Oil States Announces Fourth Quarter 2023 Results
-
Net income of
$6.0 million , or$0.09 per diluted share, reported for the quarter -
Consolidated revenues of
$208.3 million increased 7% sequentially, driven by higher offshore and international activity -
Adjusted EBITDA (a non-GAAP measure(1)) of
$24.0 million increased 2% sequentially -
Offshore/Manufactured Products segment revenues increased 24% sequentially to
$137.9 million – the highest level reported since the fourth quarter of 2015 -
Offshore/Manufactured Products segment backlog totaled
$333 million as ofDecember 31 , with quarterly bookings of$120 million -
Invested
$3.9 million in share repurchases during the quarter -
Extended the maturity date of our ABL Facility to
February 16, 2028
|
Three Months Ended |
|
% Change |
||||||||||||||
(Unaudited, In Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
Sequential |
|
Year-over-
|
||||||||
Consolidated results: |
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
208,266 |
|
|
$ |
194,289 |
|
|
$ |
202,434 |
|
|
7 |
% |
|
3 |
% |
Operating income(2)(3) |
$ |
7,830 |
|
|
$ |
6,190 |
|
|
$ |
3,273 |
|
|
26 |
% |
|
139 |
% |
Net income |
$ |
5,963 |
|
|
$ |
4,212 |
|
|
$ |
2,885 |
|
|
42 |
% |
|
107 |
% |
Diluted earning per share |
$ |
0.09 |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
29 |
% |
|
80 |
% |
Adjusted EBITDA(1) |
$ |
23,978 |
|
|
$ |
23,441 |
|
|
$ |
20,542 |
|
|
2 |
% |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues by segment: |
|
|
|
|
|
|
|
|
|
||||||||
Offshore/Manufactured Products |
$ |
137,935 |
|
|
$ |
111,043 |
|
|
$ |
105,107 |
|
|
24 |
% |
|
31 |
% |
Well |
|
51,208 |
|
|
|
59,831 |
|
|
|
67,689 |
|
|
(14 |
)% |
|
(24 |
)% |
Downhole Technologies |
|
19,123 |
|
|
|
23,415 |
|
|
|
29,638 |
|
|
(18 |
)% |
|
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) by segment: |
|
|
|
|
|
|
|
|
|
||||||||
Offshore/Manufactured Products(2) |
$ |
25,152 |
|
|
$ |
17,804 |
|
|
$ |
12,258 |
|
|
41 |
% |
|
105 |
% |
Well |
|
(1,102 |
) |
|
|
3,285 |
|
|
|
5,300 |
|
|
n.m. |
|
n.m. |
||
Downhole Technologies |
|
(6,711 |
) |
|
|
(4,118 |
) |
|
|
(3,337 |
) |
|
(63 |
)% |
|
(101 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Segment EBITDA (a non-GAAP measure(1)): |
|||||||||||||||||
Offshore/Manufactured Products |
$ |
30,295 |
|
|
$ |
24,442 |
|
|
$ |
17,751 |
|
|
24 |
% |
|
71 |
% |
Well |
|
5,903 |
|
|
|
9,716 |
|
|
|
12,516 |
|
|
(39 |
)% |
|
(53 |
)% |
Downhole Technologies |
|
(2,877 |
) |
|
|
(88 |
) |
|
|
1,042 |
|
|
n.m. |
|
n.m. |
___________________ |
|
(1) |
Adjusted EBITDA and Adjusted Segment EBITDA are non-GAAP measures, see “Reconciliations of GAAP to Non-GAAP Financial Information” tables below for reconciliations to their most comparable GAAP measures as well as further clarification and explanation. |
(2) |
Operating income in the fourth and third quarters of 2023 included charges of |
(3) |
Operating loss in the fourth quarter of 2023 also included |
For the year ended
Oil States’ President and Chief Executive Officer,
“For the oil and gas industry, the year 2023 can be summarized as a year in which North American activity started to moderate, while international and offshore growth strengthened. Our fourth quarter results reflect those trends with our Offshore/Manufactured Products segment revenues growing 24% sequentially, boosted by a 39% sequential-quarter increase in project-driven revenues. This significant growth was substantially offset by the impact of declines in
“We concluded the year with strong year-over-year revenue and Adjusted EBITDA growth, positive net income and free cash flow contributions, lower net debt and enhanced cash returns to stockholders.”
