Oil States International Inc

NYSE:OISUnited States

Oct 30, 2024

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• -- Earnings Flash (OIS) OIL STATES INTERNATIONAL Reports Q3 Revenue $174.3M, from 7:03AM ET on Wednesday Oct 30, 2024 by MT Newswires

  7:03AM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: OIS
  07:03 AM EDT, 10/30/2024 (MT Newswires) -- ...

• -- Earnings Flash (OIS) OIL STATES INTERNATIONAL Posts Q3 EPS $0.04, from 7:03AM ET on Wednesday Oct 30, 2024 by MT Newswires

  7:03AM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: OIS
  07:03 AM EDT, 10/30/2024 (MT Newswires) -- ...

• Oil States Announces Third Quarter 2024 Results, from 7:00AM ET on Wednesday Oct 30, 2024 by Dow Jones

  7:00AM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: OIS
  Other income, net 723 157 118 767 358 Depreciation and amortization expense 5,749 6,047 6,313 17,875 19,023 Impairments of intangible assets 10,787 -- -- 10,787 -- Impairments of operating lease assets 2,092 -- -- 2,092 -- Facility consolidation/closure and other charges 4,329 2,879 -- 8,254 -- ------- ------- ------- ------- ------- Adjusted Segment EBITDA $ 5,413 $ 8,548 $ 9,716 $ 20,554 $ 34,364 ======= ======= ======= ======= ======= Downhole Technologies: Operating loss $ (3,653) $ (1,141) $ (1,900) $(16,873) $ (148) Depreciation and amortization expense 4,121 4,255 4,546 12,646 14,161 Impairment of goodwill -- -- -- 10,000 -- Impairments of operating lease assets 487 -- 487 487 -- Facility consolidation/closure and other charges 123 -- -- 123 -- ------- ------- ------- ------- ------- Adjusted Segment EBITDA $ 1,078 $ 3,114 $ 2,646 $ 6,383 $ 14,013 ======= ======= ======= ======= ======= Corporate: Operating loss $ (8,431) $(10,636) $(10,781) $(28,349) $(31,623) Other income, net -- 515 -- 515 -- Depreciation and amortization expense 134 149 152 436 470 Other charges 34 -- -- 34 -- Gains on extinguishment of 4.75% convertible senior notes -- (515) -- (515) -- ------- ------- ------- ------- ------- Adjusted Segment EBITDA $ (8,263) $(10,487) $(10,629) $(27,879) $(31,153) ======= ======= ======= ======= ======= ________________ (B) The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, impairments of goodwill, intangible and operating lease assets, and facility consolidation/closure and other charges, less gains on extinguishment of 2026 Notes. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP. OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION ADJUSTED NET INCOME (LOSS), EXCLUDING CHARGES AND CREDITS (C) AND ADJUSTED NET INCOME (LOSS) PER SHARE, EXCLUDING CHARGES AND CREDITS (D) (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended Nine Months Ended -------------------------------- ------------------------ September June 30, September September September 30, 30, 2024 2024 30, 2023 30, 2024 2023 --------- -------- ----------- --------- ------------- Net income (loss) $(14,349) $ 1,301 $ 4,212 $(26,422) $ 6,928 Impairment of goodwill -- -- -- 10,000 -- Impairments of intangible assets 10,787 -- -- 10,787 -- Impairments of operating lease assets 2,579 -- -- 2,579 -- Facility consolidation/closure and other charges 4,840 4,426 1,649 11,775 1,649 Gains on extinguishment of 4.75% convertible senior notes -- (515) -- (515) -- ------- ------ ------ ------- ------ Total adjustments, before taxes 18,206 3,911 1,649 34,626 1,649 Tax benefit (1,161) (821) (346) (2,990) (346) ------- ------ ------ ------- ------ Total adjustments, net of taxes 17,045 3,090 1,303 31,636 1,303 ------- ------ ------ ------- ------ Adjusted net income, excluding charges and credits $ 2,696 $ 4,391 $ 5,515 $ 5,214 $ 8,231 ======= ====== ====== ======= ====== Adjusted weighted average number of diluted common shares outstanding (E) 62,412 62,704 63,060 62,648 63,135 Adjusted diluted net income per share, excluding charges and credits (E) $ 0.04 $ 0.07 $ 0.09 $ 0.08 $ 0.13 ___________________ (C) Adjusted net income, excluding charges and credits consists of net income (loss) plus impairments of goodwill, intangible and operating lease assets, and facility consolidation/closure and other charges, less gains on extinguishment of the 2026 Notes. Adjusted net income, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for net income (loss) as prepared in accordance with GAAP. The Company has included adjusted net income, excluding charges and credits as a supplemental disclosure because its management believes that adjusted net income, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods. (D) Adjusted net income per share, excluding charges and credits is calculated as adjusted net income, excluding charges and credits divided by the weighted average number of common shares outstanding. Adjusted net income per share, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for net income (loss) per share as prepared in accordance with GAAP. The Company has included adjusted net income per share, excluding charges and credits as a supplemental disclosure because its management believes that adjusted net income per share, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods. (E) The calculation of diluted adjusted earnings per share for the three and nine months ended September 30, 2024 included 328 thousand shares and 292 thousand shares, respectively, issuable pursuant to outstanding performance share units.
  

