Oil States Announces Second Quarter 2023 Results
- Oil States International reports positive Q2 results with net income of $0.6 million and revenues of $183.5 million, a 1% YoY increase. Backlog for Offshore/Manufactured Products segment reaches $338 million, highest level since 2015.
- Oil States International's Q2 revenues decrease 6% sequentially. Operating income decreases by 44% sequentially. Downhole Technologies segment reports an operating loss of $2.5 million.
-
Net income of
$0.6 million $0.01 -
Revenue of
$183.5 million 6% sequentially, increased1% year-over-year -
Adjusted EBITDA (a non-GAAP measure(1)) of
$19.0 million $2.4 million $2.0 million -
Generated operating cash flow of
$44.7 million -
Offshore/Manufactured Products segment's backlog increased sequentially for a fourth consecutive quarter totaling
$338 million -
Invested
$3.0 million
|
Three Months Ended |
|
% Change |
|||||||||||||
(Unaudited, In Thousands, Except Per Share Amounts) |
June 30,
|
|
March 31,
|
|
June 30,
|
|
Sequential |
|
Year-over-Year |
|||||||
Consolidated results: |
|
|
|
|
|
|
|
|
|
|||||||
Revenues |
$ |
183,529 |
|
|
$ |
196,199 |
|
|
$ |
181,834 |
|
|
(6 |
)% |
|
|
Operating income (loss) |
$ |
3,269 |
|
|
$ |
5,875 |
|
|
$ |
(1,090 |
) |
|
(44 |
)% |
|
nm |
Net income (loss) |
$ |
558 |
|
|
$ |
2,158 |
|
|
$ |
(5,144 |
) |
|
(74 |
)% |
|
nm |
Diluted earning per share |
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
(0.08 |
) |
|
(67 |
)% |
|
nm |
Adjusted EBITDA(1) |
$ |
19,016 |
|
|
$ |
21,407 |
|
|
$ |
16,988 |
|
|
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues by segment: |
|
|
|
|
|
|
|
|
|
|||||||
Offshore/Manufactured Products |
$ |
94,086 |
|
|
$ |
98,199 |
|
|
$ |
96,467 |
|
|
(4 |
)% |
|
(2)% |
Well Site Services |
|
64,536 |
|
|
|
67,058 |
|
|
|
54,819 |
|
|
(4 |
)% |
|
|
Downhole Technologies |
|
24,907 |
|
|
|
30,942 |
|
|
|
30,548 |
|
|
(20 |
)% |
|
(18)% |
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income (loss) by segment: |
|
|
|
|
|
|
|
|
|
|||||||
Offshore/Manufactured Products |
$ |
11,253 |
|
|
$ |
11,090 |
|
|
$ |
9,441 |
|
|
1 |
% |
|
19 % |
Well Site Services |
|
4,732 |
|
|
|
6,966 |
|
|
|
601 |
|
|
(32 |
)% |
|
nm |
Downhole Technologies |
|
(2,536 |
) |
|
|
(1,519 |
) |
|
|
(1,485 |
) |
|
(67 |
)% |
|
(71)% |
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted Segment EBITDA (a non-GAAP measure(1)): |
||||||||||||||||
Offshore/Manufactured Products |
$ |
15,981 |
|
|
$ |
15,923 |
|
|
$ |
14,735 |
|
|
— |
% |
|
8 % |
Well Site Services |
|
11,425 |
|
|
|
13,223 |
|
|
|
8,874 |
|
|
(14 |
)% |
|
29 % |
Downhole Technologies |
|
1,639 |
|
|
|
2,756 |
|
|
|
2,854 |
|
|
(41 |
)% |
|
(43)% |
___________________
(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. |
Oil States International, Inc. reported net income of
Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,
"Our reported second quarter results reflect the dueling trends of activity declines in
"We generated very strong cash flow from operations of
"We remain encouraged by the continued recovery in offshore activity coupled with future benefits to be gained from new product introductions."
Business Segment Results
(See Segment Data and Adjusted Segment EBITDA tables below)
Offshore/Manufactured Products
Offshore/Manufactured Products reported revenues of
Backlog totaled
Well Site Services
Well Site Services reported revenues of
Downhole Technologies
Downhole Technologies reported revenues of
Corporate
Corporate operating expenses in the second quarter of 2023 totaled
Interest Expense, Net
Net interest expense totaled
Income Taxes
The Company recognized tax expense of
Cash Flows
During the second quarter of 2023, the Company generated cash flows from operations of
The Company also repurchased 439 thousand shares of its common stock for
Financial Condition
No borrowings were outstanding under the Company's asset-based revolving credit facility (the "ABL Facility") at June 30, 2023. Cash on-hand increased from
Conference Call Information
The call is scheduled for July 27, 2023 at 10 a.m. Central Daylight Time, is being webcast and can be accessed from the Company's website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (888) 210-3346 in
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in
For more information on the Company, please visit Oil States International's website at www.oilstatesintl.com.
