- Net loss of $13.4 million, or $0.21 per diluted share, reported
for the quarter, which included a non-cash goodwill impairment
charge totaling $10.0 million ($9.5 million, after-tax, or $0.15
per share)
- Net loss of $1.9 million, or $0.03 per diluted share, excluding
goodwill and other charges (a non-GAAP measure(1))
- Consolidated revenues of $167.3 million decreased 20%
sequentially, driven primarily by the timing of conversion of
orders from backlog
- Adjusted EBITDA (a non-GAAP measure(1)) of $15.5 million
- Received two 2024 Spotlight on New Technology™ Awards from the
Offshore Technology Conference for our Ultra-deepwater Swift™
connector design and our ACTIVEHub™ platform with ACTIVELatch™
technology
- Realigned operating segments and recast historical
segment-related information
Oil States International, Inc. (NYSE: OIS):
Three Months Ended
% Change
(Unaudited, In Thousands, Except Per Share
Amounts)
March 31, 2024
December 31,
2023
March 31, 2023
Sequential
Year-over-Year
Consolidated results:
Revenues
$
167,262
$
208,266
$
196,199
(20
)%
(15
)%
Operating income (loss)(2)(3)
$
(11,177
)
$
7,830
$
5,875
n.m.
n.m.
Net income (loss)
$
(13,374
)
$
5,963
$
2,158
n.m.
n.m.
Net income (loss), excluding
charges(1)
$
(1,873
)
$
7,071
$
2,158
n.m.
n.m.
Adjusted EBITDA(1)
$
15,455
$
23,978
$
21,407
(36
)%
(28
)%
Revenues by segment(2):
Offshore Manufactured Products
$
86,857
$
126,489
$
80,505
(31
)%
8
%
Well Site Services
47,292
51,208
67,058
(8
)%
(29
)%
Downhole Technologies
33,113
30,569
48,636
8
%
(32
)%
Revenues by destination:
U.S. land
$
67,082
$
72,381
$
100,537
(7
)%
(33
)%
Offshore and international
100,180
135,885
95,662
(26
)%
5
%
Operating income (loss) by
segment(2)(3):
Offshore Manufactured Products
$
10,603
$
24,167
$
7,698
(56
)%
38
%
Well Site Services
(419
)
(1,102
)
6,966
62
%
n.m.
Downhole Technologies
(12,079
)
(5,726
)
1,873
(111
)%
n.m.
Adjusted Segment EBITDA(1)(2):
Offshore Manufactured Products
$
15,800
$
28,838
$
11,938
(45
)%
32
%
Well Site Services
6,593
5,903
13,223
12
%
(50
)%
Downhole Technologies
2,191
(1,420
)
6,741
n.m.
(67
)%
___________________
(1)
These 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)
In first quarter 2024, certain
short-cycle, consumable product operations historically reported
within the Offshore Manufactured Products segment were integrated
into the Downhole Technologies segment. Historical segment
financial data, backlog and other information were conformed with
the first quarter 2024 revised segment presentation. See “2023
Recast Segment Data” tables below for revised 2023 quarterly and
full-year information.
(3)
Operating income (loss) for the three
months ended March 31, 2024 included goodwill impairment, facility
consolidation and other charges totaling $12.5 million. Operating
income (loss) for the three months ended December 31, 2023 included
facility consolidation and other charges totaling $1.4 million. See
“Segment Data” below for additional information.
Oil States International, Inc. reported net loss of $13.4
million, or $0.21 per share, and Adjusted EBITDA of $15.5 million
for the first quarter of 2024 on revenues of $167.3 million.
Reported first quarter 2024 net loss included a non-cash goodwill
impairment charge of $10.0 million ($9.5 million after-tax, or
$0.15 per share) and facility consolidation and other charges of
$2.5 million ($2.0 million after-tax, or $0.03 per share). These
results compare to revenues of $208.3 million, net income of $6.0
million, or $0.09 per share, and Adjusted EBITDA of $24.0 million
reported in the fourth quarter of 2023, which included facility
consolidation and other charges of $1.4 million ($1.1 million
after-tax, or $0.02 per share).
