Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”), a
developer, manufacturer and provider of highly engineered
equipment, service and innovative technologies for use in the
energy industry, today reported operational and financial results
for the fourth quarter and full year 2022.
Fourth Quarter Highlights
- Revenue of $96.8 million increased 10% sequentially and 24%
year-over-year
- Net Bookings of $93.8 million increased 52% sequentially and
18% year-over-year
- Net Loss of $0.3 million improved $63.2 million
year-over-year
- Adjusted EBITDA of $10.4 million improved from $0.6 million one
year ago and increased 48% sequentially
- Gross Margin of 31% increased 579 basis points sequentially and
979 basis points year-over-year
- Published first corporate sustainability report
Full Year Highlights
- Revenue of $362.1 increased 12% year-over-year
- Net Bookings of $271.6 million increased 19%
year-over-year
- Signed $122.0 million of master service agreements (MSAs) in
2022
- Net Income of $0.4 million increased $128.4 million
year-over-year
- Adjusted EBITDA of $30.0 million increased 97%
year-over-year
- Gross Margin of 27% increased 160 basis points
year-over-year
- Repurchased $20.8 million of shares during the year at an
average price of $23.41 per share
- Announced a Collaboration Agreement with Aker Solutions to
offer subsea injection systems for carbon capture, utilization, and
storage (“CCUS”) projects
- Announced Scope 1 and Scope 2 GHG emissions reduction target of
50% by 2030
- Received upgraded MSCI ESG rating of an “A”
- Closed on the sale of the Houston forge facility and entered
into purchase and sale agreements for Houston’s administrative and
aftermarket buildings
- Committed investment of $22 million in wellhead manufacturing
equipment that is expected to be delivered in Q4’23
"Dril-Quip delivered a strong fourth quarter,
capping an important year where we met or exceeded most of our
targets and made significant progress along our longer-term
financial, operational, and strategic objectives," said Jeff Bird,
Dril-Quip’s President and Chief Executive Officer. “Our double
digit, top-line growth was driven by strong activity in key
geographies and aggressive investment by larger offshore customers,
helping offset some lingering foreign exchange headwinds. Bookings
of $94 million in the quarter were the highest quarterly mark we
have achieved since the fourth quarter of 2019, reflecting the
ongoing upcycle in the offshore market. Accelerating MSA activity
throughout the year is also a favorable indicator for our bookings
growth potential in 2023 and beyond. Our profitability continues to
improve as our operational alignment initiatives are yielding
meaningful results and support our future profitable growth.
“Looking ahead, we expect to continue to
capitalize on the constructive offshore drilling market. We are
keeping a pulse on customer behaviors and confidence, and we expect
order trends and spending to accelerate in 2023. We continue to see
increased investment and activity in key markets such as Saudi
Arabia, Norway and Latin America with additional promise coming
from West Africa, a region that has been dormant. We enter the year
with a stronger, more nimble business able to drive organic growth,
supported by a strong balance sheet and the financial flexibility
that allows us to pursue inorganic growth opportunities where
appropriate, as we continue to make strides in our business
alignment efforts, capturing market share, and driving sustained,
profitable growth for our shareholders.”
2023 Financial Outlook
- Revenue growth of 10%
- Bookings year-over-year growth of 10% to 20%
- Adjusted EBITDA incremental margins of 40% to 60%
- Capital Expenditures of $25 million
to $30 million
In conjunction with today’s release, the Company
posted a new investor presentation entitled “2023 Investor
Presentation” 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
2022 was $96.8 million, up $8.7 million from the third quarter of
2022 and up $18.9 million compared to the fourth quarter of 2021.
The increase in revenue was driven by higher product and service
revenues across all regions reflecting the ongoing upcycle in the
offshore market. For the full year 2022, revenue was $362.1
million, up $39.1 million from the full year of 2021. The increase
in revenue year-over-year was driven by higher product revenues
across all regions and higher service revenues in the western
hemisphere and Europe, partially offset by lower service revenues
in the Asia-Pacific region.
Cost of sales for the fourth quarter of 2022
was $66.6 million, an increase of $0.9
million sequentially from the third quarter of 2022. Gross
operating margin for the fourth quarter of 2022 was 31.2%, up from
25.4% for the third quarter of 2022. Gross margins increased
sequentially driven by favorable product line mix from subsea
projects, strong downhole tools growth and leverage on higher
revenue.
