Forum Energy Technologies Announces Fourth Quarter and Full Year 2024 Results and Outlook; Delivers $92 Million of Operating Cash Flow
Forum Energy Technologies (NYSE: FET) reported full-year 2024 revenue of $816 million, marking a 10% year-over-year increase, with orders reaching $780 million and a book-to-bill ratio of 96%. The company posted a net loss of $135 million for 2024, while achieving adjusted EBITDA of $100 million, up 49% from 2023.
Fourth quarter 2024 results showed revenue of $201 million and orders of $190 million. The quarter's net loss of $104 million included a non-cash intangible asset impairment of $119 million. The company generated strong operating cash flow of $92 million and free cash flow of $105 million for the year.
FET implemented a shareholder return program with $2 million in share repurchases in January 2025 and announced 2025 adjusted EBITDA guidance of $85-105 million. The company expects global drilling and completion activity to decline 2-5% in 2025 but aims to offset this through market share gains.
Forum Energy Technologies (NYSE: FET) ha riportato un fatturato annuale per il 2024 di 816 milioni di dollari, segnando un aumento del 10% rispetto all'anno precedente, con ordini che hanno raggiunto i 780 milioni di dollari e un rapporto book-to-bill del 96%. L'azienda ha registrato una perdita netta di 135 milioni di dollari per il 2024, pur conseguendo un EBITDA rettificato di 100 milioni di dollari, in aumento del 49% rispetto al 2023.
I risultati del quarto trimestre 2024 hanno mostrato un fatturato di 201 milioni di dollari e ordini per 190 milioni di dollari. La perdita netta del trimestre di 104 milioni di dollari includeva un'imparità di asset intangibili non monetari di 119 milioni di dollari. L'azienda ha generato un forte flusso di cassa operativo di 92 milioni di dollari e un flusso di cassa libero di 105 milioni di dollari per l'anno.
FET ha implementato un programma di ritorno per gli azionisti con 2 milioni di dollari in riacquisti di azioni a gennaio 2025 e ha annunciato una guida per l'EBITDA rettificato del 2025 compresa tra 85 e 105 milioni di dollari. L'azienda prevede che l'attività di perforazione e completamento globale diminuisca del 2-5% nel 2025, ma punta a compensare questo attraverso guadagni di quota di mercato.
Forum Energy Technologies (NYSE: FET) reportó ingresos anuales para 2024 de 816 millones de dólares, marcando un aumento del 10% en comparación con el año anterior, con pedidos que alcanzaron los 780 millones de dólares y una relación book-to-bill del 96%. La empresa registró una pérdida neta de 135 millones de dólares para 2024, mientras logró un EBITDA ajustado de 100 millones de dólares, un 49% más que en 2023.
Los resultados del cuarto trimestre de 2024 mostraron ingresos de 201 millones de dólares y pedidos de 190 millones de dólares. La pérdida neta del trimestre de 104 millones de dólares incluyó un deterioro de activos intangibles no monetarios de 119 millones de dólares. La compañía generó un fuerte flujo de caja operativo de 92 millones de dólares y un flujo de caja libre de 105 millones de dólares para el año.
FET implementó un programa de retorno para los accionistas con 2 millones de dólares en recompra de acciones en enero de 2025 y anunció una guía de EBITDA ajustado para 2025 de entre 85 y 105 millones de dólares. La empresa espera que la actividad de perforación y finalización global disminuya entre un 2% y un 5% en 2025, pero busca compensar esto mediante ganancias de cuota de mercado.
포럼 에너지 기술 (NYSE: FET)는 2024년 연간 수익이 8억 1,600만 달러에 달하며, 전년 대비 10% 증가했다고 보고했습니다. 주문은 7억 8,000만 달러에 달하고, 수주 대금 비율은 96%입니다. 이 회사는 2024년에 1억 3,500만 달러의 순손실을 기록했지만, 조정된 EBITDA는 1억 달러로 2023년 대비 49% 증가했습니다.
2024년 4분기 결과는 2억 1,000만 달러의 수익과 1억 9,000만 달러의 주문을 보여주었습니다. 분기의 순손실 1억 4,000만 달러에는 1억 1,900만 달러의 비현금 무형자산 손상이 포함되었습니다. 이 회사는 연간 9,200만 달러의 강력한 운영 현금 흐름과 1억 5,000만 달러의 자유 현금 흐름을 창출했습니다.
FET는 2025년 1월에 200만 달러의 자사주 매입을 포함한 주주 환원 프로그램을 시행했으며, 2025년 조정 EBITDA 가이던스를 8,500만 달러에서 1억 500만 달러로 발표했습니다. 이 회사는 2025년에 전 세계 시추 및 완공 활동이 2-5% 감소할 것으로 예상하지만, 시장 점유율 증가를 통해 이를 상쇄할 계획입니다.
Forum Energy Technologies (NYSE: FET) a annoncé un chiffre d'affaires annuel pour 2024 de 816 millions de dollars, marquant une augmentation de 10 % par rapport à l'année précédente, avec des commandes atteignant 780 millions de dollars et un ratio de commandes à facturation de 96 %. L'entreprise a affiché une perte nette de 135 millions de dollars pour 2024, tout en atteignant un EBITDA ajusté de 100 millions de dollars, en hausse de 49 % par rapport à 2023.
