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    Newpark Resources Reports Second Quarter 2024 Results

    8/5/24 4:15:00 PM ET
    $NR
    Metal Fabrications
    Industrials
    Get the next $NR alert in real time by email

    Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today announced results for the three and six months ended June 30, 2024.

    SECOND QUARTER 2024 RESULTS

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

    • Net income of $8.0 million, or $0.09 per diluted share
    • Adjusted Net Income of $10.4 million, or $0.12 per diluted share
    • Adjusted EBITDA +18% to $23.4 million
    • Adjusted EBITDA margin of 13.1%, +230 basis points
    • Total Debt of $58 million, Net Debt of $23 million and Net Leverage of 0.3x as of June 30, 2024
     

     

    Second Quarter

     

     

     

    (In millions)

    2024

     

    2023

     

    Change

    Revenues

    $

    179.0

     

     

    $

    183.3

     

     

    $

    (4.3

    )

     

    Operating income

    $

    13.3

     

     

    $

    5.9

     

     

    $

    7.4

     

     

    Net cash provided by operating activities

    $

    27.6

     

     

    $

    7.4

     

     

    $

    20.2

     

     

    Free Cash Flow

    $

    21.9

     

     

    $

    0.6

     

     

    $

    21.3

     

     

    Fluids Systems Segment

     

     

     

     

     

     

    Revenues

    $

    112.2

     

     

    $

    135.2

     

     

    $

    (23.0

    )

     

    Operating income

    $

    2.3

     

     

    $

    2.0

     

     

    $

    0.3

     

     

    Adjusted EBITDA

    $

    5.2

     

     

    $

    8.8

     

     

    $

    (3.6

    )

     

    Operating margin (%)

     

    2.1

    %

     

     

    1.5

    %

     

     

    60

     

    bps

    Adjusted EBITDA margin (%)

     

    4.6

    %

     

     

    6.5

    %

     

     

    -190

     

    bps

    Industrial Solutions Segment

     

     

     

     

     

     

    Revenues

    $

    66.8

     

     

    $

    48.1

     

     

    $

    18.7

     

     

    Operating income

    $

    19.4

     

     

    $

    12.8

     

     

    $

    6.6

     

     

    Adjusted EBITDA

    $

    24.8

     

     

    $

    18.1

     

     

    $

    6.7

     

     

    Operating margin (%)

     

    29.0

    %

     

     

    26.6

    %

     

     

    240

     

    bps

    Adjusted EBITDA margin (%)

     

    37.1

    %

     

     

    37.7

    %

     

     

    -60

     

    bps

     

    MANAGEMENT COMMENTARY

    "We delivered a strong second quarter performance, as Industrial Solutions segment revenue increased nearly 40% on an organic basis versus the prior-year period," stated Matthew Lanigan, President and CEO of Newpark. "Industrial Solutions revenue growth was supported by a combination of fleet expansion and a continued shift in customer preference from legacy, wood-based mats toward our DURA-BASE composite-based matting system. Product sales increased to an all-time quarterly record in the second quarter, while rental revenue increased 9% versus the prior-year period.

    "We remain highly focused on driving performance excellence across all aspects of our organization as we seek to maximize operating leverage and capital efficiency," continued Lanigan. "In the second quarter, this strategic focus translated to significant year-over-year growth in adjusted EBITDA, adjusted net income and free cash flow conversion, while providing us with improved balance sheet optionality to support our capital allocation priorities.

    "To that end, our capital allocation strategy continues to prioritize investments in our rental fleet, return of capital through our share repurchase authorization, and opportunistic inorganic growth within both existing and complementary worksite access markets," noted Lanigan. "We generated free cash flow of $22 million in the second quarter while net leverage declined to 0.3x as of June 30, 2024.

    Lanigan continued, "With regard to the Fluids Systems sale process, our entire organization has worked tirelessly on all aspects of diligence and separation planning, with an eye on a mid-year completion. Our international business continues to operate at a very strong level, contributing more than 70% of the segment's global revenues and on pace for a record year in both EBITDA and returns, however, the natural complexities of the global business are extending the process timeline beyond our targeted dates. While impacting our timing expectations, we remain committed to achieving a resolution to our strategic review process and continue to work diligently to achieve this goal in the third quarter.

    "Today, we are reiterating our full-year 2024 financial guidance for our Industrial Solutions segment," concluded Lanigan. "While the third quarter is typically a seasonally softer period of the year for our business, with activity levels generally below second quarter levels, we remain encouraged by the longer-term demand outlook across our core end-markets, as we continue to expand our market."

