NCS Multistage Holdings, Inc. Announces Fourth Quarter and Full Year 2021 Results
Fourth Quarter Results
- Total revenues of
$36.1 million , a 32% year-over-year increase and an 11% increase compared to the third quarter of 2021 - Net income of
$1.7 million as compared to$8.6 million and$2.8 million in the fourth quarter of 2020 and the third quarter of 2021, respectively, and earnings per diluted share of$0.68 ; adjusted net income of$1.2 million and adjusted earnings per diluted share of$0.48 - Adjusted EBITDA of
$6.5 million , a$3.5 million improvement compared to the fourth quarter of 2020 and a$2.3 million improvement compared to the third quarter of 2021 - Net cash provided by operating activities, free cash flow and free cash flow after distributions to non-controlling interest of
$11.6 million ,$11.1 million and$8.4 million , respectively, for the year endedDecember 31, 2021 $22.2 million in cash and$7.8 million of total debt as ofDecember 31, 2021
Financial Review
Fourth Quarter 2021 Financial Results
Total revenues were
Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, was
Selling, general and administrative (“SG&A”) expenses totaled
Net income was
Adjusted EBITDA was
Full Year 2021 Financial Results
For the year ended
Cash flows from operating activities during 2021 of
Capital Expenditures and Liquidity
NCS incurred capital expenditures of
As of
New Product Introductions
During the fourth quarter of 2021, we successfully introduced two new product offerings.
- The Ratek line of sliding sleeves for more difficult environments, including offshore applications, that may require V0 and V3 ISO ratings, with initial shipments in
December 2021 . - The PurpleFire factory-assembled modular perforating gun system, currently in field trials with initial sales in
December 2021 .
Patent Infringement Case Verdict
On
Review and Outlook
NCS’s Chief Executive Officer,
Fourth quarter revenue of
Our gross margin percentage of 44% during the fourth quarter compared to 43% during the fourth quarter of 2020 and our full year gross margin percentage in 2021 of 41% was in line with 2020, despite the supply chain challenges and increased labor costs that emerged during 2021. In addition, we were able to reduce our SG&A expense from
We continued to strengthen our balance sheet and liquidity position throughout 2021, generating free cash flow of over
We continue to add to our intellectual property and received our 100th issued patent during 2021. We are extremely proud of our history and track record of innovation in support of our customers’ desires to operate in a more efficient, cost effective and environmentally sensitive manner. We make meaningful investments in research and development and in securing and maintaining our intellectual property. We are pleased that a jury in a recent trial affirmed the validity of our patent utilized in our AirLock casing buoyancy system and concluded that the patent had been infringed upon.
We have brought several new products to market over the course of the last year, which expand our product and service portfolio, and which we believe will provide us with additional revenue opportunities by expanding the addressable market that we participate in. Among these are our RATEK multicycle frac sleeves, high performance sleeves which have been tested to be gas-tight (V0) and are suitable for demanding applications in offshore markets, including the
We believe that the recent change in North American E&P company priorities to emphasize free cash flow, return on capital and return of capital is a positive development for our industry, and is a framework that can support a multi-year activity expansion. We currently expect that
This positive activity outlook is tempered somewhat by the inflationary environment we are facing with respect to labor costs and challenges in our supply chain, which are resulting in extended delivery times and increased prices for raw materials, supplies, outsourced services, and transportation.
I am excited for what 2022 will bring and want to express my thanks to the team at NCS and at Repeat Precision. 2021 was our second consecutive year with no lost time or recordable incidents, which I believe is a tremendous accomplishment. I truly appreciate the hard work and dedication of our people. We have the right team and the right strategies in place to deliver value to our customers, drive innovation in the industry and to create value for our shareholders.”
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net (Loss) Income, Adjusted Net (Loss) Earnings per Diluted Share, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and net working capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.
