HOUSTON, March 8,
2023 /PRNewswire/ -- KLX Energy Services Holdings,
Inc. (Nasdaq: KLXE) ("KLX", the "Company", "we", "us" or
"our") today reported financial results for the fourth quarter
ended December 31, 2022. We also make reference to the three
months ended December 31, 2021 ("Pro
Forma Prior Year Fourth Quarter") and the twelve months ended
December 31, 2021 ("Pro Forma Prior
Fiscal Year").
Fourth Quarter 2022 Financial and Operational
Highlights
- Revenue of $223.3 million
- Generated net income of $13.2
million, an 18.9% sequential increase, net income margin of
5.9% and basic earnings per share of $1.07/share
- Adjusted EBITDA of $37.3 million
and Adjusted EBITDA margin of 16.7%
- Ended the quarter with $57.4
million of cash, a 38.6% sequential increase
- Exchanged $12.8 million of 11.5%
senior secured notes due 2025 (the "Senior Secured Notes") for
777,811 shares of common stock, reducing future annual cash
interest expense by $1.5 million
- Ended the quarter with $283.4
million of total debt, a 4.1% sequential decrease
- Ended the quarter with $226.0
million of net debt, an 11.1% sequential decrease
- Ended the quarter with $101.8
million of available liquidity, a 17.8% sequential
increase
See "Non-GAAP Financial Measures" at the end of this release
for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, free
cash flow, net debt, net working capital, net leverage ratio and
their reconciliations to the most directly comparable financial
measure calculated and presented in accordance with U.S. generally
accepted accounting principles ("GAAP"). We have not provided
reconciliations of our future expectations as to Adjusted EBITDA or
Adjusted EBITDA margin as such reconciliations are not available
without unreasonable efforts. In addition, for comparative
purposes, we have also presented Pro Forma Operating Income (Loss)
and Adjusted EBITDA for the three months ended December 31, 2021 and the twelve months ended
December 31, 2021 in the Additional
Selected Operating Data section below.
Chris Baker, KLX President, Chief
Executive Officer and Director, stated, "During 2022, we were
focused on driving price and utilization while prudently managing
our cost structure on the heels of our successful 2020 merger with
QES. This translated into a record year relative to other periods
post-merger and immediately pre-merger, and we finished 2022 on a
high note with a strong fourth quarter, overcoming typical
seasonality impacts in our late fourth quarter calendars. Our
strategy of utilizing key performance indicators to analyze price,
asset utilization and discrete district performance provided the
roadmap to our early 2022 strategic asset realignment and yielded
materially improved results throughout 2022. I'm proud to report
that we are largely trending ahead of 2019 levels for revenue and
margins when viewed on a second half 2022 annualized basis. I'm
also proud to report that Q4 was our highest net income since
generating $13.6 million of net
income in Q2 2018. Additionally, we have materially improved our
capitalization profile and exited 2022 with a fourth quarter
annualized net leverage ratio of only 1.5x.
"Looking to the first quarter of 2023, we typically expect a
natural transition in activity as operators ramp up their 2023
programs. However, the normal sequential revenue decline from the
fourth quarter to the first quarter is expected to be less
pronounced than prior years due to the continued tightness in the
oilfield services market related to both equipment and crews. We
expect first quarter revenue to be between $225.0 million to $230.0
million and first quarter Adjusted EBITDA to be in the range
of $30.0 million to $35.0 million. For the full year, we expect
our 2023 revenue and Adjusted EBITDA margin to be in the range of
$925.0 million to $975.0 million and 16.0% to 18.0%, respectively.
Full year 2023 capital spending is expected to range between
$55.0 and $65.0 million, representing approximately 5.9% to
6.7% of full year 2023 revenue guidance," concluded Baker.
Fourth Quarter 2022 Financial Results
Revenue for the fourth quarter of 2022 totaled $223.3 million, a slight increase of 0.8%
compared to third quarter revenue of $221.6
million. The increase in revenue reflects the increase in
activity and pricing across all geographic segments and product
service lines. On a product line basis, drilling, completion,
production and intervention services contributed approximately
29.9%, 48.8%, 12.1% and 9.2%, respectively, to revenues for the
fourth quarter 2022.
Net income for the fourth quarter of 2022 was $13.2 million, compared to third quarter net
income of $11.1 million. Adjusted
EBITDA for the fourth quarter of 2022 was $37.3 million, compared to third quarter Adjusted
EBITDA of $37.1 million. Adjusted
EBITDA margin for the fourth quarter of 2022 remained at 16.7%,
same as third quarter Adjusted EBITDA margin.
Fourth Quarter 2022 Segment Results
The Company reports revenue, operating income and Adjusted
EBITDA through three geographic business segments: Rocky Mountains,
Southwest and Northeast/Mid-Con.
- Rocky Mountains: Revenue, operating income and Adjusted EBITDA
for the Rocky Mountains segment was $66.1
million, $12.4 million and
$17.9 million, respectively, for the
fourth quarter of 2022. Fourth quarter revenue represents a 0.6%
decrease over the third quarter of 2022 largely due to a slight
decrease in completions activity driven by holidays and seasonal
slowdowns.
- Southwest: Revenue, operating income and Adjusted EBITDA for
the Southwest segment, which includes the Permian and South Texas, was $74.8
million, $7.7 million and
$12.4 million, respectively, for the
fourth quarter of 2022. Fourth quarter revenue represents a 9.2%
increase over the third quarter of 2022 largely driven by an
increase in activity and weighted average pricing across all of our
product service lines, with directional drilling and tech services
experiencing the largest increases.
