Expro Group Holdings N.V. Announces Second Quarter 2024 Results and Updates Full-Year Guidance
Expro Group Holdings N.V. (NYSE: XPRO) reported strong Q2 2024 financial results, with revenue of $470 million, up 22% sequentially and 18% year-over-year. Net income was $15 million, compared to a net loss of $3 million in Q1 2024. Adjusted EBITDA reached $95 million, up 40% sequentially and 32% year-over-year, with a margin of 20%. The company increased its full-year 2024 revenue guidance to $1.70-$1.75 billion and refined its Adjusted EBITDA range to $350-$375 million. The positive outlook is supported by strong first-half performance, favorable market conditions, and the successful early closing of the Coretrax acquisition. Expro's strategic position in international and offshore markets continues to drive growth, with increased activity in high-value services.
Expro Group Holdings N.V. (NYSE: XPRO) ha riportato risultati finanziari forti per il Q2 2024, con un fatturato di 470 milioni di dollari, in aumento del 22% rispetto al trimestre precedente e del 18% rispetto all'anno precedente. Il reddito netto è stato di 15 milioni di dollari, rispetto a una perdita netta di 3 milioni di dollari nel Q1 2024. L'EBITDA rettificato ha raggiunto i 95 milioni di dollari, in crescita del 40% rispetto al trimestre precedente e del 32% su base annua, con un margine del 20%. L'azienda ha aumentato le sue previsioni di fatturato per l'intero anno 2024 a 1,70-1,75 miliardi di dollari e ha raffinato l'intervallo dell'EBITDA rettificato a 350-375 milioni di dollari. Le prospettive positive sono supportate da una solida performance nel primo semestre, condizioni di mercato favorevoli e dalla chiusura anticipata del'acquisizione di Coretrax. La posizione strategica di Expro nei mercati internazionali e offshore continua a guidare la crescita, con un aumento delle attività nei servizi ad alto valore.
Expro Group Holdings N.V. (NYSE: XPRO) reportó resultados financieros sólidos para el Q2 2024, con ingresos de 470 millones de dólares, un incremento del 22% secuencialmente y del 18% interanual. El ingreso neto fue de 15 millones de dólares, comparado con una pérdida neta de 3 millones de dólares en el Q1 2024. El EBITDA ajustado alcanzó los 95 millones de dólares, un aumento del 40% secuencialmente y del 32% interanual, con un margen del 20%. La compañía elevó su guía de ingresos para todo el año 2024 a entre 1.70 y 1.75 mil millones de dólares y refinó su rango de EBITDA ajustado a 350-375 millones de dólares. Las perspectivas positivas están respaldadas por un fuerte rendimiento en la primera mitad, condiciones de mercado favorables y el cierre exitoso adelantado de la adquisición de Coretrax. La posición estratégica de Expro en los mercados internacionales y offshore continúa impulsando el crecimiento, con un aumento de la actividad en servicios de alto valor.
엑스프로 그룹 홀딩스 N.V. (NYSE: XPRO)는 2024년 2분기 재무 실적을 발표했으며, 매출은 4억 7천만 달러로 전분기 대비 22%, 전년 대비 18% 증가했습니다. 순이익은 1천5백만 달러로, 2024년 1분기의 3백만 달러 손실과 비교됩니다. 조정 EBITDA는 9천5백만 달러에 도달하여 전분기 대비 40%, 전년 대비 32% 증가했으며, 마진은 20%에 달합니다. 회사는 2024년 전체 연간 매출 가이던스를 17억-17억 5천만 달러로 상향 조정하고, 조정 EBITDA 범위를 3억 5천만-3억 7천5백만 달러로 수정했습니다. 긍정적인 전망은 상반기 성과의 강력함, 유리한 시장 상황 및 Coretrax 인수의 성공적인 조기 종료에 의해 뒷받침되고 있습니다. 엑스프로의 국제 및 해양 시장에서의 전략적 입지는 성장을 이끌고 있으며, 고부가가치 서비스의 활동 증가를 보여주고 있습니다.
Expro Group Holdings N.V. (NYSE: XPRO) a reporté de solides résultats financiers pour le T2 2024, avec un revenu de 470 millions de dollars, en hausse de 22 % par rapport au trimestre précédent et de 18 % par rapport à l'année précédente. Le revenu net s'est élevé à 15 millions de dollars, contre une perte nette de 3 millions de dollars au T1 2024. L'EBITDA ajusté a atteint 95 millions de dollars, en hausse de 40 % par rapport au trimestre précédent et de 32 % par rapport à l'année précédente, avec une marge de 20 %. La société a relevé ses prévisions de revenus pour l'année 2024 à entre 1,70 et 1,75 milliard de dollars et a précisé sa fourchette d'EBITDA ajusté à 350-375 millions de dollars. Les perspectives positives sont soutenues par de solides performances au premier semestre, des conditions de marché favorables et la clôture réussie anticipée de l'acquisition de Coretrax. La position stratégique d'Expro sur les marchés internationaux et offshore continue de stimuler la croissance, avec une activité accrue dans les services à forte valeur ajoutée.
