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    NEWPARK RESOURCES REPORTS FIRST QUARTER 2024 RESULTS

    5/2/24 4:15:00 PM ET
    $NR
    Metal Fabrications
    Industrials
    Get the next $NR alert in real time by email

    THE WOODLANDS, Texas, May 2, 2024 /PRNewswire/ -- Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today announced results for the first quarter ended March 31, 2024. 

    Newpark Resources, Inc. (PRNewsfoto/Newpark Resources, Inc.)

    FIRST QUARTER 2024 RESULTS

    (all comparisons versus the prior year period unless otherwise noted)

    • Net income +30% to $7.3 million, or $0.08 per diluted share
    • Adjusted Net Income of $8.9 million, or $0.10 per diluted share
    • Adjusted EBITDA +1% to $21.3 million
    • Adjusted EBITDA margin of 12.6%, +210 basis points
    • Total Debt of $77 million, Net Debt of $40 million and Net Leverage of 0.5x as of March 31, 2024


    First Quarter







    (In millions)

    2024



    2023



    Change



    Revenues

    $             169.1



    $             200.0



    $            (30.9)



    Operating income

    $               11.9



    $               10.1



    $               1.8



    Net cash provided by operating activities

    $               12.0



    $               29.4



    $            (17.4)



    Free Cash Flow

    $                (0.8)



    $               23.2



    $            (24.0)



    Fluids Systems Segment













    Revenues

    $             120.1



    $             144.2



    $            (24.1)



    Operating income

    $                 6.8



    $                 3.5



    $               3.3



    Adjusted EBITDA

    $                 8.6



    $                 8.7



    $              (0.1)



    Operating margin (%)

    5.7 %



    2.4 %



    330

    bps

    Adjusted EBITDA margin (%)

    7.2 %



    6.0 %



    120

    bps

    Industrial Solutions Segment













    Revenues

    $               49.0



    $               55.9



    $              (6.9)



    Operating income

    $               12.9



    $               14.5



    $              (1.6)



    Adjusted EBITDA

    $               18.0



    $               19.7



    $              (1.7)



    Operating margin (%)

    26.4 %



    25.9 %



    50

    bps

    Adjusted EBITDA margin (%)

    36.8 %



    35.3 %



    150

    bps

    MANAGEMENT COMMENTARY

    "Early into 2024, we've continued to advance our multi-year value creation strategy as we position Newpark to become a market-leading, pure-play specialty rental business serving the global worksite access market," stated Matthew Lanigan, President and CEO of Newpark. "Our focus on asset optimization, operational excellence and returns-focused capital deployment contributed to 210 basis points of Adjusted EBITDA margin expansion in the first quarter, including contributions from both our Industrial Solutions and Fluids Systems segments as well as our corporate office."

    "Within our Industrial Solutions business, our first quarter performance reflects a combination of improved operating leverage and a more favorable sales mix, resulting in segment EBITDA margin of nearly 37%, an increase of 150 basis points versus the prior-year period," continued Lanigan. "While segment revenue declined versus the prior-year period due to the timing of product sales supporting customer projects, rental demand conditions strengthened as the quarter progressed, with rental volumes reaching record levels entering the second quarter. We also continued to expand our rental fleet during the first quarter, positioning us to capitalize on strengthening demand conditions."

    "Within our Fluids Systems business, a combination of stronger international activity, together with the benefits of recent cost actions, contributed to 120 basis points of EBITDA margin expansion," continued Lanigan. "Our revenues from international operations increased 19% versus the prior year, supported by strong growth from both our Eastern Hemisphere and Canadian operations."

    "We are continuing to work diligently through the Fluids Systems strategic review and remain focused on having the process substantially concluded by mid-year 2024," noted Lanigan. "By simplifying our business, and focusing exclusively on worksite access industrial solutions, we intend to build a higher margin, more competitive business capable of delivering superior returns on invested capital through the cycle."

    BUSINESS UPDATE

    Newpark is engaged in a multi-year business transformation plan designed to drive organic commercial growth within targeted, higher-margin product and rental markets; improve asset optimization and organizational efficiency; and pursue a capital allocation strategy that prioritizes investments in opportunities with superior return profiles, together with a programmatic return of capital program.

