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Expro Group Holdings N.V. Announces Fourth Quarter and Full Year 2022 Results

Robust operational performance and profitable growth driven by breadth of portfolio, depth of expertise, global operating footprint and strong financial profile

Realized annualized merger-related cost synergies of approximately $66 million through fourth quarter of 2022, thereby achieving company's target for total support costs as a percentage of revenue of 20%

Provides 2023 revenue and Adjusted EBITDA margin outlook

Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months and year ended December 31, 2022.

Fourth Quarter 2022 Financial Highlights

  • Revenue was $351 million compared to revenue of $334 million in the third quarter of 2022, a sequential increase of $17 million, or 5%, driven by increased activity in Europe and Sub-Saharan Africa (ESSA) and Middle East and North Africa (MENA).
  • Net income for the fourth quarter of 2022 was $13 million, or $0.12 per diluted share, compared to a net loss of $18 million, or $0.16 per diluted share, for the third quarter of 2022. Adjusted net income1 for the fourth quarter of 2022 was $24 million, or $0.22 per diluted share, compared to an adjusted net loss for the third quarter of 2022 of $8 million, or $0.07 per diluted share. Results for the fourth quarter of 2022 and third quarter of 2022 include foreign exchange gains (losses) of $2 million and ($8) million, respectively, or $0.02 and ($0.07) per diluted share, respectively.
  • Adjusted EBITDA1 was $70 million, a sequential increase of $22 million, or 46%, driven by higher activity during the fourth quarter and lower start-up and commissioning costs incurred on a large subsea project in Asia Pacific (APAC) during the fourth quarter of 2022 as compared to the third quarter of 2022. Adjusted EBITDA margin for fourth quarter of 2022 and third quarter of 2022 was 20% and 14%, respectively. Excluding $5 million and $17 million of start-up and commissioning costs on the above referenced subsea project that were recognized during the fourth and third quarter of 2022, Adjusted EBITDA would have been $75 million and $65 million, in the fourth and third quarter respectively, and Adjusted EBITDA margin would have been 21% and 19%, respectively.
  • Net cash provided by operating activities for the fourth quarter of 2022 was $93 million compared to net cash used in operating activities of $1 million for the third quarter of 2022. The increase was primarily due to a combination of a $46 million decrease in working capital during the fourth quarter as compared to an increase in working capital by $29 million during the third quarter of 2022, higher Adjusted EBITDA (as referenced above), and dividend receipts of $4 million during the fourth quarter of 2022. Adjusted cash flow from operations1 for the fourth quarter of 2022 was $99 million compared to $8 million for the third quarter of 2022.

Full Year 2022 Financial Highlights

  • Revenue was $1,279 million for the year ended December 31, 2022, an increase of $453 million, or 55%, compared to $826 million for the year ended December 31, 2021. The merger of legacy Frank's and legacy Expro, which closed on October 1, 2021 (the "Merger"), contributed $386 million of the increase, with the remaining increase driven by increased activity across all of Expro’s operating segments.
  • Net loss was $20 million for the year ended December 31, 2022, or $0.18 per diluted share, compared to a net loss of $132 million, or $1.64 per diluted share, for the year ended December 31, 2021. Adjusted net income for the year ended December 31, 2022 was $19 million, or $0.18 per diluted share, compared to adjusted net loss for the year ended December 31, 2021 of $19 million, or $0.24 per diluted share.
  • Adjusted EBITDA increased by $80 million, or 63%, to $206 million for the year ended December 31, 2022 from $126 million for the prior year. The increase in Adjusted EBITDA was due to impacts of the Merger, synergies associated with the Merger, and increased activity during the year ended December 31, 2022, partially offset by start-up and commissioning costs incurred on a large subsea project during 2022. Adjusted EBITDA margin was approximately 16% and 15% for 2022 and 2021, respectively, with the improvement in margins driven by a combination of a more favorable activity mix and lower support costs as a result of Merger-related synergies, partially offset by start-up and commissioning costs incurred on a large subsea project. Excluding the $28 million of start-up and commissioning costs incurred during the year ended December 31, 2022, Adjusted EBITDA would have been $234 million and Adjusted EBITDA margin would have been 18%.
  • Net cash provided by operating activities for the year ended December 31, 2022 was $80 million compared to $16 million for year ended December 31, 2021, primarily due to an increase in Adjusted EBITDA (as referenced above), partially offset by an increase in income tax payments of $13 million. Adjusted cash flow from operations for the year ended December 31, 2022 was $115 million compared to $65 million for year ended December 31, 2021.

1. A non-GAAP measure.

Michael Jardon, Chief Executive Officer, noted “Expro delivered an exceptionally strong fourth quarter with financial results at the top end of our expectations. Having recently crossed the one-year mark since completing the merger of Expro and Frank’s International, our strong results show that we are beginning to realize the full potential of our combined organization while achieving efficiencies and expanding margins. As a result, we enter 2023 in a strong position for continued profitable growth, with a robust order book supported by strong demand trends for our services and solutions.