Conference Call
The Company will host a conference call to discuss its fourth quarter and full year 2021 results and future financial expectations on
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (855) 859-2056 within
About
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: the risks and uncertainties relating to public health crises, including the COVID-19 pandemic and its continuing impact on market conditions and our business, financial condition, results of operations, cash flows and stock price; declines in the level of oil and natural gas exploration and production activity in
Contact
Chief Financial Officer
(281) 453-2222
IR@ncsmultistage.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
| Three Months Ended | Year Ended | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Revenues | ||||||||||||||||
| Product sales | $ | 26,056 | $ | 19,249 | $ | 83,223 | $ | 75,197 | ||||||||
| Services | 10,060 | 8,134 | 35,279 | 31,780 | ||||||||||||
| Total revenues | 36,116 | 27,383 | 118,502 | 106,977 | ||||||||||||
| Cost of sales | ||||||||||||||||
| Cost of product sales, exclusive of depreciation and amortization expense shown below | 14,410 | 11,456 | 51,897 | 46,647 | ||||||||||||
| Cost of services, exclusive of depreciation and amortization expense shown below | 5,776 | 4,236 | 18,130 | 16,260 | ||||||||||||
| Total cost of sales, exclusive of depreciation and amortization expense shown below | 20,186 | 15,692 | 70,027 | 62,907 | ||||||||||||
| Selling, general and administrative expenses | 13,505 | 10,643 | 49,094 | 59,425 | ||||||||||||
| Depreciation | 975 | 980 | 3,832 | 4,426 | ||||||||||||
| Amortization | 167 | 125 | 669 | 1,465 | ||||||||||||
| Impairments | — | — | — | 50,194 | ||||||||||||
| Income (loss) from operations | 1,283 | (57 | ) | (5,120 | ) | (71,440 | ) | |||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense, net | (204 | ) | (174 | ) | (733 | ) | (1,796 | ) | ||||||||
| Gain on patent infringement settlement | — | 25,678 | — | 25,678 | ||||||||||||
| Other income, net | 1,008 | 1,149 | 2,054 | 1,729 | ||||||||||||
| Foreign currency exchange gain (loss) | 127 | (593 | ) | 283 | (1,060 | ) | ||||||||||
| Total other income | 931 | 26,060 | 1,604 | 24,551 | ||||||||||||
| Income (loss) before income tax | 2,214 | 26,003 | (3,516 | ) | (46,889 | ) | ||||||||||
| Income tax expense (benefit) | 218 | 2,173 | 263 | (7,783 | ) | |||||||||||
| Net income (loss) | 1,996 | 23,830 | (3,779 | ) | (39,106 | ) | ||||||||||
| Net income attributable to non-controlling interest | 334 | 15,260 | 955 | 18,493 | ||||||||||||
| Net income (loss) attributable to NCS Multistage Holdings, Inc. | $ | 1,662 | $ | 8,570 | $ | (4,734 | ) | $ | (57,599 | ) | ||||||
| Earnings (loss) per common share | ||||||||||||||||
| Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc. | $ | 0.69 | $ | 3.62 | $ | (1.98 | ) | $ | (24.37 | ) | ||||||
| Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc. | $ | 0.68 | $ | 3.59 | $ | (1.98 | ) | $ | (24.37 | ) | ||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 2,402 | 2,369 | 2,396 | 2,364 | ||||||||||||
| Diluted | 2,455 | 2,385 | 2,396 | 2,364 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS*
(In thousands, except share data)
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 22,168 | $ | 15,545 | ||||
| Accounts receivable—trade, net | 24,392 | 21,925 | ||||||
| Inventories, net | 33,917 | 34,871 | ||||||
| Prepaid expenses and other current assets | 3,290 | 2,975 | ||||||
| Other current receivables | 4,726 | 8,358 | ||||||
| Total current assets | 88,493 | 83,674 | ||||||
| Noncurrent assets | ||||||||
| Property and equipment, net | 24,708 | 24,435 | ||||||
| 15,222 | 15,222 | |||||||
| Identifiable intangibles, net | 5,744 | 6,413 | ||||||
| Operating lease assets | 4,809 | 5,170 | ||||||
| Deposits and other assets | 3,113 | 3,559 | ||||||
| Deferred income taxes, net | 236 | 205 | ||||||
| Total noncurrent assets | 53,832 | 55,004 | ||||||
| Total assets | $ | 142,325 | $ | 138,678 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable—trade | $ | 7,502 | $ | 4,943 | ||||
| Accrued expenses | 6,323 | 3,347 | ||||||
| Income taxes payable | 294 | 653 | ||||||
| Operating lease liabilities | 1,556 | 1,826 | ||||||
| Current maturities of long-term debt | 1,483 | 1,347 | ||||||
| Other current liabilities | 2,660 | 2,768 | ||||||
| Total current liabilities | 19,818 | 14,884 | ||||||
| Noncurrent liabilities | ||||||||
| Long-term debt, less current maturities | 6,335 | 4,442 | ||||||
| Operating lease liabilities, long-term | 3,779 | 3,989 | ||||||