Business Segment Results
(See Segment Data and Adjusted Segment EBITDA tables below)
Offshore/Manufactured Products
Offshore/Manufactured Products reported revenues of
Backlog totaled
Well
Well
Downhole Technologies
Downhole Technologies reported revenues of
Corporate
Corporate operating expenses in the fourth quarter of 2023 totaled
Interest Expense, Net
Net interest expense totaled
Income Taxes
The Company recognized tax expense of
Cash Flows
During the fourth quarter of 2023, the Company generated cash flows from operations of
The Company also repurchased 563 thousand shares of its common stock for
Financial Condition
Cash on-hand decreased
Conference Call Information
The call is scheduled for
About
For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.
Cautionary Language Concerning Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the
CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||||||
Products |
$ |
123,444 |
|
|
$ |
102,636 |
|
|
$ |
101,027 |
|
|
$ |
418,550 |
|
|
$ |
385,564 |
|
Services |
|
84,822 |
|
|
|
91,653 |
|
|
|
101,407 |
|
|
|
363,733 |
|
|
|
352,142 |
|
|
|
208,266 |
|
|
|
194,289 |
|
|
|
202,434 |
|
|
|
782,283 |
|
|
|
737,706 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Product costs |
|
97,291 |
|
|
|
80,188 |
|
|
|
81,606 |
|
|
|
328,815 |
|
|
|
307,371 |
|
Service costs |
|
66,405 |
|
|
|
70,239 |
|
|
|
76,891 |
|
|
|
278,073 |
|
|
|
271,185 |
|
Cost of revenues (exclusive of depreciation and amortization expense presented below) |
|
163,696 |
|
|
|
150,427 |
|
|
|
158,497 |
|
|
|
606,888 |
|
|
|
578,556 |
|
Selling, general and administrative expense(1) |
|
22,400 |
|
|
|
24,241 |
|
|
|
25,074 |
|
|
|
94,185 |
|
|
|
96,038 |
|
Depreciation and amortization expense |
|
14,569 |
|
|
|
15,416 |
|
|
|
15,865 |
|
|
|
60,778 |
|
|
|
67,334 |
|
Other operating income, net(2) |
|
(229 |
) |
|
|
(1,985 |
) |
|
|
(275 |
) |
|
|
(2,732 |
) |
|
|
(7,127 |
) |
|
|
200,436 |
|
|
|
188,099 |
|
|
|
199,161 |
|
|
|
759,119 |
|
|
|
734,801 |
|
Operating income |
|
7,830 |
|
|
|
6,190 |
|
|
|
3,273 |
|
|
|
23,164 |
|
|
|
2,905 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
(1,811 |
) |
|
|
(1,928 |
) |
|
|
(2,333 |
) |
|
|
(8,189 |
) |
|
|
(10,280 |
) |
Other income, net |
|
177 |
|
|
|
186 |
|
|
|
1,423 |
|
|
|
849 |
|
|
|
3,315 |
|
Income (loss) before income taxes |
|
6,196 |
|
|
|
4,448 |
|
|
|
2,363 |
|
|
|
15,824 |
|
|
|
(4,060 |
) |
Income tax (provision) benefit |
|
(233 |
) |
|
|
(236 |
) |
|
|
522 |
|
|
|
(2,933 |
) |
|
|
(5,480 |
) |
Net income (loss) |
$ |
5,963 |
|
|
$ |
4,212 |
|
|
$ |
2,885 |
|
|
$ |
12,891 |
|
|
$ |
(9,540 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.09 |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.20 |
|
|
$ |
(0.15 |
) |
Diluted |
|
0.09 |
|
|
|
0.07 |
|
|
|
0.05 |
|
|
|
0.20 |
|
|
|
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
62,483 |
|
|
|
62,651 |
|
|
|
62,678 |
|
|
|
62,690 |
|
|
|
61,638 |
|
Diluted |
|
63,004 |
|
|
|
63,060 |
|
|
|
62,768 |
|
|
|
63,152 |
|
|
|
61,638 |
|
________________ |
|
(1) |
Selling, general and administrative expense for the three months and year ended |
(2) |
Other operating income, net for the three months ended |
CONSOLIDATED BALANCE SHEETS (In Thousands) |
|||||||
|
|
|
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
47,111 |
|
|
$ |
42,018 |
|
Accounts receivable, net |
|
203,211 |
|
|
|
218,769 |
|
Inventories, net |
