KLX ENERGY SERVICES HOLDINGS, INC. REPORTS THIRD QUARTER 2024 RESULTS
Third Quarter 2024 Financial Highlights
- Revenue of
$189 million - Net loss of
$(8) million and diluted loss per share of$(0.51) - Adjusted EBITDA of
$28 million - Net loss margin of (4)%
- Adjusted EBITDA margin of 15%
- Cash balance of
$83 million - Total Debt and Net Debt of
$285 million and$203 million , respectively - Liquidity of
$126 million , consisting of approximately$83 million of cash and approximately$43 million of availability not borrowed under theSeptember 2024 asset-based revolving credit facility (the "ABL Facility") borrowing base certificate
See "Non-GAAP Financial Measures" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net (Loss) Income, Adjusted Diluted (Loss) Earnings per share, Unlevered and Levered Free Cash Flow,
"We are pleased to report that our third quarter revenue and Adjusted EBITDA results were at the top-end of our guidance ranges. Our geographic and product and service line ("PSL") diversification has driven margin sustainability in the face of market volatility, which we believe demonstrates the strength and resiliency of the KLX platform. Additionally, our leading presence in extended reach laterals, completion technologies, and production and intervention services should continue to yield differentiated performance.
"Looking forward, based on seasonality, anticipated customer budget exhaustion and the upcoming calendar that includes the Christmas and
"More importantly, we are currently in discussions with many of our customers on their 2025 drilling, completion and production programs. These conversations have been very constructive and indicate incremental positive momentum for 2025 with both new and existing customers, giving us cautious optimism as we begin our budgeting for next year," concluded Baker.
Third Quarter 2024 Financial Results
Revenue for the third quarter of 2024 totaled
Net loss for the third quarter of 2024 was
Third Quarter 2024 Segment Results
The Company reports revenue, operating income (loss) and Adjusted EBITDA through three geographic business segments:
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Rocky Mountains : Revenue, operating income and Adjusted EBITDA for theRocky Mountains segment were$67.9 million ,$9.7 million and$16.6 million , respectively, for the third quarter of 2024. Third quarter revenue represents a 10.6% sequential increase over the second quarter of 2024 largely due to incremental activity in Coiled Tubing and Directional Drilling, which offset modest declines in activity within our Tech Services and Rentals PSLs. Segment operating income and Adjusted EBITDA decreased (7.6)% and (3.5)%, respectively, driven by a short-term shift in PSL mix. -
Southwest: Revenue, operating income and Adjusted EBITDA for the Southwest segment, which includes the Permian and
South Texas , were$68.6 million ,$0.7 million and$8.7 million , respectively, for the third quarter of 2024. Third quarter revenue represents an approximately (2)% sequential decrease over the second quarter of 2024, mostly related to Tech Services, Frac Rentals and Flowback. Segment operating income and Adjusted EBITDA decreased (73.1)% and (16.3)%, respectively, as a function of the above decrease in revenue and a short-term shift in PSL mix. -
Northeast/Mid-Con: Revenue, operating income and Adjusted EBITDA for the Northeast/Mid-Con segment were
$52.4 million ,$2.0 million and$10.9 million , respectively, for the third quarter of 2024. Third quarter revenue represents a 7.2% sequential increase over the second quarter of 2024 due to increased completions activity. Segment operating income and Adjusted EBITDA increased 180.0% and 70.3%, respectively, largely due to reduced whitespace in our completion PSLs. -
Corporate and other: Operating loss and Adjusted EBITDA loss for the Corporate and other segment were
$11.3 million and$8.4 million , respectively, for the third quarter of 2024. Segment operating loss and Adjusted EBITDA loss increased sequentially (22.8)% and (20.0)%, respectively, largely due to increased professional service fees.
