HOUSTON, April 27, 2022 /PRNewswire/ -- NexTier
Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company")
today reported first quarter 2022 financial and operational
results.
First Quarter 2022 Results and Recent Highlights
- Total revenue of $635.0 million,
a 25% sequential increase. Fourth consecutive quarter of 25%+
revenue growth
- Net income of $8.8 million
($0.04 per diluted share)
- Adjusted EBITDA(1) of $83.5
million
- Cash from operations of $28.7
million and positive free cash flow(1) of
$1.7 million
- Averaged 33 deployed fleets in the first quarter of 2022,
exited with 34 deployed fleets
- Exited first quarter of 2022 with total liquidity of
$348.9 million, including
$99.8 million of cash and undrawn
ABL; no term loan maturities until 2025
Management Commentary
"I am pleased with NexTier's first quarter results and the way
momentum accelerated as the quarter progressed. Our performance
demonstrates the benefits of our low cost, low emissions strategy,"
said Robert Drummond, President and
Chief Executive Officer of NexTier. "Demand for our services
remains very strong and available frac capacity is almost fully
utilized, which should allow us to deliver profitable growth,
accelerating free cash flow, and strong returns."
"We continue to demonstrate that our talented team can execute
on clearly defined strategic priorities utilizing a leading
integrated platform to produce strong efficiency gains, optimizing
NexTier's value proposition for customers and stockholders," Mr.
Drummond continued. "We believe the premium placed on efficiency
and service quality will further differentiate NexTier during times
of high commodity prices and tight supply."
"We once again achieved market beating top line growth,
increasing revenue 25%, and our accelerating March exit rate
suggests significant upside for the second quarter," said
Kenny Pucheu, Executive Vice
President and Chief Financial Officer of NexTier. "Further, we
continued to demonstrate our leadership in the cycle by achieving
positive free cash flow in the first quarter, which was ahead of
our plan, along with our second consecutive quarter of positive net
income, forging a path toward generating returns above our cost of
capital later this year, a critical step for our business."
First Quarter 2022 Financial Results
Revenue totaled $635.0 million in
the first quarter of 2022, compared to $509.7 million in the fourth quarter of
2021. The sequential improvement in revenue was primarily driven by
improved pricing, strong operational performance, continued
integration efforts, and additional planned capacity added.
Net income totaled $8.8 million,
or $0.04 per diluted share, in the
first quarter of 2022, compared to net income of $10.9 million, or $0.04 per diluted share, in the fourth quarter of
2021.
Selling, general and administrative expense ("SG&A") totaled
$35.9 million in the first quarter of
2022, compared to SG&A of $35.1
million in the fourth quarter of 2021. Adjusted
SG&A(1) totaled $27.5
million in the first quarter of 2022, which remained
unchanged compared to adjusted SG&A in the fourth quarter of
2021.
Adjusted EBITDA totaled $83.5
million in the first quarter of 2022, compared to adjusted
EBITDA of $80.2 million in the fourth
quarter of 2021. The first quarter of 2022 reported adjusted EBITDA
includes a $0.8 million gain on the
sale of assets, compared to a $21.2
million gain on the sale of assets in the fourth quarter of
2021.
The Company exited the first quarter with momentum, easily
reaching the goal for a first quarter exit of double-digit
annualized adjusted EBITDA per deployed fleet.(1)
First Quarter 2022 Management Adjustments
EBITDA(1) for the first quarter of 2022 was
$71.5 million. When excluding net
management adjustments of $12.0
million, adjusted EBITDA for the first quarter was
$83.5 million. Management adjustments
included $7.8 million in stock
compensation expense and a net $4.2
million in other adjustments.
Completion Services
Revenue in our Completion Services segment totaled $602.6 million in the first quarter of 2022,
compared to $481.0 million in the
fourth quarter of 2021. Adjusted gross profit(1) totaled
$106.3 million in the first quarter
of 2022, compared to $83.9 million in
the fourth quarter of 2021.
During the first quarter of 2022, the Company operated an
average of 33 deployed fleets, an increase from 30 in the
fourth quarter of 2021. The additional fleet count was the result
of a reconfiguration of already deployed horsepower between
Simulfrac and zipper frac fleets and the planned addition of a Tier
IV dual fuel fleet late in the quarter. Annualized adjusted EBITDA
per deployed fleet was $10.1 million
in the first quarter of 2022.