| Other long-term liabilities | 1,612 | 1,864 | ||||||
| Deferred income taxes, net | 114 | 13 | ||||||
| Total noncurrent liabilities | 11,840 | 10,308 | ||||||
| Total liabilities | 31,658 | 25,192 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, |
— | — | ||||||
| Common stock, |
24 | 24 | ||||||
| Additional paid-in capital | 437,022 | 432,801 | ||||||
| Accumulated other comprehensive loss | (82,094 | ) | (81,780 | ) | ||||
| Retained deficit | (261,362 | ) | (256,628 | ) | ||||
| (1,006 | ) | (809 | ) | |||||
| Total stockholders’ equity | 92,584 | 93,608 | ||||||
| Non-controlling interest | 18,083 | 19,878 | ||||||
| Total equity | 110,667 | 113,486 | ||||||
| Total liabilities and stockholders' equity | $ | 142,325 | $ | 138,678 | ||||
_____________________
* Preliminary
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended |
||||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (3,779 | ) | $ | (39,106 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 4,501 | 5,891 | ||||||
| Impairments | — | 50,194 | ||||||
| Amortization of deferred loan cost | 281 | 296 | ||||||
| Share-based compensation | 6,621 | 8,482 | ||||||
| Provision for inventory obsolescence | 1,754 | 1,820 | ||||||
| Deferred income tax expense (benefit) | 96 | (3,202 | ) | |||||
| Gain on sale of property and equipment | (378 | ) | (592 | ) | ||||
| Write-off of deferred loan costs | — | 606 | ||||||
| Gain on patent infringement settlement | — | (25,678 | ) | |||||
| Provision for doubtful accounts | (129 | ) | 750 | |||||
| Net proceeds from patent infringement settlement | — | 21,370 | ||||||
| Proceeds from note receivable | 281 | 302 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable—trade | (2,558 | ) | 19,250 | |||||
| Inventories, net | (939 | ) | 3,241 | |||||
| Prepaid expenses and other assets | (437 | ) | (3,022 | ) | ||||
| Accounts payable—trade | 2,843 | (3,170 | ) | |||||
| Accrued expenses | 3,000 | (105 | ) | |||||
| Other liabilities | (3,247 | ) | 534 | |||||
| Income taxes receivable/payable | 3,673 | (2,744 | ) | |||||
| Net cash provided by operating activities | 11,583 | 35,117 | ||||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (495 | ) | (2,098 | ) | ||||
| Purchase and development of software and technology | (338 | ) | (55 | ) | ||||
| Proceeds from sales of property and equipment | 389 | 1,094 | ||||||
| Net cash used by investing activities | (444 | ) | (1,059 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments on equipment note and finance leases | (1,318 | ) | (1,513 | ) | ||||
| Revolver and line of credit borrowings | 360 | 5,000 | ||||||
| Payments on revolver and line of credit | (360 | ) | (15,000 | ) | ||||
| Payment of deferred loan cost related to senior secured credit facility | — | (553 | ) | |||||
| (197 | ) | (157 | ) | |||||
| Distribution to non-controlling interest | (2,750 | ) | (17,550 | ) | ||||
| Net cash used by financing activities | (4,265 | ) | (29,773 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (251 | ) | 17 | |||||
| Net change in cash and cash equivalents | 6,623 | 4,302 | ||||||
| Cash and cash equivalents beginning of period | 15,545 | 11,243 | ||||||
| Cash and cash equivalents end of period | $ | 22,168 | $ | 15,545 | ||||
| Supplemental cash flow information | ||||||||
| Cash paid for interest, net of amounts capitalized | $ | 423 | $ | 929 | ||||
| Cash paid for income taxes (net of refunds) | (3,528 | ) | (1,924 | ) | ||||
| Noncash investing and financing activities | ||||||||
| Return of vehicles under finance lease | $ | (187 | ) | $ | (798 | ) | ||
| Leased assets obtained in exchange for new finance lease liabilities | 3,712 | 5,305 | ||||||
| Leased assets obtained in exchange for new operating lease liabilities | 2,000 | 2,572 | ||||||
| Changes in accounts payable related to capital expenditures | 6 | (184 | ) | |||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)
Non-GAAP Financial Measures
EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of an impairment and share-based compensation, are non-cash in nature. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. Adjusted Net (Loss) Income is defined as net (loss) income attributable to
EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net (Loss) Income, Adjusted Net (Loss) Earnings per Diluted Share, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and net working capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income, income from operations, cash provided by operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), cash provided by operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.
