- Revenue: $205 million, an 11% year-over-year
increase
- Net loss: $7 million, or $0.54 per diluted share
- Adjusted net loss: $1 million, or $0.07 per diluted
share
- Adjusted EBITDA: $26 million, up 48%
year-over-year
- Operating cash flow and free cash flow: $23 million and $21
million, respectively
- Raises 2024 full year free cash flow guidance: $50 to $70
million
Forum Energy Technologies, Inc. (NYSE: FET) today announced
second quarter 2024 revenue of $205 million, a 1% sequential
increase, despite a 5% decline in global rig count. Orders declined
12% sequentially to $180 million, with a book-to-bill ratio of 88%.
The second quarter 2024 net loss was $7 million, or $0.54 per
diluted share, compared to a net loss of $10 million, or $0.85 per
diluted share, for the first quarter 2024.
Second quarter 2024 special items, on a pre-tax basis, included
$1 million of transaction expenses related to the Variperm
acquisition, $1 million of restructuring and other costs, $3
million of foreign exchange loss, and $1 million of loss on
extinguishment of debt. Excluding special items of $0.47 per
diluted share, the quarter's adjusted net loss was $0.07 per
diluted share compared to the first quarter 2024 adjusted net loss
of $0.12 per diluted share. See Tables 1-6 for a reconciliation of
GAAP to non-GAAP financial information.
Neal Lux, President and Chief Executive Officer, remarked,
“Revenue and adjusted EBITDA both came within our guidance range,
and adjusted EBITDA margins held steady at approximately 13%. We
delivered robust free cash in the quarter of $21 million and
announced the redemption and repurchase of $73 million of our 2025
Notes. Following our strong first half results, we are raising our
full year 2024 free cash flow guidance to between $50 and $70
million. We are committed to retiring the outstanding balance of
our 2025 Notes and the Variperm Seller Term Loan around the middle
of 2025.
“Canadian and international market outlook remains in line with
our expectations. U.S. rig count and hydraulic fracturing activity
trended down during the second quarter and are expected to continue
their decline in the second half. For the year, we now expect U.S.
rig count to be down 15%. This represents a greater decline
compared with our initial expectation of a 5% decrease. However,
our international footprint, the Variperm acquisition, and benefits
from our “beat-the-market” strategy should mitigate this U.S.
industry softness. Therefore, we are maintaining the bottom end of
our guidance, but adjusting down the top end by $10 million. Our
full year 2024 adjusted EBITDA guidance is now $100 to $110
million.”
Segment Results (unless
otherwise noted, comparisons are second quarter 2024 versus first
quarter 2024)
Drilling and Completions segment revenue was $117 million, a 2%
decrease, primarily related to lower sales volumes of ROVs, cable
management systems, and treating iron. This decline was partially
offset by increased coiled tubing and power end sales. Orders were
$110 million, a 6% decrease, primarily due to drilling and
stimulation-related capital equipment, partially offset by higher
coiled tubing orders. Segment adjusted EBITDA was $12 million, a
16% decrease, resulting from lower revenue and unfavorable product
mix. The Drilling and Completions segment operations focus
primarily on capital equipment and consumable products for global
drilling operations, subsea, coiled tubing, wireline, and
stimulation markets.
Artificial Lift and Downhole segment revenue was $88 million, a
6% increase, primarily related to the increase in sales of our
valve products. Orders were $70 million, a 20% decrease, due to
elevated Production Equipment orders in the previous quarter.
Segment Adjusted EBITDA was $20 million, a 9% increase, mainly due
to favorable product mix within Downhole product line. The
Artificial Lift and Downhole segment engineers, manufactures, and
supplies products for well construction, artificial lift, and oil
and natural gas processing.
FET (Forum Energy Technologies) is a global manufacturing
company, serving the oil, natural gas, industrial and renewable
energy industries. With headquarters located in Houston, Texas, FET
provides value added solutions aimed at improving the safety,
efficiency, and environmental impact of our customers' operations.
