HOUSTON, April 26, 2024 (BUSINESS WIRE) --
Oil States International, Inc. (NYSE: OIS):
Three Months Ended % Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------
(Unaudited, In Thousands, Except Per Share Amounts) March 31, December 31, March 31, Sequential Year-over-Year
2024 2023 2023
----------------------------------------------- ----------------------------------------------- ------------------------------ ------------------------------ ------------------------------
Consolidated results:
$ 167,262 $ 208,266 $ 196,199 (20 )% (15 )%
Revenues
$ (11,177 ) $ 7,830 $ 5,875 n.m. n.m.
Operating income (loss)(2)(3)
$ (13,374 ) $ 5,963 $ 2,158 n.m. n.m.
Net income (loss)
$ (1,873 ) $ 7,071 $ 2,158 n.m. n.m.
Net income (loss), excluding charges(1)
$ 15,455 $ 23,978 $ 21,407 (36 )% (28 )%
Adjusted EBITDA(1)
Revenues by segment(2):
$ 86,857 $ 126,489 $ 80,505 (31 )% 8 %
Offshore Manufactured Products
47,292 51,208 67,058 (8 )% (29 )%
Well Site Services
33,113 30,569 48,636 8 % (32 )%
Downhole Technologies
Revenues by destination:
$ 67,082 $ 72,381 $ 100,537 (7 )% (33 )%
U.S. land
100,180 135,885 95,662 (26 )% 5 %
Offshore and international
Operating income (loss) by segment(2)(3):
$ 10,603 $ 24,167 $ 7,698 (56 )% 38 %
Offshore Manufactured Products
(419 ) (1,102 ) 6,966 62 % n.m.
Well Site Services
(12,079 ) (5,726 ) 1,873 (111 )% n.m.
Downhole Technologies
Adjusted Segment EBITDA(1)(2):
$ 15,800 $ 28,838 $ 11,938 (45 )% 32 %
Offshore Manufactured Products
6,593 5,903 13,223 12 % (50 )%
Well Site Services
___________________
(1)
These are non-GAAP measures. See "Reconciliations of GAAP to Non-GAAP Financial Information" tables below for reconciliations to their most comparable GAAP measures as well as further clarification and explanation.
(2)
In first quarter 2024, certain short-cycle, consumable product operations historically reported within the Offshore Manufactured Products segment were integrated into the Downhole Technologies segment. Historical segment financial data, backlog and other information were conformed with the first quarter 2024 revised segment presentation. See "2023 Recast Segment Data" tables below for revised 2023 quarterly and full-year information.
Oil States International, Inc. reported net loss of $13.4 million, or $0.21 per share, and Adjusted EBITDA of $15.5 million for the first quarter of 2024 on revenues of $167.3 million. Reported first quarter 2024 net loss included a non-cash goodwill impairment charge of $10.0 million ($9.5 million after-tax, or $0.15 per share) and facility consolidation and other charges of $2.5 million ($2.0 million after-tax, or $0.03 per share). These results compare to revenues of $208.3 million, net income of $6.0 million, or $0.09 per share, and Adjusted EBITDA of $24.0 million reported in the fourth quarter of 2023, which included facility consolidation and other charges of $1.4 million ($1.1 million after-tax, or $0.02 per share).
Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,
"Our first quarter consolidated revenues and Adjusted EBITDA decreased sequentially due primarily to the impacts of seasonality and timing of revenue recognition for our percentage-of-completion projects in our Offshore Manufactured Products segment, where revenues increased year-over-year but declined sequentially. Certain orders moved out of the quarter, resulting in segment backlog of $305 million as of March 31, and a quarterly book-to-bill ratio of 0.8x.
"Our Completion Services and Downhole Technologies businesses have begun to recover from the fourth quarter 2023 activity slow-down that the industry experienced, but progress in this recovery during the first quarter was slow. Cost control and other reduction measures are being implemented in the areas where we are experiencing lower levels of activity, particularly the gas basins, as we do not expect much recovery over the next couple of quarters.
"Our investments in technology and innovation were again highlighted by the Offshore Technology Conference, with the announcement that we are the recipient of two 2024 Spotlight on New Technology Awards for our Swift(TM) Ultra-Deepwater Connector and our ACTIVEHub(TM) platform with ACTIVELatch(TM).