Well Construction and Intervention Services
Revenue in our Well Construction and Intervention ("WC&I")
Services segment, totaled $32.4
million in the first quarter of 2022, compared to
$28.7 million in the fourth quarter
of 2021. The sequential improvement was primarily driven by
increased customer activity. Adjusted gross profit totaled
$4.1 million in the first quarter of
2022, compared to adjusted gross profit of $2.7 million in the fourth quarter of 2021.
Balance Sheet and Capital
Total debt outstanding as of March 31,
2022 was $371.6 million,
net of debt discounts and deferred finance costs and excluding
finance lease obligations. As of March 31,
2022, total available liquidity was $348.9 million, comprised of cash of
$99.8 million, and $249.1 million of available borrowing
capacity under our asset-based credit facility, which remains
undrawn.
Total cash provided by operating activities during the first
quarter of 2022 was $28.7 million and
cash used by investing activities was $27.0
million, resulting in a positive free cash flow of
$1.7 million in the first quarter of
2022.
Outlook
Industry momentum continued into the second quarter of 2022,
driven by strong customer demand for our services and a tight
supply of equipment. We expect to see considerably improved results
in the second quarter of 2022, relative to the first quarter of
2022, based on our March performance and given negotiated customer
agreements and increased activity as seasonal and transitory
headwinds subside.
For the second quarter of 2022, NexTier expects to operate an
average of 34 deployed frac fleets. We do not expect to add any
additional capacity to the market for the remainder of 2022.
Based on the above deployed fleets, for the second quarter of
2022 we anticipate sequential revenue growth in excess of 20% and
significant adjusted EBITDA margin expansion, resulting in expected
adjusted EBITDA of at least $130
million. We anticipate annualized adjusted EBITDA per
deployed fleet of at least $15
million in second quarter of 2022.
For the full year 2022, we anticipate our adjusted EBITDA will
exceed the high-end of our previously guided range of $330-360 million.
Our first half 2022 capital expenditure budget remains
$90-100 million before stepping down
to a lower level in the second half. We will continue to invest in
our existing deployed capacity to ensure we are operating a
well-maintained fleet for 2022 and beyond.
We expect to generate free cash flow in excess of $150 million in 2022, and we expect free cash
flow generation to accelerate through the year.
Mr. Drummond concluded, "While the activity outlook for our
services was already very strong, the unfortunate geopolitical
tensions have increased the call on US oil and natural gas
production growth, and NexTier's position as a critical service
provider for domestic producers indicates demand for our services
has increased further and should remain strong for the foreseeable
future. Momentum is building into our seasonally strong period, and
we see upside to profitability in future periods even beyond what
we expect to achieve in the second quarter."
Conference Call Information
On April 28, 2022, NexTier will
hold a conference call for investors at 9:00
a.m. Central Time (10:00 a.m. Eastern
Time) to discuss first quarter 2022 financial and operating
results. Hosting the call will be Robert
Drummond, President and Chief Executive Officer and
Kenneth Pucheu, Executive Vice
President and Chief Financial Officer. The call can be accessed via
a live webcast accessible on the IR Event Calendar page in the
Investor Relations section of our website at www.nextierofs.com, or
live over the telephone by dialing (855) 560-2574, or for
international callers, (412) 542-4160 and referencing NexTier
Oilfield Solutions. A replay will be available shortly after the
call and can be accessed by dialing (877) 344-7529, or for
international callers, (412) 317-0088. The passcode for the replay
is 4424257. The replay will be available until May 5, 2022. An archive of the webcast will be
available shortly after the call on our website at
www.nextierofs.com for twelve months following the call.
About NexTier Oilfield Solutions
Headquartered in Houston,
Texas, NexTier is an industry-leading U.S. land oilfield
service company, with a diverse set of well completion and
production services across active and demanding basins. Our
integrated solutions approach delivers efficiency today, and our
ongoing commitment to innovation helps our customers better address
what is coming next. NexTier is differentiated through four points
of distinction, including safety performance, efficiency,
partnership and innovation. At NexTier, we believe in living
our core values from the basin to the boardroom, and helping
customers win by safely unlocking affordable, reliable and
plentiful sources of energy.
(1) Non-GAAP Financial
Measures. The Company has included in this press release or
discussed on the conference call described above certain non-GAAP
financial measures, some of which are calculated on segment basis
or product line basis. These measurements provide supplemental
information which management believes is useful to analysts and
investors to evaluate our ongoing results of operations, when
considered alongside GAAP measures such as net income and operating
income. You should not consider them in isolation from, or as a
substitute for, analysis of our results under GAAP.