Oil States’ President and Chief Executive Officer, Cindy B.
Taylor, stated,
“Our first quarter consolidated revenues and Adjusted EBITDA
decreased sequentially due primarily to the impacts of seasonality
and timing of revenue recognition for our percentage-of-completion
projects in our Offshore Manufactured Products segment, where
revenues increased year-over-year but declined sequentially.
Certain orders moved out of the quarter, resulting in segment
backlog of $305 million as of March 31, and a quarterly
book-to-bill ratio of 0.8x.
“Our Completion Services and Downhole Technologies businesses
have begun to recover from the fourth quarter 2023 activity
slow-down that the industry experienced, but progress in this
recovery during the first quarter was slow. Cost control and other
reduction measures are being implemented in the areas where we are
experiencing lower levels of activity, particularly the gas basins,
as we do not expect much recovery over the next couple of
quarters.
“Our investments in technology and innovation were again
highlighted by the Offshore Technology Conference, with the
announcement that we are the recipient of two 2024 Spotlight on New
Technology Awards for our Swift™ Ultra-Deepwater Connector and our
ACTIVEHub™ platform with ACTIVELatch™.
“We remain encouraged by the continued expansion in offshore
activity globally coupled with enhanced competitive positioning in
each of our business segments through our recent new technology
introductions. Benefits of our expanded technology offering are
expected to extend well beyond the next couple of years.”
Business Segment Results
In first quarter 2024, certain short-cycle, consumable product
operations historically reported within the Offshore Manufactured
Products segment (legacy frac plugs and elastomer products) were
integrated into our Downhole Technologies segment to better align
with the underlying activity demand drivers and current segment
management structure, as well as provide for additional operational
synergies. Historical segment financial data (GAAP and non-GAAP),
backlog and other information were conformed with the first quarter
2024 revised segment presentation.
(See Segment Data, Adjusted Segment EBITDA, 2023 Recast Segment
Data and 2023 Adjusted Segment EBITDA tables below)
Offshore Manufactured Products
Offshore Manufactured Products reported revenues of $86.9
million, operating income of $10.6 million and Adjusted Segment
EBITDA of $15.8 million in the first quarter of 2024, compared to
revenues of $126.5 million, operating income of $24.2 million and
Adjusted Segment EBITDA of $28.8 million reported in the fourth
quarter of 2023. During the first quarter of 2024 and the fourth
quarter of 2023, the segment recorded charges of $1.5 million and
$0.8 million, respectively, associated with the consolidation of
certain manufacturing and service locations. Adjusted Segment
EBITDA margin in the first quarter of 2024 was 18%.
Backlog totaled $305 million as of March 31, 2024, a decrease of
$22 million, or 7%, from December 31, 2023 due to the timing of
bookings, which totaled $66 million, yielding a quarterly
book-to-bill ratio of 0.8x.
Well Site Services
Well Site Services reported revenues of $47.3 million, an
operating loss of $0.4 million and Adjusted Segment EBITDA of $6.6
million in the first quarter of 2024, compared to revenues of $51.2
million, an operating loss of $1.1 million and Adjusted Segment
EBITDA of $5.9 million reported in the fourth quarter of 2023.
During the first quarter of 2024 and the fourth quarter of 2023,
the segment recorded costs of $0.4 million and $0.6 million,
respectively, associated with the defense of certain patents
related to its proprietary technologies. Additionally, the segment
recognized $0.7 million in costs associated with the consolidation
and exit of three facilities during the first quarter of 2024.
Adjusted Segment EBITDA margin was 14% in the first quarter of
2024, compared to 12% in the fourth quarter of 2023.
