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National Energy Services Reunited Corp. Reports Third Quarter 2020 Financial Results

·23-min read


Houston, 10/28/2020 / 05:00, EST/EDT - EQS Newswire - National Energy Services Reunited Corp. (Nasdaq)


HOUSTON, TX / ACCESSWIRE / October 28, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today reported its financial results for the quarter ended September 30, 2020. The Company posted the following results for the periods presented:

*The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, 4, 5 and 6 below for reconciliations of GAAP to non-GAAP financial measures.

Sherif Foda, Chairman of the Board and CEO of NESR, said, "We are incredibly blessed to have such talented employees who always manage to beat all records and continue to grow and deliver in contrast to the market despite the existence of a worldwide pandemic. We maintained our usual close contacts with our customers in the region and managed to achieve new milestones in several initiatives and contracts. We are honored to have our clients' trust and are very pleased to further consolidate our presence in the Sultanate of Oman, one of our key foundational countries, recognizing our full alignment with our primary customer enabling us to amplify our investment and long term goals. This is NESR's ESG strategy in action, reflecting clear commitment and social contributions to the countries where we operate."

Mr. Foda continued, "We concluded our acquisition of Sahara Petroleum Services Company S.A.E. (SAPESCO) during the quarter and managed to close the immediate transaction payments entirely with available cash from operations. We are already capitalizing on their qualifications in several countries and will be announcing further contract awards in the coming quarters."

Net Income Results

Net income for the third quarter of 2020 is $11.7 million. Net income for the third quarter of 2020, second quarter of 2020, and third quarter of 2019, includes amortization expenses of approximately $4.0 million, $3.9 million, and $4.0 million, respectively, associated with intangible assets acquired primarily in the 2018 acquisitions of our two initial operating subsidiaries, NPS Holdings Limited and Gulf Energy S.A.O.C. (together, the "subsidiaries"). Adjusted net income for the third quarter of 2020 is $14.2 million and includes adjustments totaling $2.5 million (collectively, "Total Charges and Credits") mainly related to nonrecurring transaction and integration costs associated with the acquisition of SAPESCO in Egypt. A complete list of the adjusting items and the associated reconciliation from GAAP has been provided in Table 1 below in the section entitled "Reconciliation of Net Income and Adjusted Net Income."

The Company reported $0.13 of diluted earnings per share ("EPS") for the third quarter of 2020. Adjusted for the impact of Total Charges and Credits, Adjusted Diluted EPS, a non-GAAP measure described in Table 1 below, for the third quarter of 2020 is $0.16.

Adjusted EBITDA Results

The Company produced Adjusted EBITDA of $55.8 million during the third quarter of 2020, growing 17% as compared to $47.7 million in the third quarter of 2019, and improving 8% as compared to $51.8 million in the second quarter of 2020. Third quarter 2020 Adjusted EBITDA includes adjustments for certain Total Charges and Credits (those not related to interest, taxes, and/or depreciation and amortization) of $2.5 million. The Company posted the following results for the periods presented.

Production Services Segment Results

The Production Services segment contributed $148.3 million to consolidated revenue for the third quarter of 2020, an improvement of 53% from $97.2 million in the third quarter of 2019 and 7% from $139.0 million in the second quarter of 2020. Segment Adjusted EBITDA, a non-GAAP measure, increased to $42.9 million from $40.5 million in the second quarter of 2020 and $34.2 million in the third quarter of 2019, an improvement of 6% and 25%, respectively. The Production Services segment posted the following results for the periods presented.

Drilling and Evaluation Services Segment Results

The Drilling and Evaluation ("D&E") Services segment contributed $70.1 million to consolidated revenue for the third quarter of 2020, growing 9% as compared to both the sequential quarter and prior year quarter. Segment Adjusted EBITDA, a non-GAAP measure, totaled $16.5 million in the third quarter of 2020, growing 4% as compared to $15.8 million in the second quarter of 2020 and 1% as compared to $16.3 million in the third quarter of 2019.

The D&E Services segment posted the following results for the periods presented.

Offsetting both the Production Services segment and D&E Services segment results were certain corporate costs, which are not allocated to segment operations.

Balance Sheet

Cash and cash equivalents are $50.5 million as of September 30, 2020, compared to $73.2 million as of December 31, 2019.

Total debt as of September 30, 2020 is $399.9 million with $80.1 million of such debt classified as short-term. Working capital totaled $154.9 million as of September 30, 2020. Free cash flow, a non-GAAP measure, for the third quarter of 2020 is $8.7 million, improving by $21.2 million as compared to the third quarter of 2019. Net Debt, which is the sum of our recorded Current installments of long-term debt, Short-term borrowings, and Long-term debt less Cash and cash equivalents, totaled $349.4 million as of September 30, 2020 as compared to $342.3 million as of June 30, 2020 and $330.6 million as of September 30, 2019. Net Debt has increased quarter-over-quarter and year-over-year to fund the SAPESCO acquisition and working capital growth. A reconciliation of the comparable GAAP measures to Net Debt is provided in Table 6 below, entitled "Reconciliation to Net Debt."

