Fourth Quarter 2019 Financial Highlights
- Revenue for the quarter totaled
$139.4 million , holding steady from the prior quarter despite declines principally in theU.S. onshore market. The Tubulars segment did see significant improvement in customer deliveries. Revenue declined 4% from the prior year quarter largely as a result ofU.S. onshore market declines. - Net loss of
$168.1 million for the fourth quarter period compared to a loss of$23.8 million in the third quarter of 2019. The fourth quarter loss was significantly impacted by a$111.1 million non-cash impairment charge related to goodwill in the Cementing Equipment segment, as well as$43.9 million of severance and other charges, net of tax, primarily related to fixed asset impairments and employee separation costs. Excluding these items, adjusted net loss for the fourth quarter was$13.1 million . - Adjusted EBITDA for the quarter of
$14.7 million was negatively impacted by approximately$1.3 million in receivable reserves predominately associated with one customer currently in liquidation. - Free cash flow generation of
$8.6 million during the quarter resulted in a year end cash and cash equivalents balance of$195.4 million .
Full Year 2019 Financial Highlights
- Revenue of
$579.9 million for the full year 2019 was up 11% from the prior year total of$522.5 million . Improvements were noted across all segments with the most significant impact from increased demand for TRS offshore services and international expansion of Cementing Equipment offerings. - Net loss of
$235.3 million , or$1.05 per diluted share, as compared to a net loss of$90.7 million , or$0.41 per diluted share, for the prior year. The full year included a$111.1 million non-cash impairment charge related to goodwill in the Cementing Equipment segment, as well as$50.4 million of severance and other charges, net of tax, primarily related to fixed asset impairments and employee separation costs. Excluding these items, adjusted net loss for 2019 was$73.9 million , or$0.33 per diluted share. - Improved operational results and initial profitability improvement initiatives for the Company resulted in full year 2019 Adjusted EBITDA of
$57.5 million , up more than 70% from the 2018 total of$33.2 million . - Adjusted EBITDA margins were 9.9% of total revenue, as compared to 6.4% for the prior year providing for incremental margins of 42% year-over-year.
“Frank’s ended 2019 achieving double digit growth on the top line and delivered incremental adjusted EBITDA margins slightly above the midpoint of our estimated 30 to 50 percent range compared to the full year 2018 results, despite a harsher than expected softening in the
“Technology highlights in the fourth quarter included successful first runs of our 36-inch Xtreme3™ connectors in the
“In addition to our successful operational execution this year, we completed a comprehensive review of our cost and organizational structure with a goal of improving profitability while continuing to be the high value, low risk provider of premium offerings. Several significant actions were taken during the fourth quarter to position Frank’s for long term success. We began by completing our initial cost reduction actions to secure savings of more than
“During 2019 we began a granular analysis of all active technology development projects and redirected some of our resources to focus on projects with clear near-term customer demand and an anticipation of profitable revenue. We will continue to invest in research and development and ensure that emphasis is placed on our best technologies with the greatest return potential.
“Additionally, in the fourth quarter we completed a comprehensive review of our asset base. Inventory, equipment, or other assets that had little or no commercial viability were identified and written off or impaired in the fourth quarter.
“We are ahead of schedule in executing our plans to improve profitability and gain greater focus on our technology development and delivery of premium services and products to our customers. With a majority of our 2020 profit improvement initiatives of
“Frank’s International also intends to initiate a share repurchase program of up to
Segment Results
Tubular Running Services
Tubular Running Services revenue was
Segment adjusted EBITDA for the fourth quarter of 2019 was
Tubulars
Tubulars revenue for the fourth quarter of 2019 was
Segment adjusted EBITDA for the fourth quarter of 2019 was
The Company expects to see significant growth in this segment in 2020 driven by the introduction of new technologies being commercialized and further international market penetration, particularly in the drilling tools offerings. An increase in demand is also expected for the tubular products during the second half of the year.
