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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________

Form 8-K
____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 20, 2024

Oil States International, Inc.
(Exact name of registrant as specified in its charter)
Delaware1-1633776-0476605
(State or other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
Three Allen Center, 333 Clay Street, Suite 4620, Houston, Texas 77002

Registrant’s telephone number, including area code: (713) 652-0582

Not Applicable
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareOISNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.
On February 20, 2024, Oil States International, Inc. (the “Company”) published a press release providing information regarding its results of operation and financial condition for the quarter ended December 31, 2023. The information provided in this Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, unless specifically stated so therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OIL STATES INTERNATIONAL, INC.
(Registrant)
Date:February 20, 2024By:/s/  LLOYD A. HAJDIK
Lloyd A. Hajdik
Executive Vice President, Chief Financial Officer & Treasurer

bluelogoa.jpg    EXHIBIT 99.1


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 of December 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
HOUSTON, February 20, 2024 – Oil States International, Inc. (NYSE: OIS):
Three Months Ended% Change
(Unaudited, In Thousands, Except Per Share Amounts)
December 31,
2023		September 30,
2023		December 31,
2022		SequentialYear-over-Year
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 Site Services51,208 59,831 67,689 (14)%(24)%
Downhole Technologies19,123 23,415 29,638 (18)%(35)%
Operating income (loss) by segment:
Offshore/Manufactured Products(2)
$25,152 $17,804 $12,258 41 %105 %
Well Site Services(3)
(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 Site Services5,903 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 $0.8 million and $1.6 million, respectively, associated with the Offshore/Manufactured Products segment’s ongoing consolidation of certain manufacturing and service locations.
(3)Operating loss in the fourth quarter of 2023 also included $0.6 million, associated with the defense of certain Well Site Services segment patents related to proprietary technologies.


Oil States International, Inc. reported net income of $6.0 million, or $0.09 per share, and Adjusted EBITDA of $24.0 million for the fourth quarter of 2023 on revenues of $208.3 million. Reported fourth quarter 2023 net income included facility consolidation charges of $0.8 million ($0.7 million after-tax, or $0.01 per share) and patent defense costs of $0.6 million ($0.5 million after-tax, or $0.01 per share). These results compare to revenues of $194.3 million, net income of $4.2 million, or $0.07 per share, and Adjusted EBITDA of $23.4 million reported in the third quarter of 2023, which included facility consolidation charges of $1.6 million ($1.3 million after-tax, or $0.02 per share).
For the year ended December 31, 2023, the Company reported net income of $12.9 million, or $0.20 per share, and Adjusted EBITDA of $87.8 million on revenues of $782.3 million. The full-year 2023 results included facility consolidation charges of $2.5 million ($2.0 million after-tax, or $0.03 per share) and patent defense costs of $0.6 million ($0.5 million after-tax, or $0.01 per share). These results compare to a net loss of $9.5 million, or $0.15 per share, and Adjusted EBITDA of $74.0 million on revenues of $737.7 million reported in 2022. The 2022 results included a gain of $6.1 million ($4.6 million after-tax, or $0.07 per share) recognized in connection with the settlement of litigation.
Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated,
