Oil States International, Inc. (NYSE: OIS) reported a net loss of
$5.1 million, or $0.08 per share, for the second quarter
of 2022. During the second quarter of 2022, the Company generated
revenues of $181.8 million and Consolidated EBITDA
(Note A) of $17.0 million. These results compare to
revenues of $164.0 million and Consolidated EBITDA of
$14.5 million reported in the first quarter of 2022.
Second quarter 2022 highlights included:
- Consolidated
revenues and EBITDA increased 11% and 17% sequentially
- Well Site Services
revenues and EBITDA increased 14% and 61%, respectively from the
first quarter
-
Offshore/Manufactured Products revenues increased 15%
sequentially
-
Offshore/Manufactured Products acquired E-Flow Holdings Limited – a
U.K.-based global provider of complimentary integrated handling,
control, monitoring and instrumentation solutions – for cash
consideration totaling $8 million
- Received two 2022
Spotlight on New Technology® Awards from the Offshore Technology
Conference for our Managed Pressure Drilling and Riser Gas Handling
System and our Merlin™ 15K High-Pressure, High-Temperature Riser
System
- Purchased
$6.5 million in principal amount of our 1.50% convertible
senior notes
- Agreed to settle
the promissory note payable and related outstanding legal disputes
with the seller of GEODynamics, Inc. in exchange for the payment of
$10.0 million and issuance of approximately 1.9 million
shares of the Company's common stock on July 1, 2022. The
final settlement will be recorded in the third quarter of 2022
Oil States' President and Chief Executive Officer,
Cindy B. Taylor, stated,
"With improving industry fundamentals and our
continuous focus on capital and cost discipline, consolidated
revenues and EBITDA grew sequentially for a third consecutive
quarter totaling $181.8 million and $17.0 million,
respectively, in the second quarter.
"Revenues reported by our Offshore/Manufactured
Products segment increased 15% from the first quarter of 2022 –
driven by a 21% increase in project-driven revenues coupled with
higher demand for short-cycle products. Segment EBITDA for our
Offshore/Manufactured Products segment totaled $14.7 million.
Backlog totaled $241 million as of June 30, with
quarterly bookings of $77 million, yielding a quarterly
book-to-bill ratio of 0.8x for the second quarter and 0.9x
year-to-date.
"Our Well Site Services segment revenues
increased 14% sequentially driven by higher land-based completion
and production activity. Segment EBITDA increased
$3.4 million, or 61%, from the prior quarter to
$8.9 million, reflecting revenue growth and improved fixed
cost coverage.
"Second quarter revenues in our Downhole
Technologies segment decreased 4% from the first quarter, due to a
transitory reduction in customer demand for perforating products
internationally. Our Downhole Technologies segment reported Segment
EBITDA of $2.9 million.
"In the second quarter, our investments in
technology and innovation were again recognized by the Offshore
Technology Conference, with two 2022 Spotlight on New Technology®
Awards for our Managed Pressure Drilling and Riser Gas Handling
System and our Merlin™ 15K High-Pressure, High-Temperature Riser
System. Additionally, during the quarter OSI Renewables™ introduced
the most recent addition to our growing portfolio of new
technologies for the offshore wind energy market – a Fixed Tension
Leg Platform floating wind solution that leverages our deepwater
expertise.
"Finally, we are pleased to announce that we
settled the promissory note and resolved outstanding legal disputes
with the seller of GEODynamics."
BUSINESS SEGMENT RESULTS
(See Segment Data tables)
Offshore/Manufactured Products
Offshore/Manufactured Products reported revenues
of $96.5 million and Segment EBITDA of $14.7 million in
the second quarter of 2022, compared to revenues of
$84.1 million and Segment EBITDA of $15.6 million
reported in the first quarter of 2022. Revenues increased 15%
sequentially, driven primarily by a 21% increase in project-driven
revenues and higher customer demand for short-cycle products, while
margins declined due to a shift in product mix from the first
quarter of 2022. Segment EBITDA margin in the second quarter of
2022 was 15%, compared to 19% in the first quarter of 2022.
