HAMILTON,
Bermuda, Feb. 12, 2025 /PRNewswire/
-- Nabors Industries Ltd. ("Nabors" or the "Company")
(NYSE: NBR) today reported fourth quarter 2024 operating revenues
of $730 million, compared to
operating revenues of $732 million in
the third quarter. The net loss attributable to Nabors shareholders
for the quarter was $54 million,
compared to a net loss of $56 million
in the third quarter. This equates to a loss of $6.67 per diluted share, compared to a loss per
diluted share of $6.86 in the third
quarter. Fourth quarter adjusted EBITDA was $221 million, compared to $222 million in the previous quarter.
Highlights
- Nabors shareholders approved the issuance of shares to
Parker Wellbore ("Parker") stockholders in connection with the
merger between Parker and Nabors. Parker shareholders also approved
the merger. Pending certain international regulatory approvals, the
merger is expected to close during the first quarter of 2025.
- Nabors received awards for three rigs in Argentina, two of which will be transferred
from the U.S. on five-year contracts. The third rig is currently
working in country and is scheduled to start its new contract
before the end of the year. In addition, the Company received
another award for an idle rig in Colombia. These reactivations are capital
efficient opportunities to support growth, while improving Nabors'
asset utilization.
- In the fourth quarter, SANAD deployed its ninth newbuild
rig and is expected to start up two more in the first quarter of
2025. As Saudi Aramco continues to grow its natural gas activity,
Nabors continues to participate in its customer's expansion plans
with commitments to add rigs built in the Kingdom over the coming
years and its leading portfolio of drilling-related services.
- In Rig Technologies, Canrig was awarded a comprehensive
rig upgrade package by a third-party drilling contractor in the
U.S. Canrig is currently pursuing a number of upgrade
opportunities, both domestically and internationally. These
projects demonstrate Canrig's advanced technology suite, which
enables contractors to remain competitive as the drilling market
becomes increasingly demanding.
Anthony G.
Petrello, Nabors Chairman, CEO and President, commented, "We
are looking forward to adding Parker to the Nabors portfolio. Our
integration planning reinforces the Parker attributes that we
identified earlier. We are confident that this acquisition will
advance our strategic objectives while creating value for our
stakeholders.
"The market environment in the fourth
quarter provided us with some challenges in the U.S., as operators
continued to modulate their activity levels in oil basins, mainly
driven by recent mergers. Leading edge pricing in this market
remained steady, supporting our daily margins at relatively high
levels. For 2025, we are planning for stable market activity
through the early part of the year. Given this activity
level, we are responding with actions to improve
efficiency and align our cost structure.
"Our international businesses continued to
expand in multiple markets, including Saudi Arabia and Argentina. Although our international success
places pressure on our capital expenditures, these are attractive
growth opportunities for multiyear contracts with high returns. In
2025, we have startups planned in the Kingdom, Argentina, Colombia, and Kuwait. We project these deployments will
drive this segment's margins higher through the year.
"SANAD, our 50/50 joint venture with Saudi
Aramco, is progressively adding 50 rigs over approximately 10
years. Through 2024, SANAD has deployed nine of these units. The
rigs work under six-year initial contracts that are structured to
recover the invested capital over five years. This term is followed
by a four-year renewal mechanism, providing at least 10 years of
utilization.
"In 2025, SANAD's working newbuild fleet
should approximately double its contribution in adjusted EBITDA
over 2024. SANAD's expansion remains one of our most exciting
investment opportunities. We believe that in the next several years
our joint venture will start generating cash flow in excess of the
annual investment required for the newbuild rigs, meaningfully
increasing value for Nabors as a whole."
Segment Results
International Drilling adjusted EBITDA
totaled $112.0 million, compared to
$116.0 million in the third quarter.
Average rig count met activity expectations as it increased
slightly to 85 driven by rig additions in Argentina and Saudi
Arabia, mostly offset by rig suspensions in the Kingdom.
Daily adjusted gross margin for the fourth quarter averaged
$16,687 reflecting incremental costs
associated with these rig start-ups and suspensions.
The U.S. Drilling segment reported fourth
quarter adjusted EBITDA of $105.8
million, compared to $108.7
million in the third quarter. Nabors' fourth quarter Lower
48 average rig count totaled 66, versus 68 in the third quarter. In
the Lower 48, daily margins held up well in the fourth quarter.
Daily adjusted gross margin averaged $14,940, versus $15,051 in the prior quarter. Leading edge
pricing remained stable as average day rates reflected contracts
rolling to the latest prices. The change in average pricing was
mostly offset by reductions in operating expenses.
Drilling Solutions adjusted EBITDA was
$33.8 million. The segment's
performance was impacted by Nabors' rig count in the Lower 48.
Internationally, NDS activity remained strong. Drilling Solutions
gross margin expanded, topping 54%.
Rig Technologies adjusted EBITDA reached
$9.2 million, a 51% increase compared
to the third quarter. The increase was mainly due to higher
shipments of capital equipment in the Middle East.