“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 U.S. land-based completion activity due to an approximate 20% decline in the price of crude oil during the quarter along with continued weak natural gas prices. Despite the reduction in U.S. activity levels during 2023, Oil States reported positive operating and net income for a sixth consecutive quarter.
“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 $137.9 million – the segment’s highest revenue level since the fourth quarter of 2015, operating income of $25.2 million and Adjusted Segment EBITDA of $30.3 million in the fourth quarter of 2023, compared to revenues of $111 million, operating income of $17.8 million and Adjusted Segment EBITDA of $24.4 million reported in the third quarter of 2023. During the fourth and third quarters of 2023, the segment recorded charges of $0.8 million and $1.6 million, respectively, associated with the ongoing consolidation of certain manufacturing and service locations. Adjusted Segment EBITDA margin in the fourth quarter of 2023 was 22%, consistent with the third quarter of 2023.
Backlog totaled $333 million as of December 31, 2023, a decrease of $15 million, or 4%, from September 30, 2023 but an increase of $25 million, or 8%, from December 31, 2022. Fourth quarter 2023 bookings totaled $120 million, yielding a quarterly book-to-bill ratio of 0.9x and a full-year ratio of 1.1x. During the fourth quarter of 2023, the segment received a notable production facility project award exceeding $10 million.
Well Site Services
Well Site Services reported revenues of $51.2 million, an operating loss of $1.1 million and Adjusted Segment EBITDA of $5.9 million in the fourth quarter of 2023, compared to revenues of $59.8 million, operating income of $3.3 million and Adjusted Segment EBITDA of $9.7 million reported in the third quarter of 2023. During the fourth quarter of 2023, the segment recorded $0.6 million of costs associated with the defense of certain patents related to its proprietary technologies. Adjusted Segment EBITDA margin was 12% in the fourth quarter of 2023 compared to 16% in the third quarter of 2023 given year-end and holiday activity declines.
Downhole Technologies
Downhole Technologies reported revenues of $19.1 million, an operating loss of $6.7 million and an Adjusted Segment EBITDA loss of $2.9 million in the fourth quarter of 2023, compared to revenues of $23.4 million, an operating loss of $4.1 million and an Adjusted Segment EBITDA loss of $0.1 million reported in the third quarter of 2023. 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 fourth quarter of 2023 totaled $9.5 million.
Interest Expense, Net
Net interest expense totaled $1.8 million in the fourth quarter of 2023, which included $0.5 million of non-cash amortization of deferred debt issuance costs.
Income Taxes
The Company recognized tax expense of $0.2 million on pre-tax income of $6.2 million during the fourth quarter of 2023. In the third quarter of 2023, the Company recognized tax expense of $0.2 million on pre-tax income of $4.4 million.
Cash Flows
During the fourth quarter of 2023, the Company generated cash flows from operations of $4.2 million and invested $7.3 million ($6.4 million net of proceeds from sales of property and equipment) in new equipment to support future growth.
The Company also repurchased 563 thousand shares of its common stock for $3.9 million during the fourth quarter of 2023. A total of $18.1 million remains available under the Company’s share repurchase authorization, which extends through February 2025.
Financial Condition
Cash on-hand decreased $5.8 million during the quarter, totaling $47.1 million at December 31, 2023. No borrowings were outstanding under the Company’s asset-based revolving credit facility (the “ABL Facility”) at December 31, 2023. Liquidity (cash plus borrowing availability) totaled $123.2 million at December 31, 2023, with amounts available to be drawn under the ABL Facility totaling $76.1 million. On February 16, 2024, the Company amended its ABL Facility to extend the maturity date to February 16, 2028.


