Newpark Resources Reports Second Quarter 2024 Results
Newpark Resources (NYSE: NR) reported Q2 2024 earnings with net income at $8.0M ($0.09 per share), adjusted net income at $10.4M ($0.12 per share), and adjusted EBITDA up 18% to $23.4M. Total revenue was $179M, a slight decrease from $183.3M in Q2 2023.
Industrial Solutions segment saw a nearly 40% increase in revenue, reaching $66.8M, while the Fluids Systems segment's revenue declined 17% to $112.2M. Management highlighted strong free cash flow at $21.9M and net debt reduced to $23M with a leverage ratio of 0.3x.
Despite a challenging environment, Newpark maintained its 2024 full-year guidance for the Industrial Solutions segment, emphasizing its strategic focus on high-margin markets and capital efficiency. No share repurchases occurred in H1 2024 due to trading blackout restrictions associated with the Fluids Systems segment sale process, which is still ongoing.
Newpark Resources (NYSE: NR) ha riportato i risultati del Q2 2024, con un utile netto di 8,0 milioni di dollari (0,09 dollari per azione), un utile netto rettificato di 10,4 milioni di dollari (0,12 dollari per azione) e un EBITDA rettificato in aumento del 18% a 23,4 milioni di dollari. I ricavi totali sono stati 179 milioni di dollari, con una leggera diminuzione rispetto ai 183,3 milioni di dollari del Q2 2023.
Il segmento Soluzioni Industriali ha visto un aumento dei ricavi di quasi 40%, raggiungendo 66,8 milioni di dollari, mentre i ricavi del segmento Sistemi di Fluidi sono diminuiti del 17% a 112,2 milioni di dollari. La direzione ha evidenziato un forte flusso di cassa libero di 21,9 milioni di dollari e un debito netto ridotto a 23 milioni di dollari con un rapporto di leva di 0,3x.
Nonostante un ambiente difficile, Newpark ha mantenuto la sua guida per l'intero anno 2024 per il segmento Soluzioni Industriali, sottolineando il suo focus strategico su mercati ad alta marginalità e sull'efficienza del capitale. Non si sono verificati riacquisti di azioni nel primo semestre del 2024 a causa delle restrizioni di trading associate al processo di vendita del segmento Sistemi di Fluidi, che è ancora in corso.
Newpark Resources (NYSE: NR) informó sobre sus ganancias del Q2 2024, con un ingreso neto de 8,0 millones de dólares (0,09 dólares por acción), un ingreso neto ajustado de 10,4 millones de dólares (0,12 dólares por acción) y un EBITDA ajustado que aumentó un 18% a 23,4 millones de dólares. Los ingresos totales fueron 179 millones de dólares, una ligera disminución desde los 183,3 millones de dólares en el Q2 2023.
El segmento de Soluciones Industriales vio un incremento de casi 40% en ingresos, alcanzando 66,8 millones de dólares, mientras que los ingresos del segmento de Sistemas de Fluidos cayeron un 17% a 112,2 millones de dólares. La dirección destacó un fuerte flujo de caja libre de 21,9 millones de dólares y una deuda neta reducida a 23 millones de dólares con un ratio de apalancamiento de 0,3x.
A pesar de un entorno desafiante, Newpark mantuvo su guía para el año completo 2024 para el segmento de Soluciones Industriales, enfatizando su enfoque estratégico en mercados de alta rentabilidad y eficiencia de capital. No hubo recompra de acciones en el primer semestre de 2024 debido a las restricciones de negociación asociadas con el proceso de venta del segmento de Sistemas de Fluidos, el cual sigue en curso.
뉴파크 리소스 (NYSE: NR)는 2024년 2분기 실적을 발표했으며, 순이익이 800만 달러 (주당 0.09 달러), 조정 순이익이 1040만 달러 (주당 0.12 달러)로 보고되었고, 조정된 EBITDA는 18% 증가하여 2340만 달러에 달했습니다. 총 수익은 1억 7900만 달러로, 2023년 2분기의 1억 8330만 달러에서 약간 감소했습니다.
산업 솔루션 부문은 수익이 거의 40% 증가하여 6680만 달러에 도달했으며, 유체 시스템 부문의 수익은 17% 감소하여 1억 1220만 달러에 머물렀습니다. 경영진은 2190만 달러의 강력한 자유 현금 흐름과 2300만 달러로 축소된 순부채 및 0.3배의 레버리지 비율을 강조했습니다.
어려운 환경 속에서도 뉴파크는 산업 솔루션 부문에 대한 2024년 전체 연간 가이던스를 유지하며, 높은 마진 시장과 자본 효율성에 대한 전략적 초점을 강조했습니다. 유체 시스템 부문 판매 과정에 관련된 거래 블랙아웃 제한으로 인해 2024년 상반기에는 주식 재매입이 없었습니다.
Newpark Resources (NYSE: NR) a annoncé ses résultats pour le Q2 2024, avec un revenu net de 8,0 millions de dollars (0,09 dollar par action), un revenu net ajusté de 10,4 millions de dollars (0,12 dollar par action) et un EBITDA ajusté en hausse de 18% à 23,4 millions de dollars. Le chiffre d'affaires total s'élevait à 179 millions de dollars, soit une légère baisse par rapport à 183,3 millions de dollars au Q2 2023.
Le segment Solutions Industrielles a connu une augmentation des revenus de près de 40%, atteignant 66,8 millions de dollars, tandis que les revenus du segment Systèmes de Fluides ont chuté de 17% à 112,2 millions de dollars. La direction a souligné un fort flux de trésorerie libre de 21,9 millions de dollars et une dette nette réduite à 23 millions de dollars, avec un ratio d'endettement de 0,3x.