Conference Call Information

NESR will host a conference call on Wednesday, October 28, 2020, to discuss third quarter financial results. The call will begin at 8:00 AM Eastern Time.

Investors, analysts and members of the media interested in listening to the conference call are encouraged to participate by dialing in to the U.S. toll-free line at 1-877-407-0312 or the international line at 1-201-389-0899. A live, listen-only webcast will also be available under the "Investors" section of the Company's website at www.nesr.com. A replay of the conference call will be available after the event under the "Investors" section of the Company's website.

About National Energy Services Reunited Corp.

Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees and representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.

Forward-Looking Statements

This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact, including statements regarding the impact of the COVID-19 pandemic and the Company's response to COVID-19, may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, completion and integration of acquisitions, including the SAPESCO acquisition, and the assumptions underlying or relating to any such statement.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, particularly during extended periods of low oil and gas prices, political disturbances, war, terrorist acts, public health crises and threats, including risks from the coronavirus COVID-19 outbreak, ongoing actions taken by businesses and governments and resulting significant disruption in international economies, international financial and oil markets; international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").

You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.

The preliminary financial results for the Company's third quarter ended September 30, 2020 included in this press release represent the most current information available to management. The Company's actual results when disclosed in its Periodic Report on Form 6-K for the quarter ended September 30, 2020 may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's review procedures, and other developments that may arise between now and the disclosure of the final results.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In US$ thousands, except share data)

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In US$ thousands, except share data and per share amounts)

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In US$ thousands)

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)

(In US$ thousands except per share amounts)

The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income and diluted earnings per share ("EPS") adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income" and "Adjusted Diluted EPS," respectively), as well as a reconciliation of these non-GAAP measures to operating income, net income, and diluted EPS, respectively, in accordance with GAAP. The Company also discusses the non-GAAP balance sheet measure of the sum of our recorded current installments of long-term debt, short-term borrowings, and long-term debt less cash and cash equivalents ("Net Debt") in this release and provides a reconciliation to the GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt to Net Debt.

The Company believes that the presentation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Similarly, Net Debt is used by management as a liquidity measure used to illustrate the Company's debt level absent variability in cash and cash equivalents, and the Company believes that the presentation of Net Debt provides useful information to investors in assessing its financial leverage. Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered as an alternative to operating income, net income, or diluted EPS, respectively, the most directly comparable GAAP financial measures. Net Debt also should not be considered as an alternative to GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt. Finally, Free Cash Flow is used by management as a liquidity measure to illustrate the Company's ability to produce cash that is available to be distributed in a discretionary manner, after excluding investments in capital assets. Free Cash Flow should not be considered as an alternative to Net cash provided by (used in) operations or Net cash provided by (used in) investing activities, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP.

Information regularly reviewed by the chief operating decision maker for evaluating the financial performance of operating segments is focused on the timing of when the services are performed during a well's lifecycle. Production Services are services performed during the production stage of a well's lifecycle. Drilling and Evaluation Services are services performed during the pre-production stages of a well's lifecycle. The Company believes that the presentation of Segment EBITDA provides useful information to investors in assessing its financial performance and results of operations.

Table 1 - Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS

Table 2 - Reconciliation of Net Income to Adjusted EBITDA

Table 3 - Reconciliation of Segment EBITDA to Adjusted EBITDA

Table 4 - Reconciliation of Segment EBITDA to Segment Operating Income

Table 5 - Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow

Table 6 - Reconciliation to Net Debt

For inquiries regarding NESR, please contact:

Christopher L. Boone
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp via EQS Newswire



10/28/2020 EQS Newswire / EQS Group AG


 

 

Three Months Ended

 

 

Variance

 

(in thousands except per share amounts and percentages)

 

September 30,

2020

 

 

June 30, 2020

 

 

September 30,

2019

 

 

Sequential

 

 

Year-over- year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

218,423

 

 

203,249

 

 

161,606

 

 

 

7

%

 

 

35

%

Net income

 

 

11,666

 

 

 

10,536

 

 

 

11,110

 

 

 

11

%

 

 

5

%

Adjusted net income (non-GAAP)*

 

 

14,165

 

 

 

12,342

 

 

 

16,195

 

 

 

15

%

 

 

(13

)%

Adjusted EBITDA (non-GAAP)*

 

 

55,803

 

 

 

51,841

 

 

 

47,708

 

 

 

8

%

 

 

17

%

Diluted EPS

 

 

0.13

 

 

 

0.12

 

 

 

0.13

 

 

 

8

%

 

 

-

%

Adjusted Diluted EPS (non-GAAP)*

 

