HOUSTON, Nov. 8, 2021 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced third quarter results for the three months ended
September 30, 2021.
John W. Gibson, Jr., Chairman,
President, and Chief Executive Officer, stated, "I'm pleased to
report that our revenues for the third quarter are up approximately
11% compared to the second quarter. Customer growth and
diversification continue to improve as revenue from new or non-core
customers grew 34%, while the total number of customers grew by 22%
sequentially in our energy chemistry technologies business.
Additionally, our data analytics business reached two important
milestones during the third quarter by obtaining international
certifications for our Verax analyzers and launching a new
patent-pending Advanced Interface Detection Algorithm (AIDA)
application."
"We executed our sales team realignment during the third
quarter, adding eight new sales professionals supporting the energy
chemistry business and three new professionals for the data
analytics business. These sales professionals are all experienced
with proven track records. Supporting our Professional Chemistry
activities, we also successfully secured three contract
manufacturing and toll blending agreements with U.S based
suppliers, entered into manufacturing representation agreements
with four agencies providing coverage in 48 states with over 150
sales representatives, and extended our product line with 18
private label options for distribution and re-distribution
groups."
"I'm pleased to announce the commercialization of Flotek's ESG
scorecard assessment service, which analyzes the full well cycle
chemical utilization to support our customer's ESG reporting goals,
operational efficiencies, and enterprise risk management. Our ESG
scorecard further demonstrates our commitment to engaging with the
industry to highlight the strategic benefits of green chemistry
solutions."
"We also continue to focus on improving our liquidity. In
August, we completed a lease agreement for our Monahans facility, converting it into a more
marketable, income generating property. We have also applied for
forgiveness of our Paycheck Protection Program ("PPP") loans and
have received an extension of the loan maturity date from
April 15, 2022 to April 15, 2025. Finally, we continue to
clear legacy matters through our settlement with ADM, which
eliminates a sizeable cash commitment."
Third Quarter Financial Results
- Consolidated Revenues: Flotek generated third quarter
2021 consolidated revenue of $10.2
million, down 20.1% from $12.7
million in the third quarter 2020, but up 10.9% versus
$9.2 million in the second quarter
2021. The year-over-year decrease in revenue was primarily due to
the loss of two major energy customers that were purchased by
non-customers during the second quarter of 2021, and nominal
decreases in international sales, offset by certain current and
returning customer revenue increases during the current quarter
that did not have prior year comparable activities.
- Consolidated Operating Expenses: Consolidated operating
expenses (excluding depreciation and amortization) were
$5.4 million in the third quarter
2021, a 55.4% decrease from $12.1
million in the second quarter 2021. The decrease was
primarily driven by the ADM lawsuit settlement and related net
benefit of $7.6 million. Consolidated
operating expenses for the nine months ended September 30, 2021 decreased $32.6 million, or 51.0% versus the same period of
2020. The year-to-date decrease was primarily due to reduced cost
of sales due to lower sales during 2021 and the net benefit of
$7.6 million to operating expenses
related to the ADM lawsuit settlement.
- Corporate General & Administrative Expenses
(CG&A): CG&A expenses for the third quarter of 2021
were consistent with the same comparable period last year at
$2.7 million and were 7.0% less than
the CG&A expenses of $2.9 million
for the second quarter of 2021. The declines were primarily driven
by the reversal of bonus accruals in the third quarter of
2021.
- Net Income: The Company recorded net income for the
third quarter of $0.5 million, or an
income of $0.01 per basic/diluted
share, compared to a loss of $6.5
million, or $0.09 per
basic/diluted share in the second quarter 2021. The increase was
primarily driven by the ADM lawsuit settlement and the related net
benefit. Year-over-year improvement is mainly due to no impairments
during 2021 compared to the $24.2
million and $81.7 million
impairments recorded in the three and nine months ended
September 30, 2020 and the ADM
lawsuit settlement and related net benefit.
- Adjusted EBITDA: Adjusted EBITDA for the third quarter
2021 was a loss of $6.3 million, a
6.0% improvement on the $6.7 million
loss in the second quarter of 2021 and a 2.8% improvement on the
$6.5 million loss during the same
period of the prior year.
Balance Sheet and Liquidity
As of September 30, 2021, the
Company had cash and equivalents of $20.5
million which were impacted by operating losses in the
quarter. Flotek also had $4.8 million
of PPP loans outstanding. The Company has applied for forgiveness
for its PPP loans and received an extension of the loan maturity
date from April 15, 2022 to
April 15, 2025, reducing the current
portion of long-term debt from $4.8 million to $1.3
million as of September 30,
2021.