Adjusted Free Cash Flow
In the fourth quarter, EBITDA was in line
with the prior quarter. A strong improvement in Rig Technologies
compensated for the decline in U.S. drilling activity. Consolidated
adjusted free cash flow in the fourth quarter was a use of
$53 million, resulting in part from a
temporary halt in payments by a client in Mexico and by higher capital
expenditures.
William
Restrepo, Nabors CFO, stated, "Two main factors impacted
adjusted free cash flow. First, in Mexico, the collections shortfall totaled
approximately $50 million in the
fourth quarter. Second, our capital expenses were $241 million, $10
million above our target. Although our capex outside SANAD
was $30 million below our target, the
JV's newbuild spending of $143
million exceeded our forecast by $40
million as its rig supplier continued to accelerate
completion of construction milestones.
"SANAD consumed $90
million in cash during the fourth quarter. Before SANAD's
growth capital spending, its cash increased by $53 million. For the full year 2024, SANAD's cash
declined by $52 million after funding
the investment of $271 million in its
newbuild program. This demonstrates that SANAD's cash increased by
more than $200 million, highlighting
the extraordinary strength of the existing fleet.
"For the full year, we forecast capital
spending of $710 to $720 million. Approximately $360 million of that total will be directed to
SANAD newbuild construction.
"We are projecting 2025 consolidated
adjusted free cash flow at just over breakeven. The expected use of
cash in SANAD is approximately $150
million. This implies that Nabors outside SANAD would
generate positive adjusted free cash flow of at least $150 million in 2025. This would give us the
ability to reduce Nabors gross debt by a significant
amount.
"None of these forecasts include the impact
of Parker Wellbore. We believe the acquired business will provide
incremental free cash flow to the combined company, even before the
expected synergies of $35
million."
Outlook
Nabors expects the following metrics for
the first quarter of 2025 (these expectations exclude the impact of
Parker Wellbore):
U.S. Drilling
- Lower 48 average rig count of approximately 61
rigs
- Lower 48 daily adjusted gross margin of approximately
$14,800
- Alaska and Gulf of Mexico combined adjusted EBITDA
approximately in line with the fourth quarter of 2024
International
- Average rig count of 85-86 rigs
- Daily adjusted gross margin of approximately $17,000
Drilling Solutions
- Adjusted EBITDA of approximately $33 million
Rig Technologies
- Adjusted EBITDA of approximately $5 million
Capital Expenditures
- Capital expenditures of $195 - $205
million, with $80 -
$85 million for the newbuilds in
Saudi Arabia
- Full-year capital expenditures of approximately
$710 - $720
million, with $360 million for
the SANAD newbuilds
Adjusted Free Cash Flow
- Adjusted free cash flow for 2025 of approximately
breakeven, with SANAD consuming approximately $150 million, while the remaining operations
should generate around $150
million
Mr. Petrello concluded, "Nabors commitment
to advanced technology is helping us navigate this current
environment. The addition of the Parker business will strengthen
our position, especially in our Drilling Solutions
segment.
"Our investments today support our current
operations as well as large scale growth, specifically in
Saudi Arabia. Our opportunity in
the Kingdom is unique in the drilling industry. It has potential
for substantial cash generation as well as for transformational
value creation for our shareholders."
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading
provider of advanced technology for the energy industry. With
presence in more than 20 countries, Nabors has established a global
network of people, technology and equipment to deploy solutions
that deliver safe, efficient and responsible energy production. By
leveraging its core competencies, particularly in drilling,
engineering, automation, data science and manufacturing, Nabors
aims to innovate the future of energy and enable the transition to
a lower-carbon world. Learn more about Nabors and its energy
technology leadership:
www.nabors.com.
Forward-looking Statements
The information included in this press
release includes forward-looking statements within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934.
Such forward-looking statements are subject to a number of risks
and uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, Nabors' actual results may differ materially from
those indicated or implied by such forward-looking
statements. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain
"non-GAAP" financial measures. The components of these
non-GAAP measures are computed by using amounts that are determined
in accordance with accounting principles generally accepted in
the United States of America
("GAAP"). Adjusted operating income (loss)
represents income (loss) from continuing operations before income
taxes, interest expense, investment income (loss), and other,
net. Adjusted EBITDA is computed similarly, but also
excludes depreciation and amortization expenses. In addition,
adjusted EBITDA and adjusted operating income (loss) exclude
certain cash expenses that the Company is obligated to make. Net
debt is calculated as total debt minus the sum of cash, cash
equivalents and short-term investments.
Adjusted free cash flow represents net cash
provided by operating activities less cash used for capital
expenditures, net of proceeds from sales of assets. Management
believes that adjusted free cash flow is an important liquidity
measure for the company and that it is useful to investors and
management as a measure of the company's ability to generate cash
flow, after reinvesting in the company for future growth, that
could be available for paying down debt or other financing cash
flows, such as dividends to shareholders. Management believes
that this non-GAAP measure is useful information to investors when
comparing our cash flows with the cash flows of other
companies.
