0001692427-23-000015 | 10-Q | XBRL Viewer | NCS Multistage Holdings INC

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 13,633	$ 16,234
Accounts receivable—trade, net	29,722	27,846
Inventories, net	40,572	37,042
Prepaid expenses and other current assets	2,095	2,815
Other current receivables	5,144	3,726
Total current assets	91,166	87,663
Noncurrent assets
Property and equipment, net	23,679	23,316
Goodwill	15,222	15,222
Identifiable intangibles, net	4,909	5,076
Operating lease assets	4,246	4,515
Deposits and other assets	2,218	2,761
Deferred income taxes, net	46	46
Total noncurrent assets	50,320	50,936
Total assets	141,486	138,599
Current liabilities
Accounts payable—trade	7,910	7,549
Accrued expenses	4,670	4,391
Income taxes payable	396	468
Operating lease liabilities	1,273	1,274
Current maturities of long-term debt	1,832	1,489
Other current liabilities	1,605	2,522
Total current liabilities	17,686	17,693
Noncurrent liabilities
Long-term debt, less current maturities	6,561	6,437
Operating lease liabilities, long-term	3,391	3,680
Accrual for legal contingencies	17,514
Other long-term liabilities	1,325	1,328
Deferred income taxes, net	193	199
Total noncurrent liabilities	28,984	11,644
Total liabilities	46,670	29,337
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022
Common stock, $0.01 par value, 11,250,000 shares authorized, 2,476,298 shares issued and 2,438,877 shares outstanding at March 31, 2023 and 2,434,809 shares issued and 2,408,474 shares outstanding at December 31, 2022	25	24
Additional paid-in capital	441,387	440,475
Accumulated other comprehensive loss	(85,716)	(85,617)
Retained deficit	(277,433)	(262,464)
Treasury stock, at cost, 37,421 shares at March 31, 2023 and 26,335 shares at December 31, 2022	(1,653)	(1,389)
Total stockholders’ equity	76,610	91,029
Non-controlling interest	18,206	18,233
Total equity	94,816	109,262
Total liabilities and stockholders' equity	$ 141,486	$ 138,599

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Expenses [Abstract]

Schedule of Accrued Expenses



	March 31,		December 31,
	2023		2022
Accrued payroll and bonus	$	3,167	$	3,227
Property and franchise taxes accrual		347		340
Accrued other miscellaneous liabilities		1,156		824
Total accrued expenses	$	4,670	$	4,391

Other Current Receivables (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other current receivables	$ 5,144	$ 3,726
Employee Retention Credit [Member]
Other current receivables	$ 900	900
Special Oilfield Services Co. LLC [Member] \| Technical Services And Assistance Agreement [Member]
Other current receivables		$ 700

Goodwill and Identifiable Intangibles (Schedule of Identifiable Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	$ 8,058	$ 8,058
Finite-lived intangible assets, Accumulated Amortization	(3,197)	(3,030)
Total	4,861	5,028
Intangible Assets, Gross (Excluding Goodwill), Total	8,106	8,106
Intangible Assets, Net (Excluding Goodwill), Total	4,909	5,076
Technology Not Subject To Amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	48	48
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	3,958	3,958
Finite-lived intangible assets, Accumulated Amortization	(669)	(604)
Total	$ 3,289	$ 3,354
Technology [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year	1 year
Technology [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years	20 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years	10 years
Finite-lived intangible assets, Gross Carrying Amount	$ 4,100	$ 4,100
Finite-lived intangible assets, Accumulated Amortization	(2,528)	(2,426)
Total	$ 1,572	$ 1,674

Goodwill and Identifiable Intangibles (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Identifiable Intangibles [Abstract]
Gross value	$ 177,162	$ 177,162
Accumulated impairment	(161,940)	(161,940)
Net	$ 15,222	$ 15,222

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	May 05, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-38071
Entity Registrant Name	NCS Multistage Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1527455
Entity Address, Address Line One	19350 State Highway 249
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77070
City Area Code	281
Local Phone Number	453-2222
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NCSM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001692427
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		2,438,877

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues	$ 43,554	$ 39,112
Cost of sales
Cost of sales, exclusive of depreciation and amortization expense shown below	25,013	24,203
Selling, general and administrative expenses	16,151	16,024
Depreciation	943	921
Amortization	167	167
Income (loss) from operations	1,280	(2,203)
Other income (expense)
Interest expense, net	(209)	(183)
Provision for litigation	(17,514)
Other income, net	292	379
Foreign currency exchange gain, net	55	256
Total other (expense) income	(17,376)	452
Loss before income tax	(16,096)	(1,751)
Income tax benefit	(1,100)	(22)
Net loss	(14,996)	(1,729)
Net loss attributable to non-controlling interest	(27)	(194)
Net loss attributable to NCS Multistage Holdings, Inc.	$ (14,969)	$ (1,535)
Loss per common share
Basic loss per common share attributable to NCS Multistage Holdings, Inc.	$ (6.10)	$ (0.64)
Diluted loss per common share attributable to NCS Multistage Holdings, Inc.	$ (6.10)	$ (0.64)
Weighted average common shares outstanding
Basic	2,452	2,414
Diluted	2,452	2,414
Product Sales [Member]
Revenues
Revenues	$ 31,430	$ 26,213
Cost of sales
Cost of sales, exclusive of depreciation and amortization expense shown below	18,833	17,757
Services [Member]
Revenues
Revenues	12,124	12,899
Cost of sales
Cost of sales, exclusive of depreciation and amortization expense shown below	$ 6,180	$ 6,446

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt [Abstract]

Schedule of Long-term Debt



	March 31,		December 31,
	2023		2022
ABL Facility	$	—	$	—
Repeat Precision Promissory Note		289		56
Finance leases		8,104		7,870
Total debt		8,393		7,926
Less: current portion		(1,832)		(1,489)
Long-term debt	$	6,561	$	6,437

Segment and Geographic Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment and Geographic Information [Abstract]
Number of reportable segments	1

