Expro Group Holdings N.V. Announces Fourth Quarter and Full Year 2022 Results
Expro Group Holdings reported a strong performance for Q4 and full-year 2022, with revenues of $351 million in Q4, a 5% increase from Q3. Annual revenue reached $1,279 million, a 55% rise from 2021. The company achieved $66 million in merger-related cost synergies, bringing adjusted EBITDA to $70 million in Q4, up 46%. Expro expects 2023 revenue between $1,450 to $1,550 million and adjusted EBITDA of $275 to $325 million. The company remains debt-free with total liquidity of $348 million and has been recognized for its sustainability efforts, receiving upgrades in ratings from MSCI and CDP.
- Q4 2022 revenue of $351 million, up 5% from Q3.
- Annual revenue increased 55% to $1,279 million.
- Achieved $66 million in merger-related cost synergies.
- Q4 adjusted EBITDA increased to $70 million, up 46%.
- Debt-free status with total liquidity of $348 million.
- Positive 2023 revenue outlook of $1,450-$1,550 million.
- Net loss of $20 million for 2022, though improved from a loss of $132 million in 2021.
- Q4 revenue in North and Latin America down 2% to $132 million.
Robust operational performance and profitable growth driven by breadth of portfolio, depth of expertise, global operating footprint and strong financial profile
Realized annualized merger-related cost synergies of approximately
Provides 2023 revenue and Adjusted EBITDA margin outlook
Fourth Quarter 2022 Financial Highlights
-
Revenue was
compared to revenue of$351 million in the third quarter of 2022, a sequential increase of$334 million , or$17 million 5% , driven by increased activity inEurope and Sub-Saharan Africa (ESSA) andMiddle East andNorth Africa (MENA). -
Net income for the fourth quarter of 2022 was
, or$13 million per diluted share, compared to a net loss of$0.12 , or$18 million per diluted share, for the third quarter of 2022. Adjusted net income1 for the fourth quarter of 2022 was$0.16 , or$24 million per diluted share, compared to an adjusted net loss for the third quarter of 2022 of$0.22 , or$8 million per diluted share. Results for the fourth quarter of 2022 and third quarter of 2022 include foreign exchange gains (losses) of$0.07 and$2 million ( , respectively, or$8) million and ($0.02 ) per diluted share, respectively.$0.07 -
Adjusted EBITDA1 was
, a sequential increase of$70 million , or$22 million 46% , driven by higher activity during the fourth quarter and lower start-up and commissioning costs incurred on a large subsea project inAsia Pacific (APAC) during the fourth quarter of 2022 as compared to the third quarter of 2022. Adjusted EBITDA margin for fourth quarter of 2022 and third quarter of 2022 was20% and14% , respectively. Excluding and$5 million of start-up and commissioning costs on the above referenced subsea project that were recognized during the fourth and third quarter of 2022, Adjusted EBITDA would have been$17 million and$75 million , in the fourth and third quarter respectively, and Adjusted EBITDA margin would have been$65 million 21% and19% , respectively. -
Net cash provided by operating activities for the fourth quarter of 2022 was
compared to net cash used in operating activities of$93 million for the third quarter of 2022. The increase was primarily due to a combination of a$1 million decrease in working capital during the fourth quarter as compared to an increase in working capital by$46 million during the third quarter of 2022, higher Adjusted EBITDA (as referenced above), and dividend receipts of$29 million during the fourth quarter of 2022. Adjusted cash flow from operations1 for the fourth quarter of 2022 was$4 million compared to$99 million for the third quarter of 2022.$8 million
Full Year 2022 Financial Highlights
-
Revenue was
for the year ended$1,279 million December 31, 2022 , an increase of , or$453 million 55% , compared to for the year ended$826 million December 31, 2021 . The merger of legacy Frank's and legacy Expro, which closed onOctober 1, 2021 (the "Merger"), contributed of the increase, with the remaining increase driven by increased activity across all of Expro’s operating segments.$386 million -
Net loss was
for the year ended$20 million December 31, 2022 , or per diluted share, compared to a net loss of$0.18 , or$132 million per diluted share, for the year ended$1.64 December 31, 2021 . Adjusted net income for the year endedDecember 31, 2022 was , or$19 million per diluted share, compared to adjusted net loss for the year ended$0.18 December 31, 2021 of , or$19 million per diluted share.$0.24 -
Adjusted EBITDA increased by
, or$80 million 63% , to for the year ended$206 million December 31, 2022 from for the prior year. The increase in Adjusted EBITDA was due to impacts of the Merger, synergies associated with the Merger, and increased activity during the year ended$126 million December 31, 2022 , partially offset by start-up and commissioning costs incurred on a large subsea project during 2022. Adjusted EBITDA margin was approximately16% and15% for 2022 and 2021, respectively, with the improvement in margins driven by a combination of a more favorable activity mix and lower support costs as a result of Merger-related synergies, partially offset by start-up and commissioning costs incurred on a large subsea project. Excluding the of start-up and commissioning costs incurred during the year ended$28 million December 31, 2022 , Adjusted EBITDA would have been and Adjusted EBITDA margin would have been$234 million 18% . -
Net cash provided by operating activities for the year ended
December 31, 2022 was compared to$80 million for year ended$16 million December 31, 2021 , primarily due to an increase in Adjusted EBITDA (as referenced above), partially offset by an increase in income tax payments of . Adjusted cash flow from operations for the year ended$13 million December 31, 2022 was compared to$115 million for year ended$65 million December 31, 2021 .