Chemistry Technologies Segment: Energy Chemistry and
Professional Chemistry
In the third quarter 2021, sales in the Chemistry Technologies
segment declined 22.4% year-over-year to $9.4 million. The year-over-year decrease
was primarily the result of decreased demand from the company's
major customers and smaller operators that have not returned to the
pre-pandemic levels. In addition, revenue from two major customers
was lost as a result of market consolidation in the Permian basin
in the second quarter.
Highlights from the quarter include:
Energy Chemistry
- Revenue improved 28.2% quarter on quarter, outpacing the market
and indicating market share growth.
- Revenue generated from new or non-core accounts grew 34% while
the total number of customers grew by 22% quarter on quarter,
demonstrating the continued emphasis on improving customer
acquisitions and revenue diversification.
- Secured a pilot project with a major international service
company to deliver a four-well trial of Flotek's proprietary slick
water hydraulic fracturing fluid system to a major national oil
company in the Middle East.
- Executed a five-year service contract extension at our Material
Translogistics facility in Raceland,
LA with one of the world's top oilfield services providers
while expanding that business through the impact of Hurricane
Ida.
- Successfully entered into an adjacent energy market with
revenue generation in geothermal drilling and cementing
operations.
- Entered into early negotiations with key suppliers to secure
future purchase prices and material allocation volumes with our top
product lines for 2022 as we focus on continued growth.
- Commercialized our ESG scorecard assessment service offering
that analyzes the full well cycle chemical utilization and
identifies opportunities to support customer's ESG reporting goals,
operational efficiencies, and enterprise risk management.
Professional Chemistry
- Signed three contract manufacturing and toll blending
agreements with U.S based suppliers.
- Gained sales force expansion via manufacturing representation
agreements with four agencies providing coverage in 48 states with
over 150 sales representatives.
- Extended our product line with 18 private label options for
distribution and re-distribution groups.
- Added revenue from the agricultural adjacent market with our
green solvents and adjuvant applications.
Data Analytics Segment
In the third quarter 2021, Data Analytics' sales decreased from
the second quarter 2021 by 45.6% and grew 22.6% compared to the
third quarter 2020.
Highlights include:
- Developed a new line of Verax analyzers for the international
market obtained the necessary certifications for usage in hazardous
locations internationally.
- Launched the Advanced Interface Detection Algorithm system, or
AIDA, a new patent-pending application that uses advanced machine
learning algorithms to enable pipeline operators to cut batches
using real time detection of batch interfaces without the need for
additional sampling or chemometric modeling.
Conference Call Details
Flotek will host a conference
call on Tuesday, November 9, 2021, at
9:00 am CST (10:00 a.m. EST) to discuss its third quarter
results for the three months ended September
30, 2021. Participants may access the call through Flotek's
website at www.flotekind.com under "Webcasts'' or by telephone at
1-844-835-9986 approximately five minutes prior to the start of the
call. Following the conclusion of the conference call, a recording
of the call will be available on the Company's website.
About Flotek Industries, Inc.
Flotek Industries, Inc.
creates solutions to reduce the environmental impact of energy on
air, water, land and people. A technology-driven, specialty
green chemistry and data company, Flotek helps customers across
industrial, commercial, and consumer markets improve their
Environmental, Social, and Governance performance. Flotek's
Chemistry Technologies segment develops, manufactures, packages,
distributes. delivers, and markets high-quality cleaning,
disinfecting and sanitizing products for commercial, governmental
and personal consumer use. Additionally, Flotek empowers the
energy industry to maximize tile value of their hydrocarbon streams
and improve return on invested capital through its real-time data
platforms and green chemistry technologies. Flotek serves
downstream, midstream, and upstream customers, both domestic and
international. Flotek is a publicly traded company
headquartered in Houston, Texas,
and its common shares are traded on the New York Stock Exchange
under the ticker symbol "FTK." For additional information,
please visit www.flotekind.com.
Forward -Looking Statements
Certain statements set
forth in this press release constitute forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of tile Securities Exchange Act of 1934) regarding
Flotek Industries, Inc.'s business, financial condition, results of
operations and prospects. Words such as will, continue,
expects, anticipates, intends, plans, believes, seeks, estimates
and similar expressions or variations of such words are intended to
identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements in this press
release. Although forward-looking statements in this press
release reflect the good faith judgment of management. such
statements can only be based on facts and factors currently known
to management. Consequently, forward-looking statements are
inherently subject to risks and uncertainties, and actual results
and outcomes may differ materially from the results and outcomes
discussed in the forward-looking statements. Further
information about the risks and uncertainties that may impact the
company are set forth in the Company's most recent filing with the
Securities and Exchange Commission on Form 10-K (including, without
limitation, in the "Risk Factors" section thereof), and in the
Company's other SEC filings and publicly available documents.