“A positive fundamental backdrop, together with our broad portfolio of services and solutions, global reach, and merger-related efficiency gains, should allow us to better leverage the combined organization’s customer relationships, capitalize on market opportunities in key growth areas, and achieve profitable growth throughout 2023 and beyond.

“We are also pleased to announce that our sustainability efforts have again received external recognition. MSCI, one of the most important organizations evaluating companies’ ESG programs, upgraded Expro’s sustainability rating by two full levels from a BB to a single-A rating in 2022. We have also achieved an upgrade rating from CDP, a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

“This recognition is a reflection of our substantial company-wide efforts to both advance our carbon-reduction capabilities and to embed our environmental, social and governance strategy into everything that we do, both within our business and in the communities in which we operate.

“We believe our industry must be part of the solution to realize a lower carbon future, and as we advance our strategy through 2023 and beyond, we will continue to develop the technologies and solutions to manage our own emissions and assist our clients in reducing theirs.

“We remain confident that the pipeline of projects we are seeing will support strong, multi-year growth for the energy services sector, driven by an extended period of under-investment in global upstream production. We are also confident that we will continue to grow our pipeline of projects due to our strong presence in key international and offshore markets and the breadth of our portfolio of innovative solutions. With strong momentum building in longer-cycle projects, we expect international demand to accelerate through 2023 in order to add production capacity and thereby meet expected increases in demand.

“We are incredibly excited about the platform we have built and the opportunities ahead for our business. For 2023, we expect improving profitability to drive improved cash flow generation as we capitalize on tailwinds in our industry and the strong demand for our innovative, sustainable solutions. Based on our strong performance in 2022 and a positive activity outlook, we currently anticipate generating revenues of between $1,450 million to $1,550 million in 2023. Adjusted EBITDA in 2023 is expected to be between $275 million and $325 million, and Adjusted EBITDA margin is expected to be between 19% and 21% of revenue. Consistent with historical patterns, revenue and profitability in the first quarter of 2023 are expected to be negatively impacted by the winter season in the Northern Hemisphere and the budget cycles of our national oil company customers, with revenue flat to down modestly sequentially and Adjusted EBITDA margin in the mid-teens.”

Notable Awards and Achievements

Expro was named Champion Integrated Well Service Company and also received the Most Innovative Solution award for its OctopodaTM annulus intervention services at the OWI Global Awards 2022. Organized by Offshore Network, the awards recognize the best in well intervention excellence. Expro was also shortlisted for the Best Example in Collaboration, Best Project Outcome, and Plug and Abandonment (P&A) Excellence awards.

Expro continues to develop partnerships and win work beyond oil and gas, demonstrating that its well-established technologies and depth of expertise are transferable, and that our services and solutions can be utilized in support of the energy transition. Expro’s Geothermal business continues to develop globally, and we recently have secured a contract for shoot-and-pull Tubing Conveyed Perforating (TCP) work for multiple wells on a Carbon Capture Usage and Storage (CCUS) project in Wyoming.

Expro’s technical capabilities also helped secure a Subsea Plug & Abandonment contract. This is a new contract for a 21-well abandonment campaign offshore UK on a semi-submersible rig, with an expected duration of 36 months. Our Subsea team also successfully completed the pre-operations testing of our vessel-deployed, wire-through-water lightwell intervention, or LWI, system, is finalizing its work plan with the vessel owner and customer, and expects to be operational and revenue generative during the first quarter of 2023.

Expro’s broad range of services also helped secure a wireline services contract in the UK. This new contract complements the existing Well Test and Subsea Contract entered into in the first quarter of 2022 and provides a springboard to deliver additional services to this important client. Additionally, an integrated well test contract for rig-less sites in Saudi Arabia, was secured. In India, Expro secured a Drill Stem Testing / Tubing Conveyed Perforating (DST/TCP) contract for offshore operations.

The Company’s well construction team continues to demonstrate its position as the premium provider of tubular running services (TRS) and products, with contract wins and operational success across the world, including in Brazil, where the team won multiple contracts for the provision of TRS offshore services for a 48-month duration.

The acquisition of the SolaSense well surveillance business in March 2022 continues to deliver value to Expro clients through its Distributed Fiber Optic Sensing (DFOS) technology. One recent success involved a customer in Asia who was experiencing gas lift performance issues affecting its entire field production. Expro’s DFOS service was selected to jointly evaluate the integrity and monitor the gas lift performance during production in multiple wells. DFOS evaluation and data allowed the customer to maintain two days of production when compared with the associated shut-in times of other available surveillance technologies.

In the first quarter of 2023, Expro announced the acquisition of DeltaTek Global (“DeltaTek”). This acquisition creates a broader offering, as well as enhanced capabilities and technology within the well construction cementing portfolio, while accelerating DeltaTek’s international deployment ambitions through Expro’s global footprint. The DeltaTek range of low-risk open water cementing solutions increases clients’ operational efficiency, delivers rig time and cost savings, and improves the quality of cementing operations.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2022 to the results for the third quarter of 2022.