For more information, please visit www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the company, including any statement about the
company's future financial position, liquidity and capital
resources, operations, performance, acquisitions, returns, capital
expenditure budgets, new product development activities, costs and
other guidance included in this press release.
These statements are based on certain assumptions made by the
company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. Among other
things, these include the volatility of oil and natural gas prices,
oilfield development activity levels, the availability of raw
materials and specialized equipment, the company's ability to
deliver backlog in a timely fashion, the availability of skilled
and qualified labor, competition in the oil and natural gas
industry, governmental regulation and taxation of the oil and
natural gas industry, the company's ability to implement new
technologies and services, the availability and terms of capital,
and uncertainties regarding environmental regulations or litigation
and other legal or regulatory developments affecting the company's
business, and other important factors that could cause actual
results to differ materially from those projected as described in
the company's filings with the U.S. Securities and Exchange
Commission.
Any forward-looking statement speaks only as of the date on
which such statement is made and the company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Forum Energy Technologies,
Inc.
Condensed consolidated
statements of income (loss)
(Unaudited)
Three months ended
June 30,
March 31,
(in millions, except per share
information)
2024
2023
2024
Revenue
$
205.2
$
185.4
$
202.4
Cost of sales
142.1
134.1
138.6
Gross profit
63.1
51.3
63.8
Operating expenses
Selling, general and administrative
expenses
53.7
44.4
54.7
Transaction expenses
1.2
—
5.9
Loss on disposal of assets and other
0.3
0.5
—
Total operating expenses
55.2
44.9
60.6
Operating income
7.9
6.4
3.2
Other expense
Interest expense
8.7
4.7
8.8
Loss on extinguishment of debt
0.5
—
—
Foreign exchange losses and other, net
2.9
6.4
1.2
Total other expense
12.1
11.1
10.0
Loss before income taxes
(4.2
)
(4.7
)
(6.8
)
Income tax expense
2.5
1.9
3.5
Net income (loss) (1)
$
(6.7
)
$
(6.6
)
$
(10.3
)
Weighted average shares
outstanding
Basic
12.3
10.2
12.2
Diluted
12.3
10.2
12.2
Loss per share
Basic
$
(0.54
)
$
(0.64
)
$
(0.85
)
Diluted
$
(0.54
)
$
(0.64
)
$
(0.85
)
(1) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated
statements of income (loss)
(Unaudited)
Six months ended
June 30,
(in millions, except per share
information)
2024
2023
Revenue
$
407.6
$
374.4
Cost of sales
280.8
271.0
Gross profit
126.8
103.4
Operating expenses
Selling, general and administrative
expenses
108.4
89.9
Transaction expenses
7.1
—
Loss on disposal of assets and other
0.2
0.2
Total operating expenses
115.7
90.1
Operating income
11.1
13.3
Other expense
Interest expense
17.4
9.2
Loss on extinguishment of debt
0.5
—
Foreign exchange losses and other, net
4.2
9.5
Total other expense
22.1
18.7
Loss before income taxes
(11.0
)
(5.4
)
Income tax expense
6.0
4.7
Net income (loss) (1)
$
(17.0
)
$
(10.1
)
Weighted average shares
outstanding
Basic
12.3
10.2
Diluted
12.3
10.2
Loss per share
Basic
$
(1.39
)
$
(0.99
)
Diluted
$
(1.39
)
$
(0.99
)
(1) Refer to Table 2 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated balance
sheets
(Unaudited)
June 30,
December 31,
(in millions of dollars)
2024
2023
Assets
Current assets
Cash and cash equivalents
$
31.8
$
46.2
Accounts receivable—trade, net
164.2
146.7
Inventories, net
291.1
299.6
Other current assets
34.2
37.1
Total current assets
521.3
529.6
Property and equipment, net of accumulated
depreciation
85.1
61.4
Operating lease assets
52.5
55.4
Goodwill and other intangible assets,
net
312.5
168.0
Other long-term assets
5.4
6.7
Total assets
$
976.8
$
821.1
Liabilities and equity
Current liabilities
Current portion of long-term debt
$
6.5
$
1.2
Other current liabilities
187.6
203.1
Total current liabilities
194.1
204.3
Long-term debt, net of current portion
246.3
129.6
Other long-term liabilities
94.4
74.5
Total liabilities
534.8
408.4
Total equity
442.0
412.7
Total liabilities and equity
$
976.8
$
821.1
Forum Energy Technologies,
Inc.