1. A non-GAAP measure.
“A positive fundamental backdrop, together with our broad portfolio of services and solutions, global reach, and merger-related efficiency gains, should allow us to better leverage the combined organization’s customer relationships, capitalize on market opportunities in key growth areas, and achieve profitable growth throughout 2023 and beyond.
“We are also pleased to announce that our sustainability efforts have again received external recognition. MSCI, one of the most important organizations evaluating companies’ ESG programs, upgraded Expro’s sustainability rating by two full levels from a BB to a single-A rating in 2022. We have also achieved an upgrade rating from CDP, a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
“This recognition is a reflection of our substantial company-wide efforts to both advance our carbon-reduction capabilities and to embed our environmental, social and governance strategy into everything that we do, both within our business and in the communities in which we operate.
“We believe our industry must be part of the solution to realize a lower carbon future, and as we advance our strategy through 2023 and beyond, we will continue to develop the technologies and solutions to manage our own emissions and assist our clients in reducing theirs.
“We remain confident that the pipeline of projects we are seeing will support strong, multi-year growth for the energy services sector, driven by an extended period of under-investment in global upstream production. We are also confident that we will continue to grow our pipeline of projects due to our strong presence in key international and offshore markets and the breadth of our portfolio of innovative solutions. With strong momentum building in longer-cycle projects, we expect international demand to accelerate through 2023 in order to add production capacity and thereby meet expected increases in demand.
“We are incredibly excited about the platform we have built and the opportunities ahead for our business. For 2023, we expect improving profitability to drive improved cash flow generation as we capitalize on tailwinds in our industry and the strong demand for our innovative, sustainable solutions. Based on our strong performance in 2022 and a positive activity outlook, we currently anticipate generating revenues of between
Notable Awards and Achievements
Expro was named
Expro continues to develop partnerships and win work beyond oil and gas, demonstrating that its well-established technologies and depth of expertise are transferable, and that our services and solutions can be utilized in support of the energy transition. Expro’s Geothermal business continues to develop globally, and we recently have secured a contract for shoot-and-pull Tubing Conveyed Perforating (TCP) work for multiple wells on a Carbon Capture Usage and Storage (CCUS) project in
Expro’s technical capabilities also helped secure a Subsea Plug & Abandonment contract. This is a new contract for a 21-well abandonment campaign offshore
Expro’s broad range of services also helped secure a wireline services contract in the
The Company’s well construction team continues to demonstrate its position as the premium provider of tubular running services (TRS) and products, with contract wins and operational success across the world, including in
The acquisition of the SolaSense well surveillance business in
In the first quarter of 2023, Expro announced the acquisition of DeltaTek Global (“DeltaTek”). This acquisition creates a broader offering, as well as enhanced capabilities and technology within the well construction cementing portfolio, while accelerating DeltaTek’s international deployment ambitions through Expro’s global footprint. The DeltaTek range of low-risk open water cementing solutions increases clients’ operational efficiency, delivers rig time and cost savings, and improves the quality of cementing operations.