On April 14, 2022, the segment acquired
E-Flow Control Holdings Limited ("E-Flow"), a U.K.-based global
provider of complimentary integrated handling, control, monitoring
and instrumentation solutions. The purchase price of
$8.1 million was funded with cash on-hand.
Backlog totaled $241 million as of
June 30, 2022, a 9% sequential decrease from March 31,
2022. Second quarter 2022 bookings totaled $77 million,
yielding a quarterly book-to-bill ratio of 0.8x and a year-to-date
ratio of 0.9x.
Well Site Services
Well Site Services reported revenues of
$54.8 million and Segment EBITDA of $8.9 million in the
second quarter of 2022, compared to revenues of $48.2 million
and Segment EBITDA of $5.5 million reported in the first
quarter of 2022. Segment EBITDA margin in the second quarter of
2022 was 16%, compared to 11% in the first quarter of 2022.
Downhole Technologies
Downhole Technologies reported revenues of
$30.5 million and Segment EBITDA of $2.9 million in the
second quarter of 2022, compared to revenues of $31.8 million
and Segment EBITDA of $2.9 million reported in the first
quarter of 2022. Segment EBITDA margin was 9% in both the second
and first quarters of 2022.
Corporate
Corporate expenses in the second quarter of 2022
totaled $9.6 million, which included $0.6 million of
non-cash costs associated with the settlement of legal disputes
with the seller of GEODynamics, Inc.
Interest Expense, Net
Net interest expense totaled $2.6 million
in the second quarter of 2022, which included $0.5 million of
non-cash amortization of deferred debt issuance costs.
Income Taxes
The Company recognized tax expense of
$1.8 million on a pre-tax loss of $3.4 million during the
second quarter of 2022. In the first quarter of 2022, the Company
recognized a tax expense of $3.4 million on a pre-tax loss of
$6.0 million. Income tax expense in the first and second
quarters of 2022 included the impact of valuation allowances
recorded against the Company's deferred tax assets as well as
certain non-deductible expenses and discrete tax items.
Financial Condition
No borrowings were outstanding under the
Company's asset-based revolving credit facility (the "ABL
Facility") at June 30, 2022. Cash on-hand declined from
$39.2 million at March 31, 2022 to $22.2 million at
June 30, 2022 reflecting the Company's second quarter
acquisition of E-Flow and purchases of $6.5 million in
principal amount of its 1.5% convertible senior notes due February
2023. Liquidity (cash plus borrowing availability) totaled
$84.1 million at June 30, 2022, with amounts available to
be drawn under the ABL Facility totaling $61.8 million.
Additionally, on June 28, 2022, the Company
agreed to pay $10.0 million and issue approximately
1.9 million shares of its common stock (having a market value
of $10.3 million on July 1, 2022) to settle the
promissory note payable (together with related accrued interest)
and resolve outstanding legal disputes with the seller of
GEODynamics, Inc. The cash payment and issuance of shares of common
stock of the Company were made on July 1, 2022 and will be
recorded in the third quarter of 2022.
The Company's total debt represented 20% and 21%
of combined total debt and stockholders' equity as of June 30,
2022 and March 31, 2022, respectively.
Conference Call Information
The call is scheduled for July 28, 2022 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 (866)
374-5140 in the United States or by dialing +1 (404) 400-0571
internationally and using the passcode 40967423#. A replay of the
conference call will be available one and a half 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.
