Nine(US:NINE)2024-05-07 14:58Financial Performance & Strategy - In Q1 2024, Nine's revenue was $142.1 million [81, 111] - Adjusted EBITDA for Q1 2024 was $15 million, resulting in an Adjusted EBITDA margin of 11% [81] - The company expects 2024 capital expenditures to be between $15 million and $25 million [109] - Nine's business is driven by technology-based businesses, accounting for approximately 60% of its revenue [9] - The company's asset-light business model reduces capital expenditure needs, with a reduction of approximately 57% in the 3-year average capex from 2017-2019 to 2021-2023 [13, 52] Market Position & Technology - Nine's completion tools accounted for 34% of its revenue by service line [27] - The company estimates that it holds between 20% and 25% of the US dissolvable plug market share [48, 86] - Coiled tubing days worked increased by over 40% quarter-over-quarter, driving revenue growth of approximately 11% [107] - Dissolvable pumpdown rings can reduce horsepower requirements by approximately 48%, water usage by approximately 28%, and diesel fuel usage by approximately 42% [97] Capitalization - As of March 31, 2024, Nine had total debt of $353.8 million and cash of $10.2 million [108, 116]