Downhole Technologies
Downhole Technologies reported revenues of $33.1 million, an
operating loss of $12.1 million and Adjusted Segment EBITDA of $2.2
million in the first quarter of 2024, compared to revenues of $30.6
million, an operating loss of $5.7 million and an Adjusted Segment
EBITDA loss of $1.4 million reported in the fourth quarter of 2023.
Reported results in the first quarter of 2024 included a non-cash
goodwill impairment charge of $10.0 million, recorded in connection
with the first quarter 2024 segment realignment discussed above.
Included in the fourth quarter of 2023 results were provisions for
excess and obsolete inventory totaling $1.3 million.
Corporate
Corporate operating expenses in the first quarter of 2024
totaled $9.3 million.
Interest Expense, Net
Net interest expense totaled $2.1 million in the first quarter
of 2024, which included $0.5 million of non-cash amortization of
deferred debt issuance costs.
Income Taxes
During the first quarter of 2024, the Company recognized tax
expense of $24 thousand on a pre-tax loss of $13.4 million, which
included a $7.7 million non-deductible goodwill impairment charge
as well as other non-deductible expenses. The Company recognized
tax expense of $0.2 million on pre-tax income of $6.2 million in
the fourth quarter of 2023.
Cash Flows
During the first quarter of 2024, cash flows used in operations
totaled $11.4 million and capital expenditures totaled $10.1
million ($7.8 million net of proceeds from sales of equipment)
primarily due to the purchase of land for the new Batam, Indonesia
manufacturing facility.
Financial Condition
Cash on-hand totaled $24.1 million at March 31, 2024. No
borrowings were outstanding under the Company’s asset-based
revolving credit facility (the “ABL Facility”) at March 31, 2024.
The Company amended its ABL Facility during the quarter to extend
the maturity date to February 16, 2028.
Industry Awards
- 2024 Spotlight on New Technology™ Awards from the Offshore
Technology Conference
- Ultra-Deepwater Connector Oil
States’ Swift™ Ultra-Deepwater Connector offers oil and gas
operators a unique integrally machined anti-rotation mechanism that
allows for hands-free makeup and is designed to prevent connector
breakout in extreme and fatigue-sensitive ultra-deepwater
conditions. This metal-sealing casing/conductor connector features
integral ratchet anti-rotation as a standard component with no
loose parts such as the tabs, keys and screws common on traditional
anti-rotational connectors. The advanced ratchet anti-rotation
mechanism allows hands-free running of the connector eliminating
personnel in the red zone, reducing safety risks associated with
dropped objects and personnel hazards related to the make-up of
traditional large diameter conductor connectors.
- Remote Wellsite Monitoring and Control
Solutions Oil States recently introduced its ACTIVEHub™
platform with ACTIVELatch™ technology to address operators’ needs
for remotely monitoring and controlling their frac locations to
provide an efficient, safer and more environmentally friendly
wellsite. The ACTIVEHub platform is a communication and control
center that is designed to provide real-time information and
control across the entire wellsite. ACTIVELatch is a key component
of the ACTIVEHub system, and is the industry’s first,
battery-operated “wireless latch.” Our ACTIVELatch is a 5 1/8-in.
15,000 psi, remotely operated wellhead connection that is designed
to allow an operator to make and break the wireline connection to
the well wirelessly via the ACTIVEHub communication and control
system without bulky cables or hydraulics. The component’s wireless
capability removes personnel from the red zone for greater wellsite
safety.
Conference Call
Information
The call is scheduled for April 26, 2024 at 9:00 a.m. Central
Daylight Time, is being webcast and can be accessed from the
Company’s website at www.ir.oilstatesintl.com. Participants may also
join the conference call by dialing 1 (888) 210-3346 in the United
States or by dialing +1 (646) 960-0253 internationally and using
the passcode 7534957. A replay of the conference call will be
available approximately two hours after the completion of the call
and can be accessed from the Company’s website at www.ir.oilstatesintl.com.
