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National Energy Services Reunited Corp. Reports Fourth Quarter and Full Year 2019 Financial Results

HOUSTON, TX / ACCESSWIRE / February 26, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NESR)(NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today reported its financial results for the quarter and year ended December 31, 2019. The Company posted the following results for the periods presented:

  • Revenue for the fourth quarter of 2019 is $185 million, growing 17% year-over-year

  • Gross collections of $207M in the fourth quarter drove free cash flow of $26 million and a net debt decrease of $20 million

  • Net Income for the fourth quarter of 2019 is $4 million

  • Adjusted Net Income (a non-GAAP measure) for the fourth quarter of 2019 is $19 million*

  • Adjusted EBITDA (a non-GAAP measure) is $52 million as compared to $48 million in the prior quarter*

  • Diluted Earnings per Share (EPS) for the fourth quarter of 2019 is $0.04, which includes $0.17 per share of Charges and Credits

  • Adjusted Diluted EPS (a non-GAAP measure) for the fourth quarter of 2019 is $0.21*

Three Months Ended

Variance

(in millions except per share amounts)

December 31,
2019

September 30,
2019

December 31,
2018

Sequential

Year-over-
year

Revenue

$

185,176

$

161,606

$

158,024

15

%

17

%

Net income

3,724

11,110

22,788

(66

)%

(84

)%

Adjusted net income (non-GAAP)*

18,948

16,195

17,892

17

%

6

%

Adjusted EBITDA (non-GAAP)*

51,749

47,708

49,948

8

%

4

%

Diluted EPS

0.04

0.13

0.26

(69

)%

(85

)%

Adjusted Diluted EPS (non-GAAP)*

0.21

0.19

0.21

11

%

-

%


*The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3 and 4 below for reconciliations of GAAP to non-GAAP financial measures.

Sherif Foda, Chairman of the Board and CEO of NESR said, "NESR achieved very important milestones this quarter which will bring a step change to the Company going forward. We opened a casing accessories manufacturing facility in Oman to deepen our commitment to In-Country Value creation and local employment, a cornerstone of our ESG strategy in the region. We also commenced operations under a significant unconventional gas stimulation services contract in Saudi Arabia, achieving qualification of these services in a record time during the fourth quarter. Separately, our team's focus on operational efficiency and financial discipline resulted in a $20.2 million decrease in net debt quarter over quarter after collecting a record $207 million during the quarter."

Mr. Foda continued, "Most recently, we announced the agreement to acquire a significant oilfield services provider, SAPESCO. This transaction is expected to close in April of 2020 and will mark the entry of the NESR brand into Egypt, further expanding our presence in North Africa and adding a new service line, Pipelines and Industrial Services, to our portfolio."

Net Income Results

The Company had net income for the fourth quarter of 2019 totaling $3.7 million as compared to a net income of $11.1 million for the third quarter of 2019 and $22.8 million in the prior year quarter. Net income for the fourth quarter of 2019, third quarter of 2019, and fourth quarter of 2018, includes amortization expenses associated with intangible assets acquired in the acquisition of NPS and GES (the "Business Combination") of $3.8 million, per quarter. Adjusted net income for the fourth quarter of 2019 is $18.9 million and includes adjustments totaling $15.2 million mainly related to integration and restructuring costs, higher startup and qualifying costs in conjunction with new contracts, specifically the unconventional contract setup, and other discrete provisions that include non-cash actuarial adjustments and tax reserve charges (collectively, "Total Charges and Credits"). In the fourth quarter of 2018, Total Charges and Credits included a gain of $6.1 million for a Business Combination-related earn-out adjustment. A complete list of the adjusting items and the associated reconciliation from GAAP has been provided in Table 1 below in the section entitled "Reconciliation of Net Income and Adjusted Net Income."

The Company reported $0.04 of diluted earnings per share ("EPS") for the fourth quarter of 2019 compared to $0.13 per share during the third quarter 2019 period. Adjusted for the impact of Total Charges and Credits, a non-GAAP measure described in Table 1 below, Adjusted Diluted EPS for the fourth quarter of 2019 is $0.21, compared to $0.19 per share during the third quarter 2019 period.

See "Business Combination Accounting and Presentation of Results of Operations" section below for additional information on current reporting conventions.