|
202,027 |
|
|
|
182,658 |
|
Prepaid expenses and other current assets |
|
35,648 |
|
|
|
19,317 |
|
Total current assets |
|
487,997 |
|
|
|
462,762 |
|
|
|
|
|
||||
Property, plant, and equipment, net |
|
280,389 |
|
|
|
303,835 |
|
Operating lease assets, net |
|
21,970 |
|
|
|
23,028 |
|
|
|
79,867 |
|
|
|
79,282 |
|
Other intangible assets, net |
|
153,010 |
|
|
|
169,798 |
|
Other noncurrent assets |
|
23,253 |
|
|
|
25,687 |
|
Total assets |
$ |
1,046,486 |
|
|
$ |
1,064,392 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
627 |
|
|
$ |
17,831 |
|
Accounts payable |
|
67,546 |
|
|
|
73,251 |
|
Accrued liabilities |
|
44,227 |
|
|
|
49,057 |
|
Current operating lease liabilities |
|
6,880 |
|
|
|
6,142 |
|
Income taxes payable |
|
1,233 |
|
|
|
2,605 |
|
Deferred revenue |
|
36,757 |
|
|
|
44,790 |
|
Total current liabilities |
|
157,270 |
|
|
|
193,676 |
|
|
|
|
|
||||
Long-term debt |
|
135,502 |
|
|
|
135,066 |
|
Long-term operating lease liabilities |
|
18,346 |
|
|
|
20,658 |
|
Deferred income taxes |
|
7,717 |
|
|
|
6,652 |
|
Other noncurrent liabilities |
|
18,106 |
|
|
|
18,782 |
|
Total liabilities |
|
336,941 |
|
|
|
374,834 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
772 |
|
|
|
766 |
|
Additional paid-in capital |
|
1,129,240 |
|
|
|
1,122,292 |
|
Retained earnings |
|
284,918 |
|
|
|
272,027 |
|
Accumulated other comprehensive loss |
|
(69,984 |
) |
|
|
(78,941 |
) |
|
|
(635,401 |
) |
|
|
(626,586 |
) |
Total stockholders’ equity |
|
709,545 |
|
|
|
689,558 |
|
Total liabilities and stockholders’ equity |
$ |
1,046,486 |
|
|
$ |
1,064,392 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) |
|||||||
|
Year Ended |
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
12,891 |
|
|
$ |
(9,540 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
60,778 |
|
|
|
67,334 |
|
Stock-based compensation expense |
|
6,954 |
|
|
|
6,852 |
|
Amortization of deferred financing costs |
|
1,798 |
|
|
|
1,886 |
|
Deferred income tax provision |
|
226 |
|
|
|
2,020 |
|
Gains on disposals of assets |
|
(4,075 |
) |
|
|
(2,856 |
) |
Gains on extinguishment of 1.50% convertible senior notes |
|
— |
|
|
|
(176 |
) |
Other, net |
|
(1,001 |
) |
|
|
2,066 |
|
Changes in operating assets and liabilities, net of effect from acquired business: |
|
|
|
||||
Accounts receivable |
|
17,132 |
|
|
|
(35,443 |
) |
Inventories |
|
(19,793 |
) |
|
|
(17,364 |
) |
Accounts payable and accrued liabilities |
|
(11,743 |
) |
|
|
18,183 |
|
Deferred revenue |
|
(8,033 |
) |
|
|
1,554 |
|
Other operating assets and liabilities, net |
|
1,441 |
|
|
|
(1,654 |
) |
Net cash flows provided by operating activities |
|
56,575 |
|
|
|
32,862 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(30,653 |
) |
|
|
(20,266 |
) |
Proceeds from disposition of property and equipment |
|
5,253 |
|
|
|
5,877 |
|
Acquisition of business, net of cash acquired |
|
— |
|
|
|
(8,125 |
) |
Other, net |
|
(186 |
) |
|
|
(211 |
) |
Net cash flows used in investing activities |
|
(25,586 |
) |
|
|
(22,725 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Revolving credit facility borrowings |
|
35,816 |
|
|
|
10,090 |
|
Revolving credit facility repayments |
|
(35,816 |
) |
|
|
(10,090 |
) |
Repayment of 1.50% convertible senior notes |
|
(17,315 |
) |
|
|
(8,450 |
) |
Payment of promissory note to seller of |
|
— |
|
|
|
(10,000 |
) |
Other debt and finance lease repayments |
|