About Oil States
Oil States International, Inc. is a global provider of
manufactured products and services to customers in the energy,
industrial and military sectors. The Company’s manufactured
products include highly engineered capital equipment and consumable
products. Oil States is headquartered in Houston, Texas with
manufacturing and service facilities strategically located across
the globe. Oil States is publicly traded on the New York Stock
Exchange under the symbol “OIS”.
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
Organization of Petroleum Exporting Countries (“OPEC”) and other
producing nations with respect to crude oil production levels and
pricing, the impact of environmental matters, including executive
actions and regulatory efforts to adopt environmental or climate
change regulations that may result in increased operating costs or
reduced oil and natural gas production or demand globally,
consolidation of our customers, our ability to access and the cost
of capital in the bank and capital markets, our ability to develop
new competitive technologies and products, and other factors
discussed in the “Business” and “Risk Factors” sections of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof,
and, except as required by law, the Company undertakes no
obligation to update those statements or to publicly announce the
results of any revisions to any of those statements to reflect
future events or developments.
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In Thousands, Except Per Share
Amounts)
(Unaudited)
Three Months Ended
March 31, 2024
December 31,
2023
March 31, 2023
Revenues:
Products
$
94,329
$
123,444
$
99,840
Services
72,933
84,822
96,359
167,262
208,266
196,199
Costs and expenses:
Product costs
75,137
97,291
78,677
Service costs
56,814
66,405
72,058
Cost of revenues (exclusive of
depreciation and amortization expense presented below)
131,951
163,696
150,735
Selling, general and administrative
expense(1)
22,496
22,400
24,016
Depreciation and amortization expense
14,195
14,569
15,256
Impairment of goodwill
10,000
—
—
Other operating (income) expense,
net(2)
(203
)
(229
)
317
178,439
200,436
190,324
Operating income (loss)
(11,177
)
7,830
5,875
Interest expense, net
(2,101
)
(1,811
)
(2,391
)
Other income (expense), net
(72
)
177
276
Income (loss) before income taxes
(13,350
)
6,196
3,760
Income tax provision
(24
)
(233
)
(1,602
)
Net income (loss)
$
(13,374
)
$
5,963
$
2,158
Net income (loss) per share:
Basic
$
(0.21
)
$
0.09
$
0.03
Diluted
(0.21
)
0.09
0.03
Weighted average number of common shares
outstanding:
Basic
62,503
62,483
62,825
Diluted
62,503
63,004
63,072
________________
(1)
Selling, general and administrative
expense for the three months ended March 31, 2024 and December 31,
2023 included $0.4 million and $0.6 million, respectively, of costs
associated with the defense of certain Well Site Services segment
patents related to proprietary technologies.
(2)
Other operating (income) expense, net for
the three months ended March 31, 2024 and December 31, 2023
included facility consolidation charges of $1.5 million and $0.8
million, respectively, associated with the Offshore Manufactured
Products segment’s ongoing consolidation and relocation of certain
manufacturing and service locations. Other operating (income)
expense, net for the three months ended March 31, 2024 also
included $0.7 million in costs associated with the Well Site
Services segment’s consolidation and exit of three facilities.