Readers are urged not to place undue reliance on these
forward -looking statements, which speak only as of the dale of
this press release. The Company undertakes no obligation to
revise or update any forward-looking statements in order to
reflect, any event or circumstance that may arise after the date of
this press release.
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands,
except share data)
|
|
|
|
|
|
September 30,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
20,527
|
|
$
38,660
|
Restricted
cash
|
40
|
|
664
|
Accounts receivable,
net of allowance for doubtful accounts of $743
|
|
|
|
and $1,316 at
September 30, 2021 and December 31, 2020, respectively
|
11,560
|
|
11,764
|
Inventories,
net
|
8,818
|
|
11,837
|
Income taxes
receivable
|
55
|
|
403
|
Other current
assets
|
4,811
|
|
3,127
|
Assets held for
sale
|
545
|
|
-
|
Total current
assets
|
46,356
|
|
66,455
|
Property and
equipment, net
|
7,769
|
|
9,087
|
Operating lease
right-of-use assets
|
2,099
|
|
2,320
|
Goodwill
|
8,092
|
|
8,092
|
Deferred tax assets,
net
|
209
|
|
223
|
Other long-term
assets
|
29
|
|
33
|
TOTAL
ASSETS
|
$
64,554
|
|
$
86,210
|
LIABILITIES AND
STOCKHOLDERS' & EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,224
|
|
$
5,787
|
Accrued
liabilities
|
10,465
|
|
18,275
|
Income taxes
payable
|
38
|
|
21
|
Interest
payable
|
70
|
|
34
|
Current portion of
operating lease liabilities
|
586
|
|
636
|
Current portion of
finance lease liabilities
|
48
|
|
60
|
Current portion of
long-term debt
|
1,336
|
|
4,048
|
Total current
liabilities
|
17,767
|
|
28,861
|
Deferred revenue,
long-term
|
100
|
|
117
|
Long-term operating
lease liabilities
|
7,888
|
|
8,348
|
Long-term finance
lease liabilities
|
64
|
|
96
|
Long-term
debt
|
3,452
|
|
1,617
|
TOTAL
LIABILITIES
|
29,271
|
|
39,039
|
Stockholders'
Equity:
|
|
|
|
Preferred stock,
$0.0001 par value, 100,000 shares authorized; no shares
issued
|
|
|
|
and
outstanding
|
-
|
|
-
|
Common stock, $0.0001
par value, 140,000,000 shares authorized; 79,610,243
|
|
|
|
shares issued and
69,316,933 shares outstanding at September 30, 2021;
|
-
|
|
-
|
78,669,414 shares
issued and 73,088,494 shares outstanding at December 31,
2020
|
8
|
|
8
|
Additional paid-in
capital
|
362,174
|
|
359,721
|
Accumulated other
comprehensive income (loss)
|
51
|
|
(19)
|
Accumulated
deficit
|
(293,025)
|
|
(278,688)
|
Treasury stock, at
cost; 5,648,721 and 5,580,920 shares at September 30,
2021
|
-
|
|
-
|
and December 31,
2020, respectively
|
(33,925)
|
|
(33,851)
|
Total stockholders'
equity
|
35,283
|
|
47,171
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
64,554
|
|
$
86,210
|
Flotek Industries,
Inc.
