Second Quarter 2021 Financial Highlights
- Delivered second quarter revenue of
$107.8 million , an improvement of 14% from the first quarter of 2021 and a 25% improvement from the second quarter of 2020. - Second quarter net loss totaled
$12.6 million , improving from a prior quarter net loss of$23.9 million . - Generated Adjusted EBITDA of
$12.4 million for the second quarter of 2021, an improvement of 85% compared to the prior quarter with improving revenue across all segments and product lines. - Benefits from profitability improvement project and continued roll-out of the Company’s advanced technology packages drove Adjusted EBITDA margins of 12%.
- Awarded project for geothermal energy development, demonstrating Frank’s ability to contribute to the energy transition from commercialized organic operations.
- Progressed toward closing the strategic combination with
Expro Group to create a leading full-cycle energy services company with integration planning meaningfully advanced and the transaction expected to close in the third quarter of 2021, as previously communicated.
“We are very pleased to announce continued and robust momentum this quarter for the company, demonstrating strong growth on both the top line and overall profitability. When we shared our year end results earlier this year, we communicated some ambitious targets. Due to the hard work and focus of our Frank’s employees, we are well on our way to, not only achieving, but exceeding those targets,” said
“We experienced revenue improvement across all of our segments and product lines with our
“In reviewing operational and technology accomplishments during the quarter, Frank’s continues to build a significant business in the performance drilling market. The previously noted AERO™ Reamer series of tools represents our successful entry into the Ream While Drilling (RWD) business. These tools expand the Company’s Drilling Technologies toolbox and add a solution focused on wellbore conditioning and wear mitigation. Frank’s is successfully collaborating with customers to apply this technology in their operations to improve performance and limit costly wear damage. This tool has exceeded our business objectives since its introduction in the first quarter.
“As momentum continues to build to promote renewable energy and more sustainable operations throughout our industry, Frank’s is adapting and actively participating in this transition. A major player in the renewable energy sector recently awarded Frank’s a multi-phase tubular installation project in the
“As we look forward, our confidence continues to grow as we continue to execute on the successful strategy we have defined in recent years. We have strategically grown in key areas, focused on controlling costs and made targeted investments on the technology front, all while maintaining our focus on helping customers operate more safely and efficiently. We anticipate activity levels will continue to ramp up in the second half of this year and the Company will experience incremental financial improvements on all fronts.
“Our announced merger with
“None of these accomplishments would have been possible without the full support of our global workforce, which has relentlessly performed safely and efficiently for our customers. Our culture of exceptional service quality and building long-term value for our stakeholders resonates today, just as it always has,” concluded
Segment Results
Tubular Running Services
Tubular Running Services revenue totaled
Segment adjusted EBITDA in the second quarter of 2021 totaled
Tubulars
Tubulars revenue in the second quarter of 2021 totaled
Segment adjusted EBITDA in the second quarter of 2021 totaled
Cementing Equipment
Cementing Equipment revenue totaled
Segment adjusted EBITDA in the second quarter of 2021 totaled
Other Financial Information
Capital expenditures related to property, plant and equipment totaled
As of
Income taxes for the quarter represented an expense of
The financial measures provided that are not presented in accordance with
Conference Call
The Company will host a conference call to discuss second quarter 2021 results on
An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.
About Frank’s International
Frank’s
Investor Contact:
investor.info@franksintl.com
281-966-7300
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, including COVID-19, the continuation of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for
Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The Company defines adjusted net loss as net loss before goodwill impairment and severance and other charges, net, net of tax. The Company defines adjusted net loss per share as net loss before goodwill impairment and severance and other charges, net, net of tax, divided by diluted weighted average common shares. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
No Offer or Solicitation
This communication relates to a proposed merger and related transactions (the “Transactions”) between Frank’s
Important Additional Information
In connection with the Transactions, Frank’s has filed a registration statement on Form S-4 (the “Registration Statement”) with the
Participants in the Solicitation
Frank’s and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Frank’s in connection with the Transactions. Expro and its officers and directors may also be deemed participants in such solicitation. Information regarding Frank’s directors and executive officers is contained in the preliminary proxy statement/prospectus, the proxy statement for Frank’s 2020 Annual Meeting of Shareholders, which was filed with the
Forward-Looking Statements and Cautionary Statements
The foregoing contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that Expro or Frank’s expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “create,” “intend,” “could,” “may,” “foresee,” “plan,” “will,” “guidance,” “look,” “outlook,” “goal,” “future,” “assume,” “forecast,” “build,” “focus,” “work,” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance that convey the uncertainty of future events or outcomes identify the forward-looking statements, although not all forward-looking statements contain such identifying words. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include, but are not limited to, statements, estimates and projections regarding the Transactions, pro forma descriptions of the combined company, anticipated or expected revenues, EBITDA, synergies or cost-savings, operations, integration and transition plans, opportunities and anticipated future performance. These statements are based on certain assumptions made by Frank’s and Expro based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.