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In Thousands)
March 31, 2024
December 31, 2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
24,059
$
47,111
Accounts receivable, net
200,765
203,211
Inventories, net
210,189
202,027
Prepaid expenses and other current
assets
35,169
35,648
Total current assets
470,182
487,997
Property, plant, and equipment, net
278,083
280,389
Operating lease assets, net
24,826
21,970
Goodwill, net
69,774
79,867
Other intangible assets, net
148,734
153,010
Other noncurrent assets
24,216
23,253
Total assets
$
1,015,815
$
1,046,486
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Current portion of long-term debt
$
620
$
627
Accounts payable
57,062
67,546
Accrued liabilities
34,821
44,227
Current operating lease liabilities
6,654
6,880
Income taxes payable
1,179
1,233
Deferred revenue
41,528
36,757
Total current liabilities
141,864
157,270
Long-term debt
135,572
135,502
Long-term operating lease liabilities
21,147
18,346
Deferred income taxes
6,518
7,717
Other noncurrent liabilities
18,396
18,106
Total liabilities
323,497
336,941
Stockholders’ equity:
Common stock
785
772
Additional paid-in capital
1,130,979
1,129,240
Retained earnings
271,544
284,918
Accumulated other comprehensive loss
(73,011
)
(69,984
)
Treasury stock
(637,979
)
(635,401
)
Total stockholders’ equity
692,318
709,545
Total liabilities and stockholders’
equity
$
1,015,815
$
1,046,486
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended March
31,
2024
2023
Cash flows from operating activities:
Net income (loss)
$
(13,374
)
$
2,158
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization expense
14,195
15,256
Impairment of goodwill
10,000
—
Stock-based compensation expense
1,752
1,589
Amortization of deferred financing
costs
513
449
Deferred income tax provision
(benefit)
(1,122
)
396
Gains on disposals of assets
(1,245
)
(210
)
Other, net
(300
)
17
Changes in operating assets and
liabilities:
Accounts receivable
1,579
(745
)
Inventories
(8,909
)
(12,802
)
Accounts payable and accrued
liabilities
(19,355
)
(18,329
)
Deferred revenue
4,771
4,179
Other operating assets and liabilities,
net
135
2,124
Net cash flows used in operating
activities
(11,360
)
(5,918
)
Cash flows from investing activities:
Capital expenditures
(10,092
)
(6,568
)
Proceeds from disposition of equipment
2,295
223
Other, net
(31
)
(48
)
Net cash flows used in investing
activities
(7,828
)
(6,393
)
Cash flows from financing activities:
Revolving credit facility borrowings
1,894
27,865
Revolving credit facility repayments
(1,894
)
(22,865
)
Repayment of 1.50% convertible senior
notes
—
(17,315
)
Other debt and finance lease
repayments
(154
)
(106
)
Payment of financing costs
(954
)
(21
)
Shares added to treasury stock as a result
of net share settlements
due to vesting of stock awards
(2,578
)
(1,936
)
Net cash flows used in financing
activities
(3,686
)
(14,378
)
Effect of exchange rate changes on cash
and cash equivalents
(178
)
478
Net change in cash and cash
equivalents
(23,052
)
(26,211
)
Cash and cash equivalents, beginning of
period
47,111
42,018
Cash and cash equivalents, end of
period
$
24,059
$
15,807
Cash paid (received) for:
Interest
$
306
$
485
Income taxes, net
599
(2,465
)
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
SEGMENT DATA
(In Thousands)
(Unaudited)
Three Months Ended
March 31, 2024
December 31, 2023
March 31, 2023
Revenues(1):
Offshore Manufactured Products
Project-driven:
Products
$
53,137
$
82,839
$
48,617
Services
25,233
32,875
24,630
78,370
115,714
73,247
Military and other products
8,487
10,775
7,258
Total Offshore Manufactured Products
86,857
126,489
80,505
Well Site Services
47,292
51,208
67,058
Downhole Technologies
33,113
30,569
48,636
Total revenues
$
167,262
$
208,266
$
196,199
Operating income (loss)(1):
Offshore Manufactured Products(2)
$
10,603
$
24,167
$
7,698
Well Site Services(3)
(419
)
(1,102
)
6,966
Downhole Technologies(4)
(12,079
)
(5,726
)
1,873
Corporate
(9,282
)
(9,509
)
(10,662
)
Total operating income
$
(11,177
)
$
7,830
$
5,875
________________
(1)
In the first quarter 2024, certain
short-cycle, consumable product operations historically reported
within the Offshore Manufactured Products segment were integrated
into the Downhole Technologies segment. Historical segment
financial results were conformed with the first quarter 2024
revised segment presentation.