Property and Equipment (Schedule of Property and Equipment by Major Asset Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 42,497	$ 41,615
Less: Accumulated depreciation and amortization	(19,706)	(18,844)
Property and equipment, net, excluding construction in progress	22,791	22,771
Construction in progress	888	545
Property and equipment, net	23,679	23,316
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,597	1,592
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	7,511	7,462
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	18,375	18,156
Computer and software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	2,170	2,107
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	753	748
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	270	262
Right Of Use Assets - Finance Leases [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	11,764	11,231
Service Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 57	$ 57

Accrued Expenses

3 Months Ended

Mar. 31, 2023

Accrued Expenses [Abstract]

Accrued Expenses

Note 7. Accrued Expenses

Accrued expenses consist of the following as of March 31, 2023 and December 31, 2022 (in thousands):



	March 31,		December 31,
	2023		2022
Accrued payroll and bonus	$	3,167	$	3,227
Property and franchise taxes accrual		347		340
Accrued other miscellaneous liabilities		1,156		824
Total accrued expenses	$	4,670	$	4,391

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2023

Inventories, Net [Abstract]

Schedule of Inventories


	March 31,		December 31,
	2023		2022
Raw materials	$	2,452	$	2,135
Work in process		22		38
Finished goods		38,098		34,869
Total inventories, net	$	40,572	$	37,042

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenues [Abstract]

Disaggregation of Revenue by Geographic Region


	Three Months Ended
	March 31,
	2023		2022
United States
Product sales	$	8,060	$	7,161
Services		3,259		1,917
Total United States		11,319		9,078
Canada
Product sales		22,561		19,052
Services		8,110		9,477
Total Canada		30,671		28,529
Other Countries
Product sales		809		—
Services		755		1,505
Total Other Countries		1,564		1,505
Total
Product sales		31,430		26,213
Services		12,124		12,899
Total revenues	$	43,554	$	39,112

Schedule of Contract Liabilities


Balance at December 31, 2022	$	51
Additions		—
Revenue recognized		—
Balance at March 31, 2023	$	51

Goodwill and Identifiable Intangibles (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Identifiable Intangibles [Abstract]
Goodwill	$ 15,222,000		$ 15,222,000
Goodwill impairment charge	0	$ 0
Finite-lived intangible assets impairment charge	0	0
Amortization expense	$ 167,000	$ 167,000

- Definition

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

Litigation

In the ordinary course of our business, from time to time, we have various claims, lawsuits and administrative proceedings that are pending or threatened with respect to commercial, intellectual property and employee matters.

NCS is a defendant in a lawsuit in state district court in Texas, for which the trial began during the last week of April 2023. The claim by the plaintiff was for damage to their wells in 2018 resulting from an alleged product defect related to components provided by a third-party supplier. On May 2, 2023, the jury in the state district court in Texas awarded damages of $17.5 million against us to the plaintiff. When a judgment is issued, we could potentially be subject to prejudgment interest on the award dating back to 2018. Even though we expect a large portion, up to all, of the awarded damages to be covered by insurance, we accrued a long-term legal contingent liability as a separate line in the accompanying condensed consolidated balance sheet and expensed the entire amount of the verdict as a separate line within the Other Income (Expense) section of the accompanying condensed consolidated statement of operations as of and for the three months ended March 31, 2023. We have not accrued prejudgment interest as of March 31, 2023, but if such interest were to be awarded, we believe this amount would also be subject to insurance recovery. In addition, we have not recognized the expected insurance recoveries as an asset or an offsetting benefit on the accompanying condensed consolidated statement of operations as of March 31, 2023. Any insurance proceeds will be recorded as an offset to the Provision for Litigation in the period received or when determined to be realizable. Additionally, we intend to vigorously appeal the judgment and believe we have strong arguments that may lead to a reversal of some or all of the awarded damages, or potential interest thereupon. If we successfully appeal any portion of this verdict or if the award settles for an amount less than the total amount awarded by the jury, we will reduce our legal contingent liability and reverse such portion of the litigation provision expense during the applicable period. In connection with the lawsuit, the jury awarded NCS approximately $0.7 million associated with unpaid customer receivables from the plaintiff for the goods provided and services performed for the wells, of which we have not yet recorded any potential gain contingency in the accompanying condensed consolidated statements of operations.

NCS is also a defendant in another lawsuit in state district court in Wyoming, for which the trial is set to begin in July 2023, where damages may be from $0 to $6 million. The claim relates to an alleged service issue by our personnel in the operation of our product. NCS is being defended in this action under a policy of insurance, subject to reservation of rights, and expects a large portion, up to all, of any awarded damages to be covered by insurance. In the first quarter of 2023, the likelihood of a material loss for this case became reasonably possible, but not probable, and a range of loss became reasonably estimable. We have not recorded a liability associated with this matter as of March 31, 2023.

In connection with our patent infringement jury verdict against Nine Energy Services, Inc. (“Nine”), the Western District of Texas, Waco Division (“Waco District Court”) entered final judgment in June 2022, and awarded NCS approximately $0.5 million in damages for Nine’s infringement of U.S. Patent No. 10,465,445 (“the ’445 Patent”). At a hearing in December 2022, the Waco District Court announced it would be awarding hundreds of thousands of dollars in supplemental damages, interest, and costs and ordered Nine to pay an ongoing royalty for the sale of infringing casing flotation devices for the life of the ’445 Patent. In addition, in August 2022 in connection with our patent infringement jury verdict against TCO AS, the jury awarded NCS approximately $1.9 million in damages for TCO AS’s infringement of the ’445 Patent. The Waco District Court has entered the final judgment in that case and we are seeking an award of ongoing royalties for TCO AS’s continued post-judgment infringement, supplemental damages, interest, and cost. Both of these cases remain subject to appeal. Therefore, we have not recorded any potential gain contingencies associated with these matters in the accompanying condensed consolidated statements of operations.

In accordance with GAAP, we accrue for contingencies where the occurrence of a material loss is probable and can be reasonably estimated, based on our estimate of the expected liability. Our legal contingencies may increase or decrease in the future, on a matter-by-matter basis, to account for developments. Our assessment of the likely outcome of litigation matters is based on our judgment of a number of factors, including experience with similar matters, past history, precedents, relevant financial information and other evidence and facts specific to the matter. While the outcome of any legal proceeding cannot be predicted with any certainty, based on a consideration of relevant facts and circumstances, our management currently does not expect that the results of these legal proceedings, considering our expected insurance recoveries as described above, will have a material adverse effect on our financial position or cash flows.

