Business
KLX ENERGY SERVICES HOLDINGS, INC. REPORTS FIRST QUARTER 2022 RESULTS
HOUSTON, May 12, 2022 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLXE" or the "Company") today reported financial results for the
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"HOUSTON, May 12, 2022 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLXE\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2022. We also make reference to the two months ended December 31, 2021 (\"Transition Fourth Quarter\"), the three months ended December 31, 2021 (\"Pro Forma Prior Year Fourth Quarter\") and the three months ended March 31, 2021 (\"Pro Forma Prior Year First Quarter\").\nHighlightsFirst quarter 2022 revenue of $152.3 million increased 5% sequentiallyGenerated first quarter 2022 net loss of $19.9 million and Adjusted EBITDA of $4.9 millionExited the first quarter of 2022 on a strong monthly run-rate, generating March revenue of $57.7 million, net loss of $6.0 million and Adjusted EBITDA of $3.8 million Increasing 2022 revenue guidance to a range of $690 million to $710 millionEnded the first quarter of 2022 with $54.6 million of available liquidity, consisting of $19.4 million of cash and $35.2 million of available borrowing capacity on the March 31, 2022 ABL Facility Borrowing Base Certificate (net of $12.4 million fixed charge coverage ratio (\"FCCR\") holdback)See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, net working capital and their reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"). We have not provided reconciliations of our future expectations as to Adjusted EBITDA or Adjusted EBITDA margin as such reconciliation is not available without unreasonable efforts. In addition, for comparative purposes, we have also presented Pro Forma Operating Income (Loss) and Adjusted EBITDA for the three months ended March 31, 2021 and December 31, 2021 in the Additional Selected Operating Data section below.\nChris Baker, President and Chief Executive Officer of KLXE, stated, \"We are excited about our positioning and the strength of the market as we exited Q1. As we previously disclosed in our 2021 fourth quarter release and conference call, the first quarter of 2022 got off to a slow start due to seasonally slow activity in January, magnified by Omicron quarantines, and weather-related issues in early February. We then quickly accelerated into a ...