Business
National Energy Services Reunited Corp. Reports Full Year 2023 Financial Results
Revenue for the year ended December 31, 2023, is $1.146 billion, growing 26% year-over-yearOperating cash flow for the year ended December 31, 2023, is $177.0
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"Revenue for the year ended December 31, 2023, is $1.146 billion, growing 26% year-over-yearOperating cash flow for the year ended December 31, 2023, is $177.0 million, improving 91% year-over-yearFree cash flow (a non-GAAP measure) for the year ended December 31, 2023, is $108.8 million*Net income for the year ended December 31, 2023, is $12.6 millionAdjusted EBITDA (a non-GAAP measure) for the year ended December 31, 2023, is $262.3 million*Diluted Earnings per Share (EPS) for the year ended December 31, 2023, is $0.13Adjusted Diluted EPS (a non-GAAP measure), which includes $0.40 per share of Charges and Credits, for the year ended December 31, 2023, is $0.53*HOUSTON, TX / ACCESSWIRE / April 30, 2024 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") (OTC PINK:NESR)(OTC PINK:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") region, today reported its financial results for the year ended December 31, 2023. The Company posted the following results for the periods presented: For The Year Ended Variance (in thousands except per share amounts and percentages) December 31, 2023 December 31, 2022 Sequential Year-over- year Revenue $1,145,915 $909,517 $236,398 26.0%Net income 12,580 (36,420) 49,000 134.5%Adjusted net income (non-GAAP)* 50,221 (2,991) 53,212 1779.1%Adjusted EBITDA (non-GAAP)* 262,306 162,868 99,438 61.1%Diluted EPS 0.13 (0.39) 0.52 133.3%Adjusted Diluted EPS (non-GAAP)* 0.53 (0.03) 0.56 1747.4%Operating cash flows 176,959 92,576 84,383 91.1%Free cash flows (non-GAAP)* 108,769 (29,839) 138,608 464.5%*The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America (\"GAAP\"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, and 4 below for reconciliations of GAAP to non-GAAP financial measures. The Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows are derived from the audited financial statements present in our Annual Report on Form 20-F for the year ended December 31, 2023. Stefan Angeli, Chief Financial Officer, commented, \"The strength of our competitive position in MENA, the execution...