Condensed consolidated cash
flow information
(Unaudited)
Six months ended June
30,
(in millions of dollars)
2024
2023
Cash flows from operating
activities
Net loss
$
(17.0
)
$
(10.1
)
Depreciation and amortization
27.9
17.1
Inventory write down
1.8
1.6
Loss on extinguishment of debt
0.5
—
Other noncash items and changes in working
capital
14.9
(38.1
)
Net cash provided by (used in)
operating activities
28.1
(29.5
)
Cash flows from investing
activities
Capital expenditures for property and
equipment
(4.4
)
(2.8
)
Proceeds from sale of property and
equipment
—
1.1
Payments related to business
acquisition
(150.1
)
—
Net cash used in investing
activities
(154.5
)
(1.7
)
Cash flows from financing
activities
Borrowings of debt
445.9
216.8
Repayments of debt
(326.8
)
(207.3
)
Repurchases of stock
—
(3.5
)
Payment of withheld taxes on stock-based
compensation plans
(1.1
)
(1.9
)
Deferred financing costs
(3.1
)
—
Net cash provided by financing
activities
114.9
4.1
Effect of exchange rate changes on
cash
(2.8
)
0.8
Net decrease in cash, cash equivalents
and restricted cash
$
(14.3
)
$
(26.3
)
Forum Energy Technologies,
Inc.
Supplemental schedule -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
March 31, 2024
June 30, 2024
June 30, 2023
March 31, 2024
Revenue
Drilling and Completions
$
117.0
$
130.3
$
119.1
$
117.0
$
130.3
$
119.1
Artificial Lift and Downhole
88.2
55.1
83.3
88.2
55.1
83.3
Eliminations
—
—
—
—
—
—
Total revenue
$
205.2
$
185.4
$
202.4
$
205.2
$
185.4
$
202.4
Operating income (loss)
Drilling and Completions
$
2.9
$
6.6
$
4.6
$
3.6
$
6.6
$
5.8
Operating Margin %
2.5
%
5.1
%
3.9
%
3.1
%
5.1
%
4.9
%
Artificial Lift and Downhole
13.5
7.0
11.8
13.5
7.2
11.7
Operating Margin %
15.3
%
12.7
%
14.2
%
15.3
%
13.1
%
14.0
%
Corporate
(7.0
)
(6.7
)
(7.3
)
(6.8
)
(6.6
)
(6.9
)
Total segment operating income
9.4
6.9
9.1
10.3
7.2
10.6
Other items not in segment operating
income (1)
(1.5
)
(0.5
)
(5.9
)
(0.2
)
0.3
0.1
Total operating income
$
7.9
$
6.4
$
3.2
$
10.1
$
7.5
$
10.7
Operating Margin %
3.8
%
3.5
%
1.6
%
4.9
%
4.0
%
5.3
%
EBITDA (2)
Drilling and Completions
$
4.4
$
8.4
$
13.1
$
11.5
$
13.7
$
13.7
EBITDA Margin %
3.8
%
6.4
%
11.0
%
9.8
%
10.5
%
11.5
%
Artificial Lift and Downhole
19.3
7.4
17.7
19.7
8.6
18.0
EBITDA Margin %
21.9
%
13.4
%
21.2
%
22.3
%
15.6
%
21.6
%
Corporate
(5.2
)
(7.3
)
(15.0
)
(5.4
)
(4.9
)
(5.6
)
Total EBITDA
$
18.5
$
8.5
$
15.8
$
25.8
$
17.4
$
26.1
EBITDA Margin %
9.0
%
4.6
%
7.8
%
12.6
%
9.4
%
12.9
%
(1) Includes gain/(loss) on disposal of
assets and other.
