Oil States Announces First Quarter 2023 Results
-
Net income of
$2 $0 -
Revenue of
$196 3% sequentially, increased20% year-over-year -
Adjusted EBITDA (a non-GAAP measure(1)) of
$21 $0 $6 -
Offshore/Manufactured Products segment's backlog increased sequentially for a third consecutive quarter totaling
$326 million as ofMarch 31 , with a quarterly book-to-bill ratio of 1.2x -
Received two 2023 Spotlight on New Technology™ Awards from the
Offshore Technology Conference ("OTC") for our FTLP™ Floating Wind Platform design and our Active Seat Gate Valve - Recipient of the Hart Energy 2023 Meritorious Engineering Award for our MPD-Ready Jack-Up Drilling Riser System
-
Honored with the 2023
National Ocean Industries Association ("NOIA") Safety in Seas "Culture of Safety Award" for overall organizational immersion in and commitment to safety
Three Months Ended |
|
% Change |
|||||||||||||||
(Unaudited, In Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
Sequential |
|
Year-over-Year |
||||||||
Consolidated results: |
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
196,199 |
|
|
$ |
202,434 |
|
|
$ |
164,044 |
|
|
(3 |
)% |
|
20 |
% |
Operating income (loss) |
$ |
5,875 |
|
|
$ |
3,273 |
|
|
$ |
(4,336 |
) |
|
79 |
% |
|
nm |
|
Net income (loss) |
$ |
2,158 |
|
|
$ |
2,885 |
|
|
$ |
(9,424 |
) |
|
(25 |
)% |
|
nm |
|
Diluted earning per share |
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
(0.16 |
) |
|
(40 |
)% |
|
nm |
|
Adjusted EBITDA(1) |
$ |
21,407 |
|
|
$ |
20,542 |
|
|
$ |
14,506 |
|
|
4 |
% |
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues by segment: |
|
|
|
|
|
|
|
|
|
||||||||
Offshore/Manufactured Products |
$ |
98,199 |
|
|
$ |
105,107 |
|
|
$ |
84,112 |
|
|
(7 |
)% |
|
17 |
% |
Well |
|
67,058 |
|
|
|
67,689 |
|
|
|
48,172 |
|
|
(1 |
)% |
|
39 |
% |
Downhole Technologies |
|
30,942 |
|
|
|
29,638 |
|
|
|
31,760 |
|
|
4 |
% |
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) by segment: |
|
|
|
|
|
|
|
|
|
||||||||
Offshore/Manufactured Products |
$ |
11,090 |
|
|
$ |
12,258 |
|
|
$ |
10,196 |
|
|
(10 |
)% |
|
9 |
% |
Well |
|
6,966 |
|
|
|
5,300 |
|
|
|
(3,395 |
) |
|
31 |
% |
|
nm |
|
Downhole Technologies |
|
(1,519 |
) |
|
|
(3,337 |
) |
|
|
(1,505 |
) |
|
54 |
% |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Segment EBITDA (a non-GAAP measure(1)): |
|||||||||||||||||
Offshore/Manufactured Products |
$ |
15,923 |
|
|
$ |
17,751 |
|
|
$ |
15,567 |
|
|
(10 |
)% |
|
2 |
% |
Well |
|
13,223 |
|
|
|
12,516 |
|
|
|
5,523 |
|
|
6 |
% |
|
139 |
% |
Downhole Technologies |
|
2,756 |
|
|
|
1,042 |
|
|
|
2,877 |
|
|
164 |
% |
|
(4 |
)% |
| (1) | Adjusted EBITDA and Adjusted Segment EBITDA are non-GAAP measures, see "Reconciliations of GAAP to Non-GAAP Financial Information" tables below for reconciliations to their most comparable GAAP measures as well as further clarification and explanation. |
"Our operating results during the quarter were fairly strong relative to industry benchmarks, with net income generation, EBITDA growth, improving margins and backlog growth. Our organization's long-term focus on addressing the challenges our customers face with technically advanced products and services drove sequential and year-over-year increases in both consolidated operating income and Adjusted EBITDA.