    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 second 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):

    • Rental demand strengthens in the second quarter 2024. Industrial Solutions revenue from specialty rental increased 9% for the second quarter of 2024, somewhat mitigating a lower contribution from associated services. Total rental and services declined 9%.
    • Robust product sales demand. Revenues from product sales achieved a quarterly record $30 million, primarily driven by strong demand from the power transmission sector and project timing.
    • Fluids Systems segment continues momentum in international operations. The segment delivered strong international revenue growth in the second quarter of 2024, with international operations contributing 71% of Fluids Systems revenue in the quarter. Newpark's Eastern Hemisphere revenue increased 2% to $66 million and Canada increased 28% to $13 million.
    • Delivered margin expansion. Consolidated gross margin increased 370 basis points year-over-year to 21.7%, benefiting from a higher contribution from Industrial Solutions and improving Fluids Systems fundamentals. Adjusted EBITDA margin improved 230 basis points to 13.1% in the second quarter of 2024. For the quarter, Industrial Solutions segment Adjusted EBITDA margin was 37.1% and Fluids Systems segment Adjusted EBITDA margin was 4.6%.
    • 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 half of 2024, due to trading blackout restrictions associated with the ongoing Fluids Systems segment sale process.

    FINANCIAL PERFORMANCE

    In the second quarter 2024, Newpark generated net income of $8.0 million, or $0.09 per diluted share, on total revenue of $179.0 million, compared to net income of $1.7 million, or $0.02 per diluted share, on total revenue of $183.3 million, in the prior year period.

    The Company reported second quarter Adjusted Net Income of $10.4 million, or $0.12 per diluted share, compared to Adjusted Net Income of $6.8 million, or $0.08 per diluted share, in the prior year period. Newpark reported Adjusted EBITDA of $23.4 million in the second quarter of 2024, or 13.1% of total revenue, compared to $19.8 million, or 10.8% of total revenue, in the second quarter of 2023.

    The Industrial Solutions segment generated revenues of $66.8 million in the second quarter of 2024, compared to $48.1 million in the prior year period. Segment operating income was $19.4 million in the second quarter, compared to $12.8 million in the prior year period.

    The Fluids Systems segment generated revenues of $112.2 million in the second quarter of 2024, compared to $135.2 million in the prior year period. Segment operating income was $2.3 million in the second quarter, compared to $2.0 million in the prior year period. The second quarter 2024 Fluids Systems segment operating income includes $1.1 million in facility exit costs, transaction expenses related to the ongoing Fluids Systems segment sale process, and severance costs. The second quarter 2023 Fluids Systems operating income included $4.9 million in total charges including $2.1 million of net facility exit and severance costs as well as $2.8 million of non-cash impairment charges related to inventory and long-lived assets associated with the exit of certain operations.

    Corporate office expenses were $8.4 million in the second quarter of 2024, compared to $8.9 million in the prior year period. The second quarter 2024 corporate office expenses include $1.6 million in transaction expenses related to the ongoing Fluids Systems segment sale process. The second quarter 2023 corporate office expenses included $0.9 million of severance expense associated with restructuring actions as well as $0.8 million of costs related to strategic planning projects.

    BALANCE SHEET AND LIQUIDITY

    As of June 30, 2024, Newpark had total cash of $35.1 million, substantially all of which resides within our international Fluids Systems subsidiaries, and available liquidity under its ABL credit facility of $74.4 million. At the end of the second quarter, the Company had total Net Debt outstanding of $23 million, or 0.3x its trailing twelve-month Adjusted EBITDA as of June 30, 2024.

    Newpark generated $27.6 million of operating cash flow in the second quarter of 2024. Capital investments totaled $6 million, net, in the second 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 August 5, 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

    SECOND QUARTER 2024 RESULTS CONFERENCE CALL

    A conference call will be held Tuesday, August 6, 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 and accompanying presentation materials will be available in the Investor Relations section of the Company's website at https://investor.newpark.com. 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. Individuals can also participate by teleconference dial-in.