Although Frank’s and Expro believe the expectations reflected in these forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Frank’s, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such risks and uncertainties include the risk of the failure to obtain the required votes of Frank’s and Expro’s shareholders; the timing to consummate the Transactions; the risk that the conditions to closing of the Transactions may not be satisfied or that the closing of the Transactions otherwise does not occur; the failure to close the Transactions on the anticipated terms, including the anticipated tax treatment; the risk that a regulatory approval, consent or authorization that may be required for the Transactions is not obtained in a timely manner or at all, or is obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement relating to the Transactions; unanticipated difficulties or expenditures relating to the Transactions; the diversion of management time on Transactions-related matters; the ultimate timing, outcome and results of integrating the operations of Frank’s and Expro; the effects of the business combination of Frank’s and Expro following the consummation of the Transactions, including the combined company’s future financial condition, results of operations, strategy and plans; the risk that any announcements relating to the Transactions could have adverse effects on the market price of Frank’s common stock; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transactions; expected synergies and other benefits from the Transactions; the potential for litigation related to the Transactions; results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Frank’s and Expro’s services and their associated effect on rates, utilization, margins and planned capital expenditures; unique risks associated with offshore operations; global economic conditions; liabilities from operations; decline in, and ability to realize, backlog; equipment specialization and new technologies; adverse industry conditions; adverse credit and equity market conditions; difficulty in building and deploying new equipment; difficulty in integrating acquisitions; shortages, delays in delivery and interruptions of supply of equipment, supplies and materials; weather; loss of, or reduction in business with, key customers; legal proceedings; ability to effectively identify and enter new markets; governmental regulation, including legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; ability to retain and hire key personnel, including management and field personnel; the length of time it will take for
FRANK’S INTERNATIONAL N.V. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except per share data) |
(Unaudited) |
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Services | $ | 90,520 | $ | 81,523 | $ | 74,583 | $ | 172,043 | $ | 179,666 | ||||||||||
Products | 17,321 | 13,288 | 11,518 | 30,609 | 29,927 | |||||||||||||||
Total revenue | 107,841 | 94,811 | 86,101 | 202,652 | 209,593 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization | ||||||||||||||||||||
Services | 68,619 | 63,935 | 61,051 | 132,554 | 140,431 | |||||||||||||||
Products | 14,408 | 10,914 | 8,286 | 25,322 | 22,274 | |||||||||||||||
General and administrative expenses | 16,427 | 16,447 | 22,286 | 32,874 | 48,969 | |||||||||||||||
Depreciation and amortization | 15,332 | 16,107 | 17,252 | 31,439 | 36,970 | |||||||||||||||
— | — | — | — | 57,146 | ||||||||||||||||
Severance and other charges, net | 3,399 | 7,376 | 5,162 | 10,775 | 25,887 | |||||||||||||||