Cementing Equipment
Cementing Equipment revenue was
Segment adjusted EBITDA for the fourth quarter of 2019 was
Profit Improvement Actions
A comprehensive business diagnostic review was initiated during the second quarter of 2019 centered around improving operating performance while at the same time improving our cost structure. Initiatives were identified to create significant efficiencies across selling, general and administrative expense, operations management, technology and manufacturing spend. The initiative areas, once fully implemented, are expected to result in savings of
Share Repurchase Program
Under the share repurchase program, purchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. Shares of stock repurchased will be held as treasury shares. The repurchases will be made in accordance with applicable regulatory requirements, and the Company may implement a trading plan under Rule 10b5-1, which would enable purchases to continue during when such purchases might otherwise be suspended due to insider trading laws or because of self-imposed trading blackout periods.
During the fourth quarter of 2019, the Company performed a quantitative impairment test for our Cementing Equipment reporting unit. Due to lower than projected
As a result of a comprehensive review of our operational and organizational structure, we recognized severance and other charges in the fourth quarter 2019 of
Capital Expenditures, Liquidity and Cash Flow
Cash expenditures related to property, plant and equipment and intangibles were
As of
Income tax expense was
The Company estimates total capital expenditures for the full year 2020 to range between
The financial measures provided that are not presented in accordance with
Conference Call
The Company will host a conference call to discuss fourth quarter and full year 2019 results on
An audio replay of the conference call will be available approximately two hours after the conclusion of the call and will remain available for seven days. It can be accessed by dialing (888) 843-7419 or (630) 652-3042. The conference call replay access code is 49379163#. The replay will also be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.
About Frank’s International
Frank’s
Contact:
Blake.Holcomb@franksintl.com
713-231-2463
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Revenue: | |||||||||||||||||||
Services | $ | 111,469 | $ | 119,572 | $ | 115,776 | $ | 473,538 | $ | 416,781 | |||||||||
Products | 27,972 | 20,845 | 30,077 | 106,382 | 105,712 | ||||||||||||||
Total revenue | 139,441 | 140,417 | 145,853 | 579,920 | 522,493 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization | |||||||||||||||||||
Services (1) (2) | 82,556 | 86,745 | 83,061 | 338,325 | 302,880 | ||||||||||||||
Products (1) | 20,816 | 14,247 | 21,768 | 78,666 | 76,183 | ||||||||||||||
General and administrative expenses (1) (2) | 24,086 | 26,921 | 31,839 | 120,444 | 126,638 | ||||||||||||||
Depreciation and amortization | 22,163 | 21,482 | 27,132 | 92,800 | 111,292 | ||||||||||||||
111,108 | — | — | 111,108 | — | |||||||||||||||
Severance and other charges (credits), net | 43,938 | 5,222 | 2,173 | 50,430 | (310 | ) | |||||||||||||
(Gain) loss on disposal of assets | 53 | 603 | 481 | 1,037 | (1,309 | ) | |||||||||||||
Operating loss | (165,279 | ) | (14,803 | ) | (20,601 | ) | (212,890 | ) | (92,881 | ) | |||||||||
Other income (expense): | |||||||||||||||||||
Tax receivable agreement (“TRA”) related adjustments | — | — | 3,923 | 220 | (1,359 | ) | |||||||||||||
Other income (expense), net | (1,715 | ) | 1,620 | 140 | 1,103 | 2,047 | |||||||||||||
Interest income, net | 508 | 563 | 1,824 | 2,265 | 4,243 | ||||||||||||||