Non-GAAP financial measures
include EBITDA, adjusted EBITDA, adjusted EBITDA incremental
margin, adjusted gross profit, free cash flow, adjusted SG&A,
adjusted EBITDA per deployed fleet, annualized adjusted EBITDA per
deployed fleet, and net debt. These non-GAAP financial measures
exclude the financial impact of items management does not consider
in assessing the Company's ongoing operating performance, and
thereby facilitate review of the Company's operating performance on
a period-to-period basis. Other companies may have different
capital structures, and comparability to the Company's results of
operations may be impacted by the effects of acquisition accounting
on its depreciation and amortization. As a result of the effects of
these factors and factors specific to other companies, the Company
believes EBITDA, adjusted EBITDA, adjusted EBITDA incremental
margin, adjusted gross profit, adjusted SG&A, adjusted EBITDA
per deployed fleet (including on an annualized basis) provide
helpful information to analysts and investors to facilitate a
comparison of its operating performance to that of other companies.
The Company believes free cash flow is important to investors in
that it provides a useful measure to assess management's
effectiveness in the areas of profitability and capital
management.
For a reconciliation of these
non-GAAP measures, please see the tables at the end of this press
release. Reconciliations of forward-looking non-GAAP financial
measures to comparable GAAP measures are not available due to the
challenges and impracticability with estimating some of the items,
particularly with estimates for certain contingent liabilities, and
estimating non-cash unrealized fair value losses and gains which
are subject to market variability and therefore a reconciliation is
not available without unreasonable effort.
Non-GAAP Measure Definitions:
EBITDA is defined as net income (loss) adjusted to eliminate the
impact of interest, income taxes, depreciation and amortization.
Adjusted EBITDA is defined as EBITDA as further adjusted with
certain items management does not consider in assessing ongoing
performance. Management uses adjusted EBITDA to set targets and to
assess the performance of the Company. Adjusted EBITDA incremental
margin is defined as the change in adjusted EBITDA quarter over
quarter divided by the change in revenue quarter over quarter.
Adjusted gross profit is defined as revenue less cost of services,
further adjusted to eliminate items in cost of services that
management does not consider in assessing ongoing performance.
Adjusted gross profit at the segment level is not considered to be
a non-GAAP financial measure as it is our segment measure of profit
or loss and is required to be disclosed under GAAP pursuant to ASC
280. Adjusted SG&A is defined as selling, general and
administrative expenses adjusted for severance and business
divestiture costs, merger/transaction-related costs, and other
non-routine items. Free cash flow is defined as the net increase
(decrease) in cash and cash equivalents before financing
activities, excluding any acquisitions. Adjusted EBITDA per
deployed fleet is defined as (i) adjusted EBITDA, (ii) divided by
fleets deployed. Annualized adjusted EBITDA per deployed fleet is
defined as (i) adjusted EBITDA for a given quarter, (ii) divided by
number of fleets deployed, and then (iii) multiplied by four. Net
debt is defined as (i) total debt, net of unamortized debt discount
and debt issuance costs, (ii) subtracted by cash and cash
equivalents.
Forward-Looking Statements and Where to Find Additional
Information
This press release and discussion in the conference call
described above contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Where a forward-looking statement expresses or implies an
expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. The words "believe," "continue," "could,"
"expect," "anticipate," "intends," "estimate," "forecast,"
"project," "should," "may," "will," "would," "plan," "target,"
"predict," "potential," "outlook," and "reflects," or the negative
thereof and similar expressions, are intended to identify such
forward-looking statements. These forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond the Company's control.