"We remain encouraged by the continued expansion in offshore activity globally coupled with enhanced competitive positioning in each of our business segments through our recent new technology introductions. Benefits of our expanded technology offering are expected to extend well beyond the next couple of years."
Business Segment Results
In first quarter 2024, certain short-cycle, consumable product operations historically reported within the Offshore Manufactured Products segment (legacy frac plugs and elastomer products) were integrated into our Downhole Technologies segment to better align with the underlying activity demand drivers and current segment management structure, as well as provide for additional operational synergies. Historical segment financial data (GAAP and non-GAAP), backlog and other information were conformed with the first quarter 2024 revised segment presentation.
(See Segment Data, Adjusted Segment EBITDA, 2023 Recast Segment Data and 2023 Adjusted Segment EBITDA tables below)
Offshore Manufactured Products
Offshore Manufactured Products reported revenues of $86.9 million, operating income of $10.6 million and Adjusted Segment EBITDA of $15.8 million in the first quarter of 2024, compared to revenues of $126.5 million, operating income of $24.2 million and Adjusted Segment EBITDA of $28.8 million reported in the fourth quarter of 2023. During the first quarter of 2024 and the fourth quarter of 2023, the segment recorded charges of $1.5 million and $0.8 million, respectively, associated with the consolidation of certain manufacturing and service locations. Adjusted Segment EBITDA margin in the first quarter of 2024 was 18%.
Backlog totaled $305 million as of March 31, 2024, a decrease of $22 million, or 7%, from December 31, 2023 due to the timing of bookings, which totaled $66 million, yielding a quarterly book-to-bill ratio of 0.8x.
Well Site Services
Well Site Services reported revenues of $47.3 million, an operating loss of $0.4 million and Adjusted Segment EBITDA of $6.6 million in the first quarter of 2024, compared to revenues of $51.2 million, an operating loss of $1.1 million and Adjusted Segment EBITDA of $5.9 million reported in the fourth quarter of 2023. During the first quarter of 2024 and the fourth quarter of 2023, the segment recorded costs of $0.4 million and $0.6 million, respectively, associated with the defense of certain patents related to its proprietary technologies. Additionally, the segment recognized $0.7 million in costs associated with the consolidation and exit of three facilities during the first quarter of 2024. Adjusted Segment EBITDA margin was 14% in the first quarter of 2024, compared to 12% in the fourth quarter of 2023.
Downhole Technologies
Downhole Technologies reported revenues of $33.1 million, an operating loss of $12.1 million and Adjusted Segment EBITDA of $2.2 million in the first quarter of 2024, compared to revenues of $30.6 million, an operating loss of $5.7 million and an Adjusted Segment EBITDA loss of $1.4 million reported in the fourth quarter of 2023. Reported results in the first quarter of 2024 included a non-cash goodwill impairment charge of $10.0 million, recorded in connection with the first quarter 2024 segment realignment discussed above. Included in the fourth quarter of 2023 results were provisions for excess and obsolete inventory totaling $1.3 million.
Corporate
Corporate operating expenses in the first quarter of 2024 totaled $9.3 million.
Interest Expense, Net
Net interest expense totaled $2.1 million in the first quarter of 2024, which included $0.5 million of non-cash amortization of deferred debt issuance costs.
Income Taxes
During the first quarter of 2024, the Company recognized tax expense of $24 thousand on a pre-tax loss of $13.4 million, which included a $7.7 million non-deductible goodwill impairment charge as well as other non-deductible expenses. The Company recognized tax expense of $0.2 million on pre-tax income of $6.2 million in the fourth quarter of 2023.
Cash Flows
During the first quarter of 2024, cash flows used in operations totaled $11.4 million and capital expenditures totaled $10.1 million ($7.8 million net of proceeds from sales of equipment) primarily due to the purchase of land for the new Batam, Indonesia manufacturing facility.
Financial Condition
Cash on-hand totaled $24.1 million at March 31, 2024. No borrowings were outstanding under the Company's asset-based revolving credit facility (the "ABL Facility") at March 31, 2024. The Company amended its ABL Facility during the quarter to extend the maturity date to February 16, 2028.
