Nine(US:NINE)2022-06-24 17:39Company Overview - Nine is a leading completion services provider targeting unconventional resource development across North American basins and abroad[9] - The company operates with an asset-light business model focused on completions[9] Financial Performance - Nine's revenue has grown from $282 million in 2016 to $833 million in 2019, then decreased to $311 million in 2020, and increased to $349 million in 2021[12] - Adjusted EBITDA margin was 17% in 2018, decreased to -8% in 2020, and increased to 1% in 2021[13,79] - The company has repurchased $79.7 million of bonds for $22.9 million of cash, representing 29% of par value, leaving $320.3 million par value of bonds outstanding[72] Operational Efficiency - Capex as a percentage of revenue has decreased from an average of 7% between 2017-2019 to 4% between 2020-Q2 2022[23,26] - Employees have been reduced by 51% from 1,835 to 905, while stages/employee/month have increased by 46% from 11.2 to 16.3[27] Market Position and Strategy - The company has demonstrated market share gains, with US Wireline & Completion Tools increasing from 6% in 2014 to 21% in 2021[30] - Nine is focused on technology and service differentiation, aiming for higher margins and mitigation of financial risk[38] - The US Dissolvable Plug market is projected to increase to over 35% by YE 2023[62]