- Northeast/Mid-Con: Revenue, operating income and Adjusted
EBITDA for the Northeast/Mid-Con segment was $82.4 million, $15.4
million and $19.7 million,
respectively, for the fourth quarter of 2022. Fourth quarter
revenue represents a 4.8% decrease over the third quarter of 2022
largely due to slightly lower activity in pressure pumping and tech
services driven by customer drilling issues and holidays.
The following is a tabular summary of revenue, operating income
(loss) and Adjusted EBITDA (loss) for the fourth quarter ended
December 31, 2022 and third quarter ended September 30,
2022 ($ in millions).
|
|
Three Months
Ended
|
|
|
December 31,
2022
|
|
September 30,
2022
|
Revenue:
|
|
|
|
|
Rocky Mountains
|
|
$
66.1
|
|
$
66.5
|
Southwest
|
|
74.8
|
|
68.5
|
Northeast/Mid-Con
|
|
82.4
|
|
86.6
|
Total
Revenue
|
|
$
223.3
|
|
$
221.6
|
|
|
Three Months
Ended
|
|
|
December 31,
2022
|
|
September 30,
2022
|
Operating income
(loss):
|
|
|
|
|
Rocky Mountains
|
|
$
12.4
|
|
$
11.7
|
Southwest
|
|
7.7
|
|
5.2
|
Northeast/Mid-Con
|
|
15.4
|
|
17.2
|
Corporate and
other
|
|
(13.3)
|
|
(13.7)
|
Total operating
income
|
|
$
22.2
|
|
$
20.4
|
|
|
Three Months
Ended
|
|
|
December 31,
2022
|
|
September 30,
2022
|
Adjusted EBITDA
(loss)
|
|
|
|
|
Rocky Mountains
|
|
$
17.9
|
|
$
17.3
|
Southwest
|
|
12.4
|
|
10.2
|
Northeast/Mid-Con
|
|
19.7
|
|
21.3
|
Segment
Total
|
|
50.0
|
|
48.8
|
Corporate and
other
|
|
(12.7)
|
|
(11.7)
|
Total Adjusted
EBITDA(1)
|
|
$
37.3
|
|
$
37.1
|
|
(1) Excludes one-time costs, as
defined in the Reconciliation of Consolidated Net Income (Loss) to
Adjusted EBITDA (Loss) table below, non-cash compensation expense
and non-cash asset impairment expense.
|
Balance Sheet and Liquidity
Total debt outstanding as of December 31, 2022 was
$283.4 million, compared to
$295.6 million as of
September 30, 2022. The decrease in total debt was driven by
debt exchange transactions as detailed below. As of
December 31, 2022, cash and cash equivalents totaled
$57.4 million. Available liquidity as
of December 31, 2022 was $101.8
million, including availability of $44.4 million on the December 2022 asset-based lending facility (the
"ABL Facility") borrowing base certificate. The Senior Secured
Notes bear interest at an annual rate of 11.5%, payable
semi-annually in arrears on May
1st and November
1st. Accrued interest as of December 31,
2022 was $4.6 million for the Senior
Secured Notes and $0.2 million
related to the ABL Facility.
Net working capital as of December 31, 2022 was
$72.1 million, which was up 14.6%
from September 30, 2022 levels. The increase in net working
capital was driven by a slight slowdown in customer payments at
year-end, which resulted in a 7.4% increase in days sales
outstanding.
Reduction in Senior Secured Notes Outstanding
The Company exchanged $12.8
million of its Senior Secured Notes for 777,811 shares in
multiple transactions during the fourth quarter of 2022 pursuant to
Section 3(a)(9) of the Securities Act of 1933. These exchanges
reduce future annual cash interest expense by $1.5 million.
Other Financial Information
Capital expenditures were $9.5
million during the fourth quarter of 2022, a decrease of
$3.0 million or 24.0% compared to
capital expenditures of $12.5 million
in the third quarter of 2022. Capital spending during the fourth
quarter was driven primarily by maintenance capital expenditures
across our segments. As of December 31, 2022, we had
$4.9 million of assets held for sale
related to two facilities, land and select equipment in the Rocky
Mountains and Southwest segments.
Guidance
- First quarter 2023 revenue and Adjusted EBITDA guidance ranges
of $225.0 million to $230.0 million and $30.0
million to $35.0 million,
respectively. Note, Q1 is perennially impacted by weather, customer
budget finalization timing and elevated personnel costs due to
payroll and unemployment taxes.
- Full year 2023 revenue and Adjusted EBITDA margin guidance
ranges of $925.0 million to
$975.0 million and 16.0% to 18.0%,
respectively.
- Full year 2023 capital spending between $55.0 and $65.0
million, representing approximately 5.9% to 6.7% of full
year 2023 revenue guidance.
Conference Call Information
KLX will conduct its fourth quarter 2022 conference call, which
can be accessed via dial-in or webcast, on Thursday, March 9, 2023 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) by dialing 1-201-389-0867
and asking for the KLX conference call at least 10 minutes prior to
the start time, or by logging onto the webcast at
https://investor.klxenergy.com/events-and-presentations/events. For
those who cannot listen to the live call, a replay will be
available through March 23, 2023, and
may be accessed by dialing 1-201-612-7415 and using passcode
13736099#. Also, an archive of the webcast will be available
shortly after the call at
https://investor.klxenergy.com/events-and-presentations/events for
90 days. Please submit any questions for management prior to the
call via email to KLXE@dennardlascar.com.