The following is a tabular summary of revenue, operating income (loss) and Adjusted EBITDA (loss) for the third quarter ended
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Three Months Ended |
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Revenue: |
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$ 67.9 |
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$ 61.4 |
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$ 77.0 |
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Southwest |
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68.6 |
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69.9 |
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77.8 |
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Northeast/Mid-Con |
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52.4 |
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48.9 |
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65.8 |
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Total revenue |
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$ 188.9 |
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$ 180.2 |
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$ 220.6 |
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Three Months Ended |
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Operating income (loss): |
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$ 9.7 |
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$ 10.5 |
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$ 17.7 |
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Southwest |
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0.7 |
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2.6 |
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4.8 |
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Northeast/Mid-Con |
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2.0 |
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(2.5) |
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5.2 |
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Corporate and other |
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(11.3) |
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(9.2) |
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(11.3) |
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Total operating income (loss) |
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$ 1.1 |
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$ 1.4 |
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$ 16.4 |
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Three Months Ended |
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Adjusted EBITDA (loss) |
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$ 16.6 |
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$ 17.2 |
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$ 23.3 |
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Southwest |
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8.7 |
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10.4 |
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11.8 |
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Northeast/Mid-Con |
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10.9 |
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6.4 |
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11.4 |
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Segment total |
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36.2 |
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34.0 |
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46.5 |
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Corporate and other |
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(8.4) |
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(7.0) |
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(9.8) |
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Total Adjusted EBITDA(1) |
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$ 27.8 |
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$ 27.0 |
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$ 36.7 |
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(1) |
Excludes one-time costs, as defined in the Reconciliation of Consolidated Net (Loss) Income to Adjusted EBITDA table below, non-cash compensation expense and non-cash asset impairment expense. |
Balance Sheet and Liquidity
Total debt outstanding as of
Other Financial Information
Capital expenditures were
As of
Conference Call Information
KLX will conduct its third quarter 2024 conference call, which can be accessed via dial-in or webcast, on
About
KLX is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout
Forward-Looking Statements and Cautionary Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information to investors. This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) includes forward-looking statements that reflect our current expectations and projections about our future results, performance and prospects. Forward-looking statements include all statements that are not historical in nature and are not current facts. When used in this news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein), the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could," "will" or the negative of these terms or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events with respect to, among other things: our operating cash flows; the availability of capital and our liquidity; our ability to renew and refinance our debt; our future revenue, income and operating performance; our ability to sustain and improve our utilization, revenue and margins; our ability to maintain acceptable pricing for our services; future capital expenditures; our ability to finance equipment, working capital and capital expenditures; our ability to execute our long-term growth strategy and to integrate our acquisitions; our ability to successfully develop our research and technology capabilities and implement technological developments and enhancements; and the timing and success of strategic initiatives and special projects.
Forward-looking statements are not assurances of future performance and actual results could differ materially from our historical experience and our present expectations or projections. These forward-looking statements are based on management's current expectations and beliefs, forecasts for our existing operations, experience, expectations and perception of historical trends, current conditions, anticipated future developments and their effect on us and other factors believed to be appropriate. Although management believes the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Our forward-looking statements involve significant risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Known material factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks associated with the following: a decline in demand for our services, including due to overcapacity and other competitive factors affecting our industry; the cyclical nature and volatility of the oil and gas industry, which impacts the level of exploration, production and development activity and spending patterns by oil and natural gas exploration and production companies; a decline in, or substantial volatility of, crude oil and gas commodity prices, which generally leads to decreased spending by our customers and negatively impacts drilling, completion and production activity; inflation; increases in interest rates; the ongoing war in
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Contacts: |
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832-930-8066 |
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Ken Dennard / |
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713-529-6600 |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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Revenues |
$ 188.9 |
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$ 180.2 |
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$ 220.6 |
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Costs and expenses: |
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Cost of sales |
142.3 |
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136.0 |
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166.2 |
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Depreciation and amortization |
23.9 |
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23.1 |
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18.9 |
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Selling, general and administrative |
21.2 |
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19.3 |
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18.6 |
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Research and development costs |
0.4 |
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0.3 |
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0.4 |
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Impairment and other charges |
— |
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0.1 |
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— |
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Bargain purchase gain |