Each of these non-GAAP measures has
limitations and therefore should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP.
However, management evaluates the performance of its operating
segments and the consolidated Company based on several criteria,
including Adjusted EBITDA, adjusted operating income (loss), net
debt, and adjusted free cash flow, because it believes that these
financial measures accurately reflect the Company's ongoing
profitability, performance and liquidity. Securities analysts
and investors also use these measures as some of the metrics on
which they analyze the Company's performance. Other companies in
this industry may compute these measures
differently. Reconciliations of consolidated adjusted EBITDA
and adjusted operating income (loss) to income (loss) from
continuing operations before income taxes, net debt to total debt,
and adjusted free cash flow to net cash provided by operations,
which are their nearest comparable GAAP financial measures, are
included in the tables at the end of this press
release. We do not provide a forward-looking
reconciliation of our outlook for Segment Adjusted EBITDA, Segment
Gross Margin or Adjusted Free Cash Flow, as the amount and
significance of items required to develop meaningful comparable
GAAP financial measures cannot be estimated at this time without
unreasonable efforts. These special items could be
meaningful.
Investor Contacts: William C.
Conroy, CFA, Vice President of Corporate Development &
Investor Relations, +1 281-775-2423 or via e-mail
william.conroy@nabors.com, or Kara
Peak, Director of Corporate Development & Investor
Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To
request investor materials, contact Nabors' corporate headquarters
in Hamilton, Bermuda at
+441-292-1510 or via e-mail mark.andrews@nabors.com
No Offer or Solicitation
This communication is not intended to and
shall not constitute an offer to sell or the solicitation of an
offer to sell or the solicitation of an offer to buy any securities
or a solicitation of any vote of approval, nor shall there be any
sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Important Additional Information and Where to Find
It
In connection with the proposed transaction
with Parker, Nabors filed a Registration Statement with the SEC on
Form S-4 to register the shares of Nabors capital stock to be
issued in connection with the proposed transaction. The
Registration Statement included a joint proxy statement/prospectus
of Nabors and Parker. The definitive joint proxy
statement/prospectus was sent to the shareholders of each of Nabors
and Parker to seek their approval of the proposed transaction and
other related matters.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION
STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS
INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY
OTHER RELEVANT DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT PARKER, NABORS AND THE PROPOSED TRANSACTION.
Investors and security holders are able to obtain these materials
and other documents filed with the SEC by Nabors or Parker free of
charge at the SEC's website, www.sec.gov, or from Nabors at its
website, www.nabors.com, or from Parker at its website,
www.parkerwellbore.com.
Participants in the Solicitation
Nabors and certain of its directors,
executive officers and other employees, and Parker and certain of
its directors, executive officers and other employees may be deemed
to be participants in the solicitation of proxies for security
holder approvals to be obtained for the proposed transaction. A
description of participants' direct or indirect interests, by
security holdings or otherwise, is included in the joint proxy
statement/prospectus relating to the proposed transaction filed
with the SEC. Information regarding Nabors' directors and executive
officers is available in its proxy statement filed with the SEC on
April 25, 2024 in connection with its
2024 annual meeting of shareholders (the "Annual Meeting Proxy
Statement") under "Proposal 1—Election of Directors— Director
Nominees," "Proposal 1—Election of Directors—Other Executive
Officers," "Compensation Discussion and Analysis" and "Share
Ownership of Directors and Executive Officers." To the extent
holdings of securities by potential Nabors participants (or the
identity of such participants) have changed since the information
printed in the Annual Meeting Proxy Statement, such information has
been or will be reflected on Nabors' Statements of Change in
Ownership on Forms 3 and 4 filed with the SEC. You may obtain free
copies of these documents using the sources indicated above.
Information regarding Parker's directors and executive officers is
available on Parker's website as indicated above.