• *DJ Oil States 3Q Loss/Shr 23c >OIS, from 7:00AM ET on Wednesday Oct 30, 2024 by Dow Jones

  7:00AM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: OIS
  Other income, net 723 157 118 767 358 Depreciation and amortization expense 5,749 6,047 6,313 17,875 19,023 Impairments of intangible assets 10,787 -- -- 10,787 -- Impairments of operating lease assets 2,092 -- -- 2,092 -- Facility consolidation/closure and other charges 4,329 2,879 -- 8,254 -- ------- ------- ------- ------- ------- Adjusted Segment EBITDA $ 5,413 $ 8,548 $ 9,716 $ 20,554 $ 34,364 ======= ======= ======= ======= ======= Downhole Technologies: Operating loss $ (3,653) $ (1,141) $ (1,900) $(16,873) $ (148) Depreciation and amortization expense 4,121 4,255 4,546 12,646 14,161 Impairment of goodwill -- -- -- 10,000 -- Impairments of operating lease assets 487 -- 487 487 -- Facility consolidation/closure and other charges 123 -- -- 123 -- ------- ------- ------- ------- ------- Adjusted Segment EBITDA $ 1,078 $ 3,114 $ 2,646 $ 6,383 $ 14,013 ======= ======= ======= ======= ======= Corporate: Operating loss $ (8,431) $(10,636) $(10,781) $(28,349) $(31,623) Other income, net -- 515 -- 515 -- Depreciation and amortization expense 134 149 152 436 470 Other charges 34 -- -- 34 -- Gains on extinguishment of 4.75% convertible senior notes -- (515) -- (515) -- ------- ------- ------- ------- ------- Adjusted Segment EBITDA $ (8,263) $(10,487) $(10,629) $(27,879) $(31,153) ======= ======= ======= ======= ======= ________________ (B) The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, impairments of goodwill, intangible and operating lease assets, and facility consolidation/closure and other charges, less gains on extinguishment of 2026 Notes. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP. OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION ADJUSTED NET INCOME (LOSS), EXCLUDING CHARGES AND CREDITS (C) AND ADJUSTED NET INCOME (LOSS) PER SHARE, EXCLUDING CHARGES AND CREDITS (D) (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended Nine Months Ended -------------------------------- ------------------------ September June 30, September September September 30, 30, 2024 2024 30, 2023 30, 2024 2023 --------- -------- ----------- --------- ------------- Net income (loss) $(14,349) $ 1,301 $ 4,212 $(26,422) $ 6,928 Impairment of goodwill -- -- -- 10,000 -- Impairments of intangible assets 10,787 -- -- 10,787 -- Impairments of operating lease assets 2,579 -- -- 2,579 -- Facility consolidation/closure and other charges 4,840 4,426 1,649 11,775 1,649 Gains on extinguishment of 4.75% convertible senior notes -- (515) -- (515) -- ------- ------ ------ ------- ------ Total adjustments, before taxes 18,206 3,911 1,649 34,626 1,649 Tax benefit (1,161) (821) (346) (2,990) (346) ------- ------ ------ ------- ------ Total adjustments, net of taxes 17,045 3,090 1,303 31,636 1,303 ------- ------ ------ ------- ------ Adjusted net income, excluding charges and credits $ 2,696 $ 4,391 $ 5,515 $ 5,214 $ 8,231 ======= ====== ====== ======= ====== Adjusted weighted average number of diluted common shares outstanding (E) 62,412 62,704 63,060 62,648 63,135 Adjusted diluted net income per share, excluding charges and credits (E) $ 0.04 $ 0.07 $ 0.09 $ 0.08 $ 0.13 ___________________ (C) Adjusted net income, excluding charges and credits consists of net income (loss) plus impairments of goodwill, intangible and operating lease assets, and facility consolidation/closure and other charges, less gains on extinguishment of the 2026 Notes. Adjusted net income, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for net income (loss) as prepared in accordance with GAAP. The Company has included adjusted net income, excluding charges and credits as a supplemental disclosure because its management believes that adjusted net income, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods. (D) Adjusted net income per share, excluding charges and credits is calculated as adjusted net income, excluding charges and credits divided by the weighted average number of common shares outstanding. Adjusted net income per share, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for net income (loss) per share as prepared in accordance with GAAP. The Company has included adjusted net income per share, excluding charges and credits as a supplemental disclosure because its management believes that adjusted net income per share, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods. (E) The calculation of diluted adjusted earnings per share for the three and nine months ended September 30, 2024 included 328 thousand shares and 292 thousand shares, respectively, issuable pursuant to outstanding performance share units.