 

0.16

 

 

 

0.14

 

 

 

0.19

 

 

 

14

%

 

 

(16

)%

Free cash flow (non-GAAP)*

 

 

8,668

 

 

 

15,531

 

 

 

(12,530

)

 

 

(6,863

)

 

 

21,198

 

(in thousands)

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

Revenue

 

218,423

 

 

203,249

 

 

161,606

 

Adjusted EBITDA

 

55,803

 

 

51,841

 

 

47,708

 

 

(in thousands)

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

Revenue

 

148,292

 

 

139,034

 

 

97,160

 

Operating income

 

21,425

 

 

20,217

 

 

20,447

 

Adjusted EBITDA

 

42,891

 

 

40,477

 

 

34,218

 

(in thousands)

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

Revenue

 

70,131

 

 

64,215

 

 

64,446

 

Operating income

 

7,377

 

 

8,334

 

 

9,183

 

Adjusted EBITDA

 

16,492

 

 

15,847

 

 

16,299

 

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

50,487

 

 

73,201

 

Accounts receivable, net

 

 

128,719

 

 

 

98,799

 

Unbilled revenue

 

 

155,935

 

 

 

76,347

 

Service inventories, net

 

 

94,415

 

 

 

78,841

 

Prepaid assets

 

 

8,267

 

 

 

9,590

 

Retention withholdings

 

 

27,089

 

 

 

40,970

 

Other receivables

 

 

19,381

 

 

 

14,019

 

Other current assets

 

 

5,522

 

 

 

11,442

 

Total current assets

 

 

489,815

 

 

 

403,209

 

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

458,505

 

 

 

419,307

 

Intangible assets, net

 

 

115,198

 

 

 

122,714

 

Goodwill

 

 

596,857

 

 

 

574,764

 

Other assets

 

 

3,069

 

 

 

2,370

 

Total assets

 

1,663,444

 

 

1,522,364

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

147,268

 

 

65,704

 

Accrued expenses

 

 

51,591

 

 

 

69,137

 

Current installments of long-term debt

 

 

43,750

 

 

 

15,000

 

Short-term borrowings

 

 

36,392

 

 

 

37,963

 

Income taxes payable

 

 

6,809

 

 

 

7,542

 

Other taxes payable

 

 

11,466

 

 

 

7,189

 

Other current liabilities

 

 

37,685

 

 

 

25,601

 

Total current liabilities

 

 

334,961

 

 

 

228,136

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

319,738

 

 

 

330,564

 

Deferred tax liabilities

 

 

23,691

 

 

 

26,217

 

Employee benefit liabilities

 

 

19,438

 

 

 

16,745

 

Other liabilities

 

 

39,645

 

 

 

34,230

 

Total liabilities

 

 

737,473

 

 

 

635,892

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

-

 

 

 

-

 

Common stock, no par value; unlimited shares authorized; 87,777,553 and 87,187,289 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

801,545

 

 

 

801,545

 

Additional paid in capital

 

 

23,076

 

 

 

17,237

 

Retained earnings

 

 

101,230

 

 

 

67,661

 

Accumulated other comprehensive income

 

 

64

 

 

 

29

 

Total shareholders' equity

 

 

925,915

 

 

 

886,472

 

Non-controlling interests

 

 

56

 

 

 

-

 

Total equity

 

 

925,971

 

 

 

886,472

 

Total liabilities and equity

 

1,663,444

 

 

1,522,364

 

 

 

 

Quarter ended

 

 

Year-to-date period ended

 

Description

 

September 30,
2020

 

 

September 30,
2019

 

 

September 30,
2020

 

 

September 30,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

218,423

 

 

161,606

 

 

620,971

 

 

473,209

 

Cost of services

 

 

(177,953

)

 

 

(121,326

)

 

 

(500,566

)

 

 

(352,716

)

Gross profit

 

 

40,470

 

 

 

40,280

 

 

 

120,405

 

 

 

120,493

 

Selling, general and administrative expenses

 

 

(17,449

)

 

 

(16,485

)

 

 

(53,190

)

 

 

(46,592

)

Amortization

 

 

(4,034

)

 

 

(4,033

)

 

 

(11,855

)

 

 

(12,036

)

Operating income

 

 

18,987

 

 

 

19,762

 

 

 

55,360

 

 

 

61,865

 

Interest expense, net

 

 

(3,793

)

 

 

(5,011

)

 

 

(12,468

)

 

 

(14,691

)

Other income / (expense), net

 

 

37

 

 

 

(130

)

 

 

(383

)

 

 

(629

)

Income before income tax

 

 

15,231

 

 

 

14,621

 

 

 

42,509

 

 

 

46,545

 

Income tax expense

 

 

(3,565

)

 

 

(3,511

)

 

 

(8,940

)

 

 

(10,905

)