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 of and demand for oil
and natural gas, fluctuations in the prices thereof, the cyclical
nature of the oil and natural gas industry, geopolitical tensions,
regulatory pressures related to environmental, social and
governance considerations the impact of the COVID-19 pandemic on
the Company and its customers, the other risks associated with the
general nature of the energy service industry 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, 2021 and the subsequently filed Quarterly Report
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)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Products |
$ |
99,033 |
|
|
$ |
85,761 |
|
|
$ |
78,038 |
|
|
$ |
184,794 |
|
|
$ |
139,483 |
|
Services |
|
82,801 |
|
|
|
78,283 |
|
|
|
67,686 |
|
|
|
161,084 |
|
|
|
131,830 |
|
|
|
181,834 |
|
|
|
164,044 |
|
|
|
145,724 |
|
|
|
345,878 |
|
|
|
271,313 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Product costs |
|
79,388 |
|
|
|
64,801 |
|
|
|
63,926 |
|
|
|
144,189 |
|
|
|
113,389 |
|
Service costs |
|
62,768 |
|
|
|
61,803 |
|
|
|
53,706 |
|
|
|
124,571 |
|
|
|
106,553 |
|
Cost of revenues (exclusive of depreciation and
amortization expense presented below) |
|
142,156 |
|
|
|
126,604 |
|
|
|
117,632 |
|
|
|
268,760 |
|
|
|
219,942 |
|
Selling, general and administrative expense |
|
23,757 |
|
|
|
23,833 |
|
|
|
22,092 |
|
|
|
47,590 |
|
|
|
43,317 |
|
Depreciation and amortization expense |
|
17,239 |
|
|
|
17,817 |
|
|
|
20,909 |
|
|
|
35,056 |
|
|
|
42,429 |
|
Impairments of fixed and lease assets |
|
— |
|
|
|
— |
|
|
|
2,794 |
|
|
|
— |
|
|
|
3,444 |
|
Other operating (income) expense, net |
|
(228 |
) |
|
|
126 |
|
|
|
(85 |
) |
|
|
(102 |
) |
|
|
(439 |
) |
|
|
182,924 |
|
|
|
168,380 |
|
|
|
163,342 |
|
|
|
351,304 |
|
|
|
308,693 |
|
Operating loss |
|
(1,090 |
) |
|
|
(4,336 |
) |
|
|
(17,618 |
) |
|
|
(5,426 |
) |
|
|
(37,380 |
) |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(2,638 |
) |
|
|
(2,672 |
) |
|
|
(2,699 |
) |
|
|
(5,310 |
) |
|
|
(5,024 |
) |
Other income, net(1) |
|
376 |
|
|
|
1,025 |
|
|
|
1,820 |
|
|
|
1,401 |
|
|
|
5,780 |
|
Loss before income taxes |
|
(3,352 |
) |
|
|
(5,983 |
) |
|
|
(18,497 |
) |
|
|
(9,335 |
) |
|
|
(36,624 |
) |
Income tax (provision) benefit |
|
(1,792 |
) |
|
|
(3,441 |
) |
|
|
3,226 |
|
|
|
(5,233 |
) |
|
|
5,543 |
|
Net loss |
$ |
(5,144 |
) |
|
$ |
(9,424 |
) |
|
$ |
(15,271 |
) |
|
$ |
(14,568 |
) |
|
$ |
(31,081 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.52 |
) |
Diluted |
|
(0.08 |
) |
|
|
(0.16 |
) |
|
|
(0.25 |
) |
|
|
(0.24 |
) |
|
|
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
60,704 |
|
|
|
60,498 |
|
|
|
60,317 |
|
|
|
60,601 |
|
|
|
60,207 |
|
Diluted |
|
60,704 |
|
|
|
60,498 |
|
|
|
60,317 |
|
|
|
60,601 |
|
|
|
60,207 |
|
________________
(1) Other income (expense), net included
non-cash gains of $0.4 million and $4.0 million,
respectively, in the three and six months ended June 30, 2021
recognized in connection with purchases of $6.4 million and
$131.4 million, respectively, principal amount of the 2023
Notes.