"In the first quarter, our Offshore/Manufactured Products segment revenues decreased
"Revenues reported by our Well Site Services segment decreased slightly due to normal seasonality, but Adjusted Segment EBITDA rose
"Our Downhole Technologies segment revenues increased
"Complementing Oil States' continued expansion of financial returns, our historical investments in technology and safety were also recognized with: the award of our first two projects for our proprietary Managed Pressure Drilling and Riser Gas Handling System; two 2023 Spotlight on New Technology™ Awards from the
Business Segment Results
(See Segment Data and Adjusted Segment EBITDA tables below)
Offshore/Manufactured Products
Offshore/Manufactured Products reported revenues of
Backlog totaled
Well
Well
Downhole Technologies
Downhole Technologies reported revenues of
Corporate
Corporate operating expenses in the first quarter of 2023 totaled
Interest Expense, Net
Net interest expense totaled
Income Taxes
The Company recognized tax expense of
Financial Condition
On
Due to the repayment of the
The Company's total debt represented
On
Other Highlights – Industry Awards, Technology Advancements and R&D Efforts
- In the first quarter of 2023, the Company was awarded two contracts for its recently introduced Managed Pressure Drilling and Riser Gas Handling ("MPD" and "RGH") System, which integrates managed pressure drilling and riser gas handling into a deepwater drilling riser to create a safer environment, dramatically reduce non-productive time, promote faster connections and enhance total cost of ownership. The MPD and RGH System's innovative design features retrievable annular packers to substantially reduce maintenance and non-productive time while its smaller size reduces the rig footprint by up to 40 percent. The system includes features that remove workers from the red zone to significantly increase safety.
- The Company was honored with the 2023 NOIA Safety in Seas Culture of Safety Award. The Culture of Safety Award recognizes overall organizational immersion in and commitment to safety, which has resulted in remarkable, measurable and sustained safety performance over a prolonged period of time.
-
2023 Spotlight on New Technology™ Awards from the
Offshore Technology Conference - Rooted in 40-plus years of fixed offshore and deepwater floating infrastructure experience, the Company has developed the FTLP™ Floating Wind Platform – a potentially game-changing technology offering mid-water depth offshore wind operators the benefits of a highly-stable, floating-platform structure with reduced cost and streamlined installation capability compared to traditional floating wind platforms.
- The Company's Active Seat Gate Valve provides exceptional sealing performance to dramatically reduce the amount of heavy grease used during valve operations, which significantly reduces grease disposal needs. Personnel intervention at the wellhead is substantially lowered as well, boosting safety and efficiency.
- The Company received the 2023 Meritorious Engineering Award from Hart Energy for its MPD-Ready Jack-Up Drilling Riser System. With a growing number of high-pressure wells being drilled offshore, more jack-ups require upgrades to safely manage pressures encountered during the drilling process. The Company's MPD-Ready High-Pressure Riser Systems for jack-ups are specifically engineered to meet this need, offering operators greater capability, safety and efficiency.
- The Company's Merlin™ Mineral Riser, designed for water depth of 6,000 meters, was successfully run to a water depth of 4,500 meters (or almost three miles).
