Frank’s International N.V. Announces Fourth Quarter and Full Year 2020 Results
Fourth Quarter 2020 Financial Highlights
- Delivered fourth quarter revenue of
$96.3 million , a 14.1% increase over the prior period, primarily driven by 22.9% sequential revenue improvement in our Tubular Running Services segment. - Fourth quarter net loss of
$8.2 million , an improvement of more than 70% over the prior period. - Generated fourth quarter Adjusted EBITDA of
$4.6 million , moving the company back into positive territory compared to the prior two quarters, with profitability improving across all operating segments due to higher customer activity levels and continued realization of cost savings. - Fourth quarter cash flows from operating activities totaled
$14.3 million generating free cash flow of$11.6 million driven by a relentless focus on working capital, cost reductions and reducing capital expenditures. - Completed Profitability Improvement Plan actions for the year which led to over
$55 million of support cost savings during 2020.
“We delivered solid sequential revenue growth in the fourth quarter primarily due to significant improvement in our Tubular Running Services segment and a strengthening backdrop in our
Full Year 2020 Financial Highlights
- Revenue of
$390.4 million decreased 32.7% compared to the prior year period of$579.9 million due to unprecedented declines in customer spending and associated activity levels caused by the COVID-19 pandemic. - Full year net loss of
$156.2 million compared to$235.3 million in the prior year period. - Adjusted EBITDA totaled
$9.0 million , compared to$57.5 million in the prior year period, with associated margins of 2.3%. - Year over year cost reductions totaled over
$143 million including the effect of Profitability Improvement Plan actions. - Generated
$11.2 million in free cash flow during the year with total liquidity position of$233.8 million at year end. - Delivered the best safety performance with the lowest TRIR in Company history despite the challenges created by the COVID-19 pandemic.
“From an operations perspective, we consolidated into key operating basins and properly scaled our operations to more efficiently service our customers. As a result, we are well positioned to quickly pivot as market conditions improve, as we experienced during the fourth quarter. The combination of our operational efficiency improvements and cost reduction actions enabled our organization to generate substantially more free cash flow in 2020, on a materially smaller revenue base, when compared to prior year periods. The tough choices we made last year regarding permanent cost reductions will enable our organization to capture enhanced profitability faster as the market continues to improve.
“Throughout 2020, we commercialized and deployed various technologies designed to improve efficiency, reduce costs, and enhance operational service quality and safety. Several of our recently commercialized and successfully deployed technologies, such as our CENTRI-FI™ digital control system, are focused on improving safety by reducing headcount at well center as well as fewer personnel required to perform a job. During the fourth quarter, CENTRI-FI™ was deployed to a significant international operator resulting in efficiency gains during casing operations, garnering high praise for personnel reductions, increased safety and overall job cost savings. Additionally, we recently deployed our digital Remote CAM Viewer on multiple jobs in the
“In past quarters, I have acknowledged the dedication and resiliency of our workforce and I remain extremely proud of how our organization has stayed focused on managing things within its control and continuing to deliver excellent service quality to all our customers. The challenges we have overcome place our organization in a position of strength as we enter 2021. We saw positive operational momentum build in the fourth quarter of 2020 and we expect to see further gains as we move through the year. For 2021, we will remain focused on growing our Tubulars segment in select markets and continuing the expansion of our Cementing Equipment segment internationally. Even though the market is improving, and customer demand is increasing, we will maintain our disciplined approach to our capital spending and stay focused on properly managing our overall cost structure. We have built a solid operational platform that will enable our organization to continue to improve our service offerings and to bring additional technologies to market, that will not only reduce costs for our customers, but for our organization as well. In 2021 our focus remains on generating long-term value for our stakeholders, generating free cash flow, and bringing differentiated technologies to the market,” concluded
Segment Results
Tubular Running Services
Tubular Running Services revenue totaled
Segment adjusted EBITDA in the fourth quarter of 2020 totaled
Tubulars
Tubulars revenue in the fourth quarter of 2020 totaled
Segment adjusted EBITDA in the fourth quarter of 2020 totaled
Cementing Equipment
Cementing Equipment revenue totaled
Segment adjusted EBITDA in the fourth quarter of 2020 totaled
Profit Improvement Actions Update
The Company realized reductions in its overall cost structure of 27% year over year, which included approximately
In the fall of 2019, the Company announced a Profitability Improvement Program (PIP) with a goal of saving
Other Financial Information
Capital expenditures related to property, plant and equipment and intangibles totaled
As of
Income taxes for the quarter represented a benefit of
The financial measures provided that are not presented in accordance with
Conference Call
The Company will host a conference call to discuss fourth quarter 2020 results on
An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.