Segment Results
Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2022 to the results for the third quarter of 2022.
NLA segment revenue totaled
NLA Segment EBITDA was
ESSA segment revenue totaled
ESSA Segment EBITDA was
MENA segment revenue totaled
MENA Segment EBITDA was
APAC segment revenue totaled
APAC Segment EBITDA was
Other Financial Information
The Company’s capital expenditures totaled
As of
Expro’s provision for income taxes for the fourth quarter of 2022 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 2022 results on
Participants may also join the conference call by dialing:
US: +1 (844) 200-6205
International: +1 (929) 526-1599
Access ID: 744040
To listen via live webcast, please visit the Investor section of www.expro.com.
The fourth quarter 2022 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 (929) 458-6194 or +44 (204) 525-0658
Access ID: 744577
Start Date:
End Date:
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 7,600 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 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, operating results and environmental, social and governance goals, targets and initiatives. 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 outcome and results of the integration process associated with the Merger, 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, 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, such as COVID-19 and any variants thereof, 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
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 loss adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other income, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total 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 (used in) provided by 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, expressed as a percentage.
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 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||||||
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Three Months Ended |
|
|
Year Ended |
|
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2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
350,966 |
|
|
$ |
334,351 |
|
|
$ |
295,669 |
|
|
$ |
1,279,418 |
|
|
$ |
825,762 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, excluding depreciation and amortization |
|
|
(277,548 |
) |
|
|
(283,695 |
) |
|
|
(252,373 |
) |
|
|
(1,057,356 |
) |
|
|
(701,165 |
) |
General and administrative expense, excluding depreciation and amortization |
|
|
(10,444 |
) |
|
|
(18,593 |
) |
|
|
(54,944 |
) |
|
|
(58,387 |
) |
|
|
(73,880 |
) |
Depreciation and amortization expense |
|
|
(34,538 |
) |
|
|
(34,825 |
) |
|
|
(44,111 |
) |
|
|
(139,767 |
) |
|
|
(123,866 |
) |
Gain on disposal of assets |
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
|
1,000 |
|
Merger and integration expense |
|
|
(4,996 |
) |
|
|
(1,629 |
) |
|
|
(28,450 |
) |
|
|
(13,620 |
) |
|
|
(47,593 |
) |
Severance and other expense |
|
|
(2,411 |
) |
|
|
(3,242 |
) |
|
|
(1,729 |
) |
|
|
(7,825 |
) |
|
|
(7,826 |
) |
Total operating cost and expenses |
|
|
(329,937 |
) |
|
|
(341,984 |
) |
|
|
(380,607 |
) |
|
|
(1,276,955 |
) |
|
|
(953,330 |
) |
Operating income (loss) |
|
|
21,029 |
|
|
|
(7,633 |
) |
|
|
(84,938 |
) |
|
|
2,463 |
|
|
|
(127,568 |
) |
Other income, net |