Die Expro Group Holdings N.V. (NYSE: XPRO) hat starke Finanzergebnisse für das Q2 2024 gemeldet, mit einem Umsatz von 470 Millionen US-Dollar, was einem sequenziellen Anstieg von 22% und einem Anstieg von 18% im Jahresvergleich entspricht. Der Nettogewinn betrug 15 Millionen US-Dollar, im Vergleich zu einem Nettoverlust von 3 Millionen US-Dollar im Q1 2024. Das bereinigte EBITDA erreichte 95 Millionen US-Dollar, ein Anstieg von 40% sequenziell und 32% im Jahresvergleich, mit einer Marge von 20%. Das Unternehmen hat seine Umsatzprognose für das Gesamtjahr 2024 auf 1,70 bis 1,75 Milliarden US-Dollar angehoben und seine bereinigte EBITDA-Spanne auf 350 bis 375 Millionen US-Dollar präzisiert. Der positive Ausblick wird durch starke Leistungen in der ersten Hälfte, günstige Marktbedingungen und den erfolgreichen vorzeitigen Abschluss der Coretrax-Akquisition unterstützt. Expros strategische Position in internationalen und Offshore-Märkten treibt weiterhin das Wachstum voran, mit einer erhöhten Aktivität in hochwertigen Dienstleistungen.
- Revenue increased 22% sequentially to $470 million
- Net income of $15 million, compared to a net loss in Q1 2024
- Adjusted EBITDA grew 40% sequentially to $95 million
- Full-year 2024 revenue guidance increased to $1.70-$1.75 billion
- Successful early closing of Coretrax acquisition
- Strong contract wins of $196 million in Q2
- Backlog remains strong at approximately $2 billion
- Net cash used in operating activities was $13 million, down from $30 million provided in Q1 2024
- Increase in net working capital, expected to reverse in second half of 2024
- Sequential decrease in revenue expected for Q3 2024
Insights
Expro Group Holdings' Q2 2024 results demonstrate strong financial performance and positive momentum. The company reported revenue of
The company's profitability also improved substantially, with net income reaching
Expro's strategic acquisition of Coretrax is already contributing positively, adding
The company's increased full-year 2024 guidance reflects confidence in its market position and growth trajectory. Revenue is now expected to range between
However, investors should note that net cash used in operating activities was
Overall, Expro's Q2 results and updated guidance paint a picture of a company well-positioned to capitalize on the growing demand for energy services, particularly in international and offshore markets. The successful integration of Coretrax and focus on high-value services should continue to drive profitability improvements in the coming quarters.
Expro's Q2 2024 results reflect the broader trends in the energy services sector, particularly the resurgence of offshore and international markets. The company's strong performance is indicative of increasing global demand for services that support lower-cost, carbon-advantaged incremental production.
Key observations from an industry perspective:
- The international and offshore markets are driving growth, with Expro's strategic positioning in these areas paying off. This aligns with the industry-wide shift towards offshore and international projects as operators seek to balance their portfolios and tap into new reserves.
- There's a clear emphasis on technology and innovation, as evidenced by the success of Expro's SeaCure® technology and the strategic acquisition of Coretrax. This focus on high-value, technologically advanced services is important in a competitive market where efficiency and performance are paramount.
- The company's involvement in carbon capture, utilization and storage (CCUS) projects in Australia demonstrates the energy service sector's gradual pivot towards supporting clean energy initiatives. This diversification into sustainable energy solutions is becoming increasingly important for long-term resilience in the evolving energy landscape.
- Expro's strong backlog of approximately
$2 billion suggests ongoing demand for its services, reflecting the broader industry trend of increased activity in long-cycle development projects.
Looking ahead, Expro's positive outlook for international and offshore energy markets aligns with industry projections of sustained growth in these sectors. The company's focus on mission-critical, high-value-adding services positions it well to capitalize on this trend.
However, the energy services sector remains cyclical and sensitive to oil price fluctuations. While current market conditions are favorable, companies like Expro must maintain operational flexibility to navigate potential future volatility in the energy markets.
From a market research perspective, Expro's Q2 2024 results and strategic moves offer several insights into broader industry trends and market dynamics:
1. Geographic Market Trends: The strong performance across all operating segments, particularly in North and Latin America (NLA) and Europe and Sub-Saharan Africa (ESSA), indicates a geographically diverse demand for energy services. This suggests that the recovery in the energy sector is not to specific regions but is more widespread, which bodes well for companies with global operations.
2. Technology-Driven Growth: The success of Expro's SeaCure® technology and the strategic acquisition of Coretrax highlight the growing importance of innovative technologies in the energy services market. Companies that can offer solutions that improve efficiency, reduce risks and optimize production are likely to gain market share.
3. Shift Towards Sustainable Energy: Expro's involvement in CCUS projects and the growth of its Sustainable Energy Solutions business reflect a broader market trend towards cleaner energy solutions. This suggests that energy service companies are adapting their offerings to meet the evolving needs of the market and regulatory environment.
4. Long-Cycle Projects: The company's strong backlog and focus on long-cycle development projects indicate a shift in the market towards more substantial, longer-term investments in energy infrastructure. This could signal increased stability in the sector, as these projects are less susceptible to short-term price fluctuations.
