Business
KLX ENERGY SERVICES HOLDINGS, INC. REPORTS STRONG SECOND QUARTER 2022 RESULTS
HOUSTON, Aug. 11, 2022 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLXE", the "Company", "we", "us" or "our") today reported financial
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"HOUSTON, Aug. 11, 2022 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLXE\", the \"Company\", \"we\", \"us\" or \"our\") today reported financial results for the second quarter ended June 30, 2022. We also make reference to the three months ended June 30, 2021 (\"Pro Forma Prior Year Second Quarter\").\nSecond Quarter 2022 Financial and Operational HighlightsRevenue of $184.4 million, increased 21% sequentiallyGenerated net loss of $7.5 million, a 62% improvement sequentiallyAdjusted EBITDA of $17.4 million, increased 255% sequentiallyAvailable liquidity at June 30, 2022 increased $2.0 million, or 4%, sequentiallyEnded the quarter with $56.6 million of available liquidity, consisting of $31.5 million of cash and $25.1 million of available borrowing capacity on the June 30, 2022 ABL Facility Borrowing Base Certificate (net of $14.1 million fixed charge coverage ratio (\"FCCR\") holdback)See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, 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 June 30, 2021 in the Additional Selected Operating Data section below.\nChris Baker, President and Chief Executive Officer of KLXE, stated, \"We are excited about our second quarter results and the overall strength of the oilfield service market despite the volatility in commodity prices. I am very proud of our team and we are now beginning to see the fruits of our labor over the last 24 months. Driven by the continued improvement in pricing and customer activity, we expect third quarter sequential revenue growth of 9% to 13% and third quarter Adjusted EBITDA margin of 10% to 12%. We are now approaching our goal of returning KLXE to positive free cash flow and believe we may achieve this goal in the second half of 2022.\"\nSecond Quarter 2022 Financial ResultsRevenue for the ...