Les résultats du quatrième trimestre 2024 ont montré un chiffre d'affaires de 201 millions de dollars et des commandes de 190 millions de dollars. La perte nette du trimestre de 104 millions de dollars comprenait une dépréciation d'actifs incorporels non monétaires de 119 millions de dollars. L'entreprise a généré un solide flux de trésorerie opérationnel de 92 millions de dollars et un flux de trésorerie libre de 105 millions de dollars pour l'année.
FET a mis en place un programme de retour pour les actionnaires avec 2 millions de dollars de rachat d'actions en janvier 2025 et a annoncé une prévision d'EBITDA ajusté pour 2025 de 85 à 105 millions de dollars. L'entreprise s'attend à ce que l'activité mondiale de forage et de finition diminue de 2 à 5 % en 2025, mais vise à compenser cela par des gains de part de marché.
Forum Energy Technologies (NYSE: FET) berichtete für das Jahr 2024 über Einnahmen von 816 Millionen Dollar, was einem Anstieg von 10% im Vergleich zum Vorjahr entspricht. Die Aufträge beliefen sich auf 780 Millionen Dollar, und das Verhältnis von Auftragseingang zu Umsatz lag bei 96%. Das Unternehmen verzeichnete für 2024 einen Nettoverlust von 135 Millionen Dollar, während es ein bereinigtes EBITDA von 100 Millionen Dollar erzielte, was einem Anstieg von 49% gegenüber 2023 entspricht.
Die Ergebnisse des vierten Quartals 2024 zeigten Einnahmen von 201 Millionen Dollar und Aufträge von 190 Millionen Dollar. Der Nettoverlust des Quartals von 104 Millionen Dollar umfasste eine nicht zahlungswirksame Wertminderung von immateriellen Vermögenswerten in Höhe von 119 Millionen Dollar. Das Unternehmen erwirtschaftete einen starken operativen Cashflow von 92 Millionen Dollar und einen freien Cashflow von 105 Millionen Dollar für das Jahr.
FET führte ein Rückkehrprogramm für Aktionäre mit 2 Millionen Dollar an Aktienrückkäufen im Januar 2025 ein und gab eine EBITDA-Prognose für 2025 von 85 bis 105 Millionen Dollar bekannt. Das Unternehmen erwartet, dass die globale Bohr- und Abschlussaktivität im Jahr 2025 um 2-5% zurückgehen wird, strebt jedoch an, dies durch Marktanteilsgewinne auszugleichen.
- Revenue increased 10% year-over-year to $816 million
- Adjusted EBITDA grew 49% to $100 million
- Generated strong free cash flow of $105 million
- Achieved 15% market share growth in 2024
- Implemented $75 million share repurchase program
- Successfully refinanced long-term debt
- Net loss of $135 million ($11.00 per diluted share) in 2024
- $119 million non-cash intangible asset impairment in Q4
- Book-to-bill ratio below 1.0 at 96%
- Expected 2-5% decline in global drilling activity for 2025
- Lower 2025 guidance with adjusted EBITDA of $85-105 million vs $100 million in 2024
Insights
Forum Energy Technologies' 2024 results demonstrate meaningful operational progress despite challenging market conditions. The
The standout achievement is the company's exceptional cash flow management, generating
The recent balance sheet refinancing and introduction of a structured capital allocation strategy (50% to debt reduction, 50% to strategic investments) demonstrates prudent financial management. The
However, the
Segment performance reveals divergent trends: The Drilling and Completions segment faces near-term headwinds from reduced U.S. completions activity, while the Artificial Lift and Downhole segment shows resilience with growing demand for processing equipment technologies. This diversification helps buffer against market volatility while providing multiple growth avenues.
Full Year 2024 Highlights and 2025 Guidance
-
Revenue:
$816 million 10% year-over-year increase -
Orders:
$780 million 96% -
Net loss:
$135 million -
Adjusted EBITDA:
$100 million 49% increase from 2023 -
Operating cash flow and free cash flow:
$92 million $105 million -
Shareholder return program:
$2 million -
2025 adjusted EBITDA guidance:
$85 $105 million
Neal Lux, President and Chief Executive Officer, remarked, “2024 was a fantastic year for FET. We began by closing the Variperm acquisition, which contributed meaningfully to our financial results. Consolidated revenue was up
“We ended the year refinancing our long-term debt, solidifying our balance sheet, and providing flexibility to return capital to shareholders. In December, we announced a
“During 2024, we implemented our “Beat the Market” strategy to grow profitable market share by focusing on niche markets, delivering innovative solutions, and leveraging our global manufacturing footprint. This strategy, combined with the Variperm acquisition, led to
“In the near term, commodity prices remain range bound due to excess production capacity and slower demand growth. We expect global drilling and completion activity to be down
_____________________________ |
1 See Tables 1-6 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items. |
Segment Results (unless otherwise noted, comparisons are fourth quarter 2024 versus third quarter 2024)
Drilling and Completions segment revenue was
Artificial Lift and Downhole segment revenue was
FET® is a global manufacturing company, serving the oil, natural gas, industrial and renewable energy industries. With headquarters located in
Non-GAAP Financial Measures
The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company's overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release.