Net income

 

 

11,666

 

 

 

11,110

 

 

 

33,569

 

 

 

35,640

 

Net income / (loss) attributable to non-controlling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income attributable to shareholders

 

11,666

 

 

11,110

 

 

33,569

 

 

35,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

89,876,456

 

 

 

87,024,655

 

 

 

88,452,027

 

 

 

86,938,883

 

Diluted

 

 

89,876,456

 

 

 

87,024,655

 

 

 

88,452,027

 

 

 

86,938,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

0.13

 

 

0.13

 

 

0.38

 

 

0.40

 

Diluted

 

0.13

 

 

0.13

 

 

0.38

 

 

0.40

 

 

 

 

Year-to-date
period ended
September 30, 2020

 

 

Year-to-date
period ended
September 30, 2019

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

33,569

 

 

35,640

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

91,783

 

 

 

59,728

 

Share-based compensation expense

 

 

5,842

 

 

 

4,057

 

Loss (Gain) on disposal of assets

 

 

688

 

 

 

(399

)

Non-cash interest expense

 

 

(118

)

 

 

1,361

 

Deferred tax expense (benefit)

 

 

(2,526

)

 

 

(1,733

)

Allowance for (reversal of) doubtful receivables

 

 

(97

)

 

 

920

 

Provision for obsolete service inventories

 

 

821

 

 

 

932

 

Other operating activities, net

 

 

(184

)

 

 

(100

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) in accounts receivable

 

 

(13,223

)

 

 

(46,523

)

(Increase) in inventories

 

 

(10,755

)

 

 

(15,123

)

Decrease (increase) in prepaid assets

 

 

2,002

 

 

 

(3,825

)

(Increase) in other current assets

 

 

(57,400

)

 

 

(5,537

)

(Increase) decrease in other long-term assets and liabilities

 

 

(4,025

)

 

 

5,403

 

Increase in accounts payable and accrued expenses

 

 

40,970

 

 

 

23,971

 

(Decrease) in other current liabilities

 

 

(1,293

)

 

 

(13,482

)

Net cash provided by operating activities

 

 

86,054

 

 

 

45,290

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(75,448

)

 

 

(90,164

)

Proceeds from disposal of assets

 

 

1,490

 

 

 

1,125

 

Acquisition of business, net of cash acquired (Note 5)

 

 

(11,260

)

 

 

-

 

Other investing activities

 

 

(628

)

 

 

(932

)

Net cash used in investing activities

 

 

(85,846)

 

 

 

(89,971)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 

15,000

 

 

 

365,000

 

Repayments of long-term debt

 

 

(18,472

)

 

 

(285,048

)

Net change in overdraft facilities

 

 

-

 

 

 

(7,050

)

Proceeds from short-term borrowings

 

 

14,928

 

 

 

39,941

 

Repayments of short-term borrowings

 

 

(15,829

)

 

 

(44,250

)

Payments on capital leases

 

 

(15,679

)

 

 

-

 

Payments on seller-provided financing for capital expenditures

 

 

(2,905

)

 

 

-

 

Other financing activities, net

 

 

-

 

 

 

(5,703

)

Net cash (used in) provided by financing activities

 

 

(22,957)

 

 

 

62,890

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

35

 

 

 

(19

)

Net (decrease) increase in cash

 

 

(22,714)

 

 

 

18,190

 

Cash and cash equivalents, beginning of period

 

 

73,201

 

 

 

24,892

 

Cash and cash equivalents, end of period

 

50,487

 

 

43,082

 

 

 

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

 

 

Net

Income

 

 

Diluted

EPS

 

 

Net Income

 

 

Diluted

EPS

 

 

Net Income

 

 

Diluted

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

11,666

 

 

0.13

 

 

10,536

 

 

0.12

 

 

11,110

 

 

0.13

 

Add Charges and Credits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and other costs

 

 

2,499

 

 

 

0.03

 

 

 

1,806

 

 

 

0.02

 

 

 

5,085

 

 

 

0.06

 

Total Charges and Credits(1)

 

 

2,499

 

 

 

0.03

 

 

 

1,806

 

 

 

0.02

 

 

 

5,085

 

 

 

0.06

 

Total Adjusted

 

14,165

 

 

0.16

 

 

12,342

 

 

0.14

 

 

16,195

 

 

0.19

 

 

(1)

In the third quarter of 2020, Total Charges and Credits included $2.5 million mainly related to nonrecurring transaction and integration costs associated with the acquisition of SAPESCO in Egypt. In the second quarter of 2020, Total Charges and Credits included $1.8 million mainly related to nonrecurring transaction and integration costs associated with the acquisition of SAPESCO in Egypt. Similarly, in the third quarter of 2019, Total Charges and Credits included $5.1 million in costs related to integration and restructuring costs, exceptional interest charges, and other discrete provisions.