(2) The Company believes that the
presentation of EBITDA is useful to the Company's investors because
EBITDA is an appropriate measure for evaluating the Company's
operating performance and liquidity that reflects the resources
available for strategic opportunities including, among others,
investing in the business, strengthening the balance sheet,
repurchasing the Company's securities and making strategic
acquisitions. In addition, EBITDA is a widely used benchmark in the
investment community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Supplemental schedule -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Six months ended
Six months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Revenue
Drilling and Completions
$
236.1
$
257.1
$
236.1
$
257.1
Artificial Lift and Downhole
171.5
117.3
171.5
117.3
Eliminations
—
—
—
—
Total revenue
$
407.6
$
374.4
$
407.6
$
374.4
Operating income (loss)
Drilling and Completions
$
7.4
$
11.5
$
9.4
$
12.6
Operating Margin %
3.1
%
4.5
%
4.0
%
4.9
%
Artificial Lift and Downhole
25.2
15.6
25.2
15.8
Operating Margin %
14.7
%
13.3
%
14.7
%
13.5
%
Corporate
(14.1
)
(13.6
)
(13.7
)
(13.4
)
Total segment operating income
18.5
13.5
20.9
15.0
Other items not in segment operating
income(1)
(7.4
)
(0.2
)
(0.1
)
0.5
Total operating income
$
11.1
$
13.3
$
20.8
$
15.5
Operating Margin %
2.7
%
3.6
%
5.1
%
4.1
%
EBITDA (2)
Drilling and Completions
$
17.6
$
17.9
$
25.2
$
27.2
EBITDA Margin %
7.5
%
7.0
%
10.7
%
10.6
%
Artificial Lift and Downhole
37.0
17.5
37.7
18.7
EBITDA Margin %
21.6
%
14.9
%
22.0
%
15.9
%
Corporate
(20.3
)
(14.5
)
(11.0
)
(10.9
)
Total EBITDA
$
34.3
$
20.9
$
51.9
$
35.0
EBITDA Margin %
8.4
%
5.6
%
12.7
%
9.3
%
(1) Includes gain/(loss) on disposal of
assets, and other.
(2) The Company believes that the
presentation of EBITDA is useful to the Company's investors because
EBITDA is an appropriate measure for evaluating the Company's
operating performance and liquidity that reflects the resources
available for strategic opportunities including, among others,
investing in the business, strengthening the balance sheet,
repurchasing the Company's securities and making strategic
acquisitions. In addition, EBITDA is a widely used benchmark in the
investment community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 2 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Supplemental schedule - Orders
information
(Unaudited)
Three months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
March 31, 2024
Orders
Drilling and Completions
$
110.1
$
121.9
$
116.6
Artificial Lift and Downhole
70.0
64.4
87.8
Total orders
$
180.1
$
186.3
$
204.4
Revenue
Drilling and Completions
$
117.0
$
130.3
$
119.1
Artificial Lift and Downhole
88.2
55.1
83.3
Total revenue
$
205.2
$
185.4
$
202.4
Book to bill ratio (1)
Drilling and Completions
0.94
0.94
0.98
Artificial Lift and Downhole
0.79
1.17
1.05
Total book to bill ratio
0.88
1.00
1.01
(1) The book-to-bill ratio is calculated
by dividing the dollar value of orders received in a given period
by the revenue earned in that same period. The Company believes
that this ratio is useful to investors because it provides an
indication of whether the demand for our products is strengthening
or declining. A ratio of greater than one is indicative of
improving market demand, while a ratio of less than one would
suggest weakening demand. In addition, the Company believes the
book-to-bill ratio provides more meaningful insight into future
revenues for our business than other measures, such as order
backlog, because the majority of the Company's products are
activity based consumable items or shorter cycle capital equipment,
neither of which are typically ordered by customers far in
advance.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 1 - Adjusting
items
Three months ended
June 30, 2024