Forward Looking Statements and Other Legal Disclosure
This press release 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc. |
||||||||||||
Condensed consolidated statements of net income (loss) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
||||||||||
|
|
Three months ended |
||||||||||
|
|
December 31, |
|
September 30, |
||||||||
(in millions, except per share information) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Revenue |
|
$ |
201.0 |
|
|
$ |
185.2 |
|
|
$ |
207.8 |
|
Cost of sales |
|
|
138.5 |
|
|
|
135.5 |
|
|
|
142.1 |
|
Gross profit |
|
|
62.5 |
|
|
|
49.7 |
|
|
|
65.7 |
|
Operating expenses |
|
|
|
|
|
|
||||||
Selling, general and administrative expenses |
|
|
54.6 |
|
|
|
45.0 |
|
|
|
56.3 |
|
Transaction expenses |
|
|
— |
|
|
|
2.9 |
|
|
|
0.6 |
|
Impairment of intangible assets |
|
|
119.1 |
|
|
|
— |
|
|
|
— |
|
Gain on sale-leaseback transactions and other |
|
|
(4.4 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Total operating expenses |
|
|
169.3 |
|
|
|
47.9 |
|
|
|
56.8 |
|
Operating income (loss) |
|
|
(106.8 |
) |
|
|
1.8 |
|
|
|
8.9 |
|
Other expense (income) |
|
|
|
|
|
|
||||||
Interest expense |
|
|
6.4 |
|
|
|
4.6 |
|
|
|
7.7 |
|
Loss on extinguishment of debt |
|
|
0.6 |
|
|
|
— |
|
|
|
1.8 |
|
Foreign exchange losses (gains) and other, net |
|
|
(6.6 |
) |
|
|
9.1 |
|
|
|
9.6 |
|
Total other expense |
|
|
0.4 |
|
|
|
13.7 |
|
|
|
19.1 |
|
Loss before income taxes |
|
|
(107.2 |
) |
|
|
(11.9 |
) |
|
|
(10.2 |
) |
Income tax expense (benefit) |
|
|
(3.7 |
) |
|
|
4.9 |
|
|
|
4.6 |
|
Net income (loss) (1) |
|
$ |
(103.5 |
) |
|
$ |
(16.8 |
) |
|
$ |
(14.8 |
) |
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
||||||
Basic |
|
|
12.3 |
|
|
|
10.2 |
|
|
|
12.3 |
|
Diluted |
|
|
12.3 |
|
|
|
10.2 |
|
|
|
12.3 |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
||||||
Basic |
|
$ |
(8.39 |
) |
|
$ |
(1.64 |
) |
|
$ |
(1.20 |
) |
Diluted |
|
$ |
(8.39 |
) |
|
$ |
(1.64 |
) |
|
$ |
(1.20 |
) |
|
|
|
|
|
|
|
||||||
(1) Refer to Table 1 for schedule of adjusting items. |
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Forum Energy Technologies, Inc. |
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Condensed consolidated statements of net income (loss) |
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(Unaudited) |
||||||||
|
|
|
||||||
|
|
Year ended |
||||||
|
|
December 31, |
||||||
(in millions, except per share information) |
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
816.4 |
|
|
$ |
738.9 |
|
Cost of sales |
|
|
561.4 |
|
|
|
534.7 |
|
Gross profit |
|
|
255.0 |
|
|
|
204.2 |
|
Operating expenses |
|
|
|
|
||||
Selling, general and administrative expenses |
|
|
219.3 |
|
|
|
180.4 |
|
Transaction expenses |
|
|
7.7 |
|
|
|
2.9 |
|
Impairment of intangible assets |
|
|
119.1 |
|
|
|
— |
|
Loss (gain) on sale-leaseback transactions and other |
|
|
(4.3 |
) |
|
|
0.2 |
|
Total operating expenses |
|
|
341.8 |
|
|
|
183.5 |
|
Operating income (loss) |
|
|
(86.8 |
) |
|
|
20.7 |
|
Other expense |
|
|
|
|
||||
Interest expense |
|
|
31.5 |
|
|
|
18.3 |
|
Loss on extinguishment of debt |
|
|
2.9 |
|
|
|
— |
|
Foreign exchange losses and other, net |
|
|
7.2 |
|
|
|
10.2 |
|
Total other expense |
|
|
41.6 |
|
|
|
28.5 |
|
Loss before income taxes |
|
|
(128.4 |
) |
|
|
(7.8 |
) |
Income tax expense |
|
|
6.9 |
|
|
|
11.1 |
|
Net income (loss) (1) |
|
$ |
(135.3 |
) |
|
$ |
(18.9 |
) |
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
|
|
||||
Basic |
|
|
12.3 |
|
|
|
10.2 |
|
Diluted |
|
|
12.3 |
|
|
|
10.2 |
|
|
|
|
|
|
||||
Loss per share |
|
|
|
|
||||
Basic |
|
$ |
(11.00 |
) |
|
$ |
(1.85 |
) |
Diluted |
|
$ |
(11.00 |
) |
|
$ |
(1.85 |
) |
|
|
|
|
|
||||
(1) Refer to Table 2 for schedule of adjusting items. |
||||||||
Forum Energy Technologies, Inc. |
||||||
