Weatherford Announces First Quarter 2024 Results and Raises Full Year Margin Guidance
- Weatherford's first quarter revenue increased by 15% year-over-year to $1,358 million.
- Operating income saw a 26% increase, reaching $233 million in the first quarter of 2024.
- Net income rose by 56% year-over-year to $112 million, with an 8.2% margin.
- Adjusted EBITDA hit $336 million, a 24.7% margin, the highest in over 15 years, marking a 25% increase.
- Cash provided by operating activities was $131 million, with adjusted free cash flow of $82 million.
- Debt repayments totaled $167 million, with a notice issued to redeem the remaining $82 million of Senior Secured Notes.
- The Credit Facility was expanded to $680 million, with $371 million of borrowing capacity.
- Weatherford's full-year adjusted EBITDA margin guidance for 2024 was raised to 25%.
- Operational highlights included contract awards in various regions and the launch of new technologies.
- Revenue by geography showed growth in international markets, particularly in the Middle East, North Africa, and Asia.
- Overall, Weatherford's financial performance improved, setting a strong foundation for future growth.
- None.
Insights
The reported increase in first quarter revenue by 15% year-over-year represents a strong performance, particularly given the international growth figure of 21%. This implies a successful expansion in markets outside the domestic region. The 26% rise in operating income suggests improved operational efficiency or increased pricing power, both of which are positive indicators for investors looking for companies with growing profitability.
Moreover, the significant debt repayment activity, including the redemption of the 6.50% Senior Secured Notes, illustrates aggressive debt management that could reduce interest expenses and improve net earnings going forward. The expansion of the credit facility increases the company's financial flexibility, which is beneficial for future growth or to weather possible economic downturns.
The emphasis on international and offshore activities aligns with current industry trends towards diversifying operations geographically to mitigate risks associated with any single market. The sector's resilience in the face of macroeconomic volatility and geopolitical conflicts is also a positive sign for the company's stability. Furthermore, the adjusted EBITDA margin hitting 24.7%, the highest in 15 years, is noteworthy as EBITDA margins are often used to assess a company's operating performance, independent of financial structure. Such a margin suggests substantial operational efficacy and discipline.
The reduction in net leverage to 0.6x notably enhances the company's credit profile and may lead to improved credit ratings, possibly lowering the cost of capital. For long-term investors, the continuous reduction of debt and improved leverage ratios signal a company that is becoming increasingly robust financially and is managing its capital structure proactively. This strategic financial management should boost stakeholder confidence in the company's long-term growth prospects and sustainability.
- First quarter revenue of
$1,358 million increased15% year-over-year, led by international growth of21% - First quarter operating income of
$233 million increased26% year-over-year - First quarter net income of
$112 million , an8.2% margin, increased56% year-over-year - First quarter adjusted EBITDA* of
$336 million , a24.7% margin and the highest in over 15 years, increased25% and 206 basis points year-over-year - Cash provided by operating activities of
$131 million , and adjusted free cash flow* of$82 million - Debt repayments of
$167 million on our6.50% Senior Secured Notes in the first quarter of 2024 - Issued notice to redeem the remaining
$82 million of our6.5% Senior Secured Notes, leaving only the$1.6 billion long term notes due 2030 outstanding thereafter - Expanded the size of our Credit Facility to
$680 million , up from$550 million , with$371 million of borrowing capacity
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
HOUSTON, April 23, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the first quarter of 2024.
Revenues for the first quarter of 2024 were
First quarter 2024 cash flows provided by operating activities were
Girish Saligram, President and Chief Executive Officer, commented, “Our One Weatherford team has once again demonstrated exceptional execution, delivering results that surpassed the previous quarter, with adjusted EBITDA margins setting another record. Year-over-year Middle East, North Africa, and Asia growth of
In the first quarter, we made meaningful progress on our fulfillment initiatives, acquisition integration, and technology commercialization, further fueling our financial performance. Simultaneously, the increase in the size of the credit facility to
Despite macroeconomic volatility and geopolitical conflicts, the sector landscape remains favorable for further growth. International and offshore activity continue to exhibit strength, offering resilient spending that provides buoyant demand and offsets the softness in the North American market. This market backdrop and our strong first quarter performance set a robust foundation for our annual outlook that enables us to improve upon our previously issued margin guidance. Full year adjusted EBITDA margin is now expected to hit
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Operational Highlights
- Petroleum Development Oman awarded Weatherford a five-year contract for Managed Pressure Drilling (“MPD”) following successful technology trials over the past year, representing another proof point of the increasing market adoption of MPD.