|
|
1,477 |
|
|
|
432 |
|
|
|
2,681 |
|
|
|
3,149 |
|
|
|
3,992 |
|
Interest and finance (expense) income, net |
|
|
(3,468 |
) |
|
|
1,502 |
|
|
|
(6,242 |
) |
|
|
(241 |
) |
|
|
(8,795 |
) |
Income (loss) before taxes and equity in income of joint ventures |
|
|
19,038 |
|
|
|
(5,699 |
) |
|
|
(88,499 |
) |
|
|
5,371 |
|
|
|
(132,371 |
) |
Equity in income of joint ventures |
|
|
5,590 |
|
|
|
3,510 |
|
|
|
5,239 |
|
|
|
15,731 |
|
|
|
16,747 |
|
Income (loss) before income taxes |
|
|
24,628 |
|
|
|
(2,189 |
) |
|
|
(83,260 |
) |
|
|
21,102 |
|
|
|
(115,624 |
) |
Income tax expense |
|
|
(11,697 |
) |
|
|
(15,405 |
) |
|
|
(7,944 |
) |
|
|
(41,247 |
) |
|
|
(16,267 |
) |
Net income (loss) |
|
$ |
12,931 |
|
|
$ |
(17,594 |
) |
|
$ |
(91,204 |
) |
|
$ |
(20,145 |
) |
|
$ |
(131,891 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.64 |
) |
Diluted |
|
$ |
0.12 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.64 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
108,743,078 |
|
|
|
108,708,651 |
|
|
|
109,119,301 |
|
|
|
109,072,761 |
|
|
|
80,525,694 |
|
Diluted |
|
|
109,348,871 |
|
|
|
108,708,651 |
|
|
|
109,119,301 |
|
|
|
109,072,761 |
|
|
|
80,525,694 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
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|
|
|
|
|
|
|
||
|
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
214,788 |
|
|
$ |
235,390 |
|
Restricted cash |
|
|
3,672 |
|
|
|
4,457 |
|
Accounts receivable, net |
|
|
419,237 |
|
|
|
319,286 |
|
Inventories |
|
|
153,718 |
|
|
|
125,116 |
|
Assets held for sale |
|
|
2,179 |
|
|
|
6,386 |
|
Income tax receivables |
|
|
26,938 |
|
|
|
20,561 |
|
Other current assets |
|
|
44,975 |
|
|
|
52,938 |
|
Total current assets |
|
|
865,507 |
|
|
|
764,134 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
462,316 |
|
|
|
478,580 |
|
Investments in joint ventures |
|
|
66,038 |
|
|
|
57,604 |
|
Intangible assets, net |
|
|
229,504 |
|
|
|
253,053 |
|
|
|
|
220,980 |
|
|
|
179,903 |
|
Operating lease right-of-use assets |
|
|
74,856 |
|
|
|
83,372 |
|
Non-current accounts receivable, net |
|
|
9,688 |
|
|
|
11,531 |
|
Other non-current assets |
|
|
8,263 |
|
|
|
26,461 |
|
Total assets |
|
$ |
1,937,152 |
|
|
$ |
1,854,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
272,704 |
|
|
$ |
213,152 |
|
Income tax liabilities |
|
|
37,151 |
|
|
|
22,999 |
|
Finance lease liabilities |
|
|
1,047 |
|
|
|
1,147 |
|
Operating lease liabilities |
|
|
19,057 |
|
|
|
19,695 |
|
Other current liabilities |
|
|
107,750 |
|
|
|
74,213 |
|
Total current liabilities |
|
|
437,709 |
|
|
|
331,206 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities, net |
|
|
30,419 |
|
|
|
31,744 |
|
Post-retirement benefits |
|
|
11,344 |
|
|
|
29,120 |
|
Non-current finance lease liabilities |
|
|
13,773 |
|
|
|
15,772 |
|
Non-current operating lease liabilities |
|
|
60,847 |
|
|
|
73,688 |
|
Other non-current liabilities |
|
|
97,165 |
|
|
|
75,537 |
|
Total liabilities |
|
|
651,257 |
|
|
|
557,067 |
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
1,285,895 |
|
|
|
1,297,571 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,937,152 |
|
|
$ |
1,854,638 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Year Ended |
|
|||||
|
|
|
|
|||||
Cash flows from operating activities: |
|
2022 |
|
|
2021 |
|
||