Cost of sales for the full year of 2022
was $265.9 million, an increase of $23.6
million from the full year 2021. Gross operating margin for
the full year 2022 was 26.6% compared to a gross operating margin
of 25.0% for the full year 2021. The increase in gross operating
margin year-over-year can be primarily attributed to favorable
product line mix and productivity initiatives, partially offset by
some higher materials costs from inflationary pressures.
Selling, General, Administrative, and
Engineering Expenses
Selling, general and administrative (“SG&A”)
expenses for the fourth quarter of 2022 were $26.9 million, an
increase of $4.4 million compared to the third quarter of
2022. SG&A increased sequentially primarily due to bad debt
expense incurred during the quarter. SG&A expenses for the full
year 2022 were $94.2 million, a decrease of $20.8
million compared to the full year 2021. The year-over-year
decrease in SG&A is primarily attributable to lower legal
expenses in connection with the FMC lawsuit and decreased
administrative costs associated with the importation tax settlement
under the Brazilian tax amnesty program. Engineering and product
development expenses of $2.7 million for the fourth quarter of 2022
were largely unchanged compared to the third quarter of 2022.
Engineering and product development expense of $11.7 million for
the full year of 2022 decreased by $3.4 million, or 22%,
compared to the full year 2021. The decrease year-over-year is
attributed to lower research and development activities as we
completed certain strategic projects.
Net Income, Adjusted EBITDA and Free Cash
Flow
For the fourth quarter of 2022, the Company
reported net loss of $0.3 million, or $0.01 loss per share,
compared to a net income of $15.2 million or $0.44 per share for
the third quarter of 2022. For the full year of 2022, the Company
reported a net income of $0.4 million, or $0.01 per
share, compared to a net loss of $128.0 million,
or $3.62 loss per share, for the full year of 2021.
Adjusted EBITDA totaled $10.4 million for the
fourth quarter of 2022 compared to $7.0 million for the third
quarter 2022. The increase in adjusted EBITDA sequentially can be
attributed to higher revenues and favorable product mix from
certain subsea and downhole tools projects. Adjusted EBITDA for the
full year of 2022 was $30.0 million compared to $15.2 million the
full year of 2021. The increase in adjusted EBITDA year-over-year
can be mostly attributed to leverage on incremental product and
service revenues and the impacts of operational efficiency
initiatives throughout the year.
Net cash used in operations was $17.6 million
and free cash flow was a negative $22.8 million for the fourth
quarter of 2022. The decrease in net cash provided by operations
of $18.6 million compared to the third quarter of 2022
was primarily driven by working capital requirements, capital
expenditures and some restructuring related costs. Net cash used in
operating activities was $36.8 million, and free cash flow
was a negative $55.6 million for the full year of
2022. The decrease in net cash provided by operations
of $75.2 million compared to the full year of 2021 was
primarily driven by working capital consumption due to revenue
growth, strategic purchases of inventory and restructuring related
costs. Capital expenditures in the fourth quarter of 2022
were $5.2 million and $18.9 million for the
full year of 2022, the majority of which were related to
investments in manufacturing equipment and rental tools bound for
work already secured.
Gain on sale of property, plant and equipment
was approximately $20.0 million in the fiscal year 2022, primarily
related to the sale of our Houston forge facility building and
obsolete machinery and equipment.
Share Repurchases
As of December 31, 2022, the company
year-to-date has purchased 888,197 shares at an average price of
$23.41 per share, totaling $20.8 million and retired such shares.
The Company has approximately $103 million remaining of the current
authorization by the Board of Directors. The Company continues to
evaluate the amount and timing of its share repurchases as part of
its overall capital allocation strategy.
Conference Call and Webcast
Management will host a conference call and a
webcast to discuss the financial results on February 28, 2023, at
10:00 a.m. Eastern Standard Time / 9:00 a.m. Central Standard Time.
The presentation is open to all interested parties and may include
forward-looking information.
To pre-register for the conference call and
obtain a dial-in number and passcode, please click on the
registration link below.
Conference Call and Webcast
Details
Date / Time: |
Tuesday, February 28, 2023, at 10:00 a.m. EST / 9:00 a.m. CST |
|
|
Dial-in Registration |
https://register.vevent.com/register/BId225fc2493c24803a6596c6eba9e08da |
|
|
Webcast: |
https://edge.media-server.com/mmc/p/mmhy2ipd |
|
|
About Dril-Quip
Dril-Quip is a developer, manufacturer and
provider of highly engineered equipment, service and innovative
technologies for use in the energy industry.