North and Latin America (NLA)

NLA segment revenue totaled $132 million for the three months ended December 31, 2022, a decrease of $3 million, or 2%, compared to $135 million for the three months ended September 30, 2022. The decrease was primarily due to lower well management services revenue in Mexico and the U.S., partially offset by higher well construction services revenue in the Gulf of Mexico driven by higher customer activities.

NLA Segment EBITDA was $35 million, or 27% of revenues, during the three months ended December 31, 2022, compared to $40 million or 30% of revenues during the three months ended September 30, 2022. The decrease of $5 million in Segment EBITDA was attributable to lower activity and the reduction in Segment EBITDA margin was attributable to a less favorable product mix during the three months ended December 31, 2022.

Europe and Sub-Saharan Africa (ESSA)

ESSA segment revenue totaled $117 million for the three months ended December 31, 2022, an increase of $17 million, or 17%, compared to $100 million for the three months ended September 30, 2022. The increase in revenues was primarily driven by higher well flow management revenue in Congo from a new long term production solutions contract with Eni Congo S.A. and in the U.K. from increased customer activities.

ESSA Segment EBITDA was $30 million, or 26% of revenues, for the three months ended December 31, 2022, an increase of $12 million, or 67%, compared to $18 million, or 18% of revenues, for the three months ended September 30, 2022. The increase in Segment EBITDA and Segment EBITDA margin was primarily attributable to higher activity levels and a more favorable activity mix during the three months ended December 31, 2022.

Middle East and North Africa (MENA)

MENA segment revenue totaled $55 million for the three months ended December 31, 2022, an increase of $5 million, or 10%, compared to $50 million for the three months ended September 30, 2022. The increase in revenue was driven by higher well flow management services revenue in Algeria and the Kingdom of Saudi Arabia.

MENA Segment EBITDA was $19 million, or 35% of revenues, for the three months ended December 31, 2022, an increase of $4 million, or 27%, compared to $15 million, or 29% of revenues, for the three months ended September 30, 2022. The increase in Segment EBITDA and Segment EBITDA margin was primarily due to higher activity and a more favorable activity mix during the three months ended December 31, 2022.

Asia Pacific (APAC)

APAC segment revenue totaled $47 million for the three months ended December 31, 2022, a decrease of $3 million, or 6%, compared to $50 million for the three months ended September 30, 2022. The decrease in revenue was primarily due to lower subsea well access revenue in Australia and Malaysia.

APAC Segment EBITDA was $4 million, or 8% of revenues, for the three months ended December 31, 2022, an increase of $13 million compared to $(9) million, or (17)% of revenues, for the three months ended September 30, 2022. The increase in Segment EBITDA (despite the decrease in revenues) was primarily due to lower start-up and commissioning costs incurred on a large subsea project during the three months December 31, 2022 as compared to the three months ended September 30, 2022. Excluding $5 million and $17 million of start-up and commissioning costs during the three months ended December 31, 2022 and September, 30, 2022, respectively, Segment EBITDA would have been $9 million and $8 million and Segment EBITDA margin would have been 18% and 16% respectively, for the three months ended December 31, 2022 and September 30, 2022.

Other Financial Information

The Company’s capital expenditures totaled $31 million in the fourth quarter of 2022 and approximately $82 million for the full year 2022. Expro plans for capital expenditures in the range of approximately $120 million to $130 million for 2023.

As of December 31, 2022, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $218 million. The Company had no outstanding debt as of December 31, 2022 and has no outstanding debt today. The Company’s total liquidity as of December 31, 2022 was $348 million. Total liquidity includes $130 million available for drawdowns as loans under the Company’s new revolving credit facility entered into in connection with the Merger (the “New Facility”).

Expro’s provision for income taxes for the fourth quarter of 2022 was $12 million compared to $15 million in the prior quarter. The sequential change in income taxes was primarily due to changes in the mix of taxable profits between jurisdictions, in particular decreased taxable profits in Latin America. The Company’s effective tax rate on a U.S. generally accepted accounting principles (“GAAP”) basis for the three months and year ended December 31, 2022 also reflects liability for taxes in certain jurisdictions that tax on an other than pre-tax profits basis, including so-called “deemed profits” regimes.

The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.

Additionally, downloadable financials are available on the Investor section of www.expro.com.

Conference Call

The Company will host a conference call to discuss fourth quarter 2022 results on Thursday, February 23, 2023, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

US: +1 (844) 200-6205

International: +1 (929) 526-1599

Access ID: 744040

To listen via live webcast, please visit the Investor section of www.expro.com.

The fourth quarter 2022 Investor Presentation is available on the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of approximately 12 months.

To access the audio replay telephonically:

Dial-In: US +1 (929) 458-6194 or +44 (204) 525-0658

Access ID: 744577

Start Date: February 23, 2023, 1:00 p.m. CT

End Date: March 2, 2023, 11:00 p.m. CT

A transcript of the conference call will be posted to the Investor relations section of the Company’s website after the conclusion of the call.

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.

