Expro Announces Fourth Quarter and Full Year 2023 Results
- None.
- None.
Insights
The reported financials of Expro Group Holdings N.V. show a mix of growth and challenges. The 10% sequential revenue increase and 18% year-over-year growth are positive indicators of the company's operational success and could be seen as bullish signals for investors. However, the persistence of a net loss, although slightly reduced from the previous quarter, suggests that the company is still in a phase of strategic investment and may be facing operational inefficiencies or increased costs. The acquisition of PRT Offshore appears to be a strategic move to diversify and strengthen the company's service offerings, which could lead to future revenue growth.
The 70% increase in Adjusted EBITDA sequentially is a strong sign of operational leverage and cost management. Investors should note that while the company is not yet profitable, its ability to generate increased EBITDA at a higher margin is a step in the right direction. The provided outlook for 2024 indicates a continued positive trend, with anticipated revenue growth and improved Adjusted EBITDA margins. This forward-looking statement could impact the stock positively if investors believe the targets are achievable.
Expro's growth within the North and Latin American markets and the strategic acquisition of PRT Offshore suggest a positive trajectory for the company's market share and competitive positioning. The energy services sector is cyclical and closely tied to commodity prices and Expro's expectation of a multi-year growth cycle aligns with current industry trends toward increased energy demand and investment in oil and gas infrastructure.
Furthermore, the announced acquisition of Coretrax indicates Expro's commitment to expanding its technology portfolio, which could enhance its service offerings and market differentiation. The focus on innovative technologies that reduce risk and cost, while optimizing drilling efficiency, aligns with the industry's push for efficiency and cost-effectiveness, which is critical in a market that is sensitive to price fluctuations.
The report highlights Expro's operational challenges, particularly the suspension of vessel-deployed LWI operations due to a wire failure incident. This event underscores the risks associated with complex offshore operations. It is crucial to monitor how Expro manages these operational risks and their impact on the company's reputation and future earnings potential.
The emphasis on environmental capabilities and low carbon solutions, such as the CoilHose™ LWCS, is indicative of the energy sector's ongoing transition towards sustainability. Expro's positioning as an Energy Transition Pioneer could attract investors who are increasingly looking for companies that contribute to a sustainable energy future. This may also open up new business opportunities in a market that is progressively valuing environmental, social and governance (ESG) factors.
Strong operational performance and profitable growth driven by a rebound of NLA activity and acquisition of PRT Offshore.
Revenue of
Net loss of
Adjusted EBITDA1 of
Provides 2024 revenue and Adjusted EBITDA margin outlook
Fourth Quarter 2023 Financial Highlights
|
• |
Revenue was |
|
• |
Net loss for the fourth quarter of 2023 was |
|
• |
Adjusted EBITDA was
The Company suspended vessel-deployed LWI operations during the third quarter of 2023 following a wire failure on the main crane of a third-party owned vessel working with Expro while the crane was suspending the subsea module of Expro’s vessel-deployed LWI system. We are continuing to work with the relevant stakeholders and independent experts to assess the incident. The well control package and lubricator components of this vessel-deployed LWI system have been safely recovered, but we have determined not to participate in the recovery of the subsea module from the seabed. We are continuing to determine the path forward for our vessel-deployed LWI operations, including what alternative service delivery options and service partner options are available to the Company, and the timing and cost (including potential damage claims) of completing customer work scopes for which our vessel-deployed LWI system was integral. At this time, we are not able to assess the timing and potential cost of completing customer work scopes but do not expect such costs to be material to Expro’s financial results. |
|
• |
Net cash provided by operating activities for the fourth quarter of 2023 was |
1. A non-GAAP measure.
Full Year 2023 Financial Highlights
|
• |
Revenue was |
|
• |
Net loss was |
|
• |
Adjusted EBITDA increased by |
|
• |
Net cash provided by operating activities for the year ended December 31, 2023 was |
Michael Jardon, Chief Executive Officer, noted, “Expro has delivered strong fourth quarter financial results with revenue and Adjusted EBITDA exceeding our most recent guidance ranges. We begin 2024 in a strong position. As activity is strengthening, we are continuing to see a positive demand trend for our services and solutions and believe that the energy services sector and Expro's business are in the early phase of a multi-year growth cycle.
“Earlier this month we announced that Expro has entered into a definitive agreement to acquire Coretrax, a technology leader in performance drilling tools and wellbore cleanup, well integrity and production optimization solutions. Coretrax has a complementary offering to Expro with little overlap and will bolster the portfolio of technology-enabled services and solutions offered through our Well Construction and Well Intervention & Integrity product lines, adding significant value to our clients from innovative technologies that reduce risk and cost, optimize drilling efficiency, extend the life of existing well stock, and optimize production.