 

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

11,666

 

 

10,536

 

 

11,110

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

 

3,565

 

 

 

2,848

 

 

 

3,511

 

Interest Expense, net

 

 

3,793

 

 

 

4,165

 

 

 

5,011

 

Depreciation and Amortization

 

 

34,280

 

 

 

32,486

 

 

 

23,196

 

Charges and Credits impacting Adjusted EBITDA(2)

 

 

2,499

 

 

 

1,806

 

 

 

4,880

 

Total Adjusted EBITDA

 

55,803

 

 

51,841

 

 

47,708

 

 

(2)

Charges and Credits impacting Adjusted EBITDA are described in Table 1 above.

 

 

 

Quarter ended
September 30, 2020

 

 

Quarter ended
June 30, 2020

 

 

Quarter ended
September 30, 2019

 

 

 

EBITDA

 

 

Charges and Credits impacting Adjusted EBITDA

 

 

Adjusted EBITDA

 

 

EBITDA

 

 

Charges and Credits impacting Adjusted EBITDA

 

 

Adjusted EBITDA

 

 

EBITDA

 

 

Charges and Credits impacting Adjusted EBITDA

 

 

Adjusted EBITDA

 

Production Services

 

41,705

 

 

1,186

 

 

42,891

 

 

39,572

 

 

905

 

 

40,477

 

 

32,581

 

 

1,637

 

 

34,218

 

Drilling & Evaluation

 

 

15,538

 

 

 

954

 

 

 

16,492

 

 

 

15,631

 

 

 

216

 

 

 

15,847

 

 

 

15,239

 

 

 

1,060

 

 

 

16,299

 

Unallocated

 

 

(3,939

)

 

 

359

 

 

 

(3,580

)

 

 

(5,168

)

 

 

685

 

 

 

(4,483

)

 

 

(4,992

)

 

 

2,183

 

 

 

(2,809

)

Total

 

53,304

 

 

2,499

 

 

55,803

 

 

50,035

 

 

1,806

 

 

51,841

 

 

42,828

 

 

4,880

 

 

47,708

 

 

 

Quarter ended September 30, 2020

 

 

Quarter ended June 30, 2020

 

 

Quarter ended September 30, 2019

 

Production Services:

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

41,705

 

 

39,572

 

 

32,581

 

Depreciation and amort.

 

 

(20,222

)

 

 

(19,637

)

 

 

(12,322

)

Other (income)/expense, net

 

 

(58

)

 

 

282

 

 

 

188

 

Segment Operating Income

 

 

21,425

 

 

 

20,217

 

 

 

20,447

 

Drilling and Evaluation Services:

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

15,538

 

 

 

15,631

 

 

 

15,239

 

Depreciation and amort.

 

 

(8,153

)

 

 

(7,318

)

 

 

(5,980

)

Other (income)/expense, net

 

 

(8

)

 

 

21

 

 

 

(76

)

Segment Operating Income

 

 

7,377

 

 

 

8,334

 

 

 

9,183

 

Unallocated:

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

(3,939

)

 

 

(5,168

)

 

 

(4,992

)

Share-based compensation

 

 

(2,082

)

 

 

(2,125

)

 

 

(1,944

)

Depreciation and amort.

 

 

(3,823

)

 

 

(3,406

)

 

 

(2,950

)

Other (income)/expense, net

 

 

29

 

 

 

6

)

 

 

18

 

Unallocated Operating Income

 

 

(9,815

)

 

 

(10,693

)

 

 

(9,868

)

Total Operating Income

 

18,987

 

 

17,858

 

 

19,762

 

 

 

Quarter Ended

 

 

 

September 30, 2020

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

33,455

 

 

42,650

 

 

(21,118

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(24,787

)

 

 

(27,119

)

 

 

(33,648

)

Free cash flow

 

8,668

 

 

15,531

 

 

(12,530

)

 

 

September 30, 2020

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Current installments of long-term debt

 

43,750

 

 

46,372

 

 

7,500

 

Short-term borrowings

 

 

36,392

 

 

 

39,781

 

 

 

28,261

 

Long-term debt

 

 

319,738

 

 

 

335,457

 

 

 

337,885

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

50,487

 

 

 

79,317

 

 

 

43,082

 

Net Debt

 

349,393

 

 

342,293

 

 

330,564

 

 

 

Three Months Ended

 

 

Variance

 

(in thousands except per share amounts and percentages)

 

September 30,

2020

 

 

June 30, 2020

 

 

September 30,

2019

 

 

Sequential

 

 

Year-over- year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

218,423

 

 

203,249

 

 

161,606

 

 

 

7

%

 

 

35

%

Net income

 

 

11,666

 

 

 

10,536

 

 

 

11,110

 

 

 

11

%

 

 

5

%

Adjusted net income (non-GAAP)*

 

 

14,165

 

 

 

