Quintana Energy Services Inc. (NYSE: QES) (“QES” or the
“Company”) today reported financial and operating results for the
fourth quarter ended December 31, 2018.
Fourth Quarter 2018 Financial Results
Fourth quarter 2018 revenue was $159.7 million, up 5.8% from
$150.9 million in the third quarter of 2018 and up 22.0% from
$130.9 million in the fourth quarter 2017. Fourth quarter 2018 net
loss was $1.6 million and Adjusted EBITDA was $13.9 million,
compared to a net loss of $2.4 million and Adjusted EBITDA of $12.9
million for the third quarter of 2018, and net income of $2.1
million and Adjusted EBITDA of $18.8 million in the fourth quarter
of 2017. See “Non-GAAP Financial Measures” at the end of this
release for a discussion of Adjusted EBITDA and its reconciliation
to the most directly comparable financial measure calculated and
presented in accordance with U.S. generally accepted accounting
principles (“GAAP”).
Rogers Herndon, QES’ President and Chief Executive Officer,
stated, “During the fourth quarter we managed through continued
market softness on the completions side of our business, however,
we were able to maintain and, in some cases, increase utilization
rates in three of our four business segments.
"We are proud of our Directional Drilling segment as we continue
to realize market share gains and focus on increasing margins. In
Pressure Control, we realized one month of utilization from one of
our new large diameter coil tubing units delivered in early
December. The second unit was delivered at the end of the quarter
and we expect to have full utilization for the first quarter of
2019. Higher utilization rates in Pressure Pumping were offset by
lower pricing and we elected to warm stack one of our four frac
spreads in early January 2019. During the fourth quarter we made
the needed adjustments to our Wireline offering and we expect
Wireline to be a meaningful contributor to first quarter
results."
Reflecting on its first year as a public Company, QES has:
- Maintained a strong balance sheet
ending the year with net debt (excluding capital leases) of $15.7
million;
- Increased market share and improved
margins in its Directional Drilling segment;
- Successfully deployed four additional
large diameter coil tubing units and a fourth pressure pumping
fleet;
- Maintained industry leading safety
record and expanded our customer base.
"Our team continues to manage through a challenging completions
market, especially in Pressure Pumping where we have experienced
further utilization and pricing weakness in the first quarter,"
added Herndon. "While we anticipate improving market fundamentals
throughout 2019, we will maintain our consistent approach to
capital discipline. Our 2019 planned growth projects have been
reduced by 67% from 2018 as we focus on high-return, quick payback
investments and continue to push for increased utilization and
efficiencies across our existing asset base.
"We continue to aggressively pursue opportunities to strengthen
the QES platform and create value through strategic consolidation.
We see consolidation as an attractive avenue to accelerate and
further drive much needed efficiencies and improved returns while
adding size, scale and enhanced liquidity for shareholders,"
concluded Herndon.
Business Segment Results
Directional Drilling
The Directional Drilling segment provides the
highly-technical and essential services of guiding horizontal and
directional drilling operations for exploration and production
(“E&P”) companies. Revenue was $60.4 million in the fourth
quarter of 2018, up approximately 18.7% compared to revenue of
$50.9 million in the third quarter of 2018 and up 57.7% from the
fourth quarter of 2017. Fourth quarter 2018 Adjusted EBITDA was
$9.4 million, compared to Adjusted EBITDA of $6.5 million for the
third quarter of 2018. The sequential increases in revenue and
Adjusted EBITDA were primarily due to increased utilization and
pricing associated with a higher component of specialized
technology. In the fourth quarter of 2017, revenue was $38.3
million and Adjusted EBITDA was $5.5 million.
Pressure Pumping
The Pressure Pumping segment primarily
provides hydraulic fracturing services to E&P companies in the
Mid-Con. Revenue for the segment increased 8.2% to $54.1 million in
the fourth quarter of 2018, up from $50.0 million in the third
quarter of 2018. The sequential increase in revenue was primarily
driven by a 7.6% increase in utilization during the fourth quarter
of 2018 partially offset by pricing pressure during the quarter.
Fourth quarter 2018 Adjusted EBITDA was $4.1 million, compared to
Adjusted EBITDA of $5.8 million for the third quarter of 2018. The
sequential decrease in Adjusted EBITDA was primarily due to
increased costs associated with a fully utilized fourth spread in
the fourth quarter of 2018 and reduced pricing. In the Fourth
quarter of 2017, revenue was $49.5 million and Adjusted EBITDA was
$10.5 million.