- A major operator in the Middle East awarded Weatherford a three-year contract for our streamlined, single trip deployment and retrieval system, including isolation barriers and bridge plugs.
- In the Gulf of Mexico, bp awarded Weatherford a one-year contract for Completions equipment and Sand Control Solutions.
- Tourmaline awarded Weatherford a one-year contract to provide Completions and Liner Hanger systems and services in Canada.
- PTTEP awarded Weatherford a three-year contract for Tubular Running Services for an offshore project in the Gulf of Thailand.
- Chevron awarded Weatherford a five-year contract to provide Gas Lift services in Angola.
Technology Highlights
- Drilling & Evaluation (“DRE”)
- We launched our new Wired RipTide™ system, which leverages our Quattro Under Reamer platform for multiple downhole tool activations to optimize drilling efficiency.
- In Kuwait, we deployed a powerful combination of our market leading MPD and Drilling Services offering to flawlessly deliver a challenging reservoir section for Kuwait Oil Company.
- As part of our Wireline product line, we launched the new HD Spitfire™ release tool from the recently acquired Impact Selector International portfolio, enhancing the overall reliability during pump down perforation operations.
- Well Construction and Completions (“WCC”)
- Following the successful launch of our Pressure Balanced Liner system, Xpress™ XT, a major operator in the Middle East has now deployed this technology in offshore operations, reflecting confidence in the reliability and value proposition of this offering in challenging well conditions.
- In the Gulf of Mexico, a major operator deployed our 1500-ton Multi String Spider. This technology enables increased operational efficiency and reduction of people in the red zone.
- Production and Intervention (“PRI”)
- We expanded our production optimization platform with the launch of ForeSite® 5.3, which combines Artificial Intelligence, Machine Learning, and Autonomous Control for proactive failure prediction and prevention of ESP and Rod Lift systems, thereby expanding run life and improving production.
- Using a combination of proprietary technologies from Weatherford and the recently acquired Ardyne portfolio, we successfully completed a slot recovery operation for Equinor, delivering rig time savings through improved operational efficiency.
Liquidity
We closed the first quarter 2024 with total cash of approximately
Net cash provided by operating activities during the first quarter 2024 was
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Results by Reportable Segment
Drilling and Evaluation (“DRE”)
| Three Months Ended | Variance | |||||||||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | Seq. | YoY | |||||||||||||
| Revenue | $ | 422 | $ | 382 | $ | 372 | 10 | % | 13 | % | ||||||||
| Segment Adjusted EBITDA | $ | 130 | $ | 97 | $ | 108 | 34 | % | 20 | % | ||||||||
| Segment Adj EBITDA Margin | 30.8 | % | 25.4 | % | 29.0 | % | 541 | bps | 177 | bps | ||||||||
First quarter 2024 DRE revenue of
First quarter 2024 DRE segment adjusted EBITDA of
Well Construction and Completions (“WCC”)
| Three Months Ended | Variance | |||||||||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | Seq. | YoY | |||||||||||||
| Revenue | $ | 458 | $ | 480 | $ | 421 | (5) | % | 9 | % | ||||||||
| Segment Adjusted EBITDA | $ | 120 | $ | 131 | $ | 96 | (8) | % | 25 | % | ||||||||
| Segment Adj EBITDA Margin | 26.2 | % | 27.3 | % | 22.8 | % | (109) | bps | 340 | bps | ||||||||
First quarter 2024 WCC revenue of
First quarter 2024 WCC segment adjusted EBITDA of
Production and Intervention (“PRI”)
| Three Months Ended | Variance | |||||||||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | Seq. | YoY | |||||||||||||
| Revenue | $ | 348 | $ | 386 | $ | 349 | (10) | % | — | % | ||||||||
| Segment Adjusted EBITDA | $ | 73 | $ | 88 | $ | 68 | (17) | % | 7 | % | ||||||||