“We also celebrated 40 years since the launch of our first subsea test tree system. Since then Expro has remained at the forefront of subsea landing string technology. Recognizing our dedication to subsea well access applications, Expro was named Intervention Champion of the Year at the OWI Global Awards 2023 that was held in November. Our capabilities in this space have also been bolstered with the recent acquisition of PRT Offshore at the beginning of the fourth quarter of 2023 and we are already making significant progress on our integration.
“We built a healthy order book in 2023, capturing strategically important contract wins. As we look ahead, we are well positioned to support our customers as activity ramps up across our regions and product lines. I am very proud of the team of experts throughout the company and what they have accomplished. We believe our business is well positioned to be a leading provider of services and solutions in the international and offshore markets while delivering on the financial and other objectives of the company in the years to follow.
“For 2024, we expect improving profitability to drive improved cash flow generation as we capitalize on tailwinds in our industry. Based on our strong performance in 2023 and a positive activity outlook, we currently anticipate generating revenues of between
Notable Awards and Achievements
Expro was named Energy Transition Pioneer of the Year at the OWI Global Awards 2023, recognizing its commitment to sustainable energy solutions. This recognition reflects Expro’s proactive efforts to contribute to a cleaner and more sustainable future. The company also won Intervention Champion of the Year recognizing Expro's commitment to Subsea Well Access. In 2023 we achieved over 40 years of Subsea Test Tree Assemblies (“SSTTA”) operations and more than 3,000 subsea deployments across exploration and appraisal, completion, and intervention applications, building a strong reputation and market share that is supported by the industry’s largest large-bore global SSTTA fleet.
Expro’s Tubular Running Services (“TRS”) business accomplished an industry milestone in the
This tubular running package provides the industry’s only truly non-marking tubular running solution, which helps preserve well integrity and extends the life cycle of the well. This was also the first deployment of the Collar Load Support (CLS™) System for Stands in the region, in which the performance of the system exceeded customer expectations. The success of this completion run was the culmination of extensive planning and testing and is another example of Expro’s ability to provide solutions and positive results for the industry’s most complex wells.
Expro has been awarded a Corporate Frame Agreement to deliver well testing services for Equinor in the Norwegian Continental Shelf. The four-year contract, with the potential of three two-year options, builds on Expro’s previous seven-year agreement. The scope of work includes well flow management and production optimization services to enhance Equinor’s assets across completion, intervention, production, and abandonment operations.
Building on the Corporate Frame Agreement, the work scope will see the delivery of hydraulic intervention well services using Expro’s innovative CoilHose™ Light Well Circulation System (“LWCS”) that is designed to provide a more efficient and lower operational carbon footprint approach to operations. A significant portion of the contract is directly linked to a demonstrable commitment to a low carbon plan, allowing Expro to implement its environmental capabilities with Equinor and further enhance the strength and depth of this partnership.
In the
Finally, in the
Segment Results
Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2023 to the results for the third quarter of 2023.
Revenue for the NLA segment was
Segment EBITDA for the NLA segment was
Revenue for the ESSA segment was
Segment EBITDA for the ESSA segment was
Revenue for the MENA segment was
Segment EBITDA for the MENA segment was
Revenue for the APAC segment was
Segment EBITDA for the APAC segment was
Other Financial Information
The Company’s capital expenditures totaled
As of December 31, 2023, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled
Depreciation and amortization expense was
On October 25, 2023, the Company’s Board of Directors (the “Board”) approved an extension to the stock repurchase program first approved on June 16, 2022. Pursuant to the extended stock repurchase program, the Company is authorized to acquire up to
Expro’s provision for income taxes was
The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.
Additionally, downloadable financials are available on the Investor section of www.expro.com.
Conference Call
The Company will host a conference call to discuss fourth quarter 2023 results on Wednesday, February 21, 2024, at 12:00 p.m. Central Time (1:00 p.m. Eastern Time).
Participants may also join the conference call by dialing:
US: +1 (833) 470-1428
International: +1 (929) 526-1599
Access ID: 108879
To listen via live webcast, please visit the Investor section of www.expro.com.
The fourth quarter 2023 Investor Presentation is available on the Investor section of www.expro.com.
An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of approximately 12 months.
To access the audio replay telephonically:
Dial-In: US +1 (866) 813-9403 or +1 (929) 458-6194
Access ID: 849637
Start Date: February 21, 2024, 1:00 p.m. CT
End Date: March 6, 2024, 10:59 p.m. CT
A transcript of the conference call will be posted to the Investor relations section of the Company’s website after the conclusion of the call.
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.
With roots dating to 1938, Expro has more than 8,000 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in approximately 60 countries.
For more information, please visit: www.expro.com and connect with Expro on X (formerly Twitter) @ExproGroup and LinkedIn @Expro.