Net loss |
|
$ |
(20,145 |
) |
|
$ |
(131,891 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
139,767 |
|
|
|
123,866 |
|
Equity in income of joint ventures |
|
|
(15,731 |
) |
|
|
(16,747 |
) |
Stock-based compensation expense |
|
|
18,486 |
|
|
|
54,162 |
|
Changes in fair value of investments |
|
|
1,199 |
|
|
|
(511 |
) |
Elimination of unrealized profit on sales to joint ventures |
|
|
- |
|
|
|
174 |
|
Debt issuance expense |
|
|
- |
|
|
|
5,166 |
|
Gain on disposal of assets |
|
|
- |
|
|
|
(1,000 |
) |
Deferred taxes |
|
|
(1,326 |
) |
|
|
(737 |
) |
Unrealized foreign exchange losses |
|
|
6,116 |
|
|
|
1,407 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(97,758 |
) |
|
|
(20,256 |
) |
Inventories |
|
|
(26,037 |
) |
|
|
906 |
|
Other assets |
|
|
4,365 |
|
|
|
12,683 |
|
Accounts payable and accrued liabilities |
|
|
35,491 |
|
|
|
5,371 |
|
Other liabilities |
|
|
31,435 |
|
|
|
(5,981 |
) |
Income taxes, net |
|
|
10,209 |
|
|
|
(2,056 |
) |
Dividends received from joint ventures |
|
|
7,283 |
|
|
|
4,058 |
|
Other |
|
|
(13,185 |
) |
|
|
(12,470 |
) |
Net cash provided by operating activities |
|
|
80,169 |
|
|
|
16,144 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(81,904 |
) |
|
|
(81,511 |
) |
Cash and cash equivalents and restricted cash acquired in the Merger |
|
|
- |
|
|
|
189,739 |
|
Acquisition of technology |
|
|
(7,967 |
) |
|
|
- |
|
Proceeds from disposal of assets |
|
|
7,279 |
|
|
|
3,818 |
|
Proceeds from sale / maturity of investments |
|
|
11,386 |
|
|
|
- |
|
Net cash (used in) provided by investing activities |
|
|
(71,206 |
) |
|
|
112,046 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
(Cash pledged for) release of collateral deposits |
|
|
(70 |
) |
|
|
162 |
|
Repayment of financed insurance premium |
|
|
(7,245 |
) |
|
|
(227 |
) |
Payments of loan issuance and other transaction costs |
|
|
(132 |
) |
|
|
(5,123 |
) |
Acquisition of Company common stock |
|
|
(12,996 |
) |
|
|
- |
|
Payment of withholding taxes on stock-based compensation plans |
|
|
(4,168 |
) |
|
|
(818 |
) |
Repayments of finance leases |
|
|
(1,001 |
) |
|
|
(1,170 |
) |
Net cash used in financing activities |
|
|
(25,612 |
) |
|
|
(7,176 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(4,738 |
) |
|
|
(1,876 |
) |
Net (decrease) increase to cash and cash equivalents and restricted cash |
|
|
(21,387 |
) |
|
|
119,138 |
|
Cash and cash equivalents and restricted cash at beginning of year |
|
|
239,847 |
|
|
|
120,709 |
|
Cash and cash equivalents and restricted cash at end of year |
|
$ |
218,460 |
|
|
$ |
239,847 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes net of refunds |
|
$ |
(33,171 |
) |
|
$ |
(20,130 |
) |
Cash paid for interest, net |
|
|
(3,851 |
) |
|
|
(4,192 |
) |
Change in accounts payable and accrued expenses related to capital expenditures |
|
|
(14,721 |
) |
|
|
(8,191 |
) |
Fair value of net assets acquired in the Merger, net of cash and cash equivalents |
|
|
- |
|
|
|
552,543 |
|
SELECTED OPERATING SEGMENT DATA (In thousands) (Unaudited) |
||||||||||||||||||||||||||||||
Segment Revenue and Segment Revenue as Percentage of Total Revenue: |
||||||||||||||||||||||||||||||
|
Three Months Ended |
|
|
Year Ended |
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||||||||||||||
NLA |
$ |
131,684 |
|
38 |
% |
