First Quarter Highlights
NCS Multistage Holdings, Inc. (NASDAQ:NCSM) (“NCS” or the
“Company”), a leading provider of highly engineered products and
support services that facilitate the optimization of oil and
natural gas well completions and field development strategies,
today announced its results for the quarter ended March 31,
2018.
Financial Review
Revenues were $70.7 million for the quarter ended March 31,
2018, an increase of $12.1 million or 21% as compared to the first
quarter of 2017. This increase was primarily attributable to an
increase in the volume of sales of our completions products and
services due to higher customer drilling and well completion
activity, as well as the contributions from Repeat Precision, LLC
(“Repeat Precision”), which was acquired on February 1, 2017, and
Spectrum Tracer Services, LLC (“Spectrum”), which was acquired on
August 31, 2017. Total revenues increased by 41%
as compared to the fourth quarter of 2017 with increases
of 9% in the U.S., 61% in Canada and 125% in other countries.
Net income was $11.0 million, or $0.23 per diluted share for the
quarter ended March 31, 2018, which included a net benefit of
$1.6 million ($1.2 million after tax, or $0.02 per diluted
share) related to the change in fair value of contingent
consideration and certain other items. Adjusted net income, which
excludes these items, was $9.8 million or $0.21 per diluted share
for the quarter ended March 31, 2018. This compares to a net
income of $6.6 million, or $0.18 per diluted share in the
first quarter of 2017, which included a net expense of $2.6 million
($2.0 million after tax, or $0.05 per diluted share) related to
professional expenses incurred in connection with the initial
public offering of our common stock (“IPO”) and acquisitions and
realized and unrealized foreign currency gains and losses. Adjusted
net income, which excludes these items, was $8.6 million or $0.23
per diluted share for the quarter ended March 31, 2017.
Adjusted EBITDA was $18.7 million for the quarter ended
March 31, 2018, a decrease of $(0.6) million as compared to
the first quarter of 2017. Gross profit, which we define as total
revenues less total cost of sales exclusive of depreciation and
amortization, increased to $37.1 million, or 52% of total revenues
in the first quarter of 2018, as compared to $29.3 million, or 50%
of total revenues, in the year ago period. This was offset by an
increase in selling, general and administrative (“SG&A”)
expenses in the first quarter as compared to the prior year,
primarily related to increases in personnel to support growth, the
inclusion of Spectrum SG&A and public company costs. As a
result, Adjusted EBITDA margin for the quarter was 26%, as compared
to 33% for the first quarter of 2017.
Capital Expenditures and Liquidity
The Company spent $1.0 million in capital expenditures, net
during the first quarter of 2018.
As of March 31, 2018, the Company had $23.7 million in
cash, total availability under its revolving credit facility of
$55.0 million and $27.7 million in total debt.
Review and Outlook
NCS’s Chief Executive Officer, Robert Nipper, commented, “We are
very pleased with our first quarter results. In Canada, we grew our
revenue by 13% on a year-over-year basis during a period when the
average rig count was lower by 9%. This reflects organic growth as
well as the contribution from Spectrum. In the U.S., we grew our
revenue by 46% on a year-over-year basis and by 9% as compared to
the fourth quarter of 2017. While our results were hampered by
logistical issues impacting the broader U.S. completions market
during the quarter, we are excited by the growth in our product
sales in the U.S., which increased by 59% as compared to the fourth
quarter of 2017, with sequential increases in sliding sleeve,
Airlock and composite plug sales volumes. In our international
business, we installed sliding sleeves in an offshore well for the
first time during the quarter, with the well to be completed during
the second quarter. This is an exciting first for NCS, and
highlights the broad range of applications for our technology.
We are seeing continued positive results from cross-selling
initiatives that leverage the full breadth of our capabilities,
including completions systems, tracer diagnostics and reservoir
solutions. While an exceptionally wet spring in Canada may lead to
an extended Spring Break-up this year, impacting our Canadian
revenue in the second quarter, we continue to expect that our
annual revenues in 2018 will grow by 35% - 45%, primarily driven by
growth in the U.S.”
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and
Adjusted Net Earnings per Diluted Share are non-GAAP financial
measures. For an explanation of these measures and a
reconciliation, refer to “Non-GAAP Financial Measures” below.