— |
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— |
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0.1 |
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Operating income |
1.1 |
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1.4 |
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16.4 |
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Non-operating expense: |
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Interest income |
(0.7) |
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(0.6) |
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(0.7) |
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Interest expense |
9.8 |
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9.8 |
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9.2 |
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Net (loss) income before income tax |
(8.0) |
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(7.8) |
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7.9 |
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Income tax expense |
0.2 |
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0.2 |
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0.3 |
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Net (loss) income |
$ (8.2) |
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$ (8.0) |
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$ 7.6 |
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Net (loss) income per common share: |
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Basic |
$ (0.51) |
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$ (0.49) |
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$ 0.47 |
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Diluted |
$ (0.51) |
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$ (0.49) |
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$ 0.47 |
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Weighted average common shares: |
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Basic |
16.2 |
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16.2 |
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16.0 |
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Diluted |
16.2 |
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16.2 |
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16.1 |
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KLX Energy Services Holdings, Inc. |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ 82.7 |
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$ 112.5 |
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Accounts receivable–trade, net of allowance of |
124.8 |
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127.0 |
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Inventories, net |
32.7 |
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33.5 |
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Prepaid expenses and other current assets |
14.6 |
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17.3 |
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Total current assets |
254.8 |
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290.3 |
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Property and equipment, net(1) |
207.1 |
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220.6 |
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Operating lease assets |
18.7 |
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22.3 |
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Intangible assets, net |
1.5 |
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1.8 |
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Other assets |
4.7 |
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4.8 |
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Total assets |
$ 486.8 |
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$ 539.8 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ 78.5 |
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$ 87.9 |
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Accrued interest |
11.4 |
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4.6 |
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Accrued liabilities |
42.6 |
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42.7 |
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Current portion of long-term debt |
50.0 |
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— |
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Current portion of operating lease obligations |
6.7 |
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6.9 |
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Current portion of finance lease obligations |
15.9 |
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22.0 |
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Total current liabilities |
205.1 |
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164.1 |
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Long-term debt |
235.2 |
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284.3 |
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Long-term operating lease obligations |
12.9 |
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16.0 |
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Long-term finance lease obligations |
29.2 |
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36.2 |
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Other non-current liabilities |
1.9 |
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0.4 |
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Commitments, contingencies and off-balance sheet arrangements |
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Stockholders' equity: |
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Common stock, |
0.2 |
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0.1 |
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Additional paid-in capital |
555.9 |
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553.4 |
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(5.8) |
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(5.3) |
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Accumulated deficit |
(547.8) |
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(509.4) |
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Total stockholders' equity |
2.5 |
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38.8 |
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Total liabilities and stockholders' equity |
$ 486.8 |
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$ 539.8 |
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(1) |
Includes right-of-use assets - finance leases |
Additional Selected Operating Data
(Unaudited)
Non-GAAP Financial Measures
This release includes Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net (Loss) Income, Adjusted Diluted (Loss) Earnings per share, Unlevered and Levered Free Cash Flow,
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Adjusted EBITDA is not a measure of net earnings or cash flows as determined by GAAP. We define Adjusted EBITDA as net earnings (loss) before interest, taxes, depreciation and amortization, further adjusted for (i) goodwill and/or long-lived asset impairment charges, (ii) stock-based compensation expense, (iii) restructuring charges, (iv) transaction and integration costs related to acquisitions and (v) other expenses or charges to exclude certain items that we believe are not reflective of the ongoing performance of our business. Adjusted EBITDA is used to calculate the Company's leverage ratio, consistent with the terms of the Company's ABL Facility.
We believe Adjusted EBITDA is useful because it allows us to supplement the GAAP measures in order to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income as determined in accordance with GAAP, or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
Adjusted EBITDA margin is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Adjusted EBITDA margin is not a measure of net earnings or cash flows as determined by GAAP. Adjusted EBITDA margin is defined as the quotient of Adjusted EBITDA and total revenue. We believe Adjusted EBITDA margin is useful because it allows us to supplement the GAAP measures in order to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure, as a percentage of revenues.
We define Adjusted Net (Loss) Income as consolidated net (loss) income adjusted for (i) goodwill and/or long-lived asset impairment charges, (ii) restructuring charges, (iii) transaction and integration costs related to acquisitions and (iv) other expenses or charges to exclude certain items that we believe are not reflective of the ongoing performance of our business. We believe Adjusted Net (Loss) Income is useful because it allows us to exclude non-recurring items in evaluating our operating performance.
We define Adjusted Diluted (Loss) Earnings per share as the quotient of Adjusted Net (Loss) Income and diluted weighted average common shares. We believe that Adjusted Diluted (Loss) Earnings per share provides useful information to investors because it allows us to exclude non-recurring items in evaluating our operating performance on a diluted per share basis.