With roots dating to 1938, Expro has more than 7,600 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in approximately 60 countries.

For more information, please visit: www.expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

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. All statements, other than statements of historical facts, included in this 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 release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, operating results and environmental, social and governance goals, targets and initiatives. 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. Such assumptions, risks and uncertainties include the outcome and results of the integration process associated with the Merger, 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, global or national health concerns, including health epidemics, such as COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, inflationary pressures, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

Such assumptions, risks and uncertainties also 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 December 31, 2022 that will be filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

Use of Non-GAAP Financial Measures

This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing 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. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by the management, financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss) and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss) and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Expro defines Adjusted EBITDA as net loss adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other income, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total revenue.

Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for indirect support costs and stock-based compensation expense included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage. Support costs is defined as indirect costs attributable to supporting the activities of the operating segments, research and engineering expenses and product line management costs included in cost of revenue, excluding depreciation and amortization expense, and general and administrative expense, excluding depreciation and amortization expense, which represent costs of running the corporate head office and other central functions, including logistics, sales and marketing and health and safety, and does not include foreign exchange gains or losses and other non-routine expenses. Adjusted cash flow from operations is defined as net cash (used in) provided by operating activities adjusted for cash paid during the period for interest, net, severance and other expense and merger and integration expense. Cash conversion is defined as Adjusted cash flow from operations divided by Adjusted EBITDA, expressed as a percentage.

The Company defines adjusted net income (loss) as net income (loss) before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net income (loss) per diluted share before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.

Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.

EXPRO GROUP HOLDINGS N.V.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

350,966

 

 

$

334,351

 

 

$

295,669

 

 

$

1,279,418

 

 

$

825,762

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization

 

 

(277,548

)

 

 

(283,695

)

 

 

(252,373

)

 

 

(1,057,356

)

 

 

(701,165

)

General and administrative expense, excluding depreciation and amortization

 

 

(10,444

)

 

 

(18,593

)

 

 

(54,944

)

 

 

(58,387

)

 

 

(73,880

)

Depreciation and amortization expense

 

 

(34,538

)

 

 

(34,825

)

 

 

(44,111

)

 

 

(139,767

)

 

 

(123,866

)

Gain on disposal of assets

 

 

-

 

 

 

-

 

 

 

1,000

 

 

 

-

 

 

 

1,000

 

Merger and integration expense

 

 

(4,996

)

 

 

(1,629

)

 

 

(28,450

)

 

 

(13,620

)

 

 

(47,593

)

Severance and other expense

 

 

(2,411

)

 

 

(3,242

)

 

 

(1,729

)

 

 

(7,825

)

 

 

(7,826

)

Total operating cost and expenses

 

 

(329,937

)

 

 

(341,984

)

 

 

(380,607

)

 

 

(1,276,955

)

 

 

(953,330

)

Operating income (loss)

 

 

21,029

 

 

 

(7,633

)

 

 

(84,938

)

 

 

2,463

 

 

 

(127,568

)

Other income, net

 

 

1,477

 

 

 

432

 

 

 

2,681

 

 

 

3,149

 

 

 

3,992

 

Interest and finance (expense) income, net

 

 

(3,468

)

 

 

1,502

 

 

 

(6,242

)

 

 

(241

)

 

 

(8,795

)

Income (loss) before taxes and equity in income of joint ventures

 

 

19,038

 

 

 

(5,699

)

 

 

(88,499

)

 

 

5,371

 

 

 

(132,371

)

Equity in income of joint ventures

 

 

5,590

 

 

 

3,510

 

 

 

5,239

 

 

 

15,731

 

 

 

16,747

 

Income (loss) before income taxes

 

 

24,628

 

 

 

(2,189

)

 

 

(83,260

)

 

 

21,102

 

 

 

(115,624

)

Income tax expense

 

 

(11,697

)

 

 

(15,405

)

 

 

(7,944

)

 

 

(41,247

)

 

 

(16,267

)

Net income (loss)

 

$

12,931

 

 

$

(17,594

)

 

$

(91,204

)

 

$

(20,145

)

 

$

(131,891

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

 

$

(0.16

)

 

$

(0.84

)

 

$

(0.18

)

 

$

(1.64

)

Diluted

 

$

0.12

 

 

$

(0.16

)

 

$

(0.84

)

 

$

(0.18

)

 

$

(1.64

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

108,743,078

 

 

 

108,708,651

 

 

 

109,119,301

 

 

 

109,072,761

 

 

 

80,525,694

 

Diluted

 

 

109,348,871

 

 

 

108,708,651

 

 

 

109,119,301

 

 

 

109,072,761

 

 

 

80,525,694

 

EXPRO GROUP HOLDINGS N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

214,788

 

 

$

235,390

 

Restricted cash

 

 

3,672

 

 

 

4,457

 

Accounts receivable, net

 

 

419,237

 

 

 

319,286

 

Inventories

 

 

153,718

 

 

 

125,116

 

Assets held for sale

 

 

2,179

 

 

 

6,386

 

Income tax receivables

 

