- Orders: $199 million and book-to-bill ratio of 111%
- Revenue: $179 million
- Net income: $8 million and diluted EPS of $0.77
- Adjusted EBITDA: $17 million
- Operating cash flow and free cash flow: $26 million and $24
million, respectively
Forum Energy Technologies, Inc. (NYSE: FET) today announced
third quarter 2023 revenue of $179 million, a 3% sequential
decrease. Orders increased 7% sequentially to $199 million, with a
book-to-bill ratio of 111%. The third quarter 2023 net income was
$8 million, or $0.77 per diluted share, compared to a net loss of
$7 million, or $0.64 per diluted share, for the second quarter
2023.
Pre-tax foreign exchange gains of $8 million comprise the
majority of special items in the third quarter 2023. Excluding
special items of $0.72 per diluted share, the quarter's adjusted
net income was $0.05 per diluted share compared to the second
quarter 2023 adjusted net income of $0.10 per diluted share. See
Tables 1-5 for a reconciliation of GAAP to non-GAAP financial
information.
Neal Lux, President and Chief Executive Officer, remarked,
“FET’s international revenue grew 15%, significantly outpacing
international rig count growth. Demand for our engineered products
and solutions drove strong third quarter bookings, resulting in a
book-to-bill ratio of 111%. All three segments increased their
backlog. During the quarter, gross profit and EBITDA margins held
steady as we maintained strong pricing levels. We also effectively
managed our cost base, delivering over $1 million in sustainable
cost savings. Finally, we generated $24 million of free cash flow,
in line with our expectations.
“In the U.S., we had expected activity to bottom midway through
the third quarter. However, rig count continued to decline and
working hydraulic fracturing fleets were idled at a stronger than
anticipated rate. This resulted in a sequential revenue decline of
$14 million in our Stimulation and Intervention product line,
driven primarily by lower sales of capital equipment including
power ends, radiators, and manifold trailers.
“For the fourth quarter, we anticipate global activity to remain
relatively flat with the third quarter. Therefore, we forecast
fourth quarter 2023 revenue and adjusted EBITDA to be in the ranges
of $170 to $190 million and $15 to $19 million, respectively. For
the full year, we now expect adjusted EBITDA to be around $70
million. Importantly, we anticipate delivering strong free cash
flow at our previous guidance of $50 million for the back half of
2023."
Segment Results (unless
otherwise noted, comparisons are third quarter 2023 versus second
quarter 2023)
Drilling & Downhole segment revenue was $81 million, a 1%
increase, despite a slight decline in global rig count. Orders were
$95 million, a 16% increase, due to higher bookings for new
remotely operated vehicles in our Subsea Technologies product line,
as well as increased demand for iron roughnecks in our Drilling
Technologies product line. Segment adjusted EBITDA was $11 million,
a 5% increase, due to higher sales volume and favorable sales mix
in our Downhole Technologies product line. Drilling & Downhole
segment operations focus primarily on capital equipment and
consumable products for global well construction, artificial lift,
and subsea markets.
Completions segment revenue was $63 million, a 13% decrease,
primarily related to lower U.S. hydraulic fracturing activity
levels. Orders were $65 million, a 4% increase, primarily related
to increased demand of coiled tubing. Segment adjusted EBITDA was
$8 million, a 18% decrease, resulting from lower revenue. The
Completions segment designs and manufactures products for the
coiled tubing, wireline, and stimulation markets.
Production segment revenue was $37 million, a 12% increase,
related to due to higher demand for our processing equipment and
technologies. Orders were $39 million, a 7% decrease, primarily
related to the large volume of production equipment in the second
quarter, partially offset by an increase in valves orders. Segment
Adjusted EBITDA was $3 million, a 32% increase primarily related to
the execution of production equipment projects and cost management.
The Production segment manufactures land well site production
equipment, desalination process equipment, and a wide range of
valves for upstream, midstream and process industry customers.
FET (Forum Energy Technologies) is a global company, serving the
oil, natural gas, industrial and renewable energy industries. With
headquarters located in Houston, Texas, FET provides value added
solutions aimed at improving the safety, efficiency, and
environmental impact of our customer’s operations. For more
information, please visit www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press 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. 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 the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the company, including any statement about the
company's future financial position, liquidity and capital
resources, operations, performance, acquisitions, returns, capital
expenditure budgets, new product development activities, costs and
other guidance included in this press release.