Pressure Control
The Pressure Control segment consists of
coiled tubing, rig-assisted snubbing, nitrogen, fluid pumping and
well control services. Revenue for the segment increased
approximately 1.6% to $31.6 million in the fourth quarter of 2018,
up from $31.1 million in the third quarter of 2018. Fourth quarter
2018 Adjusted EBITDA was $4.7 million, compared to Adjusted EBITDA
of $4.4 million for the third quarter of 2018. The sequential
increases in revenue and Adjusted EBITDA were primarily due to an
increase in well control activity during the fourth quarter of
2018. In the fourth quarter of 2017, revenue was $26.5 million and
Adjusted EBITDA was $4.1 million.
Wireline
The Wireline segment primarily provides
cased-hole wireline services to E&P companies. Revenue for the
segment decreased to $13.7 million in the fourth quarter of 2018
from $18.9 million in the third quarter of 2018. Fourth quarter
2018 Adjusted EBITDA was a loss of $1.3 million, compared to an
Adjusted EBITDA loss of $0.7 million for the third quarter of 2018.
The sequential decreases in revenue and Adjusted EBITDA were
primarily due to low utilization and pricing pressure driven by
prevailing market conditions during the quarter. In the fourth
quarter of 2017, revenue was $16.6 million and Adjusted EBITDA was
a loss of $1.5 million.
Other Financial Information
General and administrative ("G&A") expense for the fourth
quarter of 2018 of $22.3 million was consistent with the third
quarter's G&A expense of $22.5 million, and increased by $4.2
million, compared to $18.1 million for the fourth quarter of 2017.
The increase in G&A expenses over 2017 was primarily driven by
stock based compensation expense of $2.5 million, increased
headcount, additional administrative expenses related to being a
publicly traded company and related expenses.
Capital expenditures totaled $11.8 million during the fourth
quarter of 2018, compared to capital expenditures of $11.9 million
in the third quarter of 2018, and $7.7 million in the fourth
quarter of 2017. The fourth quarter capital spending was consistent
with the third quarter as our 2018 expenditures stabilized
following the deployment of the fourth hydraulic fracturing fleet
in the second quarter.
Fourth quarter interest expense of $0.6 million was consistent
with the third quarter's interest expense, and down from $3.0
million in the fourth quarter of 2017. The fourth quarter interest
expense was consistent with the third quarter and the interest
expense decrease over prior year period was primarily due to a
lower debt outstanding balance during the fourth quarter of
2018.
With the closing of the IPO subsequent to the end of the fiscal
year, the Company’s debt structure has improved meaningfully. QES
ended the fourth quarter of 2018 with a total debt balance of $29.5
million, $13.8 million of cash on hand, and $60.2 million of net
availability under its new senior secured asset-based revolving
credit facility.
Share Repurchase Plan
On August 8, 2018, QES' Board of Directors approved a $6.0
million stock repurchase program authorizing the Company to
repurchase common stock in the open market. The timing and amount
of stock repurchases will depend on market conditions and
corporate, regulatory and other relevant considerations.
Repurchases may be commenced or suspended at any time without
notice. The program does not obligate QES to purchase any
particular number of shares of common stock during any period or at
all, and the program may be modified or suspended at any time,
subject to the Company's insider trading policy, at the Company’s
discretion. As of December 31, 2018, 0.1 million share
repurchases were made under this program.
Conference Call Information
QES has scheduled a conference call for 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) on Thursday, March 7, 2019, to
review reported results. You may access the call by telephone at
1-201-389-0867 and asking for the QES 2018 Fourth Quarter
Conference Call. The webcast of the call may also be accessed
through the Investor Relations section of the Company’s website at
https://ir.quintanaenergyservices.com/ir-calendar. A replay of the
call can be accessed on the Company’s website for 90 days and will
be available by telephone through March 14, 2019, at (201)
612-7415, access code 13686596#.
About Quintana Energy Services
QES 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 U.S. QES’ primary services include: directional drilling,
pressure pumping, pressure control and wireline services. The
Company offers a complementary suite of products and services to a
broad customer base that is supported by in-house manufacturing,
repair and maintenance capabilities. More information is available
at www.quintanaenergyservices.com.
Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the
subjects of this release, including on the conference call
announced herein) contains certain statements and information that
may constitute “forward-looking statements.” All statements, other
than statements of historical fact, which address activities,
events or developments that we expect, believe or anticipate will
or may occur in the future are forward-looking statements. The
words “anticipate,” “believe,” “expect,” “plan,” “forecasts,”
“will,” “could,” “may,” and similar expressions that convey the
uncertainty of future events or outcomes, and the negative thereof,
are intended to identify forward-looking statements.