12,342

 

 

 

16,195

 

 

 

15

%

 

 

(13

)%

Adjusted EBITDA (non-GAAP)*

 

 

55,803

 

 

 

51,841

 

 

 

47,708

 

 

 

8

%

 

 

17

%

Diluted EPS

 

 

0.13

 

 

 

0.12

 

 

 

0.13

 

 

 

8

%

 

 

-

%

Adjusted Diluted EPS (non-GAAP)*

 

 

0.16

 

 

 

0.14

 

 

 

0.19

 

 

 

14

%

 

 

(16

)%

Free cash flow (non-GAAP)*

 

 

8,668

 

 

 

15,531

 

 

 

(12,530

)

 

 

(6,863

)

 

 

21,198

 

(in thousands)

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

Revenue

 

218,423

 

 

203,249

 

 

161,606

 

Adjusted EBITDA

 

55,803

 

 

51,841

 

 

47,708

 

 

(in thousands)

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

Revenue

 

148,292

 

 

139,034

 

 

97,160

 

Operating income

 

21,425

 

 

20,217

 

 

20,447

 

Adjusted EBITDA

 

42,891

 

 

40,477

 

 

34,218

 

(in thousands)

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

Revenue

 

70,131

 

 

64,215

 

 

64,446

 

Operating income

 

7,377

 

 

8,334

 

 

9,183

 

Adjusted EBITDA

 

16,492

 

 

15,847

 

 

16,299

 

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

50,487

 

 

73,201

 

Accounts receivable, net

 

 

128,719

 

 

 

98,799

 

Unbilled revenue

 

 

155,935

 

 

 

76,347

 

Service inventories, net

 

 

94,415

 

 

 

78,841

 

Prepaid assets

 

 

8,267

 

 

 

9,590

 

Retention withholdings

 

 

27,089

 

 

 

40,970

 

Other receivables

 

 

19,381

 

 

 

14,019

 

Other current assets

 

 

5,522

 

 

 

11,442

 

Total current assets

 

 

489,815

 

 

 

403,209

 

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

458,505

 

 

 

419,307

 

Intangible assets, net

 

 

115,198

 

 

 

122,714

 

Goodwill

 

 

596,857

 

 

 

574,764

 

Other assets

 

 

3,069

 

 

 

2,370

 

Total assets

 

1,663,444

 

 

1,522,364

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

147,268

 

 

65,704

 

Accrued expenses

 

 

51,591

 

 

 

69,137

 

Current installments of long-term debt

 

 

43,750

 

 

 

15,000

 

Short-term borrowings

 

 

36,392

 

 

 

37,963

 

Income taxes payable

 

 

6,809

 

 

 

7,542

 

Other taxes payable

 

 

11,466

 

 

 

7,189

 

Other current liabilities

 

 

37,685

 

 

 

25,601

 

Total current liabilities

 

 

334,961

 

 

 

228,136

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

319,738

 

 

 

330,564

 

Deferred tax liabilities

 

 

23,691

 

 

 

26,217

 

Employee benefit liabilities

 

 

19,438

 

 

 

16,745

 

Other liabilities

 

 

39,645

 

 

 

34,230

 

Total liabilities

 

 

737,473

 

 

 

635,892

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

-

 

 

 

-

 

Common stock, no par value; unlimited shares authorized; 87,777,553 and 87,187,289 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

801,545

 

 

 

801,545

 

Additional paid in capital

 

 

23,076

 

 

 

17,237

 

Retained earnings

 

 

101,230

 

 

 

67,661

 

Accumulated other comprehensive income

 

 

64

 

 

 

29

 

Total shareholders' equity

 

 

925,915

 

 

 

886,472

 

Non-controlling interests

 

 

56

 

 

 

-

 

Total equity

 

 

925,971

 

 

 

886,472

 

Total liabilities and equity

 

1,663,444

 

 

1,522,364

 

 

 

 

Quarter ended

 

 

Year-to-date period ended

 

Description

 

September 30,
2020

 

 

September 30,
2019

 

 

September 30,
2020

 

 

September 30,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

218,423

 

 

161,606

 

 

620,971

 

 

473,209

 

Cost of services

 

 

(177,953

)

 

 

(121,326

)

 

 

(500,566

)

 

 

(352,716

)

Gross profit

 

 

40,470

 

 

 

40,280

 

 

 

120,405

 

 

 

120,493

 

Selling, general and administrative expenses

 

 

(17,449

)

 

 

(16,485

)

 

 

(53,190

)

 

 

(46,592

)

Amortization

 

 

(4,034

)

 

 

(4,033

)

 

 

(11,855

)

 

 

(12,036

)

Operating income

 

 

18,987

 

 

 

19,762

 

 

 

55,360

 

 

 

61,865

 

Interest expense, net

 

 

(3,793

)

 

 

(5,011

)