Forward Looking Statements
This release 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. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, guidance, operating results, environmental, social and governance goals, targets and initiatives, estimates and projections regarding the outcome and benefits of the proposed Coretrax acquisition, the Company’s ability to achieve the anticipated synergies as a result of the proposed Coretrax acquisition and the timing of the closing of the proposed Coretrax acquisition. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations (including the ability to recover, and to the extent necessary, service and/or economically repair any equipment located on the seabed), political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as
Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 that will be filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. 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, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by the management, financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss) and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss) and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Expro defines Adjusted EBITDA as net income (loss) adjusted for (a) income tax expense (benefit), (b) depreciation and amortization expense, (c) impairment expense, (d) severance and other expense, net, (e) stock-based compensation expense, (f) merger and integration expense, (g) (gain) loss on disposal of assets, (h) other (income) expense, net, (i) interest and finance (income) expense, net and (j) foreign exchange (gain) loss. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of revenue.
Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for indirect support costs and stock-based compensation expense included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage. Support costs is defined as indirect costs attributable to supporting the activities of the operating segments, research and engineering expenses and product line management costs included in cost of revenue, excluding depreciation and amortization expense, and general and administrative expense, excluding depreciation and amortization expense, which represent costs of running the corporate head office and other central functions, including logistics, sales and marketing and health and safety, and does not include foreign exchange gains or losses and other non-routine expenses. Adjusted cash flow from operations is defined as net cash provided by (used in) operating activities adjusted for cash paid during the period for interest, net, severance and other expense and merger and integration expense. Cash conversion is defined as Adjusted cash flow from operations divided by Adjusted EBITDA.
The Company defines adjusted net income (loss) as net income (loss) before merger and integration expense, severance and other expense, stock-based compensation expense, and gain (loss) on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net income (loss) per diluted share before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
EXPRO GROUP HOLDINGS N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Total revenue |
|
$ |
406,750 |
|
|
$ |
369,818 |
|
|
$ |
350,966 |
|
|
$ |
1,512,764 |
|
|
$ |
1,279,418 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, excluding depreciation and amortization |
|
|
(316,875 |
) |
|
|
(315,825 |
) |
|
|
(277,548 |
) |
|
|
(1,241,295 |
) |
|
|
(1,057,356 |
) |
General and administrative expense, excluding depreciation and amortization |
|
|
(19,346 |
) |
|
|
(15,437 |
) |
|
|
(10,444 |
) |
|
|
(64,254 |
) |
|
|
(58,387 |
) |
Depreciation and amortization expense |
|
|
(62,874 |
) |
|
|
(37,414 |
) |
|
|
(34,538 |
) |
|
|
(172,260 |
) |
|
|
(139,767 |
) |
Merger and integration expense |
|
|
(5,432 |
) |
|
|
(817 |
) |
|
|
(4,996 |
) |
|
|
(9,764 |
) |
|
|
(13,620 |
) |