Malgré un environnement difficile, Newpark a maintenu ses prévisions pour l'année 2024 pour le segment des Solutions Industrielles, mettant l'accent sur son approche stratégique concernant les marchés à forte marge et l'efficacité du capital. Aucune opération de rachat d'actions n'a eu lieu au premier semestre 2024 en raison des restrictions de négociation liées au processus de vente du segment Systèmes de Fluides, qui est encore en cours.
Newpark Resources (NYSE: NR) berichtete über die Ergebnisse des Q2 2024, mit einem Nettogewinn von 8,0 Millionen Dollar (0,09 Dollar pro Aktie), einem bereinigten Nettogewinn von 10,4 Millionen Dollar (0,12 Dollar pro Aktie) und einem bereinigten EBITDA, das um 18% auf 23,4 Millionen Dollar gestiegen ist. Der Gesamtumsatz betrug 179 Millionen Dollar, was einem leichten Rückgang von 183,3 Millionen Dollar im Q2 2023 entspricht.
Der Bereich Industrielle Lösungen verzeichnete einen beinahe 40% Anstieg des Umsatzes und erreichte 66,8 Millionen Dollar, während der Umsatz des Bereichs Fluid-Systeme um 17% auf 112,2 Millionen Dollar zurückging. Das Management hob einen starken freien Cashflow von 21,9 Millionen Dollar hervor und reduzierte die Nettoverschuldung auf 23 Millionen Dollar mit einem Verschuldungsgrad von 0,3x.
Trotz eines herausfordernden Umfelds hielt Newpark an der Prognose für das Gesamtjahr 2024 für den Bereich Industrielle Lösungen fest und betonte den strategischen Fokus auf margenträchtigen Märkten und Kapitaleffizienz. Im ersten Halbjahr 2024 fanden aufgrund von Handelsbeschränkungen im Zusammenhang mit dem Verkaufsprozess des Bereichs Fluid-Systeme keine Aktienrückkäufe statt, der derzeit noch läuft.
- Adjusted EBITDA rose by 18% to $23.4M.
- Industrial Solutions revenue increased nearly 40%.
- Free cash flow surged to $21.9M from $0.6M.
- Net debt reduced to $23M, leverage ratio at 0.3x.
- Adjusted net income increased to $10.4M from $6.8M.
- Total revenue declined by $4.3M to $179M.
- Fluids Systems segment revenue dropped 17%.
Insights
Newpark Resources' Q2 2024 results show positive momentum, particularly in the Industrial Solutions segment. Key highlights include:
- Net income of
$8.0 million ($0.09 per diluted share), up from$1.7 million in Q2 2023 - Adjusted EBITDA increased
18% to$23.4 million , with margin expanding 230 basis points to13.1% - Industrial Solutions revenue grew nearly
40% organically year-over-year - Strong free cash flow of
$21.9 million , significantly up from$0.6 million in Q2 2023
The company's focus on higher-margin products and improved operational efficiency is paying off. However, the ongoing Fluids Systems sale process and potential market seasonality in Q3 are factors to watch. Overall, Newpark's financial position looks solid with low net leverage of 0.3x and improving profitability metrics.
Newpark's Q2 results highlight a significant shift in market dynamics. The Industrial Solutions segment's strong performance, particularly in composite matting, indicates growing customer preference for advanced solutions over traditional wood-based mats. This trend could reshape the worksite access market.
The record product sales in the power transmission sector suggest increasing infrastructure investments, potentially driven by grid modernization efforts. Meanwhile, the Fluids Systems segment's international growth, especially in the Eastern Hemisphere and Canada, points to geographical diversification offsetting potential weakness in North American markets.
The company's strategic focus on capital efficiency and targeted growth aligns well with current industry trends favoring technology-driven, environmentally conscious solutions. However, the extended timeline for the Fluids Systems sale process warrants attention, as it may impact the company's transformation plans.
Newpark's Q2 performance demonstrates a successful execution of its business transformation plan. The company's ability to expand margins and generate strong free cash flow while investing in growth is commendable. The low net leverage of 0.3x provides financial flexibility for future investments or shareholder returns.
The robust demand for Newpark's composite matting solutions presents a significant growth opportunity, potentially leading to market share gains. However, investors should note the seasonal softness expected in Q3, which may impact short-term performance.
The ongoing Fluids Systems sale process remains a key catalyst to watch. A successful completion could streamline operations and potentially unlock shareholder value. The strong performance of international operations in this segment (
Overall, Newpark's strategic focus on high-margin products and operational efficiency positions it well for long-term growth, but near-term volatility may persist due to market seasonality and the pending sale process.