Operating Leases

As of April 2023, we are relocating to a new facility in Red Deer, Alberta, Canada, for which we expect to record an operating lease right of use asset and corresponding liability of $1.7 million. This operating lease has a term of approximately five years.

Debt

3 Months Ended

Mar. 31, 2023

Debt [Abstract]

Debt

Note 8. Debt

Our long-term debt consists of the following as of March 31, 2023 and December 31, 2022 (in thousands):



	March 31,		December 31,
	2023		2022
ABL Facility	$	—	$	—
Repeat Precision Promissory Note		289		56
Finance leases		8,104		7,870
Total debt		8,393		7,926
Less: current portion		(1,832)		(1,489)
Long-term debt	$	6,561	$	6,437

The estimated fair value of total debt as of March 31, 2023 and December 31, 2022 was $7.2 million and $6.8 million, respectively. The fair value of the Repeat Precision Promissory Note (as defined below) approximated the carrying value due to a variable interest rate and the ability to repay the note at any time. The fair value of the finance leases was estimated using Level 2 inputs by calculating the sum of the discounted future interest and principal payments at our incremental borrowing rate through the date of maturity.

Below is a description of our financing arrangements.

ABL Facility

On May 3, 2022, we entered into a secured asset-based revolving credit facility (the “ABL Facility”) under which credit availability is subject to a borrowing base calculation. The ABL Facility is governed by the Credit Agreement dated as of May 3, 2022, by and between NCS Multistage Holdings, Inc. (“NCSH”), Pioneer Investment, Inc. (“Pioneer”), NCS Multistage, LLC, NCS Multistage Inc. (“NCS Canada”), the other loan parties thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent and as a lender under the facility provided therein (the “Credit Agreement”). As described in our Annual Report, the Credit Agreement replaced our prior ABL facility, which was outstanding during the three months ended March 31, 2022.

The ABL Facility consists of a revolving credit facility in an aggregate principal amount of $35.0 million made available to borrowers, of which up to $10.0 million may be made in Canadian dollars and $7.5 million may be made available for letters of credit. Total borrowings available to the borrowers under the ABL Facility may be limited subject to a borrowing base calculated on the sum of cash in a specified pledged account, eligible accounts receivables and eligible inventory, provided it does not include the assets of Repeat Precision. Our available borrowing base under the ABL Facility at March 31, 2023 was $21.1 million. The ABL Facility will

mature on May 3, 2027. As of March 31, 2023 and December 31, 2022, we had no outstanding indebtedness under the ABL Facility, except for outstanding letters of credit totaling less than $0.1 million as of March 31, 2023.

Borrowings under the ABL Facility may be made in U.S. dollars with interest calculated using either the “ABR”, the “Adjusted Daily Simple SOFR” or the “Adjusted Term SOFR Rate”, and in Canadian dollars with interest calculated using the “Canadian Prime Rate” or the “CDOR Rate” (each as defined in the Credit Agreement). Borrowings bear interest plus a margin that varies depending on our leverage ratio as follows: (i) for ABR based loans, between 1.40% and 2.40%, and (ii) for Adjusted Daily Simple SOFR, Adjusted Term SOFR Rate, Canadian Prime Rate, and CDOR Rate, between 2.40% and 3.40%. We must also pay a monthly commitment fee of 0.25% to 0.50% per year, based on unused commitments. The applicable interest rate at March 31, 2023 was 7.2%. We incurred interest expense related to the ABL Facility, including commitment fees, of less than $0.1 million for the three months ended March 31, 2023.

The obligations of the borrowers under the ABL Facility are guaranteed by NCSH and each of our U.S. and Canadian subsidiaries (other than Repeat Precision), as well as each of our future direct and indirect subsidiaries organized under the laws of the United States or Canada (subject to certain exceptions), and are secured by substantially all of the assets of NCSH and its subsidiaries, in each case, subject to certain exceptions and permitted liens.

The Credit Agreement requires, as a condition to borrowing, that available cash on hand after borrowings does not exceed $10.0 million. The Credit Agreement also requires us to (i) maintain, for quarters during which liquidity is less than 20% of the aggregate revolving commitments, a fixed charge coverage ratio of at least 1.0 to 1.0 and (ii) to prepay advances to the extent that the outstanding loans and letter of credit amounts exceed the most recently calculated borrowing base. As of March 31, 2023, we were in compliance with these financial covenants. The Credit Agreement also contains customary affirmative and negative covenants, including, among other things, restrictions on the creation of liens, the incurrence of indebtedness, investments, dividends and other restricted payments, dispositions and transactions with affiliates.

The Credit Agreement includes customary events of default for facilities of this type (with customary materiality thresholds and grace periods, as applicable). If an event of default occurs, the lenders party to the Credit Agreement may elect (after the expiration of any applicable notice or grace periods) to declare all outstanding borrowings under such facility, together with accrued and unpaid interest and other amounts payable thereunder, to be immediately due and payable. The lenders party to the Credit Agreement also have the right upon an event of default thereunder to terminate any commitments to provide further borrowings, or to provide additional financing in excess of the borrowing base limit, or to proceed against the collateral securing the ABL Facility.

We capitalized direct costs of $1.0 million in connection with the Credit Agreement, which are being amortized over the term of the ABL Facility using the straight-line method. Amortization of the deferred financing charges of $0.1 million was included in interest expense, net for the three months ended March 31, 2023, and $0.1 million of amortization incurred for the three months ended March 31, 2022, related to our prior ABL facility.