    During the first quarter 2024, Newpark continued to deliver on its business transformation plan, highlighted by the following (all comparisons versus the prior year period unless otherwise noted):

    • Accelerating worksite access solutions demand entering the second quarter 2024. Industrial Solutions revenue from specialty rental and services decreased 3% for the first quarter of 2024, as declines from oil and gas, pipeline and other sectors was partially offset by 7% revenue growth in the utilities sector. Following a subdued start to 2024, rental and service activity strengthened later in the first quarter, setting up for a strong second quarter.
    • Fluids Systems segment continues momentum in international operations. The segment delivered strong international revenue growth in the first quarter of 2024, with international operations contributing 75% of Fluids Systems revenue in the quarter. Newpark's Eastern Hemisphere revenue increased 24% to $68 million and Canada increased 10% to $21 million.
    • Delivered margin expansion across reporting segments. Consolidated gross margin increased 280 basis points year-over-year to 20.4%, benefitting from a higher contribution from Industrial Solutions and improving Fluids Systems fundamentals. Adjusted EBITDA margin improved 210 basis points to 12.6% in the first quarter of 2024. Both reporting segments delivered margin expansion compared to the prior year period, with Industrial Solutions segment Adjusted EBITDA margin increasing 150 basis points to 36.8%, and Fluids Systems segment Adjusted EBITDA margin increasing 120 basis points to 7.2%. Margin expansion was attributable to a combination of improved asset optimization and operating expense leverage in Industrial Solutions, along with the positive impacts of improved pricing and restructuring actions in Fluids Systems.
    • Robust return of capital program. In February 2024, the Board of Directors increased the authorization for repurchases of common stock up to $50.0 million. In 2023, Newpark repurchased more than $30 million of its common equity, representing more than 7% of total shares outstanding. No share repurchases were made in the first quarter of 2024.
    • Driving operational efficiency through streamlining efforts. During the first quarter of 2024, the Company continued to take actions to streamline our overhead structure across both segments and the corporate office, generating approximately $3 million in annual cost savings.
    • Strategic Review of Fluids Process Underway. The Company remains actively engaged in a strategic review of its Fluids Systems segment and anticipates the review will be substantially completed by mid-year 2024.

    FINANCIAL PERFORMANCE

    In the first quarter 2024, Newpark generated net income of $7.3 million, or $0.08 per diluted share, on total revenue of $169.1 million, compared to net income of $5.6 million, or $0.06 per diluted share, on total revenue of $200.0 million, in the prior year period.

    The Company reported first quarter Adjusted Net Income of $8.9 million, or $0.10 per diluted share, compared to Adjusted Net Income of $8.2 million, or $0.09 per diluted share, in the prior year period. Newpark reported Adjusted EBITDA of $21.3 million in the first quarter of 2024, or 12.6% of total revenue, compared to $21.0 million, or 10.5% of total revenue, in the first quarter of 2023.

    The Industrial Solutions segment generated revenues of $49.0 million in the first quarter of 2024, compared to $55.9 million in the prior year period. Segment operating income was $12.9 million in the first quarter, compared to $14.5 million in the prior year period. The first quarter 2024 Industrial Solutions segment operating income includes a $0.6 million gain on legal settlement, offset by $0.5 million in severance costs.

    The Fluids Systems segment generated revenues of $120.1 million in the first quarter of 2024, compared to $144.2 million in the prior year period. Segment operating income was $6.8 million in the first quarter, compared to $3.5 million in the prior year period. The first quarter 2024 Fluids Systems segment operating income includes $0.8 million in severance costs and transaction expenses related to the ongoing Fluids Systems segment sale process, offset by a $0.8 million gain on insurance recovery. The first quarter 2023 Fluids Systems segment operating results included $3.2 million in charges primarily related to facility exit and severance costs.

    Corporate office expenses were $7.9 million in the first quarter of 2024, compared to $7.8 million in the prior year period. The first quarter 2024 corporate office expenses include $2.1 million in transaction expenses related to the ongoing Fluids Systems segment sale process and severance costs.

    BALANCE SHEET AND LIQUIDITY

    As of March 31, 2024, Newpark had total cash of $38 million and available liquidity under its ABL credit facility of $58 million. At the end of the first quarter, the Company had total Net Debt outstanding of $40 million, or 0.5x its trailing twelve-month Adjusted EBITDA as of March 31, 2024. 

    Newpark generated $12 million of operating cash flow in the first quarter of 2024. Capital investments totaled $13 million, net, in the first quarter of 2024, primarily related to the expansion of Newpark's composite matting rental fleet.

    FINANCIAL GUIDANCE

    The following forward-looking guidance reflects the Company's current expectations and beliefs as of May 2, 2024 and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.

