Flowco Holdings Inc. Reports Fourth Quarter and Full Year 2024 Results
Flowco Holdings Inc. (NYSE: FLOC) has reported its Q4 and full-year 2024 financial results, marking its first earnings release as a public company following its January 2025 IPO. The company raised $461.8 million through the offering of 20.47 million shares.
Key financial highlights include:
- Pro forma revenues of $733.3 million in 2024, up 10% from $665.3 million in 2023
- Q4 2024 revenue of $186.0 million with net income of $22.3 million
- Q4 2024 Adjusted EBITDA of $73.8 million with a margin of 39.7%
The company operates through two segments: Production Solutions (focusing on gas lift and plunger lift solutions) and Natural Gas Technologies (specializing in vapor recovery and natural gas systems). As of March 14, 2025, Flowco had $527.7 million available under its Revolving Credit Facility, with current borrowings at $195.7 million.
Flowco Holdings Inc. (NYSE: FLOC) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, segnando il suo primo rilascio di utili come società pubblica dopo l'IPO di gennaio 2025. L'azienda ha raccolto 461,8 milioni di dollari attraverso l'offerta di 20,47 milioni di azioni.
I principali risultati finanziari includono:
- Ricavi pro forma di 733,3 milioni di dollari nel 2024, in aumento del 10% rispetto ai 665,3 milioni di dollari nel 2023
- Ricavi del quarto trimestre 2024 di 186,0 milioni di dollari con un utile netto di 22,3 milioni di dollari
- EBITDA rettificato del quarto trimestre 2024 di 73,8 milioni di dollari con un margine del 39,7%
L'azienda opera attraverso due segmenti: Soluzioni di Produzione (concentrandosi su soluzioni di sollevamento a gas e a stantuffo) e Tecnologie del Gas Naturale (specializzandosi nel recupero di vapore e nei sistemi di gas naturale). A partire dal 14 marzo 2025, Flowco aveva 527,7 milioni di dollari disponibili sotto la sua Linea di Credito Rotativo, con prestiti attuali pari a 195,7 milioni di dollari.
Flowco Holdings Inc. (NYSE: FLOC) ha informado sus resultados financieros del cuarto trimestre y del año completo 2024, marcando su primer lanzamiento de ganancias como empresa pública tras su IPO de enero de 2025. La compañía recaudó 461,8 millones de dólares a través de la oferta de 20,47 millones de acciones.
Los aspectos financieros clave incluyen:
- Ingresos pro forma de 733,3 millones de dólares en 2024, un aumento del 10% con respecto a los 665,3 millones de dólares en 2023
- Ingresos del cuarto trimestre de 2024 de 186,0 millones de dólares con un ingreso neto de 22,3 millones de dólares
- EBITDA ajustado del cuarto trimestre de 2024 de 73,8 millones de dólares con un margen del 39,7%
La empresa opera a través de dos segmentos: Soluciones de Producción (enfocándose en soluciones de elevación de gas y elevación por émbolo) y Tecnologías de Gas Natural (especializándose en recuperación de vapor y sistemas de gas natural). A partir del 14 de marzo de 2025, Flowco tenía 527,7 millones de dólares disponibles bajo su Línea de Crédito Revolvente, con préstamos actuales de 195,7 millones de dólares.
Flowco Holdings Inc. (NYSE: FLOC)는 2024년 4분기 및 연간 재무 결과를 발표하며 2025년 1월 IPO 이후 첫 번째 실적 발표를 했습니다. 이 회사는 2047만 주의 주식을 통해 4억 6,180만 달러를 모금했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 2024년 프로 포르마 수익 7억 3,330만 달러로, 2023년 6억 6,530만 달러에서 10% 증가
- 2024년 4분기 수익 1억 8,600만 달러, 순이익 2,230만 달러
- 2024년 4분기 조정 EBITDA 7,380만 달러, 마진 39.7%
회사는 두 개의 부문을 통해 운영됩니다: 생산 솔루션(가스 리프트 및 플런저 리프트 솔루션에 중점)과 천연 가스 기술(증기 회수 및 천연 가스 시스템 전문). 2025년 3월 14일 기준으로 Flowco는 회전 신용 시설에서 5억 2,770만 달러를 사용할 수 있었으며, 현재 대출은 1억 9,570만 달러입니다.
Flowco Holdings Inc. (NYSE: FLOC) a annoncé ses résultats financiers du quatrième trimestre et de l'année entière 2024, marquant sa première publication de bénéfices en tant qu'entreprise publique suite à son IPO de janvier 2025. L'entreprise a levé 461,8 millions de dollars grâce à l'offre de 20,47 millions d'actions.
Les points forts financiers incluent:
- Revenus pro forma de 733,3 millions de dollars en 2024, en hausse de 10 % par rapport à 665,3 millions de dollars en 2023
- Revenus du quatrième trimestre 2024 de 186,0 millions de dollars avec un bénéfice net de 22,3 millions de dollars
- EBITDA ajusté du quatrième trimestre 2024 de 73,8 millions de dollars avec une marge de 39,7%
L'entreprise opère à travers deux segments : Solutions de Production (se concentrant sur des solutions de levage de gaz et de levage par piston) et Technologies de Gaz Naturel (spécialisée dans la récupération de vapeur et les systèmes de gaz naturel). Au 14 mars 2025, Flowco disposait de 527,7 millions de dollars disponibles dans son Crédit Rotatif, avec des emprunts actuels de 195,7 millions de dollars.