Severance and other expense |
|
|
(8,901 |
) |
|
|
(1,897 |
) |
|
|
(2,411 |
) |
|
|
(14,388 |
) |
|
|
(7,825 |
) |
Total operating cost and expenses |
|
|
(413,428 |
) |
|
|
(371,390 |
) |
|
|
(329,937 |
) |
|
|
(1,501,961 |
) |
|
|
(1,276,955 |
) |
Operating (loss) income |
|
|
(6,678 |
) |
|
|
(1,572 |
) |
|
|
21,029 |
|
|
|
10,803 |
|
|
|
2,463 |
|
Other income (expense), net |
|
|
4,774 |
|
|
|
(1,129 |
) |
|
|
1,477 |
|
|
|
1,234 |
|
|
|
3,149 |
|
Interest and finance expense, net |
|
|
(2,255 |
) |
|
|
(373 |
) |
|
|
(3,468 |
) |
|
|
(3,943 |
) |
|
|
(241 |
) |
(Loss) income before taxes and equity in income of joint ventures |
|
|
(4,159 |
) |
|
|
(3,074 |
) |
|
|
19,038 |
|
|
|
8,094 |
|
|
|
5,371 |
|
Equity in income of joint ventures |
|
|
5,117 |
|
|
|
2,495 |
|
|
|
5,590 |
|
|
|
12,853 |
|
|
|
15,731 |
|
Income (loss) before income taxes |
|
|
958 |
|
|
|
(579 |
) |
|
|
24,628 |
|
|
|
20,947 |
|
|
|
21,102 |
|
Income tax expense |
|
|
(13,376 |
) |
|
|
(13,307 |
) |
|
|
(11,697 |
) |
|
|
(44,307 |
) |
|
|
(41,247 |
) |
Net (loss) income |
|
$ |
(12,418 |
) |
|
$ |
(13,886 |
) |
|
$ |
12,931 |
|
|
$ |
(23,360 |
) |
|
$ |
(20,145 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.12 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.18 |
) |
Diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.12 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.18 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
110,325,863 |
|
|
|
108,777,429 |
|
|
|
108,743,078 |
|
|
|
109,161,453 |
|
|
|
109,072,761 |
|
Diluted |
|
|
110,325,863 |
|
|
|
108,777,429 |
|
|
|
109,348,871 |
|
|
|
109,161,453 |
|
|
|
109,072,761 |
|
EXPRO GROUP HOLDINGS N.V. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||||||
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2023 |
|
|
2022 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
151,741 |
|
|
$ |
214,788 |
|
Restricted cash |
|
|
1,425 |
|
|
|
3,672 |
|
Accounts receivable, net |
|
|
469,119 |
|
|
|
419,237 |
|
Inventories |
|
|
143,325 |
|
|
|
153,718 |
|
Assets held for sale |
|
|
- |
|
|
|
2,179 |
|
Income tax receivables |
|
|
27,581 |
|
|
|
26,938 |
|
Other current assets |
|
|
58,409 |
|
|
|
44,975 |
|
Total current assets |
|
|
851,600 |
|
|
|
865,507 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
513,222 |
|
|
|
462,316 |
|
Investments in joint ventures |
|
|
66,402 |
|
|
|
66,038 |
|
Intangible assets, net |
|
|
239,716 |
|
|
|
229,504 |
|
Goodwill |
|
|
247,687 |
|
|
|
220,980 |
|
Operating lease right-of-use assets |
|
|
72,310 |
|
|
|
74,856 |
|
Non-current accounts receivable, net |
|
|
9,768 |
|
|
|
9,688 |
|
Other non-current assets |
|
|
12,302 |
|
|
|
8,263 |
|
Total assets |
|
$ |
2,013,007 |
|
|
$ |
1,937,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
326,125 |
|
|
$ |
272,704 |
|
Income tax liabilities |
|
|
45,084 |
|
|
|
37,151 |
|
Finance lease liabilities |
|
|
1,967 |
|
|
|
1,047 |
|
Operating lease liabilities |
|
|
17,531 |
|
|
|
19,057 |
|
Other current liabilities |
|
|
98,144 |
|
|
|
107,750 |
|
Total current liabilities |
|
|
488,851 |
|
|
|
437,709 |
|
|
|
|
|
|
|
|
|
|
Long-term borrowings |
|
$ |
20,000 |
|
|
|
- |
|
Deferred tax liabilities, net |
|
|
22,706 |
|
|
|
30,419 |
|
Post-retirement benefits |
|
|
10,445 |
|
|
|
11,344 |
|
Finance lease liabilities |
|
|
16,410 |
|
|
|
13,773 |
|
Operating lease liabilities |
|
|
54,976 |
|
|
|
60,847 |
|
Uncertain tax positions |
|
|
59,544 |
|
|
|
58,036 |
|
Other non-current liabilities |
|
|
44,202 |
|
|
|
39,129 |
|
Total liabilities |
|
|
717,134 |
|
|
|
651,257 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
8,062 |
|
|
|
7,911 |
|
Treasury Stock |
|
|
(64,697 |
) |
|
|
(40,870 |
) |
Additional paid-in capital |
|
|
1,909,323 |
|
|
|
1,847,078 |
|
Accumulated other comprehensive loss |
|
|
22,318 |
|
|
|
27,549 |
|
Accumulated deficit |
|
|
(579,133 |
) |
|
|
(555,773 |
) |
Total stockholders’ equity |
|
|
1,295,873 |
|
|
|