Forward-looking statements contained in this news release, which
are not generally historical in nature, include those that express
a belief, expectation or intention regarding our future activities,
plans and goals and our current expectations with respect to, among
other things: our operating cash flows, the availability of capital
and our liquidity; 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; 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 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 E&P 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; 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.
Quintana Energy Services Inc.
Consolidated Statements of
Operations
(in thousands of dollars and shares,
except per share amounts)
Three Months Ended Year Ended
December 31, 2018
September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
Revenues: $ 159,653 $ 150,897 $ 130,863 $ 604,354 $ 438,033
Costs and expenses: Direct operating costs 126,904 118,525
96,603 468,502 335,609 General and administrative 22,322 22,540
18,068
97,280 69,856 Depreciation and amortization 12,418 12,033 11,423
46,683 45,687 (Gain) loss on disposition of assets (1,046 ) (629 )
(340 ) (2,375 ) (2,639 ) Operating (loss) income (945 ) (1,572 )
5,109
(5,736 ) (10,480 ) Non-operating income (expense): Interest expense
(626 ) (574 ) (2,961 ) (11,825 ) (11,251 ) Other (expense) income —
—
(58
) — 666 (Loss) income before income tax (1,571 )
(2,146 ) 2,090 (17,561 ) (21,065 ) Income tax expense (37 ) (207 )
(22 ) (621 ) (91 ) Net (loss) income (1,608 ) (2,353 ) 2,068
(18,182 ) (21,156 ) Net income (loss) attributable to
predecessor — — 2,068 (1,546 ) (21,156 ) Net
(loss) attributable to Quintana Energy Services Inc. $ (1,608 ) $
(2,353 ) $ — $ (16,636 ) $ — Net (loss) income per
common share: Basic $ (0.05 ) $ (0.07 ) — $ (0.50 ) — Diluted $
(0.05 ) $ (0.07 ) — $ (0.50 ) — Weighted average common shares
outstanding: Basic 33,600 33,631 — 33,573 — Diluted 33,600 33,631 —
33,573 —
Quintana Energy Services Inc.
Consolidated Balance Sheets
(in thousands, except per share and
share amounts)
December 31, 2018 December 31, 2017
ASSETS Current assets: Cash and cash equivalents $ 13,804 $
8,751 Accounts receivable, net of allowance of $1,841 and $776
101,620 83,325 Unbilled receivables 13,766 9,645 Inventories 23,464
22,693 Prepaid expenses and other current assets 7,481 9,520
Total current assets 160,135 133,934 Property, plant and
equipment, net 153,878 128,518 Intangible assets, net 9,019 10,832
Other assets 1,517 2,375 Total assets $ 324,549
$ 275,659
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Accounts payable $ 51,568 $ 36,027 Accrued
liabilities 37,533 33,825 Current portion of debt and capital lease
obligations 422 79,443 Total current liabilities
89,523 149,295 Long-term debt, net of deferred financing costs of
$0 and $1,709 29,500 37,199 Long-term capital lease obligations
3,451 3,829 Deferred tax liability 130 185 Other long-term
liabilities 125 183 Total liabilities 122,729 190,691
Commitments and contingencies Shareholders’ and members’ equity
Members’ equity — 212,630 Preferred shares, $0.01 par value,
10,000,000 authorized; none issued and outstanding — — Common
shares, $0.01 par value, 150,000,000 authorized; 33,774,053 issued;
33,541,161 outstanding 344 — Additional paid-in-capital 349,080 —
Treasury stock, at cost, 232,892 common shares (1,821 ) —
Accumulated deficit (145,783 ) (127,662 ) Total shareholders’ and
members’ equity 201,820 84,968 Total liabilities,
shareholders’ and members’ equity $ 324,549 $ 275,659
Quintana Energy Services Inc.