About KLX Energy Services Holdings, Inc.
KLX is a growth-oriented provider of diversified oilfield
services to leading onshore oil and natural gas exploration and
production companies operating in both conventional and
unconventional plays in all of the active major basins throughout
the United States. The Company
delivers mission critical oilfield services focused on drilling,
completion, production, and intervention activities for technically
demanding wells from over 50 service and support facilities located
throughout the United States.
KLX's complementary suite of proprietary products and specialized
services is supported by technically skilled personnel and a broad
portfolio of innovative in-house manufacturing, repair and
maintenance capabilities. More information is available at
www.klxenergy.com.
Forward-Looking Statements and Cautionary
Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements to encourage companies
to provide prospective information to investors. This news release
(and any oral statements made regarding the subjects of this
release, including on the conference call announced herein)
includes forward-looking statements that reflect our current
expectations and projections about our future results, performance
and prospects. Forward-looking statements include all statements
that are not historical in nature and are not current facts. When
used in this news release (and any oral statements made regarding
the subjects of this release, including on the conference call
announced herein), the words "believe," "expect," "plan," "intend,"
"anticipate," "estimate," "predict," "potential," "continue,"
"may," "might," "should," "could," "will" or the negative of these
terms or similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on our current expectations and assumptions
about future events and are based on currently available
information as to the outcome and timing of future events with
respect to, among other things: our operating cash flows; the
availability of capital and our liquidity; our ability to renew and
refinance our debt; our future revenue, income and operating
performance; our ability to sustain and improve our utilization,
revenue and margins; our ability to maintain acceptable pricing for
our services; future capital expenditures; our ability to finance
equipment, working capital and capital expenditures; our ability to
execute our long-term growth strategy and to integrate our
acquisitions; our ability to successfully develop our research and
technology capabilities and implement technological developments
and enhancements; and the timing and success of strategic
initiatives and special projects.
Forward-looking statements are not assurances of future
performance and actual results could differ materially from our
historical experience and our present expectations or projections.
These forward-looking statements are based on management's current
expectations and beliefs, forecasts for our existing operations,
experience, expectations and perception of historical trends,
current conditions, anticipated future developments and their
effect on us and other factors believed to be appropriate. Although
management believes the expectations and assumptions reflected in
these forward-looking statements are reasonable as and when made,
no assurance can be given that these assumptions are accurate or
that any of these expectations will be achieved (in full or at
all). Our forward-looking statements involve significant risks,
contingencies and uncertainties, most of which are difficult to
predict and many of which are beyond our control. Known material
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, risks associated with the following: a decline in
demand for our services, including due to the COVID-19 pandemic,
declining commodity prices, overcapacity and other competitive
factors affecting our industry; the cyclical nature and volatility
of the oil and gas industry, which impacts the level of
exploration, production and development activity and spending
patterns by oil and natural gas exploration and production
companies; a decline in, or substantial volatility of, crude oil
and gas commodity prices, which generally leads to decreased
spending by our customers and negatively impacts drilling,
completion and production activity; inflation; increases in
interest rates; the ongoing war in Ukraine and its continuing effects on global
trade; supply chain issues; and other risks and uncertainties
listed in our filings with the U.S. Securities and Exchange
Commission, including our Current Reports on Form 8-K that we file
from time to time, Quarterly Reports on Form 10-Q and Annual Report
on Form 10-K. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise, except as
required by law.
KLX Energy Services
Holdings, Inc
|
Condensed
Consolidated Statements of Operations
|
(In millions of
U.S. dollars and shares, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Revenues
|
$
223.3
|
|
$
221.6
|
|
$
94.4
|
|
$
781.6
|
|
$
436.1
|
|
$
145.0
|
|
$
465.6
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
166.6
|
|
168.8
|
|
81.4
|
|
621.3
|
|
389.9
|
|
124.7
|
|
416.5
|
Depreciation and amortization
|
14.9
|
|
14.2
|
|
10.1
|
|
56.8
|
|
53.8
|
|
14.8
|
|
59.9
|
