National Energy Services Reunited Corp. Reports Full Year 2023 Financial Results
National Energy Services Reunited Corp. (NESR) reported impressive financial results for the full year 2023, showcasing significant growth in revenue, operating cash flow, net income, and adjusted EBITDA. The company's revenue of $1.146 billion marked a 26% year-over-year increase, with an operating cash flow of $177.0 million (91% improvement), and a net income of $12.6 million. Adjusted EBITDA stood at $262.3 million, highlighting the company's strong financial performance. Additionally, NESR's diluted EPS for 2023 was $0.13, with adjusted diluted EPS at $0.53, including $0.40 per share of Charges and Credits.
The company's CEO and CFO expressed confidence in NESR's position in the MENA region, emphasizing strategic investments and operational excellence that drove the record-breaking results in 2023. Looking ahead, NESR anticipates continued growth and success based on tight service capacity and market demand. In Q1 2024, the company generated $297 million in revenue, reflecting a 15% increase from the previous year. NESR's strong financial performance and strategic investments position it well for future growth and success in the energy services sector.
NESR demonstrated remarkable growth in revenue, operating cash flow, net income, and adjusted EBITDA for the full year 2023.
The company's revenue of $1.146 billion represented a significant 26% year-over-year increase, showcasing strong financial performance.
Operating cash flow for 2023 reached $177.0 million, marking a notable 91% improvement compared to the previous year.
Net income for the year was $12.6 million, reflecting positive financial results for NESR.
Adjusted EBITDA stood at $262.3 million, demonstrating the company's profitability and operational efficiency.
While NESR reported strong financial results, the company also incurred adjustments totaling $37.6 million in Adjusted net income for 2023, mainly related to matters identified in the previous year's financial statements.
Total Charges and Credits impacted NESR's financial metrics, with Adjusted Diluted EPS for 2023 at $0.53, including $0.40 per share of Charges and Credits.
Despite the positive financial performance, NESR's total debt as of December 31, 2023, was $452.2 million, with $120.6 million classified as short-term, indicating ongoing financial obligations for the company.
- Revenue for the year ended December 31, 2023, is
$1.14 6 billion, growing26% year-over-year - Operating cash flow for the year ended December 31, 2023, is
$177.0 million , improving91% year-over-year - Free cash flow (a non-GAAP measure) for the year ended December 31, 2023, is
$108.8 million * - Net income for the year ended December 31, 2023, is
$12.6 million - Adjusted EBITDA (a non-GAAP measure) for the year ended December 31, 2023, is
$262.3 million * - Diluted Earnings per Share (EPS) for the year ended December 31, 2023, is
$0.13 - Adjusted Diluted EPS (a non-GAAP measure), which includes
$0.40 per share of Charges and Credits, for the year ended December 31, 2023, is$0.53 *
HOUSTON, TX / ACCESSWIRE / April 30, 2024 / National Energy Services Reunited Corp. ("NESR" or the "Company") (OTC PINK:NESR)(OTC PINK:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today reported its financial results for the year ended December 31, 2023. The Company posted the following results for the periods presented:
| For The Year Ended | Variance | |||||||||||||||
(in thousands except per share amounts and percentages) | December 31, 2023 | December 31, 2022 | Sequential | Year-over- year | ||||||||||||
Revenue | $ | 1,145,915 | $ | 909,517 | $ | 236,398 | 26.0 | % | ||||||||
Net income | 12,580 | (36,420 | ) | 49,000 | 134.5 | % | ||||||||||
Adjusted net income (non-GAAP)* | 50,221 | (2,991 | ) | 53,212 | 1779.1 | % | ||||||||||
Adjusted EBITDA (non-GAAP)* | 262,306 | 162,868 | 99,438 | 61.1 | % | |||||||||||
Diluted EPS | 0.13 | (0.39 | ) | 0.52 | 133.3 | % | ||||||||||
Adjusted Diluted EPS (non-GAAP)* | 0.53 | (0.03 | ) | 0.56 | 1747.4 | % | ||||||||||
Operating cash flows | 176,959 | 92,576 | 84,383 | 91.1 | % | |||||||||||
Free cash flows (non-GAAP)* | 108,769 | (29,839 | ) | 138,608 | 464.5 | % | ||||||||||
*The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, and 4 below for reconciliations of GAAP to non-GAAP financial measures. The Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows are derived from the audited financial statements present in our Annual Report on Form 20-F for the year ended December 31, 2023.
