- Net income of $2.2 million, or $0.03 per diluted
share, reported for the quarter
- Revenue of $196.2 million, while down 3% sequentially,
increased 20% year-over-year
- Adjusted EBITDA (a non-GAAP measure(1)) of $21.4 million
increased $0.9 million sequentially and $6.9 million
year-over-year
- Offshore/Manufactured Products segment's backlog increased
sequentially for a third consecutive quarter totaling
$326 million as of March 31, with a quarterly
book-to-bill ratio of 1.2x
- Received two 2023 Spotlight on New Technology™ Awards from the
Offshore Technology Conference ("OTC") for our FTLP™ Floating Wind
Platform design and our Active Seat Gate Valve
- Recipient of the Hart Energy 2023 Meritorious Engineering Award
for our MPD-Ready Jack-Up Drilling Riser System
- Honored with the 2023 National Ocean Industries Association
("NOIA") Safety in Seas "Culture of Safety Award" for overall
organizational immersion in and commitment to safety
Oil States International, Inc. (NYSE: OIS):
Three Months Ended
% Change
(Unaudited, In Thousands, Except Per Share
Amounts)
March 31, 2023
December 31,
2022
March 31, 2022
Sequential
Year-over-Year
Consolidated results:
Revenues
$
196,199
$
202,434
$
164,044
(3
)%
20
%
Operating income (loss)
$
5,875
$
3,273
$
(4,336
)
79
%
nm
Net income (loss)
$
2,158
$
2,885
$
(9,424
)
(25
)%
nm
Diluted earning per share
$
0.03
$
0.05
$
(0.16
)
(40
)%
nm
Adjusted EBITDA(1)
$
21,407
$
20,542
$
14,506
4
%
48
%
Revenues by segment:
Offshore/Manufactured Products
$
98,199
$
105,107
$
84,112
(7
)%
17
%
Well Site Services
67,058
67,689
48,172
(1
)%
39
%
Downhole Technologies
30,942
29,638
31,760
4
%
(3
)%
Operating income (loss) by segment:
Offshore/Manufactured Products
$
11,090
$
12,258
$
10,196
(10
)%
9
%
Well Site Services
6,966
5,300
(3,395
)
31
%
nm
Downhole Technologies
(1,519
)
(3,337
)
(1,505
)
54
%
(1
)%
Adjusted Segment EBITDA (a non-GAAP
measure(1)):
Offshore/Manufactured Products
$
15,923
$
17,751
$
15,567
(10
)%
2
%
Well Site Services
13,223
12,516
5,523
6
%
139
%
Downhole Technologies
2,756
1,042
2,877
164
%
(4
)%
(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.
Oil States International, Inc. reported net income of $2.2
million, or $0.03 per share, for the first quarter of 2023 on
revenues of $196.2 million and Adjusted EBITDA of $21.4 million.
These results compare to revenues of $202.4 million, net income of
$2.9 million, or $0.05 per share, and Adjusted EBITDA of $20.5
million reported in the fourth quarter of 2022.
Oil States' President and Chief Executive Officer, Cindy B.
Taylor, stated,
"Our operating results during the quarter were fairly strong
relative to industry benchmarks, with net income generation, EBITDA
growth, improving margins and backlog growth. Our organization's
long-term focus on addressing the challenges our customers face
with technically advanced products and services drove sequential
and year-over-year increases in both consolidated operating income
and Adjusted EBITDA.
"In the first quarter, our Offshore/Manufactured Products
segment revenues decreased 7% sequentially totaling $98.2 million,
while Adjusted Segment EBITDA totaled $15.9 million. Backlog
increased $18 million in the quarter, totaling $326 million as of
March 31. The segment's quarterly bookings totaled $118 million in
the first quarter of 2023, yielding a quarterly book-to-bill ratio
of 1.2x.
"Revenues reported by our Well Site Services segment decreased
slightly due to normal seasonality, but Adjusted Segment EBITDA
rose 6% from the fourth quarter of 2022 – with the impact of lower
activity in the Rocky Mountain region of the United States
substantially offset by large customer projects in the Northeast
region.