These statements are based on certain assumptions made by the
company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. 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. Among other
things, these include the volatility of oil and natural gas prices,
oilfield development activity levels, the availability of raw
materials and specialized equipment, the company's ability to
deliver backlog in a timely fashion, the availability of skilled
and qualified labor, competition in the oil and natural gas
industry, governmental regulation and taxation of the oil and
natural gas industry, the company's ability to implement new
technologies and services, the availability and terms of capital,
and uncertainties regarding environmental regulations or litigation
and other legal or regulatory developments affecting the company's
business, impacts associated with COVID-19, and other important
factors that could cause actual results to differ materially from
those projected as described in the company's filings with the U.S.
Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on
which such statement is made and the company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Forum Energy Technologies,
Inc.
Condensed consolidated
statements of income (loss)
(Unaudited)
Three months ended
September 30,
June 30,
(in millions, except per share
information)
2023
2022
2023
Revenue
$
179.3
$
181.8
$
185.4
Cost of sales
128.3
130.4
134.1
Gross profit
51.0
51.4
51.3
Operating expenses
Selling, general and administrative
expenses
45.5
43.7
44.4
Loss (gain) on disposal of assets and
other
(0.2
)
—
0.5
Total operating expenses
45.3
43.7
44.9
Operating income
5.7
7.7
6.4
Other expense (income)
Interest expense
4.5
8.1
4.7
Foreign exchange losses (gains) and other,
net
(8.2
)
(18.2
)
6.4
Total other (income) expense, net
(3.7
)
(10.1
)
11.1
Income (loss) before income
taxes
9.4
17.8
(4.7
)
Income tax expense
1.4
1.3
1.9
Net income (loss) (1)
$
8.0
$
16.5
$
(6.6
)
Weighted average shares
outstanding
Basic
10.2
5.8
10.2
Diluted
10.4
10.6
10.2
Earnings (loss) per share
Basic
$
0.78
$
2.85
$
(0.64
)
Diluted
$
0.77
$
1.82
$
(0.64
)
(1) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated
statements of income (loss)
(Unaudited)
Nine months ended
September 30,
(in millions, except per share
information)
2023
2022
Revenue
$
553.7
$
509.3
Cost of sales
399.3
370.7
Gross profit
154.4
138.6
Operating expenses
Selling, general and administrative
expenses
135.4
131.5
Loss (gain) on disposal of assets and
other
0.1
(0.9
)
Total operating expenses
135.5
130.6
Operating income
18.9
8.0
Other expense (income)
Interest expense
13.7
23.6
Foreign exchange losses (gains) and other,
net
1.1
(37.1
)
Total other (income) expense, net
14.8
(13.5
)
Income before taxes
4.1
21.5
Income tax expense
6.2
5.0
Net income (loss) (1)
$
(2.1
)
$
16.5
Weighted average shares
outstanding
Basic
10.2
5.7
Diluted
10.2
10.5
Earnings (loss) per share
Basic
$
(0.21
)
$
2.88
Diluted
$
(0.21
)
$
2.37
(1) Refer to Table 2 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated balance
sheets
(Unaudited)
September 30,
December 31,
(in millions of dollars)
2023
2022
Assets
Current assets
Cash and cash equivalents
$
37.2
$
51.0
Accounts receivable—trade, net
157.8
154.2
Inventories, net
302.3
269.8
Other current assets
33.9
37.9
Total current assets
531.2
512.9
Property and equipment, net of accumulated
depreciation
61.4
63.0
Operating lease assets
56.4
57.3
Intangible assets, net
173.4
191.5
Other long-term assets
6.5
10.1
Total assets
$
828.9
$
834.8
Liabilities and equity
Current liabilities
Current portion of long-term debt
$
1.1
$
0.8
Other current liabilities
207.2
209.5
Total current liabilities
208.3
210.3
Long-term debt, net of current portion
128.5
239.1
Other long-term liabilities
75.0
78.3
Total liabilities
411.8
527.7
Total equity
417.1
307.1
Total liabilities and equity
$
828.9
$
834.8
Forum Energy Technologies,
Inc.