5. Consolidation and Integration: The acquisition and successful integration of Coretrax demonstrate the ongoing trend of consolidation in the energy services sector. Companies are looking to expand their service offerings and geographical reach through strategic acquisitions.
These trends suggest that the energy services market is evolving towards more technologically advanced, globally diverse and sustainability-focused operations. Companies that can adapt to these changes and offer comprehensive, innovative solutions are likely to outperform in this evolving market landscape.
Revenue of
Net income of
Adjusted EBITDA1 of
Increasing full-year 2024 revenue guidance range to
Second Quarter 2024 Highlights
-
Revenue was
$470 million $383 million $86 million 22% . Revenue sequentially increased across all operating segments, with the largest contributions fromNorth and Latin America (“NLA”) andEurope and Sub-Saharan Africa (“ESSA”) segments. Second quarter operating results include$21 million -
Net income for the second quarter of 2024 was
$15 million $0.13 $3 million $0.02 3% for the three months ended June 30, 2024 compared to (1)% for the three months ended March 31, 2024. Adjusted net income1 for the second quarter of 2024 was$31 million $0.27 $10 million $0.09 -
Adjusted EBITDA for the second quarter was
$95 million $27 million 40% , primarily attributable to higher revenue, better activity mix across all operating segments and contributions from the Coretrax acquisition. Adjusted EBITDA margin for the second quarter of 2024 and the first quarter of 2024 was20% and18% , respectively. -
Net cash used in operating activities for the second quarter of 2024 was
$13 million $30 million
1. A non-GAAP measure.
Michael Jardon, Chief Executive Officer, noted “We are pleased to report another quarter of strong financial performance, with revenue and Adjusted EBITDA exceeding guidance, including the impact of the early closing of the Coretrax acquisition. Our results reflect our commitment to deliver excellence and innovation across our operations, and positions us for sustained, through-cycle growth.
“Our strategic position in the international and offshore markets continues to anchor the business, with increased activity in mission critical, high value adding services. We continue to maintain a positive outlook based on the fundamental backdrop and increased global demand for services and solutions that support lower-cost, carbon-advantaged incremental production. We believe activity will continue to increase across geo-markets, with long-cycle development providing good business momentum, particularly for our drilling and completions-levered businesses. In the second quarter, we captured
“In the second quarter, we completed the previously announced acquisition of 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 broadens the services and solutions we offer through our Well Construction and Well Intervention & Integrity product lines, adding significant value to our clients from innovative technologies that reduce risk and cost, improve drilling efficiency, extend the life of existing well stock, and optimize production.
“We are continuing to leverage existing capabilities to grow our Sustainable Energy Solutions business. Expro’s team in
“In April, we also published our third sustainability report, highlighting Expro’s achievements in 2023, the progress we have made in working toward our environmental, social and governance (ESG) objectives, and our commitment to being a citizen of the world. These efforts resulted in MSCI increasing Expro’s rating from an “A” to “AA” – the second highest rating.
“Expro remains focused on achieving excellent results for our customers and is well positioned for continued improvement in profitability, free cash flow and shareholder returns during what we expect will be a multi-year growth phase for energy services. We remain positive on the outlook for the international and offshore energy markets and we are comfortable increasing full-year 2024 guidance range for expected revenues to between
Notable Awards and Achievements
In the NLA region, we have seen further success in commercializing our SeaCure® technology, which is designed to provide optimal cement placement during the slurry pumping process when the cementing unit shut down, preventing fluid contamination that could have occurred without the SeaCure® solution.
Good business momentum is continuing in the ESSA region. Our team in
In the MENA region, Expro commenced operations for a major well test contract onshore
Lastly, in APAC, we successfully completed our 100th job globally with SeaCure®, marking a significant milestone. The job was completed as part of a project in
Segment Results
Unless otherwise noted, the following discussion compares the quarterly results for the second quarter of 2024 to the results for the first quarter of 2024.
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 June 30, 2024, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled
Expro’s provision for income taxes for both the second quarter of 2024 and the first quarter of 2024 was approximately
On May 15, 2024, the Company established an incremental facility under its Amended and Restated Facility Agreement, in order to increase its existing
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 second quarter 2024 results on Thursday, July 25, 2024, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
Participants may also join the conference call by dialing:
International: +1 (404) 975-4839
Access ID: 661580
To listen via live webcast, please visit the Investor section of www.expro.com.
The second quarter 2024 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 two weeks.
To access the audio replay telephonically:
Dial-In:
Access ID: 302382
Start Date: July 25, 2024, 1:00 p.m. CT
End Date: August 8, 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 as soon as practicable 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 what the Company considers to be 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 solutions.
With roots dating to 1938, Expro has more than 8,000 employees and provides services and solutions to leading exploration and production 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 @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 benefits of the Coretrax acquisition, and the Company’s ability to achieve the anticipated synergies as a result of the 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 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 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 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 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 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, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other (income) expense, 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.
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.