Adjusted EBITDA Results

The Company produced Adjusted EBITDA of $52 million during the fourth quarter of 2019. Fourth quarter 2019 Adjusted EBITDA includes adjustments for certain Total Charges and Credits (those not related to interest, taxes, and/or depreciation and amortization) of $11.6 million. The Company posted the following results for the periods presented.

(in thousands)

Three months ended
December 31, 2019

Three months ended
September 30, 2019

Three months ended
December 31, 2018

Revenue

$

185,176

$

161,606

$

158,024

Adjusted EBITDA

$

51,749

$

47,708

$

49,948


Production Services Segment Results

The Production Services segment contributed $121.0 million to consolidated revenue for the fourth quarter of 2019 as compared to $97.2 million during the third quarter of 2019, growing 24.6% quarter-over-quarter. Segment Adjusted EBITDA increased to $40.4 million from $34.2 million in the prior quarter, an improvement of 18.2%. The Production Services segment posted the following results for the periods presented.

(in thousands)

Three months ended
December 31, 2019

Three months ended
September 30, 2019

Three months ended
December 31, 2018

Revenue

$

121,023

$

97,160

$

98,523

Operating income

$

14,610

$

20,447

$

28,949

Adjusted EBITDA

$

40,434

$

34,218

$

35,530


Drilling and Evaluation Services Segment Results

The Drilling and Evaluation ("D&E") Services segment contributed $64.2 million to consolidated revenue for the fourth quarter of 2019 as compared to revenue of $59.5 million in the fourth quarter of 2018. The D&E Services segment revenue grew by over 7.8% over the past year. Segment Adjusted EBITDA totaled $13.6 million in the fourth quarter of 2019 reflecting changes in segment mix during the quarter.

The D&E Services segment posted the following results for the periods presented.

(in thousands)

Three months ended
December 31, 2019

Three months ended
September 30, 2019

Three months ended
December 31, 2018

Revenue

$

64,153

$

64,446

$

59,501

Operating income

$

4,956

$

9,183

$

9,147

Adjusted EBITDA

$

13,645

$

16,299

$

13,877


Offsetting both the Production Services segment and D&E Services segment results were certain corporate costs, which are not allocated to segment operations.

Balance Sheet

Cash and cash equivalents are $73.2 million as of December 31, 2019, compared to $24.9 million as of December 31, 2018.

Total debt as of December 31, 2019 is $383.5 million with $53.0 million of such debt classified as short-term. Working capital for the Company totaled $175.0 million as of December 31, 2019. Net debt totaled $310.3 million as of December 31, 2019 as compared to $330.6 million as of September 30, 2019, a decrease of $20.2 million. Net debt has decreased quarter-over-quarter due to improved accounts receivable collections, a trend which we expect to continue into the first quarter of 2020. Gross collections were $207 million in the fourth quarter of 2019, a 34% sequential increase. Free cash flow for the fourth quarter of 2019 was $26 million. As compared to December 31, 2018, net debt has increased by $33.1 million fund working capital and capital spending to support our growth.

Predecessor/Successor Accounting Treatment

NESR continues to report in a Predecessor/Successor format whereby NPS Holdings Limited ("NPS") is the Predecessor for periods prior to the completion of the Business Combination on June 7, 2018 and NESR, including NPS and Gulf Energy S.A.O.C. ("GES"), is the Successor for post-transaction periods.

Conference Call Information

NESR will host a conference call on Wednesday, February 26, 2020, to discuss fourth quarter and full year financial results. The call will begin at 8:00 AM Eastern Time.

Investors, analysts and members of the media interested in listening to the conference call are encouraged to participate by dialing in to the U.S. toll-free line at 1-877-407-0312 or the international line at 1-201-389-0899. A live, listen-only webcast will also be available under the "Investors" section of the Company's website at www.nesr.com. A replay of the conference call will be available after the event under the "Investors" section of the Company's website.

About National Energy Services Reunited Corp.

Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 4,000 employees, representing more than 40 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Fluids and Rig Services.