    For the full year 2024, Newpark currently anticipates the following:

    • Industrial Solutions segment revenue in a range of $230 million to $240 million and segment Adjusted EBITDA in a range of $80 million to $85 million
    • Total Industrial Solutions capital expenditures in a range of $30 million to $35 million

    FIRST QUARTER 2024 RESULTS CONFERENCE CALL

    A conference call will be held Friday, May 3, 2024 at 9:30 a.m. ET to review the Company's financial results and conduct a question-and-answer session.

    A webcast of the conference call will be available in the Investor Relations section of the Company's website at www.newpark.com. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To participate in the live teleconference:

    Domestic Live:

    800-245-3047

    International Live:

    203-518-9765

    Conference ID:

    NRQ124

    To listen to a replay of the teleconference, which subsequently will be available through May 10, 2024:

    Domestic Replay:

    888-723-6062

    International Replay:

    402-220-2665

    ABOUT NEWPARK RESOURCES

    Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com.

    FORWARD-LOOKING STATEMENTS

    This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our exploration of strategic alternatives for the long-term positioning of our Fluids Systems division; divestitures; the worldwide oil and natural gas industry; our ability to generate internal growth; economic and market conditions that may impact our customers' future spending; our customer concentration and reliance on the U.S. exploration and production market; our international operations; the ongoing conflicts in Europe and the Middle East; operating hazards present in the oil and natural gas and utilities industries and substantial liability claims, including catastrophic well incidents; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. Newpark's filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.newpark.com.

     

    Newpark Resources, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)





    Three Months Ended

    (In thousands, except per share data)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Revenues

    $         169,107



    $         167,816



    $         200,030

    Cost of revenues

    134,587



    137,020



    164,738

    Selling, general and administrative expenses

    24,344



    23,329



    25,410

    Other operating (income) loss, net

    (1,683)



    (435)



    (261)

    Impairments and other charges

    —



    3,540



    —

    Operating income

    11,859



    4,362



    10,143













    Foreign currency exchange (gain) loss

    (31)



    495



    319

    Interest expense, net

    1,750



    1,919



    2,089

    Income before income taxes

    10,140



    1,948



    7,735













    Provision for income taxes

    2,847



    2,424



    2,115

    Net income (loss)

    $              7,293



    $               (476)



    $              5,620













    Calculation of EPS:











    Net income (loss) - basic and diluted

    $              7,293



    $               (476)



    $              5,620













    Weighted average common shares outstanding - basic

    85,001



    85,003



    88,573

    Dilutive effect of stock options and restricted stock awards

    2,244



    —



    1,997

    Weighted average common shares outstanding - diluted

    87,245



    85,003



    90,570













    Net income (loss) per common share - basic:

    $                0.09



    $              (0.01)



    $                0.06

    Net income (loss) per common share - diluted:

    $                0.08



    $              (0.01)



    $                0.06

     

    Newpark Resources, Inc.

    Operating Segment Results

    (Unaudited)





    Three Months Ended

    (In thousands)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Revenues











    Fluids Systems

    $        120,140



    $        121,361



    $        144,174

    Industrial Solutions

    48,967



    46,455



    55,856

    Total revenues

    $        169,107



    $        167,816



    $        200,030













    Operating income (loss)











    Fluids Systems

    $             6,836



    $         (1,147)



    $             3,466

    Industrial Solutions

    12,936



    11,415



    14,483

    Corporate office

    (7,913)



    (5,906)



    (7,806)

    Total operating income

    $          11,859



    $             4,362



    $          10,143













    Segment operating margin











    Fluids Systems

    5.7 %



    (0.9) %



    2.4 %

    Industrial Solutions

    26.4 %



    24.6 %



    25.9 %

    Fluids Systems operating income for the three months ended March 31, 2023 included a $2.3 million loss associated with our now exited Gulf of Mexico operations.