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands, except per share
amounts)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
729,819
|
|
$
725,801
|
|
$
731,805
|
|
$
2,930,126
|
|
$
3,005,981
|
|
Investment income
(loss)
|
|
8,828
|
|
12,042
|
|
11,503
|
|
38,713
|
|
43,820
|
|
Total revenues and
other income
|
|
738,647
|
|
737,843
|
|
743,308
|
|
2,968,839
|
|
3,049,801
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and other
deductions:
|
|
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
433,404
|
|
424,769
|
|
431,705
|
|
1,742,411
|
|
1,790,380
|
|
General and
administrative expenses
|
|
61,436
|
|
57,003
|
|
63,976
|
|
249,317
|
|
244,147
|
|
Research and
engineering
|
|
14,434
|
|
13,926
|
|
14,404
|
|
57,063
|
|
56,297
|
|
Depreciation and
amortization
|
|
156,348
|
|
161,228
|
|
159,234
|
|
633,408
|
|
645,294
|
|
Interest
expense
|
|
53,642
|
|
49,938
|
|
55,350
|
|
210,864
|
|
185,285
|
|
Other, net
|
|
37,021
|
|
7,878
|
|
41,608
|
|
106,816
|
|
(726)
|
|
Total costs and other
deductions
|
|
756,285
|
|
714,742
|
|
766,277
|
|
2,999,879
|
|
2,920,677
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(17,638)
|
|
23,101
|
|
(22,969)
|
|
(31,040)
|
|
129,124
|
|
Income tax expense
(benefit)
|
|
15,231
|
|
19,244
|
|
10,118
|
|
56,947
|
|
79,220
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(32,869)
|
|
3,857
|
|
(33,087)
|
|
(87,987)
|
|
49,904
|
|
Less: Net (income)
loss attributable to noncontrolling interest
|
|
(20,802)
|
|
(20,560)
|
|
(22,738)
|
|
(88,097)
|
|
(61,688)
|
|
Net income (loss)
attributable to Nabors
|
|
$
(53,671)
|
|
$
(16,703)
|
|
$
(55,825)
|
|
$
(176,084)
|
|
$
(11,784)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(6.67)
|
|
$
(2.70)
|
|
$
(6.86)
|
|
$
(22.37)
|
|
$
(5.49)
|
|
Diluted
|
|
$
(6.67)
|
|
$
(2.70)
|
|
$
(6.86)
|
|
$
(22.37)
|
|
$
(5.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
9,213
|
|
9,133
|
|
9,213
|
|
9,202
|
|
9,159
|
|
Diluted
|
|
9,213
|
|
9,133
|
|
9,213
|
|
9,202
|
|
9,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
220,545
|
|
$
230,103
|
|
$
221,720
|
|
$
881,335
|
|
$
915,157
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
64,197
|
|
$
68,875
|
|
$
62,486
|
|
$
247,927
|
|
$
269,863
|
|
|
|
|
|
|
|
|
|
|
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands)
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and short-term
investments
|
|
$
397,299
|
|
$
459,302
|
|
$
1,070,178
|
|
Accounts receivable,
net
|
|
387,970
|
|
384,723
|
|
347,837
|
|
Other current
assets
|
|
214,268
|
|
228,300
|
|
227,663
|
|
Total current
assets
|
|
999,537
|
|
1,072,325
|
|
1,645,678
|
|
Property, plant and
equipment, net
|
|
2,830,957
|
|
2,766,411
|
|
2,898,728
|
|
Other long-term
assets
|
|
673,807
|
|
714,900
|
|
733,559
|
|
Total assets
|
|
$
4,504,301
|
|
$
4,553,636
|
|
$
5,277,965
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current debt
|
|
$
-
|
|
$
-
|
|
$
629,621
|
|
Trade accounts
payable
|
|
321,030
|
|
316,694
|
|
294,442
|
|
Other current
liabilities
|
|
250,887
|
|
254,884
|
|
289,918
|
|
Total current
liabilities
|
|
571,917
|
|
571,578
|
|
1,213,981
|
|
Long-term
debt
|
|
2,505,217
|
|
2,503,270
|
|
2,511,519
|
|
Other long-term
liabilities
|
|
220,829
|
|
244,679
|
|
271,380
|
|
Total liabilities
|
|
3,297,963
|
|
3,319,527
|
|
3,996,880
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in subsidiary
|
|
785,091
|
|
773,525
|
|
739,075
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
134,996
|
|
191,363
|
|
326,614
|
|
Noncontrolling
interest
|
|
286,251
|
|
269,221
|
|
215,396
|
|
Total equity
|
|
421,247
|
|
460,584
|
|
542,010
|
|
Total liabilities and
equity
|
|
$
4,504,301
|
|
$
4,553,636
|
|
$
5,277,965
|
|
|
|
|
|
|
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
SEGMENT REPORTING
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables
set forth certain information with respect to our reportable
segments and rig activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands, except rig
activity)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$
241,637
|
|
$
265,762
|
|
$
254,773
|
|
$
1,028,122
|
|
$
1,207,629
|
|
International
Drilling
|
|
371,406
|
|
342,771
|
|
368,594
|
|
1,446,092
|
|
1,345,249
|
|
Drilling
Solutions
|
|
75,992
|
|
77,028
|
|
79,544
|
|
314,071
|
|
301,757
|
|
Rig Technologies
(1)
|
|
56,166
|
|
59,287
|
|
45,809
|
|
201,677
|
|
242,768
|
|
Other reconciling items
(2)
|
|
(15,382)
|
|
(19,047)
|
|
(16,915)
|
|
(59,836)
|
|
(91,422)
|
|
Total operating
revenues
|
|
$
729,819
|
|
$
725,801
|
|
$
731,805
|
|
$
2,930,126
|
|
$
3,005,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$
105,757
|
|
$
118,371
|
|
$
108,660
|
|
$
448,840
|
|
$