Statements in this press release or made during the conference call
described above that are forward-looking, including projections as
to the Company's 2022 guidance and other outlook information
(including with respect to the industry in which the Company
conducts its business), are based on management's estimates,
assumptions and projections, and are subject to significant
uncertainties and other factors, many of which are beyond the
Company's control. These factors and risks include, but are not
limited to, (i) the competitive nature of the industry in which the
Company conducts its business, including pricing pressures; (ii)
the ability to meet rapid demand shifts; (iii) the ongoing impact
of geopolitical conflicts; (iv) the impact of pipeline capacity
constraints and adverse weather conditions in oil or gas producing
regions; (v) the ability to obtain or renew customer contracts and
changes in customer requirements in the markets the Company serves;
(vi) the ability to identify, effect and integrate acquisitions,
joint ventures or other transactions; (vii) the ability to protect
and enforce intellectual property rights; (viii) the effect of
environmental and other governmental regulations on the Company's
operations; (ix) the effect of a loss of, or interruption in
operations of, the Company of one or more key suppliers, or
customers, including resulting from inflation, including as a
result of ongoing geopolitical conflicts, COVID-19 resurgence,
product defects, recalls or suspensions; (x) the variability of
crude oil and natural gas commodity prices; (xi) the market price
(including inflation) and timely availability of materials or
equipment; (xii) the ability to obtain permits, approvals and
authorizations from governmental and third parties; (xiii) the
Company's ability to employ a sufficient number of skilled and
qualified workers; (xiv) the level of, and obligations associated
with, indebtedness; (xv) fluctuations in the market price of the
Company's stock; (xvi) the continued impact of the COVID-19
pandemic (including as a result of the emergence of new variants
and strains of the virus, such as Delta and Omicron) and the
evolving response thereto by governments, private businesses or
others to contain the spread of the virus and its variants or to
treat its impact, and the possibility of increased inflation,
travel restrictions, lodging shortages or other macro-economic
challenges as the economy emerges from the COVID-19 pandemic; and
(xvii) other risks detailed in our latest Annual Report on Form
10-K, including, but not limited to "Part I, Item 1A. Risk Factors"
and "Part II, Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations," and our other
filings with the Securities and Exchange Commission ("the SEC"),
which are available on the SEC website or www.NexTierOFS.com. The
Company assumes no obligation to update any forward-looking
statements or information, which speak as of their respective
dates, to reflect events or circumstances after the date hereof, or
to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. Investors should not
assume that any lack of update to a previously issued
"forward-looking statement" constitutes a reaffirmation of that
statement.
Additional information about the Company, including information
on the Company's response to COVID-19, can be found in its periodic
reports and other filings with the SEC, available www.sec.gov or
www.NexTierOFS.com.
Investor Contact:
Kenneth Pucheu
Executive Vice President - Chief Financial Officer
Michael Sabella
Vice President - Investor Relations and Business Development
michael.sabella@nextierofs.com
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, amounts in
thousands, except per share data)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
|
|
|
|
Revenue
|
$
635,043
|
|
$
509,730
|
Operating costs and
expenses:
|
|
|
|
Cost of
services
|
524,656
|
|
423,647
|
Depreciation and
amortization
|
55,163
|
|
52,764
|
Selling, general and
administrative expenses
|
35,859
|
|
35,148
|
Merger and
integration
|
9,232
|
|
3,779
|
Gain on disposal of
assets
|
(823)
|
|
(21,156)
|
Total
operating costs and expenses
|
624,087
|
|
494,182
|
Operating
income
|
10,956
|
|
15,548
|
Other income
(expense):
|
|
|
|
Other income,
net
|
5,370
|
|
3,018
|
Interest expense,
net
|
(7,374)
|
|
(7,976)
|
Total
other expense
|
(2,004)
|
|
(4,958)
|
Income
before income taxes
|
8,952
|
|
10,590
|
Income tax benefit
(expense)
|
(160)
|
|
264
|
Net
income
|
$
8,792