OIL STATES INTERNATIONAL, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS(In
Thousands)
|
June 30, 2022 |
|
December 31, 2021 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
22,246 |
|
|
$ |
52,852 |
|
Accounts receivable, net |
|
204,387 |
|
|
|
186,080 |
|
Inventories, net |
|
179,819 |
|
|
|
168,573 |
|
Prepaid expenses and other current assets |
|
19,682 |
|
|
|
19,222 |
|
Total current assets |
|
426,134 |
|
|
|
426,727 |
|
|
|
|
|
Property, plant, and equipment, net |
|
314,898 |
|
|
|
338,583 |
|
Operating lease assets, net |
|
24,843 |
|
|
|
25,388 |
|
Goodwill, net |
|
79,485 |
|
|
|
76,412 |
|
Other intangible assets, net |
|
179,591 |
|
|
|
185,749 |
|
Other noncurrent assets |
|
27,352 |
|
|
|
32,889 |
|
Total assets |
$ |
1,052,303 |
|
|
$ |
1,085,748 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
37,595 |
|
|
$ |
18,262 |
|
Accounts payable |
|
54,738 |
|
|
|
63,343 |
|
Accrued liabilities |
|
46,344 |
|
|
|
43,401 |
|
Current operating lease liabilities |
|
6,046 |
|
|
|
6,481 |
|
Income taxes payable |
|
3,163 |
|
|
|
2,564 |
|
Deferred revenue |
|
47,883 |
|
|
|
43,236 |
|
Total current liabilities |
|
195,769 |
|
|
|
177,287 |
|
|
|
|
|
Long-term debt |
|
134,871 |
|
|
|
160,488 |
|
Long-term operating lease liabilities |
|
22,703 |
|
|
|
23,452 |
|
Deferred income taxes |
|
6,510 |
|
|
|
3,637 |
|
Other noncurrent liabilities |
|
20,509 |
|
|
|
25,058 |
|
Total liabilities |
|
380,362 |
|
|
|
389,922 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common stock |
|
747 |
|
|
|
739 |
|
Additional paid-in capital |
|
1,108,631 |
|
|
|
1,105,135 |
|
Retained earnings |
|
266,999 |
|
|
|
281,567 |
|
Accumulated other comprehensive loss |
|
(77,850 |
) |
|
|
(66,031 |
) |
Treasury stock |
|
(626,586 |
) |
|
|
(625,584 |
) |
Total stockholders' equity |
|
671,941 |
|
|
|
695,826 |
|
Total liabilities and stockholders' equity |
$ |
1,052,303 |
|
|
$ |
1,085,748 |
|
OIL STATES INTERNATIONAL, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS(In Thousands)
|
Six Months Ended June 30, |
|
2022 |
|
2021 |
|
(Unaudited) |
|
|
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(14,568 |
) |
|
$ |
(31,081 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
Depreciation and amortization expense |
|
35,056 |
|
|
|
42,429 |
|
Settlement of disputes with seller of GEODynamics, Inc. |
|
620 |
|
|
|
— |
|
Impairments of fixed and lease assets |
|
— |
|
|
|
3,444 |
|
Stock-based compensation expense |
|
3,504 |
|
|
|
4,703 |
|
Amortization of debt discount and deferred financing costs |
|
944 |
|
|
|
1,366 |
|
Deferred income tax provision (benefit) |
|
2,584 |
|
|
|
(6,834 |
) |
Gains on extinguishment of 1.50% convertible senior notes |
|
(157 |
) |
|
|
(4,022 |
) |
Gains on disposals of assets |
|
(1,185 |
) |
|
|
(1,632 |
) |
Other, net |
|
517 |
|
|
|
375 |
|
Changes in operating assets and liabilities, net of effect from
acquired business: |
|
|
|
Accounts receivable |
|
(20,469 |
) |
|
|
(6,962 |
) |
Inventories |
|
(14,664 |
) |
|
|
(4,458 |
) |
Accounts payable and accrued liabilities |
|
(5,994 |
) |
|
|
11,896 |
|
Deferred revenue |
|
4,647 |
|
|
|
1,780 |
|
Other operating assets and liabilities, net |
|
(870 |
) |
|
|
2,929 |