Stefan Angeli, Chief Financial Officer, commented, "The strength of our competitive position in MENA, the execution capabilities of our employees, and the relationships we have with our customers all contributed to our record 2023 results. I am thankful to our NESR team and our customers for these outstanding operating fundamentals. During 2023, we also made measurable improvements in our balance sheet structure with reductions in days sales outstanding, inventory, and capital expenditures combined with the record EBITDA, allowing us to pay down debt significantly. Looking ahead, we continue to see tight service capacity in the markets we serve coupled with customers who are eager to maximize or expand production. For the first quarter of 2024, the Company's performance was again strong, generating
Sherif Foda, Chairman and Chief Executive Officer, commented, "The global commodity outlook remains remarkably strong. As we predicted more than a year ago, the multi-year underinvestment in upstream energy, underpinned by increased capital discipline among producers and regulatory headwinds in certain markets, has led to a favorable supply-demand dynamic for hydrocarbons. With this backdrop, the MENA region has reasserted itself as a key swing production source, which has led to outsized MENA activity growth for over a year. In anticipation of this trend, NESR front-loaded expansion capital expenditures in our core businesses and invested in strategic technologies like the RoyaTM Drilling Platform & NESR Environmental & Decarbonization Applications portfolio, which are expected to lead our growth in the coming years. We are very excited about the future and our strong position in the region, and we thank our shareholders, customers, and employees for their trust, loyalty, and support."
Net Income and Adjusted Net Income Results
The Company had net income for the year ended December 31, 2023, totaling
The Company reported
Adjusted EBITDA Results
The Company produced Adjusted EBITDA of
(in thousands) | Year ended December 31, 2023 | Year ended December 31, 2022 | ||||||
Revenue | $ | 1,145,915 | $ | 909,517 | ||||
Adjusted EBITDA | $ | 262,306 | $ | 162,868 | ||||
Balance Sheet
Cash and cash equivalents are
Free cash flow, a non-GAAP measure, for 2023 is
Total debt as of December 31, 2023, is
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 6,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
Forward-Looking Statements
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact, may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, completion and integration of acquisitions, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over including the impact of the delayed SEC report filings on our business, the extent of any material weakness or significant deficiencies in our internal control over financial reporting and any action taken by the SEC including potential fines or penalties arising out of the SEC inquiry. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, particularly during extended periods of low oil and gas prices, political disturbances, war, terrorist acts, public health crises and threats, ongoing actions taken by businesses and governments and resulting significant disruption in international economies, international financial and oil markets; international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
The preliminary financial results for the Company's first quarter ended March 31, 2024, included in this press release represent the most current information available to management. The Company's actual results when disclosed in its subsequent Periodic Reports on Form 6-K may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's review procedures, and other developments that may arise between now and the disclosure of the final results.
