Nine(US:NINE)2024-03-08 16:23Financial Performance - The company's FY 2023 capital expenditures totaled $22.3 million[56], falling below management's guidance - As of December 31, 2023, the company's cash position was $30.8 million[33] - The company's net cash provided by operating activities for YE 2023 was $45.5 million[151] - The company anticipates capital expenditures between $15 million and $25 million in 2024[33] - The company's Q4 revenue and adjusted EBITDA increased by approximately 2% and 26%, respectively, compared to Q3[149] - The company's international revenue increased by approximately 16% year-over-year[23] Market Position and Strategy - Approximately 60% of the company's business is driven by technology-based businesses, specifically completion tools and cementing[91] - The company estimates that approximately 75% of the U S dissolvable plug market share is concentrated among four competitors, including Nine[137] - The company's cementing revenue declined by only approximately 2% year-over-year, despite a rig count decline of approximately 20% since the end of 2022[32] - The company's average 3-year capital expenditure from 2021 to 2023 is approximately $23 million, a reduction of approximately 57% compared to the average of approximately $53 million from 2017 to 2019[100] - The company increased the total number of Stinger Dissolvable plugs sold by approximately 18% in 2023 versus 2022[160]