1,285,895 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,013,007 |
|
|
$ |
1,937,152 |
|
EXPRO GROUP HOLDINGS N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Year Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(23,360 |
) |
|
$ |
(20,145 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
172,260 |
|
|
|
139,767 |
|
Equity in income of joint ventures |
|
|
(12,853 |
) |
|
|
(15,731 |
) |
Stock-based compensation expense |
|
|
19,574 |
|
|
|
18,486 |
|
Changes in fair value of investments |
|
|
- |
|
|
|
1,199 |
|
Elimination of unrealized profit on sales to joint ventures |
|
|
4,159 |
|
|
|
- |
|
Deferred taxes |
|
|
(10,478 |
) |
|
|
(1,326 |
) |
Unrealized foreign exchange losses |
|
|
5,658 |
|
|
|
6,116 |
|
Changes in fair value of contingent consideration |
|
|
576 |
|
|
|
- |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(34,895 |
) |
|
|
(97,758 |
) |
Inventories |
|
|
10,575 |
|
|
|
(26,037 |
) |
Other assets |
|
|
(16,745 |
) |
|
|
4,365 |
|
Accounts payable and accrued liabilities |
|
|
34,600 |
|
|
|
35,491 |
|
Other liabilities |
|
|
(18,275 |
) |
|
|
31,435 |
|
Income taxes, net |
|
|
8,798 |
|
|
|
10,209 |
|
Dividends received from joint ventures |
|
|
8,329 |
|
|
|
7,283 |
|
Other |
|
|
(9,614 |
) |
|
|
(13,185 |
) |
Net cash provided by operating activities |
|
|
138,309 |
|
|
|
80,169 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(122,110 |
) |
|
|
(81,904 |
) |
Payment for acquired businesses, net of cash acquired |
|
|
(28,707 |
) |
|
|
- |
|
Acquisition of technology |
|
|
- |
|
|
|
(7,967 |
) |
Proceeds from disposal of assets |
|
|
2,013 |
|
|
|
7,279 |
|
Proceeds from sale / maturity of investments |
|
|
572 |
|
|
|
11,386 |
|
Net cash used in investing activities |
|
|
(148,232 |
) |
|
|
(71,206 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Cash pledged for collateral deposits |
|
|
(217 |
) |
|
|
(70 |
) |
Payments of loan issuance and other transaction costs |
|
|
- |
|
|
|
(132 |
) |
Proceeds from long-term borrowings |
|
|
50,000 |
|
|
|
- |
|
Repayment of long-term borrowings |
|
|
(65,096 |
) |
|
|
- |
|
Repurchase of common stock |
|
|
(20,024 |
) |
|
|
(12,996 |
) |
Payment of withholding taxes on stock-based compensation plans |
|
|
(2,559 |
) |
|
|
(4,168 |
) |
Repayment of financed insurance premium |
|
|
(9,317 |
) |
|
|
(7,245 |
) |
Repayments of finance leases |
|
|
(2,126 |
) |
|
|
(1,001 |
) |
Net cash used in financing activities |
|
|
(49,339 |
) |
|
|
(25,612 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(6,032 |
) |
|
|
(4,738 |
) |
Net decrease to cash and cash equivalents and restricted cash |
|
|
(65,294 |
) |
|
|
(21,387 |
) |
Cash and cash equivalents and restricted cash at beginning of year |
|
|
218,460 |
|
|
|
239,847 |
|
Cash and cash equivalents and restricted cash at end of year |
|
$ |
153,166 |
|
|
$ |
218,460 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes net of refunds |
|
$ |
(44,268 |
) |
|
$ |
(33,171 |
) |
Cash paid for interest, net |
|
|
(2,177 |
) |
|
|
(3,851 |
) |
Change in accounts payable and accrued expenses related to capital expenditures |
|
|
(7,926 |
) |
|
|
(14,721 |
) |
EXPRO GROUP HOLDINGS N.V. SELECTED OPERATING SEGMENT DATA (In thousands) (Unaudited) |
||||||||||||||||||||||||||||||||||||||||
Segment Revenue and Segment Revenue as Percentage of Total Revenue: |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||||||||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||||||||||||||||||||||
NLA |
|
$ |
145,490 |
|
|
|
36 |
% |
|
$ |
105,252 |
|
|
|
28 |
% |
|
$ |
131,684 |
|
|
|
38 |
% |
|
$ |
511,800 |
|
|
|
34 |
% |
|
$ |
499,813 |
|
|
|
39 |
% |
ESSA |
|
|
133,846 |
|
|
|
33 |
% |
|
|
135,395 |
|
|
|
37 |
% |
|
|
117,344 |
|
|
|
33 |
% |
|
|
520,951 |
|
|
|
34 |
% |
|
|
389,342 |
|
|
|
30 |
% |
MENA |
|
|
65,363 |
|
|
|
16 |
% |
|
|
58,057 |
|
|
|
16 |
% |
|
|
55,387 |
|
|
|
16 |
% |
|
|
233,528 |
|
|
|
15 |
% |
|
|
201,495 |
|
|
|
