Oil States International(US:OIS)2025-10-31 11:01Financial Performance - Consolidated revenues for Q3 2025 were $165.2 million, a decrease of 5% year-over-year from $174.3 million in Q3 2024[3] - Net income for Q3 2025 was $1.9 million, or $0.03 per share, compared to a net loss of $14.3 million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $20.8 million, down 3% from $21.5 million in Q3 2024[3] - Total revenues for the three months ended September 30, 2025, were $165.18 million, a slight decrease from $165.41 million in the previous quarter and a decrease from $174.35 million in the same quarter last year[21] - Net income for the nine months ended September 30, 2025, was $7.87 million, compared to a net loss of $26.42 million for the same period in 2024[25] - Operating income for the three months ended September 30, 2025, was $4.75 million, down from $5.28 million in the previous quarter and a loss of $11.04 million in the same quarter last year[27] - The net income for the three months ended September 30, 2025, was $1.9 million, compared to a net loss of $14.3 million for the same period in 2024[33] - Adjusted EBITDA for the nine months ended September 30, 2025, was $60.6 million, an increase from $58.3 million for the same period in 2024[33] Segment Performance - The Offshore Manufactured Products segment reported revenues of $108.6 million, with a 6% increase year-over-year[7] - The Completion and Production Services segment saw revenues decline to $27.5 million, a 31% decrease year-over-year[9] - Adjusted Segment EBITDA margin for the Offshore Manufactured Products segment improved to 21% in Q3 2025, up from 20% in Q2 2025[7] - The operating loss for the Completion and Production Services segment for the nine months ended September 30, 2025, was $6.3 million, compared to a loss of $19.2 million for the same period in 2024[36] - The Adjusted Segment EBITDA for Offshore Manufactured Products for the three months ended September 30, 2025, was $22.3 million, compared to $23.3 million for the same period in 2024[36] Cash Flow and Capital Expenditures - Cash flows from operations generated in Q3 2025 totaled $31 million, reflecting strong operational performance[6] - For the three months ended September 30, 2025, net cash flows provided by operating activities were $30,685,000, compared to $14,995,000 for the previous quarter[42] - Free cash flow for the three months ended September 30, 2025, was $23,178,000, significantly up from $8,114,000 in the previous quarter[42] - Capital expenditures for the three months ended September 30, 2025, were $8,706,000, down from $10,322,000 in the previous quarter[42] - For the nine months ended September 30, 2025, free cash flow was $40,614,000, an increase from $19,786,000 in the same period of the previous year[42] - The company reported net cash flows provided by operating activities of $54,975,000 for the nine months ended September 30, 2025, compared to $27,684,000 for the same period in 2024[42] - The company’s capital expenditures for the nine months ended September 30, 2025, totaled $28,186,000, compared to $23,309,000 in the previous year[42] Balance Sheet and Assets - Cash and cash equivalents increased to $67.05 million as of September 30, 2025, from $65.36 million at the end of the previous quarter[23] - Total current assets rose to $511.19 million as of September 30, 2025, compared to $498.23 million at the end of 2024[23] - The company reported a total of $281.16 million in current liabilities as of September 30, 2025, an increase from $157.70 million at the end of 2024[23] - The company’s total assets increased to $1.01 billion as of September 30, 2025, compared to $1.00 billion at the end of 2024[23] - The company incurred $20.27 million in purchases of 4.75% convertible senior notes during the nine months ended September 30, 2025[25] - The company’s deferred revenue increased to $73.20 million as of September 30, 2025, compared to $52.40 million at the end of 2024[23] Other Financial Metrics - Corporate operating expenses totaled $9.1 million in Q3 2025, including $0.3 million in severance charges[12] - For the three months ended September 30, 2025, the operating income included $2.7 million in costs related to the consolidation and exit of underperforming service offerings and locations[28] - Adjusted net income, excluding charges and credits, for the three months ended September 30, 2025, was $4.7 million, compared to $2.7 million for the same period in 2024[39] - The company recognized a non-cash goodwill impairment charge of $10.0 million during the nine months ended September 30, 2024[29] - The weighted average number of diluted common shares outstanding for the three months ended September 30, 2025, was 58,016 thousand[39] - The company reported $0.08 adjusted diluted net income per share for the three months ended September 30, 2025, compared to $0.04 for the same period in 2024[39] - The free cash flow metric is not a measure of financial performance under GAAP and should not be considered in isolation from GAAP cash flow measures[42] - The reconciliation of free cash flow to net cash flows provided by operating activities is provided in the financial statements[42]