(457 |
) |
|
|
(732 |
) |
Payment of financing costs |
|
(128 |
) |
|
|
(105 |
) |
Purchases of treasury stock |
|
(6,867 |
) |
|
|
— |
|
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards |
|
(1,948 |
) |
|
|
(1,002 |
) |
Net cash flows used in financing activities |
|
(26,715 |
) |
|
|
(20,289 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
819 |
|
|
|
(682 |
) |
Net change in cash and cash equivalents |
|
5,093 |
|
|
|
(10,834 |
) |
Cash and cash equivalents, beginning of period |
|
42,018 |
|
|
|
52,852 |
|
Cash and cash equivalents, end of period |
$ |
47,111 |
|
|
$ |
42,018 |
|
|
|
|
|
||||
Cash paid for: |
|
|
|
||||
Interest |
$ |
7,867 |
|
|
$ |
8,339 |
|
Income taxes, net |
|
1,263 |
|
|
|
534 |
|
SEGMENT DATA (In Thousands) (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues(1): |
|
|
|
|
|
|
|
|
|
||||||||||
Offshore/Manufactured Products |
|
|
|
|
|
|
|
|
|
||||||||||
Project-driven: |
|
|
|
|
|
|
|
|
|
||||||||||
Products |
$ |
72,870 |
|
|
$ |
45,527 |
|
|
$ |
44,187 |
|
|
$ |
189,739 |
|
|
$ |
158,040 |
|
Services |
|
32,875 |
|
|
|
30,391 |
|
|
|
27,254 |
|
|
|
112,742 |
|
|
|
98,968 |
|
|
|
105,745 |
|
|
|
75,918 |
|
|
|
71,441 |
|
|
|
302,481 |
|
|
|
257,008 |
|
Military and other products |
|
10,439 |
|
|
|
7,195 |
|
|
|
9,459 |
|
|
|
32,596 |
|
|
|
32,563 |
|
Short-cycle products |
|
21,751 |
|
|
|
27,930 |
|
|
|
24,207 |
|
|
|
106,186 |
|
|
|
92,152 |
|
Total Offshore/Manufactured Products |
|
137,935 |
|
|
|
111,043 |
|
|
|
105,107 |
|
|
|
441,263 |
|
|
|
381,723 |
|
Well |
|
51,208 |
|
|
|
59,831 |
|
|
|
67,689 |
|
|
|
242,633 |
|
|
|
231,189 |
|
Downhole Technologies |
|
19,123 |
|
|
|
23,415 |
|
|
|
29,638 |
|
|
|
98,387 |
|
|
|
124,794 |
|
Total revenues |
$ |
208,266 |
|
|
$ |
194,289 |
|
|
$ |
202,434 |
|
|
$ |
782,283 |
|
|
$ |
737,706 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
||||||||||
Offshore/Manufactured Products |
$ |
25,152 |
|
|
$ |
17,804 |
|
|
$ |
12,258 |
|
|
$ |
65,299 |
|
|
$ |
45,268 |
|
Well |
|
(1,102 |
) |
|
|
3,285 |
|
|
|
5,300 |
|
|
|
13,881 |
|
|
|
4,865 |
|
Downhole Technologies |
|
(6,711 |
) |
|
|
(4,118 |
) |
|
|
(3,337 |
) |
|
|
(14,884 |
) |
|
|
(6,669 |
) |
Corporate |
|
(9,509 |
) |
|
|
(10,781 |
) |
|
|
(10,948 |
) |
|
|
(41,132 |
) |
|
|
(40,559 |
) |
Total operating income |
$ |
7,830 |
|
|
$ |
6,190 |
|
|
$ |
3,273 |
|
|
$ |
23,164 |
|
|
$ |
2,905 |
|
________________ |
|
(1) |
The Company revised its supplemental disclosure of disaggregated revenue information in the second quarter of 2023. Prior-period disclosures of disaggregated revenue information were conformed with the current-period presentation. |
(2) |
Operating income for the three months ended |
(3) |
Operating income (loss) for the three months and the year ended |
(4) |
Operating income for the year ended |
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA (A) (In Thousands) (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
5,963 |
|
$ |
4,212 |
|
$ |
2,885 |
|
|
$ |
12,891 |
|
$ |
(9,540 |
) |
|||
Interest expense, net |
|
1,811 |
|
|
|
1,928 |
|
|
|
2,333 |
|
|
|
8,189 |
|
|
|
10,280 |
|
Income tax provision (benefit) |
|
233 |
|
|
|
236 |
|
|
|
(522 |
) |
|
|
2,933 |
|
|
|
5,480 |
|
Depreciation and amortization expense |
|
14,569 |
|
|
|
15,416 |
|
|
|
15,865 |
|
|
|
60,778 |
|
|
|
67,334 |
|
Facility consolidation charges |
|
825 |
|
|
|
1,649 |
|
|
|
— |
|
|
|
2,474 |
|
|
|
— |
|