Forward-Looking Statements
Statements contained herein relating to future
operations and financial results that are forward-looking
statements, including those related to market conditions,
anticipated project bookings, expected timing of completing
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
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 impact of general economic conditions,
including inflation, on economic activity and on our operations,
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 cash used in the purchase of property,
plant and equipment.
Adjusted EBITDA is defined as net income (loss)
excluding income taxes, interest income and expense, depreciation
and amortization expense, stock-based compensation, 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
Erin Fazio, Director of Corporate
FinanceErin_Fazio@dril-quip.com
|
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
|
Comparative
Condensed Consolidated Income Statement |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
(In
thousands, except per share data) |
|
Revenues: |
|
|
|
|
|
|
|
|
Products |
$ |
64,713 |
|
|
$ |
58,508 |
|
|
$ |
240,842 |
|
|
$ |
213,760 |
|
|
Services |
|
21,657 |
|
|
|
20,443 |
|
|
|
79,195 |
|
|
|
74,143 |
|
|
Leasing |
|
10,444 |
|
|
|
9,190 |
|
|
|
42,033 |
|
|
|
35,042 |
|
|
Total revenues |
|
96,814 |
|
|
|
88,141 |
|
|
|
362,070 |
|
|
|
322,945 |
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of sales |
|
66,567 |
|
|
|
65,710 |
|
|
|
265,935 |
|
|
|
242,356 |
|
|
Selling, general and administrative |
|
26,877 |
|
|
|
22,431 |
|
|
|
94,206 |
|
|
|
115,036 |
|
|
Engineering and product development |
|
2,699 |
|
|
|
2,645 |
|
|
|
11,740 |
|
|
|
15,104 |
|
|
Restructuring and other charges |
|
3,466 |
|
|
|
2,180 |
|
|
|
11,443 |
|
|
|
78,933 |
|
|
Gain on sale of property, plant and equipment |
|
(2,249 |
) |
|
|
(17,276 |
) |
|
|
(20,019 |
) |
|
|
(4,482 |
) |
|
Foreign currency transaction (gain) loss |
|
1,818 |
|
|
|
(1,901 |
) |
|
|
(3,756 |
) |
|
|
836 |
|
|
Total costs and expenses |
|
99,178 |
|
|
|
73,789 |
|
|
|
359,549 |
|
|
|
447,783 |
|
|
Operating
income (loss) |
|
(2,364 |
) |
|
|
14,352 |
|
|
|
2,521 |
|
|
|
(124,838 |
) |
|
Interest
income |
|
3,310 |
|
|
|
379 |
|
|
|
4,465 |
|
|
|
575 |
|
|
Interest
expense |
|
68 |
|
|
|
(131 |
) |
|
|
(216 |
) |
|
|
(787 |
) |
|
Income tax
provision (benefit) |
|
1,266 |
|
|
|
(610 |
) |
|
|
6,327 |
|
|
|
2,946 |
|
|
Net income
(loss) |
$ |
(252 |
) |
|
$ |
15,210 |
|
|
$ |
443 |
|
|
$ |
(127,996 |
) |
|
Income
(Loss) per share |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.45 |
|
|
$ |
0.01 |
|
|
$ |
(3.62 |
) |
|
Diluted |
$ |
(0.01 |
) |
|
$ |
0.44 |
|
|
$ |
0.01 |
|
|
$ |
(3.62 |
) |
|
Depreciation
and amortization |
$ |
7,069 |
|
|
$ |
7,123 |
|
|
$ |
29,421 |
|
|
$ |
30,381 |
|
|
Capital
expenditures |
$ |
5,154 |
|
|
$ |
10,283 |
|
|
$ |
18,866 |
|
|
$ |
9,990 |
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
|
34,038 |
|
|
|
33,948 |
|
|
|
34,237 |
|
|
|
35,331 |
|
|
Diluted |
|
34,038 |
|
|
|
34,232 |
|
|
|
34,467 |
|
|
|
35,331 |
|
|
|
|
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
|
|
Comparative
Condensed Consolidated Balance Sheets |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
|
|
(In
thousands) |
|
|
Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
264,804 |
|
$ |
290,279 |
|
$ |
355,451 |
|
|
Short-term investments |
|
32,232 |
|
|
25,287 |
|
|
- |
|
|
Other current assets |
|
455,552 |
|
|
430,192 |
|
|
390,098 |
|
|
PP&E, net |
|
181,270 |
|
|
181,359 |
|
|
216,200 |
|
|
Other assets |
|
38,657 |
|
|
43,407 |
|
|
48,677 |
|
|
Total
assets |
$ |
972,515 |
|
$ |
970,524 |
|
$ |
1,010,426 |
|
|
Liabilities and Equity: |
|
|
|
|
|
|
|
Current liabilities |
$ |
87,555 |
|
$ |
89,287 |
|
$ |
93,663 |
|
|
Deferred Income taxes |
|
3,756 |
|
|
3,918 |
|
|
3,925 |
|
|
Other long-term liabilities |
|
6,288 |
|
|
12,482 |
|
|
15,730 |
|
|
Total
liabilities |
|
97,599 |
|
|
105,687 |
|
|
113,318 |
|
|
Total
stockholders equity |
|
874,916 |
|
|
864,837 |
|
|
897,108 |
|
|
Total
liabilities and equity |
$ |
972,515 |
|
$ |
970,524 |
|
$ |
1,010,426 |
|
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
|
Reconciliation of Net Income (Loss) to Adjusted Net Income
(Loss) and Diluted Earnings (Loss) per Share |
|
to Adjusted
Diluted Earnings (Loss) per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income (Loss) and Diluted EPS: |
Three months
ended |
|
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
|
Effect on net income (loss) (after-tax) |
|
Impact on diluted earnings (loss) per share |
|
Effect on net income (loss) (after-tax) |
|
Impact on diluted earnings (loss) per share |
|
Effect on net income (loss) (after-tax) |
|
Impact on diluted earnings (loss) per share |
|
|
(In
thousands, except per share amounts) |
|
Net income (loss) |
$ |
(252 |
) |
|
$ |
(0.01 |
) |
|
$ |
15,210 |
|
|
$ |
0.44 |
|
|
$ |
(63,429 |
) |
|
$ |
(1.80 |
) |
|
Adjustments
(after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction (gain) loss |
|
1,436 |
|
|
|
0.04 |
|
|
|
(1,502 |
) |
|
|
(0.04 |
) |
|
|
1,264 |
|
|
|
0.04 |
|
|
Restructuring and other costs, including severance |
|
2,738 |
|
|
|
0.08 |
|
|
|
1,722 |
|
|
|
0.05 |
|
|
|
45,962 |
|
|
|
1.31 |
|
|
Gain on sale of property, plant and equipment |
|
(1,777 |
) |
|
|
(0.05 |
) |
|
|
(13,648 |
) |
|
|
(0.40 |
) |
|
|
(471 |
) |
|
|
(0.01 |
) |
|
Adjusted net
income (loss) |
$ |
2,145 |
|
|
$ |
0.06 |
|
|
$ |
1,782 |
|
|
$ |
0.05 |
|
|
$ |
(16,674 |
) |
|
$ |
(0.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income (Loss) and Diluted EPS: |
Twelve
months ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Effect on net income (loss) (after-tax) |
|
Impact on diluted earnings (loss) per share |
|
Effect on net income (loss) (after-tax) |
|
Impact on diluted earnings (loss) per share |
|
Effect on net income (loss) (after-tax) |
|
Impact on diluted earnings (loss) per share |
|
|
(In
thousands, except per share amounts) |
|
Net income
(loss) |
$ |
443 |
|
|
$ |
0.01 |
|
|
$ |
(127,996 |
) |
|
$ |
(3.62 |
) |
|
$ |
(30,768 |
) |
|
$ |
(0.87 |
) |
|
Adjustments
(after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction (gain) loss |
|
(2,967 |
) |
|
|
(0.09 |
) |
|
|
660 |
|
|
|
0.02 |
|
|
|
1,853 |
|
|
|
0.05 |
|
|
Impairments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,098 |
|
|
|
0.17 |
|
|
Restructuring and other costs, including severance |
|
9,040 |
|
|
|
0.26 |
|
|
|
76,354 |
|
|
|
2.16 |
|
|
|
31,979 |
|
|
|
0.91 |
|
|
Gain on sale of property, plant and equipment |
