Drilling Tools International Provides Preliminary Estimates of 2023 Full Year Results

About this update from Drilling Tools International Corporation

[{"type":"text","content":"Company announces 2023 year end conference call for March 28, 2024\nHOUSTON, March 7, 2024 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ: DTI) (\"DTI\" or the \"Company\"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today provided preliminary estimate ranges for selected 2023 full year results.\n\nWayne Prejean, CEO of DTI, stated, \"After initial review, we are providing preliminary estimates of our 2023 full year results as follows:\n Preliminary Estimates for 2023 Full Year Results (Unaudited) \nEstimated Revenue \n$150 MM – $154 MM\nEstimated Net Income \n$14.6 MM – $14.9 MM\nEstimated Adjusted EBITDA(1) \n$50 MM – $52 MM\nEstimated Adjusted EBITDA Margin(1) \n33% – 34%\nEstimated Adjusted Free Cash Flow(1)(2) \n$7 MM – $8 MM\n(1)\nAdjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Free Cash Flow are non-GAAP financial measures. See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of reconciliations to the most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\").\n(2)\nAdjusted Free Cash Flow defined as Adjusted EBITDA less Gross Capital Expenditures\n\"We are delighted to report that after only eight months as a public company, we are delivering on the strategic plans that we outlined during our public offering. We are also pleased to tighten and update the ranges for our estimated 2023 results that fall within our prior guidance expectations,\" Prejean continued. \n\"As a market leader providing downhole tool rentals for both North American land and Gulf of Mexico deepwater drilling operations, DTI's extensive rental model, broad distribution capabilities and diverse customer base across multiple basins provides us with a significant competitive advantage, especially during volatile commodity price cycles. In contrast to the larger capital-intensive equipment companies in the oilfield services sector, our rental tools are easily deployable to various locations to serve our clients' needs. We believe the ability to scale our operations as needed across our extensive footprint allows us to better support customers in the field, and, with over 6...

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