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 Organization of Petroleum Exporting Countries ("OPEC") and other producing nations with respect to crude oil production levels and pricing, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the subsequently filed Quarterly Report on Form 10-Q and Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES |
|||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||
(In Thousands, Except Per Share Amounts) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June 30,
|
|
March 31, 2023 |
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||||||
Products |
$ |
92,630 |
|
|
$ |
99,840 |
|
|
$ |
99,033 |
|
|
$ |
192,470 |
|
|
$ |
184,794 |
|
Services |
|
90,899 |
|
|
|
96,359 |
|
|
|
82,801 |
|
|
|
187,258 |
|
|
|
161,084 |
|
|
|
183,529 |
|
|
|
196,199 |
|
|
|
181,834 |
|
|
|
379,728 |
|
|
|
345,878 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Product costs |
|
72,659 |
|
|
|
78,677 |
|
|
|
79,388 |
|
|
|
151,336 |
|
|
|
144,189 |
|
Service costs |
|
69,371 |
|
|
|
72,058 |
|
|
|
62,768 |
|
|
|
141,429 |
|
|
|
124,571 |
|
Cost of revenues (exclusive of depreciation and amortization expense presented below) |
|
142,030 |
|
|
|
150,735 |
|
|
|
142,156 |
|
|
|
292,765 |
|
|
|
268,760 |
|
Selling, general and administrative expense |
|
23,528 |
|
|
|
24,016 |
|
|
|
23,757 |
|
|
|
47,544 |
|
|
|
47,590 |
|
Depreciation and amortization expense |
|
15,537 |
|
|
|
15,256 |
|
|
|
17,239 |
|
|
|
30,793 |
|
|
|
35,056 |
|
Other operating (income) expense, net |
|
(835 |
) |
|
|
317 |
|
|
|
(228 |
) |
|
|
(518 |
) |
|
|
(102 |
) |
|
|
180,260 |
|
|
|
190,324 |
|
|
|
182,924 |
|
|
|
370,584 |
|
|
|
351,304 |
|
Operating income (loss) |
|
3,269 |
|
|
|
5,875 |
|
|
|
(1,090 |
) |
|
|
9,144 |
|
|
|
(5,426 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
(2,059 |
) |
|
|
(2,391 |
) |
|
|
(2,638 |
) |
|
|
(4,450 |
) |
|
|
(5,310 |
) |
Other income, net |
|
210 |
|
|
|
276 |
|
|
|
376 |
|
|
|
486 |
|
|
|
1,401 |
|
Income (loss) before income taxes |
|
1,420 |
|
|
|
3,760 |
|
|
|
(3,352 |
) |
|
|
5,180 |
|
|
|
(9,335 |
) |
Income tax provision |
|
(862 |
) |
|
|
(1,602 |
) |
|
|
(1,792 |
) |
|
|
(2,464 |
) |
|
|
(5,233 |
) |
Net income (loss) |
$ |
558 |
|
|
$ |
2,158 |
|
|
$ |
(5,144 |
) |
|
$ |
2,716 |
|
|
$ |
(14,568 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(0.24 |
) |
Diluted |
|
0.01 |
|
|
|
0.03 |
|
|
|
(0.08 |
) |
|
|
0.04 |
|
|
|
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
62,803 |
|
|
|
62,825 |
|
|
|
60,704 |
|
|
|
62,814 |
|
|
|
60,601 |
|
Diluted |
|
63,174 |
|
|
|
63,072 |
|
|
|
60,704 |
|
|
|
63,161 |
|
|
|
60,601 |
|
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In Thousands) |
|||||||
|
June 30, 2023 |
|
December 31, 2022 |
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
42,420 |
|
|
$ |
42,018 |
|
Accounts receivable, net |
|
180,917 |
|
|
|
218,769 |
|
Inventories, net |
|
205,132 |
|
|
|
182,658 |
|
Prepaid expenses and other current assets |
|
28,217 |
|
|
|
19,317 |
|
Total current assets |
|
456,686 |
|
|
|
462,762 |
|
|
|
|
|
||||
Property, plant, and equipment, net |
|
296,015 |
|
|
|
303,835 |
|
Operating lease assets, net |
|
23,266 |
|
|
|
23,028 |
|
Goodwill, net |
|
79,778 |
|
|
|
79,282 |
|