Business Combination Accounting and Presentation of Results of Operations

As a result of the Business Combination, NESR was determined to be the accounting acquirer and NPS was determined to be the predecessor for SEC reporting purposes. Pursuant to Accounting Standard Codification ("ASC") 805, Business Combinations ("ASC 805"), the acquisition-date fair value of the purchase consideration paid by NESR to affect the Business Combination was allocated to the assets acquired and the liabilities assumed based on their estimated fair values. As a result of the application of the acquisition method of accounting resulting from the Business Combination, the financial statements and certain footnote presentations separate the Company's presentations into two distinct sets of reporting periods, the periods before the consummation of the transaction ("Predecessor Period") and the period after that date ("Successor Period"), to indicate the application of the different basis of accounting between the periods presented. The Predecessor Periods reflect the historical financial information of NPS prior to the Business Combination, while the Successor Period reflects the Company's consolidated financial information, including the results of NPS and GES, after the Business Combination.

Forward-Looking Statements

This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").

You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.

The preliminary financial results for the Company's fourth quarter and full year ended December 31, 2019 included in this press release represent the most current information available to management. The Company's actual results when disclosed in its Annual Report on Form 20-F for the year ended December 31, 2019 may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's audit procedures, and other developments that may arise between now and the disclosure of the final results.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In US$ thousands, except share data)

December 31,
2019

December 31,
2018

Assets

Current assets

Cash and cash equivalents

73,201

24,892

Accounts receivable, net

99,019

62,636

Unbilled revenue

75,974

95,145

Service inventories, net

78,841

58,151

Prepaid assets

9,590

6,937

Retention withholdings

40,970

22,011

Other receivables

14,019

16,695

Other current assets

6,800

13,178

Total current assets

398,414

299,645

Non-current assets

Property, plant and equipment, net

417,683

328,727

Intangible assets, net

122,714

138,052

Goodwill

574,764

570,540

Other assets

1,105

6,345

Total assets

$

1,514,680

$

1,343,309

Liabilities and equity

Liabilities

Accounts payable

60,907

66,264

Accrued expenses

70,488

38,986

Current installments of long-term debt

15,000

45,093

Short-term borrowings

37,963

31,817

Income taxes payable

6,432

10,991

Other taxes payable

7,189

5,806

Other current liabilities

25,448

24,123

Total current liabilities

223,427

223,080

Long-term debt

330,564

225,172

Deferred tax liabilities

20,908

30,756

Pension benefit liabilities

16,745

13,828

Other liabilities

36,564

19,482

Total liabilities

628,208

512,318

Commitments and contingencies

Equity

Preferred shares, no par value; unlimited shares authorized; none issued and
outstanding at December 31, 2019 and December 31, 2018, respectively

-

-

Common stock, no par value; unlimited shares authorized; 87,187,289 and
85,562,769 shares issued and outstanding at December 31, 2019 and December
31, 2018, respectively

801,545

801,545

Additional paid in capital

17,237

1,034

Retained earnings

67,661

28,297

Accumulated other comprehensive income

29

48

Total shareholders' equity

886,472

830,924

Non-controlling interests

-

67

Total equity

886,472

830,991

Total liabilities and equity

$

1,514,680

$

1,343,309


NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$ thousands, except share data and per share amounts)

Successor (NESR)

Predecessor
(NPS)

Description

Period from
January 1,
2019 to
December 31,
2019

Period from
October 1,
2019 to
December 31,
2019

Period from
June 7,
2018 to
December 31,
2018

Period from
October 1,
2018 to
December 31,
2018

Period from
January 1,
2018 to
June 6,
2018

Revenues

$

658,385

$

185,176

$

348,590

$

158,024

$

137,027

Cost of services

(506,799

)

(154,083

)

(249,159

)

(109,755

)

(104,242

)

Gross profit

151,586

31,093

99,431

48,269

32,785

Selling, general and administrative expense

(63,840

)

(17,248

)

(36,705

)

(13,926

)

(19,969

)

Amortization

(15,932

)

(3,896

)

(9,373

)

(4,257

)

(10

)

Operating income

71,814

9,949

53,353

30,086

12,806

Interest expense, net

(18,971

)

(4,280

)

(14,383

)

(6,284

)

(4,090

)

Other income / (expense), net

(408

)

221

5,441

5,459

362

Income before income tax

52,435

5,890

44,411

29,261

9,078

Income tax expense

(13,071

)

(2,166

)

(9,431

)

(6,471

)

(2,342

)