"Our Downhole Technologies segment revenues increased 4%, while
Adjusted Segment EBITDA increased 164% from the fourth quarter of
2022, driven by increased international perforating sales and a
favorable shift in sales mix.
"Complementing Oil States' continued expansion of financial
returns, our historical investments in technology and safety were
also recognized with: the award of our first two projects for our
proprietary Managed Pressure Drilling and Riser Gas Handling
System; two 2023 Spotlight on New Technology™ Awards from the
Offshore Technology Conference; a 2023 Meritorious Engineering
Award from Hart Energy; and the 2023 NOIA Safety in Seas Culture of
Safety Award. We are very proud of the industry's recognition of
the accomplishments of our global team – providing new technologies
to the traditional oil and gas industry while leveraging our core
expertise to enable pathways toward a multi-source energy mix to
meet growing global demand. These technology advancements will
augment our core technologies and set the stage for longer-term
growth."
Business Segment Results
(See Segment Data and Adjusted Segment EBITDA tables below)
Offshore/Manufactured Products
Offshore/Manufactured Products reported revenues of $98.2
million, operating income of $11.1 million and Adjusted Segment
EBITDA of $15.9 million in the first quarter of 2023, compared to
revenues of $105.1 million, operating income of $12.3 million and
Adjusted Segment EBITDA of $17.8 million reported in the fourth
quarter of 2022. Adjusted Segment EBITDA margin in the first
quarter of 2023 was 16%, compared to 17% in the prior quarter.
Backlog totaled $326 million as of March 31, 2023, an increase
of $18 million, or 6%, from December 31, 2022 and $61 million, or
23%, from March 31, 2022. The current quarter-end backlog is at its
highest level since December 31, 2015. First quarter 2023 bookings
totaled $118 million, yielding a quarterly book-to-bill ratio of
1.2x.
Well Site Services
Well Site Services reported revenues of $67.1 million, operating
income of $7.0 million and Adjusted Segment EBITDA of $13.2 million
in the first quarter of 2023, compared to revenues of $67.7
million, operating income of $5.3 million and Adjusted Segment
EBITDA of $12.5 million reported in the fourth quarter of 2022.
Adjusted Segment EBITDA margin was 20% in the first quarter of
2023, compared to 18% in the fourth quarter of 2022.
Downhole Technologies
Downhole Technologies reported revenues of $30.9 million, an
operating loss of $1.5 million and Adjusted Segment EBITDA of $2.8
million in the first quarter of 2023, compared to revenues of $29.6
million, an operating loss of $3.3 million and Adjusted Segment
EBITDA of $1.0 million reported in the fourth quarter of 2022.
Adjusted Segment EBITDA margin in the first quarter of 2023 was 9%,
compared to 4% in the fourth quarter of 2022.
Corporate
Corporate operating expenses in the first quarter of 2023
totaled $10.7 million.
Interest Expense, Net
Net interest expense totaled $2.4 million in the first quarter
of 2023, which included $0.4 million of non-cash amortization of
deferred debt issuance costs.
Income Taxes
The Company recognized tax expense of $1.6 million on pre-tax
income of $3.8 million during the first quarter of 2023. In the
fourth quarter of 2022, the Company recognized a tax benefit of
$0.5 million on pre-tax income of $2.4 million.
Financial Condition
On February 15, 2023, the Company repaid the $17.3 million
principal amount, plus accrued interest, outstanding under its
1.50% convertible senior notes.
Due to the repayment of the 1.5% convertible senior notes and
seasonal working capital investments, $5.0 million in borrowings
were outstanding under the Company's asset-based revolving credit
facility (the "ABL Facility") at March 31, 2023. Cash on-hand
decreased from $42.0 million at December 31, 2022 to $15.8 million
at March 31, 2023. Liquidity (cash plus borrowing availability)
totaled $108.6 million at March 31, 2023, with amounts available to
be drawn under the ABL Facility totaling $92.8 million.