Repeat Precision Promissory Note

On February 16, 2018, Repeat Precision entered into a promissory note for an aggregate borrowing capacity of $4.3 million with Security State Bank & Trust, Fredericksburg (the “Repeat Precision Promissory Note”). The Repeat Precision Promissory Note was originally scheduled to mature on February 11, 2023 but was extended to August 10, 2024. The note bears interest at a variable interest rate based on prime plus 1.00%. The applicable interest rate at March 31, 2023 was 9.0%. The Repeat Precision Promissory Note is collateralized by certain equipment, inventory and receivables of Repeat Precision. Total borrowings may be limited subject to a borrowing base calculation which includes a portion of Repeat Precision’s eligible receivables, inventory and equipment. As of March 31, 2023 and December 31, 2022, Repeat Precision had $0.3 million and $0.1 million, respectively, of outstanding indebtedness under the note. Repeat Precision’s indebtedness is guaranteed by Repeat Precision and is not guaranteed by any other NCS entity.

Finance Leases

We lease assets under finance lease arrangements including an office and laboratory in Tulsa, Oklahoma, as well as facilities in Odessa, Texas. We also maintain a vehicle leasing arrangement with a fleet management company through which we lease light vehicles and trucks that meet the finance lease criteria.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Deficit [Member]	Treasury Stock [Member]	Non-Controlling Interest [Member]	Total
Beginning balance at Dec. 31, 2021	$ 24	$ 437,022	$ (82,094)	$ (261,362)	$ (1,006)	$ 18,083	$ 110,667
Beginning balance, shares at Dec. 31, 2021	2,397,766				(17,392)
Share-based compensation		805					805
Net loss				(1,535)		(194)	(1,729)
Vesting of restricted stock
Vesting of restricted stock, shares	34,066
Shares withheld					$ (372)		(372)
Shares withheld, shares					(8,694)
Currency translation adjustment			541				541
Ending balance at Mar. 31, 2022	$ 24	437,827	(81,553)	(262,897)	$ (1,378)	17,889	109,912
Ending balance, shares at Mar. 31, 2022	2,431,832				(26,086)
Beginning balance at Dec. 31, 2022	$ 24	440,475	(85,617)	(262,464)	$ (1,389)	18,233	109,262
Beginning balance, shares at Dec. 31, 2022	2,434,809				(26,335)
Share-based compensation		913					913
Net loss				(14,969)		(27)	(14,996)
Vesting of restricted stock	$ 1	(1)
Vesting of restricted stock, shares	41,489
Shares withheld					$ (264)		(264)
Shares withheld, shares					(11,086)
Currency translation adjustment			(99)				(99)
Ending balance at Mar. 31, 2023	$ 25	$ 441,387	$ (85,716)	$ (277,433)	$ (1,653)	$ 18,206	$ 94,816
Ending balance, shares at Mar. 31, 2023	2,476,298				(37,421)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Loss Per Common Share [Abstract]

Reconciliation of Numerator and Denominator for Calculating Earnings (Loss) Per Common Share from Net Income (Loss)



	Three Months Ended
	March 31,
	2023		2022
Numerator
Net loss	$	(14,996)	$	(1,729)
Less: loss attributable to non-controlling interest		(27)		(194)
Net loss attributable to NCS Multistage Holdings, Inc.	$	(14,969)	$	(1,535)

Denominator
Basic weighted average number of shares		2,452		2,414
Dilutive effect of stock options, RSUs and PSUs		—		—
Diluted weighted average number of shares		2,452		2,414

Loss per common share
Basic	$	(6.10)	$	(0.64)
Diluted	$	(6.10)	$	(0.64)

Potentially dilutive securities excluded as anti-dilutive		154		256

Revenues (Disaggregation of Revenue by Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 43,554	$ 39,112
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	31,430	26,213
Services [Member]
Disaggregation of Revenue [Line Items]
Revenues	12,124	12,899
United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	11,319	9,078
United States [Member] \| Product Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	8,060	7,161
United States [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Revenues	3,259	1,917
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenues	30,671	28,529
Canada [Member] \| Product Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	22,561	19,052
Canada [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Revenues	8,110	9,477
Other Countries [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,564	1,505
Other Countries [Member] \| Product Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	809
Other Countries [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 755	$ 1,505

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Inventories, Net (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories, Net [Abstract]
Raw materials	$ 2,452	$ 2,135
Work in process	22	38
Finished goods	38,098	34,869
Total inventories, net	$ 40,572	$ 37,042

Revenues

3 Months Ended

Mar. 31, 2023

Revenues [Abstract]

Revenues

Note 2. Revenues

Disaggregation of Revenue

We sell our products and services primarily in North America and in selected international markets. Revenue by geography is attributed based on the current billing address of the customer. The following table depicts the disaggregation of revenue by geographic region (in thousands):


	Three Months Ended
	March 31,
	2023		2022
United States
Product sales	$	8,060	$	7,161
Services		3,259		1,917
Total United States		11,319		9,078
Canada
Product sales		22,561		19,052
Services		8,110		9,477
Total Canada		30,671		28,529
Other Countries
Product sales		809		—
Services		755		1,505
Total Other Countries		1,564		1,505
Total
Product sales		31,430		26,213
Services		12,124		12,899
Total revenues	$	43,554	$	39,112

Contract Balances

If the timing of the delivery of products and provision of services is different from the timing of the customer payments, we recognize either a contract asset (performance precedes contractual due date in connection with estimates of variable consideration) or a contract liability (customer payment precedes performance) on our condensed consolidated balance sheet.

The following table presents the current contract liabilities as of March 31, 2023 and December 31, 2022 (in thousands):


Balance at December 31, 2022	$	51
Additions		—
Revenue recognized		—
Balance at March 31, 2023	$	51

We currently do not have any contract assets or non-current contract liabilities. Our contract liability as of March 31, 2023 and December 31, 2022 is included in current liabilities on the condensed consolidated balance sheets. Our performance obligations for our product and services revenues are satisfied before the customer’s payment; however, prepayments may occasionally be required. There was no revenue recognized from the contract liability balance for the three months ended March 31, 2023. Revenue recognized from the contract liability balance was $1.1 million for the three months ended March 31, 2022.