We define Unlevered Free Cash Flow as net cash provided by operating activities less capital expenditures and proceeds from sale of property and equipment plus interest expense. We define Levered Free Cash Flow as net cash provided by operating activities less capital expenditures and proceeds from sale of property and equipment. Our management uses Unlevered and Levered Free Cash Flow to assess the Company's liquidity and ability to repay maturing debt, fund operations and make additional investments. We believe that each of Unlevered and Levered Free Cash Flow provide useful information to investors because it is an important indicator of the Company's liquidity, including our ability to reduce Net Debt and make strategic investments.
We define Net Debt as total debt less cash and cash equivalents. We believe that Net Debt provides useful information to investors because it is an important indicator of the Company's indebtedness.
We define Net Leverage Ratio as Net Debt divided by Annualized Adjusted EBITDA. We believe that Net Leverage Ratio provides useful information to investors because it is an important indicator of the Company's indebtedness in relation to our operating performance.
The following tables present a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures for the periods indicated:
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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September |
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Consolidated net (loss) income |
$ (8.2) |
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$ (8.0) |
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$ 7.6 |
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Income tax expense |
0.2 |
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0.2 |
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0.3 |
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Interest expense, net |
9.1 |
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9.2 |
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8.5 |
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Operating income |
1.1 |
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1.4 |
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16.4 |
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Bargain purchase gain |
— |
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— |
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0.1 |
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Impairment and other charges (1) |
— |
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0.1 |
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— |
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One-time net costs, excluding impairment and other charges (1) |
1.8 |
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1.4 |
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0.5 |
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Adjusted operating income |
2.9 |
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2.9 |
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17.0 |
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Depreciation and amortization |
23.9 |
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23.1 |
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18.9 |
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Non-cash compensation |
1.0 |
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1.0 |
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0.8 |
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Adjusted EBITDA |
$ 27.8 |
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$ 27.0 |
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$ 36.7 |
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* |
Previously announced quarterly numbers may not sum to the year-end total due to rounding. |
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(1) |
The one-time costs during the third quarter of 2024 relate to professional services and other charges. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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Consolidated net (loss) income |
$ (8.2) |
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$ (8.0) |
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$ 7.6 |
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Revenue |
188.9 |
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180.2 |
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220.6 |
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Consolidated net (loss) income margin percentage |
(4.3) % |
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(4.4) % |
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3.4 % |
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(1) |
Consolidated net (loss) income margin is defined as the quotient of consolidated net (loss) income and total revenue. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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September |
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Adjusted EBITDA |
$ 27.8 |
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$ 27.0 |
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$ 36.7 |
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Revenue |
188.9 |
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180.2 |
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220.6 |
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Adjusted EBITDA Margin Percentage |
14.7 % |
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15.0 % |
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16.6 % |
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(1) |
Adjusted EBITDA margin is defined as the quotient of Adjusted EBITDA and total revenue. Adjusted EBITDA is net (loss) income excluding one-time costs (as defined above), depreciation and amortization expense, non-cash compensation expense and non-cash asset impairment expense. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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$ 9.7 |