Gain on disposal of assets | (1,479 | ) | (182 | ) | (650 | ) | (1,661 | ) | (590 | ) | ||||||||||
Operating loss | (8,865 | ) | (19,786 | ) | (27,286 | ) | (28,651 | ) | (121,494 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Other income, net | 404 | 125 | 156 | 529 | 2,182 | |||||||||||||||
Interest income (expense), net | (101 | ) | (287 | ) | 178 | (388 | ) | 711 | ||||||||||||
Foreign currency gain (loss) | 2,718 | (2,868 | ) | 1,693 | (150 | ) | (8,199 | ) | ||||||||||||
Total other income (expense) | 3,021 | (3,030 | ) | 2,027 | (9 | ) | (5,306 | ) | ||||||||||||
Loss before income taxes | (5,844 | ) | (22,816 | ) | (25,259 | ) | (28,660 | ) | (126,800 | ) | ||||||||||
Income tax expense (benefit) | 6,773 | 1,070 | 8,986 | 7,843 | (6,577 | ) | ||||||||||||||
Net loss | $ | (12,617 | ) | $ | (23,886 | ) | $ | (34,245 | ) | $ | (36,503 | ) | $ | (120,223 | ) | |||||
Loss per common share: | ||||||||||||||||||||
Basic and diluted | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.53 | ) | |||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic and diluted | 228,013 | 227,019 | 225,853 | 227,519 | 225,855 |
FRANK’ |
SELECTED OPERATING SEGMENT DATA |
(In thousands) |
(Unaudited) |
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Revenue | ||||||||||||||||||||
Tubular Running Services | $ | 71,895 | $ | 66,285 | $ | 62,327 | $ | 138,180 | $ | 151,824 | ||||||||||
Tubulars | 16,566 | 11,669 | 8,741 | 28,235 | 21,283 | |||||||||||||||
Cementing Equipment | 19,380 | 16,857 | 15,033 | 36,237 | 36,486 | |||||||||||||||
Total | $ | 107,841 | $ | 94,811 | $ | 86,101 | $ | 202,652 | $ | 209,593 | ||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||
Tubular Running Services | $ | 9,750 | $ | 8,128 | $ | 4,049 | $ | 17,878 | $ | 17,354 | ||||||||||
Tubulars | 4,108 | 639 | 681 | 4,746 | 2,077 | |||||||||||||||
Cementing Equipment | 4,851 | 4,795 | 886 | 9,647 | 3,430 | |||||||||||||||
Corporate | (6,297 | ) | (6,909 | ) | (7,308 | ) | (13,207 | ) | (17,494 | ) | ||||||||||
Total | $ | 12,412 | $ | 6,653 | $ | (1,692 | ) | $ | 19,064 | $ | 5,367 |
FRANK’ |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
2021 | 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 188,581 | $ | 209,575 | ||||
Restricted cash | 1,776 | 1,672 | ||||||
Short-term investments | 2,026 | 2,252 | ||||||
Accounts receivables, net | 127,931 | 110,607 | ||||||
Inventories, net | 94,680 | 81,718 | ||||||
Assets held for sale | 3,025 | 2,939 | ||||||
Other current assets | 6,415 | 7,744 | ||||||
Total current assets | 424,434 | 416,507 | ||||||
Property, plant and equipment, net | 244,457 | 272,707 | ||||||
42,785 | 42,785 | |||||||
Intangible assets, net | 9,909 | 7,897 | ||||||
Deferred tax assets, net | 16,482 | 18,030 | ||||||
Operating lease right-of-use assets | 26,356 | 28,116 | ||||||
Other assets | 31,081 | 30,859 | ||||||
Total assets | $ | 795,504 | $ | 816,901 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 111,031 | $ | 99,986 | ||||
Current portion of operating lease liabilities | 7,625 | 7,832 | ||||||
Deferred revenue | 585 | 586 | ||||||
Other current liabilities | 241 | 1,674 | ||||||
Total current liabilities | 119,482 | 110,078 | ||||||
Deferred tax liabilities | — | 1,548 | ||||||
Non-current operating lease liabilities | 19,645 | 21,208 | ||||||
Other non-current liabilities | 25,235 | 22,818 | ||||||
Total liabilities | 164,362 | 155,652 | ||||||
Stockholders’ equity: | ||||||||
Common stock | 2,896 | 2,866 | ||||||