Condensed consolidated balance sheets |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
||
Assets |
|
|
|
|
||
Current assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
44.7 |
|
$ |
46.2 |
Accounts receivable—trade, net |
|
|
153.9 |
|
|
146.7 |
Inventories, net |
|
|
265.5 |
|
|
299.6 |
Other current assets |
|
|
31.5 |
|
|
37.1 |
Total current assets |
|
|
495.6 |
|
|
529.6 |
Property and equipment, net of accumulated depreciation |
|
|
63.4 |
|
|
61.4 |
Operating lease assets |
|
|
70.4 |
|
|
55.4 |
Goodwill and intangible assets, net |
|
|
170.9 |
|
|
168.0 |
Other long-term assets |
|
|
15.7 |
|
|
6.7 |
Total assets |
|
$ |
816.0 |
|
$ |
821.1 |
Liabilities and equity |
|
|
|
|
||
Current liabilities |
|
|
|
|
||
Current portion of long-term debt |
|
$ |
1.9 |
|
$ |
1.2 |
Other current liabilities |
|
|
200.0 |
|
|
203.1 |
Total current liabilities |
|
|
201.9 |
|
|
204.3 |
Long-term debt, net of current portion |
|
|
186.5 |
|
|
129.6 |
Other long-term liabilities |
|
|
107.8 |
|
|
74.5 |
Total liabilities |
|
|
496.2 |
|
|
408.4 |
Total equity |
|
|
319.8 |
|
|
412.7 |
Total liabilities and equity |
|
$ |
816.0 |
|
$ |
821.1 |
Forum Energy Technologies, Inc. |
||||||||
Condensed consolidated cash flow information |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Year ended |
||||||
|
|
December 31, |
||||||
(in millions of dollars) |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(135.3 |
) |
|
$ |
(18.9 |
) |
Depreciation and amortization |
|
|
53.7 |
|
|
|
34.7 |
|
Impairment of intangible assets |
|
|
119.1 |
|
|
|
— |
|
Inventory write down |
|
|
2.7 |
|
|
|
2.8 |
|
Loss on extinguishment of debt |
|
|
2.9 |
|
|
|
— |
|
Gain on sale-leaseback transactions |
|
|
(4.9 |
) |
|
|
— |
|
Other noncash items and changes in working capital |
|
|
54.0 |
|
|
|
(10.4 |
) |
Net cash provided by operating activities |
|
|
92.2 |
|
|
|
8.2 |
|
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures for property and equipment |
|
|
(8.1 |
) |
|
|
(7.9 |
) |
Proceeds from sale of property and equipment |
|
|
0.7 |
|
|
|
1.3 |
|
Acquisition of businesses, net of cash acquired |
|
|
(150.4 |
) |
|
|
— |
|
Proceeds from sale-leaseback transactions |
|
|
20.3 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(137.5 |
) |
|
|
(6.6 |
) |
|
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
|
||||
Borrowings of debt |
|
|
874.3 |
|
|
|
451.7 |
|
Repayments of debt |
|
|
(819.5 |
) |
|
|
(453.0 |
) |
Repurchases of stock |
|
|
— |
|
|
|
(3.5 |
) |
Payments of withheld taxes on stock-based compensation plans |
|
|
(1.1 |
) |
|
|
(2.5 |
) |
Deferred financing costs |
|
|
(8.5 |
) |
|
|
(0.3 |
) |
Net cash provided by (used in) financing activities |
|
|
45.2 |
|
|
|
(7.6 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
|
(1.4 |
) |
|
|
1.1 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
$ |
(1.5 |
) |
|
$ |
(4.9 |
) |
Forum Energy Technologies, Inc. |
||||||||||||||||||||||||
Supplemental schedule - Segment information |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
|
|
As Reported |
|
As Adjusted (3) |
||||||||||||||||||||
|
|
Three months ended |
|
Three months ended |
||||||||||||||||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling and Completions |
|
$ |
111.1 |
|
|
$ |
126.6 |
|
|
$ |
123.6 |
|
|
$ |
111.1 |
|
|
$ |
126.6 |
|
|
$ |
123.6 |
|
Artificial Lift and Downhole |
|
|
89.9 |
|
|
|
58.6 |
|
|
|
84.2 |
|
|
|
89.9 |
|
|
|
58.6 |
|
|
|
84.2 |
|
Eliminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total revenue |
|
$ |
201.0 |
|
|
$ |
185.2 |
|
|
$ |
207.8 |
|
|
$ |
201.0 |
|
|
$ |
185.2 |
|
|
$ |
207.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling and Completions |
|
$ |
3.3 |
|
|
$ |
4.0 |
|
|
$ |
7.0 |
|
|
$ |
3.8 |
|
|
$ |
4.7 |
|
|
$ |
7.3 |
|
Operating margin % |
|
|
3.0 |
% |
|
|
3.2 |
% |