SECOND QUARTER 2024 RESULTS
(all comparisons versus the prior year period unless otherwise noted)
-
Net income of
$8.0 million $0.09 -
Adjusted Net Income of
$10.4 million $0.12 -
Adjusted EBITDA +
18% to$23.4 million -
Adjusted EBITDA margin of
13.1% , +230 basis points -
Total Debt of
$58 million $23 million
|
Second Quarter |
|
|
|
||||||||
(In millions) |
2024 |
|
2023 |
|
Change |
|||||||
Revenues |
$ |
179.0 |
|
|
$ |
183.3 |
|
|
$ |
(4.3 |
) |
|
Operating income |
$ |
13.3 |
|
|
$ |
5.9 |
|
|
$ |
7.4 |
|
|
Net cash provided by operating activities |
$ |
27.6 |
|
|
$ |
7.4 |
|
|
$ |
20.2 |
|
|
Free Cash Flow |
$ |
21.9 |
|
|
$ |
0.6 |
|
|
$ |
21.3 |
|
|
Fluids Systems Segment |
|
|
|
|
|
|
||||||
Revenues |
$ |
112.2 |
|
|
$ |
135.2 |
|
|
$ |
(23.0 |
) |
|
Operating income |
$ |
2.3 |
|
|
$ |
2.0 |
|
|
$ |
0.3 |
|
|
Adjusted EBITDA |
$ |
5.2 |
|
|
$ |
8.8 |
|
|
$ |
(3.6 |
) |
|
Operating margin (%) |
|
2.1 |
% |
|
|
1.5 |
% |
|
|
60 |
|
bps |
Adjusted EBITDA margin (%) |
|
4.6 |
% |
|
|
6.5 |
% |
|
|
-190 |
|
bps |
Industrial Solutions Segment |
|
|
|
|
|
|
||||||
Revenues |
$ |
66.8 |
|
|
$ |
48.1 |
|
|
$ |
18.7 |
|
|
Operating income |
$ |
19.4 |
|
|
$ |
12.8 |
|
|
$ |
6.6 |
|
|
Adjusted EBITDA |
$ |
24.8 |
|
|
$ |
18.1 |
|
|
$ |
6.7 |
|
|
Operating margin (%) |
|
29.0 |
% |
|
|
26.6 |
% |
|
|
240 |
|
bps |
Adjusted EBITDA margin (%) |
|
37.1 |
% |
|
|
37.7 |
% |
|
|
-60 |
|
bps |
MANAGEMENT COMMENTARY
“We delivered a strong second quarter performance, as Industrial Solutions segment revenue increased nearly
“We remain highly focused on driving performance excellence across all aspects of our organization as we seek to maximize operating leverage and capital efficiency,” continued Lanigan. “In the second quarter, this strategic focus translated to significant year-over-year growth in adjusted EBITDA, adjusted net income and free cash flow conversion, while providing us with improved balance sheet optionality to support our capital allocation priorities.
“To that end, our capital allocation strategy continues to prioritize investments in our rental fleet, return of capital through our share repurchase authorization, and opportunistic inorganic growth within both existing and complementary worksite access markets,” noted Lanigan. “We generated free cash flow of
Lanigan continued, “With regard to the Fluids Systems sale process, our entire organization has worked tirelessly on all aspects of diligence and separation planning, with an eye on a mid-year completion. Our international business continues to operate at a very strong level, contributing more than
“Today, we are reiterating our full-year 2024 financial guidance for our Industrial Solutions segment,” concluded Lanigan. “While the third quarter is typically a seasonally softer period of the year for our business, with activity levels generally below second quarter levels, we remain encouraged by the longer-term demand outlook across our core end-markets, as we continue to expand our market.”
BUSINESS UPDATE
Newpark is engaged in a multi-year business transformation plan designed to drive organic commercial growth within targeted, higher-margin product and rental markets; improve asset optimization and organizational efficiency; and pursue a capital allocation strategy that prioritizes investments in opportunities with superior return profiles, together with a programmatic return of capital program.
During the second quarter 2024, Newpark continued to deliver on its business transformation plan, highlighted by the following (all comparisons versus the prior year period unless otherwise noted):
-
Rental demand strengthens in the second quarter 2024. Industrial Solutions revenue from specialty rental increased
9% for the second quarter of 2024, somewhat mitigating a lower contribution from associated services. Total rental and services declined9% . -
Robust product sales demand. Revenues from product sales achieved a quarterly record
$30 million -
Fluids Systems segment continues momentum in international operations. The segment delivered strong international revenue growth in the second quarter of 2024, with international operations contributing
71% of Fluids Systems revenue in the quarter. Newpark’s Eastern Hemisphere revenue increased2% to$66 million Canada increased28% to$13 million -
Delivered margin expansion. Consolidated gross margin increased 370 basis points year-over-year to
21.7% , benefiting from a higher contribution from Industrial Solutions and improving Fluids Systems fundamentals. Adjusted EBITDA margin improved 230 basis points to13.1% in the second quarter of 2024. For the quarter, Industrial Solutions segment Adjusted EBITDA margin was37.1% and Fluids Systems segment Adjusted EBITDA margin was4.6% . -
Robust return of capital program. In February 2024, the Board of Directors increased the authorization for repurchases of common stock up to
$50.0 million $30 million 7% of total shares outstanding. No share repurchases were made in the first half of 2024, due to trading blackout restrictions associated with the ongoing Fluids Systems segment sale process.
FINANCIAL PERFORMANCE
In the second quarter 2024, Newpark generated net income of
The Company reported second quarter Adjusted Net Income of
The Industrial Solutions segment generated revenues of
The Fluids Systems segment generated revenues of
Corporate office expenses were
BALANCE SHEET AND LIQUIDITY
As of June 30, 2024, Newpark had total cash of
Newpark generated
FINANCIAL GUIDANCE
The following forward-looking guidance reflects the Company’s current expectations and beliefs as of August 5, 2024 and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.
For the full year 2024, Newpark currently anticipates the following:
-
Industrial Solutions segment revenue in a range of
$230 million $240 million $80 million $85 million -
Total Industrial Solutions capital expenditures in a range of
$30 million $35 million
SECOND QUARTER 2024 RESULTS CONFERENCE CALL
A conference call will be held Tuesday, August 6, 2024 at 9:30 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s website at https://investor.newpark.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Individuals can also participate by teleconference dial-in.