    To participate in the live teleconference:

    Domestic Live:

    800-267-6316

    International Live:

    203-518-9783

    Conference ID:

    NRQ224

    To listen to a replay of the teleconference, which subsequently will be available through August 13, 2024:

    Domestic Replay:

    888-219-1263

    International Replay:

    402-220-4943

    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, including the ongoing sale process as well as whether any such transaction will be consummated on the anticipated timeline or at all; 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

     

    Six Months Ended

    (In thousands, except per share data)

    June 30,

    2024

     

    March 31,

    2024

     

    June 30,

    2023

     

    June 30,

    2024

     

    June 30,

    2023

    Revenues

    $

    179,009

     

     

    $

    169,107

     

     

    $

    183,256

     

     

    $

    348,116

     

     

    $

    383,286

     

    Cost of revenues

     

    140,084

     

     

     

    134,587

     

     

     

    150,170

     

     

     

    274,671

     

     

     

    314,908

     

    Selling, general and administrative expenses

     

    26,381

     

     

     

    24,344

     

     

     

    25,576

     

     

     

    50,725

     

     

     

    50,986

     

    Other operating (income) loss, net

     

    (755

    )

     

     

    (1,683

    )

     

     

    (1,184

    )

     

     

    (2,438

    )

     

     

    (1,445

    )

    Impairments and other charges

     

    —

     

     

     

    —

     

     

     

    2,816

     

     

     

    —

     

     

     

    2,816

     

    Operating income

     

    13,299

     

     

     

    11,859

     

     

     

    5,878

     

     

     

    25,158

     

     

     

    16,021

     

     

     

     

     

     

     

     

     

     

     

    Foreign currency exchange (gain) loss

     

    128

     

     

     

    (31

    )

     

     

    (102

    )

     

     

    97

     

     

     

    217

     

    Interest expense, net

     

    1,796

     

     

     

    1,750

     

     

     

    2,146

     

     

     

    3,546

     

     

     

    4,235

     

    Income before income taxes

     

    11,375

     

     

     

    10,140

     

     

     

    3,834

     

     

     

    21,515

     

     

     

    11,569

     

     

     

     

     

     

     

     

     

     

     

    Provision for income taxes

     

    3,335

     

     

     

    2,847

     

     

     

    2,132

     

     

     

    6,182

     

     

     

    4,247

     

    Net income

    $

    8,040

     

     

    $

    7,293

     

     

    $

    1,702

     

     

    $

    15,333

     

     

    $

    7,322

     

     

     

     

     

     

     

     

     

     

     

    Calculation of EPS:

     

     

     

     

     

     

     

     

     

    Net income - basic and diluted

    $

    8,040

     

     

    $

    7,293

     

     

    $

    1,702

     

     

    $

    15,333

     

     

    $

    7,322

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding - basic

     

    85,473

     

     

     

    85,001

     

     

     

    85,761

     

     

     

    85,237

     

     

     

    87,159

     

    Dilutive effect of stock options and restricted stock awards

     

    2,153

     

     

     

    2,244

     

     

     

    1,712

     

     

     

    2,198

     

     

     

    1,853

     

    Weighted average common shares outstanding - diluted

     

    87,626

     

     

     

    87,245

     

     

     

    87,473

     

     

     

    87,435

     

     

     

    89,012

     

     

     

     

     

     

     

     

     

     

     

    Net income per common share - basic:

    $

    0.09

     

     

    $

    0.09

     

     

    $

    0.02

     

     

    $

    0.18

     

     

    $

    0.08

     

    Net income per common share - diluted:

    $

    0.09

     

     

    $

    0.08

     

     

    $

    0.02

     

     

    $

    0.18

     

     

    $

    0.08

     

     

    Newpark Resources, Inc.

    Operating Segment Results

    (Unaudited)

     

     

     

     

    Three Months Ended

     

    Six Months Ended

    (In thousands)

    June 30,

    2024

     

    March 31,

    2024

     

    June 30,

    2023

     

    June 30,

    2024

     

    June 30,

    2023

    Revenues

     

     

     

     

     

     

     

     

     

    Fluids Systems

    $

    112,218

     

     

    $

    120,140

     

     

    $

    135,181

     

     

    $

    232,358

     

     

    $

    279,355

     

    Industrial Solutions

     

    66,791

     

     

     

    48,967

     

     

     

    48,075

     

     

     

    115,758

     

     

     

    103,931

     

    Total revenues

    $

    179,009

     

     

    $

    169,107

     

     

    $

    183,256

     

     

    $

    348,116

     

     

    $

    383,286

     

     

     

     

     

     

     

     

     

     

     

    Operating income (loss)

     

     

     

     

     

     

     

     

     

    Fluids Systems

    $

    2,345

     

     

    $

    6,836

     

     

    $

    1,965

     

     

    $

    9,181

     

     

    $

    5,431

     

    Industrial Solutions

     

    19,392

     

     

     

    12,936

     

     

     

    12,774

     

     

     

    32,328

     

     

     

    27,257

     

    Corporate office

     

    (8,438

    )

     

     

    (7,913

    )

     

     

    (8,861

    )

     

     

    (16,351

    )

     

     

    (16,667

    )

    Total operating income

    $

    13,299

     

     

    $

    11,859

     

     

