Business
KLX ENERGY SERVICES HOLDINGS, INC. REPORTS FOURTH QUARTER 2021 RESULTS
HOUSTON, March 11, 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, March 11, 2022 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLXE\" or the \"Company\") today reported financial results for the two months ended December 31, 2021 (\"Transition Fourth Quarter\") and eleven months ended December 31, 2021 (\"Transition Period\"). We also make references to the three months ended December 31, 2021 (\"Pro Forma Fourth Quarter\"), the three months ended September 30, 2021 (\"Pro Forma Third Quarter\") and the twelve months ended December 31, 2021 (\"Pro Forma Fiscal Year\").\nHighlights\nTransition Fourth Quarter Revenue was $94.4 million Transition Fourth Quarter Net Loss was $13.2 million Transition Fourth Quarter ended December 31, 2021 Adjusted EBITDA of $3.6 million Revenue for the Pro Forma Fourth Quarter was $145.0, which represents a $16.7 million or 13% increase relative to Revenue for Pro Forma Third Quarter of $128.3 million Adjusted EBITDA for the Pro Forma Fourth Quarter was $6.7 million, which represents a $2.6 million or 63% increase relative to Adjusted EBITDA for the Pro Forma Third Quarter of $4.1 million Ended 2021 with $28.0 million in cash, $70.4 million in total liquidity and $60.4 million in available liquidity (net of $10.0 FCCR holdback)See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, 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 September 30, 2021 and December 31, 2021 as well as for the twelve months ended December 31, 2021 in the Additional Selected Operating Data section below.\nChris Baker, President and Chief Executive Officer of KLXE, stated, \"I am very pleased to report strong Pro Forma Fourth Quarter revenue and Adjusted EBITDA gains despite a rising-cost environment. The sequential 13% increase in revenue was largely driven by an improved commodity price environment and associated increases i...