Condensed consolidated cash
flow information
(Unaudited)
Nine Months Ended September
30,
(in millions of dollars)
2023
2022
Cash flows from operating
activities
Net income (loss)
$
(2.1
)
$
16.5
Depreciation and amortization
26.0
28.2
Inventory write down
1.9
1.6
Other noncash items and changes in working
capital
(28.9
)
(78.4
)
Net cash used in operating
activities
(3.1
)
(32.1
)
Cash flows from investing
activities
Capital expenditures for property and
equipment
(5.5
)
(4.8
)
Proceeds from sale of property and
equipment
1.3
2.7
Payments related to business acquisitions
and dispositions
—
(0.5
)
Net cash used in investing
activities
(4.2
)
(2.6
)
Cash flows from financing
activities
Borrowings of debt
351.6
423.9
Repayments of debt
(352.5
)
(414.0
)
Repurchases of stock
(6.0
)
(0.7
)
Net cash provided by (used in)
financing activities
(6.9
)
9.2
Effect of exchange rate changes on
cash
0.3
(1.6
)
Net decrease in cash, cash equivalents
and restricted cash
$
(13.9
)
$
(27.1
)
Forum Energy Technologies,
Inc.
Supplemental schedule -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in millions of dollars)
September 30, 2023
September 30, 2022
June 30, 2023
September 30, 2023
September 30, 2022
June 30, 2023
Revenue
Drilling & Downhole
$
81.2
$
75.7
$
80.7
$
81.2
$
75.7
$
80.7
Completions
62.5
72.2
72.1
62.5
72.2
72.1
Production
36.9
34.2
33.0
36.9
34.2
33.0
Eliminations
(1.3
)
(0.3
)
(0.4
)
(1.3
)
(0.3
)
(0.4
)
Total revenue
$
179.3
$
181.8
$
185.4
$
179.3
$
181.8
$
185.4
Operating income (loss)
Drilling & Downhole
$
8.4
$
9.5
$
8.3
$
8.5
$
9.8
$
8.1
Operating Margin %
10.3
%
12.5
%
10.3
%
10.5
%
12.9
%
10.0
%
Completions
2.1
5.9
4.2
2.0
4.8
4.3
Operating Margin %
3.4
%
8.2
%
5.8
%
3.2
%
6.6
%
6.0
%
Production
1.8
0.7
1.1
2.0
0.6
1.4
Operating Margin %
4.9
%
2.0
%
3.3
%
5.4
%
1.8
%
4.2
%
Corporate
(6.8
)
(8.4
)
(6.7
)
(6.3
)
(7.3
)
(6.6
)
Total segment operating income
5.5
7.7
6.9
6.2
7.9
7.2
Other items not in segment operating
income (1)
0.2
—
(0.5
)
0.2
—
0.3
Total operating income
$
5.7
$
7.7
$
6.4
$
6.4
$
7.9
$
7.5
Operating Margin %
3.2
%
4.2
%
3.5
%
3.6
%
4.3
%
4.0
%
EBITDA (2)
Drilling & Downhole
$
18.2
$
27.8
$
5.1
$
11.4
$
12.8
$
10.9
EBITDA Margin %
22.4
%
36.7
%
6.3
%
14.0
%
16.9
%
13.5
%
Completions
8.1
12.1
9.1
7.8
10.3
9.5
EBITDA Margin %
13.0
%
16.8
%
12.6
%
12.5
%
14.3
%
13.2
%
Production
2.3
1.5
1.6
2.5
1.2
1.9
EBITDA Margin %
6.2
%
4.4
%
4.8
%
6.8
%
3.5
%
5.8
%
Corporate
(5.7
)
(6.4
)
(7.3
)
(5.1
)
(6.5
)
(4.9
)
Total EBITDA
$
22.9
$
35.0
$
8.5
$
16.6
$
17.8
$
17.4
EBITDA Margin %
12.8
%
19.3
%
4.6
%
9.3
%
9.8
%
9.4
%
(1) Includes gain/(loss) on disposal of
assets and other.