|
Net cash flows provided by (used in) operating activities |
|
(10,035 |
) |
|
|
13,933 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
|
(6,453 |
) |
|
|
(7,311 |
) |
Proceeds from disposition of property and equipment |
|
1,652 |
|
|
|
3,422 |
|
Acquisition of business, net of cash acquired |
|
(8,125 |
) |
|
|
— |
|
Other, net |
|
(85 |
) |
|
|
(326 |
) |
Net cash flows used in investing activities |
|
(13,011 |
) |
|
|
(4,215 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Revolving credit facility borrowings |
|
9,725 |
|
|
|
12,571 |
|
Revolving credit facility repayments |
|
(9,725 |
) |
|
|
(31,571 |
) |
Issuance of 4.75% convertible senior notes |
|
— |
|
|
|
135,000 |
|
Purchases of 1.50% convertible senior notes |
|
(6,272 |
) |
|
|
(125,952 |
) |
Other debt and finance lease activity, net |
|
(359 |
) |
|
|
119 |
|
Payment of financing costs |
|
(74 |
) |
|
|
(7,779 |
) |
Shares added to treasury stock as a result of net share settlements
due to vesting of stock awards |
|
(1,002 |
) |
|
|
(1,500 |
) |
Net cash flows used in financing activities |
|
(7,707 |
) |
|
|
(19,112 |
) |
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
147 |
|
|
|
33 |
|
Net change in cash and cash equivalents |
|
(30,606 |
) |
|
|
(9,361 |
) |
Cash and cash equivalents, beginning of period |
|
52,852 |
|
|
|
72,011 |
|
Cash and cash equivalents, end of period |
$ |
22,246 |
|
|
$ |
62,650 |
|
|
|
|
|
Cash paid for: |
|
|
|
Interest |
$ |
4,105 |
|
|
$ |
2,256 |
|
Income taxes, net |
|
291 |
|
|
|
920 |
|
OIL STATES INTERNATIONAL, INC. AND
SUBSIDIARIES
SEGMENT DATA(In
Thousands)(unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2022 |
|
March 31, 2022(2) |
|
June 30, 2021(3) |
|
June 30, 2022(4) |
|
June 30, 2021(5) |
Revenues: |
|
|
|
|
|
|
|
|
|
Offshore/Manufactured Products(1): |
|
|
|
|
|
|
|
|
|
Project-driven products |
$ |
41,098 |
|
|
$ |
33,844 |
|
|
$ |
31,826 |
|
|
$ |
74,942 |
|
|
$ |
53,200 |
|
Short-cycle products |
|
23,611 |
|
|
|
20,624 |
|
|
|
16,030 |
|
|
|
44,235 |
|
|
|
28,280 |
|
Other products and services |
|
31,758 |
|
|
|
29,644 |
|
|
|
29,052 |
|
|
|
61,402 |
|
|
|
56,037 |
|
Total Offshore/Manufactured Products |
|
96,467 |
|
|
|
84,112 |
|
|
|
76,908 |
|
|
|
180,579 |
|
|
|
137,517 |
|
Well Site Services |
|
54,819 |
|
|
|
48,172 |
|
|
|
42,056 |
|
|
|
102,991 |
|
|
|
81,606 |
|
Downhole Technologies |
|
30,548 |
|
|
|
31,760 |
|
|
|
26,760 |
|
|
|
62,308 |
|
|
|
52,190 |
|
Total revenues |
$ |
181,834 |
|
|
$ |
164,044 |
|
|
$ |
145,724 |
|
|
$ |
345,878 |
|
|
$ |
271,313 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
Offshore/Manufactured Products |
$ |
9,441 |
|
|
$ |
10,196 |
|
|
$ |
4,810 |
|
|
$ |
19,637 |
|
|
$ |
5,881 |
|
Well Site Services |
|
601 |
|
|
|
(3,395 |
) |
|
|
(11,590 |
) |
|
|
(2,794 |
) |
|
|
(21,443 |
) |
Downhole Technologies |
|
(1,485 |
) |
|
|
(1,505 |
) |
|
|
(2,295 |
) |
|
|
(2,990 |
) |
|
|
(3,910 |
) |
Corporate |
|
(9,647 |
) |
|
|
(9,632 |
) |
|
|
(8,543 |
) |
|
|
(19,279 |
) |
|
|
(17,908 |
) |
Total operating loss |
$ |
(1,090 |
) |
|
$ |
(4,336 |
) |
|
$ |
(17,618 |
) |
|
$ |
(5,426 |
) |
|
$ |
(37,380 |
) |
________________
(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.