|
|
5.7 |
% |
|
|
3.4 |
% |
|
|
3.7 |
% |
|
|
5.9 |
% |
Artificial Lift and Downhole |
|
|
12.9 |
|
|
|
7.4 |
|
|
|
10.8 |
|
|
|
13.1 |
|
|
|
7.4 |
|
|
|
10.8 |
|
Operating margin % |
|
|
14.3 |
% |
|
|
12.6 |
% |
|
|
12.8 |
% |
|
|
14.6 |
% |
|
|
12.6 |
% |
|
|
12.8 |
% |
Corporate |
|
|
(8.4 |
) |
|
|
(6.7 |
) |
|
|
(8.4 |
) |
|
|
(8.5 |
) |
|
|
(6.7 |
) |
|
|
(8.3 |
) |
Total segment operating income (loss) |
|
|
7.8 |
|
|
|
4.7 |
|
|
|
9.4 |
|
|
|
8.4 |
|
|
|
5.4 |
|
|
|
9.8 |
|
Other items not in segment operating income (loss) (1) |
|
|
(114.6 |
) |
|
|
(2.9 |
) |
|
|
(0.5 |
) |
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
Total operating income (loss) |
|
$ |
(106.8 |
) |
|
$ |
1.8 |
|
|
$ |
8.9 |
|
|
$ |
8.1 |
|
|
$ |
5.4 |
|
|
$ |
9.8 |
|
Operating margin % |
|
|
(53.1 |
)% |
|
|
1.0 |
% |
|
|
4.3 |
% |
|
|
4.0 |
% |
|
|
2.9 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling and Completions |
|
$ |
(106.7 |
) |
|
$ |
3.8 |
|
|
$ |
4.5 |
|
|
$ |
9.5 |
|
|
$ |
12.1 |
|
|
$ |
14.5 |
|
EBITDA margin % |
|
|
(96.0 |
)% |
|
|
3.0 |
% |
|
|
3.6 |
% |
|
|
8.6 |
% |
|
|
9.6 |
% |
|
|
11.7 |
% |
Artificial Lift and Downhole |
|
|
18.8 |
|
|
|
8.5 |
|
|
|
17.2 |
|
|
|
19.3 |
|
|
|
8.7 |
|
|
|
17.4 |
|
EBITDA margin % |
|
|
20.9 |
% |
|
|
14.5 |
% |
|
|
20.4 |
% |
|
|
21.5 |
% |
|
|
14.8 |
% |
|
|
20.7 |
% |
Corporate |
|
|
(0.8 |
) |
|
|
(10.9 |
) |
|
|
(10.6 |
) |
|
|
(6.6 |
) |
|
|
(5.4 |
) |
|
|
(6.1 |
) |
Total EBITDA |
|
$ |
(88.7 |
) |
|
$ |
1.4 |
|
|
$ |
11.1 |
|
|
$ |
22.2 |
|
|
$ |
15.4 |
|
|
$ |
25.8 |
|
EBITDA margin % |
|
|
(44.1 |
)% |
|
|
0.8 |
% |
|
|
5.3 |
% |
|
|
11.0 |
% |
|
|
8.3 |
% |
|
|
12.4 |
% |
(1) Includes transaction expenses, gain on sale-leaseback transaction and gain (loss) on disposal of assets and other. |
|
(2) The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure for evaluating the Company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
|
(3) Refer to Table 1 for schedule of adjusting items. |
Forum Energy Technologies, Inc. |
||||||||||||||||
Supplemental schedule - Segment information |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
As Reported |
|
As Adjusted (3) |
||||||||||||
|
|
Year ended |
|
Year ended |
||||||||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Drilling and Completions |
|
$ |
470.8 |
|
|
$ |
502.6 |
|
|
$ |
470.8 |
|
|
$ |
502.6 |
|
Artificial Lift and Downhole |
|
|
345.7 |
|
|
|
236.3 |
|
|
|
345.7 |
|
|
|
236.3 |
|
Eliminations |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
Total revenue |
|
$ |
816.4 |
|
|
$ |
738.9 |
|
|
$ |
816.4 |
|
|
$ |
738.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
||||||||
Drilling and Completions |
|
$ |
17.8 |
|
|
$ |
19.4 |
|
|
$ |
20.5 |
|
|
$ |
20.9 |
|
Operating margin % |
|
|
3.8 |
% |
|
|
3.9 |
% |
|
|
4.4 |
% |
|
|
4.2 |
% |
Artificial Lift and Downhole |
|
|
48.9 |
|
|
|
31.6 |
|
|
|
49.1 |
|
|
|
32.1 |
|
Operating margin % |
|
|
14.1 |
% |
|
|
13.4 |
% |
|
|
14.2 |
% |
|
|
13.6 |
% |
Corporate |
|
|
(31.0 |
) |
|
|
(27.2 |
) |
|
|
(30.5 |
) |
|
|
(26.4 |
) |
Total segment operating income (loss) |
|
|
35.7 |
|
|
|
23.8 |
|
|
|
39.1 |
|
|
|
26.6 |
|
Other items not in segment operating income (loss) (1) |
|
|
(122.5 |
) |
|
|
(3.1 |
) |
|
|
(0.4 |
) |
|
|
0.6 |
|
Total operating income (loss) |
|
$ |
(86.8 |
) |
|
$ |
20.7 |
|
|
$ |
38.7 |
|
|
$ |
27.2 |
|
Operating margin % |
|
|
(10.6 |
)% |
|
|
2.8 |
% |
|
|
4.7 |
% |
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (2) |
|
|
|
|
|
|
|
|
||||||||
Drilling and Completions |
|
$ |
(84.6 |
) |
|
$ |
40.1 |
|
|
$ |
49.2 |
|
|
$ |
50.9 |
|
EBITDA margin % |
|
|
(18.0 |
)% |
|
|
8.0 |
% |
|
|
10.5 |
% |
|
|
10.1 |
% |
Artificial Lift and Downhole |
|
|
73.0 |
|
|
|
36.2 |
|
|
|
74.4 |
|
|
|
37.6 |
|
EBITDA margin % |
|
|
21.1 |
% |
|
|
15.3 |
% |
|
|