(2) The Company believes that the
presentation of EBITDA is useful to the Company's investors because
EBITDA is an appropriate measure for evaluating the Company's
operating performance and liquidity that reflects the resources
available for strategic opportunities including, among others,
investing in the business, strengthening the balance sheet,
repurchasing the Company's securities, and making strategic
acquisitions. In addition, EBITDA is a widely used benchmark in the
investment community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Supplemental schedule -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Nine months ended
Nine months ended
(in millions of dollars)
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Revenue
Drilling & Downhole
$
238.7
$
223.5
$
238.7
$
223.5
Completions
208.2
190.9
208.2
190.9
Production
108.9
95.6
108.9
95.6
Eliminations
(2.1
)
(0.7
)
(2.1
)
(0.7
)
Total revenue
$
553.7
$
509.3
$
553.7
$
509.3
Operating income (loss)
Drilling & Downhole
$
25.2
$
24.0
$
25.2
$
24.3
Operating Margin %
10.6
%
10.7
%
10.6
%
10.9
%
Completions
9.9
8.8
10.6
7.2
Operating Margin %
4.8
%
4.6
%
5.1
%
3.8
%
Production
4.5
(1.2
)
5.1
(1.1
)
Operating Margin %
4.1
%
(1.3
)%
4.7
%
(1.2
)%
Corporate
(20.5
)
(24.6
)
(19.8
)
(19.4
)
Total segment operating income
19.1
7.0
21.1
11.0
Other items not in segment operating
income (1)
(0.2
)
1.0
0.7
0.2
Total operating income
$
18.9
$
8.0
$
21.8
$
11.2
Operating Margin %
3.4
%
1.6
%
3.9
%
2.2
%
EBITDA (2)
Drilling & Downhole
$
31.8
$
67.0
$
33.7
$
34.0
EBITDA Margin %
13.3
%
30.0
%
14.1
%
15.2
%
Completions
26.0
26.1
27.2
23.9
EBITDA Margin %
12.5
%
13.7
%
13.1
%
12.5
%
Production
6.2
2.0
6.7
1.3
EBITDA Margin %
5.7
%
2.1
%
6.2
%
1.4
%
Corporate
(20.2
)
(21.8
)
(16.0
)
(17.0
)
Total EBITDA
$
43.8
$
73.3
$
51.6
$
42.2
EBITDA Margin %
7.9
%
14.4
%
9.3
%
8.3
%
(1) Includes gain/(loss) on disposal of
assets, and other.
(2) The Company believes that the
presentation of EBITDA is useful to the Company's investors because
EBITDA is an appropriate measure for evaluating the Company's
operating performance and liquidity that reflects the resources
available for strategic opportunities including, among others,
investing in the business, strengthening the balance sheet,
repurchasing the Company's securities, and making strategic
acquisitions. In addition, EBITDA is a widely used benchmark in the
investment community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 2 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Supplemental schedule - Orders
information
(Unaudited)
Three months ended
(in millions of dollars)
September 30, 2023
September 30, 2022
June 30, 2023
Orders
Drilling & Downhole
$
95.0
$
73.3
$
82.1
Completions
65.1
78.7
62.7
Production
38.7
45.7
41.5
Total orders
$
198.8
$
197.7
$
186.3
Revenue
Drilling & Downhole
$
81.2
$
75.7
$
80.7
Completions
62.5
72.2
72.1
Production
36.9
34.2
33.0
Eliminations
(1.3
)
(0.3
)
(0.4
)
Total revenue
$
179.3
$
181.8
$
185.4
Book to bill ratio (1)
Drilling & Downhole
1.17
0.97
1.02
Completions
1.04
1.09
0.87
Production
1.05
1.34
1.26
Total book to bill ratio
1.11
1.09
1.00
(1) The book-to-bill ratio is calculated
by dividing the dollar value of orders received in a given period
by the revenue earned in that same period. The Company believes
that this ratio is useful to investors because it provides an
indication of whether the demand for our products is strengthening
or declining. A ratio of greater than one is indicative of
improving market demand, while a ratio of less than one would
suggest weakening demand. In addition, the Company believes the
book-to-bill ratio provides more meaningful insight into future
revenues for our business than other measures, such as order