Practical Expedient

We do not disclose the value of unsatisfied performance obligations when the related contract has a duration of one year or less. We recognize revenue equal to what we have the right to invoice when that amount corresponds directly with the value to the customer of our performance to date.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Abstract]
Income tax expense (benefit)	$ (1,100)	$ (22)
Effective tax rate	6.80%	1.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance leases	$ 8,104	$ 7,870
Total debt	8,393	7,926
Less: current portion	(1,832)	(1,489)
Long-term debt, less current maturities	6,561	6,437
Repeat Precision Promissory Note [Member]
Debt Instrument [Line Items]
Debt	$ 289	$ 56

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ (14,996)	$ (1,729)
Foreign currency translation adjustments, net of tax of $0	(99)	541
Comprehensive loss	(15,095)	(1,188)
Less: Comprehensive loss attributable to non-controlling interest	(27)	(194)
Comprehensive loss attributable to NCS Multistage Holdings, Inc.	$ (15,068)	$ (994)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Segment and Geographic Information

3 Months Ended

Mar. 31, 2023

Segment and Geographic Information [Abstract]

Segment and Geographic Information

Note 13. Segment and Geographic Information

We have determined that we operate in one reportable segment that has been identified based on how our chief operating decision maker manages our business. See “Note 2. Revenues” for our disaggregated revenue by geographic area.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property and Equipment

3 Months Ended

Mar. 31, 2023

Property and Equipment [Abstract]

Property and Equipment

Note 5. Property and Equipment

Property and equipment by major asset class consist of the following as of March 31, 2023 and December 31, 2022 (in thousands):



	March 31,		December 31,
	2023		2022
Land	$	1,597	$	1,592
Building and improvements		7,511		7,462
Machinery and equipment		18,375		18,156
Computers and software		2,170		2,107
Furniture and fixtures		753		748
Vehicles		270		262
Right of use assets - finance leases		11,764		11,231
Service equipment		57		57
		42,497		41,615
Less: Accumulated depreciation and amortization		(19,706)		(18,844)
		22,791		22,771
Construction in progress		888		545
Property and equipment, net	$	23,679	$	23,316

The following table presents the depreciation expense associated with the respective income statement line items for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Cost of sales
Cost of product sales	$	362	$	350
Cost of services		154		147
Selling, general and administrative expenses		427		424
Total depreciation	$	943	$	921

We evaluate our property and equipment for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. We determined there were no triggering events that indicated potential impairment of our property and equipment for the three months ended March 31, 2023 and 2022, respectively, and accordingly no impairment loss has been recorded.

Other Current Receivables (Tables)

3 Months Ended

Mar. 31, 2023

Other Current Receivables [Abstract]

Schedule of Other Current Receivables


	March 31,		December 31,
	2023		2022
Current income tax receivables	$	2,969	$	1,868
Employee receivables		264		354
Other receivables		1,911		1,504
Total other current receivables	$	5,144	$	3,726

Commitments and Contingencies (Narrative) (Details) - USD ($)		1 Months Ended		3 Months Ended
	May 02, 2023	Aug. 31, 2022	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Revenues				$ 43,554,000	$ 39,112,000
Other income, net				292,000	$ 379,000
Other current receivables				5,144,000			$ 3,726,000
Operating lease right-of-use assets				4,246,000			$ 4,515,000
Minimum [Member] \| Alleged Issue in Operation of Company [Member] \| Pending Litigation [Member]
Loss Contingencies [Line Items]
Estimate of possible loss				0
Maximum [Member] \| Alleged Issue in Operation of Company [Member] \| Pending Litigation [Member]
Loss Contingencies [Line Items]
Estimate of possible loss				$ 6,000,000
Nine Patent Infringement [Member]
Loss Contingencies [Line Items]
Amount awarded from other party			$ 500,000
TCO AS Patent Infringement [Member]
Loss Contingencies [Line Items]
Amount awarded from other party		$ 1,900,000
Subsequent Events [Member] \| Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Amount awarded to other party	$ 17,500,000
Amount awarded from other party	$ 700,000
Red Deer, Alberta, Canada [Member] \| Subsequent Events [Member]
Loss Contingencies [Line Items]
Operating lease right-of-use assets						$ 1,700,000
Operating lease liabilities						$ 1,700,000
Operating lease, term of contract						5 years

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) item $ / shares shares	Mar. 31, 2022 USD ($)
Share-based compensation \| $	$ 1,300	$ 2,200
Restricted Stock Units (RSUs) [Member]
Share-based compensation shares granted	81,021
Weighted average grant date fair value \| $ / shares	$ 24.49
Number of vesting equal annual installments \| item	3
Restricted Stock Units (RSUs) [Member] \| Board of Directors [Member]
Share-based compensation vesting period	1 year
Restricted Stock Units (RSUs) [Member] \| Director [Member]
Share-based compensation arrangement, settlement period	30 days
Equivalent Stock Units (ESUs) [Member]
Share-based compensation shares granted	90,041
Weighted average grant date fair value \| $ / shares	$ 24.49
Number of vesting equal annual installments \| item	3
Performance Stock Unit Awards (PSUs) [Member]
Share-based compensation shares granted	13,681
Weighted average grant date fair value \| $ / shares	$ 36.02
Share-based compensation award service period	3 years
Performance Stock Unit Awards (PSUs) [Member] \| Minimum [Member]
Number of common stock shares issued for each PSU	0
Performance Stock Unit Awards (PSUs) [Member] \| Maximum [Member]
Number of common stock shares issued for each PSU	2
Performance Stock Unit Awards (PSUs) [Member] \| 50th Percentile Relative TSR [Member]
Share-based compensation arrangement performance obligations, percentage	100.00%
Performance Stock Unit Awards (PSUs) [Member] \| 90th Percentile Relative TSR [Member]
Share-based compensation arrangement performance obligations, percentage	200.00%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (14,996)	$ (1,729)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,110	1,088
Amortization of deferred loan costs	51	70
Share-based compensation	1,265	2,236
Provision for inventory obsolescence	104	591
Deferred income tax expense	23	27
Gain on sale of property and equipment	(83)	(2)
Provision for litigation	17,514
Proceeds from note receivable	229	138
Changes in operating assets and liabilities:
Accounts receivable—trade	(1,617)	(3,695)
Inventories, net	(3,786)	(1,012)
Prepaid expenses and other assets	933	1,088
Accounts payable—trade	338	448
Accrued expenses	274	(2,498)
Other liabilities	(1,731)	(2,929)
Income taxes receivable/payable	(1,179)	81
Net cash used in operating activities	(1,551)	(6,098)
Cash flows from investing activities
Purchases of property and equipment	(503)	(194)
Purchase and development of software and technology	(61)	(33)
Proceeds from sales of property and equipment	84	82
Net cash used in investing activities	(480)	(145)
Cash flows from financing activities
Payments on finance leases	(387)	(337)
Line of credit borrowings	3,581	3,221
Payments of line of credit borrowings	(3,349)	(2,918)
Treasury shares withheld	(264)	(372)
Net cash used in financing activities	(419)	(406)
Effect of exchange rate changes on cash and cash equivalents	(151)	10
Net change in cash and cash equivalents	(2,601)	(6,639)
Cash and cash equivalents beginning of period	16,234	22,168
Cash and cash equivalents end of period	13,633	15,529
Noncash investing and financing activities
Assets obtained in exchange for new finance lease liabilities	629	214
Assets obtained in exchange for new operating lease liabilities	$ 38	$ 217

