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KLX ENERGY SERVICES HOLDINGS, INC. REPORTS FIRST QUARTER 2024 RESULTS
HOUSTON, May 7, 2024 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLX", the "Company", "we", "us" or "our") today reported financial
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"HOUSTON, May 7, 2024 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLX\", the \"Company\", \"we\", \"us\" or \"our\") today reported financial results for the first quarter ended March 31, 2024.\n\nFirst Quarter 2024 Financial Highlights\nRevenue of $175 millionNet loss of $(22) million and diluted loss per share of $(1.38)Adjusted EBITDA of $12 millionNet loss margin of (13)%Adjusted EBITDA margin of 7%Liquidity of $128 million, consisting of approximately $85 million of cash and approximately $43 million of available borrowing capacity under the March 2024 asset-based revolving credit facility (the \"ABL Facility\") borrowing base certificateSet what we believe to be a new US coiled tubing depth record of 28,915 feetSee \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net (Loss) Income, Adjusted Diluted (Loss) Earnings per share, Unlevered and Levered Free Cash Flow, Net Working Capital, Net Debt, Net Leverage Ratio and their reconciliations 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 reconciliations are not available without unreasonable efforts.\nChris Baker, KLX President and Chief Executive Officer, stated, \"Our first quarter performance was marked by both expected and unexpected challenges. As we discussed on our recent 2023 fourth quarter conference call, our Rockies, Mid-Con, and Permian operations were impacted in January by the extreme weather conditions caused by the polar vortex as well as activity delays due to operator-initiated safety standdowns in the Rockies leading to white space and unabsorbed costs. Early first quarter performance was also affected by outsized white space on our calendars at the beginning of the year as operators finalized budgets leading to a slower start in our completion and production services product service lines.\n\"We are pleased to report that we exited the first quarter on a stronger Adjusted EBITDA run-rate than when we began the quarter, with March generating our strongest Adjusted EBITDA month of the quarter,\" added Baker. \"And as we look at our calen...