Selling,
general and administrative
|
19.4
|
|
18.0
|
|
10.6
|
|
70.4
|
|
54.6
|
|
15.7
|
|
61.4
|
Research
and development costs
|
0.2
|
|
0.2
|
|
0.1
|
|
0.6
|
|
0.6
|
|
0.1
|
|
0.6
|
Impairment
and other charges
|
—
|
|
—
|
|
—
|
|
—
|
|
0.8
|
|
—
|
|
1.1
|
Bargain
purchase gain
|
—
|
|
—
|
|
—
|
|
—
|
|
0.5
|
|
—
|
|
(1.0)
|
Operating income
(loss)
|
22.2
|
|
20.4
|
|
(7.8)
|
|
32.5
|
|
(64.1)
|
|
(10.3)
|
|
(72.9)
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
9.0
|
|
9.0
|
|
5.5
|
|
35.0
|
|
29.4
|
|
8.2
|
|
32.2
|
Income (loss) before
income tax
|
13.2
|
|
11.4
|
|
(13.3)
|
|
(2.5)
|
|
(93.5)
|
|
(18.5)
|
|
(105.1)
|
Income tax
expense (benefit)
|
—
|
|
0.3
|
|
(0.1)
|
|
0.6
|
|
0.3
|
|
0.1
|
|
0.5
|
Net income
(loss)
|
$
13.2
|
|
$
11.1
|
|
$
(13.2)
|
|
$
(3.1)
|
|
$
(93.8)
|
|
$
(18.6)
|
|
$ (105.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.07
|
|
$
0.96
|
|
$
(1.36)
|
|
$
(0.27)
|
|
$ (10.82)
|
|
$
(1.98)
|
|
$ (12.28)
|
Diluted
|
$
1.06
|
|
$
0.96
|
|
$
(1.36)
|
|
$
(0.27)
|
|
$ (10.82)
|
|
$
(1.98)
|
|
$ (12.28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
12.3
|
|
11.5
|
|
9.7
|
|
11.3
|
|
8.7
|
|
9.4
|
|
8.6
|
Diluted
|
12.5
|
|
11.5
|
|
9.7
|
|
11.3
|
|
8.7
|
|
9.4
|
|
8.6
|
KLX Energy Services
Holdings, Inc
|
Condensed
Consolidated Balance Sheets
|
(In millions of
U.S. dollars and shares, except per share data)
|
(Unaudited)
|
|
|
As of December
31
|
|
2022
|
|
2021
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
57.4
|
|
$
28.0
|
Accounts
receivable–trade, net of allowance of $5.7 and $6.4
|
154.3
|
|
103.2
|
Inventories,
net
|
25.7
|
|
22.4
|
Prepaid expenses and
other current assets
|
17.3
|
|
11.1
|
Total current
assets
|
254.7
|
|
164.7
|
Property and equipment,
net (1)
|
168.1
|
|
171.0
|
Operating lease
assets
|
37.4
|
|
47.4
|
Intangible assets,
net
|
2.1
|
|
2.2
|
Other assets
|
3.6
|
|
2.4
|
Total
assets
|
$
465.9
|
|
$
387.7
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
84.2
|
|
$
72.1
|
Accrued
interest
|
4.8
|
|
5.0
|
Accrued
liabilities
|
41.0
|
|
24.1
|
Current portion of
operating lease liabilities
|
14.2
|
|
15.9
|
Current portion of
finance lease liabilities
|
10.2
|
|
5.6
|
Total current
liabilities
|
154.4
|
|
122.7
|
Long-term
debt
|
283.4
|
|
274.8
|
Long-term operating
lease liabilities
|
22.8
|
|
31.5
|
Long-term finance lease
liabilities
|
20.3
|
|
9.1
|
Other non-current
liabilities
|
0.8
|
|
1.0
|
Commitments,
contingencies and off-balance sheet arrangements
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock, $0.01
par value; 110.0 authorized; 14.3 and 10.5 issued
|
0.1
|
|
0.1
|
Additional paid-in
capital
|
517.3
|
|
478.1
|
Treasury stock, at
cost, 0.4 shares and 0.3 shares
|
(4.6)
|
|
(4.3)
|
Accumulated
deficit
|
(528.6)
|
|
(525.3)
|
Total stockholders'
equity
|
(15.8)
|
|
(51.4)
|
Total liabilities and
stockholders' equity
|
$
465.9
|
|
$
387.7
|
|
(1) Includes ROU assets - finance
leases
|
KLX Energy Services
Holdings, Inc
|
Condensed
Consolidated Statements of Cash Flows
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
Year
Ended
|
|
Eleven-month
Transition Period Ended
|
|
December 31,
2022
|
|
December 31,
2021
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(3.1)
|
|
$
(93.8)
|
Adjustments to
reconcile net loss to net cash flows from operating
activities
|
|
|
|
Depreciation and
amortization
|
56.8
|
|
53.8
|
Impairment and other
charges
|
—
|
|
0.8
|
Non-cash
compensation
|
3.0
|
|
3.2
|
Amortization of
deferred financing fees
|
1.6
|
|
1.2
|
Provision for
inventory reserve
|
2.8
|
|
0.8
|
Gain on disposal of
property, equipment and other
|
(13.2)
|
|
(7.9)
|
Bargain purchase
gain
|
—
|
|
0.5
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(51.0)
|
|
(36.6)
|
Inventories
|
(6.2)
|
|
(2.4)
|
Prepaid
expenses and other current assets and other assets
(non-current)
|
16.4
|
|
6.8
|
Accounts
payable
|
11.7
|
|
29.1
|
Other
current and non-current liabilities
|
(1.9)
|
|
(11.6)
|
Other
|
(1.2)
|
|
0.5
|
Net cash flows provided by
(used in) operating activities
|
15.7
|
|
(55.6)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
(35.6)
|
|
(11.0)
|
Proceeds from sale of
property and equipment
|
16.9
|
|
15.5
|
Net cash flows (used in)
provided by investing activities
|
(18.7)
|
|
4.5
|
Cash flows from
financing activities:
|
|
|
|
Purchase of treasury
stock
|
(0.3)
|
|
(0.3)
|
Borrowings on ABL
Facility
|
20.0
|
|
30.0
|
Proceeds from stock
issuance, net of costs
|
24.8
|
|
5.8
|
Payments on finance
lease obligations
|
(9.7)
|
|
(2.6)
|
Payments of debt
issuance costs
|
(1.7)
|
|
—
|
Proceeds from finance
lease refinancing
|
1.4
|
|
—
|
Change in financed
payables
|
(2.1)
|
|
(0.9)
|
Net cash flows provided by
financing activities
|
32.4
|
|
32.0
|
Net change in cash and cash
equivalents
|
29.4
|
|
(19.1)
|
Cash and cash
equivalents, beginning of period
|
28.0
|
|
47.1
|
Cash and cash
equivalents, end of period
|
$
57.4
|
|
$
28.0
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during period
for:
|
|
|
|
Income taxes paid, net
of refunds
|
$
0.6
|
|
$
0.3
|
Interest
|
33.7
|
|
30.5
|
Supplemental
schedule of non-cash activities:
|
|
|
|
Change in deposits on
capital expenditures
|
$
(0.2)
|
|
$
—
|
Change in accrued
capital expenditures
|
0.4
|
|
5.3
|
KLX Energy Services Holdings,
Inc.