533,663
|
|
International
Drilling
|
|
111,962
|
|
105,540
|
|
115,951
|
|
436,782
|
|
388,654
|
|
Drilling
Solutions
|
|
33,809
|
|
34,502
|
|
34,311
|
|
132,375
|
|
129,591
|
|
Rig Technologies
(1)
|
|
9,208
|
|
8,811
|
|
6,104
|
|
29,443
|
|
27,394
|
|
Other reconciling items
(4)
|
|
(40,191)
|
|
(37,121)
|
|
(43,306)
|
|
(166,105)
|
|
(164,145)
|
|
Total adjusted
EBITDA
|
|
$
220,545
|
|
$
230,103
|
|
$
221,720
|
|
$
881,335
|
|
$
915,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$
38,973
|
|
$
51,494
|
|
$
41,694
|
|
$
176,281
|
|
$
262,353
|
|
International
Drilling
|
|
29,528
|
|
18,642
|
|
32,182
|
|
107,858
|
|
40,868
|
|
Drilling
Solutions
|
|
28,944
|
|
30,127
|
|
29,231
|
|
112,387
|
|
110,957
|
|
Rig Technologies
(1)
|
|
8,413
|
|
5,788
|
|
2,761
|
|
20,243
|
|
19,529
|
|
Other reconciling items
(4)
|
|
(41,661)
|
|
(37,176)
|
|
(43,382)
|
|
(168,842)
|
|
(163,844)
|
|
Total adjusted
operating income (loss)
|
|
$
64,197
|
|
$
68,875
|
|
$
62,486
|
|
$
247,927
|
|
$
269,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rig
activity:
|
|
|
|
|
|
|
|
|
|
|
|
Average Rigs Working:
(7)
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
65.9
|
|
70.3
|
|
67.8
|
|
68.6
|
|
79.6
|
|
Other US
|
|
6.8
|
|
6.0
|
|
6.2
|
|
6.5
|
|
6.7
|
|
U.S.
Drilling
|
|
72.7
|
|
76.3
|
|
74.0
|
|
75.1
|
|
86.3
|
|
International
Drilling
|
|
84.8
|
|
79.6
|
|
84.7
|
|
83.7
|
|
77.6
|
|
Total average rigs
working
|
|
157.5
|
|
155.9
|
|
158.7
|
|
158.8
|
|
163.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Rig Revenue:
(6),(8)
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
$
33,396
|
|
$
35,776
|
|
$
34,812
|
|
$
34,771
|
|
$
36,202
|
|
Other US
|
|
62,624
|
|
62,346
|
|
66,352
|
|
65,264
|
|
63,866
|
|
U.S. Drilling
(10)
|
|
36,137
|
|
37,865
|
|
37,441
|
|
37,419
|
|
38,338
|
|
International
Drilling
|
|
47,620
|
|
46,782
|
|
47,281
|
|
47,189
|
|
47,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Adjusted Gross
Margin: (6),(9)
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48
|
|
$
14,940
|
|
$
16,240
|
|
$
15,051
|
|
$
15,411
|
|
$
16,446
|
|
Other US
|
|
34,707
|
|
34,641
|
|
37,363
|
|
36,440
|
|
33,850
|
|
U.S. Drilling
(10)
|
|
16,793
|
|
17,687
|
|
16,911
|
|
17,237
|
|
17,790
|
|
International
Drilling
|
|
16,687
|
|
16,651
|
|
17,085
|
|
16,478
|
|
15,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes our oilfield
equipment manufacturing activities.
|
|
|
|
|
|
|
|
|
|
(2)
|
Represents the
elimination of inter-segment transactions related to our Rig
Technologies operating segment.
|
|
|
|
|
|
|
|
|
|
(3)
|
Adjusted EBITDA
represents net income (loss) before income tax expense (benefit),
investment income (loss), interest expense, other, net and
depreciation and amortization. Adjusted EBITDA is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted EBITDA excludes certain cash expenses that the
Company is obligated to make. However, management evaluates the
performance of its operating segments and the consolidated Company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. Securities analysts and investors use this
measure as one of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute
these measures differently. A reconciliation of this non-GAAP
measure to net income (loss), which is the most closely comparable
GAAP measure, is provided in the table set forth immediately
following the heading "Reconciliation of Non-GAAP Financial
Measures to Net Income (Loss)".
|
|
|
|
|
|
|
|
|
|
(4)
|
Represents the
elimination of inter-segment transactions and unallocated corporate
expenses.
|
|
|
|
|
|
|
|
|
|
(5)
|
Adjusted operating
income (loss) represents net income (loss) before income tax
expense (benefit), investment income (loss), interest expense
and other, net. Adjusted operating income (loss) is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted operating income (loss) excludes certain cash
expenses that the Company is obligated to make. However, management
evaluates the performance of its operating segments and the
consolidated Company based on several criteria, including adjusted
EBITDA and adjusted operating income (loss), because it believes
that these financial measures accurately reflect the Company's
ongoing profitability and performance. Securities analysts
and investors use this measure as one of the metrics on which they
analyze the Company's performance. Other companies in this
industry may compute these measures differently. A
reconciliation of this non-GAAP measure to net income (loss), which
is the most closely comparable GAAP measure, is provided in the
table set forth immediately following the heading "Reconciliation
of Non-GAAP Financial Measures to Net Income (Loss)".