EXPRO GROUP HOLDINGS N.V. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except share data) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Total revenue |
|
$ |
469,642 |
|
|
$ |
383,489 |
|
|
$ |
396,917 |
|
|
$ |
853,131 |
|
|
$ |
736,196 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, excluding depreciation and amortization expense |
|
|
(366,520 |
) |
|
|
(308,487 |
) |
|
|
(318,948 |
) |
|
|
(675,007 |
) |
|
|
(608,595 |
) |
General and administrative expense, excluding depreciation and amortization expense |
|
|
(26,225 |
) |
|
|
(19,213 |
) |
|
|
(16,186 |
) |
|
|
(45,438 |
) |
|
|
(29,471 |
) |
Depreciation and amortization expense |
|
|
(40,647 |
) |
|
|
(40,146 |
) |
|
|
(37,235 |
) |
|
|
(80,793 |
) |
|
|
(71,972 |
) |
Merger and integration expense |
|
|
(8,789 |
) |
|
|
(2,161 |
) |
|
|
(1,377 |
) |
|
|
(10,950 |
) |
|
|
(3,515 |
) |
Severance and other income (expense) |
|
|
236 |
|
|
|
(5,062 |
) |
|
|
(2,663 |
) |
|
|
(4,826 |
) |
|
|
(3,590 |
) |
Total operating cost and expenses |
|
|
(441,945 |
) |
|
|
(375,069 |
) |
|
|
(376,409 |
) |
|
|
(817,014 |
) |
|
|
(717,143 |
) |
Operating income |
|
|
27,697 |
|
|
|
8,420 |
|
|
|
20,508 |
|
|
|
36,117 |
|
|
|
19,053 |
|
Other income (expense), net |
|
|
334 |
|
|
|
485 |
|
|
|
(1,462 |
) |
|
|
819 |
|
|
|
(2,411 |
) |
Interest and finance expense, net |
|
|
(3,666 |
) |
|
|
(3,152 |
) |
|
|
(17 |
) |
|
|
(6,818 |
) |
|
|
(1,315 |
) |
Income before taxes and equity in income of joint ventures |
|
|
24,365 |
|
|
|
5,753 |
|
|
|
19,029 |
|
|
|
30,118 |
|
|
|
15,327 |
|
Equity in income of joint ventures |
|
|
4,856 |
|
|
|
3,858 |
|
|
|
2,805 |
|
|
|
8,714 |
|
|
|
5,241 |
|
Income before income taxes |
|
|
29,221 |
|
|
|
9,611 |
|
|
|
21,834 |
|
|
|
38,832 |
|
|
|
20,568 |
|
Income tax expense |
|
|
(13,935 |
) |
|
|
(12,288 |
) |
|
|
(12,539 |
) |
|
|
(26,223 |
) |
|
|
(17,624 |
) |
Net income (loss) |
|
$ |
15,286 |
|
|
$ |
(2,677 |
) |
|
$ |
9,295 |
|
|
$ |
12,609 |
|
|
$ |
2,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
|
$ |
(0.02 |
) |
|
$ |
0.09 |
|
|
$ |
0.11 |
|
|
$ |
0.03 |
|
Diluted |
|
$ |
0.13 |
|
|
$ |
(0.02 |
) |
|
$ |
0.08 |
|
|
$ |
0.11 |
|
|
$ |
0.03 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
113,979,860 |
|
|
|
110,176,460 |
|
|
|
108,662,509 |
|
|
|
112,078,160 |
|
|
|
108,758,078 |
|
Diluted |
|
|
114,923,702 |
|
|
|
110,176,460 |
|
|
|
109,381,977 |
|
|
|
113,688,752 |
|
|
|
109,975,739 |
|
EXPRO GROUP HOLDINGS N.V. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
June 30, |
|
December 31, |
||||
|
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
133,459 |
|
|
$ |
151,741 |
|
Restricted cash |
|
|
1,994 |
|
|
|
1,425 |
|
Accounts receivable, net |
|
|
533,735 |
|
|
|
469,119 |
|
Inventories |
|
|
171,493 |
|
|
|
143,325 |
|
Income tax receivables |
|
|
30,307 |
|
|
|
27,581 |
|
Other current assets |
|
|
79,693 |
|
|
|
58,409 |
|
Total current assets |
|
|
950,681 |
|
|
|
851,600 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
535,538 |
|
|
|
513,222 |
|
Investments in joint ventures |
|
|
75,431 |
|
|
|
66,402 |
|
Intangible assets, net |
|
|
321,144 |
|
|
|
239,716 |
|
Goodwill |
|
|
342,576 |
|
|
|
247,687 |
|
Operating lease right-of-use assets |
|
|
71,549 |
|
|
|
72,310 |
|
Non-current accounts receivable, net |
|
|
8,590 |
|
|
|
9,768 |
|
Other non-current assets |
|
|
11,070 |
|
|
|
12,302 |
|
Total assets |
|
$ |
2,316,579 |
|
|
$ |
2,013,007 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
334,464 |
|
|
$ |
326,125 |
|
Income tax liabilities |
|
|
51,852 |
|
|
|
45,084 |
|
Finance lease liabilities |
|
|
2,242 |
|
|
|
1,967 |
|
Operating lease liabilities |
|
|
17,454 |
|
|
|
17,531 |
|
Other current liabilities |
|
|
93,866 |