Mergers and acquisition expense | — | — | — | — | (58 | ) | |||||||||||||
Foreign currency gain (loss) | 1,817 | (3,872 | ) | (2,233 | ) | (2,233 | ) | (5,675 | ) | ||||||||||
Total other income (expense) | 610 | (1,689 | ) | 3,654 | 1,355 | (802 | ) | ||||||||||||
Loss before income taxes | (164,669 | ) | (16,492 | ) | (16,947 | ) | (211,535 | ) | (93,683 | ) | |||||||||
Income tax expense (benefit) | 3,424 | 7,297 | (1,049 | ) | 23,794 | (2,950 | ) | ||||||||||||
Net loss | $ | (168,093 | ) | $ | (23,789 | ) | $ | (15,898 | ) | $ | (235,329 | ) | $ | (90,733 | ) | ||||
Loss per common share: | |||||||||||||||||||
Basic and diluted | $ | (0.75 | ) | $ | (0.11 | ) | $ | (0.07 | ) | $ | (1.05 | ) | $ | (0.41 | ) | ||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic and diluted | 225,504 | 225,415 | 224,255 | 225,159 | 223,999 |
(1) For the three months ended
(2) Amounts presented for the three months and year ended
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
SELECTED OPERATING SEGMENT DATA | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Revenue | |||||||||||||||||||
Tubular Running Services | $ | 93,356 | $ | 102,277 | $ | 100,864 | $ | 400,327 | $ | 361,045 | |||||||||
Tubulars | 21,177 | 12,519 | 22,312 | 74,687 | 72,303 | ||||||||||||||
Cementing Equipment | 24,908 | 25,621 | 22,677 | 104,906 | 89,145 | ||||||||||||||
Total | $ | 139,441 | $ | 140,417 | $ | 145,853 | $ | 579,920 | $ | 522,493 | |||||||||
Segment Adjusted EBITDA: | |||||||||||||||||||
Tubular Running Services | $ | 18,582 | $ | 23,884 | $ | 21,639 | $ | 85,601 | $ | 62,515 | |||||||||
Tubulars | 3,073 | 456 | 2,785 | 11,575 | 11,246 | ||||||||||||||
Cementing Equipment | 4,235 | 3,031 | 1,543 | 14,089 | 8,617 | ||||||||||||||
Corporate | (11,211 | ) | (11,350 | ) | (13,145 | ) | (53,744 | ) | (49,146 | ) | |||||||||
Total | $ | 14,679 | $ | 16,021 | $ | 12,822 | $ | 57,521 | $ | 33,232 |
FRANK’ | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
2019 | 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 195,383 | $ | 186,212 | |||
Restricted cash | 1,357 | — | |||||
Short-term investments | — | 26,603 | |||||
Accounts receivables, net | 166,694 | 189,414 | |||||
Inventories, net | 78,829 | 69,382 | |||||
Assets held for sale | 13,795 | 7,828 | |||||
Other current assets | 10,360 | 12,651 | |||||
Total current assets | 466,418 | 492,090 | |||||
Property, plant and equipment, net | 328,432 | 416,490 | |||||
99,932 | 211,040 | ||||||
Intangible assets, net | 16,971 | 31,069 | |||||
Deferred tax assets, net | 16,590 | 14,621 | |||||
Operating lease right-of-use assets | 32,585 | — | |||||
Other assets | 33,237 | 28,619 | |||||
Total assets | $ | 994,165 | $ | 1,193,929 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | — | $ | 5,627 | |||
Accounts payable and accrued liabilities | 120,321 | 123,981 | |||||
Current portion of operating lease liabilities | 7,925 | — | |||||
Deferred revenue | 657 | 116 | |||||
Total current liabilities | 128,903 | 129,724 | |||||
Deferred tax liabilities | 2,923 | 221 | |||||
Non-current operating lease liabilities | 24,969 | — | |||||
Other non-current liabilities | 27,076 | 29,212 | |||||
Total liabilities | 183,871 | 159,157 | |||||
Stockholders’ equity: | |||||||
Common stock | 2,846 | 2,829 | |||||
Additional paid-in capital | 1,075,809 | 1,062,794 | |||||
Retained earnings (deficit) | (220,805 | ) | 16,860 | ||||
Accumulated other comprehensive loss | (30,298 | ) | (32,338 | ) | |||
(17,258 | ) | (15,373 | ) | ||||
Total stockholders’ equity | 810,294 | 1,034,772 | |||||
Total liabilities and equity | $ | 994,165 | $ | 1,193,929 |
FRANK’S INTERNATIONAL N.V. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In thousands) | |||||||