The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:
NET WORKING CAPITAL*
| 2021 | 2020 | |||||||
| Working capital | $ | 68,675 | $ | 68,790 | ||||
| Cash and cash equivalents | (22,168 | ) | (15,545 | ) | ||||
| Current maturities of long-term debt | 1,483 | 1,347 | ||||||
| Net working capital | $ | 47,990 | $ | 54,592 | ||||
_____________________
* Preliminary
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)
ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
| Effect on Net Income | Impact on Diluted Earnings Per Share | Effect on Net Income (Loss) | Impact on Diluted Earnings (Loss) Per Share | Effect on Net Loss |
Impact on Diluted Loss Per Share | Effect on Net Loss |
Impact on Diluted Loss Per Share | |||||||||||||||||||||||||
| Net income (loss) attributable to |
$ | 1,662 | $ | 0.68 | $ | 8,570 | $ | 3.59 | $ | (4,734 | ) | $ | (1.98 | ) | $ | (57,599 | ) | $ | (24.37 | ) | ||||||||||||
| Adjustments | ||||||||||||||||||||||||||||||||
| Impairments (a) | — | — | — | — | — | — | 50,194 | 21.23 | ||||||||||||||||||||||||
| Gain on patent infringement settlement (b) | — | — | (12,839 | ) | (5.41 | ) | — | — | (12,839 | ) | (5.43 | ) | ||||||||||||||||||||
| Realized and unrealized foreign currency (gain) loss (c) | (123 | ) | (0.05 | ) | 574 | 0.25 | (307 | ) | (0.13 | ) | 1,002 | 0.42 | ||||||||||||||||||||
| Write-off of deferred loan costs (d) | — | — | — | — | — | — | 606 | 0.26 | ||||||||||||||||||||||||
| Net effect of ERC (e) | (1 | ) | — | — | — | (1,908 | ) | (0.79 | ) | — | — | |||||||||||||||||||||
| Income tax impact from adjustments (f) | (350 | ) | (0.15 | ) | (2,710 | ) | (1.13 | ) | (96 | ) | (0.04 | ) | (976 | ) | (0.41 | ) | ||||||||||||||||
| Adjusted net income (loss) attributable to |
$ | 1,188 | $ | 0.48 | $ | (6,405 | ) | $ | (2.70 | ) | $ | (7,045 | ) | $ | (2.94 | ) | $ | (19,612 | ) | $ | (8.30 | ) | ||||||||||
_____________________
(a) Represents non-cash impairment charges for property and equipment and intangible assets during 2020.