To participate in the live teleconference:
Domestic Live: |
800-267-6316 |
International Live: |
203-518-9783 |
Conference ID: |
NRQ224 |
To listen to a replay of the teleconference, which subsequently will be available through August 13, 2024:
Domestic Replay: |
888-219-1263 |
International Replay: |
402-220-4943 |
ABOUT NEWPARK RESOURCES
Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as “will,” “may,” “could,” “would,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our exploration of strategic alternatives for the long-term positioning of our Fluids Systems division, including the ongoing sale process as well as whether any such transaction will be consummated on the anticipated timeline or at all; divestitures; the worldwide oil and natural gas industry; our ability to generate internal growth; economic and market conditions that may impact our customers’ future spending; our customer concentration and reliance on the
Newpark Resources, Inc. |
|||||||||||||||||||
Condensed Consolidated Statements of Operations |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(In thousands, except per share data) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
179,009 |
|
|
$ |
169,107 |
|
|
$ |
183,256 |
|
|
$ |
348,116 |
|
|
$ |
383,286 |
|
Cost of revenues |
|
140,084 |
|
|
|
134,587 |
|
|
|
150,170 |
|
|
|
274,671 |
|
|
|
314,908 |
|
Selling, general and administrative expenses |
|
26,381 |
|
|
|
24,344 |
|
|
|
25,576 |
|
|
|
50,725 |
|
|
|
50,986 |
|
Other operating (income) loss, net |
|
(755 |
) |
|
|
(1,683 |
) |
|
|
(1,184 |
) |
|
|
(2,438 |
) |
|
|
(1,445 |
) |
Impairments and other charges |
|
— |
|
|
|
— |
|
|
|
2,816 |
|
|
|
— |
|
|
|
2,816 |
|
Operating income |
|
13,299 |
|
|
|
11,859 |
|
|
|
5,878 |
|
|
|
25,158 |
|
|
|
16,021 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency exchange (gain) loss |
|
128 |
|
|
|
(31 |
) |
|
|
(102 |
) |
|
|
97 |
|
|
|
217 |
|
Interest expense, net |
|
1,796 |
|
|
|
1,750 |
|
|
|
2,146 |
|
|
|
3,546 |
|
|
|
4,235 |
|
Income before income taxes |
|
11,375 |
|
|
|
10,140 |
|
|
|
3,834 |
|
|
|
21,515 |
|
|
|
11,569 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for income taxes |
|
3,335 |
|
|
|
2,847 |
|
|
|
2,132 |
|
|
|
6,182 |
|
|
|
4,247 |
|
Net income |
$ |
8,040 |
|
|
$ |
7,293 |
|
|
$ |
1,702 |
|
|
$ |
15,333 |
|
|
$ |
7,322 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Calculation of EPS: |
|
|
|
|
|
|
|
|
|
||||||||||
Net income - basic and diluted |
$ |
8,040 |
|
|
$ |
7,293 |
|
|
$ |
1,702 |
|
|
$ |
15,333 |
|
|
$ |
7,322 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares outstanding - basic |
|
85,473 |
|
|
|
85,001 |
|
|
|
85,761 |
|
|
|
85,237 |
|
|
|
87,159 |
|
Dilutive effect of stock options and restricted stock awards |
|
2,153 |
|
|
|
2,244 |
|
|
|
1,712 |
|
|
|
2,198 |
|
|
|
1,853 |
|
Weighted average common shares outstanding - diluted |
|
87,626 |
|
|
|
87,245 |
|
|
|
87,473 |
|
|
|
87,435 |
|
|
|
89,012 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per common share - basic: |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.18 |
|
|
$ |
0.08 |
|
Net income per common share - diluted: |
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.02 |
|
|
$ |
0.18 |
|
|
$ |
0.08 |
|
Newpark Resources, Inc. |
|||||||||||||||||||
Operating Segment Results |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|
|
|||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(In thousands) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Fluids Systems |
$ |
112,218 |
|
|
$ |
120,140 |
|
|
$ |
135,181 |
|
|
$ |
232,358 |
|
|
$ |
279,355 |
|
Industrial Solutions |
|
66,791 |
|
|
|
48,967 |
|
|
|
48,075 |
|
|
|
115,758 |
|
|
|
103,931 |
|
Total revenues |
$ |
179,009 |
|
|
$ |
169,107 |
|
|
$ |
183,256 |
|
|
$ |
348,116 |
|
|
$ |
383,286 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
||||||||||
Fluids Systems |
$ |
2,345 |
|
|
$ |
6,836 |
|
|
$ |
1,965 |
|
|
$ |
9,181 |
|
|
$ |
5,431 |
|
Industrial Solutions |
|
19,392 |
|
|
|
12,936 |
|
|
|
12,774 |
|
|
|
32,328 |
|
|
|
27,257 |
|
Corporate office |
|
(8,438 |
) |
|
|
(7,913 |
) |
|
|
(8,861 |
) |
|
|
(16,351 |
) |
|
|
(16,667 |
) |
Total operating income |
$ |
13,299 |
|
|
$ |
11,859 |
|
|
$ |
5,878 |
|
|
$ |
25,158 |
|
|
$ |
16,021 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment operating margin |
|
|
|
|
|
|
|
|
|
||||||||||
Fluids Systems |
|
2.1 |
% |
|
|
5.7 |
% |
|
|
1.5 |
% |
|
|
4.0 |
% |
|
|
1.9 |
% |
Industrial Solutions |
|
29.0 |
% |
|
|
26.4 |
% |
|
|
26.6 |
% |
|
|
27.9 |
% |
|
|
26.2 |
% |
Fluids Systems operating income for the three months and six months ended June 30, 2023 included a