About Frank’s International
Frank’s
Investor Contact:
investor.info@franksintl.com
281-966-7300
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Services | $ | 82,373 | $ | 66,418 | $ | 111,469 | $ | 328,457 | $ | 473,538 | ||||||||||||||
Products | 13,975 | 17,999 | 27,972 | 61,901 | 106,382 | |||||||||||||||||||
Total revenue | 96,348 | 84,417 | 139,441 | 390,358 | 579,920 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization | ||||||||||||||||||||||||
Services | 67,675 | 56,574 | 82,556 | 264,680 | 338,325 | |||||||||||||||||||
Products | 11,392 | 13,733 | 20,816 | 47,399 | 78,666 | |||||||||||||||||||
General and administrative expenses | 14,623 | 18,665 | 24,086 | 82,257 | 120,444 | |||||||||||||||||||
Depreciation and amortization | 17,249 | 15,950 | 22,163 | 70,169 | 92,800 | |||||||||||||||||||
— | — | 111,108 | 57,146 | 111,108 | ||||||||||||||||||||
Severance and other charges, net | 3,587 | 3,549 | 43,938 | 33,023 | 50,430 | |||||||||||||||||||
(Gain) loss on disposal of assets | (526 | ) | (308 | ) | 53 | (1,424 | ) | 1,037 | ||||||||||||||||
Operating loss | (17,652 | ) | (23,746 | ) | (165,279 | ) | (162,892 | ) | (212,890 | ) | ||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Tax receivable agreement (“TRA”) related adjustments | — | — | — | — | 220 | |||||||||||||||||||
Other income (expense), net | (201 | ) | 109 | (1,715 | ) | 2,090 | 1,103 | |||||||||||||||||
Interest income (expense), net | 94 | (93 | ) | 508 | 712 | 2,265 | ||||||||||||||||||
Foreign currency gain (loss) | 5,654 | 2,334 | 1,817 | (211 | ) | (2,233 | ) | |||||||||||||||||
Total other income | 5,547 | 2,350 | 610 | 2,591 | 1,355 | |||||||||||||||||||
Loss before income taxes | (12,105 | ) | (21,396 | ) | (164,669 | ) | (160,301 | ) | (211,535 | ) | ||||||||||||||
Income tax expense (benefit) | (3,899 | ) | 6,395 | 3,424 | (4,081 | ) | 23,794 | |||||||||||||||||
Net loss | $ | (8,206 | ) | $ | (27,791 | ) | $ | (168,093 | ) | $ | (156,220 | ) | $ | (235,329 | ) | |||||||||
Loss per common share: | ||||||||||||||||||||||||
Basic and diluted | $ | (0.04 | ) | $ | (0.12 | ) | $ | (0.75 | ) | $ | (0.69 | ) | $ | (1.05 | ) | |||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||
Basic and diluted | 226,313 | 226,143 | 225,504 | 226,042 | 225,159 |
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||||||
SELECTED OPERATING SEGMENT DATA | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Tubular Running Services | $ | 64,961 | $ | 52,926 | $ | 93,356 | $ | 269,711 | $ | 400,327 | ||||||||||||||
Tubulars | 15,902 | 16,483 | 21,177 | 53,668 | 74,687 | |||||||||||||||||||
Cementing Equipment | 15,485 | 15,008 | 24,908 | 66,979 | 104,906 | |||||||||||||||||||
Total | $ | 96,348 | $ | 84,417 | $ | 139,441 | $ | 390,358 | $ | 579,920 | ||||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||||||
Tubular Running Services | $ | 3,835 | $ | 982 | $ | 18,582 | $ | 22,171 | $ | 85,601 | ||||||||||||||
Tubulars | 3,882 | 1,806 | 3,073 | 7,765 | 11,575 | |||||||||||||||||||
Cementing Equipment | 3,974 | 3,376 | 4,235 | 10,780 | 14,089 | |||||||||||||||||||
Corporate | (7,075 | ) | (7,151 | ) | (11,211 | ) | (31,720 | ) | (53,744 | ) | ||||||||||||||