| Segment Adj EBITDA Margin | 21.0 | % | 22.8 | % | 19.5 | % | (182) | bps | 149 | bps | ||||||||
First quarter 2024 PRI revenue of
First quarter 2024 PRI segment adjusted EBITDA of
Revenue by Geography
| Three Months Ended | Variance | ||||||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | Seq. | YoY | ||||||||||
| North America | $ | 267 | $ | 248 | $ | 286 | 8 | % | (7) | % | |||||
| International | $ | 1,091 | $ | 1,114 | $ | 900 | (2) | % | 21 | % | |||||
| Latin America | 370 | 342 | 317 | 8 | % | 17 | % | ||||||||
| Middle East/North Africa/Asia | 497 | 547 | 376 | (9) | % | 32 | % | ||||||||
| Europe/Sub-Sahara Africa/Russia | 224 | 225 | 207 | — | % | 8 | % | ||||||||
| Total Revenue | $ | 1,358 | $ | 1,362 | $ | 1,186 | — | % | 15 | % | |||||
North America
First quarter 2024 North America revenue of
International
First quarter 2024 international revenue of
First quarter 2024 Latin America revenue of
First quarter 2024 Middle East/North Africa/Asia revenue of
First quarter 2024 Europe/Sub-Sahara Africa/Russia revenue of
About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,800 team members representing more than 110 nationalities and 340 operating locations. Visit weatherford.com for more information and connect with us on social media.
Conference Call Details
Weatherford will host a conference call on Wednesday, April 24, 2024, to discuss the Company’s results for the first quarter ended March 31, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until May 8, 2024, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 2193017. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.
Contacts
For Investors:
Mohammed Topiwala
Vice President, Investor Relations and M&A
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
+1 713-836-4193
media@weatherford.com
Forward-Looking Statements
This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly and full-year revenues, adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results, based on factors including but not limited to: global political disturbances, war, terrorist attacks, changes in global trade policies, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from the Russia Ukraine conflict including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to address and participate in changes to the market demands for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; and the realization of additional cost savings and operational efficiencies.
These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission (the “SEC”), including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
| Weatherford International plc | ||||||||||||
| Selected Statements of Operations (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| ($ in Millions, Except Per Share Amounts) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Revenues: | ||||||||||||
| DRE Revenues | $ | 422 | $ | 382 | $ | 372 | ||||||
| WCC Revenues | 458 | 480 | 421 | |||||||||
| PRI Revenues | 348 | 386 | 349 | |||||||||
| All Other | 130 | 114 | 44 | |||||||||
| Total Revenues | 1,358 | 1,362 | 1,186 | |||||||||
| Operating Income: | ||||||||||||
| DRE Segment Adjusted EBITDA[1] | $ | 130 | $ | 97 | $ | 108 | ||||||
| WCC Segment Adjusted EBITDA[1] | 120 | 131 | 96 | |||||||||
| PRI Segment Adjusted EBITDA[1] | 73 | 88 | 68 | |||||||||
| All Other[2] | 27 | 13 | 9 | |||||||||
| Corporate[2] | (14 | ) | (8 | ) | (12 | ) | ||||||
| Depreciation and Amortization | (85 | ) | (83 | ) | (80 | ) | ||||||
| Share-based Compensation | (13 | ) | (9 | ) | (9 | ) | ||||||
| Other (Charges) Credits | (5 | ) | (13 | ) | 5 | |||||||
| Operating Income | 233 | 216 | 185 | |||||||||
| Other Expense: | ||||||||||||
| Interest Expense, Net of Interest Income of | (29 | ) | (31 | ) | (31 | ) | ||||||
| Other Expense, Net | (22 | ) | (36 | ) | (35 | ) | ||||||
| Income Before Income Taxes | 182 | 149 | 119 | |||||||||
