchased and sold on indexed pricing and enhanced by hedging• Additional fixed-fee terminalling and throughput revenue in Fuel Segment
• Significant coarse mineral reserve composition, minimizing yield loss• Proximity to major sand & fuel logistics infrastructure, minimizing transportation, fuel & personnel costs• Enclosed dry plant operations to allow full run rates in winter months, increasing plant utilization• Ability to flex sand production 20% between coarser and finer sands without affecting costs
• Existing dry plants are at capacity; two new facilities should be shipping in the coming quarters• Significant coarse Northern White reserves; opening new mines and wet plants to lower costs• Significant industry relationships lower barriers to expansion opportunities• Kosse is starting to ramp up as well
• 80+ years of combined sand mining experience; 100+ years combined experience in fuels• Former President and Operations General Manager of U.S. Silica• Value added Sponsor with aligned incentives given common unit ownership
High Quality, Strategically
Located Assets
Stable Cash Flow
Low Cost Operating Structure
Significant Organic Growth Capacity
Experienced Management Team
Key Investment Highlights
• Access to multiple class Class One railways capable of reaching every major North American shale play• Transload network allows sand sales within 60 miles of the wellhead• By early 2015, rail fleet expected to include have well over 5,000 cars• Fuel terminals have access to major common carrier pipelines
Intrinsic Logistics Advantages
• Work with the customer to solve problems and meet their needs• Every customer with a long-term contract in place for 2013 purchased above their contract minimum• Adding new mines and plants to both lower cost and meet customer demand
Strong Reputation with Customersand Suppliers
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APPENDIX
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Management and Board of Directors
Name Title Years of Industry Experience
Senior Management Team
Rick Shearer Chief Executive Officer of EMES; CEO of Sand Division 40
Warren B. Bonham Vice President, Fuel; President of Fuel Division 29
Robert Lane Senior Vice President, Chief Financial Officer & Treasurer 20
Richard DeShazo Chief Accounting Officer 40
Board of Directors
Ted W. Beneski Chairman of the Board, Partner and Co-Founder, Insight Equity
Warren B. Bonham Vice President, Fuel and Partner, Insight Equity
Kevin Clark * Associate Professor, Corporate Strategy and Accounting, Vanderbilt University
Peter Jones * Independent Advisor
Francis Kelly * President and CEO, CEOVIEW Branding
Eliot Kerlin Partner, Insight Equity
Kevin McCarthy * Managing Partner, Kayne Anderson Fund Advisors
Rich Shearer President and Chief Executive Officer, Emerge Energy Services
Victor L. Vescovo Partner and Co-Founder, Insight Equity
* Denotes Independent Board Member
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Non-GAAP ReconciliationThe following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measures for each of the periods indicated.
Reconciliation of net income to Adjusted EBITDA:
Three Months Ended
June 30, 2014
Three Months Ended
June 30, 2013
Six MonthsEnded
June 30, 2014
Six MonthsEnded
June 30, 2013
Net income $ 20,092 $ (4,138) $ 38,578 $ 5,775
Depreciation, depletion and amortization expense 5,771 4,922 11,481 8,076
Provision for income taxes 170 95 259 125
Interest expense 1,943 3,450 3,527 7,663
IPO transaction-related costs - 10,922 - 10,922
Equity-based compensation expense 2,193 1,221 4,330 1,221
Loss (gain) on extinguishment of debt - 907 - 907
Other income (32) (117) (151) (159)
Provision for doubtful accounts 31 34 63 64
Loss (gain) on disposal of equipment 19 - 19 -
Accretion of asset retirement obligations 10 - 10 -
Adjusted EBITDA $ 30,137 $ 17,296 $ 58,116 $ 34,594
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Emerge Energy Services LP
Citi 1x1 ConferenceLas Vegas
August 21, 2014