    $

    5,878

     

     

    $

    25,158

     

     

    $

    16,021

     

     

     

     

     

     

     

     

     

     

     

    Segment operating margin

     

     

     

     

     

     

     

     

     

    Fluids Systems

     

    2.1

    %

     

     

    5.7

    %

     

     

    1.5

    %

     

     

    4.0

    %

     

     

    1.9

    %

    Industrial Solutions

     

    29.0

    %

     

     

    26.4

    %

     

     

    26.6

    %

     

     

    27.9

    %

     

     

    26.2

    %

     

    Fluids Systems operating income for the three months and six months ended June 30, 2023 included a $2.1 million and $4.4 million, respectively, loss associated with our now exited Gulf of Mexico operations.

     

    Newpark Resources, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)

     

    (In thousands, except share data)

    June 30,

    2024

     

    December 31,

    2023

    ASSETS

     

     

     

    Cash and cash equivalents

    $

    35,087

     

     

    $

    38,594

     

    Receivables, net

     

    158,834

     

     

     

    168,457

     

    Inventories

     

    127,421

     

     

     

    141,079

     

    Prepaid expenses and other current assets

     

    10,284

     

     

     

    9,094

     

    Total current assets

     

    331,626

     

     

     

    357,224

     

     

     

     

     

    Property, plant and equipment, net

     

    205,076

     

     

     

    195,289

     

    Operating lease assets

     

    19,555

     

     

     

    20,731

     

    Goodwill

     

    47,259

     

     

     

    47,283

     

    Other intangible assets, net

     

    15,580

     

     

     

    17,114

     

    Deferred tax assets

     

    3,553

     

     

     

    2,628

     

    Other assets

     

    2,151

     

     

     

    2,067

     

    Total assets

    $

    624,800

     

     

    $

    642,336

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current debt

    $

    17,591

     

     

    $

    16,916

     

    Accounts payable

     

    69,153

     

     

     

    70,087

     

    Accrued liabilities

     

    40,162

     

     

     

    49,281

     

    Total current liabilities

     

    126,906

     

     

     

    136,284

     

     

     

     

     

    Long-term debt, less current portion

     

    40,392

     

     

     

    58,117

     

    Noncurrent operating lease liabilities

     

    16,587

     

     

     

    17,404

     

    Deferred tax liabilities

     

    6,843

     

     

     

    8,307

     

    Other noncurrent liabilities

     

    7,463

     

     

     

    6,860

     

    Total liabilities

     

    198,191

     

     

     

    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

     

    631,497

     

     

     

    639,645

     

    Accumulated other comprehensive loss

     

    (66,084

    )

     

     

    (62,839

    )

    Retained earnings

     

    26,137

     

     

     

    10,773

     

    Treasury stock, at cost (25,202,455 and 26,471,738 shares, respectively)

     

    (166,058

    )

     

     

    (173,332

    )

    Total stockholders' equity

     

    426,609

     

     

     

    415,364

     

    Total liabilities and stockholders' equity

    $

    624,800

     

     

    $

    642,336

     

     

    Newpark Resources, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

     

     

    Six Months Ended June 30,

    (In thousands)

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

    Net income

    $

    15,333

     

     

    $

    7,322

     

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

     

     

     

    Impairments and other non-cash charges

     

    —

     

     

     

    2,816

     

    Depreciation and amortization

     

    14,835

     

     

     

    15,803

     

    Stock-based compensation expense

     

    3,122

     

     

     

    3,298

     

    Provision for deferred income taxes

     

    (2,196

    )

     

     

    (916

    )

    Credit loss expense

     

    1,040

     

     

     

    464

     

    Gain on sale of assets

     

    (1,049

    )

     

     

    (1,649

    )

    Gain on insurance recovery

     

    (874

    )

     

     

    —

     

    Amortization of original issue discount and debt issuance costs

     

    260

     

     

     

    274

     

    Change in assets and liabilities:

     

     

     

    Decrease in receivables

     

    4,369

     

     

     

    39,324

     

    (Increase) decrease in inventories

     

    12,158

     

     

     

    (3,440

    )

    Increase in other assets

     

    (1,524

    )

     

     

    (3,187

    )

    Increase (decrease) in accounts payable

     

    647

     

     

     

    (14,453

    )

    Decrease in accrued liabilities and other

     

    (6,590

    )

     

     

    (8,808

    )

    Net cash provided by operating activities

     

    39,531

     

     

     

    36,848

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

    Capital expenditures

     

    (20,468

    )

     

     

    (15,347

    )

    Proceeds from divestitures

     

    —

     

     

     

    18,086

     