Industry Awards
2024 Spotlight on New Technology(TM) Awards from the Offshore Technology Conference
Ultra-Deepwater Connector
Oil States' Swift(TM) Ultra-Deepwater Connector offers oil and gas operators a unique integrally machined anti-rotation mechanism that allows for hands-free makeup and is designed to prevent connector breakout in extreme and fatigue-sensitive ultra-deepwater conditions. This metal-sealing casing/conductor connector features integral ratchet anti-rotation as a standard component with no loose parts such as the tabs, keys and screws common on traditional anti-rotational connectors. The advanced ratchet anti-rotation mechanism allows hands-free running of the connector eliminating personnel in the red zone, reducing safety risks associated with dropped objects and personnel hazards related to the make-up of traditional large diameter conductor connectors.
Remote Wellsite Monitoring and Control Solutions
Oil States recently introduced its ACTIVEHub(TM) platform with ACTIVELatch(TM) technology to address operators' needs for remotely monitoring and controlling their frac locations to provide an efficient, safer and more environmentally friendly wellsite. The ACTIVEHub platform is a communication and control center that is designed to provide real-time information and control across the entire wellsite. ACTIVELatch is a key component of the ACTIVEHub system, and is the industry's first, battery-operated "wireless latch." Our ACTIVELatch is a 5 1/8-in. 15,000 psi, remotely operated wellhead connection that is designed to allow an operator to make and break the wireline connection to the well wirelessly via the ACTIVEHub communication and control system without bulky cables or hydraulics. The component's wireless capability removes personnel from the red zone for greater wellsite safety.
Conference Call Information
The call is scheduled for April 26, 2024 at 9:00 a.m. Central Daylight Time, is being webcast and can be accessed from the Company's website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (888) 210-3346 in the United States or by dialing +1 (646) 960-0253 internationally and using the passcode 7534957. A replay of the conference call will be available approximately two hours after the completion of the call and can be accessed from the Company's website at www.ir.oilstatesintl.com.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol "OIS".
For more information on the Company, please visit Oil States International's website at www.oilstatesintl.com.
Cautionary Language Concerning Forward Looking Statements
The foregoing 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. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries ("OPEC") and other producing nations with respect to crude oil production levels and pricing, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
2024 2023 2023
----------------------------------------------------- ------------------------------------------------------ ------------------------------------------------------
Revenues:
$ 94,329 $ 123,444 $ 99,840
Products
72,933 84,822 96,359
Services
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
167,262 208,266 196,199
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Costs and expenses:
75,137 97,291 78,677
Product costs
56,814 66,405 72,058
Service costs
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
131,951 163,696 150,735
Cost of revenues (exclusive of depreciation and amortization expense presented below)
22,496 22,400 24,016
Selling, general and administrative expense(1)
14,195 14,569 15,256
Depreciation and amortization expense
10,000 -- --
Impairment of goodwill
(203 ) (229 ) 317
Other operating (income) expense, net(2)
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
178,439 200,436 190,324
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Operating income (loss) (11,177 ) 7,830 5,875
Interest expense, net (2,101 ) (1,811 ) (2,391 )
Other income (expense), net (72 ) 177 276
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Income (loss) before income taxes (13,350 ) 6,196 3,760
Income tax provision (24 ) (233 ) (1,602 )
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Net income (loss) $ (13,374 ) $ 5,963 $ 2,158
==================== ============= ==================== ==================== ============== ==================== ==================== ============== ====================
Net income (loss) per share:
$ (0.21 ) $ 0.09 $ 0.03
Basic
(0.21 ) 0.09 0.03
Diluted
Weighted average number of common shares outstanding:
62,503 62,483 62,825
Basic
________________
(1)
Selling, general and administrative expense for the three months ended March 31, 2024 and December 31, 2023 included $0.4 million and $0.6 million, respectively, of costs associated with the defense of certain Well Site Services segment patents related to proprietary technologies.