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$ 10.5 |
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$ 17.7 |
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One-time costs (1) |
— |
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— |
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— |
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Adjusted operating income |
9.7 |
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10.5 |
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17.7 |
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Depreciation and amortization expense |
6.9 |
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6.7 |
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5.6 |
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Non-cash compensation |
— |
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— |
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— |
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Rocky Mountains Adjusted EBITDA |
$ 16.6 |
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$ 17.2 |
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$ 23.3 |
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(1) |
One-time costs are defined in the Reconciliation of Consolidated Net (Loss) Income to Adjusted EBITDA table above. For purposes of segment reconciliation, one-time costs also include impairment and other charges. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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September |
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Southwest operating income |
$ 0.7 |
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$ 2.6 |
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$ 4.8 |
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One-time costs (1) |
0.2 |
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0.4 |
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0.2 |
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Adjusted operating income |
0.9 |
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3.0 |
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5.0 |
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Depreciation and amortization expense |
7.8 |
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7.4 |
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6.8 |
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Non-cash compensation |
— |
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— |
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— |
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Southwest Adjusted EBITDA |
$ 8.7 |
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$ 10.4 |
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$ 11.8 |
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(1) |
One-time costs are defined in the Reconciliation of Consolidated Net (Loss) Income to Adjusted EBITDA table above. For purposes of segment reconciliation, one-time costs also include impairment and other charges. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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September |
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Northeast/Mid-Con operating income (loss) |
$ 2.0 |
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$ (2.5) |
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$ 5.2 |
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One-time costs (1) |
— |
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0.2 |
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— |
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Adjusted operating income (loss) |
2.0 |
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(2.3) |
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5.2 |
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Depreciation and amortization expense |
8.9 |
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8.6 |
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6.1 |
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Non-cash compensation |
— |
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0.1 |
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0.1 |
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Northeast/Mid-Con Adjusted EBITDA |
$ 10.9 |
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$ 6.4 |
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$ 11.4 |
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(1) |
One-time costs are defined in the Reconciliation of Consolidated Net (Loss) Income to Adjusted EBITDA table above. For purposes of segment reconciliation, one-time costs also include impairment and other charges. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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September |
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September |
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Corporate and other operating loss |
$ (11.3) |
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$ (9.2) |
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$ (11.3) |
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Bargain purchase gain |
— |
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— |
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0.1 |
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Impairment and other charges |
— |
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0.1 |
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— |
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One-time net costs, excluding impairment and other charges (1) |
1.6 |
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0.8 |
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0.3 |