Additional paid-in capital | 1,094,447 | 1,087,733 | ||||||
Accumulated deficit | (413,849 | ) | (377,346 | ) | ||||
Accumulated other comprehensive loss | (30,384 | ) | (31,966 | ) | ||||
(21,968 | ) | (20,038 | ) | |||||
Total stockholders’ equity | 631,142 | 661,249 | ||||||
Total liabilities and equity | $ | 795,504 | $ | 816,901 |
FRANK’ |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
(Unaudited) |
Six Months Ended | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (36,503 | ) | $ | (120,223 | ) | ||
Adjustments to reconcile net loss to cash from operating activities | ||||||||
Depreciation and amortization | 31,439 | 36,970 | ||||||
Equity-based compensation expense | 6,297 | 5,661 | ||||||
— | 57,146 | |||||||
Loss on asset impairments and retirements | 307 | 20,532 | ||||||
Amortization of deferred financing costs | 194 | 194 | ||||||
Deferred tax provision (benefit) | — | (1,690 | ) | |||||
Provision for bad debts | 437 | 1,750 | ||||||
Gain on disposal of assets | (1,661 | ) | (590 | ) | ||||
Changes in fair value of investments | (1,012 | ) | 813 | |||||
Other | — | (380 | ) | |||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (17,618 | ) | 24,465 | |||||
Inventories | (12,863 | ) | (4,539 | ) | ||||
Other current assets | 1,320 | 2,272 | ||||||
Other assets | 672 | 390 | ||||||
Accounts payable and accrued liabilities | 13,085 | (15,187 | ) | |||||
Deferred revenue | (2 | ) | (226 | ) | ||||
Other non-current liabilities | (152 | ) | (3,212 | ) | ||||
Net cash provided by (used in) operating activities | (16,060 | ) | 4,146 | |||||
Cash flows from investing activities | ||||||||
Purchases of property, plant and equipment | (4,517 | ) | (20,259 | ) | ||||
Proceeds from sale of assets | 4,209 | 6,565 | ||||||
Proceeds from sale of investments | 1,501 | 2,832 | ||||||
Purchase of investments | (1,294 | ) | — | |||||
Investment in intellectual property | (1,608 | ) | — | |||||
Other | (179 | ) | (256 | ) | ||||
Net cash used in investing activities | (1,888 | ) | (11,118 | ) | ||||
Cash flows from financing activities | ||||||||
Repayments of borrowings | (1,431 | ) | — | |||||
(1,930 | ) | (1,086 | ) | |||||
— | (1,498 | ) | ||||||
Proceeds from the issuance of ESPP shares | 447 | 552 | ||||||
Net cash used in financing activities | (2,914 | ) | (2,032 | ) | ||||
Effect of exchange rate changes on cash | (28 | ) | 6,543 | |||||
Net decrease in cash, cash equivalents and restricted cash | (20,890 | ) | (2,461 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 211,247 | 196,740 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 190,357 | $ | 194,279 |
FRANK’ |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION |
(In thousands) |
(Unaudited) |
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION |
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Revenue | $ | 107,841 | $ | 94,811 | $ | 86,101 | $ | 202,652 | $ | 209,593 | ||||||||||
Net loss | $ | (12,617 | ) | $ | (23,886 | ) | $ | (34,245 | ) | $ | (36,503 | ) | $ | (120,223 | ) | |||||
- | - | - | - | 57,146 | ||||||||||||||||
Severance and other charges, net | 3,399 | 7,376 | 5,162 | 10,775 | 25,887 | |||||||||||||||
Interest (income) expense, net | 101 | 287 | (178 | ) | 388 | (711 | ) | |||||||||||||
Depreciation and amortization | 15,332 | 16,107 | 17,252 | 31,439 | 36,970 | |||||||||||||||
Income tax expense (benefit) | 6,773 | 1,070 | 8,986 | 7,843 | (6,577 | ) | ||||||||||||||
Gain on disposal of assets | (1,479 | ) | (182 | ) | (650 | ) | (1,661 | ) | (590 | ) | ||||||||||