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In US$ thousands, except share data)
| December 31, 2023 | December 31, 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 67,821 | 78,853 | |||||
Accounts receivable, net | 171,269 | 148,709 | ||||||
Unbilled revenue | 95,997 | 110,186 | ||||||
Service inventories | 98,434 | 110,521 | ||||||
Prepaid assets | 9,238 | 337 | ||||||
Retention withholdings | 48,419 | 34,268 | ||||||
Other receivables | 39,778 | 38,271 | ||||||
Other current assets | 10,759 | 16,669 | ||||||
Total current assets | 541,715 | 537,814 | ||||||
Non-current assets | ||||||||
Property, plant and equipment, net | 442,666 | 461,061 | ||||||
Intangible assets, net | 84,304 | 102,914 | ||||||
Goodwill | 645,095 | 645,095 | ||||||
Operating lease right-of-use assets | 31,628 | 29,970 | ||||||
Other assets | 52,332 | 51,473 | ||||||
Total assets | $ | 1,797,740 | $ | 1,828,327 | ||||
Liabilities and equity | ||||||||
Liabilities | ||||||||
Accounts payable and accrued expenses | 351,240 | 353,536 | ||||||
Current installments of long-term debt | 71,744 | 53,352 | ||||||
Short-term borrowings | 48,889 | 89,885 | ||||||
Income taxes payable | 8,421 | 7,262 | ||||||
Other taxes payable | 14,674 | 7,604 | ||||||
Operating lease liabilities | 7,406 | 6,263 | ||||||
Other current liabilities | 31,073 | 26,166 | ||||||
Total current liabilities | 533,447 | 544,068 | ||||||
Long-term debt | 331,565 | 391,863 | ||||||
Deferred tax liabilities | - | - | ||||||
Employee benefit liabilities | 28,935 | 24,382 | ||||||
Non-current operating lease liabilities | 25,145 | 25,051 | ||||||
Other liabilities | 57,154 | 40,615 | ||||||
Total liabilities | 976,246 | 1,025,979 | ||||||
Equity | ||||||||
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at December 31, 2023 and December 31, 2022, respectively | - | - | ||||||
Common stock and additional paid in capital, no par value; unlimited shares authorized; 94,996,397 and 94,012,752 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 883,865 | 877,299 | ||||||
Retained (deficit) / earnings | (62,440 | ) | (75,020 | ) | ||||
Accumulated other comprehensive income | 69 | 69 | ||||||
Total equity | 821,494 | 802,348 | ||||||
Total liabilities and equity | $ | 1,797,740 | $ | 1,828,327 | ||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$ thousands, except share data and per share amounts)
| Year Ended | ||||||||||||
Description | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||
Revenues | $ | 1,145,915 | $ | 909,517 | $ | 876,729 | ||||||
Cost of services | (997,265 | ) | (844,039 | ) | (873,948 | ) | ||||||
Gross profit | 148,650 | 65,478 | 2,781 | |||||||||
Selling, general and administrative expenses (excluding Amortization) | (49,173 | ) | (47,530 | ) | (28,071 | ) | ||||||
Amortization | (18,774 | ) | (18,865 | ) | (18,042 | ) | ||||||
Operating income / (loss) | 80,703 | (917 | ) | (43,332 | ) | |||||||
Interest expense, net | (45,826 | ) | (34,126 | ) | (15,174 | ) | ||||||
Other (expense) / income, net | (5,031 | ) | 5,242 | (2,073 | ) | |||||||
Income / (loss) before income tax | 29,846 | (29,801 | ) | (60,579 | ) | |||||||
Income tax expense | (17,266 | ) | (6,619 | ) | (3,989 | ) | ||||||
Net income / (loss) | $ | 12,580 | $ | (36,420 | ) | $ | (64,568 | ) | ||||
Weighted average shares outstanding: | ||||||||||||
Basic | 94,748,324 | 92,962,048 | 91,043,830 | |||||||||
Diluted | 94,748,324 | 92,962,048 | 91,043,830 | |||||||||
Net earnings per share: | ||||||||||||
Basic | $ | 0.13 | $ | (0.39 | ) | $ | (0.71 | ) | ||||
Diluted | $ | 0.13 | $ | (0.39 | ) | $ | (0.71 | ) | ||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US$ thousands)
| Year Ended | ||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2021 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net (loss) / income | $ | 12,580 | $ | (36,420 | ) | $ | (64,568 | ) | ||||
Adjustments to reconcile net (loss) / income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 142,230 | 115,845 | 122,125 | |||||||||