    Proceeds from sale of property, plant and equipment

     

    2,042

     

     

     

    2,304

     

    Proceeds from insurance property claim

     

    1,385

     

     

     

    —

     

    Net cash provided by (used in) investing activities

     

    (17,041

    )

     

     

    5,043

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

    Borrowings on lines of credit

     

    87,444

     

     

     

    149,253

     

    Payments on lines of credit

     

    (101,077

    )

     

     

    (167,435

    )

    Purchases of treasury stock

     

    (4,332

    )

     

     

    (21,966

    )

    Proceeds from employee stock plans

     

    17

     

     

     

    —

     

    Other financing activities

     

    (7,040

    )

     

     

    (2,864

    )

    Net cash used in financing activities

     

    (24,988

    )

     

     

    (43,012

    )

     

     

     

     

    Effect of exchange rate changes on cash

     

    (961

    )

     

     

    332

     

     

     

     

     

    Net decrease in cash, cash equivalents, and restricted cash

     

    (3,459

    )

     

     

    (789

    )

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

     

    38,901

     

     

     

    25,061

     

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

    $

    35,442

     

     

    $

    24,272

     

     

    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, Adjusted Net Income 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 and Adjusted Net Income Per Common Share

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

     

    Consolidated

    Three Months Ended

    Six Months Ended

    (In thousands)

    June 30,

    2024

    March 31,

    2024

    June 30,

    2023

    June 30,

    2024

    June 30,

    2023

    Net income (loss) (GAAP)

    $

    8,040

     

    $

    7,293

     

    $

    1,702

     

    $

    15,333

     

    $

    7,322

     

    Fluids Systems sale process transaction expenses

     

    1,859

     

     

    2,256

     

     

    —

     

     

    4,115

     

     

    —

     

    Impairments and other charges

     

    —

     

     

    —

     

     

    2,816

     

     

    —

     

     

    2,816

     

    Gain on insurance recovery

     

    —

     

     

    (874

    )

     

    —

     

     

    (874

    )

     

    —

     

    Gain on legal settlement

     

    —

     

     

    (550

    )

     

    —

     

     

    (550

    )

     

    —

     

    Facility exit costs and other, net

     

    741

     

     

    —

     

     

    2,107

     

     

    741

     

     

    4,399

     

    Severance costs

     

    212

     

     

    1,147

     

     

    1,169

     

     

    1,359

     

     

    2,124

     

    Tax on adjustments

     

    (435

    )

     

    (416

    )

     

    (1,019

    )

     

    (851

    )

     

    (1,701

    )

    Adjusted Net Income (non-GAAP)

    $

    10,417

     

    $

    8,856

     

    $

    6,775

     

    $

    19,273

     

    $

    14,960

     

    Adjusted Net Income (non-GAAP)

    $

    10,417

    $

    8,856

    $

    6,775

    $

    19,273

    $

    14,960

     

     

     

     

     

     

    Weighted average common shares outstanding - basic

     

    85,473

     

     

    85,001

     

     

    85,761

     

     

    85,237

     

     

    87,159

     

    Dilutive effect of stock options and restricted stock awards

     

    2,153

     

     

    2,244

     

     

    1,712

     

     

    2,198

     

     

    1,853

     

    Weighted average common shares outstanding - diluted

     

    87,626

     

     

    87,245

     

     

    87,473

     

     

    87,435

     

     

    89,012

     

     

     

     

     

     

     

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

    $

    0.12

     

    $

    0.10

     

    $

    0.08

     

    $

    0.22

     

    $

    0.17

     

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

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

     

    Consolidated

    Three Months Ended

     

    Six Months Ended

    (In thousands)

    June 30,

    2024

     

    March 31,

    2024

     

    June 30,

    2023

     

    June 30,

    2024

     

    June 30,

    2023

    Revenues

    $

    179,009

     

     

    $

    169,107

     

     

    $

    183,256

     

     

    $

    348,116

     

     

    $

    383,286

     

     

     

     

     

     

     

     

     

     

     

    Net income (GAAP)

    $

    8,040

     

     

    $

    7,293

     

     

    $

    1,702

     

     

    $

    15,333

     

     

    $

    7,322

     

    Interest expense, net

     

    1,796

     

     

     

    1,750

     

     

     

    2,146

     

     

     

    3,546

     

     

     

    4,235

     

    Provision for income taxes

     

    3,335

     

     

     

    2,847

     

     

     

    2,132

     

     

     

    6,182

     

     

     

    4,247

     

    Depreciation and amortization

     

    7,424

     

     

     

    7,411

     

     

     

    7,908

     

     

     

    14,835

     