|
|
|
|
|
|
|
|
|
|
(6)
|
Rig revenue days
represents the number of days the Company's rigs are contracted and
performing under a contract during the period. These would
typically include days in which operating, standby and move revenue
is earned.
|
|
|
|
|
|
|
|
|
|
(7)
|
Average rigs working
represents a measure of the average number of rigs operating during
a given period. For example, one rig operating 45 days during
a quarter represents approximately 0.5 average rigs working for the
quarter. On an annual period, one rig operating 182.5 days
represents approximately 0.5 average rigs working for the
year. Average rigs working can also be calculated as rig
revenue days during the period divided by the number of calendar
days in the period.
|
|
|
|
|
|
|
|
|
|
(8)
|
Daily rig revenue
represents operating revenue, divided by the total number of
revenue days during the quarter.
|
|
|
|
|
|
|
|
|
|
(9)
|
Daily adjusted gross
margin represents operating revenue less direct costs, divided by
the total number of rig revenue days during the
quarter.
|
|
|
|
|
|
|
|
|
|
(10)
|
The U.S. Drilling
segment includes the Lower 48, Alaska, and Gulf of Mexico operating
areas.
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
|
Reconciliation of Earnings per
Share
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
|
(in thousands, except per share
amounts)
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
BASIC EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(numerator):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss), net of
tax
|
$
|
(32,869)
|
|
$
|
3,857
|
|
$
|
(33,087)
|
|
$
|
(87,987)
|
|
$
|
49,904
|
|
|
Less: net (income)
loss attributable to noncontrolling
interest
|
|
(20,802)
|
|
|
(20,560)
|
|
|
(22,738)
|
|
|
(88,097)
|
|
|
(61,688)
|
|
|
Less: deemed dividends
to SPAC public shareholders
|
|
—
|
|
|
(458)
|
|
|
—
|
|
|
—
|
|
|
(8,638)
|
|
|
Less: accrued
distribution on redeemable
noncontrolling interest in subsidiary
|
|
(7,794)
|
|
|
(7,517)
|
|
|
(7,363)
|
|
|
(29,723)
|
|
|
(29,824)
|
|
|
Numerator for basic
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income
(loss), net of tax - basic
|
$
|
(61,465)
|
|
$
|
(24,678)
|
|
$
|
(63,188)
|
|
$
|
(205,807)
|
|
$
|
(50,246)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares outstanding - basic
|
|
9,213
|
|
|
9,133
|
|
|
9,213
|
|
|
9,202
|
|
|
9,159
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Basic
|
$
|
(6.67)
|
|
$
|
(2.70)
|
|
$
|
(6.86)
|
|
$
|
(22.37)
|
|
$
|
(5.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss),
net of tax - diluted
|
$
|
(61,465)
|
|
$
|
(24,678)
|
|
$
|
(63,188)
|
|
$
|
(205,807)
|
|
$
|
(50,246)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares outstanding - diluted
|
|
9,213
|
|
|
9,133
|
|
|
9,213
|
|
|
9,202
|
|
|
9,159
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Diluted
|
$
|
(6.67)
|
|
$
|
(2.70)
|
|
$
|
(6.86)
|
|
$
|
(22.37)
|
|
$
|
(5.49)
|
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
NON-GAAP FINANCIAL MEASURES
|
|
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2024
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
38,973
|
|
$
29,528
|
|
$
28,944
|
|
$
8,413
|
|
$ (41,661)
|
|
$ 64,197
|
|
Depreciation and
amortization
|
|
66,784
|
|
82,434
|
|
4,865
|
|
795
|
|
1,470
|
|
156,348
|
|
Adjusted
EBITDA
|
|
$
105,757
|
|
$
111,962
|
|
$
33,809
|
|
$
9,208
|
|
$ (40,191)
|
|
$
220,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2023
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
51,494
|
|
$
18,642
|
|
$
30,127
|
|
$
5,788
|
|
$ (37,176)
|
|
$ 68,875
|
|
Depreciation and
amortization
|
|
66,877
|
|
86,898
|
|
4,375
|
|
3,023
|
|
55
|
|
161,228
|
|
Adjusted
EBITDA
|
|
$
118,371
|
|
$
105,540
|
|
$
34,502
|
|
$
8,811
|
|
$ (37,121)
|
|
$
230,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2024
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
41,694
|
|
$
32,182
|
|
$
29,231
|
|
$
2,761
|
|
$ (43,382)
|
|
$ 62,486
|
|
Depreciation and
amortization
|
|
66,966
|
|
83,769
|
|
5,080
|
|
3,343
|
|
76
|
|
159,234
|
|
Adjusted
EBITDA
|
|
$
108,660
|
|
$
115,951
|
|
$
34,311
|
|
$
6,104
|
|
$ (43,306)
|
|
$
221,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
176,281
|
|
$
107,858
|
|
$ 112,387
|
|
$
20,243
|
|
$
(168,842)
|
|
$
247,927
|
|
Depreciation and
amortization
|
|
272,559
|
|
328,924
|
|
19,988
|
|
9,200
|
|
2,737
|
|
633,408
|
|
Adjusted
EBITDA
|
|
$
448,840
|
|
$
436,782
|
|
$ 132,375
|
|
$
29,443
|
|
$
(166,105)
|
|
$
881,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023
|
|
|
U.S.