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
March 31, 2024 December 31, 2023
------------------------------------------------- -------------------------------------------------
(Unaudited)
ASSETS
Current assets:
$ 24,059 $ 47,111
Cash and cash equivalents
200,765 203,211
Accounts receivable, net
210,189 202,027
Inventories, net
35,169 35,648
Prepaid expenses and other current assets
-------------------- --------- -------------------- -------------------- --------- --------------------
470,182 487,997
Total current assets
Property, plant, and equipment, net 278,083 280,389
Operating lease assets, net 24,826 21,970
Goodwill, net 69,774 79,867
Other intangible assets, net 148,734 153,010
Other noncurrent assets 24,216 23,253
-------------------- --------- -------------------- -------------------- --------- --------------------
$ 1,015,815 $ 1,046,486
Total assets
==================== ========= ==================== ==================== ========= ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
$ 620 $ 627
Current portion of long-term debt
57,062 67,546
Accounts payable
34,821 44,227
Accrued liabilities
6,654 6,880
Current operating lease liabilities
1,179 1,233
Income taxes payable
41,528 36,757
Deferred revenue
-------------------- --------- -------------------- -------------------- --------- --------------------
141,864 157,270
Total current liabilities
135,572 135,502
Long-term debt
21,147 18,346
Long-term operating lease liabilities
6,518 7,717
Deferred income taxes
18,396 18,106
Other noncurrent liabilities
-------------------- --------- -------------------- -------------------- --------- --------------------
323,497 336,941
Total liabilities
Stockholders' equity:
785 772
Common stock
1,130,979 1,129,240
Additional paid-in capital
271,544 284,918
Retained earnings
(73,011 ) (69,984 )
Accumulated other comprehensive loss
(637,979 ) (635,401 )
Treasury stock
-------------------- --------- -------------------- -------------------- --------- --------------------
692,318 709,545
Total stockholders' equity
-------------------- --------- -------------------- -------------------- --------- --------------------
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from operating activities:
$ (13,374 ) $ 2,158
Net income (loss)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
14,195 15,256
Depreciation and amortization expense
10,000 --
Impairment of goodwill
1,752 1,589
Stock-based compensation expense
513 449
Amortization of deferred financing costs
(1,122 ) 396
Deferred income tax provision (benefit)
(1,245 ) (210 )
Gains on disposals of assets
(300 ) 17
Other, net
Changes in operating assets and liabilities:
1,579 (745 )
Accounts receivable
(8,909 ) (12,802 )
Inventories
(19,355 ) (18,329 )
Accounts payable and accrued liabilities
4,771 4,179
Deferred revenue
135 2,124
Other operating assets and liabilities, net
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(11,360 ) (5,918 )
Net cash flows used in operating activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from investing activities:
(10,092 ) (6,568 )
Capital expenditures
2,295 223
Proceeds from disposition of equipment
(31 ) (48 )
Other, net
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(7,828 ) (6,393 )
Net cash flows used in investing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from financing activities:
1,894 27,865
Revolving credit facility borrowings
(1,894 ) (22,865 )
Revolving credit facility repayments
-- (17,315 )
Repayment of 1.50% convertible senior notes
(154 ) (106 )
Other debt and finance lease repayments
(954 ) (21 )
Payment of financing costs
(2,578 ) (1,936 )
Shares added to treasury stock as a result of net share settlements
due to vesting of stock awards
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(3,686 ) (14,378 )
Net cash flows used in financing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Effect of exchange rate changes on cash and cash equivalents (178 ) 478
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Net change in cash and cash equivalents (23,052 ) (26,211 )
Cash and cash equivalents, beginning of period 47,111 42,018
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash and cash equivalents, end of period $ 24,059 $ 15,807
==================== ============== ==================== ==================== ============== ====================
Cash paid (received) for:
$ 306 $ 485
Interest
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
SEGMENT DATA
(In Thousands)
(Unaudited)
Three Months Ended
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
2024 2023 2023
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Revenues(1):
Offshore Manufactured Products
Project-driven:
$ 53,137 $ 82,839 $ 48,617
Products
25,233 32,875 24,630
Services
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
78,370 115,714 73,247
8,487 10,775 7,258
Military and other products
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
86,857 126,489 80,505
Total Offshore Manufactured Products
47,292 51,208 67,058
Well Site Services
33,113 30,569 48,636
Downhole Technologies
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Total revenues $ 167,262 $ 208,266 $ 196,199
==================== ======= ==================== ==================== ======= ==================== ==================== ======= ====================
Operating income (loss)(1):
$ 10,603 $ 24,167 $ 7,698
Offshore Manufactured Products(2)
(419 ) (1,102 ) 6,966
Well Site Services(3)
(12,079 ) (5,726 ) 1,873
Downhole Technologies(4)
(9,282 ) (9,509 ) (10,662 )
Corporate
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
________________
(1)
In the first quarter 2024, certain short-cycle, consumable product operations historically reported within the Offshore Manufactured Products segment were integrated into the Downhole Technologies segment. Historical segment financial results were conformed with the first quarter 2024 revised segment presentation.