Conference Call Information
The call is scheduled for
About
For more information on the Company, please visit
Cautionary Language Concerning Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical tensions, the financial health of our customers, the actions of the
CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) (Unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Revenues: |
|
|
|
|
|
||||||
Products |
$ |
99,840 |
|
|
$ |
101,027 |
|
|
$ |
85,761 |
|
Services |
|
96,359 |
|
|
|
101,407 |
|
|
|
78,283 |
|
|
|
196,199 |
|
|
|
202,434 |
|
|
|
164,044 |
|
|
|
|
|
|
|
||||||
Costs and expenses: |
|
|
|
|
|
||||||
Product costs |
|
78,677 |
|
|
|
81,606 |
|
|
|
64,801 |
|
Service costs |
|
72,058 |
|
|
|
76,891 |
|
|
|
61,803 |
|
Cost of revenues (exclusive of depreciation and amortization expense presented below) |
|
150,735 |
|
|
|
158,497 |
|
|
|
126,604 |
|
Selling, general and administrative expense |
|
24,016 |
|
|
|
25,074 |
|
|
|
23,833 |
|
Depreciation and amortization expense |
|
15,256 |
|
|
|
15,865 |
|
|
|
17,817 |
|
Other operating (income) expense, net |
|
317 |
|
|
|
(275 |
) |
|
|
126 |
|
|
|
190,324 |
|
|
|
199,161 |
|
|
|
168,380 |
|
Operating income (loss) |
|
5,875 |
|
|
|
3,273 |
|
|
|
(4,336 |
) |
|
|
|
|
|
|
||||||
Interest expense, net |
|
(2,391 |
) |
|
|
(2,333 |
) |
|
|
(2,672 |
) |
Other income, net |
|
276 |
|
|
|
1,423 |
|
|
|
1,025 |
|
Income (loss) before income taxes |
|
3,760 |
|
|
|
2,363 |
|
|
|
(5,983 |
) |
Income tax (provision) benefit |
|
(1,602 |
) |
|
|
522 |
|
|
|
(3,441 |
) |
Net income (loss) |
$ |
2,158 |
|
|
$ |
2,885 |
|
|
$ |
(9,424 |
) |
|
|
|
|
|
|
||||||
Net income (loss) per share: |
|
|
|
|
|
||||||
Basic |
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
(0.16 |
) |
Diluted |
|
0.03 |
|
|
|
0.05 |
|
|
|
(0.16 |
) |
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|||||||
Basic |
|
62,825 |
|
|
|
62,678 |
|
|
|
60,498 |
|
Diluted |
|
63,072 |
|
|
|
62,768 |
|
|
|
60,498 |
|
CONSOLIDATED BALANCE SHEETS (In Thousands) |
|||||||
|
|
|
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
15,807 |
|
|
$ |
42,018 |
|
Accounts receivable, net |
|
220,202 |
|
|
|
218,769 |
|
Inventories, net |
|
196,278 |
|
|
|
182,658 |
|
Prepaid expenses and other current assets |
|
18,130 |
|
|
|
19,317 |
|
Total current assets |
|
450,417 |
|
|
|
462,762 |
|
|
|
|
|
||||
Property, plant, and equipment, net |
|
306,134 |
|
|
|
303,835 |
|
Operating lease assets, net |
|
23,828 |
|
|
|
23,028 |
|
|
|
79,579 |
|
|
|
79,282 |
|
Other intangible assets, net |
|
165,673 |
|
|
|
169,798 |
|
Other noncurrent assets |
|
24,506 |
|
|
|
25,687 |
|
Total assets |
$ |
1,050,137 |
|
|
$ |
1,064,392 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
527 |
|
|
$ |
17,831 |
|
Accounts payable |
|
73,478 |
|
|
|
73,251 |
|
Accrued liabilities |
|
35,414 |
|
|
|
49,057 |
|
Current operating lease liabilities |
|
6,528 |
|
|
|
6,142 |
|
Income taxes payable |
|
3,719 |
|
|
|
2,605 |
|
Deferred revenue |
|
48,969 |
|
|
|
44,790 |
|
Total current liabilities |
|
168,635 |
|
|
|
193,676 |
|
|
|
|
|
||||
Long-term debt |
|
138,484 |
|
|
|
135,066 |
|
Long-term operating lease liabilities |
|
20,912 |
|
|
|
20,658 |
|
Deferred income taxes |
|
7,143 |
|
|
|
6,652 |
|
Other noncurrent liabilities |
|
19,445 |
|
|
|
18,782 |
|
Total liabilities |
|
354,619 |
|
|
|
374,834 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock |
|
771 |
|
|
|
766 |
|
Additional paid-in capital |
|
1,123,876 |
|
|
|
1,122,292 |
|
Retained earnings |
|
274,185 |
|
|
|
272,027 |
|
Accumulated other comprehensive loss |
|
(74,792 |
