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Flowco Holdings Inc. Reports Fourth Quarter and Full Year 2024 Results

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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.

Positive
  • 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
Negative
  • 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 $733.3 million (pro forma) shows strong market positioning in the oil and gas production optimization space. More impressive is the 39.7% Adjusted EBITDA margin in Q4, indicating significant operational efficiency and pricing power.

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 $461.8 million which was primarily used to deleverage the balance sheet. With only $195.7 million in revolving credit facility borrowings against a $723.5 million borrowing base, Flowco maintains substantial financial flexibility with $527.7 million in available liquidity. This strong balance sheet positions them well for both organic growth investments and potential acquisitions.

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 39.7% EBITDA margins. This margin level significantly outperforms typical oilfield service companies, which often operate in the 15-25% range, reflecting their differentiated technology position.

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 10% revenue growth achieved during a period of relatively flat U.S. production suggests Flowco is gaining market share through technology differentiation rather than riding industry expansion. Their vertical manufacturing integration provides not only supply chain security but also faster innovation cycles and margin protection in an industry where customization and responsiveness to field conditions drive customer loyalty.

HOUSTON--(BUSINESS WIRE)-- Flowco Holdings Inc. (NYSE: FLOC) (“Flowco” or the “Company”), a provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry, today announced financial results for the fourth quarter and full year ended December 31, 2024.

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 U.S. Securities and Exchange Commission (“SEC”) on January 16, 2025 (the “Final Prospectus”).

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 $461.8 million primarily to pay down borrowings on our revolving credit facility (“Revolving Credit Facility”)
  • 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 $733.3 million in 2024, up 10% compared to $665.3 million in 20231
  • Fourth quarter 2024 revenue of $186.0 million, generating net income of $22.3 million and Adjusted Net Income2 of $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,
2024

 

 

September 30,
2024

 

 

December 31,
2023

 

 

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 the United States, providing a competitive advantage amidst an uncertain geopolitical environment.

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 U.S. production outlook, we expect continued growth in 2025 as we deliver high-value outcomes to our growing customer base.”

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,
2024

 

 

September 30,
2024

 

 

December 31,
2023

 

 

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 1.5% from the third quarter of 2024, with Adjusted Segment EBITDA increasing 5.2% quarter over quarter for the same periods. The increases resulted from higher operating leverage combined with a slight shift in revenue mix between surface equipment and downhole solutions.

Natural Gas Technologies

Fourth quarter 2024 revenue for the Natural Gas Technologies segment decreased 6.5% from the third quarter of 2024 as anticipated, primarily due to the completion of a large customer project within the natural gas systems business unit in the first half of the quarter. Adjusted Segment EBITDA increased 4.5% quarter over quarter for the same periods, with Adjusted Segment EBITDA Margins up 400 basis points due to the strong performance of vapor recovery, offsetting the impact of the decline in revenues from natural gas systems.

Corporate

Corporate Adjusted Segment EBITDA for the quarter ended December 31, 2024 was $3.9 million, and there was no corporate Adjusted Segment EBITDA in the quarter ended September 30, 2024. The decrease in corporate Adjusted Segment EBITDA was primarily associated with the establishment of our public, corporate function in anticipation of our initial public offering.

Balance Sheet & Liquidity

As of March 14, 2025, borrowings on the Revolving Credit Facility were $195.7 million. With a borrowing base of $723.5 million, we had availability under the Revolving Credit Facility of $527.7 million.

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 U.S.) or 1-201-389-0920 (for International). A telephonic replay of the conference call will be available two hours after the call and can be accessed by dialing 1-844-512-2921 (for the U.S.) or 1-412-317-6671 (for International). The passcode for the call and replay is 13751953. A live webcast of the conference call will also be available under the Investor Relations section of Flowco’s website at ir.flowco-inc.com.

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,
2024

 

 

September 30,
2024

 

 

December 31,
2023

 

 

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 $1,169 and $1,259, respectively

 

 

 

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 the United States (“GAAP”), the Company uses non-GAAP financial measures, such as Adjusted Net Income, EBITDA and Adjusted EBITDA, as well as Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin, in this press release to supplement financial information presented in accordance with GAAP. We believe that excluding certain items from our GAAP results provides management additional insight on the consolidated financial performance from period to period to project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our management and investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The Company urges investors to review the reconciliation and not to rely on any single financial measure to evaluate our business.

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,
2024

 

 

September 30,
2024

 

 

December 31,
2023

 

 

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,
2024

 

 

September 30,
2024

 

 

December 31,
2023

 

 

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 Texas margin tax was included within other expense in the previously issued consolidated statements of operations. In order to conform with current year's presentation, the Company reclassified Texas margin tax amounts from other expense into provision for income taxes, and consequently, have been included as a reconciling item to Adjusted EBITDA from net income for all periods presented above.

(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,
2024

 

 

 

September 30,
2024

 

 

 

December 31,
2023

 

 

 

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.

 

Investor Contact:

Andrew Leonpacher

investor.relations@flowco-inc.com

Media Contact:

Niki Sikinger

Niki.Sikinger@flowco-inc.com

Source: Flowco Holdings Inc.

FAQ

What were Flowco's (FLOC) key financial results for full-year 2024?

Flowco reported pro forma revenues of $733.3 million in 2024, representing a 10% increase from $665.3 million in 2023.

How much did Flowco (FLOC) raise in its January 2025 IPO?

Flowco raised $461.8 million through its IPO, offering 20.47 million shares including the full exercise of underwriters' option of 2.67 million shares.

What was Flowco's (FLOC) Q4 2024 Adjusted EBITDA and margin?

Flowco's Q4 2024 Adjusted EBITDA was $73.8 million with an Adjusted EBITDA margin of 39.7%.

How much available credit does Flowco (FLOC) have as of March 2025?

As of March 14, 2025, Flowco had $527.7 million available under its Revolving Credit Facility, with borrowings at $195.7 million.
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