Foreign currency (gain) loss | (2,718 | ) | 2,868 | (1,693 | ) | 150 | 8,199 | |||||||||||||
Charges and credits (1) | 3,621 | 3,013 | 3,674 | 6,633 | 5,266 | |||||||||||||||
Adjusted EBITDA | $ | 12,412 | $ | 6,653 | $ | (1,692 | ) | $ | 19,064 | $ | 5,367 | |||||||||
Adjusted EBITDA margin | 11.5 | % | 7.0 | % | (2.0 | )% | 9.4 | % | 2.6 | % |
(1 | ) | Comprised of Equity-based compensation expense (for the three months ended |
FRANK’ |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION |
(In thousands) |
(Unaudited) |
SEGMENT ADJUSTED EBITDA RECONCILIATION |
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||
Tubular Running Services | $ | 9,750 | $ | 8,128 | $ | 4,049 | $ | 17,878 | $ | 17,354 | ||||||||||
Tubulars | 4,108 | 639 | 681 | 4,746 | 2,077 | |||||||||||||||
Cementing Equipment | 4,851 | 4,795 | 886 | 9,647 | 3,430 | |||||||||||||||
Corporate | (6,297 | ) | (6,909 | ) | (7,308 | ) | (13,207 | ) | (17,494 | ) | ||||||||||
12,412 | 6,653 | (1,692 | ) | 19,064 | 5,367 | |||||||||||||||
— | — | — | — | (57,146 | ) | |||||||||||||||
Severance and other charges, net | (3,399 | ) | (7,376 | ) | (5,162 | ) | (10,775 | ) | (25,887 | ) | ||||||||||
Interest income (expense), net | (101 | ) | (287 | ) | 178 | (388 | ) | 711 | ||||||||||||
Depreciation and amortization | (15,332 | ) | (16,107 | ) | (17,252 | ) | (31,439 | ) | (36,970 | ) | ||||||||||
Income tax (expense) benefit | (6,773 | ) | (1,070 | ) | (8,986 | ) | (7,843 | ) | 6,577 | |||||||||||
Gain on disposal of assets | 1,479 | 182 | 650 | 1,661 | 590 | |||||||||||||||
Foreign currency gain (loss) | 2,718 | (2,868 | ) | 1,693 | (150 | ) | (8,199 | ) | ||||||||||||
Charges and credits (1) | (3,621 | ) | (3,013 | ) | (3,674 | ) | (6,633 | ) | (5,266 | ) | ||||||||||
Net loss | $ | (12,617 | ) | $ | (23,886 | ) | $ | (34,245 | ) | $ | (36,503 | ) | $ | (120,223 | ) |
(1 | ) | Comprised of Equity-based compensation expense (for the three months ended |
FRANK’ |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION |
(In thousands) |
(Unaudited) |
FREE CASH FLOW RECONCILIATION |
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Net cash (used in) provided by operating activities | $ | (579 | ) | $ | (15,481 | ) | $ | 26,398 | $ | (16,060 | ) | $ | 4,146 | |||||||
Less: purchases of property, plant and equipment | 2,171 | 2,346 | 10,291 | 4,517 | 20,259 | |||||||||||||||
Free cash flow | $ | (2,750 | ) | $ | (17,827 | ) | $ | 16,107 | $ | (20,577 | ) | $ | (16,113 | ) |
FRANK’ |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION |
(In thousands, except per share amounts) |
(Unaudited) |
RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE |
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Net loss | $ | (12,617 | ) | $ | (23,886 | ) | $ | (34,245 | ) | $ | (36,503 | ) | $ | (120,223 | ) | |||||
— | — | — | — | 55,740 | ||||||||||||||||
Severance and other charges, net (net of tax) | 3,399 | 7,347 | 4,937 | 10,779 | 25,292 | |||||||||||||||
Net loss excluding certain items | $ | (9,218 | ) | $ | (16,539 | ) | $ | (29,308 | ) | $ | (25,724 | ) | $ | (39,191 | ) | |||||
Loss per diluted share | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.53 | ) | |||||
— | — | — | — | 0.25 | ||||||||||||||||
Severance and other charges, net (net of tax) | 0.02 | 0.04 | 0.02 | 0.05 | 0.11 | |||||||||||||||
Loss per diluted share excluding certain items | $ | (0.04 | ) | $ | (0.07 | ) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.17 | ) |
Source:
2021 GlobeNewswire, Inc., source