|
$ |
134,574 |
|
40 |
% |
|
$ |
100,394 |
|
34 |
% |
|
$ |
499,813 |
|
39 |
% |
|
$ |
193,156 |
|
|
23 |
% |
ESSA |
|
117,344 |
|
33 |
% |
|
|
99,809 |
|
30 |
% |
|
|
94,322 |
|
32 |
% |
|
|
389,342 |
|
30 |
% |
|
|
300,557 |
|
|
36 |
% |
MENA |
|
55,387 |
|
16 |
% |
|
|
50,030 |
|
15 |
% |
|
|
49,464 |
|
17 |
% |
|
|
201,495 |
|
16 |
% |
|
|
171,136 |
|
|
21 |
% |
APAC |
|
46,551 |
|
13 |
% |
|
|
49,938 |
|
15 |
% |
|
|
51,489 |
|
17 |
% |
|
|
188,768 |
|
15 |
% |
|
|
160,913 |
|
|
20 |
% |
Total |
$ |
350,966 |
|
100 |
% |
|
$ |
334,351 |
|
100 |
% |
|
$ |
295,669 |
|
100 |
% |
|
$ |
1,279,418 |
|
100 |
% |
|
$ |
825,762 |
|
|
100 |
% |
Segment EBITDA(1), Segment EBITDA Margin(2), Adjusted EBITDA and Adjusted EBITDA Margin(3): |
|||||||||||||||||||||||||||||
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||||||||||||
NLA |
$ |
35,153 |
|
27 |
% |
|
$ |
39,743 |
|
30 |
% |
|
$ |
21,162 |
|
21 |
% |
|
$ |
135,236 |
|
27 |
% |
|
$ |
32,254 |
|
17 |
% |
ESSA |
|
30,179 |
|
26 |
% |
|
|
17,760 |
|
18 |
% |
|
|
19,859 |
|
21 |
% |
|
|
74,681 |
|
19 |
% |
|
|
53,336 |
|
18 |
% |
MENA |
|
19,433 |
|
35 |
% |
|
|
14,667 |
|
29 |
% |
|
|
16,076 |
|
33 |
% |
|
|
63,315 |
|
31 |
% |
|
|
56,312 |
|
33 |
% |
APAC (5) |
|
3,673 |
|
8 |
% |
|
|
(8,617 |
) |
(17 |
)% |
|
|
12,206 |
|
24 |
% |
|
|
4,850 |
|
3 |
% |
|
|
33,444 |
|
21 |
% |
|
|
88,438 |
|
|
|
|
|
63,553 |
|
|
|
|
|
69,303 |
|
|
|
|
|
278,082 |
|
|
|
|
|
175,346 |
|
|
|
Corporate costs (4) |
|
(23,954 |
) |
|
|
|
|
(18,849 |
) |
|
|
|
|
(23,985 |
) |
|
|
|
|
(87,580 |
) |
|
|
|
|
(66,153 |
) |
|
|
Equity in income of joint ventures |
|
5,590 |
|
|
|
|
|
3,510 |
|
|
|
|
|
5,239 |
|
|
|
|
|
15,731 |
|
|
|
|
|
16,747 |
|
|
|
Adjusted EBITDA |
$ |
70,074 |
|
20 |
% |
|
$ |
48,214 |
|
14 |
% |
|
$ |
50,557 |
|
17 |
% |
|
$ |
206,233 |
|
16 |
% |
|
$ |
125,940 |
|
15 |
% |
(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 |
REVENUE BY AREAS OF CAPABILITIES (In thousands) (Unaudited) |
|||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||||||||||||||||||
Well construction |
|
$ |
137,754 |
|
|
39 |
% |
|
$ |
129,455 |
|
|
39 |
% |
|
$ |
112,126 |
|
|
38 |
% |
|
$ |
500,438 |
|
|
39 |
% |
|
$ |
112,126 |
|
|
14 |
% |
Well management (1) |
|
|
213,212 |
|
|
61 |
% |
|
|
204,896 |
|
|
61 |
% |
|
|
183,543 |
|
|
62 |
% |
|
|
778,980 |
|
|
61 |
% |
|
|
713,636 |
|
|
86 |
% |
Total |
|
$ |
350,966 |
|
|
100 |
% |
|
$ |
334,351 |
|
|
100 |
% |
|
$ |
295,669 |
|
|
100 |
% |
|
$ |
1,279,418 |
|
|
100 |
% |
|
$ |
825,762 |
|
|
100 |
% |
(1) |
Well management consists of well flow management, subsea well access, and well intervention and integrity. |
CONTRIBUTION, CONTRIBUTION MARGIN AND SUPPORT COSTS (In thousands) (Unaudited) |
||||||||||||||||||||
Contribution(1) and Contribution Margin(2): |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 (6) |
|
2022 |
|
|
2021 (6) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
350,966 |
|
|
$ |
334,351 |
|
|
$ |
295,669 |
|
|
$ |
1,279,418 |
|
|
$ |
825,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, excluding depreciation and amortization |
|
|
(277,548 |
) |
|
|
(283,695 |
) |
|
|
(252,373 |
) |
|
|
(1,057,356 |
) |
|
|
(701,165 |
) |
Indirect costs (included in cost of revenue) |
|
|
60,324 |
|
|
|
58,097 |
|
|
|
62,302 |
|
|
|
238,846 |
|
|
|
169,434 |
|
