During the second quarter of 2023, the Company reported revenues of $161.4 million, gross profit of $24.2 million and adjusted gross profitC of $34.0 million. During the second quarter, the Company generated ROIC of 12.9%.
second quarter of 2023, the Company reported general and administrative expense of $14.2 million. Depreciation and amortization expense in the second quarter of 2023 was $10.3 million.
The Companys tax provision was approximately $0.2 million year to date through June 30, 2023. The provision for 2023 is the result of our tax
position in state and non-U.S. tax jurisdictions.
Liquidity and Capital Expenditures
During the second quarter of 2023, the Company reported net cash provided by operating activities of $27.1 million. Capital expenditures totaled
$7.3 million during the second quarter of 2023 and totaled $12.3 million for the first half of 2023.
As of June 30, 2023, Nines cash
and cash equivalents were $41.1 million, and the Company had $19.0 million of availability under the revolving credit facility, resulting in a total liquidity position of $60.1 million as of June 30, 2023. On June 30, 2023,
the Company had $72.0 million of borrowings under the revolving credit facility.
ABCSee end of
press release for definitions of these non-GAAP measures. These measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income
(loss), gross profit or any other measure determined in accordance with GAAP. Certain items excluded from these measures are significant components in understanding and assessing a companys financial performance, such as a companys cost
of capital and tax structure, as well as the historic costs of depreciable assets. Our computation of these measures may not be comparable to other similarly titled measures of other companies.
Conference Call Information
The call is scheduled for
Friday, August 4, 2023, at 9:00 am Central Time. Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the
Nine Energy Service Earnings Call. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call.
For those who cannot listen to the live call, a telephonic replay of the call will be available through August 18, 2023 and may be accessed by dialing
U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13737041.