Net income / (loss)

39,364

3,724

34,980

22,790

6,736

Net income / (loss) attributable to
non-controlling interests

-

-

(163

)

9

(881

)

Net income attributable to
shareholders

$

39,364

$

3,724

$

35,143

$

22,781

$

7,617

Weighted average shares
outstanding:

Basic

86,997,554

87,168,937

85,569,020

85,576,902

348,524,566

Diluted

86,997,554

87,168,937

86,862,983

86,862,983

370,000,000

Net earnings per share:

Basic

$

0.45

$

0.04

$

0.41

$

0.26

$

0.02

Diluted

$

0.45

$

0.04

$

0.40

$

0.26

$

0.02


NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US$ thousands)

Successor (NESR)

Predecessor (NPS)

Period from

Period from

Period from

January 1

June 7

January 1

Year ended

to December 31,

to December 31,

to June 6,

December 31,

2019

2018

2018

2017

Cash flows from operating activities:

Net income/(loss)

$

39,364

$

34,980

$

6,736

$

28,353

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

Depreciation and amortization

88,111

42,416

17,284

38,408

Shares issued for transaction costs

-

2,719

-

-

Stock-based compensation

5,654

1,034

-

-

(Gain) on disposal of assets

(1,659

)

(986

)

-

(228

)

Non-cash interest expense

1,884

2,055

3,350

7,835

Deferred tax expense (benefit)

(5,644

)

(2,025

)

-

598

Allowance for doubtful receivables

1,771

693

2,402

334

Provision for obsolete service inventories

530

1,155

-

NPS equity stock-earn out

-

(5,723

)

-

-

Other operating activities, net

90

796

1,442

-

Changes in operating assets and liabilities:

(Increase) decrease in accounts receivable

(39,023

)

10,329

(15

)

(5,000

)

(Increase) in inventories

(21,220

)

5,440

(2,080

)

(8,118

)

(Increase) in prepaid expenses

(2,573

)

596

(759

)

2,070

(Increase) in other current assets

5,227

(36,373

)

(16,257

)

7,480

(Increase) decrease in other long-term
assets and liabilities

8,622

-

(544

)

-

Increase (decrease) in accounts payable
and accrued expenses

21,222

(34,943

)

7,335

9,172

Increase (decrease) in other current liabilities

(9,657

)

18,677

1,932

2,289

Net cash provided by operating activities

92,699

40,840

20,826

83,193

Cash flows from investing activities:

Capital expenditures

(111,544

)

(23,211

)

(9,861

)

(48,657

)

Proceeds from disposal of assets

1,625

5,309

-

282

Proceeds from the Company's Trust
account

-

231,782

-

Acquisition of business, net of cash
acquired

-

(282,190

)

(1,098

)

(624

)

Other investing activities

(1,025

)

1,722

3,043

(3,043

)

Net cash used in investing activities

(110,944

)

(66,588

)

(7,916

)

(52,042

)

Cash flows from financing activities:

Proceeds from long-term debt

365,000

92,490

47,063

-

Repayments of long-term debt

(285,048

)

(61,606

)

-

-

Net change in overdraft facilities

(6,994

)

-

-

-

Proceeds from short-term borrowings

49,305

-

-

-

Repayments of short-term borrowings

(49,971

)

-

-

(7,871

)

Payments on capital leases

-

-

-

-

Payments for equipment purchased using
seller financing

-

-

-

-

Proceeds from issuance of shares

-

48,294

-

-

Redemption of ordinary shares

-

(19,380

)

-

-

Payment of deferred underwriting fees

-

(9,070

)

(164

)

-

Dividend paid

-

-

(48,210

)

(20,000

)

Other financing activities, net

(5,717

)

(134

)

(4,429

)

(4,267

)

Net cash provided by (used in) financing
activities

66,575

50,594

(5,740

)

(32,138

)

Effect of exchange rate changes on cash

(21

)

-

(16

)

(45

)

Net increase (decrease) in cash

48,309

24,846

7,154

(1,032

)

Cash and cash equivalents, beginning of
period

24,892

46

24,502

25,534

Cash and cash equivalents, end of
period

73,201

24,892

31,656

24,502

Supplemental disclosure of cash flow
information (also refer Note 3):

Interest paid

17,290

8,812

3,636

7,989

Income taxes paid

19,192

6,008

345

3,286


NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED NET INCOME TO NET INCOME
(Unaudited)
(In US$ thousands)

The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income") as well a reconciliation of these non-GAAP measures to operating income and net income, respectively, in accordance with GAAP.

The Company believes that the presentation of Adjusted EBITDA and Adjusted Net Income provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA and Adjusted Net Income to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Adjusted EBITDA and Adjusted Net Income should not be considered as an alternative to operating income or net income, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP.

Table 1 - Reconciliation of Net Income and Adjusted Net Income

October 1 to
December 31, 2019

July 1 to

September 30, 2019

October 1 to
December 31, 2018

Net Income

Diluted EPS

Net Income

Diluted
EPS

Net Income

Diluted EPS

Net Income

$

3,724

$

0.04

$

11,110

$

0.13

$

22,788

$

0.26

Add Charges and Credits:

Transaction, integration and startup costs

11,768

0.13

4,181

0.05

1,219

0.01

Other discrete provisions

3,456

0.04

904

0.01

(6,117

)

(0.06

)

Total Charges and Credits

15,224

0.17

5,085

0.06

(4,898

)

(0.05

)

Total Adjusted

$

18,948

$

0.21

$

16,195

$

0.19

$

17,890

$

0.21


Table 2 - Reconciliation of Net Income to Adjusted EBITDA

October 1 to December 31, 2019

July 1 to September 30, 2019

October 1 to December 31, 2018

Net Income

$

3,724

$

11,110

$

22,788

Add:

Income Taxes

2,166

3,511

6,471

Interest Expense, net

4,280

5,011

6,284

Depreciation and Amortization

29,980

23,196

19,303

Charges and Credits impacting Adjusted EBITDA

11,599

4,880

(4,898

)

Total Adjusted EBITDA

$

51,749

$

47,708

$

49,948


Table 3 - Reconciliation of Segment EBITDA to Adjusted EBITDA

October 1 to
December 31, 2019

July 1 to
September 30, 2019

October 1 to
December 31, 2018

EBITDA

Charges
and
Credits
impacting
Adjusted
EBITDA

Adjusted
EBITDA

EBITDA

Charges
and
Credits
impacting
Adjusted
EBITDA

Adjusted
EBITDA

EBITDA

Charges
and
Credits
impacting
Adjusted
EBITDA

Adjusted
EBITDA

Production Services

$

32,832

$

7,602

$

40,434

$

32,581

$

1,637

$

34,218

$

35,530

$

-

$

35,530

Drilling & Evaluation

12,093

1,552

13,645

15,239

1,060

16,299

13,877

-

13,877

Unallocated

(4,775

)

2,445

(2,330

)

(4,992

)

2,183

(2,809

)

5,439

(4,898

)

541

Total

$

40,150

$

11,599

$

51,749

$

42,828

$

4,880

$

47,708

$

54,846

$

(4,898

)

$

49,948


Table 4 - Reconciliation of Segment EBITDA to Segment Operating Income

Period from

Period from

Period from

September 30

July 1

September 30

to December 31,

to September 30,

to December 31,

2019

2019

2018

Production Services:

Segment EBITDA

$

32,832

$

32,581

$

35,530

Depreciation and amort.

(19,290

)

(12,322

)

(7,991

)

Other (income)/expense, net

1,068

188

1,410

Segment Operating Income

14,610

20,447

28,949

Drilling and Evaluation Services:

Segment EBITDA

12,093

15,239

13,877

Depreciation and amort.

(6,313

)

(5,980

)

(4,796

)

Other (income)/expense, net

(824

)

(76

)

66

Segment Operating Income

4,956

9,183

9,147

Unallocated:

Segment EBITDA

(4,775

)

(4,992

)

5,439

Share-based compensation

(1,597

)

(1,944

)

(703

)

Depreciation and amort.

(2,780

)

(2,950

)

(5,804

)

Other (income)/expense, net

(465

)

18

(6,942

)

Segment Operating Income

(9,617

)

(9,868

)

(8,010

)

Total Operating Income

$

9,949

$

19,762

$

30,086


For inquiries regarding NESR, please contact:

Christopher L. Boone
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp. via EQS Newswire



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