June 30, 2023
March 31, 2024
(in millions, except per share
information)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
7.9
$
18.5
$
(6.7
)
$
6.4
$
8.5
$
(6.6
)
$
3.2
$
15.8
$
(10.3
)
% of revenue
3.8
%
9.0
%
3.5
%
4.6
%
1.6
%
7.8
%
Restructuring and other costs
1.0
1.0
1.0
1.5
1.5
1.5
1.6
1.6
1.6
Transaction expenses
1.2
1.2
1.2
—
—
—
5.9
5.9
5.9
Inventory and other working capital
adjustments
—
—
—
(0.4
)
(0.4
)
(0.4
)
—
—
—
Stock-based compensation expense
—
1.5
—
—
1.3
—
—
1.5
—
Loss on extinguishment of debt
—
0.5
0.5
—
—
—
—
—
—
Loss on foreign exchange, net (2)
—
3.1
3.1
—
6.5
6.5
—
1.3
1.3
As adjusted (1)
$
10.1
$
25.8
$
(0.9
)
$
7.5
$
17.4
$
1.0
$
10.7
$
26.1
$
(1.5
)
% of revenue
4.9
%
12.6
%
4.0
%
9.4
%
5.3
%
12.9
%
Diluted shares outstanding as reported
12.3
10.2
12.2
Diluted shares outstanding as adjusted
12.3
10.2
12.2
Diluted EPS - as reported
$
(0.54
)
$
(0.64
)
$
(0.85
)
Diluted EPS - as adjusted
$
(0.07
)
$
0.10
$
(0.12
)
(1) The Company believes that the
presentation of EBITDA, adjusted EBITDA, adjusted operating loss,
adjusted net loss and adjusted diluted EPS are useful to the
Company's investors because (i) each of these financial metrics are
useful to investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the Company's normal operating results and (ii) EBITDA is an
appropriate measure of evaluating the company's operating
performance and liquidity that reflects the resources available for
strategic opportunities including, among others, investing in the
business, strengthening the balance sheet, repurchasing the
Company's securities and making strategic acquisitions. In
addition, these benchmarks are widely used in the investment
community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily
relates to cash and receivables denominated in U.S. dollars by some
of our non-U.S. subsidiaries that report in a local currency, and
therefore the loss (gain) has no economic impact in dollar
terms.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 2 - Adjusting
items
Six months ended
June 30, 2024
June 30, 2023
(in millions, except per share
information)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
11.1
$
34.3
$
(17.0
)
$
13.3
$
20.9
$
(10.1
)
% of revenue
2.7
%
8.4
%
3.6
%
5.6
%
Restructuring and other costs
2.6
2.6
2.6
2.6
2.6
2.6
Transaction expenses
7.1
7.1
7.1
—
—
—
Inventory and other working capital
adjustments
—
—
—
(0.4
)
(0.4
)
(0.4
)
Stock-based compensation expense
—
3.0
—
—
2.1
—
Loss on extinguishment of debt
—
0.5
0.5
—
—
—
Loss on foreign exchange, net (2)
—
4.4
4.4
—
9.8
9.8
As adjusted (1)
$
20.8
$
51.9
$
(2.4
)
$
15.5
$
35.0
$
1.9
% of revenue
5.1
%
12.7
%
4.1
%
9.3
%
Diluted shares outstanding as reported
12.3
10.2
Diluted shares outstanding as adjusted
12.3
10.2
Diluted EPS - as reported
$
(1.39
)
$
(0.99
)
Diluted EPS - as adjusted
$
(0.20
)
$
0.19
(1) The Company believes that the
presentation of EBITDA, adjusted EBITDA, adjusted operating loss,
adjusted net loss and adjusted diluted EPS are useful to the
Company's investors because (i) each of these financial metrics are
useful to investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the Company's normal operating results and (ii) EBITDA is an
appropriate measure of evaluating the company's operating
performance and liquidity that reflects the resources available for
strategic opportunities including, among others, investing in the
business, strengthening the balance sheet, repurchasing the
Company's securities and making strategic acquisitions. In
addition, these benchmarks are widely used in the investment
community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily
relates to cash and receivables denominated in U.S. dollars by some
of our non-U.S. subsidiaries that report in a local currency, and
therefore the loss (gain) has no economic impact in dollar