     

     

    15,803

     

    EBITDA (non-GAAP)

     

    20,595

     

     

     

    19,301

     

     

     

    13,888

     

     

     

    39,896

     

     

     

    31,607

     

    Fluids Systems sale process transaction expenses

     

    1,859

     

     

     

    2,256

     

     

     

    —

     

     

     

    4,115

     

     

     

    —

     

    Impairments and other charges

     

    —

     

     

     

    —

     

     

     

    2,816

     

     

     

    —

     

     

     

    2,816

     

    Gain on insurance recovery

     

    —

     

     

     

    (874

    )

     

     

    —

     

     

     

    (874

    )

     

     

    —

     

    Gain on legal settlement

     

    —

     

     

     

    (550

    )

     

     

    —

     

     

     

    (550

    )

     

     

    —

     

    Facility exit costs and other, net

     

    741

     

     

     

    —

     

     

     

    1,944

     

     

     

    741

     

     

     

    4,236

     

    Severance costs

     

    212

     

     

     

    1,147

     

     

     

    1,169

     

     

     

    1,359

     

     

     

    2,124

     

    Adjusted EBITDA (non-GAAP)

    $

    23,407

     

     

    $

    21,280

     

     

    $

    19,817

     

     

    $

    44,687

     

     

    $

    40,783

     

    Adjusted EBITDA Margin (non-GAAP)

     

    13.1

    %

     

     

    12.6

    %

     

     

    10.8

    %

     

     

    12.8

    %

     

     

    10.6

    %

     

    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

     

    Six Months Ended

    (In thousands)

    June 30,

    2024

     

    March 31,

    2024

     

    June 30,

    2023

     

    June 30,

    2024

     

    June 30,

    2023

    Net cash provided by operating activities (GAAP)

     

    27,581

     

     

     

    11,950

     

     

     

    7,404

     

     

     

    39,531

     

     

     

    36,848

     

    Capital expenditures

     

    (6,586

    )

     

     

    (13,882

    )

     

     

    (8,375

    )

     

     

    (20,468

    )

     

     

    (15,347

    )

    Proceeds from sale of property, plant and equipment

     

    899

     

     

     

    1,143

     

     

     

    1,564

     

     

     

    2,042

     

     

     

    2,304

     

    Free Cash Flow (non-GAAP)

    $

    21,894

     

     

    $

    (789

    )

     

    $

    593

     

     

    $

    21,105

     

     

    $

    23,805

     

     

    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

     

    Six Months Ended

    (In thousands)

    June 30,

    2024

     

    March 31,

    2024

     

    June 30,

    2023

     

    June 30,

    2024

     

    June 30,

    2023

    Revenues

    $

    112,218

     

     

    $

    120,140

     

     

    $

    135,181

     

     

    $

    232,358

     

     

    $

    279,355

     

    Operating income (loss) (GAAP)

    $

    2,345

     

     

    $

    6,836

     

     

    $

    1,965

     

     

    $

    9,181

     

     

    $

    5,431

     

    Depreciation and amortization

     

    1,750

     

     

     

    1,745

     

     

     

    1,961

     

     

     

    3,495

     

     

     

    3,936

     

    EBITDA (non-GAAP)

     

    4,095

     

     

     

    8,581

     

     

     

    3,926

     

     

     

    12,676

     

     

     

    9,367

     

    Fluids Systems sale process transaction expenses

     

    304

     

     

     

    313

     

     

     

    —

     

     

     

    617

     

     

     

    —

     

    Impairments and other charges

     

    —

     

     

     

    —

     

     

     

    2,816

     

     

     

    —

     

     

     

    2,816

     

    Gain on insurance recovery

     

    —

     

     

     

    (807

    )

     

     

    —

     

     

     

    (807

    )

     

     

    —

     

    Facility exit costs and other, net

     

    741

     

     

     

    —

     

     

     

    1,944

     

     

     

    741

     

     

     

    4,236

     

    Severance costs

     

    36

     

     

     

    515

     

     

     

    148

     

     

     

    551

     

     

     

    1,103

     

    Adjusted EBITDA (non-GAAP)

    $

    5,176

     

     

    $

    8,602

     

     

    $

    8,834

     

     

    $

    13,778

     

     

    $

    17,522

     

    Operating Margin (GAAP)

     

    2.1

    %

     

     

    5.7

    %

     

     

    1.5

    %

     

     

    4.0

    %

     

     

    1.9

    %

    Adjusted EBITDA Margin (non-GAAP)

     

    4.6

    %

     

     

    7.2

    %

     

     

    6.5

    %

     

     

    5.9

    %

     

     