The Company's total debt represented 17% of combined total debt
and stockholders' equity at March 31, 2023, compared to 18% at
December 31, 2022. Net Debt to annualized first quarter 2023
Adjusted EBITDA ratio was 1.4x at March 31, 2023.
On February 16, 2023, the Company's Board of Directors approved
a $25.0 million stock repurchase plan, which extends through
February 2025. No stock repurchases were made during the first
quarter of 2023.
Other Highlights – Industry Awards,
Technology Advancements and R&D Efforts
- In the first quarter of 2023, the Company was awarded two
contracts for its recently introduced Managed Pressure Drilling and
Riser Gas Handling ("MPD" and "RGH") System, which integrates
managed pressure drilling and riser gas handling into a deepwater
drilling riser to create a safer environment, dramatically reduce
non-productive time, promote faster connections and enhance total
cost of ownership. The MPD and RGH System's innovative design
features retrievable annular packers to substantially reduce
maintenance and non-productive time while its smaller size reduces
the rig footprint by up to 40 percent. The system includes features
that remove workers from the red zone to significantly increase
safety.
- The Company was honored with the 2023 NOIA Safety in Seas
Culture of Safety Award. The Culture of Safety Award recognizes
overall organizational immersion in and commitment to safety, which
has resulted in remarkable, measurable and sustained safety
performance over a prolonged period of time.
- 2023 Spotlight on New Technology™ Awards from the Offshore
Technology Conference
- Rooted in 40-plus years of fixed offshore and deepwater
floating infrastructure experience, the Company has developed the
FTLP™ Floating Wind Platform – a potentially game-changing
technology offering mid-water depth offshore wind operators the
benefits of a highly-stable, floating-platform structure with
reduced cost and streamlined installation capability compared to
traditional floating wind platforms.
- The Company's Active Seat Gate Valve provides exceptional
sealing performance to dramatically reduce the amount of heavy
grease used during valve operations, which significantly reduces
grease disposal needs. Personnel intervention at the wellhead is
substantially lowered as well, boosting safety and efficiency.
- The Company received the 2023 Meritorious Engineering Award
from Hart Energy for its MPD-Ready Jack-Up Drilling Riser System.
With a growing number of high-pressure wells being drilled
offshore, more jack-ups require upgrades to safely manage pressures
encountered during the drilling process. The Company's MPD-Ready
High-Pressure Riser Systems for jack-ups are specifically
engineered to meet this need, offering operators greater
capability, safety and efficiency.
- The Company's Merlin™ Mineral Riser, designed for water depth
of 6,000 meters, was successfully run to a water depth of 4,500
meters (or almost three miles).
Conference Call
Information
The call is scheduled for April 28, 2023 at 10:00 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 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, 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, 2022. 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, 2023
December 31,
2022
March 31, 2022
Revenues:
Products
$
99,840
$
101,027
$
85,761
Services
96,359
101,407
78,283
196,199
202,434
164,044
Costs and expenses:
Product costs
78,677
81,606
64,801
Service costs
72,058
76,891
61,803
Cost of revenues (exclusive of
depreciation and amortization expense presented below)
150,735
158,497
126,604
Selling, general and administrative
expense
24,016
25,074
23,833
Depreciation and amortization expense
15,256
15,865
17,817
Other operating (income) expense, net
317