(2)
Operating income for the three months
ended March 31, 2024 and December 31, 2023 included facility
consolidation charges of $1.5 million and $0.8 million,
respectively, associated with the Offshore Manufactured Products
segment’s ongoing consolidation and relocation of certain
manufacturing and service locations.
(3)
Operating loss for the three months ended
March 31, 2024 and December 31, 2023 included $0.4 million and $0.6
million, respectively, of costs associated with the defense of
certain Well Site Services segment patents related to proprietary
technologies. Additionally, during the three months ended March 31,
2024 the segment incurred $0.7 million in costs associated with
consolidation and exit of three facilities.
(4)
Operating loss for the three months ended
March 31, 2024 included a non-cash goodwill impairment charge of
$10.0 million, recognized in connection with the first quarter 2024
segment realignment .
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO
NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA (A)
(In Thousands)
(Unaudited)
Three Months Ended
March 31, 2024
December 31,
2023
March 31, 2023
Net income (loss)
$
(13,374
)
$
5,963
$
2,158
Interest expense, net
2,101
1,811
2,391
Income tax provision
24
233
1,602
Depreciation and amortization expense
14,195
14,569
15,256
Impairment of goodwill
10,000
—
—
Facility consolidation and other
charges
2,509
1,402
—
Adjusted EBITDA
$
15,455
$
23,978
$
21,407
________________
(A)
The term Adjusted EBITDA consists of net
income (loss) plus net interest expense, taxes, depreciation and
amortization expense, impairment of goodwill, and facility
consolidation and other charges. Adjusted EBITDA is not a measure
of financial performance under generally accepted accounting
principles (“GAAP”) and should not be considered in isolation from
or as a substitute for net income (loss) or cash flow measures
prepared in accordance with GAAP or as a measure of profitability
or liquidity. Additionally, Adjusted EBITDA may not be comparable
to other similarly titled measures of other companies. The Company
has included Adjusted EBITDA as a supplemental disclosure because
its management believes that Adjusted EBITDA provides useful
information regarding its ability to service debt and to fund
capital expenditures and provides investors a helpful measure for
comparing its operating performance with the performance of other
companies that have different financing and capital structures or
tax rates. The Company uses Adjusted EBITDA to compare and to
monitor the performance of the Company and its business segments to
other comparable public companies and as a benchmark for the award
of incentive compensation under its annual incentive compensation
plan. The table above sets forth reconciliations of Adjusted EBITDA
to net income (loss), which is the most directly comparable measure
of financial performance calculated under GAAP.
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO
NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT EBITDA
(B)
(In Thousands)
(Unaudited)
Three Months Ended
March 31, 2024
December 31,
2023
March 31, 2023
Offshore Manufactured Products:
Operating income
$
10,603
$
24,167
$
7,698
Other income, net
41
44
165
Depreciation and amortization expense
3,693
3,802
4,075
Facility consolidation and other
charges
1,463
825
—
Adjusted Segment EBITDA
$
15,800
$
28,838
$
11,938
Well Site Services:
Operating income (loss)
$
(419
)
$
(1,102
)
$
6,966
Other income (expense), net
(113
)
133
111
Depreciation and amortization expense
6,079
6,295
6,146
Facility consolidation and other
charges
1,046
577
—
Adjusted Segment EBITDA
$
6,593
$
5,903
$
13,223
Downhole Technologies:
Operating income (loss)
$
(12,079
)
$
(5,726
)
$
1,873
Depreciation and amortization expense
4,270
4,306
4,868
Impairment of goodwill
10,000
—
—
Adjusted Segment EBITDA
$
2,191
$
(1,420
)
$
6,741
Corporate:
Operating loss
$
(9,282
)
$
(9,509
)
$
(10,662
)
Depreciation and amortization expense
153
166
167
Adjusted Segment EBITDA
$
(9,129
)
$
(9,343
)
$
(10,495
)
________________
(B)
The term Adjusted Segment EBITDA consists
of operating income (loss) plus other income (expense),
depreciation and amortization expense, impairment of goodwill, and
facility consolidation and other charges. Adjusted Segment EBITDA
is not a measure of financial performance under GAAP and should not
be considered in isolation from or as a substitute for operating
income (loss) or cash flow measures prepared in accordance with
GAAP or as a measure of profitability or liquidity. Additionally,
Adjusted Segment EBITDA may not be comparable to other similarly
titled measures of other companies. The Company has included
Adjusted Segment EBITDA as supplemental disclosure because its
management believes that Adjusted Segment EBITDA provides useful
information regarding its ability to service debt and to fund
capital expenditures and provides investors a helpful measure for
comparing its operating performance with the performance of other
companies that have different financing and capital structures or
tax rates. The Company uses Adjusted Segment EBITDA to compare and
to monitor the performance of its business segments to other
comparable public companies and as a benchmark for the award of
incentive compensation under its annual incentive compensation
plan. The table above sets forth reconciliations of Adjusted
Segment EBITDA to operating income (loss), which is the most
directly comparable measure of financial performance calculated
under GAAP.