Share-based compensation expense | 6,763 | 9,269 | 9,759 | |||||||||
Loss (Gain) on disposal of assets | 487 | (60 | ) | 333 | ||||||||
Non-cash interest (income) expense | 1,549 | 8,087 | 3,041 | |||||||||
Deferred tax expense / (benefit) | (3,753 | ) | (10,261 | ) | (12,140 | ) | ||||||
Allowance for (reversal of) doubtful receivables | 410 | 8,185 | 1,114 | |||||||||
Charges on obsolete service inventories | 137 | 100 | 3,610 | |||||||||
Earn-outs on business combinations | - | - | 1,767 | |||||||||
Impairments and other charges | 7,917 | - | - | |||||||||
(Gain) on Buyer Stock Adjustment Amount | - | (4,236 | ) | - | ||||||||
Other operating activities, net | 933 | 837 | (75 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
(Increase) decrease in accounts receivable | (22,971 | ) | (29,252 | ) | (8,289 | ) | ||||||
(Increase) decrease in unbilled revenue | 14,189 | (1,704 | ) | 56,088 | ||||||||
(Increase) decrease in retention withholdings | (14,151 | ) | 6,837 | (4,000 | ) | |||||||
(Increase) decrease in inventories | 11,951 | (16,756 | ) | (3,236 | ) | |||||||
(Increase) decrease in prepaid expenses | (8,901 | ) | 6,164 | (884 | ) | |||||||
(Increase) decrease in other current assets | 2,817 | (13,711 | ) | (16,717 | ) | |||||||
(Increase) decrease in other long-term assets and liabilities | 16,259 | 6,075 | 8,854 | |||||||||
Increase (decrease) in accounts payable and accrued expenses | (3,365 | ) | 33,651 | 31,221 | ||||||||
Increase (decrease) in other current liabilities | 11,878 | 9,926 | (260 | ) | ||||||||
Net cash provided by operating activities | 176,959 | 92,576 | 127,743 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (68,190 | ) | (122,415 | ) | (107,076 | ) | ||||||
IPM investments | (16,031 | ) | (17,367 | ) | - | |||||||
Proceeds from disposal of assets | 1,758 | 626 | 2,760 | |||||||||
Acquisition of business, net of cash acquired | - | - | (51,921 | ) | ||||||||
Other investing activities | (1,000 | ) | (7,552 | ) | (8,299 | ) | ||||||
Net cash used in investing activities | (83,463 | ) | (146,708 | ) | (164,536 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from long-term debt | 11,300 | 3,194 | 527,488 | |||||||||
Repayments of long-term debt | (54,763 | ) | (78,755 | ) | (360,000 | ) | ||||||
Proceeds from short-term borrowings | 94,506 | 139,482 | 123,787 | |||||||||
Repayments of short-term borrowings | (137,402 | ) | (119,165 | ) | (78,983 | ) | ||||||
Payments on capital leases | (2,403 | ) | (3,108 | ) | (21,361 | ) | ||||||
Payments on seller-provided financing for capital expenditures | (15,569 | ) | (14,443 | ) | (15,333 | ) | ||||||
Other financing activities, net | (197 | ) | - | (8,054 | ) | |||||||
Net cash provided by (used in) financing activities | (104,528 | ) | (72,795 | ) | 167,544 | |||||||
Effect of exchange rate changes on cash | - | 8 | 9 | |||||||||
Net increase (decrease) in cash | (11,032 | ) | (126,919 | ) | 130,760 | |||||||
Cash and cash equivalents, beginning of period | 78,853 | 205,772 | 75,012 | |||||||||
Cash and cash equivalents, end of period | $ | 67,821 | $ | 78,853 | $ | 205,772 | ||||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In US$ thousands except per share amounts)
The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income and diluted earnings per share ("EPS") adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income" and "Adjusted Diluted EPS," respectively), as well as a reconciliation of these non-GAAP measures to net income and diluted EPS, respectively, in accordance with GAAP. The Company also discusses the non-GAAP balance sheet measure of the sum of our recorded current installments of long-term debt, short-term borrowings, and long-term debt less cash and cash equivalents ("Net Debt") in this release and provides a reconciliation to the GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt to Net Debt. The Company also discusses Free Cash Flow reconciled to Operating Cash Flow.