Additional Selected Operating
Data
(Unaudited)
Non-GAAP Financial Measures
This release includes Adjusted EBITDA, free cash flow, and net
working capital measures. Each of the metrics are "non-GAAP
financial measures" as defined in Regulation G of the Securities
Exchange Act of 1934.
Adjusted EBITDA is a supplemental non-GAAP financial measure
that is used by management and external users of our financial
statements, such as industry analysts, investors, lenders and
rating agencies. Adjusted EBITDA is not a measure of net earnings
or cash flows as determined by GAAP. We define Adjusted EBITDA as
net earnings (loss) before interest, taxes, depreciation and
amortization, further adjusted for (i) goodwill and/or long-lived
asset impairment charges, (ii) stock-based compensation expense,
(iii) restructuring charges, (iv) transaction and integration costs
related to acquisitions, (v) costs incurred related to the COVID-19
pandemic and (vi) other expenses or charges to exclude certain
items that we believe are not reflective of ongoing performance of
our business. Adjusted EBITDA is used to calculate the Company's
leverage ratio, consistent with the terms of the Company's ABL
Facility.
We believe Adjusted EBITDA is useful because it allows us to
more effectively evaluate our operating performance and compare the
results of our operations from period to period without regard to
our financing methods or capital structure. We exclude the items
listed above in arriving at Adjusted EBITDA because these amounts
can vary substantially from company to company within our industry
depending upon accounting methods and book values of assets,
capital structures and the method by which the assets were
acquired. Adjusted EBITDA should not be considered as an
alternative to, or more meaningful than, net income as determined
in accordance with GAAP, or as an indicator of our operating
performance or liquidity. Certain items excluded from Adjusted
EBITDA are significant components in understanding and assessing a
company's financial performance, such as a company's cost of
capital and tax structure, as well as the historic costs of
depreciable assets, none of which are components of Adjusted
EBITDA. Our computations of Adjusted EBITDA may not be comparable
to other similarly titled measures of other companies.
We define free cash flow as net cash provided by operating
activities less capital expenditures and proceeds from sale of
property and equipment. Our management uses free cash flow to
assess the Company's liquidity and ability to repay maturing debt,
fund operations and make additional investments. We believe that
free cash flow provides useful information to investors because it
is an important indicator of the Company's liquidity, including its
ability to reduce net debt, make strategic investments and
repurchase stock.
Net working capital is calculated as current assets, excluding
cash, less current liabilities, excluding accrued interest and
finance lease obligations. We believe that net working capital
provides useful information to investors because it is an important
indicator of the Company's liquidity.
We define Net Debt as total debt less cash and cash equivalents.
We believe that Net Debt provides useful information to investors
because it is an important indicator of the Company's
indebtedness.
We define Annualized Net Leverage Ratio as total debt less cash
and cash equivalents, divided over 4 multiplied by Adjusted EBITDA.
We believe that Annualized Net Leverage Ratio provides useful
information to investors because it is an important indicator of
the Company's indebtedness in relation to its operating
performance.
The following tables present a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA and free cash flow to the
most directly comparable GAAP financial measure for the periods
indicated:
KLX Energy Services
Holdings, Inc
|
Reconciliation of
Consolidated Net Income (Loss) to Adjusted EBITDA
(Loss)*
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Consolidated net income
(loss) (2)
|
$
13.2
|
|
$
11.1
|
|
$
(13.2)
|
|
$
(3.1)
|
|
$
(93.8)
|
|
$
(18.6)
|
|
$ (105.5)
|
Income tax
expense (benefit)
|
—
|
|
0.3
|
|
(0.1)
|
|
0.6
|
|
0.3
|
|
0.1
|
|
0.4
|
Interest
expense, net
|
9.0
|
|
9.0
|
|
5.5
|
|
35.0
|
|
29.4
|
|
8.2
|
|
32.2
|
Operating income
(loss)
|
22.2
|
|
20.4
|
|
(7.8)
|
|
32.5
|
|
(64.1)
|
|
(10.3)
|
|
(72.9)
|
Bargain
purchase gain
|
—
|
|
—
|
|
—
|
|
—
|
|
0.5
|
|
—
|
|
(1.0)
|
Impairment
and other charges (1)
|
—
|
|
—
|
|
—
|
|
—
|
|
0.8
|
|
—
|
|
1.1
|
One-time
net costs (benefits), excluding impairment and other charges
(1)
|
(0.5)
|
|
1.7
|
|
0.8
|
|
4.4
|
|
5.7
|
|
1.4
|
|
6.4
|
Adjusted operating
income (loss)
|
21.7
|
|
22.1
|
|
(7.0)
|
|
36.9
|
|
(57.1)
|
|
(8.9)
|
|
(66.4)
|
Depreciation and amortization
|
14.9
|
|
14.2
|
|
10.1
|
|
56.8
|
|
53.8
|
|
14.8
|
|
59.9
|
Non-cash
compensation
|
0.7
|
|
0.8
|
|
0.5
|
|
3.0
|
|
3.2
|
|
0.8
|
|
3.4
|
Adjusted EBITDA
(loss)
|
$
37.3
|
|
$
37.1
|
|
$
3.6
|
|
$
96.7
|
|
$
(0.1)
|
|
$
6.7
|
|
$
(3.1)
|
|
*Previously announced
quarterly numbers may not sum to the year-end total due to
rounding.