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO
NON-GAAP FINANCIAL INFORMATION
NET INCOME (LOSS), EXCLUDING
CHARGES (C) AND
DILUTED EARNINGS (LOSS) PER
SHARE, EXCLUDING CHARGES (D)
(In Thousands, Except Per Share
Amounts)
(Unaudited)
Three Months Ended
March 31, 2024
December 31,
2023
March 31, 2023
Net income (loss)
$
(13,374
)
$
5,963
$
2,158
Impairment of goodwill
10,000
—
—
Facility consolidation and other
charges
2,509
1,402
—
Total adjustments, before taxes
12,509
1,402
—
Tax benefit
(1,008
)
(294
)
—
Total adjustments, net of taxes
11,501
1,108
—
Net income (loss), excluding charges
$
(1,873
)
$
7,071
$
2,158
Weighted average number of common shares
outstanding:
Basic
62,503
62,483
62,825
Diluted
62,503
63,004
63,072
Net income (loss) per share, excluding
charges:
Basic
$
(0.03
)
$
0.11
$
0.03
Diluted
(0.03
)
0.11
0.03
________________
(C)
Net income (loss), excluding charges
consists of net income (loss) plus impairment of goodwill and
facility consolidation and other charges. Net income (loss),
excluding charges is not a measure of financial performance under
GAAP and should not be considered in isolation from or as a
substitute for net income (loss) as prepared in accordance with
GAAP. The Company has included net income (loss), excluding charges
as a supplemental disclosure because its management believes that
net income (loss), excluding charges provides investors a helpful
measure for comparing its operating performance with previous and
subsequent periods.
(D)
Net income (loss) per share, excluding
charges is calculated as net income (loss), excluding charges
divided by the weighted average number of common shares
outstanding. Net income (loss) per share, excluding charges is not
a measure of financial performance under GAAP and should not be
considered in isolation from or as a substitute for net income
(loss) per share as prepared in accordance with GAAP. The Company
has included net income (loss) per share, excluding charges as a
supplemental disclosure because its management believes that net
income (loss) per share, excluding charges provides investors a
helpful measure for comparing its operating performance with
previous and subsequent periods.
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
2023 RECAST SEGMENT
DATA
(In Thousands)
(Unaudited)
The following tables provide unaudited
quarterly and full-year 2023 segment financial, backlog and other
information – conformed with the revised first quarter 2024 segment
presentation.