21.5 |
% |
|
|
15.9 |
% |
Corporate |
|
|
(31.6 |
) |
|
|
(31.1 |
) |
|
|
(23.6 |
) |
|
|
(21.4 |
) |
Total EBITDA |
|
$ |
(43.2 |
) |
|
$ |
45.2 |
|
|
$ |
100.0 |
|
|
$ |
67.1 |
|
EBITDA margin % |
|
|
(5.3 |
)% |
|
|
6.1 |
% |
|
|
12.2 |
% |
|
|
9.1 |
% |
(1) Includes transaction expenses, gain on sale-leaseback transaction and gain (loss) on disposal of assets and other. |
|
(2) The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure for evaluating the Company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
|
(3) Refer to Table 2 for schedule of adjusting items. |
Forum Energy Technologies, Inc. |
|||||||||
Supplemental schedule - Orders information |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|||||||
|
|
Three months ended |
|||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
|||
Orders |
|
|
|
|
|
|
|||
Drilling and Completions |
|
$ |
103.0 |
|
$ |
113.8 |
|
$ |
129.5 |
Artificial Lift and Downhole |
|
|
87.0 |
|
|
46.5 |
|
|
76.3 |
Total orders |
|
$ |
190.0 |
|
$ |
160.3 |
|
$ |
205.8 |
|
|
|
|
|
|
|
|||
Revenue |
|
|
|
|
|
|
|||
Drilling and Completions |
|
$ |
111.1 |
|
$ |
126.6 |
|
$ |
123.6 |
Artificial Lift and Downhole |
|
|
89.9 |
|
|
58.6 |
|
|
84.2 |
Total revenue |
|
$ |
201.0 |
|
$ |
185.2 |
|
$ |
207.8 |
|
|
|
|
|
|
|
|||
Book to bill ratio (1) |
|
|
|
|
|
|
|||
Drilling and Completions |
|
|
0.93 |
|
|
0.90 |
|
|
1.05 |
Artificial Lift and Downhole |
|
|
0.97 |
|
|
0.79 |
|
|
0.91 |
Total book to bill ratio |
|
|
0.95 |
|
|
0.87 |
|
|
0.99 |
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of the Company's products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance. |
Forum Energy Technologies, Inc. |
|||||||||||||||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||||||
Table 1 - Adjusting items |
|||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
|
Three months ended |
||||||||||||||||||||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
|
September 30, 2024 |
||||||||||||||||||||||||||||||
(in millions, except per share information) |
Operating income (loss) |
|
EBITDA (1) |
|
Net income (loss) |
|
Operating income (loss) |
|
EBITDA (1) |
|
Net income (loss) |
|
Operating income (loss) |
|
EBITDA (1) |
|
Net income (loss) |
||||||||||||||||||
As reported |
$ |
(106.8 |
) |
|
$ |
(88.7 |
) |
|
$ |
(103.5 |
) |
|
$ |
1.8 |
|
|
$ |
1.4 |
|
|
$ |
(16.8 |
) |
|
$ |
8.9 |
|
|
$ |
11.1 |
|
|
$ |
(14.8 |
) |
% of revenue |
|
(53.1 |
)% |
|
|
(44.1 |
)% |
|
|
|
|
1.0 |
% |
|
|
0.8 |
% |
|
|
|
|
4.3 |
% |
|
|
5.3 |
% |
|
|
||||||
Restructuring and other costs |
|
0.9 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Transaction expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.6 |
|
Inventory and other working capital adjustments |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Impairment of intangible assets |
|
119.1 |
|
|
|
119.1 |
|
|
|
119.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
|
2.2 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
— |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.8 |
|
|
|
1.8 |
|
Loss (gain) on foreign exchange, net (2) |
|
— |
|
|
|
(6.6 |
) |
|
|
(6.6 |
) |
|
|
— |
|
|
|
9.2 |
|
|
|
9.2 |
|
|
|
— |
|
|
|
9.8 |
|
|
|
9.8 |
|
Gain on sale-leaseback transactions |
|
(4.9 |
) |
|
|
(4.9 |
) |
|
|
(4.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Release of valuation allowance on deferred tax assets |
|
— |
|
|
|
— |
|
|
|
(11.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
As adjusted(1) |
$ |
8.1 |
|
|
$ |
22.2 |
|
|
$ |
(5.9 |
) |
|
$ |
5.4 |
|
|
$ |
15.4 |
|
|
$ |
(4.0 |
) |
|
$ |
9.8 |
|
|
$ |
25.8 |
|
|
$ |
(2.3 |
) |
% of revenue |
|
4.0 |
% |
|
|
11.0 |
% |
|
|
|
|
2.9 |
% |
|
|
8.3 |
% |
|
|
|
|
4.7 |
% |
|
|
12.4 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted shares outstanding as reported |
|
|
|
|
|