Drilling
|
|
International
Drilling
|
|
Drilling
Solutions
|
|
Rig
Technologies
|
|
Other
reconciling
items
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
262,353
|
|
$
40,868
|
|
$ 110,957
|
|
$
19,529
|
|
$
(163,844)
|
|
$
269,863
|
|
Depreciation and
amortization
|
|
271,310
|
|
347,786
|
|
18,634
|
|
7,865
|
|
(301)
|
|
645,294
|
|
Adjusted
EBITDA
|
|
$
533,663
|
|
$
388,654
|
|
$ 129,591
|
|
$
27,394
|
|
$
(164,145)
|
|
$
915,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
NON-GAAP FINANCIAL MEASURES
|
|
RECONCILIATION OF ADJUSTED GROSS MARGIN BY SEGMENT TO
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower 48 - U.S.
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
27,354
|
|
$
40,108
|
|
$
30,353
|
|
$
129,812
|
|
$
215,041
|
|
Plus: General and
administrative costs
|
|
5,156
|
|
4,087
|
|
5,084
|
|
19,452
|
|
19,590
|
|
Plus: Research and
engineering
|
|
1,002
|
|
1,276
|
|
972
|
|
3,847
|
|
5,373
|
|
GAAP Gross
Margin
|
|
33,512
|
|
45,471
|
|
36,409
|
|
153,111
|
|
240,004
|
|
Plus: Depreciation and
amortization
|
|
57,019
|
|
59,545
|
|
57,470
|
|
233,555
|
|
238,033
|
|
Adjusted gross
margin
|
|
$
90,531
|
|
$
105,016
|
|
$
93,879
|
|
$
386,666
|
|
$
478,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other - U.S.
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
11,619
|
|
$
11,386
|
|
$
11,341
|
|
$
46,469
|
|
$
47,312
|
|
Plus: General and
administrative costs
|
|
305
|
|
315
|
|
313
|
|
1,250
|
|
1,314
|
|
Plus: Research and
engineering
|
|
72
|
|
89
|
|
42
|
|
206
|
|
438
|
|
GAAP Gross
Margin
|
|
11,996
|
|
11,790
|
|
11,696
|
|
47,925
|
|
49,064
|
|
Plus: Depreciation and
amortization
|
|
9,765
|
|
7,332
|
|
9,496
|
|
39,004
|
|
33,277
|
|
Adjusted gross
margin
|
|
$
21,761
|
|
$
19,122
|
|
$
21,192
|
|
$
86,929
|
|
$
82,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
38,973
|
|
$
51,494
|
|
$
41,694
|
|
$
176,281
|
|
$
262,353
|
|
Plus: General and
administrative costs
|
|
5,461
|
|
4,402
|
|
5,397
|
|
20,702
|
|
20,904
|
|
Plus: Research and
engineering
|
|
1,074
|
|
1,365
|
|
1,014
|
|
4,053
|
|
5,811
|
|
GAAP Gross
Margin
|
|
45,508
|
|
57,261
|
|
48,105
|
|
201,036
|
|
289,068
|
|
Plus: Depreciation and
amortization
|
|
66,784
|
|
66,877
|
|
66,966
|
|
272,559
|
|
271,310
|
|
Adjusted gross
margin
|
|
$
112,292
|
|
$
124,138
|
|
$
115,071
|
|
$
473,595
|
|
$
560,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Drilling
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
29,528
|
|
$
18,642
|
|
$
32,182
|
|
$
107,858
|
|
$
40,868
|
|
Plus: General and
administrative costs
|
|
16,758
|
|
14,900
|
|
15,698
|
|
62,306
|
|
57,624
|
|
Plus: Research and
engineering
|
|
1,431
|
|
1,560
|
|
1,543
|
|
5,886
|
|
6,789
|
|
GAAP Gross
Margin
|
|
47,717
|
|
35,102
|
|
49,423
|
|
176,050
|
|
105,281
|
|
Plus: Depreciation and
amortization
|
|
82,434
|
|
86,898
|
|
83,769
|
|
328,924
|
|
347,786
|
|
Adjusted gross
margin
|
|
$
130,151
|
|
$
122,000
|
|
$
133,192
|
|
$
504,974
|
|
$
453,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin
by segment represents adjusted operating income (loss) plus general
and administrative costs, research and engineering costs and
depreciation and amortization.