Other intangible assets, net |
|
161,476 |
|
|
|
169,798 |
|
Other noncurrent assets |
|
27,799 |
|
|
|
25,687 |
|
Total assets |
$ |
1,045,020 |
|
|
$ |
1,064,392 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
513 |
|
|
$ |
17,831 |
|
Accounts payable |
|
56,726 |
|
|
|
73,251 |
|
Accrued liabilities |
|
42,987 |
|
|
|
49,057 |
|
Current operating lease liabilities |
|
6,750 |
|
|
|
6,142 |
|
Income taxes payable |
|
2,740 |
|
|
|
2,605 |
|
Deferred revenue |
|
53,027 |
|
|
|
44,790 |
|
Total current liabilities |
|
162,743 |
|
|
|
193,676 |
|
|
|
|
|
||||
Long-term debt |
|
135,273 |
|
|
|
135,066 |
|
Long-term operating lease liabilities |
|
20,027 |
|
|
|
20,658 |
|
Deferred income taxes |
|
8,601 |
|
|
|
6,652 |
|
Other noncurrent liabilities |
|
20,271 |
|
|
|
18,782 |
|
Total liabilities |
|
346,915 |
|
|
|
374,834 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock |
|
772 |
|
|
|
766 |
|
Additional paid-in capital |
|
1,125,647 |
|
|
|
1,122,292 |
|
Retained earnings |
|
274,743 |
|
|
|
272,027 |
|
Accumulated other comprehensive loss |
|
(71,522 |
) |
|
|
(78,941 |
) |
Treasury stock |
|
(631,535 |
) |
|
|
(626,586 |
) |
Total stockholders' equity |
|
698,105 |
|
|
|
689,558 |
|
Total liabilities and stockholders' equity |
$ |
1,045,020 |
|
|
$ |
1,064,392 |
|
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(In Thousands) |
|||||||
(Unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
2,716 |
|
|
$ |
(14,568 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
30,793 |
|
|
|
35,056 |
|
Stock-based compensation expense |
|
3,361 |
|
|
|
3,504 |
|
Amortization of deferred financing costs |
|
892 |
|
|
|
944 |
|
Deferred income tax provision |
|
997 |
|
|
|
2,584 |
|
Gains on disposals of assets |
|
(561 |
) |
|
|
(1,185 |
) |
Settlement of disputes with seller of GEODynamics, Inc. |
|
— |
|
|
|
620 |
|
Other, net |
|
(267 |
) |
|
|
360 |
|
Changes in operating assets and liabilities, net of effect from acquired business: |
|
|
|
||||
Accounts receivable |
|
39,042 |
|
|
|
(20,469 |
) |
Inventories |
|
(21,197 |
) |
|
|
(14,664 |
) |
Accounts payable and accrued liabilities |
|
(25,924 |
) |
|
|
(5,994 |
) |
Deferred revenue |
|
8,237 |
|
|
|
4,647 |
|
Other operating assets and liabilities, net |
|
653 |
|
|
|
(870 |
) |
Net cash flows provided by (used in) operating activities |
|
38,742 |
|
|
|
(10,035 |
) |
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(17,338 |
) |
|
|
(6,453 |
) |
Proceeds from disposition of property and equipment |
|
690 |
|
|
|
1,652 |
|
Acquisition of business, net of cash acquired |
|
— |
|
|
|
(8,125 |
) |
Other, net |
|
(66 |
) |
|
|
(85 |
) |
Net cash flows used in investing activities |
|
(16,714 |
) |
|
|
(13,011 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Revolving credit facility borrowings |
|
35,592 |
|
|
|
9,725 |
|
Revolving credit facility repayments |
|
(35,592 |
) |
|
|
(9,725 |
) |
Repayment of |
|
(17,315 |
) |
|
|
(6,272 |
) |
Other debt and finance lease repayments |
|
(226 |
) |
|
|
(359 |
) |
Payment of financing costs |
|
(95 |
) |
|
|
(74 |
) |
Purchases of treasury stock |
|
(3,001 |
) |
|
|
— |
|
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards |
|
(1,948 |
) |
|
|
(1,002 |
) |
Net cash flows used in financing activities |