(275
)
126
190,324
199,161
168,380
Operating income (loss)
5,875
3,273
(4,336
)
Interest expense, net
(2,391
)
(2,333
)
(2,672
)
Other income, net
276
1,423
1,025
Income (loss) before income taxes
3,760
2,363
(5,983
)
Income tax (provision) benefit
(1,602
)
522
(3,441
)
Net income (loss)
$
2,158
$
2,885
$
(9,424
)
Net income (loss) per share:
Basic
$
0.03
$
0.05
$
(0.16
)
Diluted
0.03
0.05
(0.16
)
Weighted average number of common shares
outstanding:
Basic
62,825
62,678
60,498
Diluted
63,072
62,768
60,498
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In Thousands)
March 31, 2023
December 31, 2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
15,807
$
42,018
Accounts receivable, net
220,202
218,769
Inventories, net
196,278
182,658
Prepaid expenses and other current
assets
18,130
19,317
Total current assets
450,417
462,762
Property, plant, and equipment, net
306,134
303,835
Operating lease assets, net
23,828
23,028
Goodwill, net
79,579
79,282
Other intangible assets, net
165,673
169,798
Other noncurrent assets
24,506
25,687
Total assets
$
1,050,137
$
1,064,392
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Current portion of long-term debt
$
527
$
17,831
Accounts payable
73,478
73,251
Accrued liabilities
35,414
49,057
Current operating lease liabilities
6,528
6,142
Income taxes payable
3,719
2,605
Deferred revenue
48,969
44,790
Total current liabilities
168,635
193,676
Long-term debt
138,484
135,066
Long-term operating lease liabilities
20,912
20,658
Deferred income taxes
7,143
6,652
Other noncurrent liabilities
19,445
18,782
Total liabilities
354,619
374,834
Stockholders' equity:
Common stock
771
766
Additional paid-in capital
1,123,876
1,122,292
Retained earnings
274,185
272,027
Accumulated other comprehensive loss
(74,792
)
(78,941
)
Treasury stock
(628,522
)
(626,586
)
Total stockholders' equity
695,518
689,558
Total liabilities and stockholders'
equity
$
1,050,137
$
1,064,392
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended March
31,
2023
2022
Cash flows from operating activities:
Net income (loss)
$
2,158
$
(9,424
)
Adjustments to reconcile net income (loss)
to net cash used in operating
Depreciation and amortization expense
15,256
17,817
Stock-based compensation expense
1,589
1,835
Amortization of deferred financing
costs
449
469
Deferred income tax provision
(benefit)
396
(174
)
Gains on disposals of assets
(210
)
(543
)
Other, net
17
550
Changes in operating assets and
liabilities:
Accounts receivable
(745
)
(9,086
)
Inventories
(12,802
)
(13,090
)
Accounts payable and accrued
liabilities
(18,329
)
(4,555
)
Deferred revenue
4,179
4,324
Other operating assets and liabilities,
net
2,124
1,142
Net cash flows used in operating
activities
(5,918
)
(10,735
)
Cash flows from investing activities:
Capital expenditures
(6,568
)
(2,858
)
Proceeds from disposition of property and
equipment
223
869
Other, net
(48
)
(67
)
Net cash flows used in investing
activities
(6,393
)
(2,056
)
Cash flows from financing activities:
Revolving credit facility borrowings
27,865
367
Revolving credit facility repayments
(22,865
)
(367
)
Repayment of 1.50% convertible senior
notes
(17,315
)
—
Other debt and finance lease repayments,
net
(106
)
(165
)
Payment of financing costs
(21
)
(68
)
Shares added to treasury stock as a result
of net share settlements
due to vesting of stock awards
(1,936
)
(990
)
Net cash flows used in financing
activities
(14,378
)
(1,223
)
Effect of exchange rate changes on cash
and cash equivalents
478
320
Net change in cash and cash
equivalents
(26,211
)
(13,694
)
Cash and cash equivalents, beginning of
period
42,018
52,852
Cash and cash equivalents, end of
period
$
15,807
$
39,158
Cash paid (received) for:
Interest
$
485
$
522
Income taxes, net
(2,465
)
119
OIL STATES INTERNATIONAL, INC.