Consolidated Statements of Cash
Flows
(in thousands of dollars)
Year Ended
December 31, 2018 December 31, 2017 Cash flows
from operating activities: Net loss $ (18,182 ) $ (21,156 )
Adjustments to reconcile net loss to net cash used in operating
activities Depreciation and amortization 46,683 45,687 (Gain) loss
on disposition of assets (7,785 ) (10,500 ) Non-cash interest
expense 1,032 5,960 Loss on debt extinguishment 8,594 — Provision
for doubtful accounts 1,103 289 Deferred income tax expense 92 50
Stock-based compensation 17,898 — Changes in operating assets and
liabilities: Accounts receivable (19,398 ) (46,869 ) Unbilled
receivables (4,121 ) (1,953 ) Inventories (770 ) (3,144 ) Prepaid
expenses and other current assets 1,442 1,812 Other noncurrent
assets (3 ) (1,439 ) Accounts payable 10,647 6,969 Accrued
liabilities 2,767 12,810 Other long-term liabilities (60 )
(56 ) Net cash provided by (used in) operating activities
39,939 (11,540 )
Cash flows from investing
activities: Purchases of property, plant and equipment (64,957
) (21,244 ) Proceeds from sale of property, plant and equipment
10,744 35,754 Net cash (used in)
provided by investing activities (54,213 ) 14,510
Cash flows from financing activities: Proceeds from
revolving debt 41,500 11,035 Payments on revolving debt (91,071 )
(21,964 ) Proceeds from term loans — 5,000 Payments on term loans
(11,225 ) — Payments on capital lease obligations (380 ) (315 )
Payments on financed payables (2,139 ) — Payment of deferred
financing costs (1,564 ) (194 ) Prepayment premiums on early debt
extinguishment (1,346 ) — Payments for treasury shares (1,816 ) —
Proceeds from new shares issuance, net of underwriting commission
costs 90,542 — Costs incurred for stock issuance (3,174 )
— Net cash provided by (used in) financing activities
19,327 (6,438 ) Net increase (decrease) in
cash and cash equivalents 5,053 (3,468 ) Cash
and cash equivalents beginning of period 8,751
12,219 Cash and cash equivalents end of period
$
13,804 $ 8,751
Supplemental cash flow
information Cash paid for interest
$
2,087
$
5,755 Income taxes paid, net of refund 105 77
Supplemental
non-cash investing and financing activities Non-cash proceeds
from sale of assets held for sale — 3,990 Fixed asset purchases in
accounts payable and accrued liabilities 4,900 934 Financed
payables 2,994 1,666 Non-cash capital lease additions 53 70
Non-cash payment for property, plant and equipment 3,279 711 Debt
conversion of Former Term Loan to equity 33,631 — Conversion of
accrued interest to debt — 4,202 Issuance of common shares for
members’ equity
$
212,630
$
—
Quintana Energy Services Inc.
Additional Selected Operating
Data
(Unaudited)
Three Months Ended Year Ended
December 31, 2018
September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
(Unaudited) Other Operational Data: Directional
Drilling rig days (1) (2) 5,564 4,874 3,798 18,252 14,407 Average
monthly Directional Drilling rigs on revenue (3) 82 77 59 69 58
Total hydraulic fracturing stages 1,363 908 1,056 4,179 2,993
Average hydraulic fracturing revenue per stage $ 37,479 $ 50,119 $
43,700 $ 47,897 $ 47,189
(1)
Rig days represent the number of days we are providing services to
rigs and are earning revenues during the period, including days
that standby revenues are earned.
(2)
Rigs on revenue represents the number of rigs earning revenues
during a time period, including days that standby revenues are
earned.
(3)
Includes unconventional stages and conventional jobs, the latter
are counted as a single stage.
Non-GAAP Financial Measures
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 income or cash flows as
determined by GAAP. We define Adjusted EBITDA as net income or
(loss) plus income taxes, net interest expense, depreciation and
amortization, impairment charges, net (gain) or loss on disposition
of assets, stock based compensation, transaction expenses,
rebranding expenses, settlement expenses, severance expenses and
equipment standup expense.
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.
The following tables present reconciliations of Adjusted EBITDA
to the most directly comparable GAAP financial measure for the
periods indicated:
Quintana Energy Services Inc.
Reconciliation of Net Income (Loss) to
Adjusted EBITDA
(In thousands of dollars)
(Unaudited)
Three Months Ended Year Ended
December 31, 2018
September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
Net (loss) income $ (1,608 ) $ (2,353 ) $ 2,068 $ (18,182 ) $
(21,156 ) Income tax expense 37 207 22 621 91 Interest expense 626
574 2,961 11,825 11,251
Other expense (income)
— — 58 — (666 ) Depreciation and amortization expense 12,418 12,033
11,423 46,683 45,687 Gain on disposition of assets, net (1,046 )
(629 ) (340 ) (2,375 ) (2,639 ) Non-cash stock based compensation
2,503 2,569 — 17,898 —
Transaction expense (1)
— — 977 — 977
Rebranding expense (2)
74 193 (3 ) 322 9
Settlement expense (3)
304 133 188 825 3,680
Severance expense (4)
107 74 41 235 243
Equipment and stand-up expense (5)
517 97 1,387 2,380 3,749
Adjusted EBITDA $ 13,932 $ 12,898 $ 18,782
$ 60,232 $ 41,226
(1) For 2017, represents professional fees related to investment
banking. There were no transaction expenses during 2018.