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Adjusted operating loss |
(9.7) |
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(8.3) |
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(10.9) |
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Depreciation and amortization expense |
0.3 |
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0.4 |
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0.4 |
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Non-cash compensation |
1.0 |
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0.9 |
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0.7 |
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Corporate and other Adjusted EBITDA loss |
$ (8.4) |
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$ (7.0) |
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$ (9.8) |
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(1) |
One-time costs are defined in the Reconciliation of Consolidated Net (Loss) Income to Adjusted EBITDA table above. For purposes of segment reconciliation, one-time costs also include impairment and other charges. |
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KLX Energy Services Holdings, Inc. |
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Three Months Ended |
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|
|
September |
|
|
|
September |
|
|
|
|
|
|
|
|
Operating income |
$ 9.7 |
|
$ 10.5 |
|
$ 17.7 |
|
Revenue |
67.9 |
|
61.4 |
|
77.0 |
|
Segment operating income margin percentage |
14.3 % |
|
17.1 % |
|
23.0 % |
|
Southwest |
|
|
|
|
|
|
Operating income |
0.7 |
|
2.6 |
|
4.8 |
|
Revenue |
68.6 |
|
69.9 |
|
77.8 |
|
Segment operating income margin percentage |
1.0 % |
|
3.7 % |
|
6.2 % |
|
Northeast/Mid-Con |
|
|
|
|
|
|
Operating income (loss) |
2.0 |
|
(2.5) |
|
5.2 |
|
Revenue |
52.4 |
|
48.9 |
|
65.8 |
|
Segment operating income (loss) margin percentage |
3.8 % |
|
(5.1) % |
|
7.9 % |
|
|
|
|
(1) |
Segment operating income margin is defined as the quotient of segment operating income (loss) and segment revenue. |
|
KLX Energy Services Holdings, Inc. |
|||||
|
|
|||||
|
|
Three Months Ended |
||||
|
|
September |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ 16.6 |
|
$ 17.2 |
|
$ 23.3 |
|
Revenue |
67.9 |
|
61.4 |
|
77.0 |
|
Adjusted EBITDA Margin Percentage |
24.4 % |
|
28.0 % |
|
30.3 % |
|
Southwest |
|
|
|
|
|
|
Adjusted EBITDA |
8.7 |
|
10.4 |
|
11.8 |
|
Revenue |
68.6 |
|
69.9 |
|
77.8 |
|
Adjusted EBITDA Margin Percentage |
12.7 % |
|
14.9 % |
|
15.2 % |
|
Northeast/Mid-Con |
|
|
|
|
|
|
Adjusted EBITDA |
10.9 |
|
6.4 |
|
11.4 |
|
Revenue |
52.4 |
|
48.9 |
|
65.8 |
|
Adjusted EBITDA Margin Percentage |
20.8 % |
|
13.1 % |
|
17.3 % |
|
|
|
|
(1) |
Segment Adjusted EBITDA margin is defined as the quotient of Segment Adjusted EBITDA and total segment revenue. Segment Adjusted EBITDA is segment operating income (loss) excluding one-time costs (as defined above), non-cash compensation expense and non-cash asset impairment expense. |
|
KLX Energy Services Holdings, Inc. |
|||||
|
|
|||||
|
|
Three Months Ended |
||||
|
|
September |
|
|
|
September |
|
Consolidated net (loss) income |
$ (8.2) |
|
$ (8.0) |
|
$ 7.6 |
|
Bargain purchase gain |
— |
|
— |
|
0.1 |
|
Impairment and other charges |
— |
|
0.1 |
|
— |
|
One-time costs(1) |
1.8 |
|
1.4 |
|
0.5 |
|
Adjusted Net (Loss) Income |
$ (6.4) |
|
$ (6.5) |
|
$ 8.2 |
|
Diluted weighted average common shares |
16.2 |
|
16.2 |
|
16.1 |
|
Adjusted Diluted (Loss) Earnings per share(2) |
$ (0.40) |
|
$ (0.40) |
|
$ 0.51 |
|
|
|
|
* |
Previously announced quarterly numbers may not sum to the year-end total due to rounding. |
|
(1) |
The one-time costs during the third quarter of 2024 relate to professional services and other charges. |
|
(2) |
Adjusted Diluted (Loss) Earnings per share is defined as the quotient of Adjusted Net (Loss) Income and diluted weighted average common shares. |
|
KLX Energy Services Holdings, Inc. |
|||||
|
|
|||||
|
|
Three Months Ended |
||||
|
|
September |
|
|
|
September |
|
Net cash flow provided by operating activities |
$ 16.8 |
|
$ 22.2 |
|
$ 25.6 |
|
Capital expenditures |
(21.0) |
|
(15.3) |
|
(17.8) |
|
Proceeds from sale of property and equipment |
2.6 |
|
3.3 |
|
4.8 |
|
Levered Free Cash Flow |
(1.6) |
|
10.2 |
|
12.6 |
|
Add: Interest expense, net |
9.1 |
|
9.2 |
|
8.5 |
|
Unlevered Free Cash Flow |
$ 7.5 |
|
$ 19.4 |
|
$ 21.1 |
|
KLX Energy Services Holdings, Inc. |
|||||
|
|
|||||
|
|
As of |
||||
|
|
September |
|
|
|
December |
|
Current assets |
$ 254.8 |
|
$ 251.3 |
|
$ 290.3 |
|
Less: Cash |
82.7 |
|
86.9 |
|
112.5 |
|
Net current assets |
172.1 |
|
164.4 |
|
177.8 |
|
Current liabilities |
205.1 |
|
151.7 |
|
164.1 |
|
Less: Current portion of long-term debt |
50.0 |
|
— |
|
— |
|
Less: Accrued interest |
11.4 |
|
4.6 |
|
4.6 |
|
Less: Operating lease obligations |
6.7 |
|
7.0 |
|
6.9 |
|
Less: Finance lease obligations |
15.9 |
|
17.9 |
|
22.0 |
|
Net current liabilities |
121.1 |
|
122.2 |
|
130.6 |
|
|
$ 51.0 |
|
$ 42.2 |
|
$ 47.2 |
|
KLX Energy Services Holdings, Inc. |
|||||
|
|
|||||
|
|
As of |
||||
|
|
September |
|
|
|
December |
|
Total Debt |
$ 285.2 |
|
$ 284.9 |
|
$ 284.3 |
|
Cash |
82.7 |
|
86.9 |
|
112.5 |
|
Net Debt |
$ 202.5 |
|
$ 198.0 |
|
$ 171.8 |
|
|
|
|
(1) |
Net Debt is defined as total debt less cash and cash equivalents. |
|
KLX Energy Services Holdings, Inc. |
|||||
|
|
|||||
|
|
As of |
||||
|
|
September |
|
|
|
December |
|
Adjusted EBITDA |
$ 27.8 |
|
$ 27.0 |
|
$ 23.0 |
|
Multiply by four quarters |
4 |
|
4 |
|
4 |
|
Annualized Adjusted EBITDA |
111.2 |
|
108.0 |
|
92.0 |
|
Net Debt |
202.5 |
|
198.0 |
|
171.8 |
|
Net Leverage Ratio |
1.8 |
|
1.8 |
|
1.9 |
|
|
|
|
(1) |
Net Leverage Ratio is defined as Net Debt divided by Annualized Adjusted EBITDA. |
View original content:https://www.prnewswire.com/news-releases/klx-energy-services-holdings-inc-reports-third-quarter-2024-results-302293410.html
SOURCE