|
(15,815 |
) |
|
|
(0.46 |
) |
|
|
(3,541 |
) |
|
|
(0.10 |
) |
|
|
(464 |
) |
|
|
(0.01 |
) |
|
Adjusted net
income (loss) |
$ |
(9,299 |
) |
|
$ |
(0.28 |
) |
|
$ |
(54,523 |
) |
|
$ |
(1.54 |
) |
|
$ |
8,698 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
Three months ended |
|
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
|
(In
thousands) |
|
Net income (loss) |
$ |
(252 |
) |
|
$ |
15,210 |
|
|
$ |
(63,428 |
) |
|
Add: |
|
|
|
|
|
|
Interest (income) expense, net |
|
(3,378 |
) |
|
|
(248 |
) |
|
|
(80 |
) |
|
Income tax provision (benefit) |
|
1,266 |
|
|
|
(610 |
) |
|
|
(8,148 |
) |
|
Depreciation and amortization expense |
|
7,069 |
|
|
|
7,123 |
|
|
|
7,723 |
|
|
Restructuring and other costs, including severance |
|
3,466 |
|
|
|
2,180 |
|
|
|
58,180 |
|
|
Gain on sale of property, plant and equipment |
|
(2,249 |
) |
|
|
(17,276 |
) |
|
|
(596 |
) |
|
Foreign currency transaction (gain) loss |
|
1,818 |
|
|
|
(1,901 |
) |
|
|
1,600 |
|
|
Stock compensation expense |
|
2,694 |
|
|
|
2,569 |
|
|
|
5,354 |
|
|
Adjusted
EBITDA |
$ |
10,434 |
|
|
$ |
7,047 |
|
|
$ |
605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
Year ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
Year ended December 31, 2020 |
|
|
(In
thousands) |
|
Net income
(loss) |
$ |
443 |
|
|
$ |
(127,996 |
) |
|
$ |
(30,768 |
) |
|
Add: |
|
|
|
|
|
|
Interest (income) expense, net |
|
(4,249 |
) |
|
|
212 |
|
|
|
(1,510 |
) |
|
Income tax provision (benefit) |
|
6,327 |
|
|
|
2,946 |
|
|
|
(31,281 |
) |
|
Depreciation and amortization expense |
|
29,421 |
|
|
|
30,381 |
|
|
|
32,389 |
|
|
Impairments |
|
- |
|
|
|
- |
|
|
|
7,719 |
|
|
Restructuring and other costs, including severance |
|
11,443 |
|
|
|
96,650 |
|
|
|
40,480 |
|
|
Gain on sale of property, plant and equipment |
|
(20,019 |
) |
|
|
(4,482 |
) |
|
|
(587 |
) |
|
Foreign currency transaction gain (loss) |
|
(3,756 |
) |
|
|
836 |
|
|
|
2,345 |
|
|
Stock compensation expense |
|
10,363 |
|
|
|
14,895 |
|
|
|
12,914 |
|
|
Brazilian amnesty settlement |
|
- |
|
|
|
1,787 |
|
|
|
- |
|
|
Adjusted
EBITDA |
$ |
29,973 |
|
|
$ |
15,229 |
|
|
$ |
31,701 |
|
|
|
|
|
|
|
|
|
|
Dril-Quip,
Inc. |
|
|
|
|
|
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow |
|
|
|
|
|
|
|
|
Free
Cash Flow: |
Three months ended |
|
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
|
(In
thousands) |
|
Net cash provided by (used in) operating activities |
$ |
(17,604 |
) |
|
$ |
1,042 |
|
|
$ |
4,689 |
|
|
Less: |
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
(5,154 |
) |
|
|
(10,283 |
) |
|
|
(2,062 |
) |
|
Free cash
flow |
$ |
(22,758 |
) |
|
$ |
(9,241 |
) |
|
$ |
2,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free
Cash Flow: |
Twelve months ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(In
thousands) |
|
Net cash
provided by (used in) operating activities |
$ |
(36,771 |
) |
|
$ |
38,428 |
|
|
$ |
(21,088 |
) |
|
Less: |
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
(18,866 |
) |
|
|
(9,990 |
) |
|
|
(11,943 |
) |
|
Free cash
flow |
$ |
(55,637 |
) |
|
$ |
28,438 |
|
|
$ |
(33,031 |
) |
|
|
|
|
|
|
|
|
Dril Quip (NYSE:DRQ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Dril Quip (NYSE:DRQ)
Historical Stock Chart
From Jul 2023 to Jul 2024