Business
KLX Energy Services Holdings, Inc. Reports Second Quarter 2024 Results
HOUSTON, Aug. 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, Aug. 7, 2024 /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, 2024.\n\nSecond Quarter 2024 Financial Highlights\nRevenue of $180 millionEnacted approximately $16 million of annualized cost reductions in the second quarter of 2024 primarily related to operational streamlining initiatives, insurance and professional feesNet loss of $(8) million and diluted loss per share of $(0.49)Adjusted EBITDA of $27 millionNet loss margin of (4)%Adjusted EBITDA margin of 15%Net Cash Flow Provided by Operating Activities of $22 millionLevered Free Cash Flow of $10 millionCash balance of $87 million, increased $2 million sequentiallyTotal Debt and Net Debt of $285 million and $198 million, respectivelyLiquidity of $121 million, consisting of approximately $87 million of cash and approximately $34 million of available borrowing capacity under the June 2024 asset-based revolving credit facility (the \"ABL Facility\") borrowing base certificateSee \"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, said, \"As I stated in our preliminary results release three weeks ago, we are extremely proud of our second quarter performance. Despite the 7% decline in total rig count during the quarter and continued drilling and completions market volatility, our revenue increased 3.1% sequentially to $180.2 million, which was the middle of our revised revenue guidance range.\n\"Second quarter Adjusted EBITDA improved sequentially by 125% to $27.0 million, and Adjusted EBITDA margin grew 118% to 15.0%, both at the top end of our revised guidance ranges.\n\"Our dramatic growth in seq...