Goodwill and Identifiable Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Identifiable Intangibles [Abstract]

Goodwill and Identifiable Intangibles

Note 6. Goodwill and Identifiable Intangibles

The carrying amount of goodwill is summarized as follows (in thousands):


	March 31,		December 31,
	2023		2022
Gross value	$	177,162	$	177,162
Accumulated impairment		(161,940)		(161,940)
Net	$	15,222	$	15,222

We perform an annual impairment analysis of goodwill as of December 31, or whenever there is a triggering event that indicates an impairment loss may have been incurred. As of March 31, 2023 and 2022, we did not identify any triggering events that would indicate potential impairment of goodwill. Therefore, no impairment has been recorded for the three months ended March 31, 2023 and 2022, respectively.

Identifiable intangibles by major asset class consist of the following (in thousands):



		March 31, 2023
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(669)	$	3,289
Customer relationships	10		4,100		(2,528)		1,572
Total amortizable intangible assets		$	8,058	$	(3,197)	$	4,861
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,197)	$	4,909



		December 31, 2022
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(604)	$	3,354
Customer relationships	10		4,100		(2,426)		1,674
Total amortizable intangible assets		$	8,058	$	(3,030)	$	5,028
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,030)	$	5,076

Total amortization expense, which is associated with selling, general and administrative expenses on the condensed consolidated statements of operations, was $0.2 million for each of the three months ended March 31, 2023 and 2022.

Identifiable intangibles are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. There were no indicators of impairment identified during the three months ended March 31, 2023 or 2022. Therefore, we did not record any impairment charges related to our identifiable intangibles for the three months ended March 31, 2023 and 2022.

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 10. Share-Based Compensation

During the three months ended March 31, 2023, we granted 81,021 equity-classified restricted stock units (“RSUs”) with a weighted average grant date fair value of $24.49. We account for RSUs granted to employees at fair value, which we measure as the closing price of our common stock on the date of grant, and we recognize the compensation expense in the financial statements over the requisite service period. The RSUs granted to our employees generally vest over a period of three equal annual installments beginning on or around the anniversary of the date of grant. The RSUs granted to the members of our Board of Directors generally vest on the one year anniversary of the grant date and either settle at vesting or, if the director has elected to defer the RSUs, within thirty days following the earlier of the termination of the director’s service for any reason or a change of control.

During the three months ended March 31, 2023, we granted 90,041 equivalent stock units, or cash-settled, liability-classified RSUs (“ESUs”), with a weighted average grant date fair value of $24.49. When the ESUs are originally granted to employees, they are valued at fair value, which we measure as the closing price of our common stock on the date of grant. Since the ESUs will be settled in cash, we record a liability, which is remeasured each reporting period at fair value based upon the closing price of our common stock until the awards are settled. The ESUs generally vest and settle over a period of three equal annual installments beginning on or around the anniversary of the date of grant. The cash settled for any ESU will not exceed the maximum payout established by our Compensation, Nominating and Governance Committee of the Board of Directors.

In addition, during the three months ended March 31, 2023, we granted 13,681 performance stock unit awards (“PSUs”), which have a performance period from January 1, 2023 to December 31, 2025. The PSUs grant date fair value of $36.02 was measured using a Monte Carlo simulation. The number of PSUs ultimately issued under the program is dependent upon our total shareholder return relative to a performance peer group (“relative TSR”) over the three year performance period. Each PSU associated with the March 31, 2023 award will settle for between zero and two shares of our common stock in the first quarter of 2026. The threshold performance level (25th percentile relative TSR) starts to earn PSUs, the mid-point performance level (50th percentile relative TSR) earns 100% of the target PSUs and the maximum performance level (90th percentile relative TSR) or greater earns 200% of the target PSUs.

Total share-based compensation expense for all awards was $1.3 million and $2.2 million for the three months ended March 31, 2023 and 2022, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	11,250,000	11,250,000
Common stock, shares issued (in shares)	2,476,298	2,434,809
Common stock, shares outstanding (in shares)	2,438,877	2,408,474
Treasury stock, shares (in shares)	37,421	26,335

Revenues (Narrative) (Details) - USD ($)	3 Months Ended
Revenues (Narrative) (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Revenues [Abstract]
Contract assets	$ 0
Non-current contract liabilities	0
Revenue recognized from the contract liability balance		$ 1,100,000

Property and Equipment (Schedule of Depreciation Expense Associated Income Statement Line Items) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation expense	$ 943	$ 921
Cost of product sales [Member]
Depreciation expense	362	350
Cost of services [Member]
Depreciation expense	154	147
Selling, general and administrative expenses [Member]
Depreciation expense	$ 427	$ 424

Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued payroll and bonus	$ 3,167	$ 3,227
Property and franchise taxes accrual	347	340
Accrued other miscellaneous liabilities	1,156	824
Total accrued expenses	$ 4,670	$ 4,391

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property and Equipment [Abstract]

Schedule of Property and Equipment by Major Asset Class



	March 31,		December 31,
	2023		2022
Land	$	1,597	$	1,592
Building and improvements		7,511		7,462
Machinery and equipment		18,375		18,156
Computers and software		2,170		2,107
Furniture and fixtures		753		748
Vehicles		270		262
Right of use assets - finance leases		11,764		11,231
Service equipment		57		57
		42,497		41,615
Less: Accumulated depreciation and amortization		(19,706)		(18,844)
		22,791		22,771
Construction in progress		888		545
Property and equipment, net	$	23,679	$	23,316

Schedule of Depreciation Expense Associated Income Statement Line Items


	Three Months Ended
	March 31,
	2023		2022
Cost of sales
Cost of product sales	$	362	$	350
Cost of services		154		147
Selling, general and administrative expenses		427		424
Total depreciation	$	943	$	921

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Taxes [Abstract]

Income Taxes

Note 11. Income Taxes

The computation of the annual estimated effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income (or loss) for the year, projections of the proportion of income (or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired or additional information is obtained. The computation of the annual estimated effective tax rate includes applicable modifications, which were projected for the year, such as certain book expenses not deductible for tax, tax credits and foreign deemed dividends.