Conference Call Information
The call is scheduled for February 20, 2024 at 10:00 a.m. Central 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, 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 and the subsequently filed Quarterly Reports on Form 10-Q and Periodic Reports on Form 8-K. 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 EndedYear Ended
December 31,
2023		September 30,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Revenues:
Products$123,444 $102,636 $101,027 $418,550 $385,564 
Services84,822 91,653 101,407 363,733 352,142 
208,266 194,289 202,434 782,283 737,706 
Costs and expenses:
Product costs97,291 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 expense14,569 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)
Diluted0.09 0.07 0.05 0.20 (0.15)
Weighted average number of common shares outstanding:
Basic62,483 62,651 62,678 62,690 61,638 
Diluted63,004 63,060 62,768 63,152 61,638 
________________
(1)Selling, general and administrative expense for the three months and year ended December 31, 2023 included $0.6 million of costs associated with the defense of certain Well Site Services segment patents related to proprietary technologies.
(2)Other operating income, net for the three months ended December 31, 2023 and September 30, 2023 and the year ended December 31, 2023 included facility consolidation charges of $0.8 million, $1.6 million and $2.5 million, respectively, associated with the Offshore/Manufactured Products segment’s ongoing consolidation and relocation of certain manufacturing and service locations. Other operating income, net for the year ended December 31, 2022 included a gain of $6.1 million related to the Offshore/Manufactured Products segment’s settlement of outstanding litigation against certain service providers.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)
December 31, 2023December 31, 2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$47,111 $42,018 
Accounts receivable, net203,211 218,769 
Inventories, net202,027 182,658 
Prepaid expenses and other current assets35,648 19,317 
Total current assets487,997 462,762 
Property, plant, and equipment, net280,389 303,835 
Operating lease assets, net21,970 23,028 
Goodwill, net79,867 79,282 
Other intangible assets, net153,010 169,798 
Other noncurrent assets23,253 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 payable67,546 73,251 
Accrued liabilities44,227 49,057 
Current operating lease liabilities6,880 6,142 
Income taxes payable1,233 2,605 
Deferred revenue36,757 44,790 
Total current liabilities157,270 193,676 
Long-term debt135,502 135,066 
Long-term operating lease liabilities18,346 20,658 
Deferred income taxes7,717 6,652 
Other noncurrent liabilities18,106 18,782 
Total liabilities336,941 374,834 
Stockholders’ equity:
Common stock772 766 
Additional paid-in capital1,129,240 1,122,292 
Retained earnings284,918 272,027 
Accumulated other comprehensive loss(69,984)(78,941)
Treasury stock(635,401)(626,586)
Total stockholders’ equity
709,545 689,558 
Total liabilities and stockholders’ equity
$1,046,486 $1,064,392 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Year Ended December 31,
20232022
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 expense60,778 67,334 
Stock-based compensation expense6,954 6,852 
Amortization of deferred financing costs1,798 1,886 
Deferred income tax provision226 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 receivable17,132 (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, net1,441 (1,654)
Net cash flows provided by operating activities56,575 32,862 
Cash flows from investing activities:
Capital expenditures(30,653)(20,266)
Proceeds from disposition of property and equipment5,253 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 borrowings35,816 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 GEODynamics, Inc.— (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 equivalents819 (682)
Net change in cash and cash equivalents5,093 (10,834)
Cash and cash equivalents, beginning of period42,018 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 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(Unaudited)
Three Months EndedYear Ended
December 31,
2023(2)(3)
September 30, 2023(2)
December 31,
2022
December 31,
2023(2)(3)
December 31,
2022(4)
Revenues(1):
Offshore/Manufactured Products
Project-driven:
Products$72,870 $45,527 $44,187 $189,739 $158,040 
Services32,875 30,391 27,254 112,742 98,968 
105,745 75,918 71,441 302,481 257,008 
Military and other products10,439 7,195 9,459 32,596 32,563 
Short-cycle products21,751 27,930 24,207 106,186 92,152 
Total Offshore/Manufactured Products137,935 111,043 105,107 441,263 381,723 
Well Site Services51,208 59,831 67,689 242,633 231,189 
Downhole Technologies19,123 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 Site Services(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 December 31, 2023 and September 30, 2023 and the year ended December 31, 2023 included facility consolidation charges of $0.8 million, $1.6 million and $2.5 million, respectively, associated with the Offshore/Manufactured Products segment’s ongoing consolidation and relocation of certain manufacturing and service locations.
(3)Operating income (loss) for the three months and the year ended December 31, 2023 included $0.6 million of costs associated with the defense of certain Well Site Services segment patents related to proprietary technologies.
(4)Operating income for the year ended December 31, 2022 included a gain of $6.1 million related to the Offshore/Manufactured Products segment’s settlement of outstanding litigation against certain service providers.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA (A)
(In Thousands)
(Unaudited)
Three Months EndedYear Ended
December 31,
2023		September 30,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Net income (loss)$5,963 $4,212 $2,885 $12,891 $(9,540)
Interest expense, net1,811 1,928 2,333 8,189 10,280 
Income tax provision (benefit)233 236 (522)2,933 5,480 
Depreciation and amortization expense14,569 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 GEODynamics, Inc.— — — — 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 GEODynamics, Inc., 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 EndedYear Ended
December 31,
2023		September 30,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Offshore/Manufactured Products:
Operating income$25,152 $17,804 $12,258 $65,299 $45,268 
Other income, net44 68 693 358 638 
Depreciation and amortization expense4,274 4,921 4,800 18,510 20,451 
Facility consolidation charges825 1,649 — 2,474 — 
Adjusted Segment EBITDA$30,295 $24,442 $17,751 $86,641 $66,357 
Well Site Services:
Operating income (loss)$(1,102)$3,285 $5,300 $13,881 $4,865 
Other income, net133 118 711 491 3,207 
Depreciation and amortization expense6,295 6,313 6,505 25,318 28,564 
Patent defense costs577 — — 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 expense3,834 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 expense166 152 181 636 691 
Settlement of disputes with seller of GEODynamics, Inc.— — — — 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 GEODynamics, Inc., 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.
Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
SOURCE: Oil States International, Inc.

v3.24.0.1
Document And Entity Information Document
Feb. 20, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 20, 2024
Entity Registrant Name Oil States International, Inc
Entity Incorporation, State or Country Code DE
Entity File Number 1-16337
Entity Tax Identification Number 76-0476605
Entity Address, Address Line One Three Allen Center, 333 Clay Street
Entity Address, Address Line Two Suite 4620
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77002
City Area Code 713
Local Phone Number 652-0582
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol OIS
Security Exchange Name NYSE
Entity Central Index Key 0001121484
Amendment Flag false
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