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National Energy Services Reunited Corp. Reports Preliminary Unaudited First Quarter 2021 Financial Results
HOUSTON, TX / ACCESSWIRE / May 6, 2021 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), a national,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / May 6, 2021 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") and Asia Pacific regions, today reported certain preliminary unaudited financial results for the quarter ended March 31, 2021. The Company posted the following results for the periods presented: ●Revenue for the first quarter of 2021 is $212 million, growing 7% year-over-year and remaining flat quarter-over-quarter ●Operating income for the first quarter of 2021 is $16 million, improving 29% quarter-over-quarter ●Adjusted EBITDA (a non-GAAP measure) for the first quarter of 2021 is $50 million(1) ●Net cash provided by operating activities for the first quarter of 2021 is $47 million, improving $38 million year-over-year ●Free cash flow (a non-GAAP measure) for the first quarter of 2021 is $37 million, improving $50 million year-over-year and $4 million over the sequential quarter(1) Three Months Ended (1) Variance (in US$ thousands except percentages) March 31, 2021 December 31, 2020 March 31, 2020 Sequential Year-over- year Revenue $ 212,426 $ 213,175 $ 199,299 -% 7%Operating income 15,733 12,172 18,515 29% (15)%Adjusted EBITDA (non-GAAP) (1) 50,221 54,615 50,938 (8)% (1)%Net cash provided by operating activities 47,482 47,717 9,949 (235) 37,533 Free cash flow (non-GAAP) (1) 36,701 32,842 (13,593) 3,859 50,294 (1)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 and liquidity 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.Sherif Foda, Chairman of the Board and CEO of NESR, said, \"Our team delivered another solid quarter and generated record free cash flow while taking important steps to position NESR to fully leverage the economic activity and oil demand recovery that has already started in some geographies. We continued to execute on our open-source technology platform strategy by signing three new partnerships and bringing their technology to the region. This provides bes...