Newpark Resources, Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(In thousands, except share data) |
June 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
35,087 |
|
|
$ |
38,594 |
|
Receivables, net |
|
158,834 |
|
|
|
168,457 |
|
Inventories |
|
127,421 |
|
|
|
141,079 |
|
Prepaid expenses and other current assets |
|
10,284 |
|
|
|
9,094 |
|
Total current assets |
|
331,626 |
|
|
|
357,224 |
|
|
|
|
|
||||
Property, plant and equipment, net |
|
205,076 |
|
|
|
195,289 |
|
Operating lease assets |
|
19,555 |
|
|
|
20,731 |
|
Goodwill |
|
47,259 |
|
|
|
47,283 |
|
Other intangible assets, net |
|
15,580 |
|
|
|
17,114 |
|
Deferred tax assets |
|
3,553 |
|
|
|
2,628 |
|
Other assets |
|
2,151 |
|
|
|
2,067 |
|
Total assets |
$ |
624,800 |
|
|
$ |
642,336 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current debt |
$ |
17,591 |
|
|
$ |
16,916 |
|
Accounts payable |
|
69,153 |
|
|
|
70,087 |
|
Accrued liabilities |
|
40,162 |
|
|
|
49,281 |
|
Total current liabilities |
|
126,906 |
|
|
|
136,284 |
|
|
|
|
|
||||
Long-term debt, less current portion |
|
40,392 |
|
|
|
58,117 |
|
Noncurrent operating lease liabilities |
|
16,587 |
|
|
|
17,404 |
|
Deferred tax liabilities |
|
6,843 |
|
|
|
8,307 |
|
Other noncurrent liabilities |
|
7,463 |
|
|
|
6,860 |
|
Total liabilities |
|
198,191 |
|
|
|
226,972 |
|
|
|
|
|
||||
Common stock, |
|
1,117 |
|
|
|
1,117 |
|
Paid-in capital |
|
631,497 |
|
|
|
639,645 |
|
Accumulated other comprehensive loss |
|
(66,084 |
) |
|
|
(62,839 |
) |
Retained earnings |
|
26,137 |
|
|
|
10,773 |
|
Treasury stock, at cost (25,202,455 and 26,471,738 shares, respectively) |
|
(166,058 |
) |
|
|
(173,332 |
) |
Total stockholders’ equity |
|
426,609 |
|
|
|
415,364 |
|
Total liabilities and stockholders’ equity |
$ |
624,800 |
|
|
$ |
642,336 |
|
Newpark Resources, Inc. |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(Unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
(In thousands) |
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
15,333 |
|
|
$ |
7,322 |
|
Adjustments to reconcile net income to net cash provided by operations: |
|
|
|
||||
Impairments and other non-cash charges |
|
— |
|
|
|
2,816 |
|
Depreciation and amortization |
|
14,835 |
|
|
|
15,803 |
|
Stock-based compensation expense |
|
3,122 |
|
|
|
3,298 |
|
Provision for deferred income taxes |
|
(2,196 |
) |
|
|
(916 |
) |
Credit loss expense |
|
1,040 |
|
|
|
464 |
|
Gain on sale of assets |
|
(1,049 |
) |
|
|
(1,649 |
) |
Gain on insurance recovery |
|
(874 |
) |
|
|
— |
|
Amortization of original issue discount and debt issuance costs |
|
260 |
|
|
|
274 |
|
Change in assets and liabilities: |
|
|
|
||||
Decrease in receivables |
|
4,369 |
|
|
|
39,324 |
|
(Increase) decrease in inventories |
|
12,158 |
|
|
|
(3,440 |
) |
Increase in other assets |
|
(1,524 |
) |
|
|
(3,187 |
) |
Increase (decrease) in accounts payable |
|
647 |
|
|
|
(14,453 |
) |
Decrease in accrued liabilities and other |
|
(6,590 |
) |
|
|
(8,808 |
) |
Net cash provided by operating activities |
|
39,531 |
|
|
|
36,848 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(20,468 |
) |
|
|
(15,347 |
) |
Proceeds from divestitures |
|
— |
|
|
|
18,086 |
|
Proceeds from sale of property, plant and equipment |
|
2,042 |
|
|
|
2,304 |
|
Proceeds from insurance property claim |
|
1,385 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
(17,041 |
) |
|
|
5,043 |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Borrowings on lines of credit |
|
87,444 |
|
|
|
149,253 |
|
Payments on lines of credit |
|
(101,077 |
) |
|
|
(167,435 |
) |
Purchases of treasury stock |
|
(4,332 |
) |
|
|
(21,966 |
) |
Proceeds from employee stock plans |
|
17 |
|
|
|
— |
|
Other financing activities |
|
(7,040 |
) |
|
|
(2,864 |
) |
Net cash used in financing activities |
|
(24,988 |
) |
|
|
(43,012 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
(961 |
) |
|
|
332 |
|
|
|
|
|
||||
Net decrease in cash, cash equivalents, and restricted cash |
|
(3,459 |
) |
|
|
(789 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
38,901 |
|
|
|
25,061 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
35,442 |
|
|
$ |
24,272 |
|
Newpark Resources, Inc.
Non-GAAP Reconciliations
(Unaudited)
To help understand the Company’s financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles (“GAAP”) with non-GAAP financial measures. Such financial measures include Adjusted Net Income, Adjusted Net Income Per Common Share, earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, Adjusted EBITDA Margin, Net Debt, and Net Leverage.
We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.