|
|
$
10,854
|
|
|
|
|
Net income per share:
basic
|
$
0.04
|
|
$
0.04
|
Net income per share:
diluted
|
$
0.04
|
|
$
0.04
|
|
|
|
|
Weighted-average
shares: basic
|
243,269
|
|
241,913
|
Weighted-average
shares: diluted
|
247,705
|
|
244,744
|
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited, amounts in
thousands)
|
|
|
March
31,
|
|
December
31,
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
99,788
|
|
$
110,695
|
Trade and other
accounts receivable, net
|
391,682
|
|
301,740
|
Inventories,
net
|
50,948
|
|
38,094
|
Assets held for
sale
|
910
|
|
1,555
|
Prepaid and other
current assets
|
47,414
|
|
55,625
|
Total
current assets
|
590,742
|
|
507,709
|
Operating lease
right-of-use assets
|
20,541
|
|
21,767
|
Finance lease
right-of-use assets
|
41,875
|
|
41,537
|
Property and equipment,
net
|
613,163
|
|
620,865
|
Goodwill
|
192,780
|
|
192,780
|
Intangible
assets
|
62,146
|
|
64,961
|
Other noncurrent
assets
|
11,131
|
|
7,962
|
Total
assets
|
$
1,532,378
|
|
$
1,457,581
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
239,769
|
|
$
190,963
|
Accrued
expenses
|
238,657
|
|
213,923
|
Customer contract
liabilities
|
21,288
|
|
23,729
|
Current maturities of
operating lease liabilities
|
6,440
|
|
7,452
|
Current maturities of
finance lease liabilities
|
12,035
|
|
11,906
|
Current maturities of
long-term debt
|
13,602
|
|
13,384
|
Other current
liabilities
|
8,801
|
|
10,346
|
Total
current liabilities
|
540,592
|
|
471,703
|
Long-term operating
lease liabilities, less current maturities
|
19,480
|
|
20,446
|
Long-term finance lease
liabilities, less current maturities
|
24,749
|
|
26,873
|
Long-term debt, net of
unamortized deferred financing costs and unamortized debt discount,
less current maturities
|
358,034
|
|
361,501
|
Other non-current
liabilities
|
23,838
|
|
30,041
|
Total non-current
liabilities
|
426,101
|
|
438,861
|
Total
liabilities
|
966,693
|
|
910,564
|
Stockholders'
equity:
|
|
|
|
Common stock
|
2,439
|
|
2,420
|
Paid-in capital in
excess of par value
|
1,097,863
|
|
1,094,020
|
Retained
deficit
|
(532,372)
|
|
(541,164)
|
Accumulated other
comprehensive loss
|
(2,245)
|
|
(8,259)
|
Total stockholders'
equity
|
565,685
|
|
547,017
|
Total liabilities
and stockholders' equity
|
$
1,532,378
|
|
$
1,457,581
|
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
ADDITIONAL SELECTED
FINANCIAL AND OPERATING DATA
(unaudited, amounts in
thousands)
|
|
|
Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
Completion
Services:
|
|
|
|
Revenue
|
$
602,620
|
|
$
481,001
|
Cost of
services
|
496,286
|
|
397,319
|
Depreciation and
amortization and (gain) loss on sale of assets
|
47,759
|
|
23,912
|
Net income
|
58,575
|
|
59,770
|
Adjusted gross
profit(1)
|
$
106,334
|
|
$
83,908
|
|
|
|
|
Well Construction
and Intervention Services:
|
|
|
|
Revenue
|
$
32,423
|
|
$
28,729
|
Cost of
services
|
28,370
|
|
26,328
|
Depreciation and
amortization and (gain) loss on sale of assets
|
2,287
|
|
3,334
|
Net income
(loss)
|
1,766
|
|
(933)
|
Adjusted gross
profit(1)
|
$
4,053
|
|
$
2,679
|
|
|
(1)
|
The Company uses
adjusted gross profit as its measure of profitability for segment
reporting.
|
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL
MEASURES
(unaudited, amounts in
thousands)
|
|
Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
Net
income
|
$
8,792
|
|
$
10,854
|
Interest expense,
net
|
7,374
|
|
7,976
|
Income tax expense
(benefit)
|
160
|
|
(264)
|
Depreciation and
amortization
|
55,163
|
|
52,764
|
EBITDA
|
$
71,489
|
|
$
71,330
|
Plus management
adjustments:
|
|
|
|
Acquisition,
integration and expansion(1)
|
$
9,232
|
|
$
3,779
|
Non-cash stock
compensation(2)
|
7,815
|
|
7,235
|
Market-driven
costs(3)
|
—
|
|
504
|
Divestiture of
business(4)
|
541
|
|
279
|
Gain on equity security
investment(5)
|
(5,606)
|
|
(3,041)
|
Litigation(6)
|
—
|
|
100
|
Other
|
22
|
|
44
|
Adjusted
EBITDA
|
$
83,493
|
|
$
80,230
|
|
|
|
|
(1)
|
Represents
transaction and integration costs related to
acquisitions.
|
(2)
|
Represents non-cash
amortization of equity awards issued under the Company's Incentive
Award Plan.
|
(3)
|
Represents
market-driven severance, leased facility closures, and
restructuring costs incurred as a result of significant declines in
crude oil prices resulting from demand destruction from the
COVID-19 pandemic and global oversupply.
|
(4)
|
Represents bad debt
expense on the sale of the Well Support Services segment to, and
related to the bankruptcy filing of Basic Energy
Services.