    6.3

    %

     
     

    Industrial Solutions

    Three Months Ended

     

    Six Months Ended

    (In thousands)

    June 30,

    2024

     

    March 31,

    2024

     

    June 30,

    2023

     

    June 30,

    2024

     

    June 30,

    2023

    Revenues

    $

    66,791

     

     

    $

    48,967

     

     

    $

    48,075

     

     

    $

    115,758

     

     

    $

    103,931

     

    Operating income (GAAP)

    $

    19,392

     

     

    $

    12,936

     

     

    $

    12,774

     

     

    $

    32,328

     

     

    $

    27,257

     

    Depreciation and amortization

     

    5,215

     

     

     

    5,181

     

     

     

    5,277

     

     

     

    10,396

     

     

     

    10,534

     

    EBITDA (non-GAAP)

     

    24,607

     

     

     

    18,117

     

     

     

    18,051

     

     

     

    42,724

     

     

     

    37,791

     

    Gain on insurance recovery

     

    —

     

     

     

    (67

    )

     

     

    —

     

     

     

    (67

    )

     

     

    —

     

    Gain on legal settlement

     

    —

     

     

     

    (550

    )

     

     

    —

     

     

     

    (550

    )

     

     

    —

     

    Severance costs

     

    175

     

     

     

    518

     

     

     

    92

     

     

     

    693

     

     

     

    92

     

    Adjusted EBITDA (non-GAAP)

    $

    24,782

     

     

    $

    18,018

     

     

    $

    18,143

     

     

    $

    42,800

     

     

    $

    37,883

     

    Operating Margin (GAAP)

     

    29.0

    %

     

     

    26.4

    %

     

     

    26.6

    %

     

     

    27.9

    %

     

     

    26.2

    %

    Adjusted EBITDA Margin (non-GAAP)

     

    37.1

    %

     

     

    36.8

    %

     

     

    37.7

    %

     

     

    37.0

    %

     

     

    36.5

    %

     

    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)

    September 30,

    2023

     

    December 31,

    2023

     

    March 31,

    2024

     

    June 30,

    2024

     

    June 30,

    2024

    Revenues

    $

    198,498

     

     

    $

    167,816

     

     

    $

    169,107

     

     

    $

    179,009

     

     

    $

    714,430

     

    Net income (loss) (GAAP)

    $

    7,670

     

     

    $

    (476

    )

     

    $

    7,293

     

     

    $

    8,040

     

     

    $

    22,527

     

    Interest expense, net

     

    2,027

     

     

     

    1,919

     

     

     

    1,750

     

     

     

    1,796

     

     

     

    7,492

     

    Provision for income taxes

     

    3,995

     

     

     

    2,424

     

     

     

    2,847

     

     

     

    3,335

     

     

     

    12,601

     

    Depreciation and amortization

     

    7,704

     

     

     

    7,865

     

     

     

    7,411

     

     

     

    7,424

     

     

     

    30,404

     

    EBITDA (non-GAAP)

     

    21,396

     

     

     

    11,732

     

     

     

    19,301

     

     

     

    20,595

     

     

     

    73,024

     

    Fluids Systems sale process transaction expenses

     

    892

     

     

     

    894

     

     

     

    2,256

     

     

     

    1,859

     

     

     

    5,901

     

    Impairments and other charges

     

    —

     

     

     

    3,540

     

     

     

    —

     

     

     

    —

     

     

     

    3,540

     

    Gain on insurance recovery

     

    —

     

     

     

    —

     

     

     

    (874

    )

     

     

    —

     

     

     

    (874

    )

    Gain on legal settlement

     

    —

     

     

     

    —

     

     

     

    (550

    )

     

     

    —

     

     

     

    (550

    )

    Facility exit costs and other, net

     

    358

     

     

     

    —

     

     

     

    —

     

     

     

    741

     

     

     

    1,099

     

    Severance costs

     

    506

     

     

     

    29

     

     

     

    1,147

     

     

     

    212

     

     

     

    1,894

     

    Adjusted EBITDA (non-GAAP)

    $

    23,152

     

     

    $

    16,195

     

     

    $

    21,280

     

     

    $

    23,407

     

     

    $

    84,034

     

    Adjusted EBITDA Margin (non-GAAP)

     

    11.7

    %

     

     

    9.7

    %

     

     

    12.6

    %

     

     

    13.1

    %

     

     

    11.8

    %

     

    Fluids Systems

    Three Months Ended

     

    TTM

    (In thousands)

    September 30,

    2023

     

    December 31,

    2023

     

    March 31,

    2024

     

    June 30,

    2024

     