Flowco Holdings Inc. (NYSE: FLOC) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, was die erste Gewinnmitteilung als börsennotiertes Unternehmen nach dem IPO im Januar 2025 markiert. Das Unternehmen hat 461,8 Millionen Dollar durch das Angebot von 20,47 Millionen Aktien gesammelt.
Wichtige finanzielle Highlights sind:
- Pro forma Umsätze von 733,3 Millionen Dollar im Jahr 2024, ein Anstieg um 10 % im Vergleich zu 665,3 Millionen Dollar im Jahr 2023
- Umsatz im vierten Quartal 2024 von 186,0 Millionen Dollar mit einem Nettogewinn von 22,3 Millionen Dollar
- Bereinigtes EBITDA im vierten Quartal 2024 von 73,8 Millionen Dollar mit einer Marge von 39,7%
Das Unternehmen operiert in zwei Segmenten: Produktionslösungen (fokussiert auf Gaslift- und Plungerliftlösungen) und Technologien für Erdgas (spezialisiert auf Dampf-Rückgewinnung und Erdgas-Systeme). Am 14. März 2025 hatte Flowco 527,7 Millionen Dollar unter seiner revolvierenden Kreditfazilität zur Verfügung, mit aktuellen Krediten von 195,7 Millionen Dollar.
- 10% year-over-year revenue growth to $733.3 million
- Strong Q4 2024 Adjusted EBITDA margin of 39.7%
- Substantial credit availability of $527.7 million
- Successful IPO raising $461.8 million used to pay down debt
- Natural Gas Technologies segment Q4 revenue decreased 6.5% quarter-over-quarter
- Increased corporate costs due to public company transition
- No established dividend policy yet
Insights
Flowco Holdings' Q4 and full-year 2024 results demonstrate solid financial performance in its first earnings report as a public company. The 10% year-over-year revenue growth to
The company's strategic positioning is noteworthy - focusing on production optimization rather than drilling means they're exposed to more resilient customer spending patterns. Oil and gas producers typically prioritize maintaining production from existing wells even when cutting capital expenditures, creating more stable revenue streams for Flowco compared to companies focused on new well development.
Their January IPO appears well-executed, raising
The potential dividend policy announcement following Q1 2025 suggests management confidence in sustainable cash generation. Their vertically integrated manufacturing operations with a U.S.-based supply chain represents a competitive advantage given current geopolitical tensions and supply chain concerns affecting many industrial companies.
Flowco's results highlight their strategic focus on the production optimization niche within oil and gas - a segment that benefits from more stable spending patterns than drilling-focused businesses. As production declines naturally in existing wells, technologies that enhance recovery become increasingly valuable, giving Flowco a strong value proposition regardless of commodity price fluctuations.
Their business model combines recurring revenue streams (equipment rentals and services) with technology sales, creating a balanced approach that drives their impressive
The company's investment in electric multi-well high pressure gas lift technology (eGrizzly) represents an important innovation in line with the industry's focus on reducing emissions while maintaining production efficiency. Traditional gas lift systems typically use gas-powered equipment, making electric alternatives valuable for operators focusing on emissions reduction targets.
Similarly, their vapor recovery technology addresses the critical issue of methane emissions from storage tanks and other production equipment. With increasing regulatory pressure on methane emissions across major oil and gas basins, solutions that capture these emissions while generating economic value represent a growing market opportunity.
The
The financial results for 2024 and 2023 represent periods (i) during which Flowco’s operating subsidiary, Flowco MergeCo LLC (“Flowco LLC”), was a privately-owned limited liability company and (ii) prior to Flowco’s initial public offering in January 2025. Historical financial information for the year ended 2024 reflects information for Flowco LLC, and historical financial information presented prior to June 20, 2024 reflects only the historical financial information of Estis Compression LLC (“Estis”) as the accounting predecessor prior to the business combination of Estis, Flowco Production Solutions, L.L.C. (“FPS”) and Flogistix, LP (“Flogistix”) and parent entities formed in connection with such business combination (the “2024 Business Combination”). For pro forma financial information for the nine-month period ended September 30, 2024, refer to page 25 of the Company’s final Prospectus dated January 15, 2025 filed with the
Key Company Highlights
- On January 15, 2025, Flowco consummated an initial public offering of 20.47 million shares (including exercise in full of underwriters' option of 2.67 million shares)
-
During January 2025, Flowco utilized IPO net proceeds of
primarily to pay down borrowings on our revolving credit facility (“Revolving Credit Facility”)$461.8 million - Invested materially in surface equipment and vapor recovery rental fleet, increasing active systems based on growing customer demand
- Demonstrated continued innovation including deployment of first electric multi-well high pressure gas lift ("HPGL") unit (the “eGrizzly”) and grew sales of recently commercialized SurgeFlow plunger lift lubricator and the VRX modular vapor recovery unit
Key Financial Highlights
-
Pro forma revenues of
in 2024, up$733.3 million 10% compared to in 20231$665.3 million -
Fourth quarter 2024 revenue of
, generating net income of$186.0 million and Adjusted Net Income2 of$22.3 million $28.8 million -
Fourth quarter 2024 Adjusted EBITDA2 of
$73.8 million -
Fourth quarter 2024 Adjusted EBITDA Margin2 of
39.7%
Financial Summary
|
|
Three Months Ended |
|
|
Year Ended December 31, |
|
||||||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2024 |
|
|
2023 |
|
|||||
|
|
(in thousands) |
|
|||||||||||||||||
Revenues |
|
$ |
185,993 |
|
|
$ |
189,365 |
|
|
$ |
75,462 |
|
|
$ |
535,278 |
|
|
$ |
243,323 |
|
Net income |
|
|
22,336 |
|
|
|
20,646 |
|
|
|
18,061 |
|
|
|
80,249 |
|
|
|
58,089 |
|
Adjusted Net Income (2) |