|
(1) The
one-time benefits during the fourth quarter of 2022 relate to
$(1.2) in non-recurring gain on debt extinguishment, partially
offset by non-recurring legal costs, costs related to testing and
treatment of COVID-19 and additional non-recurring
costs.
|
(2) Quarterly cost of sales includes
$2.1 million of lease expense associated with five coiled tubing
unit leases.
|
KLX Energy Services
Holdings, Inc
|
Consolidated Net
Income (Loss) Margin (1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Consolidated net income
(loss)
|
$ 13.2
|
|
$ 11.1
|
|
$
(13.2)
|
|
$ (3.1)
|
|
$
(93.8)
|
|
$
(18.6)
|
|
$ (105.5)
|
Revenue
|
223.3
|
|
221.6
|
|
94.4
|
|
781.6
|
|
436.1
|
|
145.0
|
|
465.6
|
Consolidated net income
(loss) margin percentage
|
5.9 %
|
|
5.0 %
|
|
(14.0) %
|
|
(0.4) %
|
|
(21.5) %
|
|
(12.8) %
|
|
(22.7) %
|
|
(1) Consolidated Net Income (Loss)
Margin is defined as the quotient of consolidated net income (loss)
and total revenue.
|
KLX Energy Services
Holdings, Inc
|
Consolidated
Adjusted EBITDA Margin (1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Adjusted EBITDA
(loss)
|
$ 37.3
|
|
$ 37.1
|
|
$ 3.6
|
|
$ 96.7
|
|
$ (0.1)
|
|
$
6.7
|
|
$ (3.1)
|
Revenue
|
223.3
|
|
221.6
|
|
94.4
|
|
781.6
|
|
436.1
|
|
145.0
|
|
465.6
|
Adjusted EBITDA Margin
Percentage
|
16.7 %
|
|
16.7 %
|
|
3.8 %
|
|
12.4 %
|
|
0.0 %
|
|
4.6 %
|
|
(0.7) %
|
|
(1) Adjusted EBITDA Margin is defined
as the quotient of Adjusted EBITDA and total revenue. Adjusted
EBITDA is operating income (loss) excluding one-time costs (as
defined above), depreciation and amortization expense, non-cash
compensation expense and non-cash asset impairment
expense.
|
Reconciliation of
Rocky Mountains Operating Income (Loss) to Adjusted
EBITDA
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Rocky Mountains
operating income (loss)
|
$
12.4
|
|
$
11.7
|
|
$
(2.4)
|
|
$
27.3
|
|
$ (13.4)
|
|
$
(3.8)
|
|
$ (12.7)
|
One-time
costs (1)
|
—
|
|
0.3
|
|
0.2
|
|
0.5
|
|
0.8
|
|
0.2
|
|
0.8
|
Adjusted
operating income (loss)
|
12.4
|
|
12.0
|
|
(2.2)
|
|
27.8
|
|
(12.6)
|
|
(3.6)
|
|
(11.9)
|
Depreciation and amortization expense
|
5.5
|
|
5.3
|
|
4.0
|
|
21.4
|
|
19.3
|
|
5.9
|
|
21.2
|
Non-cash
compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
0.2
|
|
—
|
|
0.2
|
Rocky Mountains
Adjusted EBITDA
|
$
17.9
|
|
$
17.3
|
|
$
1.8
|
|
$
49.2
|
|
$
6.9
|
|
$
2.3
|
|
$
9.5
|
|
(1) One-time costs are defined in the
Reconciliation of Consolidated Net Income (Loss) to Adjusted EBITDA
table above. For purposes of segment reconciliation, one-time costs
also include impairment and other charges.
|
Reconciliation of
Southwest Operating Income (Loss) to Adjusted EBITDA
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Southwest operating
income (loss)
|
$
7.7
|
|
$
5.2
|
|
$
—
|
|
$
14.5
|
|
$ (15.4)
|
|
$
(1.0)
|
|
$ (16.6)
|
One-time
costs (1)
|
0.1
|
|
0.4
|
|
0.2
|
|
0.4
|
|
1.4
|
|
0.3
|
|
1.3
|
Adjusted
operating income (loss)
|
7.8
|
|
5.6
|
|
0.2
|
|
14.9
|
|
(14.0)
|
|
(0.7)
|
|
(15.3)
|
Depreciation and amortization expense
|
4.6
|
|
4.6
|
|
3.3
|
|
18.3
|
|
19.1
|
|
4.9
|
|
21.6
|
Non-cash
compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
0.2
|
|
—
|
|
0.3
|
Southwest Adjusted
EBITDA
|
$
12.4
|
|
$
10.2
|
|
$
3.5
|
|
$
33.2
|
|
$
5.3
|
|
$
4.2
|
|
$
6.6
|
|
(1) One-time costs are defined in the
Reconciliation of Consolidated Net Income (Loss) to Adjusted EBITDA
table above. For purposes of segment reconciliation, one-time costs
also include impairment and other charges.