(3) Operating income (loss) for the three
months ended June 30, 2021 included non-cash operating lease
asset impairment charges of $2.8 million and restructuring
charges of $2.4 million related to the Well Site Services
segment. In the Downhole Technologies segment, operating income
(loss) included $0.2 million of restructuring charges.
(4) Operating income (loss) for the six
months ended June 30, 2022 included $0.8 million of bad
debt expense on receivables from Russia-based customers within the
Offshore/Manufactured Products segment.
(5) Operating income (loss) for the six
months ended June 30, 2021 included $0.3 million of
severance and restructuring charges related to the
Offshore/Manufactured Products segment. In the Well Site Services
segment, operating income (loss) included non-cash fixed asset and
operating lease impairment charges of $3.4 million and
severance and restructuring charges of $3.7 million. In the
Downhole Technologies segment, operating income (loss) included
severance and restructuring charges of $0.5 million. In
Corporate, operating income (loss) included $1.6 million of
severance charges.
OIL STATES INTERNATIONAL, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL INFORMATIONSEGMENT EBITDA AND ADJUSTED
SEGMENT EBITDA (B)(In Thousands)(unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30,2022 |
|
March 31,2022 |
|
June 30,2021 |
|
June 30,2022 |
|
June 30,2021 |
Offshore/Manufactured Products: |
|
|
|
|
|
|
|
|
|
Operating income |
$ |
9,441 |
|
|
$ |
10,196 |
|
|
$ |
4,810 |
|
|
$ |
19,637 |
|
|
$ |
5,881 |
|
Other income (expense), net |
|
45 |
|
|
|
41 |
|
|
|
(70 |
) |
|
|
86 |
|
|
|
(132 |
) |
Depreciation and amortization expense |
|
5,249 |
|
|
|
5,330 |
|
|
|
5,557 |
|
|
|
10,579 |
|
|
|
11,026 |
|
Segment EBITDA |
|
14,735 |
|
|
|
15,567 |
|
|
|
10,297 |
|
|
|
30,302 |
|
|
|
16,775 |
|
Severance and restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
282 |
|
Adjusted Segment EBITDA |
$ |
14,735 |
|
|
$ |
15,567 |
|
|
$ |
10,297 |
|
|
$ |
30,302 |
|
|
$ |
17,057 |
|
|
|
|
|
|
|
|
|
|
|
Well Site Services: |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
601 |
|
|
$ |
(3,395 |
) |
|
$ |
(11,590 |
) |
|
$ |
(2,794 |
) |
|
$ |
(21,443 |
) |
Other income |
|
878 |
|
|
|
986 |
|
|
|
1,505 |
|
|
|
1,864 |
|
|
|
1,892 |
|
Depreciation and amortization expense |
|
7,395 |
|
|
|
7,932 |
|
|
|
10,642 |
|
|
|
15,327 |
|
|
|
22,110 |
|
Impairment of fixed and lease assets |
|
— |
|
|
|
— |
|
|
|
2,794 |
|
|
|
— |
|
|
|
3,444 |
|
Segment EBITDA |
|
8,874 |
|
|
|
5,523 |
|
|
|
3,351 |
|
|
|
14,397 |
|
|
|
6,003 |
|
Severance and restructuring charges |
|
— |
|
|
|
— |
|
|
|
2,351 |
|
|
|
— |
|
|
|
3,657 |
|
Adjusted Segment EBITDA |
$ |
8,874 |
|
|
$ |
5,523 |
|
|
$ |
5,702 |
|
|
$ |
14,397 |
|
|
$ |
9,660 |
|
|
|
|
|
|
|
|
|
|
|
Downhole Technologies: |
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(1,485 |
) |
|
$ |
(1,505 |
) |
|
$ |
(2,295 |
) |
|
$ |
(2,990 |
) |
|
$ |
(3,910 |
) |
Other expense, net |