| Income Tax Provision | (59 | ) | (2 | ) | (38 | ) | ||||||
| Net Income | 123 | 147 | 81 | |||||||||
| Net Income Attributable to Noncontrolling Interests | 11 | 7 | 9 | |||||||||
| Net Income Attributable to Weatherford | $ | 112 | $ | 140 | $ | 72 | ||||||
| Basic Income Per Share | $ | 1.54 | $ | 1.94 | $ | 1.00 | ||||||
| Basic Weighted Average Shares Outstanding | 72.9 | 72.1 | 71.5 | |||||||||
| Diluted Income Per Share | $ | 1.50 | $ | 1.90 | $ | 0.97 | ||||||
| Diluted Weighted Average Shares Outstanding | 74.7 | 73.9 | 73.5 | |||||||||
[1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
[2] All Other includes business activities related to all other segments (profit and loss) and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
| Weatherford International plc | |||||
| Selected Balance Sheet Data (Unaudited) | |||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | |||
| Assets: | |||||
| Cash and Cash Equivalents | $ | 824 | $ | 958 | |
| Restricted Cash | 113 | 105 | |||
| Accounts Receivable, Net | 1,251 | 1,216 | |||
| Inventories, Net | 850 | 788 | |||
| Property, Plant and Equipment, Net | 988 | 957 | |||
| Intangibles, Net | 417 | 370 | |||
| Liabilities: | |||||
| Accounts Payable | 716 | 679 | |||
| Accrued Salaries and Benefits | 298 | 387 | |||
| Current Portion of Long-term Debt | 101 | 168 | |||
| Long-term Debt | 1,629 | 1,715 | |||
| Shareholders’ Equity: | |||||
| Total Shareholders’ Equity | 1,100 | 922 | |||
| Weatherford International plc | ||||||||||||
| Selected Cash Flows Information (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Cash Flows From Operating Activities: | ||||||||||||
| Net Income | $ | 123 | $ | 147 | $ | 81 | ||||||
| Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||||||
| Depreciation and Amortization | 85 | 83 | 80 | |||||||||
| Foreign Exchange Losses | 15 | 43 | 29 | |||||||||
| Inventory Charges | 6 | 8 | 11 | |||||||||
| Gain on Disposition of Assets | (7 | ) | — | (5 | ) | |||||||
| Deferred Income Tax Provision (Benefit) | 14 | (19 | ) | 18 | ||||||||
| Share-Based Compensation | 13 | 9 | 9 | |||||||||
| Changes in Accounts Receivable, Inventory, and Accounts Payable: | ||||||||||||
| Accounts Receivable | (112 | ) | 59 | (96 | ) | |||||||
| Inventories | (53 | ) | (11 | ) | (45 | ) | ||||||
| Accounts Payable | 99 | 58 | 64 | |||||||||
| Other Changes, Net | (52 | ) | (2 | ) | (62 | ) | ||||||
| Net Cash Provided By Operating Activities | 131 | 375 | 84 | |||||||||
| Cash Flows From Investing Activities: | ||||||||||||
| Capital Expenditures for Property, Plant and Equipment | (59 | ) | (67 | ) | (64 | ) | ||||||
| Proceeds from Disposition of Assets | 10 | 7 | 7 | |||||||||
| Business Acquisitions, Net of Cash Acquired | (36 | ) | — | (4 | ) | |||||||
| Proceeds from Sale (Cash Used in Purchases) of Investments | 41 | (59 | ) | — | ||||||||
| Other Investing Activities | (10 | ) | (12 | ) | (3 | ) | ||||||
| Net Cash Used In Investing Activities | (54 | ) | (131 | ) | (64 | ) | ||||||
| Cash Flows From Financing Activities: | ||||||||||||
| Repayments of Long-term Debt | (172 | ) | (80 | ) | (66 | ) | ||||||
| Distributions to Noncontrolling Interests | — | (31 | ) | (6 | ) | |||||||
| Tax Remittance on Equity Awards Vested | (8 | ) | (2 | ) | (52 | ) | ||||||
| Other Financing Activities | (7 | ) | (13 | ) | (3 | ) | ||||||
| Net Cash Used In Financing Activities | $ | (187 | ) | $ | (126 | ) | $ | (127 | ) | |||
| Weatherford International plc |
| Non-GAAP Financial Measures Defined (Unaudited) |
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Adjusted EBITDA* - Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* - Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow* - Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Net Debt* - Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash, and should be viewed in addition to the Company’s results prepared in accordance with GAAP.