Year Ended | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (235,329 | ) | $ | (90,733 | ) | |
Adjustments to reconcile net loss to cash from operating activities | |||||||
Depreciation and amortization | 92,800 | 111,292 | |||||
Equity-based compensation expense | 11,280 | 10,621 | |||||
111,108 | — | ||||||
Loss on asset impairments and retirements | 40,686 | — | |||||
Amortization of deferred financing costs | 371 | 58 | |||||
Deferred tax provision (benefit) | 727 | (14,634 | ) | ||||
Provision for bad debts | 1,281 | 159 | |||||
(Gain) loss on disposal of assets | 1,037 | (1,309 | ) | ||||
Changes in fair value of investments | (2,747 | ) | 1,199 | ||||
Unrealized (gain) loss on derivative instruments | 222 | (386 | ) | ||||
Other | (1,522 | ) | 843 | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 22,152 | (63,654 | ) | ||||
Inventories | (10,694 | ) | (2,917 | ) | |||
Other current assets | 856 | 4,581 | |||||
Other assets | (1,285 | ) | 258 | ||||
Accounts payable and accrued liabilities | (3,937 | ) | 15,310 | ||||
Deferred revenue | 545 | (354 | ) | ||||
Other non-current liabilities | (503 | ) | (2,978 | ) | |||
Net cash provided by (used in) operating activities | 27,048 | (32,644 | ) | ||||
Cash flows from investing activities | |||||||
Purchases of property, plant and equipment and intangibles | (36,942 | ) | (19,734 | ) | |||
Purchase of property, plant and equipment from related parties | — | (36,737 | ) | ||||
Proceeds from sale of assets | 791 | 7,089 | |||||
Purchase of investments | (20,122 | ) | (84,040 | ) | |||
Proceeds from sale of investments | 46,739 | 143,825 | |||||
Other | (512 | ) | — | ||||
Net cash provided by (used in) investing activities | (10,046 | ) | 10,403 | ||||
Cash flows from financing activities | |||||||
Repayments of borrowings | (5,627 | ) | (5,892 | ) | |||
(1,886 | ) | (1,636 | ) | ||||
Proceeds from the issuance of ESPP shares | 1,752 | 1,315 | |||||
Deferred financing costs | (184 | ) | (1,733 | ) | |||
Net cash used in financing activities | (5,945 | ) | (7,946 | ) | |||
Effect of exchange rate changes on cash | (529 | ) | 3,384 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 10,528 | (26,803 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 186,212 | 213,015 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 196,740 | $ | 186,212 |
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry and other guidance. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.
Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The Company defines adjusted net loss as net loss before goodwill impairment, severance and other charges (credits), net, net of tax and mergers and acquisition expense, net of tax. The Company defines adjusted net loss per share as net loss before goodwill impairment, severance and other charges (credits), net, net of tax and mergers and acquisition expense, net of tax, divided by diluted weighted average common shares. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment and intangibles. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Revenue | $ | 139,441 | $ | 140,417 | $ | 145,853 | $ | 579,920 | $ | 522,493 | |||||||||
Net loss | $ | (168,093 | ) | $ | (23,789 | ) | $ | (15,898 | ) | $ | (235,329 | ) | $ | (90,733 | ) | ||||
111,108 | — | — | 111,108 | — | |||||||||||||||
Severance and other charges (credits), net | 43,938 | 5,222 | 2,173 | 50,430 | (310 | ) | |||||||||||||
Interest income, net | (508 | ) | (563 | ) | (1,824 | ) | (2,265 | ) | (4,243 | ) | |||||||||
Depreciation and amortization | 22,163 | 21,482 | 27,132 | 92,800 | 111,292 | ||||||||||||||
Income tax expense (benefit) | 3,424 | 7,297 | (1,049 | ) | 23,794 | (2,950 | ) | ||||||||||||