Conference Call
The Company will host a conference call to discuss its first
quarter 2018 results on Tuesday, May 8, 2018 at 7:30 a.m. Central
Time (8:30 a.m. Eastern Time). To join the conference call
from within the United States, participants may dial (844)
400-1696. To join the conference call from outside of the United
States, participants may dial (703) 736-7385. The conference access
code is 7067549. Participants are encouraged to log in to the
webcast or dial in to the conference call approximately ten minutes
prior to the start time. To listen via live webcast, please visit
the Investors section of the Company’s website,
http://www.ncsmultistage.com.
An audio replay of the conference call will be available shortly
after the conclusion of the call and will remain available for
approximately seven days. It can be accessed by dialing (855)
859-2056 within the United States or (404) 537-3406 outside of the
United States. The conference call replay access code is 7067549.
The replay will also be available in the Investors section of the
Company’s website shortly after the conclusion of the call and will
remain available for approximately seven days.
About NCS Multistage Holdings, Inc.
NCS Multistage Holdings, Inc. is a leading provider of highly
engineered products and support services that facilitate the
optimization of oil and natural gas well completions and field
development strategies. The Company provides products and services
to exploration and production companies for use in horizontal wells
in unconventional oil and natural gas formations throughout North
America and in selected international markets, including Argentina,
China and Russia. The Company’s common stock is traded on the
NASDAQ Global Select Market under the symbol “NCSM.” Additional
information is available on the Company’s website,
www.ncsmultistage.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, but are not limited to,
statements we make regarding the outlook for our future business
and financial performance. Forward-looking statements are based on
our current expectations and assumptions regarding our business,
the economy and other future conditions. Because forward-looking
statements relate to the future, by their nature, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. As a result, our actual results may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause our actual results
to differ materially from those in the forward-looking statements
include regional, national or global political, economic, business,
competitive, market and regulatory conditions and the following:
declines in the level of oil and natural gas exploration and
production activity within Canada and the United States; oil and
natural gas price fluctuations; loss of significant customers;
inability to successfully implement our strategy of increasing
sales of products and services into the United States; significant
competition for our products and services; our inability to
successfully develop and implement new technologies, products and
services; our inability to protect and maintain critical
intellectual property assets; currency exchange rate fluctuations;
impact of severe weather conditions; restrictions on the
availability of our customers to obtain water essential to the
drilling and hydraulic fracturing processes; our failure to
identify and consummate potential acquisitions; our inability to
integrate or realize the expected benefits from acquisitions; our
inability to meet regulatory requirements for use of certain
chemicals by our tracer diagnostics business; our inability to
accurately predict customer demand; losses and liabilities from
uninsured or underinsured drilling and operating activities;
changes in legislation or regulation governing the oil and natural
gas industry, including restrictions on emissions of greenhouse
gases; failure to comply with or changes to federal, state and
local and non-U.S. laws and other regulations, including
environmental regulations and the U.S. Tax Cuts and Jobs Act of
2017; loss of our information and computer systems; system
interruptions or failures, including cyber-security breaches,
identity theft or other disruptions that could compromise our
information; our failure to establish and maintain effective
internal control over financial reporting; our success in