|
|
28,779 |
|
|
|
31,179 |
|
|
|
18,484 |
|
|
|
99,283 |
|
|
|
59,344 |
|
Adjusted EBITDA (2) |
|
|
73,779 |
|
|
|
74,036 |
|
|
|
34,513 |
|
|
|
223,661 |
|
|
|
122,501 |
|
Adjusted EBITDA Margin (2) |
|
|
39.7 |
% |
|
|
39.1 |
% |
|
|
45.7 |
% |
|
|
41.8 |
% |
|
|
50.3 |
% |
(1) |
Pro forma 2024 revenue has been derived from the application of pro forma adjustments to the historical consolidated financial statements of Flowco LLC, as the predecessor of Flowco, and the historical consolidated financial statements of Estis, FPS and Flogistix, as predecessor or significant acquirees. |
|
(2) |
Adjusted Net Income, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP financial measures. See definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures outlined in the reconciliation tables accompanying this press release. |
Pro Forma Financial Summary
|
|
Year Ended December 31, |
|||||
|
|
2024 |
|
|
2023 |
||
|
|
(in thousands) |
|||||
Net revenues (1) |
|
$ |
733,259 |
|
|
$ |
665,311 |
(1) |
Pro forma 2024 revenue has been derived from the application of pro forma adjustments to the historical consolidated financial statements of Flowco LLC, as the predecessor of Flowco, and the historical consolidated financial statements of Estis, FPS and Flogistix, as predecessor or significant acquirees. |
Joe Bob Edwards, President and CEO, commented, “Today is the beginning of an exciting new chapter for Flowco as we report our first earnings as a publicly traded company following our successful IPO in January. Thanks to the hard work and persistent efforts of the team that has built this business over the last decade, we feel we are well positioned to continue executing on our growth strategy while delivering industry-leading returns.
2024 was a transformational year for Flowco. Our year-over-year revenue and EBITDA growth underscores our ability to grow in an industry where our customers are continuously focused on production and capital efficiency. Our top quartile EBITDA margins illustrate the differentiation of our products, equipment, and technology, which enable our customers to produce oil and natural gas more efficiently while reducing downtime. We are also differentiated by our vertically integrated manufacturing operations and a supply chain that is located solely in
In 2025, we plan to continue investing in our business while maintaining capital discipline and our focus on providing attractive returns on capital employed. With our strategic focus on production optimization, we are levered to resilient cash flows driven by our customers’ non-discretionary, production-oriented expenditures. Based on identified customer demand and a stable
Segment Information
We report our results in two segments, Production Solutions and Natural Gas Technologies. Production Solutions includes the rental, sale and service associated with high pressure gas lift, conventional gas lift and plunger lift, including a range of digital solutions and other production related technologies. Natural Gas Technologies includes the design, manufacture, rental and sale of vapor recovery and natural gas systems. Corporate costs not directly related to either segment are categorized separately.
Segment Financial Information
|
|
Three Months Ended |
|
|
Year Ended December 31, |
|
||||||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2024 |
|
|
2023 |
|
|||||
|
|
(in thousands) |
|
|||||||||||||||||
Production Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
113,330 |
|
|
$ |
111,686 |
|
|
$ |
44,896 |
|
|
$ |
327,805 |
|
|
$ |
168,801 |
|
Adjusted Segment EBITDA (1) |
|
|
49,929 |
|
|
|
47,441 |
|
|
|
30,785 |
|
|
|
161,354 |
|
|
|
114,005 |
|
Adjusted Segment EBITDA Margin (1) |
|
|
44.1 |
% |
|
|
42.5 |
% |
|
|
68.6 |
% |
|
|
49.2 |
% |
|
|
67.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
72,663 |
|
|
$ |
77,679 |
|
|
$ |
30,566 |
|
|
$ |
207,473 |
|
|
$ |
74,522 |
|
Adjusted Segment EBITDA (1) |
|
|
27,802 |
|
|
|
26,595 |
|
|
|
3,728 |
|
|
|
66,259 |
|
|
|
8,496 |
|
Adjusted Segment EBITDA Margin (1) |
|
|
38.3 |
% |
|
|
34.2 |
% |
|
|
12.2 |
% |
|
|
31.9 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Adjusted Segment EBITDA (1) |
|
|
(3,952 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,952 |
) |
|
|
— |
|
Adjusted Segment EBITDA Margin (1) |
|
nm |
|
|
nm |
|
|
nm |
|
|
nm |
|
|
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
185,993 |
|
|
$ |
189,365 |
|
|
$ |
75,462 |
|
|
$ |
535,278 |
|
|
$ |
243,323 |
|
Adjusted EBITDA (1) |
|
|
73,779 |
|
|
|
74,036 |
|
|
|
34,513 |
|
|
|
223,661 |
|
|
|
122,501 |
|
Adjusted EBITDA Margin (1) |
|
|
39.7 |
% |
|
|
39.1 |
% |
|
|
45.7 |
% |
|
|
41.8 |
% |
|
|
50.3 |
% |
(1) |
Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin are non-GAAP financial measures. See definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures outlined in the reconciliation tables accompanying this release. |
Production Solutions
Fourth quarter 2024 revenue for the Production Solutions segment increased
Natural Gas Technologies
Fourth quarter 2024 revenue for the Natural Gas Technologies segment decreased
Corporate
Corporate Adjusted Segment EBITDA for the quarter ended December 31, 2024 was
Balance Sheet & Liquidity
As of March 14, 2025, borrowings on the Revolving Credit Facility were
Dividend Policy
As discussed in the Final Prospectus, we currently intend to pay a dividend from available funds and future earnings on our Class A common stock. As of the date of this press release, the Flowco board of directors has not made any determination regarding our future dividend policy, but expects to consider adopting a policy following the first quarter of 2025. Because we are a holding company, our ability to pay cash dividends on our Class A common stock depends on our receipt of cash distributions from Flowco LLC, and, through Flowco LLC cash distributions and dividends from our other direct and indirect subsidiaries. Our ability to pay dividends may be restricted by the terms of our Revolving Credit Facility and any future credit agreement or any future debt or preferred equity securities of us or our subsidiaries.