|
Reconciliation of
Northeast/Mid-Con Operating Income (Loss) to Adjusted
EBITDA
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Northeast/Mid-Con
operating income (loss)
|
$
15.4
|
|
$
17.2
|
|
$
0.1
|
|
$
39.1
|
|
$
(8.7)
|
|
$
2.1
|
|
$ (15.5)
|
One-time
costs (1)
|
0.1
|
|
—
|
|
0.2
|
|
0.3
|
|
2.0
|
|
0.6
|
|
2.5
|
Adjusted
operating income (loss)
|
15.5
|
|
17.2
|
|
0.3
|
|
39.4
|
|
(6.7)
|
|
2.7
|
|
(13.0)
|
Depreciation and amortization expense
|
4.2
|
|
4.0
|
|
2.2
|
|
15.2
|
|
13.1
|
|
3.4
|
|
14.7
|
Non-cash
compensation
|
—
|
|
0.1
|
|
0.1
|
|
0.2
|
|
0.4
|
|
0.1
|
|
0.4
|
Northeast/Mid-Con
Adjusted EBITDA
|
$
19.7
|
|
$
21.3
|
|
$
2.6
|
|
$
54.8
|
|
$
6.8
|
|
$
6.2
|
|
$
2.1
|
|
(1) One-time costs are defined in the
Reconciliation of Consolidated Net Income (Loss) to Adjusted EBITDA
table above. For purposes of segment reconciliation, one-time costs
also include impairment and other charges.
|
KLX Energy Services
Holdings, Inc
|
Segment Operating
Income (Loss) Margin (1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Rocky
Mountains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$ 12.4
|
|
$ 11.7
|
|
$ (2.4)
|
|
$ 27.3
|
|
$
(13.4)
|
|
$ (3.8)
|
|
$
(12.7)
|
Revenue
|
66.1
|
|
66.5
|
|
23.8
|
|
229.0
|
|
118.2
|
|
35.3
|
|
128.8
|
Segment operating
income (loss) margin percentage
|
18.8 %
|
|
17.6 %
|
|
(10.1) %
|
|
11.9 %
|
|
(11.3) %
|
|
(10.8) %
|
|
(9.9) %
|
Southwest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
7.7
|
|
5.2
|
|
—
|
|
14.5
|
|
(15.4)
|
|
(1.0)
|
|
(16.6)
|
Revenue
|
74.8
|
|
68.5
|
|
34.0
|
|
255.2
|
|
160.9
|
|
50.2
|
|
171.7
|
Segment operating
income (loss) margin percentage
|
10.3 %
|
|
7.6 %
|
|
0.0 %
|
|
5.7 %
|
|
(9.6) %
|
|
(2.0) %
|
|
(9.7) %
|
Northeast/Mid-Con
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
15.4
|
|
17.2
|
|
0.1
|
|
39.1
|
|
(8.7)
|
|
2.1
|
|
(15.5)
|
Revenue
|
82.4
|
|
86.6
|
|
36.6
|
|
297.4
|
|
157.0
|
|
59.5
|
|
165.1
|
Segment operating
income (loss) margin percentage
|
18.7 %
|
|
19.9 %
|
|
0.3 %
|
|
13.1 %
|
|
(5.5) %
|
|
3.5 %
|
|
(9.4) %
|
|
(1) Segment
Operating Income (Loss) Margin is defined as the quotient of
segment operating income (loss) and segment revenue.
|
KLX Energy Services
Holdings, Inc
|
Segment Adjusted
EBITDA Margin (1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Rocky
Mountains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 17.9
|
|
$ 17.3
|
|
$ 1.8
|
|
$ 49.2
|
|
$ 6.9
|
|
$
2.3
|
|
$ 9.5
|
Revenue
|
66.1
|
|
66.5
|
|
23.8
|
|
229.0
|
|
118.2
|
|
35.3
|
|
128.8
|
Adjusted EBITDA Margin
Percentage
|
27.1 %
|
|
26.0 %
|
|
7.6 %
|
|
21.5 %
|
|
5.8 %
|
|
6.5 %
|
|
7.4 %
|
Southwest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
12.4
|
|
10.2
|
|
3.5
|
|
33.2
|
|
5.3
|
|
4.2
|
|
6.6
|
Revenue
|
74.8
|
|
68.5
|
|
34.0
|
|
255.2
|
|
160.9
|
|
50.2
|
|
171.7
|
Adjusted EBITDA Margin
Percentage
|
16.6 %
|
|
14.9 %
|
|
10.3 %
|
|
13.0 %
|
|
3.3 %
|
|
8.4 %
|
|
3.8 %
|
Northeast/Mid-Con
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
19.7
|
|
21.3
|
|
2.6
|
|
54.8
|
|
6.8
|
|
6.2
|
|
2.1
|
Revenue
|
82.4
|
|
86.6
|
|
36.6
|
|
297.4
|
|
157.0
|
|
59.5
|
|
165.1
|
Adjusted EBITDA Margin
Percentage
|
23.9 %
|
|
24.6 %
|
|
7.1 %
|
|
18.4 %
|
|
4.3 %
|
|
10.4 %
|
|
1.3 %
|
|
|
(1)
|
Segment Adjusted EBITDA
Margin is defined as the quotient of Segment Adjusted EBITDA and
total segment revenue. Segment Adjusted EBITDA is segment operating
income (loss) excluding one-time costs (as defined above), non-cash
compensation expense and non-cash asset impairment
expense.