|
(84 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
(86 |
) |
|
|
(2 |
) |
Depreciation and amortization expense |
|
4,423 |
|
|
|
4,384 |
|
|
|
4,521 |
|
|
|
8,807 |
|
|
|
8,910 |
|
Segment EBITDA |
|
2,854 |
|
|
|
2,877 |
|
|
|
2,226 |
|
|
|
5,731 |
|
|
|
4,998 |
|
Severance and restructuring charges |
|
— |
|
|
|
— |
|
|
|
203 |
|
|
|
— |
|
|
|
478 |
|
Adjusted Segment EBITDA |
$ |
2,854 |
|
|
$ |
2,877 |
|
|
$ |
2,429 |
|
|
$ |
5,731 |
|
|
$ |
5,476 |
|
|
|
|
|
|
|
|
|
|
|
Corporate: |
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(9,647 |
) |
|
$ |
(9,632 |
) |
|
$ |
(8,543 |
) |
|
$ |
(19,279 |
) |
|
$ |
(17,908 |
) |
Other income (expense), net |
|
(463 |
) |
|
|
— |
|
|
|
385 |
|
|
|
(463 |
) |
|
|
4,022 |
|
Depreciation and amortization expense |
|
172 |
|
|
|
171 |
|
|
|
189 |
|
|
|
343 |
|
|
|
383 |
|
Settlement of disputes with seller of GEODynamics, Inc. |
|
620 |
|
|
|
— |
|
|
|
— |
|
|
|
620 |
|
|
|
— |
|
Gains on extinguishment of 1.50% convertible senior notes |
|
(157 |
) |
|
|
— |
|
|
|
(385 |
) |
|
|
(157 |
) |
|
|
(4,022 |
) |
EBITDA |
|
(9,475 |
) |
|
|
(9,461 |
) |
|
|
(8,354 |
) |
|
|
(18,936 |
) |
|
|
(17,525 |
) |
Severance charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,555 |
|
Adjusted EBITDA |
$ |
(9,475 |
) |
|
$ |
(9,461 |
) |
|
$ |
(8,354 |
) |
|
$ |
(18,936 |
) |
|
$ |
(15,970 |
) |
OIL STATES INTERNATIONAL, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL INFORMATION CONSOLIDATED EBITDA AND
ADJUSTED CONSOLIDATED EBITDA (A)(In
Thousands)(unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30,2022 |
|
March 31,2022 |
|
June 30,2021 |
|
June 30,2022 |
|
June 30,2021 |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(5,144 |
) |
|
$ |
(9,424 |
) |
|
$ |
(15,271 |
) |
|
$ |
(14,568 |
) |
|
$ |
(31,081 |
) |
Interest expense, net |
|
2,638 |
|
|
|
2,672 |
|
|
|
2,699 |
|
|
|
5,310 |
|
|
|
5,024 |
|
Income tax provision (benefit) |
|
1,792 |
|
|
|
3,441 |
|
|
|
(3,226 |
) |
|
|
5,233 |
|
|
|
(5,543 |
) |
Depreciation and amortization expense |
|
17,239 |
|
|
|
17,817 |
|
|
|
20,909 |
|
|
|
35,056 |
|
|
|
42,429 |
|
Impairments of fixed and lease assets |
|
— |
|
|
|
— |
|
|
|
2,794 |
|
|
|
— |
|
|
|
3,444 |
|
Settlement of disputes with seller of GEODynamics, Inc. |
|
620 |
|
|
|
— |
|
|
|
— |
|
|
|
620 |
|
|
|
— |
|
Gains on extinguishment of 1.50% convertible senior notes |
|
(157 |
) |
|
|
— |
|
|
|
(385 |
) |
|
|
(157 |
) |
|
|
(4,022 |
) |
Consolidated EBITDA |
|
16,988 |
|
|
|
14,506 |
|
|
|
7,520 |
|
|
|
31,494 |
|
|
|
10,251 |
|
Severance and restructuring charges |
|
— |
|
|
|
— |
|
|
|
2,554 |
|
|
|
— |
|
|
|
5,972 |
|
Adjusted Consolidated EBITDA |
$ |
16,988 |
|
|
$ |
14,506 |
|
|
$ |
10,074 |
|
|
$ |
31,494 |
|
|
$ |
16,223 |
|
________________
(A) The terms Consolidated
EBITDA and Adjusted Consolidated EBITDA consist of net loss plus
net interest expense, taxes, depreciation and amortization expense,
and certain non-cash charges, less gains on extinguishment of 1.50%