 

 

(12,468

)

 

 

(14,691

)

Other income / (expense), net

 

 

37

 

 

 

(130

)

 

 

(383

)

 

 

(629

)

Income before income tax

 

 

15,231

 

 

 

14,621

 

 

 

42,509

 

 

 

46,545

 

Income tax expense

 

 

(3,565

)

 

 

(3,511

)

 

 

(8,940

)

 

 

(10,905

)

Net income

 

 

11,666

 

 

 

11,110

 

 

 

33,569

 

 

 

35,640

 

Net income / (loss) attributable to non-controlling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income attributable to shareholders

 

11,666

 

 

11,110

 

 

33,569

 

 

35,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

89,876,456

 

 

 

87,024,655

 

 

 

88,452,027

 

 

 

86,938,883

 

Diluted

 

 

89,876,456

 

 

 

87,024,655

 

 

 

88,452,027

 

 

 

86,938,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

0.13

 

 

0.13

 

 

0.38

 

 

0.40

 

Diluted

 

0.13

 

 

0.13

 

 

0.38

 

 

0.40

 

 

 

 

Year-to-date
period ended
September 30, 2020

 

 

Year-to-date
period ended
September 30, 2019

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

33,569

 

 

35,640

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

91,783

 

 

 

59,728

 

Share-based compensation expense

 

 

5,842

 

 

 

4,057

 

Loss (Gain) on disposal of assets

 

 

688

 

 

 

(399

)

Non-cash interest expense

 

 

(118

)

 

 

1,361

 

Deferred tax expense (benefit)

 

 

(2,526

)

 

 

(1,733

)

Allowance for (reversal of) doubtful receivables

 

 

(97

)

 

 

920

 

Provision for obsolete service inventories

 

 

821

 

 

 

932

 

Other operating activities, net

 

 

(184

)

 

 

(100

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) in accounts receivable

 

 

(13,223

)

 

 

(46,523

)

(Increase) in inventories

 

 

(10,755

)

 

 

(15,123

)

Decrease (increase) in prepaid assets

 

 

2,002

 

 

 

(3,825

)

(Increase) in other current assets

 

 

(57,400

)

 

 

(5,537

)

(Increase) decrease in other long-term assets and liabilities

 

 

(4,025

)

 

 

5,403

 

Increase in accounts payable and accrued expenses

 

 

40,970

 

 

 

23,971

 

(Decrease) in other current liabilities

 

 

(1,293

)

 

 

(13,482

)

Net cash provided by operating activities

 

 

86,054

 

 

 

45,290

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(75,448

)

 

 

(90,164

)

Proceeds from disposal of assets

 

 

1,490

 

 

 

1,125

 

Acquisition of business, net of cash acquired (Note 5)

 

 

(11,260

)

 

 

-

 

Other investing activities

 

 

(628

)

 

 

(932

)

Net cash used in investing activities

 

 

(85,846)

 

 

 

(89,971)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 

15,000

 

 

 

365,000

 

Repayments of long-term debt

 

 

(18,472

)

 

 

(285,048

)

Net change in overdraft facilities

 

 

-

 

 

 

(7,050

)

Proceeds from short-term borrowings

 

 

14,928

 

 

 

39,941

 

Repayments of short-term borrowings

 

 

(15,829

)

 

 

(44,250

)

Payments on capital leases

 

 

(15,679

)

 

 

-

 

Payments on seller-provided financing for capital expenditures

 

 

(2,905

)

 

 

-

 

Other financing activities, net

 

 

-

 

 

 

(5,703

)

Net cash (used in) provided by financing activities

 

 

(22,957)

 

 

 

62,890

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

35

 

 

 

(19

)

Net (decrease) increase in cash

 

 

(22,714)

 

 

 

18,190

 

Cash and cash equivalents, beginning of period

 

 

73,201

 

 

 

24,892

 

Cash and cash equivalents, end of period

 

50,487

 

 

43,082

 

 

 

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

 

 

Net

Income

 

 

Diluted

EPS

 

 

Net Income

 

 

Diluted

EPS

 

 

Net Income

 

 

Diluted

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

11,666

 

 

0.13

 

 

10,536

 

 

0.12

 

 

11,110

 

 

0.13

 

Add Charges and Credits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and other costs

 

 

2,499

 

 

 

0.03

 

 

 

1,806

 

 

 

0.02

 

 

 

5,085

 

 

 

0.06

 

Total Charges and Credits(1)

 

 

2,499

 

 

 

0.03

 

 

 

1,806

 

 

 

0.02

 

 

 

5,085

 

 

 

0.06

 

Total Adjusted

 

14,165

 

 

0.16

 

 

12,342

 

 

0.14

 

 

16,195

 

 

0.19

 

 

(1)

In the third quarter of 2020, Total Charges and Credits included $2.5 million mainly related to nonrecurring transaction and integration costs associated with the acquisition of SAPESCO in Egypt. In the second quarter of 2020, Total Charges and Credits included $1.8 million mainly related to nonrecurring transaction and integration costs associated with the acquisition of SAPESCO in Egypt. Similarly, in the third quarter of 2019, Total Charges and Credits included $5.1 million in costs related to integration and restructuring costs, exceptional interest charges, and other discrete provisions.