    Newpark Resources, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)



    (In thousands, except share data)

    March 31,

    2024



    December 31,

    2023

    ASSETS







    Cash and cash equivalents

    $             37,695



    $             38,594

    Receivables, net

    169,723



    168,457

    Inventories

    131,599



    141,079

    Prepaid expenses and other current assets

    8,901



    9,094

    Total current assets

    347,918



    357,224









    Property, plant and equipment, net

    203,293



    195,289

    Operating lease assets

    20,779



    20,731

    Goodwill

    47,253



    47,283

    Other intangible assets, net

    16,323



    17,114

    Deferred tax assets

    3,271



    2,628

    Other assets

    1,992



    2,067

    Total assets

    $           640,829



    $           642,336









    LIABILITIES AND STOCKHOLDERS' EQUITY







    Current debt

    $             16,433



    $             16,916

    Accounts payable

    68,370



    70,087

    Accrued liabilities

    39,792



    49,281

    Total current liabilities

    124,595



    136,284









    Long-term debt, less current portion

    61,005



    58,117

    Noncurrent operating lease liabilities

    17,479



    17,404

    Deferred tax liabilities

    7,256



    8,307

    Other noncurrent liabilities

    8,905



    6,860

    Total liabilities

    219,240



    226,972









    Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively)

    1,117



    1,117

    Paid-in capital

    641,061



    639,645

    Accumulated other comprehensive loss

    (65,374)



    (62,839)

    Retained earnings

    18,137



    10,773

    Treasury stock, at cost (26,467,812 and 26,471,738 shares, respectively)

    (173,352)



    (173,332)

    Total stockholders' equity

    421,589



    415,364

    Total liabilities and stockholders' equity

    $           640,829



    $           642,336

     

    Newpark Resources, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)





    Three Months Ended March 31,

    (In thousands)

    2024



    2023

    Cash flows from operating activities:







    Net income

    $                7,293



    $                5,620

    Adjustments to reconcile net income to net cash provided by operations:







    Depreciation and amortization

    7,411



    7,895

    Stock-based compensation expense

    1,495



    1,738

    Provision for deferred income taxes

    (1,551)



    (726)

    Credit loss expense

    137



    272

    Gain on sale of assets

    (390)



    (554)

    Gain on insurance recovery

    (874)



    —

    Amortization of original issue discount and debt issuance costs

    131



    138

    Change in assets and liabilities:







    (Increase) decrease in receivables

    (3,140)



    27,287

    (Increase) decrease in inventories

    8,250



    (3,870)

    Decrease in other assets

    39



    1,098

    Decrease in accounts payable

    (306)



    (1,233)

    Decrease in accrued liabilities and other

    (6,545)



    (8,221)

    Net cash provided by operating activities

    11,950



    29,444









    Cash flows from investing activities:







    Capital expenditures

    (13,882)



    (6,972)

    Proceeds from divestitures

    —



    7,153

    Proceeds from sale of property, plant and equipment

    1,143



    740

    Net cash provided by (used in) investing activities

    (12,739)



    921









    Cash flows from financing activities:







    Borrowings on lines of credit

    52,561



    76,447

    Payments on lines of credit

    (48,633)



    (90,212)

    Purchases of treasury stock

    —



    (15,006)

    Proceeds from employee stock plans

    17



    —

      Other financing activities

    (3,356)



    (1,499)

    Net cash provided by (used in) financing activities

    589



    (30,270)









    Effect of exchange rate changes on cash

    (761)



    375









    Net increase (decrease) in cash, cash equivalents, and restricted cash

    (961)



    470

    Cash, cash equivalents, and restricted cash at beginning of period

    38,901



    25,061

    Cash, cash equivalents, and restricted cash at end of period

    $             37,940



    $             25,531

    Newpark Resources, Inc.

    Non-GAAP Reconciliations

    (Unaudited)

    To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ("GAAP") with non-GAAP financial measures. Such financial measures include Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Common Share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Free Cash Flow, Adjusted EBITDA Margin, Net Debt, and Net Leverage.

    We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.

    Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share

    The following tables reconcile the Company's net income (loss) and net income (loss) per common share calculated in accordance with GAAP to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share:

    Consolidated

    Three Months Ended

    (In thousands)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Net income (loss) (GAAP)

    $              7,293



    $               (476)



    $              5,620

    Fluids sale process transaction expenses

    2,256



    894



    —

    Impairments and other charges

    —



    3,540



    —

    Gain on insurance recovery

    (874)



    —



    —

    Gain on legal settlement

    (550)



    —



    —

    Facility exit costs and other, net

    —



    —



    2,292

    Severance costs

    1,147



    29



    955

    Tax on adjustments

    (416)



    (193)



    (682)

    Adjusted Net Income (non-GAAP)

    $              8,856



    $              3,794



    $              8,185













    Adjusted Net Income (non-GAAP)