12.3 |
|
|
|
|
|
|
|
10.2 |
|
|
|
|
|
|
|
12.3 |
|
||||||||||||
Diluted shares outstanding as adjusted |
|
|
|
|
|
12.3 |
|
|
|
|
|
|
|
10.2 |
|
|
|
|
|
|
|
12.3 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted EPS - as reported |
|
|
|
|
$ |
(8.39 |
) |
|
|
|
|
|
$ |
(1.64 |
) |
|
|
|
|
|
$ |
(1.20 |
) |
||||||||||||
Diluted EPS - as adjusted |
|
|
|
|
$ |
(0.48 |
) |
|
|
|
|
|
$ |
(0.39 |
) |
|
|
|
|
|
$ |
(0.19 |
) |
||||||||||||
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to the Company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
|
(2) Foreign exchange, net primarily relates to cash and receivables denominated in |
Forum Energy Technologies, Inc. |
|||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
Table 2 - Adjusting items |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Year ended |
||||||||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||||||
(in millions, except per share information) |
Operating (income) loss |
|
EBITDA (1) |
|
Net income (loss) |
|
Operating (income) loss |
|
EBITDA (1) |
|
Net income (loss) |
||||||||||||
As reported |
$ |
(86.8 |
) |
|
$ |
(43.2 |
) |
|
$ |
(135.3 |
) |
|
$ |
20.7 |
|
|
$ |
45.2 |
|
|
$ |
(18.9 |
) |
% of revenue |
|
(10.6 |
)% |
|
|
(5.3 |
)% |
|
|
|
|
2.8 |
% |
|
|
6.1 |
% |
|
|
||||
Restructuring and other costs |
|
3.8 |
|
|
|
3.8 |
|
|
|
3.8 |
|
|
|
3.1 |
|
|
|
3.1 |
|
|
|
3.1 |
|
Transaction expenses |
|
7.7 |
|
|
|
7.7 |
|
|
|
7.7 |
|
|
|
3.9 |
|
|
|
3.9 |
|
|
|
3.9 |
|
Inventory and other working capital adjustments |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.5 |
) |
|
|
(0.5 |
) |
Impairment of intangible assets |
|
119.1 |
|
|
|
119.1 |
|
|
|
119.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
— |
|
|
|
7.2 |
|
|
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
— |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on foreign exchange, net (2) |
|
— |
|
|
|
7.6 |
|
|
|
7.6 |
|
|
|
— |
|
|
|
10.8 |
|
|
|
10.8 |
|
Gain on sale-leaseback transactions |
|
(4.9 |
) |
|
|
(4.9 |
) |
|
|
(4.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Release of valuation allowance on deferred tax assets |
|
— |
|
|
|
— |
|
|
|
(11.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
As adjusted (1) |
$ |
38.7 |
|
|
$ |
100.0 |
|
|
$ |
(10.6 |
) |
|
$ |
27.2 |
|
|
$ |
67.1 |
|
|
$ |
(1.6 |
) |
% of revenue |
|
4.7 |
% |
|
|
12.2 |
% |
|
|
|
|
3.7 |
% |
|
|
9.1 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted shares outstanding as reported |
|
|
|
|
|
12.3 |
|
|
|
|
|
|
|
10.2 |
|
||||||||
Diluted shares outstanding as adjusted |
|
|
|
|
|
12.3 |
|
|
|
|
|
|
|
10.2 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted EPS - as reported |
|
|
|
|
$ |
(11.00 |
) |
|
|
|
|
|
$ |
(1.85 |
) |
||||||||
Diluted EPS - as adjusted |
|
|
|
|
$ |
(0.86 |
) |
|
|
|
|
|
$ |
(0.16 |
) |
||||||||
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to the Company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
|||||||||||
|
|||||||||||
(2) Foreign exchange, net primarily relates to cash and receivables denominated in |
Forum Energy Technologies, Inc. |
||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
||||||||||||
(Unaudited) |
||||||||||||
Table 3 - Adjusting Items |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
||||||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||
EBITDA reconciliation (1) |
|
|
|
|
|
|
||||||
Net income (loss) |
|
$ |
(103.5 |
) |
|
$ |
(16.8 |
) |
|
$ |
(14.8 |
) |
Interest expense |
|
|
6.4 |
|
|
|
4.6 |
|
|
|
7.7 |
|
Depreciation and amortization |
|
|
12.1 |
|
|
|
8.7 |
|
|
|
13.6 |
|
Income tax expense (benefit) |
|
|
(3.7 |
) |
|
|
4.9 |
|
|
|
4.6 |
|
EBITDA |
|
$ |
(88.7 |
) |
|
$ |
1.4 |
|
|
$ |
11.1 |
|
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company’s securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community. |
