Business
KLX ENERGY SERVICES HOLDINGS, INC. REPORTS RECORD FIRST QUARTER 2023 RESULTS
HOUSTON, May 10, 2023 /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 10, 2023 /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, 2023. Note that the first quarter 2023 results include only a partial month impact post closing the acquisition of Greene's Energy Group, LLC (\"Greene's\") on March 8, 2023. We also make reference to the three months ended March 31, 2023 including a full quarter of Greene's activity (\"Pro Forma First Quarter 2023\").\nFirst Quarter 2023 Financial and Operational Highlights\nRevenue of $239.6 million, increased 7% sequentiallyNet income of $9.4 million, net income margin of 3.9% and diluted earnings per share of $0.65Adjusted net income of $11.5 millionAdjusted EBITDA of $38.2 million, increased 2% sequentiallyAdjusted EBITDA margin of 15.9%Pro Forma revenue, Adjusted EBITDA, net income and adjusted net income of $251.9 million, $40.6 million, $9.4 million and $12.4 million, respectively, when adjusted for a full first quarter 2023 impact from Greene's1Ended the quarter with $84.0 million of available liquidity, consisting of $39.6 million of cash and $44.4 million of available borrowing capacity under the March 2023 ABL Facility borrowing base certificate1 See disclosure in Unaudited Supplemental Pro Forma Information herein \nSee \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) margin, free cash flow, net debt, net working capital, annualized net leverage ratio 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), Adjusted EBITDA, adjusted net income (loss) and adjusted net income (loss) margin for the three months ended March 31, 2023 including a full quarter of Greene's activity in the Additional Selected Operating Data section below.\nChris Baker, KLX President and Chief Executive Officer, stated...