Business
KLX ENERGY SERVICES HOLDINGS, INC. REPORTS SECOND QUARTER 2023 RESULTS
Regional and Product Service Line diversification drives higher adjusted EBITDA, adjusted EBITDA margin and free cash flow HOUSTON, Aug. 9, 2023 /PRNewswire/
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"Regional and Product Service Line diversification drives higher adjusted EBITDA, adjusted EBITDA margin and free cash flow\nHOUSTON, Aug. 9, 2023 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLX\", the \"Company\", \"we\", \"us\" or \"our\") today reported financial results for the second quarter ended June 30, 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.\nSecond Quarter 2023 Financial and Operational Highlights\nRevenue of $234.0 millionNet income of $11.4 million, net income margin of 4.9%, diluted earnings per share of $0.71Adjusted net income of $13.1 million and adjusted diluted earnings per share of $0.81Adjusted EBITDA of $39.7 million, increased 4% sequentiallyAdjusted EBITDA margin of 17.0%, increased 7% sequentiallyCash balance of $82.1 million, increased $42.5 million sequentially and $50.6 million compared to Q2 2022Ended the quarter with $143.7 million of available liquidity, consisting of $82.1 million of cash and $61.6 million of available borrowing capacity under the June 2023 ABL Facility borrowing base certificateEnded the quarter with a total debt balance of $283.8 million and reduced net debt 17% sequentially, ending the quarter with a net debt balance of $201.7 million and a LTM Net Leverage Ratio of 1.3xAmended, extended and upsized our asset-based revolving credit facility (the \"ABL Facility\")Integration of Greene's acquisition is substantially completeSee \"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, adjusted diluted earnings per share, levered and unlevered free cash flow, net working capital, net debt, 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.\nChris Baker, KLX President and Chief Executive Officer, stated, \"We are pleased with our second quarter performance, despite a weakening macro ...