Conference Call and Webcast Information
Flowco will host a conference call on Tuesday, March 18, 2025, at 8:00 am. Eastern Time to discuss our fourth quarter and full year 2024 results. The conference call can be accessed live over the phone by dialing 1-877-704-4453 (for the
About Flowco
Flowco is a leading provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry. The company’s products and services include a full range of equipment and technology solutions that enable oil and natural gas producers to efficiently and cost-effectively maximize the profitability and economic lifespan of their assets.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release may be forward-looking statements. These statements generally relate to future events or our future financial or operating performance, and include, but are not limited to: statements regarding guidance or estimates related to the Company’s results of operations or financial condition; industry trends, customer demand and industry outlook, and effects on Flowco’s operations; Flowco’s strategies and plans, including matters relating to the Company growth, capital expenditures, dividend policies, and leverage profile. When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Flowco believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. These risks and uncertainties are described further in the sections titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Final Prospectus and in Item 1A under the heading “Risk Factors” and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC. Flowco undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Flowco MergeCo LLC |
|||||||||||||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended December 31, |
||||||||||||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2024 |
|
|
2023 |
|
||||||||||
|
|
(in thousands) |
|||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rentals |
|
$ |
|
91,705 |
|
|
$ |
|
87,240 |
|
|
$ |
|
44,896 |
|
|
$ |
|
276,687 |
|
|
$ |
|
168,801 |
|
Sales |
|
|
|
94,288 |
|
|
|
|
102,125 |
|
|
|
|
30,566 |
|
|
|
|
258,591 |
|
|
|
|
74,522 |
|
Total revenues |
|
|
|
185,993 |
|
|
|
|
189,365 |
|
|
|
|
75,462 |
|
|
|
|
535,278 |
|
|
|
|
243,323 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of rentals (exclusive of depreciation and amortization disclosed separately below) |
|
|
|
25,538 |
|
|
|
|
25,274 |
|
|
|
|
10,797 |
|
|
|
|
74,494 |
|
|
|
|
42,179 |
|
Cost of sales (exclusive of depreciation and amortization disclosed separately below) |
|
|
|
65,857 |
|
|
|
|
75,535 |
|
|
|
|
26,209 |
|
|
|
|
189,930 |
|
|
|
|
62,599 |
|
Selling, general and administrative expenses |
|
|
|
26,249 |
|
|
|
|
25,012 |
|
|
|
|
3,531 |
|
|
|
|
62,453 |
|
|
|
|
15,219 |
|
Depreciation and amortization |
|
|
|
34,360 |
|
|
|
|
30,581 |
|
|
|
|
11,744 |
|
|
|
|
90,862 |
|
|
|
|
43,822 |
|
Loss on sale of equipment |
|
|
|
70 |
|
|
|
|
72 |
|
|
|
|
406 |
|
|
|
|
797 |
|
|
|
|
1,170 |
|
Income from operations |
|
|
|
33,919 |
|
|
|
|
32,891 |
|
|
|
|
22,775 |
|
|
|
|
116,742 |
|
|
|
|
78,334 |
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense |
|
|
|
(10,171 |
) |
|
|
|
(11,861 |
) |
|
|
|
(4,285 |
) |
|
|
|
(32,345 |
) |
|
|
|
(18,956 |
) |
Loss on debt extinguishment |
|
|
|
— |
|
|
|
|
(221 |
) |
|
|
|
— |
|
|
|
|
(221 |
) |
|
|
|
— |
|
Other expense, net |
|
|
|
(943 |
) |
|
|
|
252 |
|
|
|
|
(429 |
) |
|
|
|
(2,756 |
) |
|
|
|
(910 |
) |
Total other expense |
|
|
|
(11,114 |
) |
|
|
|
(11,830 |
) |
|
|
|
(4,714 |
) |
|
|
|
(35,322 |
) |
|
|
|
(19,866 |
) |
Income before provision for income taxes |
|
|
|
22,805 |
|
|
|
|
21,061 |
|
|
|
|
18,061 |
|
|
|
|
81,420 |
|
|
|
|
58,468 |
|
Provision for income taxes |
|
|
|
(469 |
) |
|
|
|
(415 |
) |
|
|
|
— |
|
|
|
|
(1,171 |
) |
|
|
|
(379 |
) |
Net income |
|
$ |
|
22,336 |
|
|
$ |
|
20,646 |
|
|
$ |
|
18,061 |
|
|
$ |
|
80,249 |
|
|
$ |
|
58,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic and diluted |
|
$ |
|
2.23 |
|
|
$ |
|
2.06 |
|
|
$ |
|
3.54 |
|
|
$ |
|
10.41 |
|
|
$ |
|
11.39 |
|
Weighted average units outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic and diluted |
|
|
|
10,000,000 |
|
|
|
|
10,000,000 |
|
|
|
|
5,100,000 |
|
|
|
|
7,710,656 |
|
|
|
|
5,100,000 |
|
Flowco MergeCo LLC |
||||||||||
Consolidated Balance Sheets |
||||||||||
|
|
As of December 31, |
|
|||||||
|
|
2024 |
|
|
2023 |
|
||||
|
|
(in thousands, except unit data) |
|
|||||||
Assets |
|
|
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
|
4,615 |
|
|
$ |
|
— |
|
Accounts receivable, net of allowances for credit losses of |
|
|
|
120,353 |