Three Months Ended
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
Full-Year
2023
Revenues:
Offshore Manufactured Products
Project-driven:
Products
$
48,617
$
45,455
$
58,169
$
82,839
$
235,080
Services
24,630
24,846
30,391
32,875
112,742
73,247
70,301
88,560
115,714
347,822
Military and other products
7,258
8,346
7,510
10,775
33,889
Total Offshore Manufactured Products
80,505
78,647
96,070
126,489
381,711
Well Site Services
67,058
64,536
59,831
51,208
242,633
Downhole Technologies
48,636
40,346
38,388
30,569
157,939
Total revenues
$
196,199
$
183,529
$
194,289
$
208,266
$
782,283
Operating income (loss):
Offshore Manufactured Products
$
7,698
$
8,838
$
15,586
$
24,167
$
56,289
Well Site Services
6,966
4,732
3,285
(1,102
)
13,881
Downhole Technologies
1,873
(121
)
(1,900
)
(5,726
)
(5,874
)
Corporate
(10,662
)
(10,180
)
(10,781
)
(9,509
)
(41,132
)
Total operating income (loss)
$
5,875
$
3,269
$
6,190
$
7,830
$
23,164
Adjusted Segment EBITDA(B):
Offshore Manufactured Products
$
11,938
$
12,994
$
21,708
$
28,838
$
75,478
Well Site Services
13,223
11,425
9,716
5,903
40,267
Downhole Technologies
6,741
4,626
2,646
(1,420
)
12,593
Corporate
(10,495
)
(10,029
)
(10,629
)
(9,343
)
(40,496
)
Total Adjusted EBITDA(A)
$
21,407
$
19,016
$
23,441
$
23,978
$
87,842
Capital expenditures:
Offshore Manufactured Products
$
359
$
4,587
$
2,712
$
1,577
$
9,235
Well Site Services
5,772
5,672
2,602
5,079
19,125
Downhole Technologies
425
246
568
586
1,825
Corporate
12
265
150
41
468
Total capital expenditures
$
6,568
$
10,770
$
6,032
$
7,283
$
30,653
Assets:
Offshore Manufactured Products
$
502,263
$
495,983
$
495,440
$
521,923
$
521,923
Well Site Services
212,415
204,437
201,384
191,630
191,630
Downhole Technologies
302,271
292,047
287,152
278,151
278,151
Corporate
33,188
52,553
64,044
54,782
54,782
Total assets
$
1,050,137
$
1,045,020
$
1,048,020
$
1,046,486
$
1,046,486
Offshore Manufactured Products
Backlog
$
316,473
$
327,705
$
341,153
$
327,048
$
327,048
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
2023 RECAST RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT EBITDA
(B)
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
Full-Year
2023
Offshore Manufactured Products:
Operating income
$
7,698
$
8,838
$
15,586
$
24,167
$
56,289
Other income, net
165
81
68
44
358
Depreciation and amortization expense
4,075
4,075
4,405
3,802
16,357
Facility consolidation and other
charges
—
—
1,649
825
2,474
Adjusted Segment EBITDA
$
11,938
$
12,994
$
21,708
$
28,838
$
75,478
Well Site Services:
Operating income (loss)
$
6,966
$
4,732
$
3,285
$
(1,102
)
$
13,881
Other income, net
111
129
118
133
491
Depreciation and amortization expense
6,146
6,564
6,313
6,295
25,318
Patent defense costs
—
—
—
577
577
Adjusted Segment EBITDA
$
13,223
$
11,425
$
9,716
$
5,903
$
40,267
Downhole Technologies:
Operating income (loss)
$
1,873
$
(121
)
$
(1,900
)
$
(5,726
)
$
(5,874
)
Depreciation and amortization expense
4,868
4,747
4,546
4,306
18,467
Adjusted Segment EBITDA
$
6,741
$
4,626
$
2,646
$
(1,420
)
$
12,593
Corporate:
Operating loss
$
(10,662
)
$
(10,180
)
$
(10,781
)
$
(9,509
)
$
(41,132
)
Depreciation and amortization expense
167
151
152
166
636
Adjusted Segment EBITDA
$
(10,495
)
$
(10,029
)
$
(10,629
)
$
(9,343
)
$
(40,496
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240426530224/en/
Lloyd A. Hajdik Oil States International, Inc. Executive Vice
President, Chief Financial Officer and Treasurer (713) 652-0582
Oil States (NYSE:OIS)
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