Adjusted Net Income and Adjusted Net Income Per Common Share
The following tables reconcile the Company’s net income and net income per common share calculated in accordance with GAAP to the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income Per Common Share:
Consolidated |
Three Months Ended |
Six Months Ended |
|||||||||||||
(In thousands) |
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||
Net income (loss) (GAAP) |
$ |
8,040 |
|
$ |
7,293 |
|
$ |
1,702 |
|
$ |
15,333 |
|
$ |
7,322 |
|
Fluids Systems sale process transaction expenses |
|
1,859 |
|
|
2,256 |
|
|
— |
|
|
4,115 |
|
|
— |
|
Impairments and other charges |
|
— |
|
|
— |
|
|
2,816 |
|
|
— |
|
|
2,816 |
|
Gain on insurance recovery |
|
— |
|
|
(874 |
) |
|
— |
|
|
(874 |
) |
|
— |
|
Gain on legal settlement |
|
— |
|
|
(550 |
) |
|
— |
|
|
(550 |
) |
|
— |
|
Facility exit costs and other, net |
|
741 |
|
|
— |
|
|
2,107 |
|
|
741 |
|
|
4,399 |
|
Severance costs |
|
212 |
|
|
1,147 |
|
|
1,169 |
|
|
1,359 |
|
|
2,124 |
|
Tax on adjustments |
|
(435 |
) |
|
(416 |
) |
|
(1,019 |
) |
|
(851 |
) |
|
(1,701 |
) |
Adjusted Net Income (non-GAAP) |
$ |
10,417 |
|
$ |
8,856 |
|
$ |
6,775 |
|
$ |
19,273 |
|
$ |
14,960 |
|
Adjusted Net Income (non-GAAP) |
$ |
10,417 |
$ |
8,856 |
$ |
6,775 |
$ |
19,273 |
$ |
14,960 |
|||||
|
|
|
|
|
|
||||||||||
Weighted average common shares outstanding - basic |
|
85,473 |
|
|
85,001 |
|
|
85,761 |
|
|
85,237 |
|
|
87,159 |
|
Dilutive effect of stock options and restricted stock awards |
|
2,153 |
|
|
2,244 |
|
|
1,712 |
|
|
2,198 |
|
|
1,853 |
|
Weighted average common shares outstanding - diluted |
|
87,626 |
|
|
87,245 |
|
|
87,473 |
|
|
87,435 |
|
|
89,012 |
|
|
|
|
|
|
|
||||||||||
Adjusted Net Income Per Common Share - Diluted (non-GAAP): |
$ |
0.12 |
|
$ |
0.10 |
|
$ |
0.08 |
|
$ |
0.22 |
|
$ |
0.17 |
|
Newpark Resources, Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
The following table reconciles the Company’s net income calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin:
Consolidated |
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(In thousands) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
179,009 |
|
|
$ |
169,107 |
|
|
$ |
183,256 |
|
|
$ |
348,116 |
|
|
$ |
383,286 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (GAAP) |
$ |
8,040 |
|
|
$ |
7,293 |
|
|
$ |
1,702 |
|
|
$ |
15,333 |
|
|
$ |
7,322 |
|
Interest expense, net |
|
1,796 |
|
|
|
1,750 |
|
|
|
2,146 |
|
|
|
3,546 |
|
|
|
4,235 |
|
Provision for income taxes |
|
3,335 |
|
|
|
2,847 |
|
|
|
2,132 |
|
|
|
6,182 |
|
|
|
4,247 |
|
Depreciation and amortization |
|
7,424 |
|
|
|
7,411 |
|
|
|
7,908 |
|
|
|
14,835 |
|
|
|
15,803 |
|
EBITDA (non-GAAP) |
|
20,595 |
|
|
|
19,301 |
|
|
|
13,888 |
|
|
|
39,896 |
|
|
|
31,607 |
|
Fluids Systems sale process transaction expenses |
|
1,859 |
|
|
|
2,256 |
|
|
|
— |
|
|
|
4,115 |
|
|
|
— |
|
Impairments and other charges |
|
— |
|
|
|
— |
|
|
|
2,816 |
|
|
|
— |
|
|
|
2,816 |
|
Gain on insurance recovery |
|
— |
|
|
|
(874 |
) |
|
|
— |
|
|
|
(874 |
) |
|
|
— |
|
Gain on legal settlement |
|
— |
|
|
|
(550 |
) |
|
|
— |
|
|
|
(550 |
) |
|
|
— |
|
Facility exit costs and other, net |
|
741 |
|
|
|
— |
|
|
|
1,944 |
|
|
|
741 |
|
|
|
4,236 |
|
Severance costs |
|
212 |
|
|
|
1,147 |
|
|
|
1,169 |
|
|
|
1,359 |
|
|
|
2,124 |
|
Adjusted EBITDA (non-GAAP) |
$ |
23,407 |
|
|
$ |
21,280 |
|
|
$ |
19,817 |
|
|
$ |
44,687 |
|
|
$ |
40,783 |
|
Adjusted EBITDA Margin (non-GAAP) |
|
13.1 |
% |
|
|
12.6 |
% |
|
|
10.8 |
% |
|
|
12.8 |
% |
|
|
10.6 |
% |
Free Cash Flow
The following table reconciles the Company’s net cash provided by operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow:
Consolidated |
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(In thousands) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Net cash provided by operating activities (GAAP) |
|
27,581 |
|
|
|
11,950 |
|
|
|
7,404 |
|
|
|
39,531 |
|
|
|
36,848 |
|
Capital expenditures |
|
(6,586 |
) |
|
|
(13,882 |
) |
|
|
(8,375 |
) |
|
|
(20,468 |
) |
|
|
(15,347 |
) |
Proceeds from sale of property, plant and equipment |