|
KLX Energy Services
Holdings, Inc
|
Reconciliation of
Net Cash Flow Provided by (Used in) Operating Activities to Free
Cash Flow
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Two Months
Ended
|
|
Twelve Months
Ended
|
|
Transition
Period Ended
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
|
December 31,
2022
|
|
December 31,
2021
|
Net cash flow provided
by (used in) operating activities
|
$
11.8
|
|
$
18.5
|
|
$
(12.4)
|
|
$
15.7
|
|
$
(55.6)
|
Capital
expenditures
|
(9.5)
|
|
(12.5)
|
|
(3.5)
|
|
(35.6)
|
|
(11.0)
|
Proceeds
from sale of property and equipment
|
5.1
|
|
5.3
|
|
1.8
|
|
16.9
|
|
15.5
|
Levered free cash
flow
|
7.4
|
|
11.3
|
|
(14.1)
|
|
(3.0)
|
|
(51.1)
|
Less: Interest
expense
|
9.0
|
|
9.0
|
|
5.5
|
|
35.0
|
|
29.4
|
Unlevered free cash
flow
|
$
16.4
|
|
$
20.3
|
|
$
(8.6)
|
|
$
32.0
|
|
$
(21.7)
|
KLX Energy Services
Holdings, Inc
|
Reconciliation of
Current Assets and Current Liabilities to Net Working
Capital
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
As of
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
Current
assets
|
$
254.7
|
|
$
225.0
|
|
$
164.7
|
Less: Cash
|
57.4
|
|
41.4
|
|
28.0
|
Net current
assets
|
197.3
|
|
183.6
|
|
136.7
|
Current
liabilities
|
154.4
|
|
156.5
|
|
122.7
|
Less: Accrued
interest
|
4.8
|
|
12.7
|
|
5.0
|
Less: Operating lease
obligations
|
14.2
|
|
14.4
|
|
15.9
|
Less: Finance lease
obligations
|
10.2
|
|
8.7
|
|
5.6
|
Net current
liabilities
|
125.2
|
|
120.7
|
|
96.2
|
Net working
capital
|
$
72.1
|
|
$
62.9
|
|
$
40.5
|
KLX Energy Services
Holdings, Inc.
|
Reconciliation of
Net Debt(1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
As of
December 31, 2022
|
|
As of December 31,
2021
|
Total Debt
|
$
283.4
|
|
$
274.8
|
Cash
|
57.4
|
|
28.0
|
Net Debt
|
$
226.0
|
|
$
246.8
|
|
(1) Net
debt is defined as total debt less cash and cash
equivalents.
|
KLX Energy Services
Holdings, Inc
|
Reconciliation of
Annualized Net Leverage Ratio(1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
As of
December 31, 2022
|
|
As of December 31,
2021
|
Adjusted
EBITDA
|
$
37.3
|
|
$
6.7
|
Multiply by 4
quarters
|
4
|
|
4
|
Q4 Annualized Adjusted
EBITDA
|
149.2
|
|
26.8
|
Net Debt
|
226.0
|
|
246.8
|
Q4 Annualized Net
Leverage Ratio
|
1.5
|
|
9.2
|
|
(1) Annualized net leverage ratio is
defined as net debt divided by Q4 Annualized Adjusted
EBITDA.
|
KLX Energy Services
Holdings, Inc
|
Consolidated
SG&A Margin(1)
|
(In millions of
U.S. dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
|
Two
Months
Ended
|
|
Twelve
Months
Ended
|
|
Transition
Period
Ended
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
December
31, 2022
|
|
September
30, 2022
|
|
December
31, 2021
|
|
December
31, 2022
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
Selling, general and
administrative expenses
|
$ 19.4
|
|
$ 18.0
|
|
$ 10.5
|
|
$ 70.4
|
|
$ 54.6
|
|
$ 15.7
|
|
$ 61.4
|
Revenue
|
223.3
|
|
221.6
|
|
94.4
|
|
781.6
|
|
436.1
|
|
145.0
|
|
465.6
|
SG&A Margin
Percentage
|
8.7 %
|
|
8.1 %
|
|
11.1 %
|
|
9.0 %
|
|
12.5 %
|
|
10.8 %
|
|
13.2 %
|
|
(1) SG&A Margin is defined as the
quotient of selling, general and administrative expenses and total
revenue.
|
Contacts:
|
KLX Energy Services
Holdings, Inc.
|
|
Keefer M. Lehner, EVP
& CFO
|
|
832-930-8066
|
|
IR@klxenergy.com
|
|
|
|
Dennard Lascar Investor
Relations
|
|
Ken Dennard / Natalie
Hairston
|
|
713-529-6600
|
|
KLXE@dennardlascar.com
|
View original
content:https://www.prnewswire.com/news-releases/klx-energy-services-holdings-inc-reports--record-fourth-quarter-2022-results-301766238.html
SOURCE KLX Energy Services Holdings, Inc.