16 |
% |
APAC |
|
|
62,051 |
|
|
|
15 |
% |
|
|
71,114 |
|
|
|
19 |
% |
|
|
46,551 |
|
|
|
13 |
% |
|
|
246,485 |
|
|
|
16 |
% |
|
|
188,768 |
|
|
|
15 |
% |
Total |
|
$ |
406,750 |
|
|
|
100 |
% |
|
$ |
369,818 |
|
|
|
100 |
% |
|
$ |
350,966 |
|
|
|
100 |
% |
|
$ |
1,512,764 |
|
|
|
100 |
% |
|
$ |
1,279,418 |
|
|
|
100 |
% |
Segment EBITDA(1), Segment EBITDA Margin(2), Adjusted EBITDA and Adjusted EBITDA Margin(3): |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||||||||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||||||||||||||||||||||
NLA |
|
$ |
44,325 |
|
|
|
30 |
% |
|
$ |
19,967 |
|
|
|
19 |
% |
|
$ |
35,153 |
|
|
|
27 |
% |
|
$ |
132,869 |
|
|
|
26 |
% |
|
$ |
135,236 |
|
|
|
27 |
% |
ESSA |
|
|
40,990 |
|
|
|
31 |
% |
|
|
39,268 |
|
|
|
29 |
% |
|
|
30,179 |
|
|
|
26 |
% |
|
|
136,007 |
|
|
|
26 |
% |
|
|
74,681 |
|
|
|
19 |
% |
MENA |
|
|
21,271 |
|
|
|
33 |
% |
|
|
16,871 |
|
|
|
29 |
% |
|
|
19,433 |
|
|
|
35 |
% |
|
|
71,201 |
|
|
|
30 |
% |
|
|
63,315 |
|
|
|
31 |
% |
APAC (5) |
|
|
5,337 |
|
|
|
9 |
% |
|
|
(4,286 |
) |
|
|
(6 |
)% |
|
|
3,673 |
|
|
|
8 |
% |
|
|
1,805 |
|
|
|
1 |
% |
|
|
4,850 |
|
|
|
3 |
% |
|
|
|
111,923 |
|
|
|
|
|
|
|
71,820 |
|
|
|
|
|
|
|
88,438 |
|
|
|
|
|
|
|
341,882 |
|
|
|
|
|
|
|
278,082 |
|
|
|
|
|
Corporate costs (4) |
|
|
(31,894 |
) |
|
|
|
|
|
|
(24,070 |
) |
|
|
|
|
|
|
(23,954 |
) |
|
|
|
|
|
|
(105,855 |
) |
|
|
|
|
|
|
(87,580 |
) |
|
|
|
|
Equity in income of joint ventures |
|
|
5,117 |
|
|
|
|
|
|
|
2,495 |
|
|
|
|
|
|
|
5,590 |
|
|
|
|
|
|
|
12,853 |
|
|
|
|
|
|
|
15,731 |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
85,146 |
|
|
|
21 |
% |
|
$ |
50,245 |
|
|
|
14 |
% |
|
$ |
70,074 |
|
|
|
20 |
% |
|
$ |
248,880 |
|
|
|
16 |
% |
|
$ |
206,233 |
|
|
|
16 |
% |
(1) |
Expro evaluates its business segment operating performance using Segment Revenue, Segment EBITDA and Segment EBITDA Margin. Expro’s management believes Segment EBITDA and Segment EBITDA Margin are useful operating performance measures as they exclude transactions not related to its core operating activities, corporate costs and certain non-cash items and allows Expro to meaningfully analyze the trends and performance of its core operations by segment as well as to make decisions regarding the allocation of resources to segments. |
|
|
|
|
(2) |
Expro defines Segment EBITDA Margin as Segment EBITDA divided by Segment Revenue, expressed as a percentage. |
|
|
|
|
(3) |
Expro defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue, expressed as a percentage. |
|
|
|
|
(4) |
Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments, including research, engineering and development, logistics, sales and marketing and health and safety and are not attributable to a particular operating segment. |
|
|
|
|
(5) |
APAC Segment EBITDA, excluding |
EXPRO GROUP HOLDINGS N.V. REVENUE BY AREAS OF CAPABILITIES (In thousands) (Unaudited) |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||||||||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||||||||||||||||||||||
Well construction |
|
$ |
145,279 |
|
|
|
36 |
% |
|
$ |
116,293 |
|
|
|
31 |
% |
|
$ |
137,754 |
|
|
|
39 |
% |
|
$ |
533,556 |
|
|
|
35 |
% |
|
$ |
500,438 |
|
|
|
39 |
% |
Well management (1) |
|
|
261,471 |
|
|
|
64 |
% |
|
|
253,525 |
|
|
|
69 |
% |
|
|
213,212 |
|
|
|
61 |
% |
|
|
979,208 |
|
|
|
65 |
% |
|
|
778,980 |
|
|
|
61 |
% |
Total |
|
$ |
406,750 |
|
|
|
100 |
% |
|
$ |
369,818 |
|
|
|
100 |
% |
|
$ |
350,966 |
|
|
|
100 |
% |
|
$ |
1,512,764 |
|
|
|
100 |
% |
|
$ |
1,279,418 |
|
|
|
100 |
% |
(1) |
Well management consists of well flow management, subsea well access, and well intervention and integrity. |
EXPRO GROUP HOLDINGS N.V. CONTRIBUTION, CONTRIBUTION MARGIN AND SUPPORT COSTS (In thousands) (Unaudited) |
||||||||||||||||||||
Contribution(1) and Contribution Margin(2): |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Total revenue |
|
$ |
406,750 |