    June 30,

    2024

    Revenues

    $

    141,236

     

     

    $

    121,361

     

     

    $

    120,140

     

     

    $

    112,218

     

     

    $

    494,955

     

    Operating income (loss) (GAAP)

    $

    7,573

     

     

    $

    (1,147

    )

     

    $

    6,836

     

     

    $

    2,345

     

     

    $

    15,607

     

    Depreciation and amortization

     

    1,883

     

     

     

    1,957

     

     

     

    1,745

     

     

     

    1,750

     

     

     

    7,335

     

    EBITDA (non-GAAP)

     

    9,456

     

     

     

    810

     

     

     

    8,581

     

     

     

    4,095

     

     

     

    22,942

     

    Fluids Systems sale process transaction expenses

     

    293

     

     

     

    326

     

     

     

    313

     

     

     

    304

     

     

     

    1,236

     

    Impairments and other charges

     

    —

     

     

     

    3,540

     

     

     

    —

     

     

     

    —

     

     

     

    3,540

     

    Gain on insurance recovery

     

    —

     

     

     

    —

     

     

     

    (807

    )

     

     

    —

     

     

     

    (807

    )

    Facility exit costs and other, net

     

    358

     

     

     

    —

     

     

     

    —

     

     

     

    741

     

     

     

    1,099

     

    Severance costs

     

    40

     

     

     

    29

     

     

     

    515

     

     

     

    36

     

     

     

    620

     

    Adjusted EBITDA (non-GAAP)

    $

    10,147

     

     

    $

    4,705

     

     

    $

    8,602

     

     

    $

    5,176

     

     

    $

    28,630

     

    Operating Margin (GAAP)

     

    5.4

    %

     

     

    (0.9

    )%

     

     

    5.7

    %

     

     

    2.1

    %

     

     

    3.2

    %

    Adjusted EBITDA Margin (non-GAAP)

     

    7.2

    %

     

     

    3.9

    %

     

     

    7.2

    %

     

     

    4.6

    %

     

     

    5.8

    %

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

     

    Industrial Solutions

    Three Months Ended

     

    TTM

    (In thousands)

    September 30,

    2023

     

    December 31,

    2023

     

    March 31,

    2024

     

    June 30,

    2024

     

    June 30,

    2024

    Revenues

    $

    57,262

     

     

    $

    46,455

     

     

    $

    48,967

     

     

    $

    66,791

     

     

    $

    219,475

     

    Operating income (GAAP)

    $

    14,336

     

     

    $

    11,415

     

     

    $

    12,936

     

     

    $

    19,392

     

     

    $

    58,079

     

    Depreciation and amortization

     

    5,224

     

     

     

    5,350

     

     

     

    5,181

     

     

     

    5,215

     

     

     

    20,970

     

    EBITDA (non-GAAP)

     

    19,560

     

     

     

    16,765

     

     

     

    18,117

     

     

     

    24,607

     

     

     

    79,049

     

    Gain on insurance recovery

     

    —

     

     

     

    —

     

     

     

    (67

    )

     

     

    —

     

     

     

    (67

    )

    Gain on legal settlement

     

    —

     

     

     

    —

     

     

     

    (550

    )

     

     

    —

     

     

     

    (550

    )

    Severance costs

     

    162

     

     

     

    —

     

     

     

    518

     

     

     

    175

     

     

     

    855

     

    Adjusted EBITDA (non-GAAP)

    $

    19,722

     

     

    $

    16,765

     

     

    $

    18,018

     

     

    $

    24,782

     

     

    $

    79,287

     

    Operating Margin (GAAP)

     

    25.0

    %

     

     

    24.6

    %

     

     

    26.4

    %

     

     

    29.0

    %

     

     

    26.5

    %

    Adjusted EBITDA Margin (non-GAAP)

     

    34.4

    %

     

     

    36.1

    %

     

     

    36.8

    %

     

     

    37.1

    %

     

     

    36.1

    %

     

    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)

    June 30,

    2024

     

    December 31,

    2023

    Current debt

    $

    17,591

     

     

    $

    16,916

     

    Long-term debt, less current portion

     

    40,392

     

     

     

    58,117

     

    Total Debt

     

    57,983

     

     

     

    75,033

     

    Less: cash and cash equivalents

     

    (35,087

    )

     

     

    (38,594

    )

    Net Debt

    $

    22,896

     

     

    $

    36,439

     

     

     

     

     

    Adjusted EBITDA (non-GAAP) - TTM

    $

    84,034

     

     

    $

    80,130

     

     

     

     

     

    Net Leverage

    0.3x

     

    0.5x

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240805537773/en/

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