|
|
|
98,144 |
|
Total current liabilities |
|
|
499,878 |
|
|
|
488,851 |
|
|
|
|
|
|
|
|
|
|
Long-term borrowings |
|
|
121,065 |
|
|
|
20,000 |
|
Deferred tax liabilities, net |
|
|
47,704 |
|
|
|
22,706 |
|
Post-retirement benefits |
|
|
7,070 |
|
|
|
10,445 |
|
Non-current finance lease liabilities |
|
|
15,093 |
|
|
|
16,410 |
|
Non-current operating lease liabilities |
|
|
54,300 |
|
|
|
54,976 |
|
Uncertain tax positions |
|
|
68,303 |
|
|
|
59,544 |
|
Other non-current liabilities |
|
|
43,972 |
|
|
|
44,202 |
|
Total liabilities |
|
|
857,385 |
|
|
|
717,134 |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
8,481 |
|
|
|
8,062 |
|
Treasury stock |
|
|
(69,048 |
) |
|
|
(64,697 |
) |
Additional paid-in capital |
|
|
2,064,089 |
|
|
|
1,909,323 |
|
Accumulated other comprehensive income |
|
|
22,196 |
|
|
|
22,318 |
|
Accumulated deficit |
|
|
(566,524 |
) |
|
|
(579,133 |
) |
Total stockholders’ equity |
|
|
1,459,194 |
|
|
|
1,295,873 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,316,579 |
|
|
$ |
2,013,007 |
|
EXPRO GROUP HOLDINGS N.V. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
(Unaudited) |
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
12,609 |
|
|
$ |
2,944 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
80,793 |
|
|
|
71,972 |
|
Equity in income of joint ventures |
|
|
(8,714 |
) |
|
|
(5,241 |
) |
Stock-based compensation expense |
|
|
12,420 |
|
|
|
9,748 |
|
Elimination of unrealized (loss) gain on sales to joint ventures |
|
|
(315 |
) |
|
|
450 |
|
Changes in fair value of contingent consideration |
|
|
(6,172 |
) |
|
|
- |
|
Deferred taxes |
|
|
(618 |
) |
|
|
(6,823 |
) |
Unrealized foreign exchange losses (gains) |
|
|
5,413 |
|
|
|
(1,820 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(33,756 |
) |
|
|
(17,004 |
) |
Inventories |
|
|
(7,521 |
) |
|
|
(1,440 |
) |
Other assets |
|
|
(14,127 |
) |
|
|
(14,878 |
) |
Accounts payable and accrued liabilities |
|
|
(11,129 |
) |
|
|
31,919 |
|
Other liabilities |
|
|
(12,805 |
) |
|
|
(25,722 |
) |
Income taxes, net |
|
|
3,432 |
|
|
|
2,994 |
|
Dividends from joint ventures |
|
|
- |
|
|
|
2,754 |
|
Other |
|
|
(2,745 |
) |
|
|
(3,172 |
) |
Net cash provided by operating activities |
|
|
16,765 |
|
|
|
46,681 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(67,107 |
) |
|
|
(57,968 |
) |
Payment for acquired business, net of cash acquired |
|
|
(32,458 |
) |
|
|
(7,536 |
) |
Proceeds from disposal of assets |
|
|
2,900 |
|
|
|
2,013 |
|
Net cash used in investing activities |
|
|
(96,665 |
) |
|
|
(63,491 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Release of collateral deposits, net |
|
|
557 |
|
|
|
494 |
|
Proceeds from borrowings |
|
|
117,269 |
|
|
|
- |
|
Repayment of borrowings |
|
|
(44,351 |
) |
|
|
- |
|
Repurchase of common stock |
|
|
- |
|
|
|
(10,011 |
) |
Payment of withholding taxes on stock-based compensation plans |
|
|
(4,352 |
) |
|
|
(2,835 |
) |
Repayment of financed insurance premium |
|
|
(3,203 |
) |
|
|
(4,277 |
) |
Repayment of finance leases |
|
|
(1,042 |
) |
|
|
(1,164 |
) |
Net cash provided by (used in) financing activities |
|
|
64,878 |
|
|
|
(17,793 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(2,691 |
) |
|
|
(2,986 |
) |
Net decrease to cash and cash equivalents and restricted cash |
|
|
(17,713 |
) |
|
|
(37,589 |
) |
Cash and cash equivalents and restricted cash at beginning of period |
|
|
153,166 |
|
|
|
218,460 |
|
Cash and cash equivalents and restricted cash at end of period |
|
$ |
135,453 |
|
|
$ |
180,871 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes, net of refunds |
|
$ |
22,672 |
|
|
$ |
21,644 |
|
Cash paid for interest, net |
|
|
5,629 |
|
|
|
546 |
|