Total | $ | 4,616 | $ | (987 | ) | $ | 14,679 | $ | 8,996 | $ | 57,521 |
FRANK’ |
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CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
2020 | 2019 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 209,575 | $ | 195,383 | |||||
Restricted cash | 1,672 | 1,357 | |||||||
Short-term investments | 2,252 | — | |||||||
Accounts receivables, net | 110,607 | 166,694 | |||||||
Inventories, net | 81,718 | 78,829 | |||||||
Assets held for sale | 2,939 | 13,795 | |||||||
Other current assets | 7,744 | 10,360 | |||||||
Total current assets | 416,507 | 466,418 | |||||||
Property, plant and equipment, net | 272,707 | 328,432 | |||||||
42,785 | 99,932 | ||||||||
Intangible assets, net | 7,897 | 16,971 | |||||||
Deferred tax assets, net | 18,030 | 16,590 | |||||||
Operating lease right-of-use assets | 28,116 | 32,585 | |||||||
Other assets | 30,859 | 33,237 | |||||||
Total assets | $ | 816,901 | $ | 994,165 | |||||
Liabilities and Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued liabilities | $ | 99,986 | $ | 120,321 | |||||
Current portion of operating lease liabilities | 7,832 | 7,925 | |||||||
Deferred revenue | 586 | 657 | |||||||
Other current liabilities | 1,674 | — | |||||||
Total current liabilities | 110,078 | 128,903 | |||||||
Deferred tax liabilities | 1,548 | 2,923 | |||||||
Non-current operating lease liabilities | 21,208 | 24,969 | |||||||
Other non-current liabilities | 22,818 | 27,076 | |||||||
Total liabilities | 155,652 | 183,871 | |||||||
Stockholders’ equity: | |||||||||
Common stock | 2,866 | 2,846 | |||||||
Additional paid-in capital | 1,087,733 | 1,075,809 | |||||||
Accumulated deficit | (377,346 | ) | (220,805 | ) | |||||
Accumulated other comprehensive loss | (31,966 | ) | (30,298 | ) | |||||
(20,038 | ) | (17,258 | ) | ||||||
Total stockholders’ equity | 661,249 | 810,294 | |||||||
Total liabilities and equity | $ | 816,901 | $ | 994,165 |
FRANK’S INTERNATIONAL N.V. | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
(In thousands) | |||||||||
Year Ended |
|||||||||
2020 | 2019 | ||||||||
Cash flows from operating activities | |||||||||
Net loss | $ | (156,220 | ) | $ | (235,329 | ) | |||
Adjustments to reconcile net loss to cash from operating activities | |||||||||
Depreciation and amortization | 70,169 | 92,800 | |||||||
Equity-based compensation expense | 11,010 | 11,280 | |||||||
57,146 | 111,108 | ||||||||
Loss on asset impairments and retirements | 21,225 | 40,686 | |||||||
Amortization of deferred financing costs | 388 | 371 | |||||||
Deferred tax provision (benefit) | (2,823 | ) | 727 | ||||||
Provision for bad debts | 938 | 1,281 | |||||||
(Gain) loss on disposal of assets | (1,424 | ) | 1,037 | ||||||
Changes in fair value of investments | (1,106 | ) | (2,747 | ) | |||||
Unrealized (gain) loss on derivative instruments | — | 222 | |||||||
Other | (64 | ) | (1,522 | ) | |||||
Changes in operating assets and liabilities | |||||||||
Accounts receivable | 54,707 | 22,152 | |||||||
Inventories | (1,573 | ) | (10,694 | ) | |||||
Other current assets | 4,437 | 856 | |||||||
Other assets | 848 | (1,285 | ) | ||||||
Accounts payable and accrued liabilities | (14,589 | ) | (3,937 | ) | |||||