backlog, because the majority of the Company's products are
activity based consumable items or shorter cycle capital equipment,
neither of which are typically ordered by customers far in
advance.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 1 - Adjusting
items
Three months ended
September 30, 2023
September 30, 2022
June 30, 2023
(in millions, except per share
information)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
5.7
$
22.9
$
8.0
$
7.7
$
35.0
$
16.5
$
6.4
$
8.5
$
(6.6
)
% of revenue
3.2
%
12.8
%
4.2
%
19.3
%
3.5
%
4.6
%
Restructuring, transaction and other
costs
0.8
0.8
0.8
1.0
1.0
1.0
1.5
1.5
1.5
Inventory and other working capital
adjustments
(0.1
)
(0.1
)
(0.1
)
(0.8
)
(0.8
)
(0.8
)
(0.4
)
(0.4
)
(0.4
)
Loss (gain) on foreign exchange, net
(2)
—
(8.2
)
(8.2
)
—
(18.2
)
(18.2
)
—
6.5
6.5
Stock-based compensation expense
—
1.2
—
—
0.8
—
—
1.3
—
As adjusted (1)
$
6.4
$
16.6
$
0.5
$
7.9
$
17.8
$
(1.5
)
$
7.5
$
17.4
$
1.0
% of revenue
3.6
%
9.3
%
4.3
%
9.8
%
4.0
%
9.4
%
Diluted shares outstanding as reported
10.4
10.6
10.2
Diluted shares outstanding as adjusted
10.4
6.0
10.2
Diluted EPS - as reported
$
0.77
$
1.82
$
(0.64
)
Diluted EPS - as adjusted
$
0.05
$
(0.25
)
$
0.10
(1) The Company believes that the
presentation of EBITDA, adjusted EBITDA, adjusted operating loss,
adjusted net loss and adjusted diluted EPS are useful to the
Company's investors because (i) each of these financial metrics are
useful to investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the Company's normal operating results and (ii) EBITDA is an
appropriate measure of evaluating the company's operating
performance and liquidity that reflects the resources available for
strategic opportunities including, among others, investing in the
business, strengthening the balance sheet, repurchasing the
Company's securities and making strategic acquisitions. In
addition, these benchmarks are widely used in the investment
community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily
relates to cash and receivables denominated in U.S. dollars by some
of our non-U.S. subsidiaries that report in a local currency, and
therefore the loss (gain) has no economic impact in dollar
terms.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 2 - Adjusting
items
Nine months ended
September 30, 2023
September 30, 2022
(in millions, except per share
information)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
18.9
$
43.8
$
(2.1
)
$
8.0
$
73.3
$
16.5
% of revenue
3.4
%
7.9
%
1.6
%
14.4
%
Restructuring, transaction and other
costs
3.4
3.4
3.4
6.1
6.1
6.1
Inventory and other working capital
adjustments
(0.5
)
(0.5
)
(0.5
)
(2.9
)
(2.9
)
(2.9
)
Stock-based compensation expense
—
3.3
—
—
2.5
—
Loss (gain) on foreign exchange, net
(2)
—
1.6
1.6
—
(36.8
)
(36.8
)
As adjusted (1)
$
21.8
$
51.6
$
2.4
$
11.2
$
42.2
$
(17.1
)
% of revenue
3.9
%
9.3
%
2.2
%
8.3
%
Diluted shares outstanding as reported
10.2
10.5
Diluted shares outstanding as adjusted
10.2
6.0
Diluted EPS - as reported
$
(0.21
)
$
2.37
Diluted EPS - as adjusted
$
0.24
$
(2.85
)
(1) The Company believes that the
presentation of EBITDA, adjusted EBITDA, adjusted operating loss,
adjusted net loss and adjusted diluted EPS are useful to the
Company's investors because (i) each of these financial metrics are
useful to investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the Company's normal operating results and (ii) EBITDA is an
appropriate measure of evaluating the company's operating
performance and liquidity that reflects the resources available for
strategic opportunities including, among others, investing in the
business, strengthening the balance sheet, repurchasing the