|
899 |
|
|
|
1,143 |
|
|
|
1,564 |
|
|
|
2,042 |
|
|
|
2,304 |
|
Free Cash Flow (non-GAAP) |
$ |
21,894 |
|
|
$ |
(789 |
) |
|
$ |
593 |
|
|
$ |
21,105 |
|
|
$ |
23,805 |
|
Newpark Resources, Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
The following tables reconcile the Company’s segment operating income calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin:
Fluids Systems |
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(In thousands) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
112,218 |
|
|
$ |
120,140 |
|
|
$ |
135,181 |
|
|
$ |
232,358 |
|
|
$ |
279,355 |
|
Operating income (loss) (GAAP) |
$ |
2,345 |
|
|
$ |
6,836 |
|
|
$ |
1,965 |
|
|
$ |
9,181 |
|
|
$ |
5,431 |
|
Depreciation and amortization |
|
1,750 |
|
|
|
1,745 |
|
|
|
1,961 |
|
|
|
3,495 |
|
|
|
3,936 |
|
EBITDA (non-GAAP) |
|
4,095 |
|
|
|
8,581 |
|
|
|
3,926 |
|
|
|
12,676 |
|
|
|
9,367 |
|
Fluids Systems sale process transaction expenses |
|
304 |
|
|
|
313 |
|
|
|
— |
|
|
|
617 |
|
|
|
— |
|
Impairments and other charges |
|
— |
|
|
|
— |
|
|
|
2,816 |
|
|
|
— |
|
|
|
2,816 |
|
Gain on insurance recovery |
|
— |
|
|
|
(807 |
) |
|
|
— |
|
|
|
(807 |
) |
|
|
— |
|
Facility exit costs and other, net |
|
741 |
|
|
|
— |
|
|
|
1,944 |
|
|
|
741 |
|
|
|
4,236 |
|
Severance costs |
|
36 |
|
|
|
515 |
|
|
|
148 |
|
|
|
551 |
|
|
|
1,103 |
|
Adjusted EBITDA (non-GAAP) |
$ |
5,176 |
|
|
$ |
8,602 |
|
|
$ |
8,834 |
|
|
$ |
13,778 |
|
|
$ |
17,522 |
|
Operating Margin (GAAP) |
|
2.1 |
% |
|
|
5.7 |
% |
|
|
1.5 |
% |
|
|
4.0 |
% |
|
|
1.9 |
% |
Adjusted EBITDA Margin (non-GAAP) |
|
4.6 |
% |
|
|
7.2 |
% |
|
|
6.5 |
% |
|
|
5.9 |
% |
|
|
6.3 |
% |
Industrial Solutions |
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
(In thousands) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
66,791 |
|
|
$ |
48,967 |
|
|
$ |
48,075 |
|
|
$ |
115,758 |
|
|
$ |
103,931 |
|
Operating income (GAAP) |
$ |
19,392 |
|
|
$ |
12,936 |
|
|
$ |
12,774 |
|
|
$ |
32,328 |
|
|
$ |
27,257 |
|
Depreciation and amortization |
|
5,215 |
|
|
|
5,181 |
|
|
|
5,277 |
|
|
|
10,396 |
|
|
|
10,534 |
|
EBITDA (non-GAAP) |
|
24,607 |
|
|
|
18,117 |
|
|
|
18,051 |
|
|
|
42,724 |
|
|
|
37,791 |
|
Gain on insurance recovery |
|
— |
|
|
|
(67 |
) |
|
|
— |
|
|
|
(67 |
) |
|
|
— |
|
Gain on legal settlement |
|
— |
|
|
|
(550 |
) |
|
|
— |
|
|
|
(550 |
) |
|
|
— |
|
Severance costs |
|
175 |
|
|
|
518 |
|
|
|
92 |
|
|
|
693 |
|
|
|
92 |
|
Adjusted EBITDA (non-GAAP) |
$ |
24,782 |
|
|
$ |
18,018 |
|
|
$ |
18,143 |
|
|
$ |
42,800 |
|
|
$ |
37,883 |
|
Operating Margin (GAAP) |
|
29.0 |
% |
|
|
26.4 |
% |
|
|
26.6 |
% |
|
|
27.9 |
% |
|
|
26.2 |
% |
Adjusted EBITDA Margin (non-GAAP) |
|
37.1 |
% |
|
|
36.8 |
% |
|
|
37.7 |
% |
|
|
37.0 |
% |
|
|
36.5 |
% |
Newpark Resources, Inc. |
|||||||||||||||||||
Non-GAAP Reconciliations (Continued) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - Trailing Twelve Months (“TTM”) |
|||||||||||||||||||
Consolidated |
Three Months Ended |
|
TTM |
||||||||||||||||
(In thousands) |
September 30,
|
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
198,498 |
|
|
$ |
167,816 |
|
|
$ |
169,107 |
|
|
$ |
179,009 |
|
|
$ |
714,430 |
|
Net income (loss) (GAAP) |
$ |
7,670 |
|
|
$ |
(476 |
) |
|
$ |
7,293 |
|
|
$ |
8,040 |
|
|
$ |
22,527 |
|
Interest expense, net |
|
2,027 |
|
|
|
1,919 |
|
|
|
1,750 |
|
|
|
1,796 |
|
|
|
7,492 |
|
Provision for income taxes |
|
3,995 |
|
|
|
2,424 |
|
|
|
2,847 |
|
|
|
3,335 |
|
|
|
12,601 |
|
Depreciation and amortization |
|
7,704 |
|
|
|
7,865 |
|
|
|
7,411 |
|
|
|
7,424 |
|
|
|
30,404 |
|
EBITDA (non-GAAP) |
|
21,396 |
|
|
|
11,732 |
|
|
|
19,301 |
|
|
|
20,595 |
|
|
|
73,024 |
|
Fluids Systems sale process transaction expenses |
|
892 |
|
|
|
894 |
|
|
|
2,256 |
|
|
|
1,859 |
|
|
|
5,901 |
|
Impairments and other charges |
|
— |
|
|
|
3,540 |
|
|
|
— |
|
|
|
— |
|
|
|
3,540 |
|
Gain on insurance recovery |
|
— |
|
|
|
— |
|
|
|
(874 |
) |
|
|
— |
|
|
|
(874 |
) |
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
(550 |
) |
|
|
— |
|
|
|
(550 |
) |
Facility exit costs and other, net |