attracting and retaining qualified employees and key personnel; our
inability to satisfy technical requirements and other
specifications under contracts and contract tenders and other
factors discussed or referenced in our filings made from time to
time with the Securities and Exchange Commission. Any
forward-looking statement made by us in this press release speaks
only as of the date on which we make it. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Contact
Ryan HummerChief Financial Officer(281)
453-2222IR@ncsmultistage.com
NCS MULTISTAGE HOLDINGS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(In thousands, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2018 |
|
2017 |
Revenues |
|
|
|
|
|
|
Product sales |
|
$ |
50,108 |
|
|
$ |
45,574 |
|
Services |
|
|
20,578 |
|
|
|
13,062 |
|
Total
revenues |
|
|
70,686 |
|
|
|
58,636 |
|
Cost of
sales |
|
|
|
|
|
|
Cost of product sales,
exclusive of depreciation and amortization expense shown
below |
|
|
24,703 |
|
|
|
24,715 |
|
Cost of services,
exclusive of depreciation and amortization expense shown
below |
|
|
8,889 |
|
|
|
4,639 |
|
Total
cost of sales, exclusive of depreciation and amortization
expense shown below |
|
|
33,592 |
|
|
|
29,354 |
|
Selling, general and
administrative expenses |
|
|
21,027 |
|
|
|
12,772 |
|
Depreciation |
|
|
1,099 |
|
|
|
564 |
|
Amortization |
|
|
3,321 |
|
|
|
6,022 |
|
Change in fair value of
contingent consideration |
|
|
(1,353 |
) |
|
|
— |
|
Income
from operations |
|
|
13,000 |
|
|
|
9,924 |
|
Other income
(expense) |
|
|
|
|
|
|
Interest expense,
net |
|
|
(457 |
) |
|
|
(1,509 |
) |
Other income, net |
|
|
84 |
|
|
|
974 |
|
Foreign currency
exchange gain (loss) |
|
|
183 |
|
|
|
(941 |
) |
Total
other expense |
|
|
(190 |
) |
|
|
(1,476 |
) |
Income
before income tax |
|
|
12,810 |
|
|
|
8,448 |
|
Income
tax expense |
|
|
945 |
|
|
|
2,100 |
|
Net income |
|
|
11,865 |
|
|
|
6,348 |
|
Net income (loss)
attributable to non-controlling interest |
|
|
887 |
|
|
|
(202 |
) |
Net income
attributable to NCS Multistage Holdings, Inc. |
|
$ |
10,978 |
|
|
$ |
6,550 |
|
Earnings per
common share |
|
|
|
|
|
|
Basic
earnings per common share attributable to NCS Multistage
Holdings, Inc. |
|
$ |
0.24 |
|
|
$ |
0.18 |
|
Diluted
earnings per common share attributable to NCS Multistage
Holdings, Inc. |
|
$ |
0.23 |
|
|
$ |
0.18 |
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
Basic |
|
|
44,252 |
|
|
|
34,006 |
|
Diluted |
|
|
47,114 |
|
|
|
36,746 |
|
|
|
NCS MULTISTAGE HOLDINGS, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except share
data) |
(Unaudited) |
|
|
|
March 31, |
|
December 31, |
|
|
2018 |
|
2017 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
23,680 |
|
|
$ |
33,809 |
|
Accounts
receivable—trade, net |
|
|
60,774 |
|
|
|
47,880 |
|
Inventories |
|
|
30,397 |
|
|
|
33,135 |
|
Prepaid
expenses and other current assets |
|
|
2,039 |
|
|
|
1,616 |
|
Other
current receivables |
|
|
775 |
|
|
|
1,369 |
|
Total current assets |
|
|
117,665 |
|
|
|
117,809 |
|
Noncurrent assets |
|
|
|
|
|
|
Property
and equipment, net |
|
|
24,385 |
|
|
|
23,651 |
|
Goodwill |
|
|
181,481 |
|
|
|
184,478 |
|
Identifiable intangibles, net |
|
|
130,913 |
|
|
|
136,412 |
|
Deposits
and other assets |
|
|
1,525 |
|
|
|
1,563 |
|
Total noncurrent assets |
|
|
338,304 |
|
|
|
346,104 |
|
Total assets |
|
$ |
455,969 |
|
|
$ |
463,913 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts
payable—trade |
|
$ |
9,984 |
|
|
$ |
7,448 |
|
Accrued
expenses |
|
|
4,078 |
|
|
|
6,673 |
|
Income
taxes payable |
|
|
384 |
|
|
|
10,561 |
|
Current
contingent consideration |
|
|
9,618 |
|
|
|
— |
|
Other
current liabilities |
|
|
2,200 |
|
|
|
1,673 |
|
Current
maturities of long-term debt |
|
|
5,612 |
|
|
|
5,334 |
|
Total current liabilities |
|
|
31,876 |
|
|
|
31,689 |
|
Noncurrent
liabilities |
|
|
|
|
|
|
Long-term
debt, less current maturities |
|
|
22,060 |
|
|
|
21,702 |
|
Noncurrent contingent consideration |
|
|
1,864 |
|
|
|
12,835 |
|
Other
long-term liabilities |
|
|
1,223 |
|
|
|
4,513 |
|
Deferred
income taxes, net |
|
|
21,805 |
|
|
|
24,183 |
|
Total noncurrent liabilities |
|
|
46,952 |
|
|
|
63,233 |
|
Total liabilities |
|
|
78,828 |
|
|
|
94,922 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Preferred
stock, $0.01 par value, 10,000,000 shares authorized, one share
issued and outstanding at |
|
|
|
|
|
|
