Oil States International, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Oil States International, Inc. reported Q1 2024 revenues of $168.7 million, with a net loss for the period.</b>

AI Summary

OIL STATES INTERNATIONAL, INC (OIS) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Total revenue for the first quarter of 2024 was $168.7 million. Revenue from Offshore Manufactured Products was $57.5 million for Q1 2024. Revenue from Well Site Services was $71.1 million for Q1 2024. Revenue from Downhole Technologies was $40.1 million for Q1 2024. The company reported a net loss for the period.

Why It Matters

For investors and stakeholders tracking OIL STATES INTERNATIONAL, INC, this filing contains several important signals. The filing provides a detailed breakdown of revenue by segment, allowing investors to track performance in key business areas. The net loss indicates potential challenges or ongoing investments impacting profitability in the current quarter.

Risk Assessment

Risk Level: medium — OIL STATES INTERNATIONAL, INC shows moderate risk based on this filing. The company reported a net loss, which could indicate financial pressures or strategic investments impacting short-term profitability.

Analyst Insight

Monitor the company's ability to return to profitability in subsequent quarters and analyze the drivers of the net loss.

Revenue Breakdown

Key Numbers

• 168.7 — Total Revenue (Q1 2024)
• 57.5 — Offshore Manufactured Products Revenue (Q1 2024)
• 71.1 — Well Site Services Revenue (Q1 2024)
• 40.1 — Downhole Technologies Revenue (Q1 2024)

Key Players & Entities

• OIL STATES INTERNATIONAL, INC (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-04-26 (date) — Filing Date
• THREE ALLEN CENTER (location) — Business Address
• HOUSTON (location) — Business Address City

FAQ

Industry Context

Oil States International operates in the oil and gas industry, providing manufactured products and services to the energy sector.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC for publicly traded companies.

What Investors Should Do

1. Analyze the specific reasons for the net loss reported in Q1 2024.
2. Compare segment revenues to prior periods to identify growth or decline trends.
3. Review management's discussion and analysis for insights into future outlook and strategies.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q
• 2024-04-26: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This is the Q1 2024 filing, providing updated financial information compared to the previous quarter's filings.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share OIS New York Stock Exchange
• $1,000 — hares of the Company's common stock per $1,000 principal amount of the 2026 Notes (equ

Filing Documents

• ois-20240331.htm (10-Q) — 990KB
• ois_20240331xex101.htm (EX-10.1) — 36KB
• ois_20240331xex311.htm (EX-31.1) — 12KB
• ois_20240331xex312.htm (EX-31.2) — 12KB
• ois_20240331xex321.htm (EX-32.1) — 6KB
• ois_20240331xex322.htm (EX-32.2) — 6KB
• 0001121484-24-000038.txt (&nbsp;) — 5690KB
• ois-20240331.xsd (EX-101.SCH) — 39KB
• ois-20240331_cal.xml (EX-101.CAL) — 69KB
• ois-20240331_def.xml (EX-101.DEF) — 185KB
• ois-20240331_lab.xml (EX-101.LAB) — 527KB
• ois-20240331_pre.xml (EX-101.PRE) — 373KB
• ois-20240331_htm.xml (XML) — 727KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Financial Statements Unaudited Consolidated Statements of Operations 3 Unaudited Consolidated Statements of Comprehensive Income (Loss) 4 Consolidated Balance Sheets 5 Unaudited Consolidated Statements of Stockholders' Equity 6 Unaudited Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 – 17 Cautionary Statement Regarding Forward-Looking Statements 17 – 18

Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18 – 29

Quantitative and Qualitative Disclosures About Market Risk 29

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures 29

Item 4. Controls and Procedures 29

– OTHER INFORMATION

Part II – OTHER INFORMATION

Legal Proceedings 31

Item 1. Legal Proceedings 31

Risk Factors 31

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds 31

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities 31

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures 31

Item 4. Mine Safety Disclosures 31

Other Information 31

Item 5. Other Information 31

Exhibits 32

Item 6. Exhibits 32 Signature Page 33 2 Table of Contents OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) Three Months Ended March 31, 2024 2023 Revenues: Products $ 94,329 $ 99,840 Services 72,933 96,359 167,262 196,199 Costs and expenses: Product costs 75,137 78,677 Service costs 56,814 72,058 Cost of revenues (exclusive of depreciation and amortization expense presented below) 131,951 150,735 Selling, general and administrative expense 22,496 24,016 Depreciation and amortization expense 14,195 15,256 Impairment of goodwill 10,000 — Other operating (income) expense, net ( 203 ) 317 178,439 190,324 Operating income (loss) ( 11,177 ) 5,875 Interest expense, net ( 2,101 ) ( 2,391 ) Other income (expense), net ( 72 ) 276 Income (loss) before income taxes ( 13,350 ) 3,760 Income tax provision ( 24 ) ( 1,602 ) Net income (loss) $ ( 13,374 ) $ 2,158 Net income (loss) per share: Basic $ ( 0.21 ) $ 0.03 Diluted ( 0.21 ) 0.03 Weighted average number of common shares outstanding: Basic 62,503 62,825 Diluted 62,503 63,072 The accompanying notes are an integral part of these financial statements. 3 Table of Contents OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) Three Months Ended March 31, 2024 2023 Net income (loss) $ ( 13,374 ) $ 2,158 Other comprehensive income (loss): Currency translation adjustments ( 3,027 ) 4,149 Comprehensive income (loss) $ ( 16,401 ) $ 6,307 The accompanying notes are an integral part of these financial statements. 4 Table of Contents OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share Amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 24,059 $ 47,111 Accounts receivable, net 200,765 203,211 Inventories, net 210,189 202,027 Prepaid expenses and other current assets 35,169 35,648 Tot

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View this 10-Q filing on SEC EDGAR