(b) Represents the 50% gain attributable to NCS, which was realized from the settlement of the final court judgment against
(c) Represents realized and unrealized foreign currency translation gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
(d) Represents deferred loan costs that were expensed during the third quarter of 2020 in connection with the amendment to our senior secured credit facility in
(e) Represents
(f) Represents the income tax adjustments including the valuation allowance recorded to reduce the carrying value of both our
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION
| Three Months Ended | Year Ended | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net income (loss) | $ | 1,996 | $ | 23,830 | $ | (3,779 | ) | $ | (39,106 | ) | ||||||
| Income tax expense (benefit) | 218 | 2,173 | 263 | (7,783 | ) | |||||||||||
| Interest expense, net | 204 | 174 | 733 | 1,796 | ||||||||||||
| Depreciation | 975 | 980 | 3,832 | 4,426 | ||||||||||||
| Amortization | 167 | 125 | 669 | 1,465 | ||||||||||||
| EBITDA | 3,560 | 27,282 | 1,718 | (39,202 | ) | |||||||||||
| Impairments (a) | — | — | — | 50,194 | ||||||||||||
| Gain on patent infringement settlement (b) | — | (25,678 | ) | — | (25,678 | ) | ||||||||||
| Share-based compensation (c) | 982 | 1,449 | 4,221 | 7,723 | ||||||||||||
| Professional fees (d) | 2,062 | (916 | ) | 4,885 | 1,295 | |||||||||||
| Net benefit of ERC (e) | (1 | ) | — | (1,908 | ) | — | ||||||||||
| Foreign currency (gain) loss (f) | (127 | ) | 593 | (283 | ) | 1,060 | ||||||||||
| Severance and other termination benefits (g) | — | 43 | — | 5,661 | ||||||||||||
| Other (h) | 15 | 204 | 461 | 1,131 | ||||||||||||
| Adjusted EBITDA | $ | 6,491 | $ | 2,977 | $ | 9,094 | $ | 2,184 | ||||||||
| Adjusted EBITDA Margin | 18 | % | 11 | % | 8 | % | 2 | % | ||||||||
| Adjusted EBITDA Less Share-Based Compensation | $ | 5,509 | $ | 1,528 | $ | 4,873 | $ | (5,539 | ) | |||||||
_____________________
(a) Represents non-cash impairment charges for property and equipment and intangible assets during 2020.
(b) Represents gain realized from the settlement of the final court judgment against Diamondback.
(c) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
(d) Represents non-capitalizable costs of professional services incurred in connection with legal proceedings and the evaluation of potential acquisitions.
(e) Represents ERC benefits recorded during 2021 less the effect on bonus and associated payroll burden accruals.
(f) Represents realized and unrealized foreign currency translation gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
(g) Reflects charges incurred in connection with the reductions in workforce implemented in 2020.
(h) Represents the impact of a research and development subsidy that is included in income tax expense (benefit) in accordance with GAAP along with other charges and credits.
FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST
| Year Ended |
||||||||
| 2021 | 2020 | |||||||
| Net cash provided by operating activities | $ | 11,583 | $ | 35,117 | ||||
| Purchases of property and equipment | (495 | ) | (2,098 | ) | ||||
| Purchase and development of software and technology | (338 | ) | (55 | ) | ||||
| Proceeds from sales of property and equipment | 389 | 1,094 | ||||||
| Free cash flow | $ | 11,139 | $ | 34,058 | ||||
| Distributions to non-controlling interest | (2,750 | ) | (17,550 | ) | ||||
| Free cash flow less distributions to non-controlling interest | $ | 8,389 | $ | 16,508 | ||||
REVENUES BY GEOGRAPHIC AREA
(In thousands)
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Product sales | $ | 7,523 | $ | 9,547 | $ | 26,285 | $ | 38,866 | ||||||||
| Services | 2,542 | 1,725 | 8,870 | 7,313 | ||||||||||||
| Total |
10,065 | 11,272 | 35,155 | 46,179 | ||||||||||||
| Product sales | 16,524 | 9,590 | 53,401 | 34,330 | ||||||||||||
| Services | 5,029 | 4,400 | 19,682 | 14,219 | ||||||||||||
| Total |
21,553 | 13,990 | 73,083 | 48,549 | ||||||||||||
| Other Countries | ||||||||||||||||
| Product sales | 2,009 | 112 | 3,537 | 2,001 | ||||||||||||
| Services | 2,489 | 2,009 | 6,727 | 10,248 | ||||||||||||
| Total Other Countries | 4,498 | 2,121 | 10,264 | 12,249 | ||||||||||||
| Total | ||||||||||||||||
| Product sales | 26,056 | 19,249 | 83,223 | 75,197 | ||||||||||||
| Services | 10,060 | 8,134 | 35,279 | 31,780 | ||||||||||||
| Total revenues | $ | 36,116 | $ | 27,383 | $ | 118,502 | $ | 106,977 | ||||||||
Source: NCS Multistage Holdings, Inc.