Deferred revenue | (74 | ) | 545 | ||||||
Other non-current liabilities | (3,344 | ) | (503 | ) | |||||
Net cash provided by operating activities | 39,651 | 27,048 | |||||||
Cash flows from investing activities | |||||||||
Purchases of property, plant and equipment and intangibles | (28,473 | ) | (36,942 | ) | |||||
Proceeds from sale of assets | 8,319 | 791 | |||||||
Purchase of investments | (2,252 | ) | (20,122 | ) | |||||
Proceeds from sale of investments | 2,832 | 46,739 | |||||||
Other | (460 | ) | (512 | ) | |||||
Net cash used in investing activities | (20,034 | ) | (10,046 | ) | |||||
Cash flows from financing activities | |||||||||
Repayments of borrowings | (236 | ) | (5,627 | ) | |||||
(1,282 | ) | (1,886 | ) | ||||||
(1,498 | ) | — | |||||||
Proceeds from the issuance of ESPP shares | 934 | 1,752 | |||||||
Deferred financing costs | — | (184 | ) | ||||||
Net cash used in financing activities | (2,082 | ) | (5,945 | ) | |||||
Effect of exchange rate changes on cash | (3,028 | ) | (529 | ) | |||||
Net increase in cash, cash equivalents and restricted cash | 14,507 | 10,528 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 196,740 | 186,212 | |||||||
Cash, cash equivalents and restricted cash at end of period | $ | 211,247 | $ | 196,740 |
Forward Looking Statements
This release 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, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, including COVID-19, the continuation of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for
Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The Company defines adjusted net loss as net loss before goodwill impairment and severance and other charges, net, net of tax. The Company defines adjusted net loss per share as net loss before goodwill impairment and severance and other charges, net, net of tax, divided by diluted weighted average common shares. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment and intangibles. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | $ | 96,348 | $ | 84,417 | $ | 139,441 | $ | 390,358 | $ | 579,920 | ||||||||||||||
Net loss | $ | (8,206 | ) | $ | (27,791 | ) | $ | (168,093 | ) | $ | (156,220 | ) | $ | (235,329 | ) | |||||||||
— | — | 111,108 | 57,146 | 111,108 | ||||||||||||||||||||
Severance and other charges, net | 3,587 | 3,549 | 43,938 | 33,023 | 50,430 | |||||||||||||||||||
Interest (income) expense, net | (94 | ) | 93 | (508 | ) | (712 | ) | (2,265 | ) | |||||||||||||||
Depreciation and amortization | 17,249 | 15,950 | 22,163 | 70,169 | 92,800 | |||||||||||||||||||
Income tax expense (benefit) | (3,899 | ) | 6,395 | 3,424 | (4,081 | ) | 23,794 | |||||||||||||||||
(Gain) loss on disposal of assets | (526 | ) | (308 | ) | 53 | (1,424 | ) | 1,037 | ||||||||||||||||
Foreign currency (gain) loss | (5,654 | ) | (2,334 | ) | (1,817 | ) | 211 | 2,233 | ||||||||||||||||
TRA related adjustments | — | — | — | — | (220 | ) | ||||||||||||||||||
Charges and credits (1) | 2,159 | 3,459 | 4,411 | 10,884 | 13,933 | |||||||||||||||||||
Adjusted EBITDA | $ | 4,616 | $ | (987 | ) | $ | 14,679 | $ | 8,996 | $ | 57,521 | |||||||||||||
Adjusted EBITDA margin | 4.8 | % | (1.2 | ) | % | 10.5 | % | 2.3 | % | 9.9 | % |