Our effective tax rate (“ETR”) from continuing operations was 6.8% and 1.3% for the three months ended March 31, 2023 and 2022, respectively. During these periods, our ETR differed from the statutory federal income tax rate primarily due to the tax effects recorded related to changes in valuation allowance on deferred tax assets not expected to be realized and the tax expense recorded related to stock awards and to foreign taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Inventories, Net

3 Months Ended

Mar. 31, 2023

Inventories, Net [Abstract]

Inventories, Net

Note 3. Inventories, net

Inventories consist of the following as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31,		December 31,
	2023		2022
Raw materials	$	2,452	$	2,135
Work in process		22		38
Finished goods		38,098		34,869
Total inventories, net	$	40,572	$	37,042

Basis of Presentation (Policy)	3 Months Ended
Basis of Presentation (Policy)	Mar. 31, 2023
Basis of Presentation [Abstract]
Nature of Business	Nature of Business NCS Multistage Holdings, Inc., a Delaware corporation, through its wholly owned subsidiaries and subsidiaries for which it has a controlling voting interest (collectively referred to as the “Company,” “NCS,” “we,” “our” and “us”), is primarily engaged in providing engineered products and support services for oil and natural gas well construction, well completions and field development strategies. We offer our products and services primarily to exploration and production companies for use both in onshore and offshore wells. We operate through service facilities principally located in Houston and Odessa, Texas; Tulsa, Oklahoma; Billings, Montana; Morgantown, West Virginia; Calgary, Red Deer, Grande Prairie and Estevan, Canada; Neuquén, Argentina and Stavanger, Norway.
Basis of Presentation	Basis of Presentation Our accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Act of 1934, as amended, issued by the Securities Exchange Commission (“SEC”) and have not been audited by our independent registered public accounting firm. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”). We consolidate Repeat Precision, LLC and its subsidiary (“Repeat Precision”), a 50% owned entity, with operations in the United States and Mexico, because NCS has a controlling voting interest. The other party’s ownership is presented separately as a non-controlling interest. In the opinion of management, these condensed consolidated financial statements reflect all normal, recurring adjustments necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. All intercompany accounts and transactions have been eliminated for purposes of preparing these condensed consolidated financial statements.
Significant Accounting Policies	Significant Accounting Policies Our significant accounting policies are described in “Note 2. Summary of Significant Accounting Policies” in our Annual Report.
Recent Accounting Pronouncement	Recent Accounting Pronouncement In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU introduces a new impairment model that is based on expected credit losses rather than incurred credit losses for financial instruments, including trade accounts receivable. It requires an entity to measure expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new standard was to become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective dates for certain accounting guidance. The effective date of ASU No. 2016-13 remained the same for public business entities that are SEC filers, except for entities who are deemed smaller reporting companies (“SRC”). The effective date for SRCs began during the first interim period of fiscal years after December 15, 2022. NCS qualifies as an SRC. We adopted ASU No. 2016-13 on January 1, 2023, with no material impact on our condensed consolidated financial statements.

Basis of Presentation (Narrative) (Details)	Mar. 31, 2023
Repeat Precision [Member]
Equity ownership interest, percent	50.00%

Revenues (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current Contract Liabilities [Abstract]
Current contract liabilities: Beginning balance	$ 51
Additions
Revenue recognized		$ (1,100)
Current contract liabilities: Ending balance	$ 51

Loss Per Common Share (Reconciliation of Numerator and Denominator for Calculating Earnings (Loss) Per Common Share from Net Income (Loss)) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net loss	$ (14,996)	$ (1,729)
Less: income attributable to non-controlling interest	(27)	(194)
Net loss attributable to NCS Multistage Holdings, Inc.	$ (14,969)	$ (1,535)
Denominator
Basic weighted average number of shares (in shares)	2,452	2,414
Diluted weighted average number of shares (in shares)	2,452	2,414
Loss per common share
Basic (in dollars per share)	$ (6.10)	$ (0.64)
Diluted (in dollars per share)	$ (6.10)	$ (0.64)
Potentially dilutive securities excluded as anti-dilutive	154	256

Other Current Receivables (Schedule Of Other Current Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Current Receivables [Abstract]
Current income tax receivables	$ 2,969	$ 1,868
Employee receivables	264	354
Other receivables	1,911	1,504
Total other receivables, net	$ 5,144	$ 3,726

Other Current Receivables

3 Months Ended

Mar. 31, 2023

Other Current Receivables [Abstract]

Other Current Receivables

Note 4. Other Current Receivables

Other current receivables consist of the following as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31,		December 31,
	2023		2022
Current income tax receivables	$	2,969	$	1,868
Employee receivables		264		354
Other receivables		1,911		1,504
Total other current receivables	$	5,144	$	3,726

Employee receivables relate primarily to amounts paid by us for foreign withholding tax paid on behalf of employees working on international assignments, which is expected to be reimbursed to us by the employees when refunded as foreign tax credits on home-country tax returns. The other receivables balance as of March 31, 2023 and December 31, 2022 includes the U.S. employee retention credit (“ERC”) claims totaling $0.9 million for which we have filed but have not yet received renumeration, as well as $0.7 million associated with our technical services and assistance agreement with Special Oilfield Services Co., LLC, each of which is more fully described in our Annual Report.

