Nine(US:NINE)2021-08-06 19:18Company Overview - Nine is focused on building a full-cycle ROIC business with an asset-light business model[8] - The company is leveraged to increasing completion intensity, including mega-well pads, lateral lengths, and stage count[8] - As of H1 2021, completion tools contributed approximately 29% of revenue, compared to approximately 3% in 2017[17] - From YE 2018 to 6/30/21, the company lowered headcount by approximately 64%[17] Financial Performance - In 2018, Revenue was $827 million, Adjusted EBITDA was $141 million, with an Adjusted EBITDA margin of 17%[12] - In 2019, Revenue was $833 million, Adjusted EBITDA was $113 million, with an Adjusted EBITDA margin of 14%[12] - In 2020, Revenue was $311 million, Adjusted EBITDA was -$26 million, with an Adjusted EBITDA margin of -8%[12] - In Q2 Ann 2021, Revenue was $339 million, Adjusted EBITDA was -$2 million, with an Adjusted EBITDA margin of -1%[12] - As of June 30, 2021, the company had $331 million in cash and $523 million in ABL availability, resulting in a total liquidity of $854 million[105] Dissolvable Plug Technology - Dissolvable plug completion can be ~14-31 days per wellbore: A reduction of ~20%[72] - The life-cycle carbon footprint of the dissolvable plug is 18% smaller per wellbore than the conventional composite plug[98] - Dissolvable frac plugs on a 6-well pad take 84 cars off the road: ~404 metric tons of CO2E[92]