(2) Relates to expenses incurred in connection with rebranding
our business segments.
(3) For 2017, represents professional fees related to investment
banking, accounting and legal services associated with entering
into the Former Term Loan that were recorded in general and
administrative expenses. For 2018, represents lease buyouts, legal
fees for FLSA claims, facility closures and other non-recurring
expenses that were recorded in general and administrative
expenses.
(4) Relates to severance expenses incurred in connection with a
program implemented to reduce headcount. In our performance for the
three months ended December 31, 2018, $0.1 million was recorded in
general and administrative expenses. All severance expenses in the
third quarter of 2018 were recorded in general and administrative
expenses.
(5) Relates to equipment standup expenses incurred in connection
with the mobilization and redeployment of assets. In our
performance for the three months ended December 31, 2017, $0.5
million was recorded in direct operating expenses and the remainder
was recorded in general and administrative expenses. For the year
ended 2017 approximately $3.6 million was recorded in direct
operating expenses and approximately $0.1 million was recorded in
general and administration expenses. In our performance for the
three months ended September 30, 2018, $0.1 million was recorded in
general administrative expenses. In our performance for the three
months ended December 31, 2018, approximately $0.5 million was
recorded in direct operating expenses. For the year ended 2018
approximately $2.2 million was recorded in direct operating
expenses and approximately $0.2 million was recorded in general and
administration expenses.
Quintana Energy Services Inc.
Reconciliation of Segment Adjusted
EBITDA to Net Income
(In thousands of dollars)
(Unaudited)
Three Months Ended Year Ended
December 31, 2018
September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
Directional Drilling $ 9,420 $ 6,452 $
5,533
$ 23,694 $ 17,498 Pressure Pumping 4,131 5,795 10,500 28,700 27,784
Pressure Control 4,716 4,421 4,105 18,389 6,539 Wireline (1,251 )
(738 ) 1,535 1,362 (1,794 ) Corporate and Other (6,589 ) (6,098 )
(5,481 ) (33,573 ) (17,459 ) Income tax expense (37 ) (207 ) (22 )
(621 ) (91 ) Interest expense (626 ) (574 ) (2,961 ) (11,825 )
(11,251 ) Depreciation and amortization (12,418 ) (12,033 ) (11,423
) (46,683 ) (45,687 ) Gain on disposition of assets, net 1,046 629
340 2,375 2,639
Other (expense) income
— —
(58
)
— 666 Net (loss) income $ (1,608 ) $ (2,353 ) $ 2,068
$ (18,182 ) $ (21,156 )
Quintana Energy Services Inc.
Segment Adjusted EBITDA Margin
(In thousands of dollars, except
percentages)
(Unaudited)
Three Months Ended Year Ended
December 31, 2018
September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
Segment Adjusted EBITDA
Margin(1)
Directional Drilling Adjusted EBITDA $ 9,420 $ 6,452 $ 5,533
$ 23,694 $ 17,498 Revenue 60,365 50,919 38,279
192,491 145,230 Adjusted EBITDA Margin Percentage
15.6 12.7 14.5 12.3 12.0
Pressure Pumping Adjusted EBITDA 4,131 5,795 10,500 28,700
27,784 Revenue 54,064 49,987 49,483 214,154
153,118 Adjusted EBITDA Margin Percentage 7.6
11.6 21.2 13.4 18.1
Pressure
Control Adjusted EBITDA 4,716 4,421 4,105 18,389 6,539 Revenue
31,557 31,138 26,520 122,620 89,912
Adjusted EBITDA Margin Percentage 14.9 14.2
15.5 15.0 7.3
Wireline Adjusted EBITDA
(1,251 ) (738 ) 1,535 1,362 (1,794 ) Revenue 13,667
18,853 16,582 75,089 49,773 Adjusted
EBITDA Margin Percentage (9.2 ) (3.9 ) 9.3 1.8 (3.6 )
(1)
Segment Adjusted EBITDA Margin is defined as the quotient of
Segment Adjusted EBITDA and total segment revenue. Segment Adjusted
EBITDA is net income (loss) plus income taxes, net interest
expense, depreciation and amortization, impairment charges, net
(gain) loss on disposition of assets, stock based compensation,
transaction expenses, rebranding expenses, settlement expenses,
severance expenses and equipment standup expense.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190306005855/en/
Quintana Energy ServicesKeefer M.
Lehner, EVP & CFO832-518-4094IR@qesinc.com
Dennard Lascar Investor
RelationsKen Dennard / Natalie
Hairston713-529-6600QES@dennardlascar.com
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