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property and Equipment [Abstract]
Impairment charge of property and equipment	$ 0	$ 0

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Basis of Presentation [Abstract]
Basis of Presentation	Note 1. Basis of Presentation Nature of Business NCS Multistage Holdings, Inc., a Delaware corporation, through its wholly owned subsidiaries and subsidiaries for which it has a controlling voting interest (collectively referred to as the “Company,” “NCS,” “we,” “our” and “us”), is primarily engaged in providing engineered products and support services for oil and natural gas well construction, well completions and field development strategies. We offer our products and services primarily to exploration and production companies for use both in onshore and offshore wells. We operate through service facilities principally located in Houston and Odessa, Texas; Tulsa, Oklahoma; Billings, Montana; Morgantown, West Virginia; Calgary, Red Deer, Grande Prairie and Estevan, Canada; Neuquén, Argentina and Stavanger, Norway. Basis of Presentation Our accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Act of 1934, as amended, issued by the Securities Exchange Commission (“SEC”) and have not been audited by our independent registered public accounting firm. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”). We consolidate Repeat Precision, LLC and its subsidiary (“Repeat Precision”), a 50% owned entity, with operations in the United States and Mexico, because NCS has a controlling voting interest. The other party’s ownership is presented separately as a non-controlling interest. In the opinion of management, these condensed consolidated financial statements reflect all normal, recurring adjustments necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. All intercompany accounts and transactions have been eliminated for purposes of preparing these condensed consolidated financial statements. Significant Accounting Policies Our significant accounting policies are described in “Note 2. Summary of Significant Accounting Policies” in our Annual Report. Recent Accounting Pronouncement In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU introduces a new impairment model that is based on expected credit losses rather than incurred credit losses for financial instruments, including trade accounts receivable. It requires an entity to measure expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new standard was to become effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective dates for certain accounting guidance. The effective date of ASU No. 2016-13 remained the same for public business entities that are SEC filers, except for entities who are deemed smaller reporting companies (“SRC”). The effective date for SRCs began during the first interim period of fiscal years after December 15, 2022. NCS qualifies as an SRC. We adopted ASU No. 2016-13 on January 1, 2023, with no material impact on our condensed consolidated financial statements.

Goodwill and Identifiable Intangibles (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Identifiable Intangibles [Abstract]

Changes in Carrying Amount of Goodwill


	March 31,		December 31,
	2023		2022
Gross value	$	177,162	$	177,162
Accumulated impairment		(161,940)		(161,940)
Net	$	15,222	$	15,222

Schedule of Identifiable Intangibles



		March 31, 2023
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(669)	$	3,289
Customer relationships	10		4,100		(2,528)		1,572
Total amortizable intangible assets		$	8,058	$	(3,197)	$	4,861
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,197)	$	4,909



		December 31, 2022
	Estimated	Gross
	Useful	Carrying		Accumulated		Net
	Lives (Years)	Amount		Amortization		Balance
Technology	1 - 20	$	3,958	$	(604)	$	3,354
Customer relationships	10		4,100		(2,426)		1,674
Total amortizable intangible assets		$	8,058	$	(3,030)	$	5,028
Technology - not subject to amortization	Indefinite		48		—		48
Total identifiable intangibles		$	8,106	$	(3,030)	$	5,076

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Debt (Narrative) (Details)		3 Months Ended
Debt (Narrative) (Details)	Feb. 16, 2018 USD ($)	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amortization expense of deferred financing charges		$ 51,000	$ 70,000
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Debt instrument, fair value		7,200,000		$ 6,800,000
ABL Facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding		0
Unamortized deferred		1,000,000.0
Debt instrument, borrowing base		$ 21,100,000
Debt maturity date		May 03, 2027
Interest rate, effective percentage		7.20%
Condition to borrow, maximum cash on hand after borrowings		$ 10,000,000.0
Fixed charge coverage ratio \| item		1.0
Amortization expense of deferred financing charges		$ 100,000	$ 100,000
ABL Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		35,000,000.0
ABL Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		7,500,000
ABL Facility [Member] \| Borrowing Allowed in Canadian Dollars [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000.0
ABL Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Commitment fee, percentage		0.25%
ABL Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate		1.40%
ABL Facility [Member] \| Minimum [Member] \| Adjusted Daily Simple SOFR, Adjusted Term SOFR Rate, Canadian Prime Rate, and CDOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate		2.40%
ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Commitment fee, percentage		0.50%
Credit commitment fee amount		$ 100,000
Minimum liquidity percentage required under new financial covenants		20.00%
ABL Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate		2.40%
ABL Facility [Member] \| Maximum [Member] \| Adjusted Daily Simple SOFR, Adjusted Term SOFR Rate, Canadian Prime Rate, and CDOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate		3.40%
Repeat Precision Promissory Note [Member]
Debt Instrument [Line Items]
Line of credit outstanding		$ 300,000		$ 100,000
Debt instrument variable interest rate	1.00%
Debt maturity date		Aug. 10, 2024
Interest rate, effective percentage		9.00%
Debt instrument, maximum borrowing capacity	$ 4,300,000
Repeat Precision Promissory Note [Member] \| Original Maturity [Member]
Debt Instrument [Line Items]
Debt maturity date		Feb. 11, 2023

Loss Per Common Share

3 Months Ended

Mar. 31, 2023

Loss Per Common Share [Abstract]

Loss Per Common Share

Note 12. Loss Per Common Share

The following table presents the reconciliation of the numerator and denominator for calculating loss per common share from net loss (in thousands, except per share data):



	Three Months Ended
	March 31,
	2023		2022
Numerator
Net loss	$	(14,996)	$	(1,729)
Less: loss attributable to non-controlling interest		(27)		(194)
Net loss attributable to NCS Multistage Holdings, Inc.	$	(14,969)	$	(1,535)

Denominator
Basic weighted average number of shares		2,452		2,414
Dilutive effect of stock options, RSUs and PSUs		—		—
Diluted weighted average number of shares		2,452		2,414

Loss per common share
Basic	$	(6.10)	$	(0.64)
Diluted	$	(6.10)	$	(0.64)

Potentially dilutive securities excluded as anti-dilutive		154		256