) |
|
|
(78,941 |
) |
|
|
(628,522 |
) |
|
|
(626,586 |
) |
Total stockholders' equity |
|
695,518 |
|
|
|
689,558 |
|
Total liabilities and stockholders' equity |
$ |
1,050,137 |
|
|
$ |
1,064,392 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) |
|||||||
|
Three Months Ended |
||||||
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
2,158 |
|
|
$ |
(9,424 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating |
|
|
|
||||
Depreciation and amortization expense |
|
15,256 |
|
|
|
17,817 |
|
Stock-based compensation expense |
|
1,589 |
|
|
|
1,835 |
|
Amortization of deferred financing costs |
|
449 |
|
|
|
469 |
|
Deferred income tax provision (benefit) |
|
396 |
|
|
|
(174 |
) |
Gains on disposals of assets |
|
(210 |
) |
|
|
(543 |
) |
Other, net |
|
17 |
|
|
|
550 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(745 |
) |
|
|
(9,086 |
) |
Inventories |
|
(12,802 |
) |
|
|
(13,090 |
) |
Accounts payable and accrued liabilities |
|
(18,329 |
) |
|
|
(4,555 |
) |
Deferred revenue |
|
4,179 |
|
|
|
4,324 |
|
Other operating assets and liabilities, net |
|
2,124 |
|
|
|
1,142 |
|
Net cash flows used in operating activities |
|
(5,918 |
) |
|
|
(10,735 |
) |
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(6,568 |
) |
|
|
(2,858 |
) |
Proceeds from disposition of property and equipment |
|
223 |
|
|
|
869 |
|
Other, net |
|
(48 |
) |
|
|
(67 |
) |
Net cash flows used in investing activities |
|
(6,393 |
) |
|
|
(2,056 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Revolving credit facility borrowings |
|
27,865 |
|
|
|
367 |
|
Revolving credit facility repayments |
|
(22,865 |
) |
|
|
(367 |
) |
Repayment of |
|
(17,315 |
) |
|
|
— |
|
Other debt and finance lease repayments, net |
|
(106 |
) |
|
|
(165 |
) |
Payment of financing costs |
|
(21 |
) |
|
|
(68 |
) |
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards |
|
(1,936 |
) |
|
|
(990 |
) |
Net cash flows used in financing activities |
|
(14,378 |
) |
|
|
(1,223 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
478 |
|
|
|
320 |
|
Net change in cash and cash equivalents |
|
(26,211 |
) |
|
|
(13,694 |
) |
Cash and cash equivalents, beginning of period |
|
42,018 |
|
|
|
52,852 |
|
Cash and cash equivalents, end of period |
$ |
15,807 |
|
|
$ |
39,158 |
|
|
|
|
|
||||
Cash paid (received) for: |
|
|
|
||||
Interest |
$ |
485 |
|
|
$ |
522 |
|
Income taxes, net |
|
(2,465 |
) |
|
|
119 |
|
SEGMENT DATA (In Thousands) (Unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
2023 |
|
2022 |
|
2022(2) |
||||||
Revenues: |
|
|
|
|
|
||||||
Offshore/Manufactured Products(1): |
|
|
|
|
|
||||||
Project-driven products |
$ |
39,132 |
|
|
$ |
44,187 |
|
|
$ |
33,844 |
|
Short-cycle products |
|
27,440 |
|
|
|
24,207 |
|
|
|
20,624 |
|
Other products and services |
|
31,627 |
|
|
|
36,713 |
|
|
|
29,644 |
|
Total Offshore/Manufactured Products |
|
98,199 |
|
|
|
105,107 |
|
|
|
84,112 |
|
Well |
|
67,058 |
|
|
|
67,689 |
|
|
|
48,172 |
|
Downhole Technologies |
|
30,942 |
|
|
|
29,638 |
|
|
|
31,760 |
|
Total revenues |
$ |
196,199 |
|
|
$ |
202,434 |
|
|
$ |
164,044 |
|
|
|
|
|
|
|
||||||
Operating income (loss): |
|
|
|
|
|
||||||
Offshore/Manufactured Products |
$ |
11,090 |
|
|
$ |
12,258 |
|
|
$ |
10,196 |
|
Well |
|
6,966 |
|
|
|
5,300 |
|
|
|
(3,395 |
) |
Downhole Technologies |
|
(1,519 |
) |
|
|
(3,337 |
) |
|
|
(1,505 |
) |
Corporate |
|
(10,662 |
) |
|
|
(10,948 |
) |
|
|
(9,632 |
) |
Total operating income (loss) |
$ |
5,875 |
|
|
$ |
3,273 |
|
|
$ |
(4,336 |
) |
| (1) | Disaggregated revenue data is provided to supplement the Segment Data. |
| (2) |