Stock-based compensation expense |
|
|
1,466 |
|
|
|
2,383 |
|
|
|
12,354 |
|
|
|
7,658 |
|
|
|
12,354 |
|
Direct costs (excluding depreciation and amortization) (3) |
|
|
(215,758 |
) |
|
|
(223,215 |
) |
|
|
(177,717 |
) |
|
|
(810,852 |
) |
|
|
(519,377 |
) |
Contribution (5) |
|
$ |
135,208 |
|
|
$ |
111,136 |
|
|
$ |
117,952 |
|
|
$ |
468,566 |
|
|
$ |
306,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution margin |
|
|
39 |
% |
|
|
33 |
% |
|
|
40 |
% |
|
|
37 |
% |
|
|
37 |
% |
Support Costs(4): |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 (6) |
|
|
2022 |
|
|
2021 (6) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (excluding depreciation and amortization) |
|
$ |
277,548 |
|
|
$ |
283,695 |
|
|
$ |
252,373 |
|
|
$ |
1,057,356 |
|
|
$ |
701,165 |
|
Direct costs (excluding depreciation and amortization) |
|
|
(215,758 |
) |
|
|
(223,215 |
) |
|
|
(177,717 |
) |
|
|
(810,852 |
) |
|
|
(519,377 |
) |
Stock-based compensation expense |
|
|
(1,466 |
) |
|
|
(2,383 |
) |
|
|
(12,354 |
) |
|
|
(7,658 |
) |
|
|
(12,354 |
) |
Indirect costs (included in cost of revenue) |
|
|
60,324 |
|
|
|
58,097 |
|
|
|
62,302 |
|
|
|
238,846 |
|
|
|
169,434 |
|
General and administrative, (excluding depreciation and amortization expense, foreign exchange, and other non-routine costs) |
|
|
10,333 |
|
|
|
8,321 |
|
|
|
10,095 |
|
|
|
39,030 |
|
|
|
27,647 |
|
Total support costs |
|
$ |
70,657 |
|
|
$ |
66,418 |
|
|
$ |
72,397 |
|
|
$ |
277,876 |
|
|
$ |
197,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total support costs as a percentage of revenue |
|
|
20 |
% |
|
|
20 |
% |
|
|
24 |
% |
|
|
22 |
% |
|
|
24 |
% |
(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 |
|
|
|
|
(6) |
During the first quarter of 2022, as part of the integration process, management aligned Legacy Frank’s direct and geography-based support costs with Expro’s definition. Accordingly, comparative information of direct costs, indirect costs, contribution and total support costs for the three months and year ended |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) |
||||||||||||||||||||
Adjusted EBITDA Reconciliation and Adjusted EBITDA Margin: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
350,966 |
|
|
$ |
334,351 |
|
|
$ |
295,669 |
|
|
$ |
1,279,418 |
|
|
$ |
825,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
12,931 |
|
|
$ |
(17,594 |
) |
|
$ |
(91,204 |
) |
|
$ |
(20,145 |
) |
|
$ |
(131,891 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
11,697 |
|
|
|
15,405 |
|
|
|
7,944 |
|
|
|
41,247 |
|
|
|
16,267 |
|
Depreciation and amortization expense |
|
|
34,538 |
|
|
|
34,825 |
|
|
|
44,111 |
|
|
|
139,767 |
|
|
|
123,866 |
|
Severance and other expense |
|
|
2,411 |
|
|
|
3,242 |
|
|
|
1,729 |
|
|
|
7,825 |
|
|
|
7,826 |
|
Merger and integration expense |
|
|
4,996 |
|
|
|
1,629 |
|
|
|
28,450 |
|
|
|
13,620 |
|
|
|
47,593 |
|
Gain on disposal of assets |
|
|
- |
|
|
|
- |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
(1,000 |
) |
Other income, net |
|
|
(1,477 |
) |
|
|
(432 |
) |
|
|
(2,681 |
) |
|
|
(3,149 |
) |
|
|
(3,992 |
) |
Stock-based compensation expense |
|
|
3,554 |
|
|
|
4,684 |
|
|
|
54,162 |
|
|
|
18,486 |
|
|
|
54,162 |
|
Foreign exchange (gain) loss |
|
|
(2,044 |
) |
|
|
7,957 |
|
|
|
2,804 |
|
|
|
8,341 |
|
|
|
4,314 |
|