(2)
Operating income for the three months ended March 31, 2024 and December 31, 2023 included facility consolidation charges of $1.5 million and $0.8 million, respectively, associated with the Offshore Manufactured Products segment's ongoing consolidation and relocation of certain manufacturing and service locations.
(3)
Operating loss for the three months ended March 31, 2024 and December 31, 2023 included $0.4 million and $0.6 million, respectively, of costs associated with the defense of certain Well Site Services segment patents related to proprietary technologies. Additionally, during the three months ended March 31, 2024 the segment incurred $0.7 million in costs associated with consolidation and exit of three facilities.
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA (A)
(In Thousands)
(Unaudited)
Three Months Ended
-----------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
2024 2023 2023
----------------------------------------------- ---------------------------------- ----------------------------------
Net income (loss) $ (13,374 ) $ 5,963 $ 2,158
2,101 1,811 2,391
Interest expense, net
24 233 1,602
Income tax provision
14,195 14,569 15,256
Depreciation and amortization expense
10,000 -- --
Impairment of goodwill
2,509 1,402 --
Facility consolidation and other charges
-------------------- ------- -------------------- -------------------- -------------- -------------------- --------------
________________
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT EBITDA (B)
(In Thousands)
(Unaudited)
Three Months Ended
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
2024 2023 2023
----------------------------------------------- ------------------------------------------------------ ------------------------------------------------------
Offshore Manufactured Products:
$ 10,603 $ 24,167 $ 7,698
Operating income
41 44 165
Other income, net
3,693 3,802 4,075
Depreciation and amortization expense
1,463 825 --
Facility consolidation and other charges
-------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted Segment EBITDA $ 15,800 $ 28,838 $ 11,938
==================== ======= ==================== ==================== ============== ==================== ==================== ============== ====================
Well Site Services:
$ (419 ) $ (1,102 ) $ 6,966
Operating income (loss)
(113 ) 133 111
Other income (expense), net
6,079 6,295 6,146
Depreciation and amortization expense
1,046 577 --
Facility consolidation and other charges
-------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted Segment EBITDA $ 6,593 $ 5,903 $ 13,223
==================== ======= ==================== ==================== ============== ==================== ==================== ============== ====================
Downhole Technologies:
$ (12,079 ) $ (5,726 ) $ 1,873
Operating income (loss)
4,270 4,306 4,868
Depreciation and amortization expense
10,000 -- --
Impairment of goodwill
-------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted Segment EBITDA $ 2,191 $ (1,420 ) $ 6,741
==================== ======= ==================== ==================== ============== ==================== ==================== ============== ====================
Corporate:
$ (9,282 ) $ (9,509 ) $ (10,662 )
Operating loss
153 166 167
Depreciation and amortization expense
-------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
________________
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
NET INCOME (LOSS), EXCLUDING CHARGES (C) AND
DILUTED EARNINGS (LOSS) PER SHARE, EXCLUDING CHARGES (D)
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
2024 2023 2023
----------------------------------------------------- ------------------------------------------------------ ----------------------------------
Net income (loss) $ (13,374 ) $ 5,963 $ 2,158
10,000 -- --
Impairment of goodwill
2,509 1,402 --
Facility consolidation and other charges
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------
12,509 1,402 --
Total adjustments, before taxes
(1,008 ) (294 ) --
Tax benefit
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------
11,501 1,108 --
Total adjustments, net of taxes
-------------------- ------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------
Net income (loss), excluding charges $ (1,873 ) $ 7,071 $ 2,158
==================== ============= ==================== ==================== ============== ==================== ==================== ==============
Weighted average number of common shares outstanding:
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