terms.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 3 - Adjusting
Items
Three months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
March 31, 2024
EBITDA reconciliation (1)
Net loss
$
(6.7
)
$
(6.6
)
$
(10.3
)
Interest expense
8.7
4.7
8.8
Depreciation and amortization
14.0
8.5
13.8
Income tax expense
2.5
1.9
3.5
EBITDA
$
18.5
$
8.5
$
15.8
(1) The Company believes adjusted EBITDA
is useful to investors because it is an appropriate measure of
evaluating operating performance and liquidity. It reflects the
resources available for strategic opportunities including, among
others, investing in the business, strengthening the balance sheet,
repurchasing the Company’s securities, and making strategic
acquisitions. In addition, adjusted EBITDA is a widely used
benchmark in the investment community.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 4 - Adjusting
Items
Six months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
EBITDA reconciliation (1)
Net loss
$
(17.0
)
$
(10.1
)
Interest expense
17.4
9.2
Depreciation and amortization
27.9
17.1
Income tax expense
6.0
4.7
EBITDA
$
34.3
$
20.9
(1) The Company believes adjusted EBITDA
is useful to investors because it is an appropriate measure of
evaluating operating performance and liquidity. It reflects the
resources available for strategic opportunities including, among
others, investing in the business, strengthening the balance sheet,
repurchasing the Company’s securities, and making strategic
acquisitions. In addition, adjusted EBITDA is a widely used
benchmark in the investment community.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 5 - Adjusting
items
Three months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
March 31, 2024
Free cash flow, before acquisitions,
reconciliation (1)
Net cash provided by (used in) operating
activities
$
23.1
$
(6.4
)
$
5.0
Capital expenditures for property and
equipment
(1.5
)
(1.7
)
(2.9
)
Proceeds from (Payments related to) sale
of property and equipment
(0.2
)
0.8
0.2
Free cash flow, before
acquisitions
$
21.4
$
(7.3
)
$
2.3
(1) The Company believes free cash flow,
before acquisitions is an important measure because it encompasses
both profitability and capital management in evaluating
results.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 6 - Adjusting
items
Six months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
Free cash flow, before acquisitions,
reconciliation (1)
Net cash provided by (used in) operating
activities
$
28.1
$
(29.5
)
Capital expenditures for property and
equipment
(4.4
)
(2.8
)
Proceeds from sale of property and
equipment
—
1.1
Free cash flow, before
acquisitions
$
23.7
$
(31.2
)
(1) The Company believes free cash flow,
before acquisitions is an important measure because it encompasses
both profitability and capital management in evaluating
results.
Forum Energy Technologies,
Inc.
Supplemental schedule -
Product line revenue
(Unaudited)
Three months ended
(in millions of dollars)
June 30, 2024
June 30, 2023
March 31, 2024
Revenue
$
%
$
%
$
%
Drilling
$
35.5
17.3
%
$
44.9
24.2
%
$
36.5
17.9
%
Subsea
16.8
8.2
%
13.3
7.2
%
21.8
10.8
%
Stimulation and Intervention
37.2
18.1
%
46.4
25.0
%
38.6
19.1
%
Coiled Tubing
27.5
13.4
%
25.7
13.9
%
22.2
11.0
%
Drilling and Completions
117.0
57.0
%
130.3
70.3
%
119.1
58.8
%
Downhole
53.1
25.9
%
22.1
11.9
%
52.2
25.8
%
Production Equipment
18.1
8.8
%
17.7
9.5
%
18.5
9.1
%
Valve Solutions
17.0
8.3
%
15.3
8.3
%
12.6
6.3
%
Artificial Lift and Downhole
88.2
43.0
%
55.1
29.7
%
83.3
41.2
%
Eliminations
—
—
%
—
—
%
—
—
%
Total revenue
$
205.2
100.0
%
$
185.4
100.0
%
$
202.4
100.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801010803/en/
Rob Kukla Director of Investor Relations 281.994.3763
rob.kukla@f-e-t.com
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