Operating income (loss) for the three months ended |
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA (A) (In Thousands) (Unaudited) |
||||||||||
|
Three Months Ended |
|||||||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Net income (loss) |
$ |
2,158 |
|
$ |
2,885 |
|
|
$ |
(9,424 |
) |
Interest expense, net |
|
2,391 |
|
|
2,333 |
|
|
|
2,672 |
|
Income tax provision (benefit) |
|
1,602 |
|
|
(522 |
) |
|
|
3,441 |
|
Depreciation and amortization expense |
|
15,256 |
|
|
15,865 |
|
|
|
17,817 |
|
Gains on extinguishment of |
|
— |
|
|
(19 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
21,407 |
|
$ |
20,542 |
|
|
$ |
14,506 |
|
| (A) |
The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes and depreciation and amortization expense, less gains on extinguishment of |
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION ADJUSTED SEGMENT EBITDA (B) (In Thousands) (Unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Offshore/Manufactured Products: |
|
|
|
|
|
||||||
Operating income |
$ |
11,090 |
|
|
$ |
12,258 |
|
|
$ |
10,196 |
|
Other income, net |
|
165 |
|
|
|
693 |
|
|
|
41 |
|
Depreciation and amortization expense |
|
4,668 |
|
|
|
4,800 |
|
|
|
5,330 |
|
Adjusted Segment EBITDA |
$ |
15,923 |
|
|
$ |
17,751 |
|
|
$ |
15,567 |
|
|
|
|
|
|
|
||||||
Well |
|
|
|
|
|
||||||
Operating income (loss) |
$ |
6,966 |
|
|
$ |
5,300 |
|
|
$ |
(3,395 |
) |
Other income, net |
|
111 |
|
|
|
711 |
|
|
|
986 |
|
Depreciation and amortization expense |
|
6,146 |
|
|
|
6,505 |
|
|
|
7,932 |
|
Adjusted Segment EBITDA |
$ |
13,223 |
|
|
$ |
12,516 |
|
|
$ |
5,523 |
|
|
|
|
|
|
|
||||||
Downhole Technologies: |
|
|
|
|
|
||||||
Operating loss |
$ |
(1,519 |
) |
|
$ |
(3,337 |
) |
|
$ |
(1,505 |
) |
Other expense, net |
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Depreciation and amortization expense |
|
4,275 |
|
|
|
4,379 |
|
|
|
4,384 |
|
Adjusted Segment EBITDA |
$ |
2,756 |
|
|
$ |
1,042 |
|
|
$ |
2,877 |
|
|
|
|
|
|
|
||||||
Corporate: |
|
|
|
|
|
||||||
Operating loss |
$ |
(10,662 |
) |
|
$ |
(10,948 |
) |
|
$ |
(9,632 |
) |
Other income, net |
|
— |
|
|
|
19 |
|
|
|
— |
|
Depreciation and amortization expense |
|
167 |
|
|
|
181 |
|
|
|
171 |
|
Gains on extinguishment of |
|
— |
|
|
|
(19 |
) |
|
|
— |
|
Adjusted Segment EBITDA |
$ |
(10,495 |
) |
|
$ |
(10,767 |
) |
|
$ |
(9,461 |
) |
| (B) | The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense) and depreciation and amortization expense, less gains on extinguishment of the 2023 Notes. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP. |
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION RATIO OF NET DEBT TO ANNUALIZED FIRST QUARTER 2023 ADJUSTED EBITDA (C) (Dollars, In Thousands) (Unaudited) |
|||
|
|
||
Total debt |
$ |
139,011 |
|
Less: cash and cash equivalents |
|
(15,807 |
) |
Net Debt |
$ |
123,204 |
|
|
|
||
First quarter 2023 Adjusted EBITDA |
$ |
21,407 |
|
Annualized first quarter 2023 Adjusted EBITDA |
|
85,628 |
|
Ratio of Net Debt to annualized first quarter Adjusted EBITDA |
1.4x |
||
| (C) | The Company has included Net Debt and the ratio of Net Debt to annualized first quarter 2023 Adjusted EBITDA as a supplemental disclosure because its management believes that this data provides useful information regarding the level of the Company’s indebtedness and its ability to service debt. Net Debt and the ratio of Net Debt to annualized first quarter 2023 Adjusted EBITDA are not financial measures under GAAP and should not be considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230427005841/en/
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Source:
