Business
KLX ENERGY SERVICES HOLDINGS, INC. PROVIDES PRELIMINARY FOURTH QUARTER 2022 RESULTS
Company also sets fourth quarter 2022 conference call for March 9, 2023 HOUSTON, Feb. 21, 2023 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq:
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"Company also sets fourth quarter 2022 conference call for March 9, 2023\nHOUSTON, Feb. 21, 2023 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLX\", the \"Company\", \"we\", \"us\" or \"our\") today announced preliminary financial results for the fourth quarter ended December 31, 2022.\nPreliminary Fourth Quarter 2022 Financial and Operational Highlights\nEstimated Revenue range of $221.5 million to $223.5 millionEstimated Net Income range of $12.0 million to $13.5 millionEstimated Adjusted EBITDA range of $35.7 million to $37.6 millionEstimated Cash balance of $57.4 million, a 39% increase relative to third quarterEstimated Total Debt decreased by $12.2 million since third quarter to $283.4 millionEstimated Net Debt decreased by $28.2 million since third quarter to $226.0 millionSee \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Net Debt, Annualized Net Leverage Ratio and their reconciliations to the most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\").\n\"In 2022, we were focused on driving price and utilization while prudently managing our cost structure on the heels of our successful 2020 merger with QES,\" stated Chris Baker, President, Chief Executive Officer and Director of KLX. \"This translated into a record year relative to other periods post-merger and immediately pre-merger, and we finished 2022 on a high note with a strong fourth quarter overcoming typical seasonality impacts in our late Q4 calendars. Our strategy of utilizing key performance indicators to analyze price, asset utilization and discrete district performance provided the roadmap to our early 2022 strategic asset realignment and yielded materially improved results throughout 2022. I'm proud to say that we are largely trending ahead of 2019 levels for revenue and margins when viewed on a second half 2022 annualized basis. Additionally, we have materially improved our capitalization profile and exited 2022 on a Q4 annualized net leverage ratio of only 1.5x to 1.6x.\n\"Looking ahead, we remain excited about 2023 and are focused on our goals of continued expansion in operating results, prudent capital spending, free cash flow generation, further deleveraging, and executing on inorganic growth opp...