    $              8,856



    $              3,794



    $              8,185













    Weighted average common shares outstanding - basic

    85,001



    85,003



    88,573

    Dilutive effect of stock options and restricted stock awards

    2,244



    2,225



    1,997

    Weighted average common shares outstanding - diluted

    87,245



    87,228



    90,570













    Adjusted Net Income Per Common Share - Diluted (non-GAAP):

    $                0.10



    $                0.04



    $                0.09

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

    The following table reconciles the Company's net income (loss) calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin:

    Consolidated

    Three Months Ended

    (In thousands)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Revenues

    $        169,107



    $        167,816



    $        200,030













    Net income (loss) (GAAP)

    $             7,293



    $            (476)



    $             5,620

    Interest expense, net

    1,750



    1,919



    2,089

    Provision for income taxes

    2,847



    2,424



    2,115

    Depreciation and amortization

    7,411



    7,865



    7,895

    EBITDA (non-GAAP)

    19,301



    11,732



    17,719

    Fluids sale process transaction expenses

    2,256



    894



    —

    Impairments and other charges

    —



    3,540



    —

    Gain on insurance recovery

    (874)



    —



    —

    Gain on legal settlement

    (550)



    —



    —

    Facility exit costs and other, net

    —



    —



    2,292

    Severance costs

    1,147



    29



    955

    Adjusted EBITDA (non-GAAP)

    $          21,280



    $          16,195



    $          20,966

    Adjusted EBITDA Margin (non-GAAP)

    12.6 %



    9.7 %



    10.5 %

    Free Cash Flow

    The following table reconciles the Company's net cash provided by operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow:

    Consolidated

    Three Months Ended

    (In thousands)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Net cash provided by operating activities (GAAP)

    11,950



    $           36,159



    29,444

    Capital expenditures

    (13,882)



    (9,098)



    (6,972)

    Proceeds from sale of property, plant and equipment

    1,143



    757



    740

    Free Cash Flow (non-GAAP)

    $               (789)



    $           27,818



    $           23,212

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

    The following tables reconcile the Company's segment operating income calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin:

    Fluids Systems

    Three Months Ended

    (In thousands)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Revenues

    $        120,140



    $        121,361



    $        144,174

    Operating income (loss) (GAAP)

    $             6,836



    $         (1,147)



    $             3,466

    Depreciation and amortization

    1,745



    1,957



    1,975

    EBITDA (non-GAAP)

    8,581



    810



    5,441

    Fluids sale process transaction expenses

    313



    326



    —

    Impairments and other charges

    —



    3,540



    —

    Gain on insurance recovery

    (807)



    —



    —

    Facility exit costs and other, net

    —



    —



    2,292

    Severance costs

    515



    29



    955

    Adjusted EBITDA (non-GAAP)

    $             8,602



    $             4,705



    $             8,688

    Operating Margin (GAAP)

    5.7 %



    (0.9) %



    2.4 %

    Adjusted EBITDA Margin (non-GAAP)

    7.2 %



    3.9 %



    6.0 %





    Industrial Solutions

    Three Months Ended

    (In thousands)

    March 31,

    2024



    December 31,

    2023



    March 31,

    2023

    Revenues

    $          48,967



    $          46,455



    $          55,856

    Operating income (GAAP)

    $          12,936



    $          11,415



    $          14,483

    Depreciation and amortization

    5,181



    5,350



    5,257

    EBITDA (non-GAAP)

    18,117



    16,765



    19,740

    Gain on insurance recovery

    (67)



    —



    —

    Gain on legal settlement

    (550)



    —



    —

    Severance costs

    518



    —



    —

    Adjusted EBITDA (non-GAAP)

    $          18,018



    $          16,765



    $          19,740

    Operating Margin (GAAP)

    26.4 %



    24.6 %



    25.9 %

    Adjusted EBITDA Margin (non-GAAP)

    36.8 %



    36.1 %



    35.3 %

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)



    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - Trailing Twelve Months ("TTM")



    Consolidated

    Three Months Ended



    TTM

    (In thousands)

    June 30,

    2023



    September

    30,


    2023



    December

    31,


    2023



    March 31,

    2024



    March 31,

    2024

    Revenues

    $     183,256



    $     198,498



    $     167,816



    $     169,107



    $     718,677

    Net income (loss) (GAAP)

    $          1,702



    $          7,670



    $          (476)



