Business
KLX ENERGY SERVICES HOLDINGS, INC. REPORTS RECORD FOURTH QUARTER 2022 RESULTS
HOUSTON, March 8, 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, March 8, 2023 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLX\", the \"Company\", \"we\", \"us\" or \"our\") today reported financial results for the fourth quarter ended December 31, 2022. We also make reference to the three months ended December 31, 2021 (\"Pro Forma Prior Year Fourth Quarter\") and the twelve months ended December 31, 2021 (\"Pro Forma Prior Fiscal Year\").\nFourth Quarter 2022 Financial and Operational Highlights\nRevenue of $223.3 millionGenerated net income of $13.2 million, an 18.9% sequential increase, net income margin of 5.9% and basic earnings per share of $1.07/shareAdjusted EBITDA of $37.3 million and Adjusted EBITDA margin of 16.7%Ended the quarter with $57.4 million of cash, a 38.6% sequential increaseExchanged $12.8 million of 11.5% senior secured notes due 2025 (the \"Senior Secured Notes\") for 777,811 shares of common stock, reducing future annual cash interest expense by $1.5 millionEnded the quarter with $283.4 million of total debt, a 4.1% sequential decreaseEnded the quarter with $226.0 million of net debt, an 11.1% sequential decreaseEnded the quarter with $101.8 million of available liquidity, a 17.8% sequential increaseSee \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, net debt, net working capital, 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. In addition, for comparative purposes, we have also presented Pro Forma Operating Income (Loss) and Adjusted EBITDA for the three months ended December 31, 2021 and the twelve months ended December 31, 2021 in the Additional Selected Operating Data section below.\nChris Baker, KLX President, Chief Executive Officer and Director, stated, \"During 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. This translated into a record year relative to other periods post-merger and immediately pre-merger, and...