AND SUBSIDIARIES
SEGMENT DATA
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
2023
December 31,
2022
March 31,
2022(2)
Revenues:
Offshore/Manufactured Products(1):
Project-driven products
$
39,132
$
44,187
$
33,844
Short-cycle products
27,440
24,207
20,624
Other products and services
31,627
36,713
29,644
Total Offshore/Manufactured Products
98,199
105,107
84,112
Well Site Services
67,058
67,689
48,172
Downhole Technologies
30,942
29,638
31,760
Total revenues
$
196,199
$
202,434
$
164,044
Operating income (loss):
Offshore/Manufactured Products
$
11,090
$
12,258
$
10,196
Well Site Services
6,966
5,300
(3,395
)
Downhole Technologies
(1,519
)
(3,337
)
(1,505
)
Corporate
(10,662
)
(10,948
)
(9,632
)
Total operating income (loss)
$
5,875
$
3,273
$
(4,336
)
(1)
Disaggregated revenue data is provided to
supplement the Segment Data.
(2)
Operating income (loss) for the three
months ended March 31, 2022 included $0.8 million of bad debt
expense on receivables from Russia-based customers within the
Offshore/Manufactured Products segment.
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, 2023
December 31,
2022
March 31, 2022
Net income (loss)
$
2,158
$
2,885
$
(9,424
)
Interest expense, net
2,391
2,333
2,672
Income tax provision (benefit)
1,602
(522
)
3,441
Depreciation and amortization expense
15,256
15,865
17,817
Gains on extinguishment of 1.50%
convertible senior notes
—
(19
)
—
Adjusted EBITDA
$
21,407
$
20,542
$
14,506
(A)
The term Adjusted EBITDA consists of net
income (loss) plus net interest expense, taxes and depreciation and
amortization expense, less gains on extinguishment of 1.50%
convertible senior notes (the "2023 Notes"). 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, 2023
December 31,
2022
March 31, 2022
Offshore/Manufactured Products:
Operating income
$
11,090
$
12,258
$
10,196
Other income, net
165
693
41
Depreciation and amortization expense
4,668
4,800
5,330
Adjusted Segment EBITDA
$
15,923
$
17,751
$
15,567
Well Site Services:
Operating income (loss)
$
6,966
$
5,300
$
(3,395
)
Other income, net
111
711
986
Depreciation and amortization expense
6,146
6,505
7,932
Adjusted Segment EBITDA
$
13,223
$
12,516
$
5,523
Downhole Technologies:
Operating loss
$
(1,519
)
$
(3,337
)
$
(1,505
)
Other expense, net
—
—
(2
)
Depreciation and amortization expense
4,275
4,379
4,384
Adjusted Segment EBITDA
$
2,756
$
1,042
$
2,877
Corporate:
Operating loss
$
(10,662
)
$
(10,948
)
$
(9,632
)
Other income, net
—
19
—
Depreciation and amortization expense
167
181
171
Gains on extinguishment of 1.50%
convertible senior notes
—
(19
)
—
Adjusted Segment EBITDA
$
(10,495
)
$
(10,767
)
$
(9,461
)
(B)
The term Adjusted Segment EBITDA consists
of operating income (loss) plus other income (expense) and
depreciation and amortization expense, less gains on extinguishment
of the 2023 Notes. 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
RATIO OF NET DEBT TO
ANNUALIZED FIRST QUARTER 2023 ADJUSTED EBITDA (C)
(Dollars, In Thousands)
(Unaudited)
March 31, 2023
Total debt
$
139,011
Less: cash and cash equivalents
(15,807
)
Net Debt
$
123,204
First quarter 2023 Adjusted EBITDA
$
21,407
Annualized first quarter 2023 Adjusted
EBITDA
85,628
Ratio of Net Debt to annualized first
quarter Adjusted EBITDA
1.4x
(C)
The Company has included Net Debt and the
ratio of Net Debt to annualized first quarter 2023 Adjusted EBITDA
as a supplemental disclosure because its management believes that
this data provides useful information regarding the level of the
Company’s indebtedness and its ability to service debt. Net Debt
and the ratio of Net Debt to annualized first quarter 2023 Adjusted
EBITDA are not financial measures under GAAP and should not be
considered in isolation from or as a substitute for total debt, net
income (loss) or cash flow measures prepared in accordance with
GAAP or as a measure of profitability or liquidity.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005841/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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