|
|
|
|
44,399 |
|
Inventory, net |
|
|
|
151,179 |
|
|
|
|
31,336 |
|
Prepaid expenses and other current assets |
|
|
|
9,982 |
|
|
|
|
2,837 |
|
Total current assets |
|
|
|
286,129 |
|
|
|
|
78,572 |
|
|
|
|
|
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
|
702,616 |
|
|
|
|
292,223 |
|
Operating lease right-of-use assets |
|
|
|
19,480 |
|
|
|
|
4,424 |
|
Finance lease right-of-use assets |
|
|
|
21,871 |
|
|
|
|
3,391 |
|
Intangible assets, net |
|
|
|
302,522 |
|
|
|
|
11,254 |
|
Goodwill |
|
|
|
249,692 |
|
|
|
|
2,224 |
|
Other assets |
|
|
|
6,639 |
|
|
|
|
— |
|
Total assets |
|
$ |
|
1,588,949 |
|
|
$ |
|
392,088 |
|
|
|
|
|
|
|
|
|
|
||
Liabilities and members' equity |
|
|
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
|
|
||
Accounts payable |
|
$ |
|
31,321 |
|
|
$ |
|
6,351 |
|
Accrued expenses |
|
|
|
33,829 |
|
|
|
|
7,391 |
|
Current portion of operating lease obligations |
|
|
|
6,809 |
|
|
|
|
640 |
|
Current portion of finance lease obligations |
|
|
|
7,837 |
|
|
|
|
1,737 |
|
Deferred revenue |
|
|
|
8,002 |
|
|
|
|
1,515 |
|
Total current liabilities |
|
|
|
87,798 |
|
|
|
|
17,634 |
|
|
|
|
|
|
|
|
|
|
||
Long-term liabilities |
|
|
|
|
|
|
|
|
||
Long-term debt, net |
|
|
|
635,916 |
|
|
|
|
235,265 |
|
Operating lease obligations, net of current portion |
|
|
|
15,556 |
|
|
|
|
3,784 |
|
Finance lease obligations, net of current portion |
|
|
|
10,572 |
|
|
|
|
1,654 |
|
Total long-term liabilities |
|
|
|
662,044 |
|
|
|
|
240,703 |
|
Total liabilities |
|
|
|
749,842 |
|
|
|
|
258,337 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
||
Members' equity |
|
|
|
|
|
|
|
|
||
Class A Units, no par value, 10,000,000 issued and outstanding as of December 31, 2024 and 5,100,000 issued and outstanding as of December 31, 2023 |
|
|
|
— |
|
|
|
|
— |
|
Additional paid-in capital |
|
|
|
892,099 |
|
|
|
|
36,479 |
|
Retained earnings (deficit) |
|
|
|
(52,992 |
) |
|
|
|
97,272 |
|
Total members' equity |
|
|
|
839,107 |
|
|
|
|
133,751 |
|
Total liabilities and members' equity |
|
$ |
|
1,588,949 |
|
|
$ |
|
392,088 |
|
Flowco MergeCo LLC |
|||||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||||
|
|
Year Ended December 31, |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
||||||
|
|
(in thousands) |
|
||||||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
|
80,249 |
|
|
$ |
|
58,089 |
|
|
$ |
|
32,729 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
|
90,862 |
|
|
|
|
43,822 |
|
|
|
|
36,206 |
|
Provision for inventory obsolescence |
|
|
|
1,809 |
|
|
|
|
2,510 |
|
|
|
|
335 |
|
Amortization of operating right-of-use assets |
|
|
|
4,326 |
|
|
|
|
508 |
|
|
|
|
219 |
|
Amortization of deferred financing costs |
|
|
|
714 |
|
|
|
|
400 |
|
|
|
|
400 |
|
Loss on sale of equipment, net |
|
|
|
797 |
|
|
|
|
1,170 |
|
|
|
|
51 |
|
Loss on debt extinguishment |
|
|
|
221 |
|
|
|
|
— |
|
|
|
|
— |
|
(Gain)/loss on lease termination |
|
|
|
(958 |
) |
|
|
|
— |
|
|
|
|
— |
|
Share-based compensation |
|
|
|
992 |
|
|
|
|
85 |
|
|
|
|
493 |
|
Allowance for (recovery of) credit losses |
|
|
|
636 |
|
|
|
|
310 |
|
|
|
|
509 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Accounts receivable - trade |
|
|
|
(15,487 |
) |
|
|
|
(16,886 |
) |
|
|
|
(13,779 |
) |
Inventory |
|
|
|
21,920 |
|
|
|
|
(6,633 |
) |
|
|
|
9,274 |
|
Prepaid expenses and other current assets |
|
|
|
(3,029 |
) |
|
|
|
(1,295 |
) |
|
|
|
(171 |
) |
Other assets |
|
|
|
864 |
|
|
|
|
— |
|
|
|
|
— |
|
Other liabilities |
|
|
|
739 |
|
|
|
|
— |
|
|
|
|
— |
|
Operating lease liabilities |
|
|
|
(1,429 |
) |
|
|
|
(508 |
) |
|
|
|
(219 |
) |
Accounts payable |
|
|
|
(4,292 |
) |
|
|
|
(515 |
) |
|
|
|
(2,411 |
) |
Accrued expenses |
|
|
|
864 |
|
|
|
|
805 |
|
|
|
|
2,928 |
|
Deferred revenue |
|
|
|
2,402 |
|
|
|
|
— |
|
|
|
|
— |
|
Net cash provided by operating activities |
|
|
|
182,200 |
|
|
|
|
81,862 |
|
|
|
|
66,564 |
|
Cash flows used in investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Purchase of property, plant and equipment |
|
|
|
(90,494 |
) |
|
|
|
(43,514 |
) |
|
|
|
(106,961 |
) |
Proceeds from sale of property, plant and equipment |
|
|
|
166 |
|
|
|
|
841 |
|
|
|
|
31 |
|
Payment for capitalized patent costs |
|
|
|
(193 |
) |
|
|
|
— |
|
|
|
|
— |
|
Acquisitions, net of cash acquired |
|
|
|
(7,000 |
) |
|
|
|
— |
|
|
|
|
— |
|
Net cash acquired in 2024 Business Combination |
|
|
|
3,088 |
|
|
|
|
— |
|
|
|
|
— |
|
Net cash used in investing activities |
|
|
|
(94,433 |
) |
|
|
|
(42,673 |
) |
|
|
|
(106,930 |
) |