________________________ | |
(1) | Comprised of Equity-based compensation expense (for the three months ended |
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
SEGMENT ADJUSTED EBITDA RECONCILIATION | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||||||
Tubular Running Services | $ | 3,835 | $ | 982 | $ | 18,582 | $ | 22,171 | $ | 85,601 | ||||||||||||||
Tubulars | 3,882 | 1,806 | 3,073 | 7,765 | 11,575 | |||||||||||||||||||
Cementing Equipment | 3,974 | 3,376 | 4,235 | 10,780 | 14,089 | |||||||||||||||||||
Corporate | (7,075 | ) | (7,151 | ) | (11,211 | ) | (31,720 | ) | (53,744 | ) | ||||||||||||||
4,616 | (987 | ) | 14,679 | 8,996 | 57,521 | |||||||||||||||||||
— | — | (111,108 | ) | (57,146 | ) | (111,108 | ) | |||||||||||||||||
Severance and other charges, net | (3,587 | ) | (3,549 | ) | (43,938 | ) | (33,023 | ) | (50,430 | ) | ||||||||||||||
Interest income (expense), net | 94 | (93 | ) | 508 | 712 | 2,265 | ||||||||||||||||||
Depreciation and amortization | (17,249 | ) | (15,950 | ) | (22,163 | ) | (70,169 | ) | (92,800 | ) | ||||||||||||||
Income tax (expense) benefit | 3,899 | (6,395 | ) | (3,424 | ) | 4,081 | (23,794 | ) | ||||||||||||||||
Gain (loss) on disposal of assets | 526 | 308 | (53 | ) | 1,424 | (1,037 | ) | |||||||||||||||||
Foreign currency gain (loss) | 5,654 | 2,334 | 1,817 | (211 | ) | (2,233 | ) | |||||||||||||||||
TRA related adjustments | — | — | — | — | 220 | |||||||||||||||||||
Charges and credits (1) | (2,159 | ) | (3,459 | ) | (4,411 | ) | (10,884 | ) | (13,933 | ) | ||||||||||||||
Net loss | $ | (8,206 | ) | $ | (27,791 | ) | $ | (168,093 | ) | $ | (156,220 | ) | $ | (235,329 | ) |
________________________ | |
(1) | Comprised of Equity-based compensation expense (for the three months ended |
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
FREE CASH FLOW RECONCILIATION | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Net cash provided by operating activities | $ | 14,336 | $ | 21,169 | $ | 18,563 | $ | 39,651 | $ | 27,048 | ||||||||||
Less: purchases of property, plant and equipment and intangibles | 2,751 | 5,463 | 9,963 | 28,473 | 36,942 | |||||||||||||||
Free cash flow | $ | 11,585 | $ | 15,706 | $ | 8,600 | $ | 11,178 | $ | (9,894 | ) |
FRANK’S INTERNATIONAL N.V. | ||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION | ||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net loss | $ | (8,206 | ) | $ | (27,791 | ) | $ | (168,093 | ) | $ | (156,220 | ) | $ | (235,329 | ) | |||||||||
— | — | 111,108 | 55,740 | 111,108 | ||||||||||||||||||||
Severance and other charges, net (net of tax) | 3,543 | 4,889 | 43,868 | 33,724 | 50,360 | |||||||||||||||||||
Net loss excluding certain items | $ | (4,663 | ) | $ | (22,902 | ) | $ | (13,117 | ) | $ | (66,756 | ) | $ | (73,861 | ) | |||||||||
Loss per diluted share | $ | (0.04 | ) | $ | (0.12 | ) | $ | (0.75 | ) | $ | (0.69 | ) | $ | (1.05 | ) | |||||||||
— | — | 0.49 | 0.25 | 0.49 | ||||||||||||||||||||
Severance and other charges, net (net of tax) | 0.02 | 0.02 | 0.20 | 0.14 | 0.23 | |||||||||||||||||||
Loss per diluted share excluding certain items | $ | (0.02 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.30 | ) | $ | (0.33 | ) |
Source: Frank's International N.V.