Oil States International Files Q2 2024 10-Q

TL;DR

OIS Q2 10-Q is in: check financials for Products & Services segments.

AI Summary

Oil States International, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and the first half of the year, including revenue and segment performance for both its Products and Services divisions. Specific financial figures and balance sheet details are presented for the reporting periods.

Why It Matters

This filing provides investors with the latest financial results and operational details for Oil States International, Inc., crucial for understanding the company's current performance and future outlook in the oil and gas machinery sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the oil and gas industry is inherently volatile, posing medium risk.

Key Numbers

• 20240630 — Period End Date (The 10-Q covers financial data up to this date.)
• 20240729 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Oil States International, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 713-652-0582 (phone_number) — Company business phone number
• DE (state) — State of incorporation
• 77002 (zip_code) — Company business zip code

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share OIS New York Stock Exchange

Filing Documents

• ois-20240630.htm (10-Q) — 1432KB
• ois_20240630xex311.htm (EX-31.1) — 12KB
• ois_20240630xex312.htm (EX-31.2) — 12KB
• ois_20240630xex321.htm (EX-32.1) — 6KB
• ois_20240630xex322.htm (EX-32.2) — 6KB
• 0001121484-24-000065.txt ( ) — 7107KB
• ois-20240630.xsd (EX-101.SCH) — 40KB
• ois-20240630_cal.xml (EX-101.CAL) — 73KB
• ois-20240630_def.xml (EX-101.DEF) — 200KB
• ois-20240630_lab.xml (EX-101.LAB) — 556KB
• ois-20240630_pre.xml (EX-101.PRE) — 399KB
• ois-20240630_htm.xml (XML) — 1123KB

– 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 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 – 20 Cautionary Statement Regarding Forward-Looking Statements 21 – 22

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22 – 36

Quantitative and Qualitative Disclosures About Market Risk 36

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures 37

Item 4. Controls and Procedures 37

– OTHER INFORMATION

Part II – OTHER INFORMATION

Legal Proceedings 38

Item 1. Legal Proceedings 38

Risk Factors 38

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds 38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities 38

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures 38

Item 4. Mine Safety Disclosures 38

Other Information 38

Item 5. Other Information 38

Exhibits 39

Item 6. Exhibits 39 Signature Page 40 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Products $ 108,579 $ 92,630 $ 202,908 $ 192,470 Services 77,804 90,899 150,737 187,258 186,383 183,529 353,645 379,728 Costs and expenses: Product costs 82,503 72,659 157,640 151,336 Service costs 59,530 69,371 116,344 141,429 Cost of revenues (exclusive of depreciation and amortization expense presented below) 142,033 142,030 273,984 292,765 Selling, general and administrative expense 26,373 23,528 48,869 47,544 Depreciation and amortization expense 14,698 15,537 28,893 30,793 Impairment of goodwill — — 10,000 — Other operating (income) expense, net 1,234 ( 835 ) 1,031 ( 518 ) 184,338 180,260 362,777 370,584 Operating income (loss) 2,045 3,269 ( 9,132 ) 9,144 Interest expense, net ( 2,061 ) ( 2,059 ) ( 4,162 ) ( 4,450 ) Other income, net 652 210 580 486 Income (loss) before income taxes 636 1,420 ( 12,714 ) 5,180 Income tax benefit (provision) 665 ( 862 ) 641 ( 2,464 ) Net income (loss) $ 1,301 $ 558 $ ( 12,073 ) $ 2,716 Net income (loss) per share: Basic $ 0.02 $ 0.01 $ ( 0.19 ) $ 0.04 Diluted 0.02 0.01 ( 0.19 ) 0.04 Weighted average number of common shares outstanding: Basic 62,483 62,803 62,493 62,814 Diluted 62,704 63,174 62,493 63,161 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 1,301 $ 558 $ ( 12,073 ) $ 2,716 Other comprehensive income (loss): Currency translation adjustments ( 3,151 ) 3,270 ( 6,178 ) 7,419 Comprehensive income (loss) $ ( 1,850 ) $ 3,828 $ ( 18,251 ) $ 10,135 The accompanying notes are an integral part of these financial s

View Full Filing

View this 10-Q filing on SEC EDGAR