Interest and finance expense (income), net |
|
|
3,468 |
|
|
|
(1,502 |
) |
|
|
6,242 |
|
|
|
241 |
|
|
|
8,795 |
|
Adjusted EBITDA (1) |
|
$ |
70,074 |
|
|
$ |
48,214 |
|
|
$ |
50,557 |
|
|
$ |
206,233 |
|
|
$ |
125,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin (1) |
|
|
20 |
% |
|
|
14 |
% |
|
|
17 |
% |
|
|
16 |
% |
|
|
15 |
% |
(1) |
Excluding |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) |
||||||||||||||||||||
Adjusted Cash Flow from Operations Reconciliation: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
92,943 |
|
|
$ |
(667 |
) |
|
$ |
15,690 |
|
|
$ |
80,169 |
|
|
$ |
16,144 |
|
Cash paid during the period for interest, net |
|
|
961 |
|
|
|
891 |
|
|
|
1,176 |
|
|
|
3,851 |
|
|
|
4,192 |
|
Cash paid during the period for severance and other expense |
|
|
697 |
|
|
|
2,501 |
|
|
|
1,836 |
|
|
|
3,970 |
|
|
|
8,052 |
|
Cash paid during the period for merger and integration expense |
|
|
4,350 |
|
|
|
5,525 |
|
|
|
22,390 |
|
|
|
27,344 |
|
|
|
36,921 |
|
Adjusted Cash Flow from Operations |
|
$ |
98,951 |
|
|
$ |
8,250 |
|
|
$ |
41,092 |
|
|
$ |
115,334 |
|
|
$ |
65,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
70,074 |
|
|
$ |
48,214 |
|
|
$ |
50,557 |
|
|
$ |
206,233 |
|
|
$ |
125,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash conversion (1) |
|
|
141 |
% |
|
|
17 |
% |
|
|
81 |
% |
|
|
56 |
% |
|
|
52 |
% |
(1) |
Expro defines Cash Conversion as Adjusted Cash Flow from Operations divided by Adjusted EBITDA, expressed as a percentage. |
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 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
12,931 |
|
|
$ |
(17,594 |
) |
|
$ |
(91,204 |
) |
|
$ |
(20,145 |
) |
|
$ |
(131,891 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration expense |
|
|
4,996 |
|
|
|
1,629 |
|
|
|
28,450 |
|
|
|
13,620 |
|
|
|
47,593 |
|
Severance and other expense |
|
|
2,411 |
|
|
|
3,242 |
|
|
|
1,729 |
|
|
|
7,825 |
|
|
|
7,826 |
|
New facility expense |
|
|
- |
|
|
|
- |
|
|
|
4,603 |
|
|
|
- |
|
|
|
5,166 |
|
Stock-based compensation expense |
|
|
3,554 |
|
|
|
4,684 |
|
|
|
54,162 |
|
|
|
18,486 |
|
|
|
54,162 |
|
Gain on disposal of assets |
|
|
- |
|
|
|
- |
|
|
|
(1,000 |
) |
|
|
- |
|
|
|
(1,000 |
) |
Total adjustments, before taxes |
|
|
10,961 |
|
|
|
9,555 |
|
|
|
87,944 |
|
|
|
39,931 |
|
|
|
113,747 |
|
Tax benefit |
|
|
(70 |
) |
|
|
(21 |
) |
|
|
(441 |
) |
|
|
(524 |
) |
|
|
(956 |
) |
Total adjustments, net of taxes |
|
|
10,891 |
|
|
|
9,534 |
|
|
|
87,503 |
|
|
|
39,407 |
|
|
|
112,791 |
|
Adjusted net income (loss) attributable to company |
|
$ |
23,822 |
|
|
$ |
(8,060 |
) |
|
$ |
(3,701 |
) |
|
$ |
19,262 |
|
|
$ |
(19,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported diluted weighted average common shares outstanding |
|
|
109,348,871 |
|
|
|
108,708,651 |
|
|
|
109,119,301 |
|
|
|
109,072,761 |
|
|
|
80,525,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported net loss per diluted share |
|
$ |
0.12 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.64 |
) |
Adjusted net income (loss) per diluted share |
|
$ |
0.22 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.18 |
|
|
$ |
(0.24 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005221/en/
+1 281 994 1056
InvestorRelations@expro.com
Source: Expro
FAQ
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