Forum Energy Technologies, Inc. |
||||||||
Reconciliation of GAAP to non-GAAP financial information |
||||||||
(Unaudited) |
||||||||
Table 4 - Adjusting Items |
||||||||
|
|
Year ended |
||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
||||
EBITDA reconciliation (1) |
|
|
|
|
||||
Net income (loss) |
|
$ |
(135.3 |
) |
|
$ |
(18.9 |
) |
Interest expense |
|
|
31.5 |
|
|
|
18.3 |
|
Depreciation and amortization |
|
|
53.7 |
|
|
|
34.7 |
|
Income tax expense |
|
|
6.9 |
|
|
|
11.1 |
|
EBITDA |
|
$ |
(43.2 |
) |
|
$ |
45.2 |
|
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company’s securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community. |
Forum Energy Technologies, Inc. |
||||||||||||
Free cash flow |
||||||||||||
(Unaudited) |
||||||||||||
Table 5 - Adjusting items |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
||||||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
||||||
Free cash flow, before acquisitions, reconciliation (1) |
|
|
|
|
|
|
||||||
Net cash provided by operating activities |
|
$ |
38.5 |
|
|
$ |
11.3 |
|
|
$ |
25.6 |
|
Capital expenditures for property and equipment |
|
|
(2.4 |
) |
|
|
(2.4 |
) |
|
|
(1.3 |
) |
Proceeds from sale of property and equipment |
|
|
0.5 |
|
|
|
— |
|
|
|
0.2 |
|
Proceeds from sale-leaseback transactions |
|
|
20.3 |
|
|
|
— |
|
|
|
— |
|
Free cash flow, before acquisitions |
|
$ |
56.9 |
|
|
$ |
8.9 |
|
|
$ |
24.5 |
|
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
Forum Energy Technologies, Inc. |
||||||||
Free cash flow |
||||||||
(Unaudited) |
||||||||
Table 6 - Adjusting items |
||||||||
|
|
|
|
|
||||
|
|
Year ended |
||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
||||
Free cash flow, before acquisitions, reconciliation (1) |
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
92.2 |
|
|
$ |
8.2 |
|
Capital expenditures for property and equipment |
|
|
(8.1 |
) |
|
|
(7.9 |
) |
Proceeds from sale of property and equipment |
|
|
0.7 |
|
|
|
1.3 |
|
Proceeds from sale-leaseback transactions |
|
|
20.3 |
|
|
|
— |
|
Free cash flow, before acquisitions |
|
$ |
105.1 |
|
|
$ |
1.6 |
|
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
Forum Energy Technologies, Inc. |
|||||||||||||||
Supplemental schedule - Product line revenue |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
|||||||||||||
(in millions of dollars) |
|
December 31,
|
|
December 31,
|
|
September 30,
|
|||||||||
Revenue |
|
$ |
% |
|
$ |
% |
|
$ |
% |
||||||
Drilling |
|
$ |
35.5 |
17.6 |
% |
|
$ |
41.6 |
22.5 |
% |
|
$ |
35.8 |
17.2 |
% |
Subsea |
|
|
18.6 |
9.3 |
% |
|
|
27.6 |
14.9 |
% |
|
|
20.9 |
10.1 |
% |
Stimulation and Intervention |
|
|
31.1 |
15.5 |
% |
|
|
32.1 |
17.3 |
% |
|
|
38.0 |
18.3 |
% |
Coiled Tubing |
|
|
25.9 |
12.9 |
% |
|
|
25.3 |
13.7 |
% |
|
|
28.9 |
13.9 |
% |
Drilling and Completions |
|
|
111.1 |
55.3 |
% |
|
|
126.6 |
68.4 |
% |
|
|
123.6 |
59.5 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
Downhole |
|
|
51.5 |
25.6 |
% |
|
|
21.7 |
11.7 |
% |
|
|
50.6 |
24.4 |
% |
Production Equipment |
|
|
21.7 |
10.8 |
% |
|
|
22.7 |
12.3 |
% |
|
|
18.0 |
8.7 |
% |
Valve Solutions |
|
|
16.7 |
8.3 |
% |
|
|
14.2 |
7.6 |
% |
|
|
15.6 |
7.4 |
% |
Artificial Lift and Downhole |
|
|
89.9 |
44.7 |
% |
|
|
58.6 |
31.6 |
% |
|
|
84.2 |
40.5 |
% |
Eliminations |
|
|
— |
— |
% |
|
|
— |
— |
% |
|
|
— |
— |
% |
Total revenue |
|
$ |
201.0 |
100.0 |
% |
|
$ |
185.2 |
100.0 |
% |
|
$ |
207.8 |
100.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250220656113/en/
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com
Source: Forum Energy Technologies, Inc.
FAQ
What was Forum Energy Technologies (FET) revenue growth in 2024?
How much free cash flow did FET generate in 2024?
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