 

26,938

 

 

 

20,561

 

Other current assets

 

 

44,975

 

 

 

52,938

 

Total current assets

 

 

865,507

 

 

 

764,134

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

462,316

 

 

 

478,580

 

Investments in joint ventures

 

 

66,038

 

 

 

57,604

 

Intangible assets, net

 

 

229,504

 

 

 

253,053

 

Goodwill

 

 

220,980

 

 

 

179,903

 

Operating lease right-of-use assets

 

 

74,856

 

 

 

83,372

 

Non-current accounts receivable, net

 

 

9,688

 

 

 

11,531

 

Other non-current assets

 

 

8,263

 

 

 

26,461

 

Total assets

 

$

1,937,152

 

 

$

1,854,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

272,704

 

 

$

213,152

 

Income tax liabilities

 

 

37,151

 

 

 

22,999

 

Finance lease liabilities

 

 

1,047

 

 

 

1,147

 

Operating lease liabilities

 

 

19,057

 

 

 

19,695

 

Other current liabilities

 

 

107,750

 

 

 

74,213

 

Total current liabilities

 

 

437,709

 

 

 

331,206

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, net

 

 

30,419

 

 

 

31,744

 

Post-retirement benefits

 

 

11,344

 

 

 

29,120

 

Non-current finance lease liabilities

 

 

13,773

 

 

 

15,772

 

Non-current operating lease liabilities

 

 

60,847

 

 

 

73,688

 

Other non-current liabilities

 

 

97,165

 

 

 

75,537

 

Total liabilities

 

 

651,257

 

 

 

557,067

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

1,285,895

 

 

 

1,297,571

 

Total liabilities and stockholders’ equity

 

$

1,937,152

 

 

$

1,854,638

 

EXPRO GROUP HOLDINGS N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Year Ended

 

 

 

December 31,

 

Cash flows from operating activities:

 

2022

 

 

2021

 

Net loss

 

$

(20,145

)

 

$

(131,891

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

139,767

 

 

 

123,866

 

Equity in income of joint ventures

 

 

(15,731

)

 

 

(16,747

)

Stock-based compensation expense

 

 

18,486

 

 

 

54,162

 

Changes in fair value of investments

 

 

1,199

 

 

 

(511

)

Elimination of unrealized profit on sales to joint ventures

 

 

-

 

 

 

174

 

Debt issuance expense

 

 

-

 

 

 

5,166

 

Gain on disposal of assets

 

 

-

 

 

 

(1,000

)

Deferred taxes

 

 

(1,326

)

 

 

(737

)

Unrealized foreign exchange losses

 

 

6,116

 

 

 

1,407

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(97,758

)

 

 

(20,256

)

Inventories

 

 

(26,037

)

 

 

906

 

Other assets

 

 

4,365

 

 

 

12,683

 

Accounts payable and accrued liabilities

 

 

35,491

 

 

 

5,371

 

Other liabilities

 

 

31,435

 

 

 

(5,981

)

Income taxes, net

 

 

10,209

 

 

 

(2,056

)

Dividends received from joint ventures

 

 

7,283

 

 

 

4,058

 

Other

 

 

(13,185

)

 

 

(12,470

)

Net cash provided by operating activities

 

 

80,169

 

 

 

16,144

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(81,904

)

 

 

(81,511

)

Cash and cash equivalents and restricted cash acquired in the Merger

 

 

-

 

 

 

189,739

 

Acquisition of technology

 

 

(7,967

)

 

 

-

 

Proceeds from disposal of assets

 

 

7,279

 

 

 

3,818

 

Proceeds from sale / maturity of investments

 

 

11,386

 

 

 

-

 

Net cash (used in) provided by investing activities

 

 

(71,206

)

 

 

112,046

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

(Cash pledged for) release of collateral deposits

 

 

(70

)

 

 

162

 

Repayment of financed insurance premium

 

 

(7,245

)

 

 

(227

)

Payments of loan issuance and other transaction costs

 

 

(132

)

 

 

(5,123

)

Acquisition of Company common stock

 

 

(12,996

)

 

 

-

 

Payment of withholding taxes on stock-based compensation plans

 

 

(4,168

)

 

 

(818

)

Repayments of finance leases

 

 

(1,001

)

 

 

(1,170

)

Net cash used in financing activities

 

 

(25,612

)

 

 

(7,176

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(4,738

)

 

 

(1,876

)

Net (decrease) increase to cash and cash equivalents and restricted cash

 

 

(21,387

)

 

 

119,138

 

Cash and cash equivalents and restricted cash at beginning of year

 

 

239,847

 

 

 

120,709

 

Cash and cash equivalents and restricted cash at end of year

 

$

218,460

 

 

$

239,847

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for income taxes net of refunds

 

$

(33,171

)

 

$

(20,130

)

Cash paid for interest, net

 

 

(3,851

)

 

 

(4,192

)

Change in accounts payable and accrued expenses related to capital expenditures

 

 

(14,721

)

 

 

(8,191

)

Fair value of net assets acquired in the Merger, net of cash and cash equivalents

 

 

-

 

 

 

552,543

 

EXPRO GROUP HOLDINGS N.V.