Patent defense costs |
|
577 |
|
|
|
— |
|
|
|
— |
|
|
|
577 |
|
|
|
— |
|
Settlement of disputes with seller of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
620 |
|
Gains on extinguishment of 1.50% convertible senior notes |
|
— |
|
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
|
|
(176 |
) |
Adjusted EBITDA |
$ |
23,978 |
|
|
$ |
23,441 |
|
|
$ |
20,542 |
|
|
$ |
87,842 |
|
|
$ |
73,998 |
|
________________ |
|
(A) |
The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, facility consolidation charges, patent defense costs and loss on settlement of disputes with the seller of |
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION ADJUSTED SEGMENT EBITDA (B) (In Thousands) (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Offshore/Manufactured Products: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
$ |
25,152 |
|
|
$ |
17,804 |
|
|
$ |
12,258 |
|
|
$ |
65,299 |
|
|
$ |
45,268 |
|
Other income, net |
|
44 |
|
|
|
68 |
|
|
|
693 |
|
|
|
358 |
|
|
|
638 |
|
Depreciation and amortization expense |
|
4,274 |
|
|
|
4,921 |
|
|
|
4,800 |
|
|
|
18,510 |
|
|
|
20,451 |
|
Facility consolidation charges |
|
825 |
|
|
|
1,649 |
|
|
|
— |
|
|
|
2,474 |
|
|
|
— |
|
Adjusted Segment EBITDA |
$ |
30,295 |
|
|
$ |
24,442 |
|
|
$ |
17,751 |
|
|
$ |
86,641 |
|
|
$ |
66,357 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Well |
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
$ |
(1,102 |
) |
|
$ |
3,285 |
|
|
$ |
5,300 |
|
|
$ |
13,881 |
|
|
$ |
4,865 |
|
Other income, net |
|
133 |
|
|
|
118 |
|
|
|
711 |
|
|
|
491 |
|
|
|
3,207 |
|
Depreciation and amortization expense |
|
6,295 |
|
|
|
6,313 |
|
|
|
6,505 |
|
|
|
25,318 |
|
|
|
28,564 |
|
Patent defense costs |
|
577 |
|
|
|
— |
|
|
|
— |
|
|
|
577 |
|
|
|
— |
|
Adjusted Segment EBITDA |
$ |
5,903 |
|
|
$ |
9,716 |
|
|
$ |
12,516 |
|
|
$ |
40,267 |
|
|
$ |
36,636 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Downhole Technologies: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss |
$ |
(6,711 |
) |
|
$ |
(4,118 |
) |
|
$ |
(3,337 |
) |
|
$ |
(14,884 |
) |
|
$ |
(6,669 |
) |
Other expense, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(86 |
) |
Depreciation and amortization expense |
|
3,834 |
|
|
|
4,030 |
|
|
|
4,379 |
|
|
|
16,314 |
|
|
|
17,628 |
|
Adjusted Segment EBITDA |
$ |
(2,877 |
) |
|
$ |
(88 |
) |
|
$ |
1,042 |
|
|
$ |
1,430 |
|
|
$ |
10,873 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss |
$ |
(9,509 |
) |
|
$ |
(10,781 |
) |
|
$ |
(10,948 |
) |
|
$ |
(41,132 |
) |
|
$ |
(40,559 |
) |
Other income (expense), net |
|
— |
|
|
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
(444 |
) |
Depreciation and amortization expense |
|
166 |
|
|
|
152 |
|
|
|
181 |
|
|
|
636 |
|
|
|
691 |
|
Settlement of disputes with seller of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
620 |
|
Gains on extinguishment of 1.50% convertible senior notes |
|
— |
|
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
|
|
(176 |
) |
Adjusted Segment EBITDA |
$ |
(9,343 |
) |
|
$ |
(10,629 |
) |
|
$ |
(10,767 |
) |
|
$ |
(40,496 |
) |
|
$ |
(39,868 |
) |
________________ |
|
(B) |
The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, facility consolidation charges, patent defense costs and loss on settlement of disputes with the seller of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220448850/en/
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Source: