Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”) today
reported operational and financial results for the fourth quarter
and full year 2020.
Key highlights for the fourth quarter of 2020
included:
- Delivered fourth quarter revenue of
$87.2 million and full year 2020 revenue of $365.0 million despite
significant disruptions to operations and timing of deliveries from
pandemic related impacts;
- Recorded a net loss of $11.3
million, or $0.33 per share, in the fourth quarter of 2020 and a
net loss of $30.8 million, or $0.87 per share, for the full year
2020;
- Generated adjusted EBITDA of $9.0
million, or 10.3% of revenue, in the fourth quarter of 2020 and
adjusted EBITDA of $31.7 million, or 8.7% of revenue, for the full
year 2020;
- Reported net cash used by operating
activities of $16.8 million in the fourth quarter of 2020 and $21.1
million for the full year 2020;
- Free cash flow was negative $18.5
million, inclusive of $1.7 million of capital expenditures, for the
fourth quarter of 2020 and negative $33.0 million, inclusive of
$11.9 million of capital expenditures for the full year 2020;
- Completed 2020 planned cost saving
initiatives, capturing $20 million in annualized savings, and
expect approximately $10 million in additional annualized cost
savings in 2021, of which $5 million is expected to be realized
during the year
Blake DeBerry, Dril-Quip’s Chief Executive
Officer, commented, “The year 2020 brought about unforeseen
challenges for our employees, company and customers. A year that
began with expectations of meaningful growth and improved financial
results quickly reset to a market environment that required our
continued resolve to act decisively to ensure the safety and
well-being of our employees and reduce our operating costs in
anticipation of a more gradual recovery. I am extremely proud of
all of our employees around the globe who continued to perform
their duties at a high level whether in our manufacturing
facilities, serving customers on rigs or performing their roles
remotely from home.”
“Despite the difficult operating environment, we
were able to accomplish a number of objectives that helped us
navigate the difficult 2020 environment and set us on a path to
future growth and profitability for Dril-Quip. First, we premiered
our VXTe vertical subsea tree system, a disruptive technology that
was presented with the Spotlight on New Technology Award by the
2020 Offshore Technology Conference. We announced a strategic
collaboration agreement with Proserv for the manufacture and supply
of subsea control systems that allowed us to combine a
state-of-the-art controls system with our award-winning subsea
production systems. It also allowed us to forego the cost of
operating a controls business and the associated research and
development spending. Finally, we utilized our transformation
playbook to swiftly respond to the severe market decline in 2020
and reduce our costs approximately $20 million on an annualized
basis.”
“During the fourth quarter we saw bookings of
$36 million and finished the year with $182 million in product
bookings. The lower fourth quarter bookings are indicative of
ongoing market uncertainty until there is further evidence that the
improvement in demand and commodity prices are sustainable as we
enter into a post COVID-19 world. We anticipate that orders could
continue to be lumpy and remain in a $40 to $60 million range per
quarter for 2021; however as global economies begin to reopen, we
expect to see some improvement in the back half of the year. As we
closed the year, we saw $20 million in cash collections shift from
late 2020 to early 2021 as many customers closely managed their
cash positions at year end.”
“We remain committed to driving annual
productivity improvements through continued deployment of LEAN. We
estimate these to contribute $5 million to EBITDA in 2021 and $10
million annualized thereafter. These actions will be more keenly
focused on our global supply chain to ultimately reduce our costs
for delivering products and services to our customers. This in
conjunction with improving our working capital efficiency will help
us increase our free cash flow yield in 2021 and beyond.”
“Building on our leaner cost structure, we are
making progress in advancing various growth initiatives as well.
This includes exploring further peer-to-peer collaborations to gain
access to new markets for our technology and growing our downhole
tools product line in underrepresented markets. We also look to
expand the utilization of our ‘e Series’ technology offering to
current and prospective customers in order to help them lower the
costs and carbon footprint of their projects by reducing rig time
and materials. A responsibility that we embrace as our customers
look to us to assist them with certain aspects of their energy
transition.”
“As we move into 2021, Dril-Quip will evaluate
success and management incentives by our successful execution
towards our strategic objectives. These include meeting or
exceeding free cash flow yield targets, exploring further
peer-to-peer collaborations to expand market access for our subsea
technology, continue to grow our downhole tools business in target
markets and increase the utilization of our ‘e Series’ technology
to help improve reliability while reducing costs and the carbon
footprint for our customers.”
In conjunction with today’s release, the Company
posted a new investor presentation entitled “Fourth Quarter and
Full Year 2020 Supplemental Earnings Information” to its website,
www.dril-quip.com, on the “Events & Presentations” page under
the Investors tab. Investors should note that Dril-Quip announces
material financial information in Securities and Exchange
Commission (“SEC”) filings, press releases and public conference
calls. Dril-Quip may use the Investors section of its website
(www.dril-quip.com) to communicate with investors. It is possible
that the financial and other information posted there could be
deemed to be material information. Information on Dril-Quip’s
website is not part of this release.
Operational and Financial
Results
Revenue, Cost of Sales and Gross Operating
Margin
Consolidated revenue for the fourth quarter of
2020 was $87.2 million, down $4.1 million from the third quarter of
2020. The sequential decrease in revenue was driven by reduced
production hours, primarily in the Company’s Houston facility,
caused by an increase in safety and quarantine precautions from a
rise in COVID-19 cases in the U.S. during the quarter. For the full
year 2020, revenue was $365.0, down $49.8 million from the full
year of 2019. The decrease in revenue year-over-year was primarily
due to delays in shipments and manufacturing disruptions caused
primarily by impacts of the COVID-19 pandemic on oil and gas demand
and operations.
Cost of sales for the fourth quarter of 2020 was
$64.1 million, a decrease of $3.1 million sequentially from the
third quarter of 2020. Gross operating margin for the fourth
quarter of 2020 was 26.6%, mostly flat compared to the third
quarter of 2020. Gross margins sequentially remained flat due to an
increased contribution from higher margin service revenue.
Cost of sales for the full year of 2020 was
$269.7 million, a decrease of $25.3 million from the full year
2019. Gross operating margin for the full year 2020 was 26.1%
compared to a gross operating margin of 28.9% for the full year
2019. The decrease in gross operating margin year-over-year can be
attributed to the decline in revenues, COVID-19 related increased
costs, volume reductions and supply chain disruptions as well as an
unfavorable product mix from increased lower margin fabricated
joint sales. These factors were partially offset by additional cost
saving actions taken as part of our continued business
transformation.
Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”)
expenses for the fourth quarter of 2020 were $26.2 million, an
increase of $5.4 million compared to the third quarter of 2020. The
sequential increase in SG&A was primarily due to higher
expenses related to short term legal expense. SG&A expenses for
the full year 2020 were $95.1 million, a decrease of $3.4 million
compared to the full year 2019. The year-over-year decrease was
attributable to cost savings actions completed and suspension of
short-term incentive compensation, partially offset by the
aforementioned legal expenses. Engineering and product development
expenses for the fourth quarter of 2020 were up $0.1 million
compared to the third quarter of 2020 and up approximately $1.6
million for the full year 2020 compared to the full year 2019. The
increase in expenses sequentially and year-over-year were related
to higher costs associated with strategic growth initiatives tied
to committed customer orders and research and development costs,
primarily associated with the VXTe subsea tree technology.
Net Income, Adjusted EBITDA and Free Cash
Flow
For the fourth quarter of 2020, the Company
reported a net loss of $11.3 million, or $0.33 per share, compared
to net income of $14.3 million, or $0.41 per share, for the third
quarter of 2020. The sequential decrease in net income can be
attributed primarily to the aforementioned legal expense and a
lower income tax benefit compared to the third quarter. For the
full year of 2020, the Company reported a net loss of $30.8
million, or $0.87 per share, compared to net income of $1.7
million, or $0.05 per share, for the full year of 2019. The
decrease in net income year-over-year can be attributed primarily
to impairment, restructuring and other charges taken during 2020
associated with our continued business transformation.
Adjusted EBITDA totaled $9.0 million for the
fourth quarter of 2020 compared to $10.2 million for the third
quarter of 2020. The sequential decrease in adjusted EBITDA was due
to higher manufacturing overhead from a reduction in productive
hours caused by increased quarantine requirements and a loss of
certain government subsidies in the Eastern Hemisphere. Adjusted
EBITDA for the full year of 2020 was $31.7 million compared to
$53.8 million for the full year of 2019. The year-over-year
decrease in adjusted EBITDA was driven by decreased revenues from
lower product and leasing revenues and increased costs related to
the global pandemic and research and development costs related to
the VXTe subsea tree technology, partially offset by cost actions.
Our execution of cost actions in both 2019 and in 2020 helped to
mitigate the declines in revenue on margins leading to decremental
margins of 44 percent.
Net cash provided by operating activities was a
negative $16.8 million and free cash flow was approximately a
negative $18.5 million for the fourth quarter of 2020. The decrease
in net cash provided by operations of $30.7 million compared to the
third quarter of 2020 was primarily driven by the non-recurrence of
a federal income tax benefit and past due customer payments delayed
until the first quarter of 2021. Net cash provided by operating
activities was a negative $21.1 million, and free cash flow was
approximately a negative $33.0 million for the full year of 2020.
The decrease in net cash provided by operations of $35.8 million
compared to the full year of 2019 was primarily driven by increases
in stocking program inventory and timing of deliveries due to
logistical disruptions and delays caused by the global pandemic,
severance expenses and the delayed collection of receivables,
primarily in the fourth quarter, partially offset by the previously
referenced federal income tax benefit. Capital expenditures in the
fourth quarter of 2020 were approximately $1.7 million and $11.9
million for the full year of 2020, the majority of which was
related to machinery and equipment spend consolidating our Aberdeen
manufacturing operations into Houston.
Cost Saving Initiatives
In the first quarter of 2020, the Company
announced its plans to achieve approximately $20 million in
annualized cost savings in response to the deteriorating market
conditions in 2020. These actions spanned across manufacturing,
supply chain, SG&A, engineering and research and development
and are designed to better align our organization with anticipated
market activity. During the fourth quarter, the Company executed on
approximately $2.0 million of these annualized cost saving actions,
resulting in a total of $20.5 million annualized savings executed
during 2020.
The Company will continue on its LEAN journey
and is targeting additional productivity gains of approximately $10
million in annualized cost savings, of which approximately $5
million will be realized in 2021. The majority of the planned
actions relate to further refinement of our manufacturing and
supply chain operations.
Balance Sheet and Liquidity
Dril-Quip’s cash on hand as of December 31, 2020
was $346.0 million, which, together with amounts available under
the asset-based lending (ABL) facility, resulted in approximately
$386.2 million of available liquidity. The Company’s strong
liquidity position, combined with a debt-free balance sheet,
provides for significant financial and operational flexibility. The
Company intends to use its financial strength to continue to
support its existing customers, access new markets and continue
investing in the rapid commercialization of new technologies that
reduce materials, emissions and costs associated with our customers
exploration and development projects.
Share Repurchases
For the three-month period ended December 31,
2020, the Company did not purchase shares under its share
repurchase plan authorized by the Board of Directors in February of
2019. For the full year ended December 31, 2020, the Company
purchased 808,389 shares under the share repurchase plan at an
average price of approximately $30.91 per share totaling
approximately $25.0 million and retired such shares. The Company
has purchased approximately $51 million of the $100 million
authorized. The Company continues to evaluate the amount and timing
of its share repurchases and intends to limit future share
repurchases to not exceed the Company’s free cash flow
generation.
About Dril-Quip
Dril-Quip is a leading manufacturer of highly
engineered drilling and production equipment for use onshore and
offshore, which is particularly well suited for use in deep-water,
harsh environments and severe service applications.
Forward-Looking Statements
Statements contained herein relating to future
operations and financial results that are forward-looking
statements, including those related to the effects of COVID-19
pandemic, market conditions, anticipated project bookings, expected
timing of completing the strategic restructuring, anticipated
timing of delivery of new orders, anticipated revenues, costs, cost
synergies and savings, possible acquisitions, new product offerings
and related revenues, share repurchases and expectations regarding
operating results, are based upon certain assumptions and analyses
made by the management of the Company in light of its experience
and perception of historical trends, current conditions, expected
future developments and other factors. These statements are subject
to risks beyond the Company’s control, including, but not limited
to, the impact of the ongoing COVID-19 pandemic, the effects of
actions taken by third parties, including, but not limited to,
governmental authorities, customers, contractors and suppliers, in
response to the COVID-19 pandemic, the impact of actions taken by
the Organization of Petroleum Exporting Countries (OPEC) and
non-OPEC nations to adjust their production levels, the general
volatility of oil and natural gas prices and cyclicality of the oil
and gas industry, declines in investor and lender sentiment with
respect to, and new capital investments in, the oil and gas
industry, project terminations, suspensions or scope adjustments to
contracts, uncertainties regarding the effects of new governmental
regulations, the Company’s international operations, operating
risks, the impact of our customers and the global energy sector
shifting some of their asset allocation from fossil-fuel production
to renewable energy resources, and other factors detailed in the
Company’s public filings with the SEC. Investors are cautioned that
any such statements are not guarantees of future performance and
actual outcomes may vary materially from those indicated.
Non-GAAP Financial
Information
Adjusted Net Income (Loss), Adjusted Diluted
EPS, Free Cash Flow and Adjusted EBITDA are non-GAAP measures.
Adjusted Net Income (Loss) and Adjusted Diluted
EPS are defined as net income (loss) and earnings per share,
respectively, excluding the impact of foreign currency gains or
losses as well as other significant non-cash items and certain
charges and credits.
Free Cash Flow is defined as net cash provided
by operating activities less net cash used in the purchase of
property, plant and equipment.
Adjusted EBITDA is defined as net income
excluding income taxes, interest income and expense, depreciation
and amortization expense, non-cash gains or losses from foreign
currency exchange rate changes as well as other significant
non-cash items and other adjustments for certain charges and
credits.
The Company believes that these non-GAAP
measures enable it to evaluate and compare more effectively the
results of our operations period over period and identify operating
trends by removing the effect of its capital structure from its
operating structure. In addition, the Company believes that these
measures are supplemental measurement tools used by analysts and
investors to help evaluate overall operating performance, ability
to pursue and service possible debt opportunities and make future
capital expenditures. Adjusted Net Income (Loss), Adjusted EBITDA
and Free Cash Flow do not represent funds available for our
discretionary use and are not intended to represent or to be used
as a substitute for net income or net cash provided by operating
activities, as measured under U.S. generally accepted accounting
principles (“GAAP”).
See “Unaudited Non-GAAP Financial Measures”
below for additional information concerning non-GAAP financial
information, including a reconciliation of the non-GAAP financial
information presented in this press release to the most directly
comparable financial information presented in accordance with GAAP.
Non-GAAP financial information supplements and should be read
together with, and is not an alternative or substitute for, the
Company’s financial results reported in accordance with GAAP.
Because non-GAAP financial information is not standardized, it may
not be possible to compare these financial measures with other
companies’ non-GAAP financial measures.
Investor Relations Contact
Blake Holcomb, Director of Investor Relations and Corporate
Planning(713) 939-7711Blake_Holcomb@dril-quip.com
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
Comparative
Condensed Consolidated Income Statement |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2020 |
|
December 31, 2019 |
|
(In
thousands, except per share data) |
Revenues: |
|
|
|
|
|
|
|
Products |
$ |
61,692 |
|
|
$ |
66,451 |
|
|
$ |
258,834 |
|
|
$ |
303,279 |
|
Services |
|
18,235 |
|
|
|
17,778 |
|
|
|
75,577 |
|
|
|
72,018 |
|
Leasing |
|
7,307 |
|
|
|
7,066 |
|
|
|
30,562 |
|
|
|
39,509 |
|
Total revenues |
|
87,234 |
|
|
|
91,295 |
|
|
|
364,973 |
|
|
|
414,806 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
Cost of sales |
|
64,136 |
|
|
|
67,211 |
|
|
|
269,698 |
|
|
|
295,007 |
|
Selling, general and administrative |
|
26,235 |
|
|
|
20,843 |
|
|
|
95,057 |
|
|
|
98,412 |
|
Engineering and product development |
|
4,038 |
|
|
|
3,983 |
|
|
|
18,920 |
|
|
|
17,329 |
|
Impairment |
|
- |
|
|
|
- |
|
|
|
7,719 |
|
|
|
- |
|
Restructuring and other charges |
|
478 |
|
|
|
602 |
|
|
|
35,380 |
|
|
|
4,396 |
|
(Gain) loss on sale of assets |
|
(49 |
) |
|
|
14 |
|
|
|
(587 |
) |
|
|
(1,511 |
) |
Foreign currency transaction (gains) and losses |
|
4,024 |
|
|
|
746 |
|
|
|
2,345 |
|
|
|
(1,630 |
) |
Total costs and expenses |
|
98,862 |
|
|
|
93,399 |
|
|
|
428,532 |
|
|
|
412,003 |
|
Operating
income (loss) |
|
(11,628 |
) |
|
|
(2,104 |
) |
|
|
(63,559 |
) |
|
|
2,803 |
|
Interest
income |
|
83 |
|
|
|
188 |
|
|
|
2,131 |
|
|
|
7,940 |
|
Interest
expense |
|
(83 |
) |
|
|
(138 |
) |
|
|
(621 |
) |
|
|
(314 |
) |
Income tax
provision (benefit) |
|
(374 |
) |
|
|
(16,380 |
) |
|
|
(31,281 |
) |
|
|
8,709 |
|
Net income
(loss) |
$ |
(11,254 |
) |
|
$ |
14,326 |
|
|
$ |
(30,768 |
) |
|
$ |
1,720 |
|
Earnings
(loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.33 |
) |
|
$ |
0.41 |
|
|
$ |
(0.87 |
) |
|
$ |
0.05 |
|
Diluted |
$ |
(0.33 |
) |
|
$ |
0.41 |
|
|
$ |
(0.87 |
) |
|
$ |
0.05 |
|
Depreciation
and amortization |
$ |
7,668 |
|
|
$ |
7,908 |
|
|
$ |
32,389 |
|
|
$ |
34,020 |
|
Capital
expenditures |
$ |
1,700 |
|
|
$ |
1,925 |
|
|
$ |
11,943 |
|
|
$ |
11,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding: |
|
|
|
|
|
|
|
Basic |
|
35,276 |
|
|
|
35,049 |
|
|
|
35,260 |
|
|
|
35,839 |
|
Diluted |
|
35,276 |
|
|
|
35,249 |
|
|
|
35,260 |
|
|
|
36,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
Comparative
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
|
|
|
|
|
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
(In
thousands) |
Assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
345,955 |
|
|
$ |
359,171 |
|
|
$ |
398,946 |
|
Other current assets |
|
517,238 |
|
|
|
503,831 |
|
|
|
481,543 |
|
PP&E, net |
|
234,823 |
|
|
|
239,591 |
|
|
|
258,497 |
|
Other assets |
|
53,156 |
|
|
|
56,946 |
|
|
|
67,579 |
|
Total
assets |
$ |
1,151,172 |
|
|
$ |
1,159,539 |
|
|
$ |
1,206,565 |
|
Liabilities and Equity: |
|
|
|
|
|
Current liabilities |
$ |
85,512 |
|
|
$ |
100,982 |
|
|
$ |
96,940 |
|
Deferred Income taxes |
|
6,779 |
|
|
|
3,657 |
|
|
|
4,150 |
|
Other long-term liabilities |
|
17,353 |
|
|
|
17,338 |
|
|
|
14,774 |
|
Total
liabilities |
|
109,644 |
|
|
|
121,977 |
|
|
|
115,864 |
|
Total
stockholders equity |
|
1,041,528 |
|
|
|
1,037,562 |
|
|
|
1,090,701 |
|
Total
liabilities and equity |
$ |
1,151,172 |
|
|
$ |
1,159,539 |
|
|
$ |
1,206,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income and EPS: |
Three months
ended |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
Effect onnet income(after-tax) |
|
Impact ondilutedearningsper share |
|
Effect onnet income(after-tax) |
|
Impact ondilutedearningsper share |
|
Effect onnet income(after-tax) |
|
Impact ondilutedearningsper share |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands, except per share amounts) |
Net income (loss) |
$ |
(11,254 |
) |
|
$ |
(0.33 |
) |
|
$ |
14,326 |
|
|
$ |
0.41 |
|
|
$ |
7,400 |
|
|
$ |
0.21 |
|
Adjustments
(after tax): |
|
|
|
|
|
|
|
|
|
|
|
Reverse the effect of foreign currency |
|
3,179 |
|
|
|
0.09 |
|
|
|
589 |
|
|
|
0.02 |
|
|
|
355 |
|
|
|
0.01 |
|
Restructuring costs, including severance |
|
4,407 |
|
|
|
0.12 |
|
|
|
476 |
|
|
|
0.01 |
|
|
|
344 |
|
|
|
0.01 |
|
(Gain) loss on sale of assets |
|
(39 |
) |
|
|
- |
|
|
|
11 |
|
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
Adjusted net
income (loss) |
$ |
(3,707 |
) |
|
$ |
(0.12 |
) |
|
$ |
15,402 |
|
|
$ |
0.44 |
|
|
$ |
8,077 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income and EPS: |
Twelve
months ended December 31, |
|
2020 |
|
2019 |
|
2018 |
|
Effect onnet income(after-tax) |
|
Impact ondilutedearningsper share |
|
Effect onnet income(after-tax) |
|
Impact ondilutedearningsper share |
|
Effect onnet income(after-tax) |
|
Impact ondilutedearningsper share |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands, except per share amounts) |
Net income
(loss) |
$ |
(30,768 |
) |
|
$ |
(0.87 |
) |
|
$ |
1,720 |
|
|
$ |
0.05 |
|
|
$ |
(95,695 |
) |
|
$ |
(2.58 |
) |
Adjustments
(after tax): |
|
|
|
|
|
|
|
|
|
|
|
Reverse the effect of foreign currency |
|
1,853 |
|
|
|
0.05 |
|
|
|
(1,287 |
) |
|
|
(0.04 |
) |
|
|
(796 |
) |
|
|
(0.02 |
) |
Add back impairment |
|
6,098 |
|
|
|
0.17 |
|
|
|
- |
|
|
|
- |
|
|
|
67,569 |
|
|
|
1.82 |
|
Restructuring costs, including severance |
|
31,979 |
|
|
|
0.91 |
|
|
|
3,473 |
|
|
|
0.10 |
|
|
|
10,326 |
|
|
|
0.28 |
|
Gain on sale of assets |
|
(464 |
) |
|
|
(0.01 |
) |
|
|
(1,194 |
) |
|
|
(0.03 |
) |
|
|
(4,896 |
) |
|
|
(0.13 |