Unaudited
Condensed Consolidated Statements of Operations
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
9/30/2021
|
|
9/30/2020
|
|
6/30/2021
|
|
9/30/2021
|
|
9/30/2020
|
Revenue
|
|
|
|
|
|
|
|
|
|
Revenue from external
customers
|
$
8,847
|
|
$
12,739
|
|
$
9,165
|
|
$
29,782
|
|
$
41,035
|
Revenue from related
party
|
1,332
|
|
-
|
|
-
|
|
1,332
|
|
-
|
Total revenues
|
10,179
|
|
12,739
|
|
9,165
|
|
31,114
|
|
41,035
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Operating expenses
(excluding depreciation and amortization)
|
5,418
|
|
29,466
|
|
12,110
|
|
31,330
|
|
63,939
|
Corporate general and
administrative
|
2,696
|
|
2,679
|
|
2,868
|
|
9,925
|
|
12,568
|
Depreciation and
amortization
|
233
|
|
518
|
|
253
|
|
793
|
|
3,177
|
Research and
development
|
1,186
|
|
1,480
|
|
1,466
|
|
4,194
|
|
5,673
|
Loss (gain) on
disposal of long-lived assets
|
14
|
|
(37)
|
|
(71)
|
|
(55)
|
|
(92)
|
Impairment of
goodwill
|
-
|
|
11,706
|
|
-
|
|
-
|
|
11,706
|
Impairment of fixed,
long-lived and intangible assets
|
-
|
|
12,521
|
|
-
|
|
-
|
|
69,975
|
Total costs and
expenses
|
9,547
|
|
58,333
|
|
16,626
|
|
46,187
|
|
166,946
|
Income (loss) from
operations
|
632
|
|
(45,594)
|
|
(7,461)
|
|
(15,073)
|
|
(125,911)
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
Paycheck protection
plan loan forgiveness
|
-
|
|
-
|
|
881
|
|
881
|
|
-
|
Gain on lease
termination
|
-
|
|
-
|
|
-
|
|
-
|
|
576
|
Interest
expense
|
(18)
|
|
(19)
|
|
(17)
|
|
(53)
|
|
(40)
|
Other (expense)
income, net
|
(102)
|
|
291
|
|
72
|
|
(62)
|
|
322
|
Total other (expense)
income, net
|
(120)
|
|
272
|
|
936
|
|
766
|
|
858
|
Income (loss)
before income taxes
|
512
|
|
(45,322)
|
|
(6,525)
|
|
(14,307)
|
|
(125,053)
|
Income tax (expense)
benefit
|
(3)
|
|
81
|
|
(21)
|
|
(30)
|
|
6,282
|
Net income
(loss)
|
509
|
|
(45,241)
|
|
(6,546)
|
|
(14,337)
|
|
(118,771)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.01
|
|
$
(0.66)
|
|
$
(0.09)
|
|
$
(0.21)
|
|
$
(1.75)
|
Diluted
|
$
0.01
|
|
$
(0.66)
|
|
$
(0.09)
|
|
$
(0.21)
|
|
$
(1.75)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares:
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares used in computing basic income (loss) per common
share
|
69,324
|
|
68,217
|
|
69,531
|
|
68,665
|
|
68,063
|
Weighted average
common shares used in computing diluted income (loss) per common
share
|
70,176
|
|
68,217
|
|
69,531
|
|
68,665
|
|
68,063
|
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
|
Nine months
ended September 30,
|
|
|
2021
|
|
2020
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
$
(14,337)
|
|
$
(118,771)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Change
in fair value of contingent consideration
|
(701)
|
|
3,200
|
|
Depreciation and amortization
|
793
|
|
3,177
|
|
Provision for doubtful accounts
|
(42)
|
|
494
|
|
Inventory purchase commitment settlement
|
(7,633)
|
|
-
|
|
Provision for excess and obsolete inventory
|
687
|
|
10,465
|
|
Impairment of goodwill
|
-
|
|
11,706
|
|
Impairment of right-of-use assets
|
-
|
|
7,434
|
|
Impairment of fixed assets
|
-
|
|
30,178
|
|
Impairment of intangible assets
|
-
|
|
32,363
|
|
Gain on
sale of assets
|
(55)
|
|
(668)
|
|
Non-cash
lease expense
|
221
|
|
299
|
|
Stock
compensation expense
|
2,710
|
|
2,208
|
|
Deferred
income tax provision (benefit)
|
13
|
|
(199)
|
|
Paycheck
protection plan loan forgiveness
|
(881)
|
|
-
|
|
Changes
in current assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
111
|
|
4,714
|
|
Inventories,
net
|
2,330
|
|
3,186
|
|
Income taxes
receivable
|
405
|
|
(140)
|
|
Other current
assets
|
(2,237)
|
|
823
|
|
Other long-term
assets
|
541
|
|
(16)
|
|
Accounts
payable
|
(604)
|
|
(11,906)
|
|
Accrued
liabilities
|
414
|
|
(17,689)
|
|
Income taxes
payable
|
(53)
|
|
25
|
|
Interest
payable
|
36
|
|
22
|
|
Net cash used in
operating activities
|
(18,282)
|
|
(39,095)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(31)
|
|
(836)
|
|
Proceeds from sale of
business
|
-
|
|
9,907
|
|
Proceeds from sale of
assets
|
74
|
|
86
|
|
Purchase of JP3, net
of cash acquired
|
-
|
|
(26,284)
|
|
Abandonment of
patents and other intangible assets
|
-
|
|
(8)
|
|
Net cash provided by
(used in) by investing activities
|
43
|
|
(17,135)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
paycheck protection plan loan
|
-
|
|
4,788
|
|
Payments to tax
authorities for shares withheld from employees
|
(161)
|
|
(123)
|
|
(Payments) proceeds
from sale of common stock
|
(246)
|
|
416
|
|
Payments for finance
leases
|
(44)
|
|
(152)
|
|
Net cash (used in)
provided by financing activities
|
(451)
|
|
4,929
|
|
Effect of changes
in exchange rates on cash and cash equivalents
|
(67)
|
|
(80)
|
|
Net change in
cash, cash equivalents and restricted cash
|
(18,757)
|
|
(51,381)
|
|
Cash and cash
equivalents at beginning of period
|
38,660
|
|
100,575
|
|
Restricted cash at
beginning of period
|
664
|
|
663
|
|
Cash and cash
equivalents and restricted cash at beginning of
period
|
39,324
|
|
101,238
|
|
Cash and cash
equivalents at end of period
|
20,527
|
|
49,193
|
|
Restricted cash at
the end of period
|
40
|
|
664
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
20,567
|
|
$
49,857
|
|
Flotek Industries,
Inc.