March 31, 2018 and December 31, 2017, respectively |
|
|
— |
|
|
|
— |
|
Common
stock, $0.01 par value, 225,000,000 shares authorized, 44,649,449
shares issued |
|
|
|
|
|
|
and
44,631,101 shares outstanding at March 31, 2018 and 43,931,484
shares issued |
|
|
|
|
|
|
and
43,913,136 shares outstanding at December 31, 2017 |
|
|
446 |
|
|
|
439 |
|
Additional paid-in capital |
|
|
402,146 |
|
|
|
399,426 |
|
Accumulated other comprehensive loss |
|
|
(73,396 |
) |
|
|
(66,707 |
) |
Retained
earnings |
|
|
35,089 |
|
|
|
23,864 |
|
Treasury
stock, at cost; 18,348 shares at March 31, 2018 and at
December 31, 2017 |
|
|
(175 |
) |
|
|
(175 |
) |
Total stockholders’ equity |
|
|
364,110 |
|
|
|
356,847 |
|
Non-controlling interest |
|
|
13,031 |
|
|
|
12,144 |
|
Total equity |
|
|
377,141 |
|
|
|
368,991 |
|
Total liabilities and stockholders' equity |
|
$ |
455,969 |
|
|
$ |
463,913 |
|
|
|
NCS MULTISTAGE HOLDINGS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2018 |
|
2017 |
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
11,865 |
|
|
$ |
6,348 |
|
Adjustments to
reconcile net income to net cash (used in) provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,420 |
|
|
|
6,586 |
|
Amortization of deferred loan cost |
|
|
84 |
|
|
|
180 |
|
Share-based compensation |
|
|
2,374 |
|
|
|
337 |
|
Provision
for inventory obsolescence |
|
|
408 |
|
|
|
— |
|
Deferred
income tax benefit |
|
|
(1,186 |
) |
|
|
(2,144 |
) |
Gain on
sale of property and equipment |
|
|
(17 |
) |
|
|
(55 |
) |
Foreign
exchange gain on financing item |
|
|
— |
|
|
|
843 |
|
Change in
fair value of contingent consideration |
|
|
(1,353 |
) |
|
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable—trade |
|
|
(13,350 |
) |
|
|
(11,848 |
) |
Inventories |
|
|
1,838 |
|
|
|
(521 |
) |
Prepaid
expenses and other assets |
|
|
(477 |
) |
|
|
(219 |
) |
Accounts
payable—trade |
|
|
2,709 |
|
|
|
(29 |
) |
Accrued
expenses |
|
|
(2,543 |
) |
|
|
71 |
|
Other
liabilities |
|
|
508 |
|
|
|
(876 |
) |
Income
taxes receivable/payable |
|
|
(13,579 |
) |
|
|
3,891 |
|
Net cash (used in) provided by operating activities |
|
|
(8,299 |
) |
|
|
2,564 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
(1,121 |
) |
|
|
(1,581 |
) |
Proceeds from sales of
property and equipment |
|
|
110 |
|
|
|
71 |
|
Purchase of intangible
assets |
|
|
(55 |
) |
|
|
— |
|
Proceeds from
short-term note receivable |
|
|
— |
|
|
|
1,000 |
|
Acquisitions of
businesses, net of cash acquired |
|
|
— |
|
|
|
(5,872 |
) |
Net cash
used in investing activities |
|
|
(1,066 |
) |
|
|
(6,382 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Equipment note
borrowings |
|
|
— |
|
|
|
750 |
|
Payments on equipment
note and capital leases |
|
|
(490 |
) |
|
|
(14 |
) |
Promissory note
borrowings |
|
|
1,951 |
|
|
|
462 |
|
Payments on promissory
note |
|
|
(1,850 |
) |
|
|
— |
|
Payments related to
public offering |
|
|
— |
|
|
|
(583 |
) |
Repayment of term
note |
|
|
— |
|
|
|
(3,000 |
) |
Proceeds from the
exercise of options for common stock |
|
|
353 |
|
|
|
— |
|
Net cash
used in financing activities |
|
|
(36 |
) |
|
|
(2,385 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
|
(728 |
) |
|
|
(92 |
) |
Net
change in cash and cash equivalents |
|
|
(10,129 |
) |
|
|
(6,295 |
) |
Cash and cash
equivalents beginning of period |
|
|
33,809 |
|
|
|
18,275 |
|
Cash and cash
equivalents end of period |
|
$ |
23,680 |
|
|
$ |
11,980 |
|
Supplemental
cash flow information |
|
|
|
|
|
|
Cash paid for income
taxes (net of refunds) |
|
$ |
15,452 |
|
|
$ |
371 |
|
Noncash
investing and financing activities |
|
|
|
|
|
|
Unpaid costs related to
public offering |
|
|
— |
|
|
|
708 |
|
Assets obtained by
entering into a capital lease |
|
|
1,031 |
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
NCS MULTISTAGE HOLDINGS,
INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION (In thousands, except per share
data) (Unaudited)
Non-GAAP Financial Measures
EBITDA is defined as net income (loss) before interest expense,
net, income tax expense (benefit) and depreciation and
amortization. Adjusted EBITDA is defined as EBITDA adjusted to
exclude certain items which we believe are not reflective of
ongoing performance or which, in the case of share-based
compensation, are non-cash in nature. Adjusted EBITDA margin
represents Adjusted EBITDA as a percentage of total revenues.