Cash flows used in financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Payments on long-term debt |
|
|
|
(298,764 |
) |
|
|
|
(173,525 |
) |
|
|
|
(107,789 |
) |
Proceeds from long-term debt |
|
|
|
462,438 |
|
|
|
|
188,361 |
|
|
|
|
188,118 |
|
Payments on finance lease obligations |
|
|
|
(10,320 |
) |
|
|
|
(1,525 |
) |
|
|
|
(1,748 |
) |
Proceeds on finance lease terminations |
|
|
|
715 |
|
|
|
|
— |
|
|
|
|
(1,215 |
) |
Payment of debt issuance costs |
|
|
|
(6,708 |
) |
|
|
|
— |
|
|
|
|
— |
|
Distribution to Members |
|
|
|
(230,513 |
) |
|
|
|
(52,500 |
) |
|
|
|
(37,000 |
) |
Net cash (used in) provided by financing activities |
|
|
|
(83,152 |
) |
|
|
|
(39,189 |
) |
|
|
|
40,366 |
|
Net change in cash and cash equivalents |
|
|
|
4,615 |
|
|
|
|
— |
|
|
|
|
— |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Beginning of period |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
End of period |
|
$ |
|
4,615 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Supplemental disclosures of investing and financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest |
|
$ |
|
28,775 |
|
|
$ |
|
18,899 |
|
|
$ |
|
8,668 |
|
Supplemental schedule of non-cash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noncash debt refinancing of long-term debt with Revolving Credit Facility |
|
$ |
|
419,454 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Issuance of 4.9 million Class A Units in exchange for the net assets acquired in a Business Combination |
|
$ |
|
854,628 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Issuance of 5.1 million Class A Units in exchange for 1,000 Common Units of Estis |
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Lease liabilities arising from obtaining operating right-of-use assets |
|
$ |
|
5,532 |
|
|
$ |
|
4,524 |
|
|
$ |
|
2,434 |
|
Lease liabilities arising from obtaining financing right-of-use assets |
|
$ |
|
8,391 |
|
|
$ |
|
2,186 |
|
|
$ |
|
234 |
|
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in
Adjusted Net Income
Adjusted Net Income is a non-GAAP measure that we define as net income (loss) adjusted to eliminate the impact of (i) transaction-related expenses, (ii) share-based compensation, (iii) loss on the sale of equipment, (iv) loss on debt payments and (v) changes to the value of our inventory. Adjusted Net Income is a supplemental non-GAAP financial measure used by management, our stockholders and others to provide visibility on the profitability and financial strength of the Company by excluding certain expenses related to non-recurring Company transactions.
Reconciliation from net income to Adjusted Net Income is set forth as follows:
|
|
Three Months Ended |
|
|
Year Ended December 31, |
|
||||||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2024 |
|
|
2023 |
|
|||||
|
|
(in thousands) |
|
|||||||||||||||||
Net income |
|
$ |
22,336 |
|
|
$ |
20,646 |
|
|
$ |
18,061 |
|
|
$ |
80,249 |
|
|
$ |
58,089 |
|
Transaction-related expenses (1) |
|
|
2,727 |
|
|
|
1,833 |
|
|
|
— |
|
|
|
5,810 |
|
|
|
— |
|
Share-based compensation expense (2)(3) |
|
|
483 |
|
|
|
356 |
|
|
|
17 |
|
|
|
992 |
|
|
|
85 |
|
Loss on sale of equipment |
|
|
70 |
|
|
|
72 |
|
|
|
406 |
|
|
|
797 |
|
|
|
1,170 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
221 |
|
|
|
— |
|
|
|
221 |
|
|
|
— |
|
Inventory valuation adjustments (4) |
|
|
3,163 |
|
|
|
8,051 |
|
|
|
— |
|
|
|
11,214 |
|
|
|
— |
|
Adjusted Net Income |
|
$ |
28,779 |
|
|
$ |
31,179 |
|
|
$ |
18,484 |
|
|
$ |
99,283 |
|
|
$ |
59,344 |
|
(1) |
Represents the transaction-related expenses as part of the 2024 Business Combination and non-capitalizable IPO related costs, which were expensed as incurred and included in the consolidated statements of operations. |
|
(2) |
Reflects compensation expense for profit units held by our employees under plans provided by the members of Flowco LLC for the year ended December 31, 2024. |
|
(3) |
Reflects compensation expense for profit units held by our employees under a plan provided by GEC Estis Holdings, LLC, the prior parent entity of Estis (the “Estis Member”) for the year ended December 31, 2023. |
|
(4) |
Reflects non-cash adjustment related to inventory fair value step-up from 2024 Business Combination which has been included in cost of sales. |
Adjusted EBITDA and Adjusted EBITDA margin
We define EBITDA as net income, adjusted to exclude interest expense, provision for income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted to exclude (i) share-based compensation expense, (ii) business combination-related expenses and (iii) other non-cash and non-recurring expenses.