Company's securities and making strategic acquisitions. In
addition, these benchmarks are widely used in the investment
community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily
relates to cash and receivables denominated in U.S. dollars by some
of our non-U.S. subsidiaries that report in a local currency, and
therefore the loss (gain) has no economic impact in dollar
terms.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 3 - Adjusting
Items
Three months ended
(in millions of dollars)
September 30, 2023
September 30, 2022
June 30, 2023
EBITDA reconciliation (1)
Net income (loss)
$
8.0
$
16.5
$
(6.6
)
Interest expense
4.5
8.1
4.7
Depreciation and amortization
9.0
9.1
8.5
Income tax expense
1.4
1.3
1.9
EBITDA
$
22.9
$
35.0
$
8.5
(1) The Company believes adjusted EBITDA
is useful to investors because it is an appropriate measure of
evaluating operating performance and liquidity. It reflects the
resources available for strategic opportunities including, among
others, investing in the business, strengthening the balance sheet,
repurchasing the Company’s securities, and making strategic
acquisitions. In addition, adjusted EBITDA is a widely used
benchmark in the investment community.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 4 - Adjusting
Items
Nine months ended
(in millions of dollars)
September 30, 2023
September 30, 2022
EBITDA reconciliation (1)
Net income (loss)
$
(2.1
)
$
16.5
Interest expense
13.7
23.6
Depreciation and amortization
26.0
28.2
Income tax expense
6.2
5.0
EBITDA
$
43.8
$
73.3
(1) The Company believes adjusted EBITDA
is useful to investors because it is an appropriate measure of
evaluating operating performance and liquidity. It reflects the
resources available for strategic opportunities including, among
others, investing in the business, strengthening the balance sheet,
repurchasing the Company’s securities, and making strategic
acquisitions. In addition, adjusted EBITDA is a widely used
benchmark in the investment community.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 5 - Adjusting
items
Three months ended
Nine months ended
(in millions of dollars)
September 30, 2023
September 30, 2023
September 30, 2022
Free cash flow, before acquisitions,
reconciliation (1)
Net cash used in operating activities
$
26.4
$
(3.1
)
$
(32.1
)
Capital expenditures for property and
equipment
(2.7
)
(5.5
)
(4.8
)
Proceeds from sale of property and
equipment
0.2
1.3
2.7
Free cash flow, before acquisitions
$
23.9
$
(7.3
)
$
(34.2
)
(1) The Company believes free cash flow,
before acquisitions is an important measure because it encompasses
both profitability and capital management in evaluating
results.
Forum Energy Technologies,
Inc.
Supplemental schedule -
Product line revenue
(Unaudited)
Three months ended
(in millions of dollars)
September 30, 2023
September 30, 2022
June 30, 2023
Revenue
$
%
$
%
$
%
Drilling Technologies
$
43.0
24.0
%
$
38.2
21.0
%
$
45.3
24.4
%
Downhole Technologies
23.5
13.1
%
21.9
12.0
%
22.1
11.9
%
Subsea Technologies
14.7
8.2
%
15.6
8.6
%
13.3
7.2
%
Drilling & Downhole
81.2
45.3
%
75.7
41.6
%
80.7
43.5
%
Stimulation and Intervention
32.6
18.2
%
43.6
24.0
%
46.4
25.0
%
Coiled Tubing
29.9
16.7
%
28.6
15.7
%
25.7
13.9
%
Completions
62.5
34.9
%
72.2
39.7
%
72.1
38.9
%
Production Equipment
21.7
12.1
%
18.5
10.2
%
17.7
9.5
%
Valve Solutions
15.2
8.5
%
15.7
8.6
%
15.3
8.3
%
Production
36.9
20.6
%
34.2
18.8
%
33.0
17.8
%
Eliminations
(1.3
)
(0.8
)%
(0.3
)
(0.1
)%
(0.4
)
(0.2
)%
Total revenue
$
179.3
100.0
%
$
181.8
100.0
%
$
185.4
100.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102854783/en/
Rob Kukla Director of Investor Relations 281.994.3763
rob.kukla@f-e-t.com
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