SELECTED OPERATING SEGMENT DATA

(In thousands)

(Unaudited)

 

Segment Revenue and Segment Revenue as Percentage of Total Revenue:

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

NLA

$

131,684

 

38

%

 

$

134,574

 

40

%

 

$

100,394

 

34

%

 

$

499,813

 

39

%

 

$

193,156

 

 

23

%

ESSA

 

117,344

 

33

%

 

 

99,809

 

30

%

 

 

94,322

 

32

%

 

 

389,342

 

30

%

 

 

300,557

 

 

36

%

MENA

 

55,387

 

16

%

 

 

50,030

 

15

%

 

 

49,464

 

17

%

 

 

201,495

 

16

%

 

 

171,136

 

 

21

%

APAC

 

46,551

 

13

%

 

 

49,938

 

15

%

 

 

51,489

 

17

%

 

 

188,768

 

15

%

 

 

160,913

 

 

20

%

Total

$

350,966

 

100

%

 

$

334,351

 

100

%

 

$

295,669

 

100

%

 

$

1,279,418

 

100

%

 

$

825,762

 

 

100

%

Segment EBITDA(1), Segment EBITDA Margin(2), Adjusted EBITDA and Adjusted EBITDA Margin(3):

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

NLA

$

35,153

 

27

%

 

$

39,743

 

30

%

 

$

21,162

 

21

%

 

$

135,236

 

27

%

 

$

32,254

 

17

%

ESSA

 

30,179

 

26

%

 

 

17,760

 

18

%

 

 

19,859

 

21

%

 

 

74,681

 

19

%

 

 

53,336

 

18

%

MENA

 

19,433

 

35

%

 

 

14,667

 

29

%

 

 

16,076

 

33

%

 

 

63,315

 

31

%

 

 

56,312

 

33

%

APAC (5)

 

3,673

 

8

%

 

 

(8,617

)

(17

)%

 

 

12,206

 

24

%

 

 

4,850

 

3

%

 

 

33,444

 

21

%

 

 

88,438

 

 

 

 

 

63,553

 

 

 

 

 

69,303

 

 

 

 

 

278,082

 

 

 

 

 

175,346

 

 

 

Corporate costs (4)

 

(23,954

)

 

 

 

 

(18,849

)

 

 

 

 

(23,985

)

 

 

 

 

(87,580

)

 

 

 

 

(66,153

)

 

 

Equity in income of joint ventures

 

5,590

 

 

 

 

 

3,510

 

 

 

 

 

5,239

 

 

 

 

 

15,731

 

 

 

 

 

16,747

 

 

 

Adjusted EBITDA

$

70,074

 

20

%

 

$

48,214

 

14

%

 

$

50,557

 

17

%

 

$

206,233

 

16

%

 

$

125,940

 

15

%

(1)

 

Expro evaluates its business segment operating performance using Segment Revenue, Segment EBITDA and Segment EBITDA Margin. Expros management believes Segment EBITDA and Segment EBITDA Margin are useful operating performance measures as they exclude transactions not related to its core operating activities, corporate costs and certain non-cash items and allows Expro to meaningfully analyze the trends and performance of its core operations by segment as well as to make decisions regarding the allocation of resources to segments.

 

 

 

(2)

 

Expro defines Segment EBITDA Margin as Segment EBITDA divided by Segment Revenue, expressed as a percentage.

 

 

 

(3)

 

Expro defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue, expressed as a percentage.

 

 

 

(4)

 

Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments, including research, engineering and development, logistics, sales and marketing and health and safety and are not attributable to a particular operating segment.

 

 

 

(5)

 

APAC Segment EBITDA, excluding $5 million and $17 million, respectively, of start-up and commissioning costs on a large subsea project during the three months ended December 31, 2022 and September 30, 2022, would have been $9 million and $8 million, respectively, and APAC Segment EBITDA margin would have been 18% and 16%, respectively. APAC Segment EBITDA, excluding $28 million of such start-up and commissioning costs during the year ended December 31, 2022, would have been $33 million and APAC Segment EBITDA margin would have been 17%.

EXPRO GROUP HOLDINGS N.V.

REVENUE BY AREAS OF CAPABILITIES

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Well construction

 

$

137,754

 

 

39

%

 

$

129,455

 

 

39

%

 

$

112,126

 

 

38

%

 

$

500,438

 

 

39

%

 

$

112,126

 

 

14

%

Well management (1)

 

 

213,212

 

 

61

%

 

 

204,896

 

 

61

%

 

 

183,543

 

 

62

%

 

 

778,980

 

 

61

%

 

 

713,636

 

 

86

%

Total

 

$

350,966

 

 

100

%

 

$

334,351

 

 

100

%

 

$

295,669

 

 

100

%

 

$

1,279,418

 

 

100

%

 

$

825,762

 

 

100

%

(1)

 

Well management consists of well flow management, subsea well access, and well intervention and integrity.