EBITDA and Adjusted EBITDA are key performance indicators we use in evaluating our operating performance and in making financial, operating and planning decisions. In particular, the exclusion of certain expenses in calculating EBITDA and Adjusted EBITDA provides additional visibility on operating performance across reporting periods by removing the effect of non-cash and/or non-recurring expenses. Accordingly, we believe that this measure provides useful information to our stockholders and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Reconciliation from net income to EBITDA and Adjusted EBITDA are set forth as follows:
|
|
Three Months Ended |
|
|
Year Ended December 31, |
|
||||||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2024 |
|
|
2023 |
|
|||||
|
(in thousands) |
|
||||||||||||||||||
Net income |
|
$ |
22,336 |
|
|
$ |
20,646 |
|
|
$ |
18,061 |
|
|
$ |
80,249 |
|
|
$ |
58,089 |
|
Interest expense |
|
|
10,171 |
|
|
|
11,861 |
|
|
|
4,285 |
|
|
|
32,345 |
|
|
|
18,956 |
|
Provision for income taxes (1) |
|
|
469 |
|
|
|
415 |
|
|
|
— |
|
|
|
1,171 |
|
|
|
379 |
|
Depreciation and amortization |
|
|
34,360 |
|
|
|
30,581 |
|
|
|
11,744 |
|
|
|
90,862 |
|
|
|
43,822 |
|
EBITDA |
|
|
67,336 |
|
|
|
63,503 |
|
|
|
34,090 |
|
|
|
204,627 |
|
|
|
121,246 |
|
Transaction-related expenses (2) |
|
|
2,727 |
|
|
|
1,833 |
|
|
|
— |
|
|
|
5,810 |
|
|
|
— |
|
Share-based compensation expense (3)(4) |
|
|
483 |
|
|
|
356 |
|
|
|
17 |
|
|
|
992 |
|
|
|
85 |
|
Loss on sale of equipment |
|
|
70 |
|
|
|
72 |
|
|
|
406 |
|
|
|
797 |
|
|
|
1,170 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
221 |
|
|
|
— |
|
|
|
221 |
|
|
|
— |
|
Inventory valuation adjustments (5) |
|
|
3,163 |
|
|
|
8,051 |
|
|
|
— |
|
|
|
11,214 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
73,779 |
|
|
$ |
74,036 |
|
|
$ |
34,513 |
|
|
$ |
223,661 |
|
|
$ |
122,501 |
|
(1) |
Previously issued non-GAAP information did not include provision for income taxes amounts as a reconciling item for the year ended December 31, 2023, as |
|
(2) |
Represents the transaction-related expenses as part of the 2024 Business Combination and non-capitalizable IPO related costs, which were expensed as incurred and included in the consolidated statements of operations. |
|
(3) |
Reflects compensation expense for profit units held by our employees under plans provided by the members of Flowco LLC for the year ended December 31, 2024. |
|
(4) |
Reflects compensation expense for profit units held by our employees under a plan provided by the Estis Member for the year ended December 31, 2023. |
|
(5) |
Reflects non-cash adjustment related to inventory fair value step-up from 2024 Business Combination which has been included in cost of sales. |
Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin
In addition to business segment profit or loss, our management also evaluates Adjusted Segment EBITDA, which is presented on a business unit level for purposes of allocating resources and evaluating operating and financial performance. As discussed above, the Company operates and manages its business units in the following two operating and reporting segments:
- Production Solutions: relates to rentals, sales and services related to high pressure gas lift, conventional gas lift and plunger lift, including other digital solutions and methane abatement technologies.
- Natural Gas Technologies: relates to the design and manufacturing for the rental, sales and servicing of vapor recovery and natural gas systems.