Change in accounts payable and accrued expenses related to capital expenditures |
|
|
6,306 |
|
|
|
2,809 |
|
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 |
|
Six Months Ended |
||||||||||||||||||||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||||||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||||||||||||
NLA |
|
$ |
156,990 |
|
|
|
34 |
% |
|
$ |
130,389 |
|
|
|
34 |
% |
|
$ |
134,830 |
|
|
|
34 |
% |
|
$ |
287,379 |
|
|
|
34 |
% |
|
$ |
261,058 |
|
|
|
36 |
% |
ESSA |
|
|
168,431 |
|
|
|
36 |
% |
|
|
121,746 |
|
|
|
32 |
% |
|
|
138,062 |
|
|
|
35 |
% |
|
|
290,177 |
|
|
|
34 |
% |
|
|
251,710 |
|
|
|
34 |
% |
MENA |
|
|
81,429 |
|
|
|
17 |
% |
|
|
71,494 |
|
|
|
19 |
% |
|
|
59,163 |
|
|
|
15 |
% |
|
|
152,923 |
|
|
|
18 |
% |
|
|
110,108 |
|
|
|
15 |
% |
APAC |
|
|
62,792 |
|
|
|
13 |
% |
|
|
59,860 |
|
|
|
15 |
% |
|
|
64,862 |
|
|
|
16 |
% |
|
|
122,652 |
|
|
|
14 |
% |
|
|
113,320 |
|
|
|
15 |
% |
Total |
|
$ |
469,642 |
|
|
|
100 |
% |
|
$ |
383,489 |
|
|
|
100 |
% |
|
$ |
396,917 |
|
|
|
100 |
% |
|
$ |
853,131 |
|
|
|
100 |
% |
|
$ |
736,196 |
|
|
|
100 |
% |
| Segment EBITDA(1), Segment EBITDA Margin(2), Adjusted EBITDA and Adjusted EBITDA Margin(3): | ||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||||||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||||||||||||
NLA |
|
$ |
44,474 |
|
|
|
28 |
% |
|
$ |
34,377 |
|
|
|
26 |
% |
|
$ |
36,703 |
|
|
|
27 |
% |
|
$ |
78,851 |
|
|
|
27 |
% |
|
$ |
68,577 |
|
|
|
26 |
% |
ESSA |
|
|
34,997 |
|
|
|
21 |
% |
|
|
25,201 |
|
|
|
21 |
% |
|
|
34,964 |
|
|
|
25 |
% |
|
|
60,198 |
|
|
|
21 |
% |
|
|
55,749 |
|
|
|
22 |
% |
MENA |
|
|
28,611 |
|
|
|
35 |
% |
|
|
24,538 |
|
|
|
34 |
% |
|
|
18,491 |
|
|
|
31 |
% |
|
|
53,149 |
|
|
|
35 |
% |
|
|
33,059 |
|
|
|
30 |
% |
APAC |
|
|
15,248 |
|
|
|
24 |
% |
|
|
10,786 |
|
|
|
18 |
% |
|
|
3,452 |
|
|
|
5 |
% |
|
|
26,034 |
|
|
|
21 |
% |
|
|
754 |
|
|
|
1 |
% |
Total Segment EBITDA |
|
|
123,330 |
|
|
|
|
|
|
|
94,902 |
|
|
|
|
|
|
|
93,610 |
|
|
|
|
|
|
|
218,232 |
|
|
|
|
|
|
|
158,139 |
|
|
|
|
|
Corporate costs(4) |
|
|
(33,636 |
) |
|
|
|
|
|
|
(31,300 |
) |
|
|
|
|
|
|
(24,810 |
) |
|
|
|
|
|
|
(64,936 |
) |
|
|
|
|
|
|
(49,891 |
) |
|
|
|
|
Equity in income of joint ventures |
|
|
4,856 |
|
|
|
|
|
|
|
3,858 |
|
|
|
|
|
|
|
2,805 |
|
|
|
|
|
|
|
8,714 |
|
|
|
|
|
|
|
5,241 |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
94,550 |
|
|
|
20 |
% |
|
$ |
67,460 |
|
|
|
18 |
% |
|
$ |
71,605 |
|
|
|
18 |
% |
|
$ |
162,010 |
|
|
|
19 |
% |
|
$ |
113,489 |
|
|
|
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. |
EXPRO GROUP HOLDINGS N.V. |
REVENUE BY AREAS OF CAPABILITIES AND SELECTED CASH FLOW INFORMATION |
(In thousands) |
(Unaudited) |
Revenue by areas of capabilities: |
||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||||||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||||||||||||
Well construction |
|
$ |
148,476 |
|
|
|
32 |
% |
|
$ |
120,030 |
|
|
|
31 |
% |
|
$ |
143,719 |
|
|
|
36 |
% |
|
$ |
268,507 |
|
|
|
31 |
% |
|
$ |
271,984 |
|
|
|
37 |
% |
Well management(1) |
|
|
321,166 |
|
|
|
68 |
% |
|
|
263,459 |
|
|
|
69 |
% |
|
|
253,198 |
|
|
|
64 |
% |
|
|
584,624 |
|
|
|
69 |
% |
|
|
464,212 |
|
|
|
63 |
% |
Total |
|
$ |
469,642 |
|
|
|
100 |
% |
|
$ |
383,489 |
|
|
|
100 |
% |
|
$ |
396,917 |
|
|
|
100 |
% |
|
$ |
853,131 |
|
|
|
100 |
% |
|
$ |
736,196 |
|
|
|
100 |
% |
| Supplementary information on specific amounts included in cash provided by operating activities: | ||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|||||||||
Net cash (used in) provided by operating activities |
|
$ |
(13,173 |
) |
|
$ |
29,938 |
|
|
$ |
25,358 |
|
|
$ |
16,765 |
|
|
$ |
46,681 |
|
Cash paid for interest, net |
|
|
2,719 |
|
|
|
2,910 |
|
|
|