|
Unaudited
Reconciliation of Non-GAAP Items and Non-Cash Items Impacting
Earnings
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income (Loss)
from Operations and Reconciliation to Adjusted EBITDA
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
9/30/2021
|
|
9/30/2020
|
|
6/30/2021
|
|
9/30/2021
|
|
9/30/2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations (GAAP)
|
|
|
$
509
|
|
$
(45,241)
|
|
$
(6,546)
|
|
$
(14,337)
|
|
$
(118,771)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
18
|
|
19
|
|
17
|
|
53
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
(1)
|
|
(206)
|
|
(3)
|
|
(9)
|
|
(463)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
|
3
|
|
(81)
|
|
21
|
|
30
|
|
(6,282)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
|
|
233
|
|
518
|
|
253
|
|
793
|
|
3,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
Goodwill
|
|
|
-
|
|
11,706
|
|
-
|
|
-
|
|
11,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of Fixed
and Long Lived Assets
|
|
-
|
|
12,521
|
|
-
|
|
-
|
|
69,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(Non-GAAP)
|
|
|
|
$
762
|
|
$
(20,764)
|
|
$
(6,258)
|
|
$
(13,470)
|
|
$
(40,618)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
Expense
|
|
|
960
|
|
690
|
|
969
|
|
2,710
|
|
2,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and
Retirement
|
|
|
11
|
|
749
|
|
946
|
|
991
|
|
3,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Write-Down
|
|
|
-
|
|
9,565
|
|
-
|
|
-
|
|
11,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Purchase
Commitment Settlement
|
|
(7,633)
|
|
-
|
|
-
|
|
(7,633)
|
|
825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&A Transaction
Costs
|
|
|
(401)
|
|
3,219
|
|
100
|
|
(458)
|
|
3,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Step-Up
|
|
|
(78)
|
|
81
|
|
32
|
|
2
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
Disposal of Assets
|
|
|
14
|
|
(37)
|
|
(71)
|
|
(55)
|
|
(92)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Lease
Termination
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(576)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP Loan
Forgiveness
|
|
|
-
|
|
-
|
|
(881)
|
|
(881)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee Retention
Credit
|
|
|
(927)
|
|
-
|
|
(1,923)
|
|
(2,851)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Recurring
Professional Fees
|
|
|
993
|
|
14
|
|
388
|
|
2,046
|
|
336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Winter Storm (Natural
Disaster)
|
|
|
-
|
|
-
|
|
-
|
|
199
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP)
|
|
|
|
$
(6,299)
|
|
$
(6,483)
|
|
$
(6,698)
|
|
$
19,400
|
|
$
19,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management
believes that adjusted EBITDA for the three and nine months ended
September 30, 2021 and September 30, 2020, and the three months
ended June 30, 2021, is useful to investors to assess and
understand operating performance, especially when comparing those
results with previous and subsequent periods. Management views the
expenses noted above to be outside of the Company's normal
operating results. Management analyzes operating results without
the impact of the above items as an indicator of performance, to
identify underlying trends in the business and cash flow from
continuing operations, and to establish operational
goals.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/flotek-announces-third-quarter-2021-results-301419284.html
SOURCE Flotek Industries, Inc.