Adjusted Net Income is defined as net income attributable to NCS
Multistage Holdings, Inc. adjusted to exclude certain items which
we believe are not reflective of ongoing performance. Adjusted Net
Earnings per Diluted Share is defined as Adjusted Net Income
divided by our diluted weighted average common shares outstanding
during the relevant period. We believe that Adjusted EBITDA,
Adjusted Net Income and Adjusted Net Earnings per Diluted Share are
important measures that exclude costs that management believes do
not reflect our ongoing operating performance and, in the case of
Adjusted EBITDA, certain costs associated with our capital
structure. Accordingly, Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income and Adjusted Net Earnings per Diluted Share are
key metrics that management uses to assess the period-to-period
performance of our core business operations. We believe that
presenting Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net
Income and Adjusted Net Earnings per Diluted Share enables
investors to assess our performance from period to period using the
same metrics utilized by management and that Adjusted EBITDA,
Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net per
Diluted Share enable investors to evaluate our performance relative
to other companies that are not subject to such factors.
EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net
Income and Adjusted Net Earnings per Diluted Share (our “non-GAAP
financial measures”) are not defined under generally accepted
accounting principles (“GAAP”), are not measures of net income,
income from operations or any other performance measure derived in
accordance with GAAP, and are subject to important limitations. Our
non-GAAP financial measures may not be comparable to similarly
titled measures of other companies in our industry and are not
measures of performance calculated in accordance with GAAP. Our
non-GAAP financial measures have important limitations as
analytical tools and you should not consider them in isolation or
as substitutes for analysis of our financial performance as
reported under GAAP and they should not be considered as
alternatives to net income (loss) or any other performance measures
derived in accordance with GAAP as measures of operating
performance or as alternatives to cash flow from operating
activities as measures of our liquidity.
The tables below set forth reconciliations of our non-GAAP
financial measures to the most directly comparable measure of
financial performance calculated under GAAP:
|
ADJUSTED NET INCOME AND ADJUSTED NET EARNINGS
PER DILUTED SHARE |
|
|
|
Three Months Ended |
|
|
March 31, 2018 |
|
March 31, 2017 |
|
|
Effect on Net Income (After- Tax) |
|
Impact onDiluted EarningsPer
Share |
|
Effect on Net Income (After- Tax) |
|
Impact onDiluted EarningsPer
Share |
Net income attributable
to NCS Multistage Holdings, Inc. |
|
$ |
10,978 |
|
|
$ |
0.23 |
|
|
$ |
6,550 |
|
$ |
0.18 |
Adjustments (after
tax) |
|
|
|
|
|
|
|
|
|
|
|
|
IPO-related professional expense (a) |
|
|
— |
|
|
|
— |
|
|
|
1,120 |
|
|
0.03 |
Acquisition and merger costs (b) |
|
|
— |
|
|
|
— |
|
|
|
232 |
|
|
0.01 |
Realized
and unrealized (gains) losses (c) |
|
|
(156 |
) |
|
|
— |
|
|
|
648 |
|
|
0.01 |
Change in
fair value of contingent consideration (d) |
|
|
(1,005 |
) |
|
|
(0.02 |
) |
|
|
— |
|
|
— |
Adjusted net
income attributable to NCS Multistage Holdings, Inc. |
|
$ |
9,817 |
|
|
$ |
0.21 |
|
|
$ |
8,550 |
|
$ |
0.23 |
_____________________(a) Represents non-capitalizable costs of
professional services incurred in connection with our IPO.(b)
Represents costs of professional services incurred in connection
with our acquisition of a 50% interest in Repeat Precision and
Spectrum acquisition.(c) Represents realized and unrealized foreign
currency translation gains and losses primarily in respect of our
indebtedness.(d) Represents the change in the fair value of the
earn-outs associated with our acquisitions.