(420 |
) |
|
|
5,629 |
|
|
|
546 |
|
Cash paid for merger and integration expense |
|
|
9,712 |
|
|
|
2,280 |
|
|
|
9,076 |
|
|
|
11,992 |
|
|
|
11,400 |
|
Cash paid for severance and other expense |
|
|
6,334 |
|
|
|
3,148 |
|
|
|
1,999 |
|
|
|
9,482 |
|
|
|
4,571 |
|
(1) Well management consists of well flow management, subsea well access, and well intervention and integrity. |
EXPRO GROUP HOLDINGS N.V. |
GROSS PROFIT, GROSS MARGIN, CONTRIBUTION, CONTRIBUTION MARGIN AND SUPPORT COSTS |
(In thousands) |
(Unaudited) |
| Gross Profit, Contribution(1), Gross Margin and Contribution Margin(2): | ||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Total revenue |
|
$ |
469,642 |
|
|
$ |
383,489 |
|
|
$ |
396,917 |
|
|
$ |
853,131 |
|
|
$ |
736,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Cost of revenue, excluding depreciation and amortization |
|
|
(366,520 |
) |
|
|
(308,487 |
) |
|
|
(318,948 |
) |
|
|
(675,007 |
) |
|
|
(608,595 |
) |
Less: Depreciation and amortization related to cost of revenue |
|
|
(40,571 |
) |
|
|
(40,070 |
) |
|
|
(37,074 |
) |
|
|
(80,641 |
) |
|
$ |
(71,831 |
) |
Gross profit |
|
|
62,551 |
|
|
|
34,932 |
|
|
|
40,895 |
|
|
|
97,483 |
|
|
|
55,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Indirect costs (included in cost of revenue) |
|
|
69,645 |
|
|
|
68,434 |
|
|
|
56,605 |
|
|
|
138,079 |
|
|
|
121,426 |
|
Add: Stock-based compensation expenses |
|
|
2,785 |
|
|
|
1,646 |
|
|
|
2,049 |
|
|
|
4,431 |
|
|
|
3,423 |
|
Add: Depreciation and amortization related to cost of revenue |
|
|
40,571 |
|
|
|
40,070 |
|
|
|
37,074 |
|
|
|
80,641 |
|
|
|
71,831 |
|
Contribution |
|
$ |
175,552 |
|
|
$ |
145,082 |
|
|
$ |
136,623 |
|
|
$ |
320,634 |
|
|
$ |
252,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
13 |
% |
|
|
9 |
% |
|
|
10 |
% |
|
|
11 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution margin |
|
|
37 |
% |
|
|
38 |
% |
|
|
34 |
% |
|
|
38 |
% |
|
|
34 |
% |
Support Costs(4): |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Cost of revenue, excluding depreciation and amortization expense |
|
|
366,520 |
|
|
|
308,487 |
|
|
|
318,948 |
|
|
$ |
675,007 |
|
|
$ |
608,595 |
|
Direct costs (excluding depreciation and amortization expense)(3) |
|
|
(294,090 |
) |
|
|
(238,407 |
) |
|
|
(260,294 |
) |
|
|
(532,497 |
) |
|
|
(483,746 |
) |
Stock-based compensation expense |
|
|
(2,785 |
) |
|
|
(1,646 |
) |
|
|
(2,049 |
) |
|
|
(4,431 |
) |
|
|
(3,423 |
) |
Indirect costs (included in cost of revenue) |
|
|
69,645 |
|
|
|
68,434 |
|
|
|
56,605 |
|
|
|
138,079 |
|
|
|
121,426 |
|
General and administrative expense (excluding depreciation and amortization expense, foreign exchange, and other non-routine costs) |
|
|
16,034 |
|
|
|
13,046 |
|
|
|
11,288 |
|
|
|
29,080 |
|
|
|
22,788 |
|
Total support costs |
|
$ |
85,679 |
|
|
$ |
81,480 |
|
|
$ |
67,893 |
|
|
$ |
167,159 |
|
|
$ |
144,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total support costs as a percentage of revenue |
|
|
18 |
% |
|
|
21 |
% |
|
|
17 |
% |
|
|
20 |
% |
|
|
20 |
% |
(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, excluding depreciation and amortization expense, 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. |
EXPRO GROUP HOLDINGS N.V. |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION |
(In thousands) |
(Unaudited) |
| Adjusted EBITDA Reconciliation and Adjusted EBITDA Margin: | ||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Total revenue |
|
$ |
469,642 |
|
|
$ |
383,489 |
|
|
$ |
396,917 |
|
|
$ |
853,131 |
|
|
$ |
736,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
15,286 |
|
|
$ |
(2,677 |
) |
|
$ |
9,295 |
|
|
$ |
12,609 |
|
|
$ |
2,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
13,935 |
|
|