(Gain) loss on disposal of assets | 53 | 603 | 481 | 1,037 | (1,309 | ) | |||||||||||||
Foreign currency (gain) loss | (1,817 | ) | 3,872 | 2,233 | 2,233 | 5,675 | |||||||||||||
TRA related adjustments | — | — | (3,923 | ) | (220 | ) | 1,359 | ||||||||||||
Charges and credits (1) | 4,411 | 1,897 | 3,497 | 13,933 | 14,451 | ||||||||||||||
Adjusted EBITDA | $ | 14,679 | $ | 16,021 | $ | 12,822 | $ | 57,521 | $ | 33,232 | |||||||||
Adjusted EBITDA margin | 10.5 | % | 11.4 | % | 8.8 | % | 9.9 | % | 6.4 | % |
(1) Comprised of Equity-based compensation expense (for the three months ended
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
SEGMENT ADJUSTED EBITDA RECONCILIATION | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Segment Adjusted EBITDA: | |||||||||||||||||||
Tubular Running Services | $ | 18,582 | $ | 23,884 | $ | 21,639 | $ | 85,601 | $ | 62,515 | |||||||||
Tubulars | 3,073 | 456 | 2,785 | 11,575 | 11,246 | ||||||||||||||
Cementing Equipment | 4,235 | 3,031 | 1,543 | 14,089 | 8,617 | ||||||||||||||
Corporate | (11,211 | ) | (11,350 | ) | (13,145 | ) | (53,744 | ) | (49,146 | ) | |||||||||
14,679 | 16,021 | 12,822 | 57,521 | 33,232 | |||||||||||||||
(111,108 | ) | — | — | (111,108 | ) | — | |||||||||||||
Severance and other (charges) credits, net | (43,938 | ) | (5,222 | ) | (2,173 | ) | (50,430 | ) | 310 | ||||||||||
Interest income, net | 508 | 563 | 1,824 | 2,265 | 4,243 | ||||||||||||||
Depreciation and amortization | (22,163 | ) | (21,482 | ) | (27,132 | ) | (92,800 | ) | (111,292 | ) | |||||||||
Income tax (expense) benefit | (3,424 | ) | (7,297 | ) | 1,049 | (23,794 | ) | 2,950 | |||||||||||
Gain (loss) on disposal of assets | (53 | ) | (603 | ) | (481 | ) | (1,037 | ) | 1,309 | ||||||||||
Foreign currency gain (loss) | 1,817 | (3,872 | ) | (2,233 | ) | (2,233 | ) | (5,675 | ) | ||||||||||
TRA related adjustments | — | — | 3,923 | 220 | (1,359 | ) | |||||||||||||
Charges and credits (1) | (4,411 | ) | (1,897 | ) | (3,497 | ) | (13,933 | ) | (14,451 | ) | |||||||||
Net loss | $ | (168,093 | ) | $ | (23,789 | ) | $ | (15,898 | ) | $ | (235,329 | ) | $ | (90,733 | ) |
(1) Comprised of Equity-based compensation expense (for the three months ended
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
FREE CASH FLOW RECONCILIATION | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 18,563 | $ | 25,874 | $ | 2,750 | $ | 27,048 | $ | (32,644 | ) | ||||||||
Less: purchases of property, plant and equipment and intangibles | 9,963 | 9,739 | 41,914 | 36,942 | 56,471 | ||||||||||||||
Free cash flow | $ | 8,600 | $ | 16,135 | $ | (39,164 | ) | $ | (9,894 | ) | $ | (89,115 | ) |
FRANK’S INTERNATIONAL N.V. | |||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Net loss | $ | (168,093 | ) | $ | (23,789 | ) | $ | (15,898 | ) | $ | (235,329 | ) | $ | (90,733 | ) | ||||
111,108 | — | — | 111,108 | — | |||||||||||||||
Severance and other charges (credits), net (net of tax) | 43,868 | 5,222 | 1,806 | 50,360 | (845 | ) | |||||||||||||
Mergers and acquisition expense (net of tax) | — | — | — | — | 58 | ||||||||||||||
Net loss excluding certain items | $ | (13,117 | ) | $ | (18,567 | ) | $ | (14,092 | ) | $ | (73,861 | ) | $ | (91,520 | ) | ||||
Loss per diluted share | $ | (0.75 | ) | $ | (0.11 | ) | $ | (0.07 | ) | $ | (1.05 | ) | $ | (0.41 | ) | ||||
0.49 | — | — | 0.49 | — | |||||||||||||||
Severance and other charges (credits), net (net of tax) | 0.20 | 0.02 | 0.01 | 0.23 | (0.01 | ) | |||||||||||||
Mergers and acquisition expense (net of tax) | — | — | — | — | — | ||||||||||||||
Loss per diluted share excluding certain items | $ | (0.06 | ) | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.33 | ) | $ | (0.42 | ) |
Source:
2020 GlobeNewswire, Inc., source