EXPRO GROUP HOLDINGS N.V.

CONTRIBUTION, CONTRIBUTION MARGIN AND SUPPORT COSTS

(In thousands)

(Unaudited)

 

Contribution(1) and Contribution Margin(2):

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021 (6)

 

2022

 

 

2021 (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

350,966

 

 

$

334,351

 

 

$

295,669

 

 

$

1,279,418

 

 

$

825,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization

 

 

(277,548

)

 

 

(283,695

)

 

 

(252,373

)

 

 

(1,057,356

)

 

 

(701,165

)

Indirect costs (included in cost of revenue)

 

 

60,324

 

 

 

58,097

 

 

 

62,302

 

 

 

238,846

 

 

 

169,434

 

Stock-based compensation expense

 

 

1,466

 

 

 

2,383

 

 

 

12,354

 

 

 

7,658

 

 

 

12,354

 

Direct costs (excluding depreciation and amortization) (3)

 

 

(215,758

)

 

 

(223,215

)

 

 

(177,717

)

 

 

(810,852

)

 

 

(519,377

)

Contribution (5)

 

$

135,208

 

 

$

111,136

 

 

$

117,952

 

 

$

468,566

 

 

$

306,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution margin

 

 

39

%

 

 

33

%

 

 

40

%

 

 

37

%

 

 

37

%

Support Costs(4):

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021 (6)

 

 

2022

 

 

2021 (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

$

277,548

 

 

$

283,695

 

 

$

252,373

 

 

$

1,057,356

 

 

$

701,165

 

Direct costs (excluding depreciation and amortization)

 

 

(215,758

)

 

 

(223,215

)

 

 

(177,717

)

 

 

(810,852

)

 

 

(519,377

)

Stock-based compensation expense

 

 

(1,466

)

 

 

(2,383

)

 

 

(12,354

)

 

 

(7,658

)

 

 

(12,354

)

Indirect costs (included in cost of revenue)

 

 

60,324

 

 

 

58,097

 

 

 

62,302

 

 

 

238,846

 

 

 

169,434

 

General and administrative, (excluding depreciation and amortization expense, foreign exchange, and other non-routine costs)

 

 

10,333

 

 

 

8,321

 

 

 

10,095

 

 

 

39,030

 

 

 

27,647

 

Total support costs

 

$

70,657

 

 

$

66,418

 

 

$

72,397

 

 

$

277,876

 

 

$

197,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total support costs as a percentage of revenue

 

 

20

%

 

 

20

%

 

 

24

%

 

 

22

%

 

 

24

%

(1)

 

Expro defines Contribution as Total Revenue less Cost of Revenue, excluding depreciation and amortization expense, adjusted for indirect support costs and stock-based compensation expense included in Cost of Revenue.

 

 

 

(2)

 

Contribution margin is defined as Contribution as a percentage of Revenue.

 

 

 

(3)

 

Direct costs include personnel costs, sub-contractor costs, equipment costs, repairs and maintenance, facilities, and other costs directly incurred to generate revenue.

 

 

 

(4)

 

Support costs includes indirect costs attributable to support the activities of the operating segments, research and engineering expenses and product line management costs included in Cost of revenue, and General and administrative expenses representing costs of running our corporate head office and other central functions, including, logistics, sales and marketing and health and safety and does not include foreign exchange gains or losses and other non-routine expenses.

 

 

 

(5)

 

Contribution, excluding $5 million and $17 million, respectively, of start-up and commissioning costs on a large subsea project during the three months ended December 31, 2022 and September 30, 2022, would have been $140 million and $128 million, respectively, and Contribution margin would have been 40% and 38%, respectively. Contribution, excluding $28 million of such start-up and commissioning costs during the year ended December 31, 2022, would have been $496 million and Contribution margin would have been 39%.

 

 

 

(6)

 

During the first quarter of 2022, as part of the integration process, management aligned Legacy Frank’s direct and geography-based support costs with Expro’s definition. Accordingly, comparative information of direct costs, indirect costs, contribution and total support costs for the three months and year ended December 31, 2021, has been reclassified to conform to current period presentation.

EXPRO GROUP HOLDINGS N.V.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION

(In thousands)

(Unaudited)

 

Adjusted EBITDA Reconciliation and Adjusted EBITDA Margin:

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

350,966

 

 

$

334,351

 

 

$

295,669

 

 

$

1,279,418

 

 

$

825,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

12,931

 

 

$

(17,594

)

 

$

(91,204

)

 

$

(20,145

)

 

$

(131,891

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

11,697

 

 

 

15,405

 

 

 

7,944

 

 

 

41,247

 

 

 

16,267

 

Depreciation and amortization expense

 

 

34,538

 

 

 

34,825

 

 

 

44,111

 

 

 

139,767

 

 

 

123,866

 

Severance and other expense

 

 

2,411

 

 

 

3,242

 

 

 

1,729

 

 

 

7,825

 

 

 

7,826

 

Merger and integration expense

 