The Company believes that the presentation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Similarly, Net Debt is used by management as a liquidity measure used to illustrate the Company's debt level absent variability in cash and cash equivalents, and the Company believes that the presentation of Net Debt provides useful information to investors in assessing its financial leverage. Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered as an alternative to operating income, net income, or diluted EPS, respectively, the most directly comparable GAAP financial measures. Net Debt also should not be considered as an alternative to GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt. Finally, Free Cash Flow is used by management as a liquidity measure to illustrate the Company's ability to produce cash that is available to be distributed in a discretionary manner, after excluding investments in capital assets. Free Cash Flow should not be considered as an alternative to Net cash provided by (used in) operations or Net cash provided by (used in) investing activities, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP.
Table 1 - Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS
| Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||
| Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net Income | $ | 12,580 | $ | 0.13 | $ | (36,420 | ) | $ | (0.39 | ) | ||||||
Add Charges and Credits: | ||||||||||||||||
Restatement costs (professional fees and bonuses) | 23,702 | 0.25 | 17,263 | 0.19 | ||||||||||||
Other than temporary impairment on equity method investment | 6,991 | 0.07 | - | - | ||||||||||||
Current Expected Credit Loss Provisions | - | - | 6,664 | 0.07 | ||||||||||||
Litigation provisions for non-employee matters | 2,500 | 0.03 | 1,210 | 0.01 | ||||||||||||
Integration and restructuring projects | - | - | 3,783 | 0.04 | ||||||||||||
Other write-offs and provisions | 4,448 | 0.05 | 4,509 | 0.05 | ||||||||||||
Total Charges and Credits (1) | 37,641 | 0.40 | 33,429 | 0.36 | ||||||||||||
Total Adjusted Net Income | $ | 50,221 | $ | 0.53 | $ | (2,991 | ) | $ | (0.03 | ) | ||||||
| (1) | In the year ended December 31, 2023, Total Charges and Credits included |
Table 2 - Reconciliation of Net Income to Adjusted EBITDA
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||
Net Income | $ | 12,580 | $ | (36,420 | ) | |||
Add: | ||||||||
Income Taxes | 17,266 | 6,619 | ||||||
Interest Expense, net | 45,826 | 34,126 | ||||||
Depreciation and Amortization | 148,993 | 125,114 | ||||||
Total Charges and Credits impacting Adjusted EBITDA (2) | 37,641 | 33,429 | ||||||
Total Adjusted EBITDA | $ | 262,306 | $ | 162,868 | ||||
| (2) | Charges and Credits impacting Adjusted EBITDA are described in Table 1 above. Charges and Credits impacting Adjusted EBITDA exclude items related to interest, income tax and depreciation and amortization. |
Table 3 - Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow
| December 31, 2023 | December 31, 2022 | |||||||
Net cash provided by operating activities | $ | 176,959 | $ | 92,576 | ||||
Less: | ||||||||
Capital expenditures | (68,190 | ) | (122,415 | ) | ||||
Free cash flow | $ | 108,769 | $ | (29,839 | ) | |||
Table 4 - Reconciliation to Net Debt
| December 31, 2023 | December 31, 2022 | |||||||
Current installments of long-term debt | $ | 71,744 | $ | 53,352 | ||||
Short-term borrowings | 48,889 | 89,885 | ||||||
Long-term debt | 331,565 | 391,863 | ||||||
Less: | ||||||||
Cash and cash equivalents | (67,821 | ) | (78,853 | ) | ||||
Net Debt | $ | 384,377 | $ | 456,247 | ||||
For inquiries regarding NESR, please contact:
Blake Gendron or Stefan Angeli
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp
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