|
|
|
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO NET
INCOME (LOSS)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands)
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(32,869)
|
|
$
3,857
|
|
$
(33,087)
|
|
$
(87,987)
|
|
$
49,904
|
|
Income tax expense
(benefit)
|
|
15,231
|
|
19,244
|
|
10,118
|
|
56,947
|
|
79,220
|
|
Income (loss) from
continuing operations before income taxes
|
|
(17,638)
|
|
23,101
|
|
(22,969)
|
|
(31,040)
|
|
129,124
|
|
Investment (income)
loss
|
|
(8,828)
|
|
(12,042)
|
|
(11,503)
|
|
(38,713)
|
|
(43,820)
|
|
Interest
expense
|
|
53,642
|
|
49,938
|
|
55,350
|
|
210,864
|
|
185,285
|
|
Other, net
|
|
37,021
|
|
7,878
|
|
41,608
|
|
106,816
|
|
(726)
|
|
Adjusted operating
income (loss) (1)
|
|
64,197
|
|
68,875
|
|
62,486
|
|
247,927
|
|
269,863
|
|
Depreciation and
amortization
|
|
156,348
|
|
161,228
|
|
159,234
|
|
633,408
|
|
645,294
|
|
Adjusted EBITDA
(2)
|
|
$
220,545
|
|
$
230,103
|
|
$
221,720
|
|
$
881,335
|
|
$
915,157
|
|
|
(1) Adjusted operating
income (loss) represents net income (loss) before income tax
expense (benefit), investment income (loss), interest expense, and
other, net. Adjusted operating income (loss) is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted operating income (loss) excludes certain cash
expenses that the Company is obligated to make. However, management
evaluates the performance of its operating segments and the
consolidated Company based on several criteria, including adjusted
EBITDA and adjusted operating income (loss), because it believes
that these financial measures accurately reflect the Company's
ongoing profitability and performance. Securities analysts
and investors use this measure as one of the metrics on which they
analyze the Company's performance. Other companies in this
industry may compute these measures differently.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Adjusted EBITDA
represents net income (loss) before income tax expense (benefit),
investment income (loss), interest expense, other, net and
depreciation and amortization. Adjusted EBITDA is a non-GAAP
financial measure and should not be used in isolation or as a
substitute for the amounts reported in accordance with GAAP. In
addition, adjusted EBITDA excludes certain cash expenses that the
Company is obligated to make. However, management evaluates the
performance of its operating segments and the consolidated Company
based on several criteria, including adjusted EBITDA and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. Securities analysts and investors use this
measure as one of the metrics on which they analyze the Company's
performance. Other companies in this industry may compute
these measures differently.
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
RECONCILIATION OF NET DEBT TO TOTAL
DEBT
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands)
|
|
2024
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Current debt
|
|
$
-
|
|
$
-
|
|
$
629,621
|
|
Long-term
debt
|
|
2,505,217
|
|
2,503,270
|
|
2,511,519
|
|
Total Debt
|
|
2,505,217
|
|
2,503,270
|
|
3,141,140
|
|
Less: Cash and
short-term investments
|
|
397,299
|
|
459,302
|
|
1,070,178
|
|
Net Debt
|
|
$
2,107,918
|
|
$
2,043,968
|
|
$
2,070,962
|
|
|
|
|
|
|
|
|
NABORS INDUSTRIES LTD. AND
SUBSIDIARIES
|
|
RECONCILIATION OF ADJUSTED FREE CASH FLOW
TO
|
|
NET CASH PROVIDED BY OPERATING
ACTIVITIES
|
|
(Unaudited)
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
(In thousands)
|
|
2024
|
|
2024
|
|
2024
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
148,919
|
|
$
143,615
|
|
$
581,432
|
|
Add: Capital
expenditures, net of proceeds from sales of
assets
|
|
(202,215)
|
|
(126,071)
|
|
(552,421)
|
|
|
|
|
|
|
|
|
Adjusted free cash
flow
|
|
$
(53,296)
|
|
$
17,544
|
|
$
29,011
|
|
|
|
|
|
|
|
|
|
Adjusted free cash flow
represents net cash provided by operating activities less cash used
for capital expenditures, net of proceeds from sales of
assets. Management believes that adjusted free cash flow is
an important liquidity measure for the company and that it is
useful to investors and management as a measure of the company's
ability to generate cash flow, after reinvesting in the company for
future growth, that could be available for paying down debt or
other financing cash flows, such as dividends to
shareholders. Adjusted free cash flow does not represent the
residual cash flow available for discretionary expenditures.
Adjusted free cash flow is a non-GAAP financial measure that should
be considered in addition to, not as a substitute for or superior
to, cash flow from operations reported in accordance with
GAAP.
|
View original
content:https://www.prnewswire.com/news-releases/nabors-announces-fourth-quarter-2024-results-302375389.html
SOURCE Nabors Industries Ltd.