    $          7,293



    $        16,189

    Interest expense, net

    2,146



    2,027



    1,919



    1,750



    7,842

    Provision for income taxes

    2,132



    3,995



    2,424



    2,847



    11,398

    Depreciation and amortization

    7,908



    7,704



    7,865



    7,411



    30,888

    EBITDA (non-GAAP)

    13,888



    21,396



    11,732



    19,301



    66,317

    Fluids sale process transaction expenses

    —



    892



    894



    2,256



    4,042

    Impairments and other charges

    2,816



    —



    3,540



    —



    6,356

    Gain on insurance recovery

    —



    —



    —



    (874)



    (874)

    Gain on legal settlement

    —



    —



    —



    (550)



    (550)

    Facility exit costs and other, net

    1,944



    358



    —



    —



    2,302

    Severance costs

    1,169



    506



    29



    1,147



    2,851

    Adjusted EBITDA (non-GAAP)

    $        19,817



    $        23,152



    $        16,195



    $        21,280



    $        80,444

    Adjusted EBITDA Margin (non-GAAP)

    10.8 %



    11.7 %



    9.7 %



    12.6 %



    11.2 %



    Fluids Systems

    Three Months Ended



    TTM

    (In thousands)

    June 30,

    2023



    September

    30,


    2023



    December

    31,


    2023



    March 31,

    2024



    March 31,

    2024

    Revenues

    $     135,181



    $     141,236



    $     121,361



    $     120,140



    $     517,918

    Operating income (loss) (GAAP)

    $          1,965



    $          7,573



    $      (1,147)



    $          6,836



    $        15,227

    Depreciation and amortization

    1,961



    1,883



    1,957



    1,745



    7,546

    EBITDA (non-GAAP)

    3,926



    9,456



    810



    8,581



    22,773

    Fluids sale process transaction expenses

    —



    293



    326



    313



    932

    Impairments and other charges

    2,816



    —



    3,540



    —



    6,356

    Gain on insurance recovery

    —



    —



    —



    (807)



    (807)

    Facility exit costs and other, net

    1,944



    358



    —



    —



    2,302

    Severance costs

    148



    40



    29



    515



    732

    Adjusted EBITDA (non-GAAP)

    $          8,834



    $        10,147



    $          4,705



    $          8,602



    $        32,288

    Operating Margin (GAAP)

    1.5 %



    5.4 %



    (0.9) %



    5.7 %



    2.9 %

    Adjusted EBITDA Margin (non-GAAP)

    6.5 %



    7.2 %



    3.9 %



    7.2 %



    6.2 %

     

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)



    Industrial Solutions

    Three Months Ended



    TTM

    (In thousands)

    June 30,

    2023



    September 30,

    2023



    December 31,

    2023



    March 31,

    2024



    March 31,

    2024

    Revenues

    $        48,075



    $        57,262



    $        46,455



    $        48,967



    $     200,759

    Operating income (GAAP)

    $        12,774



    $        14,336



    $        11,415



    $        12,936



    $        51,461

    Depreciation and amortization

    5,277



    5,224



    5,350



    5,181



    21,032

    EBITDA (non-GAAP)

    18,051



    19,560



    16,765



    18,117



    72,493

    Gain on insurance recovery

    —



    —



    —



    (67)



    (67)

    Gain on legal settlement

    —



    —



    —



    (550)



    (550)

    Severance costs

    92



    162



    —



    518



    772

    Adjusted EBITDA (non-GAAP)

    $        18,143



    $        19,722



    $        16,765



    $        18,018



    $        72,648

    Operating Margin (GAAP)

    26.6 %



    25.0 %



    24.6 %



    26.4 %



    25.6 %

    Adjusted EBITDA Margin (non-GAAP)

    37.7 %



    34.4 %



    36.1 %



    36.8 %



    36.2 %

    Net Debt and Net Leverage

    The following table reconciles the Company's total debt calculated in accordance with GAAP to the non-GAAP financial measures of Net Debt and Net Leverage:

    (In thousands)

    March 31,

    2024



    December 31,

    2023

    Current debt

    $             16,433



    $             16,916

    Long-term debt, less current portion

    61,005



    58,117

    Total Debt

    77,438



    75,033

    Less: cash and cash equivalents

    (37,695)



    (38,594)

    Net Debt

    $             39,743



    $             36,439









    Adjusted EBITDA (non-GAAP) - TTM

    $             80,444



    $             80,130









    Net Leverage

    0.5x



    0.5x

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/newpark-resources-reports-first-quarter-2024-results-302135040.html

    SOURCE Newpark Resources, Inc.

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