Net Leverage* - Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford, and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
*Non-GAAP - as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled
| Weatherford International plc | ||||||||||||
| GAAP to Non-GAAP Financial Measures Reconciled (Unaudited) | ||||||||||||
| ($ in Millions, Except Margin in Percentages) | ||||||||||||
| Three Months Ended | ||||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Revenues | $ | 1,358 | $ | 1,362 | $ | 1,186 | ||||||
| Net Income Attributable to Weatherford | $ | 112 | $ | 140 | $ | 72 | ||||||
| Net Income Margin | 8.2 | % | 10.3 | % | 6.1 | % | ||||||
| Adjusted EBITDA* | $ | 336 | $ | 321 | $ | 269 | ||||||
| Adjusted EBITDA Margin* | 24.7 | % | 23.6 | % | 22.7 | % | ||||||
| Net Income Attributable to Weatherford | $ | 112 | $ | 140 | $ | 72 | ||||||
| Net Income Attributable to Noncontrolling Interests | 11 | 7 | 9 | |||||||||
| Income Tax Provision | 59 | 2 | 38 | |||||||||
| Interest Expense, Net of Interest Income of | 29 | 31 | 31 | |||||||||
| Other Expense, Net | 22 | 36 | 35 | |||||||||
| Operating Income | 233 | 216 | 185 | |||||||||
| Depreciation and Amortization | 85 | 83 | 80 | |||||||||
| Other Charges (Credits) | 5 | 13 | (5 | ) | ||||||||
| Share-Based Compensation | 13 | 9 | 9 | |||||||||
| Adjusted EBITDA* | $ | 336 | $ | 321 | $ | 269 | ||||||
| Net Cash Provided By Operating Activities | $ | 131 | $ | 375 | $ | 84 | ||||||
| Capital Expenditures for Property, Plant and Equipment | (59 | ) | (67 | ) | (64 | ) | ||||||
| Proceeds from Disposition of Assets | 10 | 7 | 7 | |||||||||
| Adjusted Free Cash Flow* | $ | 82 | $ | 315 | $ | 27 | ||||||
*Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
| Weatherford International plc | ||||||||||
| GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited) | ||||||||||
| ($ in Millions) | ||||||||||
| Three Months Ended | ||||||||||
| ($ in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||
| Current Portion of Long-term Debt | $ | 101 | $ | 168 | $ | 120 | ||||
| Long-term Debt | 1,629 | 1,715 | 2,067 | |||||||
| Total Debt | $ | 1,730 | $ | 1,883 | $ | 2,187 | ||||
| Cash and Cash Equivalents | $ | 824 | $ | 958 | $ | 833 | ||||
| Restricted Cash | 113 | 105 | 150 | |||||||
| Total Cash | $ | 937 | $ | 1,063 | $ | 983 | ||||
| Components of Net Debt | ||||||||||
| Current Portion of Long-term Debt | $ | 101 | $ | 168 | $ | 120 | ||||
| Long-term Debt | 1,629 | 1,715 | 2,067 | |||||||
| Less: Cash and Cash Equivalents | 824 | 958 | 833 | |||||||
| Less: Restricted Cash | 113 | 105 | 150 | |||||||
| Net Debt* | $ | 793 | $ | 820 | $ | 1,204 | ||||
| Net Income for trailing 12 months | $ | 457 | $ | 417 | $ | 178 | ||||
| Adjusted EBITDA* for trailing 12 months | $ | 1,253 | $ | 1,186 | $ | 935 | ||||
| Net Leverage* (Net Debt*/Adjusted EBITDA*) | 0.6 | x | 0.7 | x | 1.3 | x | ||||
*Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
FAQ
What was Weatherford's first quarter revenue for 2024?
What was the adjusted EBITDA margin in the first quarter of 2024?
Did Weatherford raise its full-year margin guidance for 2024?
How much did Weatherford expand its Credit Facility to?
What regions showed significant revenue growth for Weatherford in the first quarter of 2024?
What was the percentage increase in net income for Weatherford in the first quarter of 2024?
What was the increase in operating income for Weatherford in the first quarter of 2024 compared to the same period in 2023?