|
|
$ |
369,818 |
|
|
$ |
350,966 |
|
|
$ |
1,512,764 |
|
|
$ |
1,279,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, excluding depreciation and amortization |
|
|
(316,875 |
) |
|
|
(315,825 |
) |
|
|
(277,548 |
) |
|
|
(1,241,295 |
) |
|
|
(1,057,356 |
) |
Indirect costs (included in cost of revenue) |
|
|
67,175 |
|
|
|
62,772 |
|
|
|
60,324 |
|
|
|
251,373 |
|
|
|
238,846 |
|
Stock-based compensation expense |
|
|
1,755 |
|
|
|
1,789 |
|
|
|
1,466 |
|
|
|
6,967 |
|
|
|
7,658 |
|
Direct costs (excluding depreciation and amortization) (3) |
|
|
(247,945 |
) |
|
|
(251,264 |
) |
|
|
(215,758 |
) |
|
|
(982,955 |
) |
|
|
(810,852 |
) |
Contribution (5) |
|
$ |
158,805 |
|
|
$ |
118,554 |
|
|
$ |
135,208 |
|
|
$ |
529,809 |
|
|
$ |
468,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution margin |
|
|
39 |
% |
|
|
32 |
% |
|
|
39 |
% |
|
|
35 |
% |
|
|
37 |
% |
Support Costs(4): |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Cost of revenue (excluding depreciation and amortization) |
|
$ |
316,875 |
|
|
$ |
315,825 |
|
|
$ |
277,548 |
|
|
$ |
1,241,295 |
|
|
$ |
1,057,356 |
|
Direct costs (excluding depreciation and amortization) |
|
|
(247,945 |
) |
|
|
(251,264 |
) |
|
|
(215,758 |
) |
|
|
(982,955 |
) |
|
|
(810,852 |
) |
Stock-based compensation expense |
|
|
(1,755 |
) |
|
|
(1,789 |
) |
|
|
(1,466 |
) |
|
|
(6,967 |
) |
|
|
(7,658 |
) |
Indirect costs (included in cost of revenue) |
|
|
67,175 |
|
|
|
62,772 |
|
|
|
60,324 |
|
|
|
251,373 |
|
|
|
238,846 |
|
General and administrative, (excluding depreciation and amortization expense, foreign exchange, and other non-routine costs) |
|
|
11,782 |
|
|
|
7,961 |
|
|
|
10,333 |
|
|
|
42,531 |
|
|
|
39,030 |
|
Total support costs |
|
$ |
78,957 |
|
|
$ |
70,733 |
|
|
$ |
70,657 |
|
|
$ |
293,904 |
|
|
$ |
277,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total support costs as a percentage of revenue |
|
|
19 |
% |
|
|
19 |
% |
|
|
20 |
% |
|
|
19 |
% |
|
|
22 |
% |
(1) |
Expro defines Contribution as Total Revenue less Cost of Revenue, excluding depreciation and amortization expense, adjusted for indirect support costs and stock-based compensation expense included in Cost of Revenue. |
|
|
|
|
(2) |
Contribution margin is defined as Contribution as a percentage of Revenue. |
|
|
|
|
(3) |
Direct costs include personnel costs, sub-contractor costs, equipment costs, repairs and maintenance, facilities, and other costs directly incurred to generate revenue. |
|
|
|
|
(4) |
Support costs includes indirect costs attributable to support the activities of the operating segments, research and engineering expenses and product line management costs included in Cost of revenue, and General and administrative expenses representing costs of running our corporate head office and other central functions, including, logistics, sales and marketing and health and safety and does not include foreign exchange gains or losses and other non-routine expenses. |
|
|
|
|
(5) |
Contribution, excluding |
EXPRO GROUP HOLDINGS N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) |
||||||||||||||||||||
Adjusted EBITDA Reconciliation and Adjusted EBITDA Margin: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Total revenue |
|
$ |
406,750 |
|
|
$ |
369,818 |
|
|
$ |
350,966 |
|
|
$ |
1,512,764 |
|
|
$ |
1,279,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(12,418 |
) |
|
$ |
(13,886 |
) |
|
$ |
12,931 |
|
|
$ |
(23,360 |
) |
|
$ |
(20,145 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
13,376 |
|
|
|
13,307 |
|
|
|
11,697 |
|
|
|
44,307 |
|
|
|
41,247 |
|
Depreciation and amortization expense |
|
|
62,874 |
|
|
|
37,414 |
|
|
|
34,538 |
|
|
|
172,260 |
|
|
|
139,767 |
|
Severance and other expense |
|
|
8,901 |
|
|
|
1,897 |
|
|
|
2,411 |
|
|
|
14,388 |
|
|
|
7,825 |
|
Merger and integration expense |
|
|
5,432 |
|
|
|
817 |
|
|
|
4,996 |
|
|
|
9,764 |
|
|
|
13,620 |
|
Other (income) expense, net |
|
|