|
358 |
|
|
|
— |
|
|
|
— |
|
|
|
741 |
|
|
|
1,099 |
|
Severance costs |
|
506 |
|
|
|
29 |
|
|
|
1,147 |
|
|
|
212 |
|
|
|
1,894 |
|
Adjusted EBITDA (non-GAAP) |
$ |
23,152 |
|
|
$ |
16,195 |
|
|
$ |
21,280 |
|
|
$ |
23,407 |
|
|
$ |
84,034 |
|
Adjusted EBITDA Margin (non-GAAP) |
|
11.7 |
% |
|
|
9.7 |
% |
|
|
12.6 |
% |
|
|
13.1 |
% |
|
|
11.8 |
% |
Fluids Systems |
Three Months Ended |
|
TTM |
||||||||||||||||
(In thousands) |
September 30,
|
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
141,236 |
|
|
$ |
121,361 |
|
|
$ |
120,140 |
|
|
$ |
112,218 |
|
|
$ |
494,955 |
|
Operating income (loss) (GAAP) |
$ |
7,573 |
|
|
$ |
(1,147 |
) |
|
$ |
6,836 |
|
|
$ |
2,345 |
|
|
$ |
15,607 |
|
Depreciation and amortization |
|
1,883 |
|
|
|
1,957 |
|
|
|
1,745 |
|
|
|
1,750 |
|
|
|
7,335 |
|
EBITDA (non-GAAP) |
|
9,456 |
|
|
|
810 |
|
|
|
8,581 |
|
|
|
4,095 |
|
|
|
22,942 |
|
Fluids Systems sale process transaction expenses |
|
293 |
|
|
|
326 |
|
|
|
313 |
|
|
|
304 |
|
|
|
1,236 |
|
Impairments and other charges |
|
— |
|
|
|
3,540 |
|
|
|
— |
|
|
|
— |
|
|
|
3,540 |
|
Gain on insurance recovery |
|
— |
|
|
|
— |
|
|
|
(807 |
) |
|
|
— |
|
|
|
(807 |
) |
Facility exit costs and other, net |
|
358 |
|
|
|
— |
|
|
|
— |
|
|
|
741 |
|
|
|
1,099 |
|
Severance costs |
|
40 |
|
|
|
29 |
|
|
|
515 |
|
|
|
36 |
|
|
|
620 |
|
Adjusted EBITDA (non-GAAP) |
$ |
10,147 |
|
|
$ |
4,705 |
|
|
$ |
8,602 |
|
|
$ |
5,176 |
|
|
$ |
28,630 |
|
Operating Margin (GAAP) |
|
5.4 |
% |
|
|
(0.9 |
)% |
|
|
5.7 |
% |
|
|
2.1 |
% |
|
|
3.2 |
% |
Adjusted EBITDA Margin (non-GAAP) |
|
7.2 |
% |
|
|
3.9 |
% |
|
|
7.2 |
% |
|
|
4.6 |
% |
|
|
5.8 |
% |
Newpark Resources, Inc. |
|||||||||||||||||||
Non-GAAP Reconciliations (Continued) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
Industrial Solutions |
Three Months Ended |
|
TTM |
||||||||||||||||
(In thousands) |
September 30,
|
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues |
$ |
57,262 |
|
|
$ |
46,455 |
|
|
$ |
48,967 |
|
|
$ |
66,791 |
|
|
$ |
219,475 |
|
Operating income (GAAP) |
$ |
14,336 |
|
|
$ |
11,415 |
|
|
$ |
12,936 |
|
|
$ |
19,392 |
|
|
$ |
58,079 |
|
Depreciation and amortization |
|
5,224 |
|
|
|
5,350 |
|
|
|
5,181 |
|
|
|
5,215 |
|
|
|
20,970 |
|
EBITDA (non-GAAP) |
|
19,560 |
|
|
|
16,765 |
|
|
|
18,117 |
|
|
|
24,607 |
|
|
|
79,049 |
|
Gain on insurance recovery |
|
— |
|
|
|
— |
|
|
|
(67 |
) |
|
|
— |
|
|
|
(67 |
) |
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
(550 |
) |
|
|
— |
|
|
|
(550 |
) |
Severance costs |
|
162 |
|
|
|
— |
|
|
|
518 |
|
|
|
175 |
|
|
|
855 |
|
Adjusted EBITDA (non-GAAP) |
$ |
19,722 |
|
|
$ |
16,765 |
|
|
$ |
18,018 |
|
|
$ |
24,782 |
|
|
$ |
79,287 |
|
Operating Margin (GAAP) |
|
25.0 |
% |
|
|
24.6 |
% |
|
|
26.4 |
% |
|
|
29.0 |
% |
|
|
26.5 |
% |
Adjusted EBITDA Margin (non-GAAP) |
|
34.4 |
% |
|
|
36.1 |
% |
|
|
36.8 |
% |
|
|
37.1 |
% |
|
|
36.1 |
% |
Net Debt and Net Leverage
The following table reconciles the Company’s total debt calculated in accordance with GAAP to the non-GAAP financial measures of Net Debt and Net Leverage:
(In thousands) |
June 30,
|
|
December 31,
|
||||
Current debt |
$ |
17,591 |
|
|
$ |
16,916 |
|
Long-term debt, less current portion |
|
40,392 |
|
|
|
58,117 |
|
Total Debt |
|
57,983 |
|
|
|
75,033 |
|
Less: cash and cash equivalents |
|
(35,087 |
) |
|
|
(38,594 |
) |
Net Debt |
$ |
22,896 |
|
|
$ |
36,439 |
|
|
|
|
|
||||
Adjusted EBITDA (non-GAAP) - TTM |
$ |
84,034 |
|
|
$ |
80,130 |
|
|
|
|
|
||||
Net Leverage |
0.3x |
|
0.5x |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805537773/en/
IR CONTACT
Noel Ryan or Paul Bartolai
Investors@Newpark.com
Source: Newpark Resources, Inc.
FAQ
What were Newpark Resources Q2 2024 earnings?
How did Newpark Resources' revenue perform in Q2 2024?
What was Newpark Resources' adjusted EBITDA in Q2 2024?
What is Newpark Resources' debt status as of June 30, 2024?
How did the Industrial Solutions segment perform in Q2 2024 for Newpark Resources?
What happened to Newpark Resources' Fluids Systems segment revenue in Q2 2024?
