Expro Group Holdings N.V. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Expro Group Holdings N.V. has filed its 2023 10-K report detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

EXPRO GROUP HOLDINGS N.V. (XPRO) filed a Annual Report (10-K) with the SEC on February 21, 2024. Expro Group Holdings N.V. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is in Houston, Texas. Expro Group Holdings N.V. was formerly known as Frank's International N.V. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking EXPRO GROUP HOLDINGS N.V., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Expro Group Holdings N.V.'s financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. Understanding the historical financial data presented in this report, including comparisons to prior years, allows stakeholders to identify trends, evaluate growth, and gauge the company's stability within the oil and gas field services sector.

Risk Assessment

Risk Level: medium — EXPRO GROUP HOLDINGS N.V. shows moderate risk based on this filing. The company operates in the oil and gas field services sector, which is subject to significant volatility in commodity prices and global demand, impacting revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Expro Group Holdings N.V.'s performance and outlook in the dynamic energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 141 — Public Document Count (Number of documents in the filing)
• 001-36053 — SEC File Number (Company's SEC file number)

Key Players & Entities

• EXPRO GROUP HOLDINGS N.V. (company) — Filer name
• XPRO (company) — Ticker symbol
• 2024-02-21 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• Frank's International N.V. (company) — Former company name
• 1311 BROADFIELD BLVD. SUITE 400 (address) — Business address
• HOUSTON, TX 77084 (address) — Business address
• 713-463-9776 (phone) — Business phone

FAQ

Industry Context

Expro Group Holdings N.V. operates in the oil, gas field services sector, providing services to exploration and production companies.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit a Form 10-K annually.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's operational segments and geographic performance.
3. Assess the risk factors outlined by Expro Group Holdings N.V. for potential investment considerations.

Key Dates

• 2024-02-21: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, succeeding previous annual reports and providing updated financial and operational information.

Filing Documents

• fi20231231_10k.htm (10-K) — 2586KB
• ex_509521.htm (EX-4.1) — 37KB
• ex_509523.htm (EX-21.1) — 26KB
• ex_509524.htm (EX-23.1) — 2KB
• ex_509525.htm (EX-31.1) — 13KB
• ex_509526.htm (EX-31.2) — 12KB
• ex_509527.htm (EX-32.1) — 5KB
• ex_509528.htm (EX-32.2) — 5KB
• ex_625664.htm (EX-97.1) — 43KB
• graph23.jpg (GRAPHIC) — 167KB
• 0001437749-24-005041.txt (&nbsp;) — 13932KB
• xpro-20231231.xsd (EX-101.SCH) — 117KB
• xpro-20231231_cal.xml (EX-101.CAL) — 111KB
• xpro-20231231_def.xml (EX-101.DEF) — 812KB
• xpro-20231231_lab.xml (EX-101.LAB) — 682KB
• xpro-20231231_pre.xml (EX-101.PRE) — 880KB
• fi20231231_10k_htm.xml (XML) — 2392KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 27 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 Item 9A.

Controls and Procedures

Controls and Procedures 103 Item 9B. Other Information 104 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 PART III Item 10. Directors, Executive Officers and Corporate Governance 104 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions, and Director Independence 104 Item 14. Principal Accounting Fees and Services 104 PART IV Item 15. Exhibits and Financial Statement Schedules 105 Item 16. Form 10 – K Summary 107

Signatures

Signatures 108 2 Table of Contents PART I

Business

Item 1. Business General Expro Group Holdings N.V. is a Netherlands limited liability company ( Naamloze Vennootschap ) and includes the activities of Expro Group Holdings International Limited, Frank's International C.V. and their wholly owned subsidiaries (either individually or together, as context requires, "Expro," the "Company," "we," "us" and "our"). On March 10, 2021, the Company and New Eagle Holdings Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company ("Merger Sub"), entered into an Agreement and Plan of Merger with Expro Group Holdings International Limited ("Legacy Expro") providing for the merger of Legacy Expro with and into Merger Sub in an all-stock transaction, with Merger Sub surviving the merger as a direct, wholly owned subsidiary of the Company (the "Merger"). The Merger closed on October 1, 2021, and the Company, previously known as Frank's International N.V. ("Frank's"), was renamed Expro Group Holdings N.V. The Merger has been accounted for using the acquisition method of accounting with Legacy Expro being identified as the accounting acquirer. The historical financial statements presented in this Annual Report on Form 10-K (this "Form 10-K") reflect the financial position, results of operations and cash flows of only Legacy Expro for all periods prior to the Merger and of the combined company (including activities of Frank's) for all periods subsequent to the Merger. Our Operations With roots dating to 1938, the Company is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company's extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions. The Company provides services in many of the world's major offshore and onshore energy basins,

View Full Filing

View this 10-K filing on SEC EDGAR