We define Adjusted Segment EBITDA as segment net income, as adjusted in the same manner as defined for EBITDA and Adjusted EBITDA above. Reconciliation from segment net income, which includes direct segment costs but excludes corporate costs not directly related to either segment, to Adjusted Segment EBITDA is set forth as follows:
|
|
|
Three Months Ended |
|
|
|
Year Ended December 31, |
|
|||||||||||||||||
|
|
|
December 31,
|
|
|
|
September 30,
|
|
|
|
December 31,
|
|
|
|
2024 |
|
|
|
2023 |
|
|||||
|
|
(in thousands) |
|
||||||||||||||||||||||
Production Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
|
29,712 |
|
|
$ |
|
13,845 |
|
|
$ |
|
14,608 |
|
|
$ |
|
73,385 |
|
|
$ |
|
50,878 |
|
Interest expense |
|
|
|
(3,031 |
) |
|
|
|
6,690 |
|
|
|
|
4,285 |
|
|
|
|
13,455 |
|
|
|
|
18,956 |
|
Provision for income taxes |
|
|
|
356 |
|
|
|
|
270 |
|
|
|
|
— |
|
|
|
|
770 |
|
|
|
|
144 |
|
Depreciation and amortization |
|
|
|
20,198 |
|
|
|
|
17,364 |
|
|
|
|
11,473 |
|
|
|
|
61,475 |
|
|
|
|
42,773 |
|
EBITDA |
|
|
|
47,235 |
|
|
|
|
38,169 |
|
|
|
|
30,366 |
|
|
|
|
149,085 |
|
|
|
|
112,751 |
|
Transaction-related expenses (1) |
|
|
|
— |
|
|
|
|
1,533 |
|
|
|
|
— |
|
|
|
|
1,028 |
|
|
|
|
— |
|
Share-based compensation expense (2) (3) |
|
|
|
329 |
|
|
|
|
218 |
|
|
|
|
17 |
|
|
|
|
700 |
|
|
|
|
85 |
|
Loss on sale of equipment |
|
|
|
41 |
|
|
|
|
88 |
|
|
|
|
402 |
|
|
|
|
784 |
|
|
|
|
1,169 |
|
Loss on debt extinguishment |
|
|
|
(221 |
) |
|
|
|
221 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Inventory valuation adjustments (4) |
|
|
|
2,545 |
|
|
|
|
7,212 |
|
|
|
|
— |
|
|
|
|
9,757 |
|
|
|
|
— |
|
Adjusted Segment EBITDA |
|
|
|
49,929 |
|
|
|
|
47,441 |
|
|
|
|
30,785 |
|
|
|
|
161,354 |
|
|
|
|
114,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natural Gas Technologies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
|
14,542 |
|
|
$ |
|
7,538 |
|
|
$ |
|
3,453 |
|
|
$ |
|
29,519 |
|
|
$ |
|
7,211 |
|
Interest expense |
|
|
|
(1,816 |
) |
|
|
|
4,434 |
|
|
|
|
— |
|
|
|
|
3,135 |
|
|
|
|
— |
|
Provision for income taxes |
|
|
|
113 |
|
|
|
|
145 |
|
|
|
|
— |
|
|
|
|
401 |
|
|
|
|
235 |
|
Depreciation and amortization |
|
|
|
14,162 |
|
|
|
|
13,217 |
|
|
|
|
271 |
|
|
|
|
29,387 |
|
|
|
|
1,049 |
|
EBITDA |
|
|
|
27,001 |
|
|
|
|
25,334 |
|
|
|
|
3,724 |
|
|
|
|
62,442 |
|
|
|
|
8,495 |
|
Transaction-related expenses (1) |
|
|
|
— |
|
|
|
|
300 |
|
|
|
|
— |
|
|
|
|
2,055 |
|
|
|
|
— |
|
Share-based compensation expense (2) (3) |
|
|
|
154 |
|
|
|
|
138 |
|
|
|
|
— |
|
|
|
|
292 |
|
|
|
|
— |
|
Loss on sale of equipment |
|
|
|
29 |
|
|
|
|
(16 |
) |
|
|
|
4 |
|
|
|
|
13 |
|
|
|
|
1 |
|
Loss on debt extinguishment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Inventory valuation adjustments (4) |
|
|
|
618 |
|
|
|
|
839 |
|
|
|
|
— |
|
|
|
|
1,457 |
|
|
|
|
— |
|
Adjusted Segment EBITDA |
|
|
|
27,802 |
|
|
|
|
26,595 |
|
|
|
|
3,728 |
|
|
|
|
66,259 |
|
|
|
|
8,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
|
(21,918 |
) |
|
$ |
|
(737 |
) |
|
$ |
|
— |
|
|
$ |
|
(22,655 |
) |
|
$ |
|
— |
|
Interest expense |
|
|
|
15,018 |
|
|
|
|
737 |
|
|
|
|
— |
|
|
|
|
15,755 |
|
|
|
|
— |
|
Provision for income taxes |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Depreciation and amortization |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
EBITDA |
|
|
|
(6,900 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(6,900 |
) |
|
|
|
— |
|
Transaction-related expenses (1) |
|
|
|
2,727 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
2,727 |
|
|
|
|
— |
|
Share-based compensation expense (2) (3) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Loss on sale of equipment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Loss on debt extinguishment |
|
|
|
221 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
221 |
|
|
|
|
— |
|
Inventory valuation adjustments (4) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Adjusted Segment EBITDA |
|
|
|
(3,952 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(3,952 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Adjusted EBITDA |
|
$ |
|
73,779 |
|
|
$ |
|
74,036 |
|
|
$ |
|
34,513 |
|
|
$ |
|
223,661 |
|
|
$ |
|
122,501 |
|
(1) |
Represents the transaction-related expenses as part of the 2024 Business Combination and non-capitalizable IPO related costs, which were expensed as incurred and included in the consolidated statements of operations. |
|
(2) |
Reflects compensation expense for profit units held by our employees under plans provided by the members of Flowco LLC for the year ended December 31, 2024. |
|
(3) |
Reflects compensation expense for profit units held by our employees under a plan provided by the Estis Member for the year ended December 31, 2023. |
|
(4) |
Reflects non-cash adjustment related to inventory fair value step-up from 2024 Business Combination which has been included in cost of sales. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317345129/en/
Investor Contact:
Andrew Leonpacher
investor.relations@flowco-inc.com
Media Contact:
Niki Sikinger
Niki.Sikinger@flowco-inc.com
Source: Flowco Holdings Inc.