Expro Group Holdings N.v. · NYSE:XPRO
Expro — Q1 2023 Earnings Presentation
20 slides from Expro's earnings presentation, Apr 20, 2023
Slide 1: Q1 2023 Key Highlights
Q1 | 2023 Key Highlights NYSE: XPRO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, e
Slide 3: Growing Shareholder Value
Growing Shareholder Value Leading & Through-Cycle Compelling Accelerating Differentiated Portfolio Resiliency Rate-of-Change Story Cash Flow Significant upside Driven by breadth Improving business mix Debt free balance sheet from International & of services and Recently deployed and free cash flow u
Slide 4: Q1 2023 Expro Highlights
Q1 2023 Expro Highlights Revenue up 21% year-over-year and order book increased by +$350m. Customer activity levels have continued to improve across all segments and geographies, but some projects were pushed to Q2 due to weather LWI business now operational but incurred an additional $11m of mobili
Slide 5: Revenue by Region and Area of Capability
Revenue by Region and Area of Capability Asia Pacific Well (APAC) Intervention & Integrity $49 $52 North & Middle East Latin America North Africa Q1 2023 (NLA) Q1 2023 Well Construction (MENA) Revenue1 Revenue 1 $128 $51 by Geographic $126 by Area of Market Well Flow Capability $339m Management $339
Slide 6: Q1 2023 Regional Highlights
Middle East & North Africa Middle East & North Africa Q1 2023 Regional Highlights Secured a multi-million-dollar, 20-month TRS contract with a key client in the United Arab Emirates. Service quality helped win a two-year extension for Well Testing and DST in Egypt. Also in Egypt, we won a two-year T
Slide 7: Customer and Technology Highlights
Customer and Technology Highlights Innovation awards success for newly- CoilHose technology delivers savings and acquired DeltaTek benefits to client DeltaTek have been named an Innovation In Mauritania, we provided hydrate remediation award winner in the King’s Award for services utilizing our uniq
Slide 8: 2022 ESG Report and Material Step Up in ESG Ratings
We Published Our A Material Step Up 2022 ESG Report In ESG Ratings in March One of most important organizations that evaluates companies’ ESG programs has upgraded Expro’s OVER THE PAST YEAR Only 2% sustainability rating two full levels from below average to above average. Helping to address the OF
Slide 9: Historical Segment EBITDA by Region
Historical Segment EBITDA by Region North & Latin America ($m) Europe & Sub-Saharan Africa ($m) $45 35% $35 35% 30% 30% 26% $40 27% 30% 25% $30 26% 30% $35 23% 23% 22% 21% 21% 21% 25% $25 21% 25% $30 19% 19% 18% 18% 18% $25 16% 15% 15% 15% 20% $20 17% 16% 18% 20% 15% 14% 15% 15% 14% $20 12% 13% 11%
Slide 10: Historical Revenue and Contribution by Areas of Capability
Historical Revenue and Contribution by Areas of Capability Revenue ($m) Well Construction ($m) $70 45% 44% 42% 43% 44% 45% 43% 50% 41% 42% 42% 41% 42% 41% 42% $60 38% 40% 37% $374 40% $351 $50 $348 $342 $334 $339 30% $326 $330 $40 $313 $314 $30 20% $139 $296 $284 $280 $20 $138 10% $156 $139 $123 $25
Slide 11: Q2 2023 and 2023 Outlook
Q2 2023 2023 Management expects Q2 revenue to Based on a positive activity outlook, we are reflect ~20% year-on-year (~10% maintaining our 2023 guidance, with sequential) growth, with Adjusted revenues between $1,450m and $1,550m, EBITDA margin in the 16-18% range Adjusted EBITDA between $275m and $
Slide 12: Appendix: Our ESG report, Follow us on
Appendix: To learn even more about Expro, check out these additional places to get in touch with us. Investors.Expro.com Downloadable Financials Our ESG report Follow us on Connect with us on Subscribe to our channel www.expro.com 12
Slide 13: Get to Know XPRO: We Are Well Experts
Get to Know XPRO: We Are “Well Experts” OUR REVENUE A DIVERSE SET OF GLOBAL CAPABILITIES IN: COUNTRIES EMPLOYEES WELL MANAGEMENT WELL CONSTRUCTION INTERNATIONAL OFFSHORE U.S. LAND Well Flow Management Subsea Well Access Well Intervention & Integrity Asia Pacific STRONG CASH FLOW OUTLOOK DEBT FREE BA
Slide 14: Historical Revenue and Adjusted EBITDA
Historical Revenue and Adjusted EBITDA Revenue ($m) Adjusted EBITDA ($m) Excluding LWI-related Expro Frank’s XPRO costs, Adjusted EBITDA Well Management Well Construction Total Revenue up 35% up ~2x since Q1 20213 since Q1 2021 Legacy $75 $374 $70 $348 $342 $351 Adjusted EBITDA and Adjusted EBITDA $
Slide 15: Historical Revenue by Geographical Market and Product Line
Historical Revenue by Geographical Market and Product Line By Geographical Market ($m) By Product Line ($m) NLA ESSA MENA APAC Total Well Construction Well Flow Management Subsea Well Access Well Intervention and Integrity $374 $374 $348 $342 $351 $348 $342 $351 $334 $339 $42 $339 $56 $330 $330 $334
Slide 16: Historical Support Costs
Historical Support Costs Support Costs ($m) Trailing Twelve Months ($m) Research, engineering and development Research, engineering and development Product Line and central costs Product Line and central costs Geography-based support costs Aggregate support Geography-based support costs $103 $102 co
Slide 17: Historical Adjusted Cash Flow from Operations and Capex
Historical Adjusted Cash Flow from Operations and Capex Adjusted Cash Flow from Operations ($m) Capital Expenditures ($m) Expro Frank’s XPRO Expro Frank’s XPRO Legacy Legacy $99 $40 $40 $37 $37 $33 $33 $73 $10 $10 $31 $31 $66 $10 $10 $28 $29 $8 $9 $18 $52 $27 $5 $44 $41 $22 $20 $21 $21 $32 $3 $19 $1
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended TTM 2023 ($ in millions) 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 Adjusted EBITDA 1 $ 33 $ 45 $ 45 $ 51 $ 35 $ 24 $ 24 $ 26 $ 2
Slide 19: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) ($ in millions) Three Months Ended TTM Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Total revenue $ 326 $ 348 $ 342 $ 374 $ 330 $ 251 $ 233 $ 250 $ 251 $ 284 $ 313 $ 296 $ 280 $ 314 $ 334 $ 351 $ 339 $ 1,33
Slide 20: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Reconciliation of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share ($ in millions, except per share amounts) Three Months Ended 31-Dec-21 31-Mar-22 30-Jun-22 30-Sept-22 31-Dec-22 31-Mar-23 Net Income (loss) $ (91) $ (11) $ (4) $ (18) $