|
(22,585 |
) |
|
|
(7,707 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
959 |
|
|
|
147 |
|
Net change in cash and cash equivalents |
|
402 |
|
|
|
(30,606 |
) |
Cash and cash equivalents, beginning of period |
|
42,018 |
|
|
|
52,852 |
|
Cash and cash equivalents, end of period |
$ |
42,420 |
|
|
$ |
22,246 |
|
|
|
|
|
||||
Cash paid (received) for: |
|
|
|
||||
Interest |
$ |
4,060 |
|
|
$ |
4,105 |
|
Income taxes, net |
|
(1,475 |
) |
|
|
291 |
|
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA |
|||||||||||||||||||
(In Thousands) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June 30, 2023 |
|
March 31,
|
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
||||||||||
Revenues(1): |
|
|
|
|
|
|
|
|
|
||||||||||
Offshore/Manufactured Products |
|
|
|
|
|
|
|
|
|
||||||||||
Project-driven: |
|
|
|
|
|
|
|
|
|
||||||||||
Products |
$ |
32,210 |
|
|
$ |
39,132 |
|
|
$ |
41,098 |
|
|
$ |
71,342 |
|
|
$ |
74,942 |
|
Services |
|
24,846 |
|
|
|
24,630 |
|
|
|
23,995 |
|
|
|
49,476 |
|
|
|
48,293 |
|
|
|
57,056 |
|
|
|
63,762 |
|
|
|
65,093 |
|
|
|
120,818 |
|
|
|
123,235 |
|
Military and other products |
|
7,965 |
|
|
|
6,997 |
|
|
|
7,763 |
|
|
|
14,962 |
|
|
|
13,109 |
|
Short-cycle products |
|
29,065 |
|
|
|
27,440 |
|
|
|
23,611 |
|
|
|
56,505 |
|
|
|
44,235 |
|
Total Offshore/Manufactured Products |
|
94,086 |
|
|
|
98,199 |
|
|
|
96,467 |
|
|
|
192,285 |
|
|
|
180,579 |
|
Well Site Services |
|
64,536 |
|
|
|
67,058 |
|
|
|
54,819 |
|
|
|
131,594 |
|
|
|
102,991 |
|
Downhole Technologies |
|
24,907 |
|
|
|
30,942 |
|
|
|
30,548 |
|
|
|
55,849 |
|
|
|
62,308 |
|
Total revenues |
$ |
183,529 |
|
|
$ |
196,199 |
|
|
$ |
181,834 |
|
|
$ |
379,728 |
|
|
$ |
345,878 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
||||||||||
Offshore/Manufactured Products |
$ |
11,253 |
|
|
$ |
11,090 |
|
|
$ |
9,441 |
|
|
$ |
22,343 |
|
|
$ |
19,637 |
|
Well Site Services |
|
4,732 |
|
|
|
6,966 |
|
|
|
601 |
|
|
|
11,698 |
|
|
|
(2,794 |
) |
Downhole Technologies |
|
(2,536 |
) |
|
|
(1,519 |
) |
|
|
(1,485 |
) |
|
|
(4,055 |
) |
|
|
(2,990 |
) |
Corporate |
|
(10,180 |
) |
|
|
(10,662 |
) |
|
|
(9,647 |
) |
|
|
(20,842 |
) |
|
|
(19,279 |
) |
Total operating income (loss) |
$ |
3,269 |
|
|
$ |
5,875 |
|
|
$ |
(1,090 |
) |
|
$ |
9,144 |
|
|
$ |
(5,426 |
) |
________________
(1) |
The Company revised its supplemental disclosure of disaggregated revenue information in the second quarter of 2023. Prior-period disclosures of disaggregated revenue information were conformed with the current-period presentation. |
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION |
||||||||||||||||
ADJUSTED EBITDA (A) |
||||||||||||||||
(In Thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) |
$ |
558 |
|
$ |
2,158 |
|
$ |
(5,144 |
) |
|
$ |
2,716 |
|
$ |
(14,568 |
) |
Interest expense, net |
|
2,059 |
|
|
2,391 |
|
|
2,638 |
|
|
|
4,450 |
|
|
5,310 |
|
Income tax provision |
|
862 |
|
|
1,602 |
|
|
1,792 |
|
|
|
2,464 |
|
|
5,233 |
|
Depreciation and amortization expense |
|
15,537 |
|
|
15,256 |
|
|
17,239 |
|
|
|
30,793 |
|
|
35,056 |
|
Settlement of disputes with seller of GEODynamics, Inc. |
|
— |
|
|
— |
|
|
620 |
|
|
|
— |
|
|
620 |
|
Gains on extinguishment of |
|
— |
|
|
— |
|
|
(157 |
) |
|
|
— |