 

 

Quarter ended

September 30, 2020

 

 

Quarter ended

June 30, 2020

 

 

Quarter ended

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

11,666

 

 

10,536

 

 

11,110

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

 

3,565

 

 

 

2,848

 

 

 

3,511

 

Interest Expense, net

 

 

3,793

 

 

 

4,165

 

 

 

5,011

 

Depreciation and Amortization

 

 

34,280

 

 

 

32,486

 

 

 

23,196

 

Charges and Credits impacting Adjusted EBITDA(2)

 

 

2,499

 

 

 

1,806

 

 

 

4,880

 

Total Adjusted EBITDA

 

55,803

 

 

51,841

 

 

47,708

 

 

(2)

Charges and Credits impacting Adjusted EBITDA are described in Table 1 above.

 

 

 

Quarter ended
September 30, 2020

 

 

Quarter ended
June 30, 2020

 

 

Quarter ended
September 30, 2019

 

 

 

EBITDA

 

 

Charges and Credits impacting Adjusted EBITDA

 

 

Adjusted EBITDA

 

 

EBITDA

 

 

Charges and Credits impacting Adjusted EBITDA

 

 

Adjusted EBITDA

 

 

EBITDA

 

 

Charges and Credits impacting Adjusted EBITDA

 

 

Adjusted EBITDA

 

Production Services

 

41,705

 

 

1,186

 

 

42,891

 

 

39,572

 

 

905

 

 

40,477

 

 

32,581

 

 

1,637

 

 

34,218

 

Drilling & Evaluation

 

 

15,538

 

 

 

954

 

 

 

16,492

 

 

 

15,631

 

 

 

216

 

 

 

15,847

 

 

 

15,239

 

 

 

1,060

 

 

 

16,299

 

Unallocated

 

 

(3,939

)

 

 

359

 

 

 

(3,580

)

 

 

(5,168

)

 

 

685

 

 

 

(4,483

)

 

 

(4,992

)

 

 

2,183

 

 

 

(2,809

)

Total

 

53,304

 

 

2,499

 

 

55,803

 

 

50,035

 

 

1,806

 

 

51,841

 

 

42,828

 

 

4,880

 

 

47,708

 

 

 

Quarter ended September 30, 2020

 

 

Quarter ended June 30, 2020

 

 

Quarter ended September 30, 2019

 

Production Services:

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

41,705

 

 

39,572

 

 

32,581

 

Depreciation and amort.

 

 

(20,222

)

 

 

(19,637

)

 

 

(12,322

)

Other (income)/expense, net

 

 

(58

)

 

 

282

 

 

 

188

 

Segment Operating Income

 

 

21,425

 

 

 

20,217

 

 

 

20,447

 

Drilling and Evaluation Services:

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

15,538

 

 

 

15,631

 

 

 

15,239

 

Depreciation and amort.

 

 

(8,153

)

 

 

(7,318

)

 

 

(5,980

)

Other (income)/expense, net

 

 

(8

)

 

 

21

 

 

 

(76

)

Segment Operating Income

 

 

7,377

 

 

 

8,334

 

 

 

9,183

 

Unallocated:

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

(3,939

)

 

 

(5,168

)

 

 

(4,992

)

Share-based compensation

 

 

(2,082

)

 

 

(2,125

)

 

 

(1,944

)

Depreciation and amort.

 

 

(3,823

)

 

 

(3,406

)

 

 

(2,950

)

Other (income)/expense, net

 

 

29

 

 

 

6

)

 

 

18

 

Unallocated Operating Income

 

 

(9,815

)

 

 

(10,693

)

 

 

(9,868

)

Total Operating Income

 

18,987

 

 

17,858

 

 

19,762

 

 

 

Quarter Ended

 

 

 

September 30, 2020

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

33,455

 

 

42,650

 

 

(21,118

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(24,787

)

 

 

(27,119

)

 

 

(33,648

)

Free cash flow

 

8,668

 

 

15,531

 

 

(12,530

)

 

 

September 30, 2020

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Current installments of long-term debt

 

43,750

 

 

46,372

 

 

7,500

 

Short-term borrowings

 

 

36,392

 

 

 

39,781

 

 

 

28,261

 

Long-term debt

 

 

319,738

 

 

 

335,457

 

 

 

337,885

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

50,487

 

 

 

79,317

 

 

 

43,082

 

Net Debt

 

349,393

 

 

342,293

 

 

330,564

 


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