) |
Adjusted net
income (loss) |
$ |
8,698 |
|
|
$ |
0.25 |
|
|
$ |
2,712 |
|
|
$ |
0.08 |
|
|
$ |
(23,491 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
Three months ended |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
(In
thousands) |
Net income (loss) |
$ |
(11,254 |
) |
|
$ |
14,326 |
|
|
$ |
7,400 |
|
Add: |
|
|
|
|
|
Interest income, (net) |
|
(1 |
) |
|
|
(50 |
) |
|
|
(1,181 |
) |
Income tax benefit |
|
(373 |
) |
|
|
(16,380 |
) |
|
|
(155 |
) |
Depreciation and amortization expense |
|
7,668 |
|
|
|
7,908 |
|
|
|
8,865 |
|
Restructuring costs, including severance |
|
5,578 |
|
|
|
602 |
|
|
|
435 |
|
(Gain) loss on sale of assets |
|
(49 |
) |
|
|
14 |
|
|
|
(28 |
) |
Foreign currency loss |
|
4,024 |
|
|
|
746 |
|
|
|
449 |
|
Stock compensation expense |
|
3,453 |
|
|
|
3,003 |
|
|
|
(25 |
) |
Adjusted
EBITDA |
$ |
9,046 |
|
|
$ |
10,169 |
|
|
$ |
15,760 |
|
|
|
|
|
|
|
Adjusted EBITDA: |
Year ended |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
(In
thousands) |
Net income
(loss) |
$ |
(30,768 |
) |
|
$ |
1,720 |
|
|
$ |
(95,695 |
) |
Add: |
|
|
|
|
|
Interest income, (net) |
|
(1,510 |
) |
|
|
(7,626 |
) |
|
|
(7,749 |
) |
Income tax expense (benefit) |
|
(31,281 |
) |
|
|
8,709 |
|
|
|
(19,294 |
) |
Depreciation and amortization expense |
|
32,389 |
|
|
|
34,020 |
|
|
|
35,312 |
|
Impairment |
|
7,719 |
|
|
|
4,396 |
|
|
|
13,071 |
|
Restructuring costs, including severance |
|
40,480 |
|
|
|
- |
|
|
|
85,531 |
|
Gain on sale of assets |
|
(587 |
) |
|
|
(1,511 |
) |
|
|
(6,198 |
) |
Foreign currency loss (gain) |
|
2,345 |
|
|
|
(1,630 |
) |
|
|
(1,007 |
) |
Stock compensation expense |
|
12,914 |
|
|
|
15,721 |
|
|
|
13,459 |
|
Adjusted
EBITDA |
$ |
31,701 |
|
|
$ |
53,799 |
|
|
$ |
17,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Free
Cash Flow: |
Three months ended |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
(In
thousands) |
Net cash provided by (used in) operating activities |
$ |
(16,786 |
) |
|
$ |
13,889 |
|
|
$ |
8,054 |
|
Less: |
|
|
|
|
|
Purchase of property, plant and equipment |
|
(1,700 |
) |
|
|
(1,925 |
) |
|
|
(2,881 |
) |
Free cash
flow |
$ |
(18,486 |
) |
|
$ |
11,964 |
|
|
$ |
5,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free
Cash Flow: |
Year ended December 31, |
|
2020 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
(In
thousands) |
Net cash
provided by (used in) operating activities |
$ |
(21,088 |
) |
|
$ |
14,678 |
|
|
$ |
45,503 |
|
Less: |
|
|
|
|
|
Purchase of property, plant and equipment |
|
(11,943 |
) |
|
|
(11,501 |
) |
|
|
(32,061 |
) |
Free cash
flow |
$ |
(33,031 |
) |
|
$ |
3,177 |
|
|
$ |
13,442 |
|
|
|
|
|
|
|
Dril Quip (NYSE:DRQ)
Historical Stock Chart
From Apr 2024 to May 2024
Dril Quip (NYSE:DRQ)
Historical Stock Chart
From May 2023 to May 2024