convertible senior notes (the "2023 Notes") and adjustments for
certain other items. Consolidated EBITDA and Adjusted Consolidated
EBITDA are not measures of financial performance under generally
accepted accounting principles and should not be considered in
isolation from or as a substitute for net loss or cash flow
measures prepared in accordance with generally accepted accounting
principles or as measures of profitability or liquidity.
Additionally, Consolidated EBITDA and Adjusted Consolidated EBITDA
may not be comparable to other similarly titled measures of other
companies. The Company has included Consolidated EBITDA and
Adjusted Consolidated EBITDA as supplemental disclosures because
its management believes that Consolidated EBITDA and Adjusted
Consolidated EBITDA provide 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 Consolidated EBITDA and Adjusted Consolidated 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 Consolidated EBITDA and Adjusted Consolidated
EBITDA to net loss, which is the most directly comparable measure
of financial performance calculated under generally accepted
accounting principles.
(B) The terms EBITDA, Adjusted
EBITDA, Segment EBITDA and Adjusted Segment EBITDA consist of
operating income (loss) plus other income (expense), depreciation
and amortization expense, and certain non-cash charges, less gains
on extinguishment of the 2023 Notes and adjustments for certain
other items. EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted
Segment EBITDA are not measures of financial performance under
generally accepted accounting principles and should not be
considered in isolation from or as a substitute for operating
income (loss) or cash flow measures prepared in accordance with
generally accepted accounting principles or as a measure of
profitability or liquidity. Additionally, EBITDA, Adjusted EBITDA,
Segment EBITDA and Adjusted Segment EBITDA may not be comparable to
other similarly titled measures of other companies. The Company has
included EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted
Segment EBITDA as supplemental disclosures because its management
believes that EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted
Segment EBITDA provide 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
EBITDA, Adjusted EBITDA, Segment EBITDA and 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 tables above set forth reconciliations of
EBITDA, Adjusted EBITDA, Segment EBITDA and Adjusted Segment EBITDA
to operating income (loss), which is the most directly comparable
measure of financial performance calculated under generally
accepted accounting principles.
Company Contact:
Lloyd A. HajdikOil States International,
Inc.Executive Vice President, Chief Financial Officer and
Treasurer(713) 652-0582SOURCE: Oil States International, Inc.
Oil States (NYSE:OIS)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Oil States (NYSE:OIS)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024