|
|
(157 |
) |
Adjusted EBITDA |
$ |
19,016 |
|
$ |
21,407 |
|
$ |
16,988 |
|
|
$ |
40,423 |
|
$ |
31,494 |
|
________________
(A) |
The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, and loss on settlement of disputes with the seller of GEODynamics, Inc., less gains on extinguishment of |
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION |
|||||||||||||||||||
ADJUSTED SEGMENT EBITDA (B) |
|||||||||||||||||||
(In Thousands) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||
Offshore/Manufactured Products: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
$ |
11,253 |
|
|
$ |
11,090 |
|
|
$ |
9,441 |
|
|
$ |
22,343 |
|
|
$ |
19,637 |
|
Other income, net |
|
81 |
|
|
|
165 |
|
|
|
45 |
|
|
|
246 |
|
|
|
86 |
|
Depreciation and amortization expense |
|
4,647 |
|
|
|
4,668 |
|
|
|
5,249 |
|
|
|
9,315 |
|
|
|
10,579 |
|
Adjusted Segment EBITDA |
$ |
15,981 |
|
|
$ |
15,923 |
|
|
$ |
14,735 |
|
|
$ |
31,904 |
|
|
$ |
30,302 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Well Site Services: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
$ |
4,732 |
|
|
$ |
6,966 |
|
|
$ |
601 |
|
|
$ |
11,698 |
|
|
$ |
(2,794 |
) |
Other income, net |
|
129 |
|
|
|
111 |
|
|
|
878 |
|
|
|
240 |
|
|
|
1,864 |
|
Depreciation and amortization expense |
|
6,564 |
|
|
|
6,146 |
|
|
|
7,395 |
|
|
|
12,710 |
|
|
|
15,327 |
|
Adjusted Segment EBITDA |
$ |
11,425 |
|
|
$ |
13,223 |
|
|
$ |
8,874 |
|
|
$ |
24,648 |
|
|
$ |
14,397 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Downhole Technologies: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss |
$ |
(2,536 |
) |
|
$ |
(1,519 |
) |
|
$ |
(1,485 |
) |
|
$ |
(4,055 |
) |
|
$ |
(2,990 |
) |
Other expense, net |
|
— |
|
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
|
|
(86 |
) |
Depreciation and amortization expense |
|
4,175 |
|
|
|
4,275 |
|
|
|
4,423 |
|
|
|
8,450 |
|
|
|
8,807 |
|
Adjusted Segment EBITDA |
$ |
1,639 |
|
|
$ |
2,756 |
|
|
$ |
2,854 |
|
|
$ |
4,395 |
|
|
$ |
5,731 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss |
$ |
(10,180 |
) |
|
$ |
(10,662 |
) |
|
$ |
(9,647 |
) |
|
$ |
(20,842 |
) |
|
$ |
(19,279 |
) |
Other expense, net |
|
— |
|
|
|
— |
|
|
|
(463 |
) |
|
|
— |
|
|
|
(463 |
) |
Depreciation and amortization expense |
|
151 |
|
|
|
167 |
|
|
|
172 |
|
|
|
318 |
|
|
|
343 |
|
Settlement of disputes with seller of GEODynamics, Inc. |
|
— |
|
|
|
— |
|
|
|
620 |
|
|
|
— |
|
|
|
620 |
|
Gains on extinguishment of |
|
— |
|
|
|
— |
|
|
|
(157 |
) |
|
|
— |
|
|
|
(157 |
) |
Adjusted Segment EBITDA |
$ |
(10,029 |
) |
|
$ |
(10,495 |
) |
|
$ |
(9,475 |
) |
|
$ |
(20,524 |
) |
|
$ |
(18,936 |
) |
________________
(B) |
The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, and loss on settlement of disputes with the seller of GEODynamics, Inc., 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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727426999/en/
Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
Source: Oil States International, Inc.
FAQ
What is Oil States International's net income for Q2 2023?
What is the backlog for the Offshore/Manufactured Products segment?
How much did revenues decrease sequentially for Q2 2023?
What is the operating loss for the Downhole Technologies segment in Q2 2023?