|
NCS MULTISTAGE HOLDINGS, INC. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(In thousands) |
(Unaudited) |
|
ADJUSTED EBITDA AND ADJUSTED EBITDA
MARGIN |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2018 |
|
2017 |
Net income |
|
$ |
11,865 |
|
|
$ |
6,348 |
|
Income tax expense |
|
|
945 |
|
|
|
2,100 |
|
Interest expense,
net |
|
|
457 |
|
|
|
1,509 |
|
Depreciation |
|
|
1,099 |
|
|
|
564 |
|
Amortization |
|
|
3,321 |
|
|
|
6,022 |
|
EBITDA |
|
|
17,687 |
|
|
|
16,543 |
|
Share-based
compensation (a) |
|
|
2,374 |
|
|
|
337 |
|
Professional fees
(b) |
|
|
(104 |
) |
|
|
1,791 |
|
Unrealized foreign
currency loss (c) |
|
|
1,651 |
|
|
|
79 |
|
Realized foreign
currency (gain) loss (d) |
|
|
(1,834 |
) |
|
|
862 |
|
Change in fair value of
contingent consideration (e) |
|
|
(1,353 |
) |
|
|
— |
|
Other (f) |
|
|
241 |
|
|
|
(382 |
) |
Adjusted EBITDA |
|
$ |
18,662 |
|
|
$ |
19,230 |
|
Adjusted EBITDA Margin |
|
|
26 |
% |
|
|
33 |
% |
|
_____________________(a) Represents non-cash compensation
charges related to share-based compensation granted to our
officers, employees and directors.(b) Represents non-capitalizable
costs of professional services incurred in connection with our IPO,
financings, refinancings and the evaluation of proposed and
completed acquisitions.(c) Represents unrealized foreign currency
translation gains and losses primarily in respect of our
indebtedness.(d) Represents realized foreign currency translation
gains and losses with respect to principal and interest payments
related to our indebtedness.(e) Represents the change in the fair
value of the earn-outs associated with our acquisitions.(f)
Represents the impact of a research and development subsidy that is
included in income tax expense (benefit) in accordance with GAAP,
fees incurred in connection with refinancing our credit facilities,
arbitration awards, board of directors fees and travel expenses
prior to our IPO as permitted by the terms of our prior credit
agreement and other charges and credits.
|
NCS MULTISTAGE HOLDINGS, INC. |
REVENUE BY GEOGRAPHIC AREA |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2018 |
|
2017 |
United
States |
|
|
|
|
|
|
Product
sales |
|
$ |
13,577 |
|
$ |
12,313 |
Services |
|
|
8,423 |
|
|
2,762 |
Total
United States |
|
|
22,000 |
|
|
15,075 |
Canada |
|
|
|
|
|
|
Product
sales |
|
|
35,698 |
|
|
32,190 |
Services |
|
|
11,477 |
|
|
9,482 |
Total
Canada |
|
|
47,175 |
|
|
41,672 |
Other
Countries |
|
|
|
|
|
|
Product
sales |
|
|
833 |
|
|
1,071 |
Services |
|
|
678 |
|
|
818 |
Total
Other Countries |
|
|
1,511 |
|
|
1,889 |
Total |
|
|
|
|
|
|
Product
sales |
|
|
50,108 |
|
|
45,574 |
Services |
|
|
20,578 |
|
|
13,062 |
Total |
|
$ |
70,686 |
|
$ |
58,636 |
NCS Multistage (NASDAQ:NCSM)
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부터 6월(6) 2024 으로 7월(7) 2024
NCS Multistage (NASDAQ:NCSM)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024