Le Lézard
Classified in: Oil industry, Business
Subjects: ERN, ERP

NEWPARK RESOURCES REPORTS FIRST QUARTER 2024 RESULTS


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. 

FIRST QUARTER 2024 RESULTS

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


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):

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:

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

 

SOURCE Newpark Resources, Inc.


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