|
(5)
|
Represents the realized
and unrealized (gain) loss on an equity security investment
composed primarily of common equity shares in a public
company.
|
(6)
|
Represents increases in
accruals related to contingencies acquired in business acquisitions
or exceptional material events.
|
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL
MEASURES
(unaudited, amounts in
thousands)
|
|
|
Three Months
Ended
March 31, 2022
|
Selling, general and
administrative expenses
|
|
$
35,859
|
Less management
adjustments:
|
|
|
Non-cash
stock compensation
|
|
(7,815)
|
Divestiture
of business
|
|
(541)
|
Other
|
|
(22)
|
Adjusted selling,
general and administrative expenses
|
|
$
27,481
|
|
|
Three Months
Ended
December 31, 2021
|
Selling, general and
administrative expenses
|
|
$
35,148
|
Less management
adjustments:
|
|
|
Non-cash stock
compensation
|
|
(7,235)
|
Litigation
|
|
(100)
|
Divestiture of
business
|
|
(279)
|
Other
|
|
(44)
|
Adjusted selling,
general and administrative expenses
|
|
$
27,490
|
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL
MEASURES
(unaudited, amounts in
thousands)
|
|
Three Months Ended
March 31, 2022
|
|
Completion
Services
|
|
WC&I
|
|
Total
|
Revenue
|
$
602,620
|
|
$
32,423
|
|
$
635,043
|
Cost of
services
|
496,286
|
|
28,370
|
|
524,656
|
Gross profit
excluding depreciation and amortization
|
106,334
|
|
4,053
|
|
110,387
|
Management adjustments
associated with cost of services
|
—
|
|
—
|
|
—
|
Adjusted gross
profit
|
$
106,334
|
|
$
4,053
|
|
$
110,387
|
|
Three Months Ended
December 31, 2021
|
|
Completion
Services
|
|
WC&I
|
|
Total
|
Revenue
|
$
481,001
|
|
$
28,729
|
|
$
509,730
|
Cost of
services
|
397,319
|
|
26,328
|
|
423,647
|
Gross profit
excluding depreciation and amortization
|
83,682
|
|
2,401
|
|
86,083
|
Management adjustments
associated with cost of services
|
226
|
|
278
|
|
504
|
Adjusted gross
profit
|
$
83,908
|
|
$
2,679
|
|
$
86,587
|
|
|
Three Months
Ended
|
|
|
March 31,
2022
|
|
|
|
Adjusted
EBITDA
|
|
$
83,493
|
Average hydraulic
fracturing fleets deployed
|
|
33
|
Adjusted EBITDA per
deployed fleet
|
|
2,530
|
Annualized Adjusted
EBITDA per deployed fleet
|
|
$
10,120
|
|
|
Three Months
Ended
|
|
|
December 31,
2021
|
|
|
|
Adjusted
EBITDA
|
|
$
80,230
|
Average hydraulic
fracturing fleets deployed
|
|
30
|
Adjusted EBITDA per
deployed fleet
|
|
2,674
|
Annualized Adjusted
EBITDA per deployed fleet
|
|
$
10,696
|
NEXTIER OILFIELD
SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL
MEASURES
(unaudited, amounts in
thousands, except per share data)
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
2022
|
Net cash used in
operating activities
|
|
$
28,666
|
Net cash used in
investing activities(1)
|
|
(26,996)
|
Free cash
flow
|
|
$
1,670
|
|
|
(1)
|
Excludes $0.5 million
due to net working capital adjustments in connection with the
acquisition of Alamo Pressure Pumping ("Alamo").
|
|
|
Three Months
Ended
|
|
|
|
|
December 31,
2021
|
Net cash used by
operating activities
|
|
$
(31,467)
|
Net cash used in
investing activities(2)
|
|
(7,384)
|
Free cash
flow
|
|
$
(38,851)
|
|
|
(2)
|
Excludes $0.7 million
in connection with the acquisition of Alamo.
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
2022
|
Total debt, net of
unamortized debt discount and debt issuance costs
|
|
$
371,636
|
Cash and cash
equivalents
|
|
99,788
|
Net
debt
|
|
$
271,848
|
|
|
Three Months
Ended
|
|
|
|
|
December 31,
2021
|
Total debt, net of
unamortized debt discount and debt issuance costs
|
|
$
374,885
|
Cash and cash
equivalents
|
|
110,695
|
Net
debt
|
|
$
264,190
|
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SOURCE NexTier Oilfield Solutions