(4,774 |
) |
|
|
1,129 |
|
|
|
(1,477 |
) |
|
|
(1,234 |
) |
|
|
(3,149 |
) |
Stock-based compensation expense |
|
|
4,892 |
|
|
|
4,934 |
|
|
|
3,554 |
|
|
|
19,574 |
|
|
|
18,486 |
|
Foreign exchange loss (gain) |
|
|
4,608 |
|
|
|
4,260 |
|
|
|
(2,044 |
) |
|
|
9,238 |
|
|
|
8,341 |
|
Interest and finance expense, net |
|
|
2,255 |
|
|
|
373 |
|
|
|
3,468 |
|
|
|
3,943 |
|
|
|
241 |
|
Adjusted EBITDA (1) |
|
$ |
85,146 |
|
|
$ |
50,245 |
|
|
$ |
70,074 |
|
|
$ |
248,880 |
|
|
$ |
206,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin (1) |
|
|
21 |
% |
|
|
14 |
% |
|
|
20 |
% |
|
|
16 |
% |
|
|
16 |
% |
(1) |
Excluding |
EXPRO GROUP HOLDINGS N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) |
||||||||||||||||||||
Adjusted Cash Flow from Operations Reconciliation: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Net cash provided by (used in) operating activities |
|
$ |
32,781 |
|
|
$ |
58,841 |
|
|
$ |
92,943 |
|
|
$ |
138,309 |
|
|
$ |
80,169 |
|
Cash paid during the period for interest, net |
|
|
721 |
|
|
|
910 |
|
|
|
961 |
|
|
|
2,177 |
|
|
|
3,851 |
|
Cash paid during the period for severance and other expense |
|
|
5,525 |
|
|
|
2,208 |
|
|
|
697 |
|
|
|
12,304 |
|
|
|
3,970 |
|
Cash paid during the period for merger and integration expense |
|
|
4,389 |
|
|
|
1,614 |
|
|
|
4,350 |
|
|
|
17,403 |
|
|
|
27,344 |
|
Adjusted Cash Flow from Operations |
|
$ |
43,416 |
|
|
$ |
63,573 |
|
|
$ |
98,951 |
|
|
$ |
170,193 |
|
|
$ |
115,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
85,146 |
|
|
$ |
50,245 |
|
|
$ |
70,074 |
|
|
$ |
248,880 |
|
|
$ |
206,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash conversion (1) |
|
|
51 |
% |
|
|
127 |
% |
|
|
141 |
% |
|
|
68 |
% |
|
|
56 |
% |
(1) |
Expro defines Cash Conversion as Adjusted Cash Flow from Operations divided by Adjusted EBITDA, expressed as a percentage. |
EXPRO GROUP HOLDINGS N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||||||
Reconciliation of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Net (loss) income |
|
$ |
(12,418 |
) |
|
$ |
(13,886 |
) |
|
$ |
12,931 |
|
|
$ |
(23,360 |
) |
|
$ |
(20,145 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration expense |
|
|
5,432 |
|
|
|
817 |
|
|
|
4,996 |
|
|
|
9,764 |
|
|
|
13,620 |
|
Severance and other expense |
|
|
8,901 |
|
|
|
1,897 |
|
|
|
2,411 |
|
|
|
14,388 |
|
|
|
7,825 |
|
Stock-based compensation expense |
|
|
4,892 |
|
|
|
4,934 |
|
|
|
3,554 |
|
|
|
19,574 |
|
|
|
18,486 |
|
Total adjustments, before taxes |
|
|
19,225 |
|
|
|
7,648 |
|
|
|
10,961 |
|
|
|
43,726 |
|
|
|
39,931 |
|
Tax benefit |
|
|
- |
|
|
|
- |
|
|
|
(70 |
) |
|
|
(43 |
) |
|
|
(524 |
) |
Total adjustments, net of taxes |
|
|
19,225 |
|
|
|
7,648 |
|
|
|
10,891 |
|
|
|
43,683 |
|
|
|
39,407 |
|
Adjusted net income (loss) attributable to company |
|
$ |
6,807 |
|
|
$ |
(6,238 |
) |
|
$ |
23,822 |
|
|
$ |
20,323 |
|
|
$ |
19,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported diluted weighted average common shares outstanding |
|
|
110,325,863 |
|
|
|
108,777,429 |
|
|
|
109,348,871 |
|
|
|
109,161,453 |
|
|
|
109,072,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported net loss per diluted share |
|
$ |
(0.11 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.12 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.18 |
) |
Adjusted net income (loss) per diluted share |
|
$ |
0.06 |
|
|
$ |
(0.06 |
) |
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.18 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221547118/en/
Chad Stephenson - Director Investor Relations
+1 (713) 463-9776
InvestorRelations@expro.com
Source: Expro
FAQ
What was Expro's revenue for the fourth quarter of 2023?
What was the full-year revenue for Expro in 2023?
What was Expro's Adjusted EBITDA for the fourth quarter of 2023?
What were the net loss figures for Expro in the fourth quarter of 2023?
What revenue range does Expro anticipate for 2024?