|
12,288 |
|
|
|
12,539 |
|
|
|
26,223 |
|
|
|
17,624 |
|
Depreciation and amortization expense |
|
|
40,647 |
|
|
|
40,146 |
|
|
|
37,235 |
|
|
|
80,793 |
|
|
|
71,972 |
|
Severance and other (income) expense |
|
|
(236 |
) |
|
|
5,062 |
|
|
|
2,663 |
|
|
|
4,826 |
|
|
|
3,590 |
|
Merger and integration expense |
|
|
8,789 |
|
|
|
2,161 |
|
|
|
1,377 |
|
|
|
10,950 |
|
|
|
3,515 |
|
Other (income) expense, net |
|
|
(334 |
) |
|
|
(485 |
) |
|
|
1,462 |
|
|
|
(819 |
) |
|
|
2,411 |
|
Stock-based compensation expense |
|
|
7,350 |
|
|
|
5,070 |
|
|
|
5,577 |
|
|
|
12,420 |
|
|
|
9,748 |
|
Foreign exchange loss |
|
|
5,447 |
|
|
|
2,743 |
|
|
|
1,440 |
|
|
|
8,190 |
|
|
|
370 |
|
Interest and finance expense, net |
|
|
3,666 |
|
|
|
3,152 |
|
|
|
17 |
|
|
|
6,818 |
|
|
|
1,315 |
|
Adjusted EBITDA |
|
$ |
94,550 |
|
|
$ |
67,460 |
|
|
$ |
71,605 |
|
|
$ |
162,010 |
|
|
$ |
113,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) margin |
|
|
3 |
% |
|
|
(1 |
)% |
|
|
2 |
% |
|
|
1 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
19 |
% |
|
|
15 |
% |
EXPRO GROUP HOLDINGS N.V. |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION |
(In thousands, except per share amounts) |
(Unaudited) |
|
Reconciliation of Adjusted Net Income: |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Net income (loss) |
|
$ |
15,286 |
|
|
$ |
(2,677 |
) |
|
$ |
9,295 |
|
|
$ |
12,609 |
|
|
$ |
2,944 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration expense |
|
|
8,789 |
|
|
|
2,161 |
|
|
|
1,377 |
|
|
|
10,950 |
|
|
|
3,515 |
|
Severance and other (income) expense |
|
|
(236 |
) |
|
|
5,062 |
|
|
|
2,663 |
|
|
|
4,826 |
|
|
|
3,590 |
|
Stock-based compensation expense |
|
|
7,350 |
|
|
|
5,070 |
|
|
|
5,577 |
|
|
|
12,420 |
|
|
|
9,748 |
|
Total adjustments, before taxes |
|
|
15,903 |
|
|
|
12,293 |
|
|
|
9,617 |
|
|
|
28,196 |
|
|
|
16,853 |
|
Tax benefit |
|
|
(75 |
) |
|
|
(9 |
) |
|
|
(32 |
) |
|
|
(84 |
) |
|
|
(43 |
) |
Total adjustments, net of taxes |
|
|
15,828 |
|
|
|
12,284 |
|
|
|
9,585 |
|
|
|
28,112 |
|
|
|
16,810 |
|
Adjusted net income |
|
$ |
31,114 |
|
|
$ |
9,607 |
|
|
$ |
18,880 |
|
|
$ |
40,721 |
|
|
$ |
19,754 |
|
Reconciliation of Adjusted Net Income per Diluted Share: |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Net income (loss) |
|
$ |
0.13 |
|
|
$ |
(0.02 |
) |
|
$ |
0.08 |
|
|
$ |
0.11 |
|
|
$ |
0.03 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration expense |
|
|
0.08 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.10 |
|
|
|
0.03 |
|
Severance and other (income) expense |
|
|
(0.00 |
) |
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.03 |
|
Stock-based compensation expense |
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.11 |
|
|
|
0.09 |
|
Total adjustments, before taxes |
|
|
0.14 |
|
|
|
0.11 |
|
|
|
0.09 |
|
|
|
0.25 |
|
|
|
0.15 |
|
Tax benefit |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
Total adjustments, net of taxes |
|
|
0.14 |
|
|
|
0.11 |
|
|
|
0.09 |
|
|
|
0.25 |
|
|
|
0.15 |
|
Adjusted net income |
|
$ |
0.27 |
|
|
$ |
0.09 |
|
|
$ |
0.17 |
|
|
$ |
0.36 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported diluted weighted average common shares outstanding |
|
|
114,923,702 |
|
|
|
110,176,460 |
|
|
|
109,381,977 |
|
|
|
113,688,752 |
|
|
|
109,975,739 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725903635/en/
Chad Stephenson – Director Investor Relations
+1 (713) 463-9776
InvestorRelations@expro.com
Source: Expro
FAQ
What was Expro's revenue for Q2 2024?
How much did Expro's Adjusted EBITDA increase in Q2 2024?
What is Expro's updated full-year 2024 revenue guidance?
How did the Coretrax acquisition impact Expro's Q2 2024 results?
What is Expro's current backlog value?