 

4,996

 

 

 

1,629

 

 

 

28,450

 

 

 

13,620

 

 

 

47,593

 

Gain on disposal of assets

 

 

-

 

 

 

-

 

 

 

(1,000

)

 

 

-

 

 

 

(1,000

)

Other income, net

 

 

(1,477

)

 

 

(432

)

 

 

(2,681

)

 

 

(3,149

)

 

 

(3,992

)

Stock-based compensation expense

 

 

3,554

 

 

 

4,684

 

 

 

54,162

 

 

 

18,486

 

 

 

54,162

 

Foreign exchange (gain) loss

 

 

(2,044

)

 

 

7,957

 

 

 

2,804

 

 

 

8,341

 

 

 

4,314

 

Interest and finance expense (income), net

 

 

3,468

 

 

 

(1,502

)

 

 

6,242

 

 

 

241

 

 

 

8,795

 

Adjusted EBITDA (1)

 

$

70,074

 

 

$

48,214

 

 

$

50,557

 

 

$

206,233

 

 

$

125,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin (1)

 

 

20

%

 

 

14

%

 

 

17

%

 

 

16

%

 

 

15

%

(1)

 

Excluding $5 million and $17 million, respectively, of start-up and commissioning costs on a large subsea project during the three months ended December 31, 2022 and September 30, 2022, Adjusted EBITDA would have been $75 million and $65 million, respectively, and Adjusted EBITDA margin would have been 21% and 19%, respectively. Excluding $28 million of such start-up and commissioning costs during the year ended December 31, 2022, Adjusted EBITDA Margin would have been $234 million and Adjusted EBITDA margin would have been 18%.

EXPRO GROUP HOLDINGS N.V.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION

(In thousands)

(Unaudited)

 

Adjusted Cash Flow from Operations Reconciliation:

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

92,943

 

 

$

(667

)

 

$

15,690

 

 

$

80,169

 

 

$

16,144

 

Cash paid during the period for interest, net

 

 

961

 

 

 

891

 

 

 

1,176

 

 

 

3,851

 

 

 

4,192

 

Cash paid during the period for severance and other expense

 

 

697

 

 

 

2,501

 

 

 

1,836

 

 

 

3,970

 

 

 

8,052

 

Cash paid during the period for merger and integration expense

 

 

4,350

 

 

 

5,525

 

 

 

22,390

 

 

 

27,344

 

 

 

36,921

 

Adjusted Cash Flow from Operations

 

$

98,951

 

 

$

8,250

 

 

$

41,092

 

 

$

115,334

 

 

$

65,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

70,074

 

 

$

48,214

 

 

$

50,557

 

 

$

206,233

 

 

$

125,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash conversion (1)

 

 

141

%

 

 

17

%

 

 

81

%

 

 

56

%

 

 

52

%

(1)

 

Expro defines Cash Conversion as Adjusted Cash Flow from Operations divided by Adjusted EBITDA, expressed as a percentage.

EXPRO GROUP HOLDINGS N.V.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

 

Reconciliation of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share:

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

12,931

 

 

$

(17,594

)

 

$

(91,204

)

 

$

(20,145

)

 

$

(131,891

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger and integration expense

 

 

4,996

 

 

 

1,629

 

 

 

28,450

 

 

 

13,620

 

 

 

47,593

 

Severance and other expense

 

 

2,411

 

 

 

3,242

 

 

 

1,729

 

 

 

7,825

 

 

 

7,826

 

New facility expense

 

 

-

 

 

 

-

 

 

 

4,603

 

 

 

-

 

 

 

5,166

 

Stock-based compensation expense

 

 

3,554

 

 

 

4,684

 

 

 

54,162

 

 

 

18,486

 

 

 

54,162

 

Gain on disposal of assets

 

 

-

 

 

 

-

 

 

 

(1,000

)

 

 

-

 

 

 

(1,000

)

Total adjustments, before taxes

 

 

10,961

 

 

 

9,555

 

 

 

87,944

 

 

 

39,931

 

 

 

113,747

 

Tax benefit

 

 

(70

)

 

 

(21

)

 

 

(441

)

 

 

(524

)

 

 

(956

)

Total adjustments, net of taxes

 

 

10,891

 

 

 

9,534

 

 

 

87,503

 

 

 

39,407

 

 

 

112,791

 

Adjusted net income (loss) attributable to company

 

$

23,822

 

 

$

(8,060

)

 

$

(3,701

)

 

$

19,262

 

 

$

(19,100

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported diluted weighted average common shares outstanding

 

 

109,348,871

 

 

 

108,708,651

 

 

 

109,119,301

 

 

 

109,072,761

 

 

 

80,525,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported net loss per diluted share

 

$

0.12

 

 

$

(0.16

)

 

$

(0.84

)

 

$

(0.18

)

 

$

(1.64

)

Adjusted net income (loss) per diluted share

 

$

0.22

 

 

$

(0.07

)

 

$

(0.03

)

 

$

0.18

 

 

$

(0.24

)

 

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