$NCSM
NCS Multistage Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000169242723000032 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $38.28M $25.39M
YoY Change -21.67% -7.55%
Cost Of Revenue $22.57M $16.93M
YoY Change -20.52% -8.61%
Gross Profit $15.71M $8.462M
YoY Change -23.27% -5.36%
Gross Profit Margin 41.05% 33.33%
Selling, General & Admin $12.67M $14.48M
YoY Change -17.62% 5.33%
% of Gross Profit 80.63% 171.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.001M $1.115M
YoY Change 13.49% 18.74%
% of Gross Profit 6.37% 13.18%
Operating Expenses $12.67M $15.59M
YoY Change -17.62% 13.44%
Operating Profit $1.874M -$7.130M
YoY Change -53.69% 20.64%
Interest Expense -$27.00K -$188.0K
YoY Change -86.76% -53.81%
% of Operating Profit -1.44%
Other Income/Expense, Net $1.701M $1.478M
YoY Change -937.93% -3116.33%
Pretax Income $3.575M -$30.73M
YoY Change -7.0% 415.62%
Income Tax -$537.0K $1.350M
% Of Pretax Income -15.02%
Net Earnings $4.408M -$32.23M
YoY Change 12.02% 488.05%
Net Earnings / Revenue 11.52% -126.94%
Basic Earnings Per Share $1.78 -$13.02
Diluted Earnings Per Share $1.77 -$13.02
COMMON SHARES
Basic Shares Outstanding 2.439M 2.439M
Diluted Shares Outstanding 2.489M 2.476M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.40M $13.75M
YoY Change 15.42% -7.93%
Cash & Equivalents $11.40M $13.75M
Short-Term Investments
Other Short-Term Assets $2.300M $2.918M
YoY Change -16.33% -8.41%
Inventory $42.04M $42.79M
Prepaid Expenses
Receivables $30.25M $22.17M
Other Receivables $4.037M $3.682M
Total Short-Term Assets $90.06M $85.30M
YoY Change 5.41% 6.98%
LONG-TERM ASSETS
Property, Plant & Equipment $24.39M $29.66M
YoY Change 4.4% 23.43%
Goodwill $15.22M $15.22M
YoY Change 0.0% 0.0%
Intangibles $4.574M $4.741M
YoY Change -12.76% -12.37%
Long-Term Investments
YoY Change
Other Assets $2.057M $2.551M
YoY Change -27.39% -18.16%
Total Long-Term Assets $51.64M $52.17M
YoY Change -0.14% -1.48%
TOTAL ASSETS
Total Short-Term Assets $90.06M $85.30M
Total Long-Term Assets $51.64M $52.17M
Total Assets $141.7M $137.5M
YoY Change 3.32% 3.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.402M $7.855M
YoY Change 8.81% 1.72%
Accrued Expenses $5.065M $6.001M
YoY Change -15.09% 70.24%
Deferred Revenue $469.0K $51.00K
YoY Change 819.61% -87.12%
Short-Term Debt $0.00 $791.0K
YoY Change -100.0% 77.35%
Long-Term Debt Due $1.800M $1.559M
YoY Change 25.17% 4.84%
Total Short-Term Liabilities $19.83M $18.19M
YoY Change -1.16% 6.6%
LONG-TERM LIABILITIES
Long-Term Debt $6.500M $6.404M
YoY Change 1.71% 1.91%
Other Long-Term Liabilities $1.281M $48.23M
YoY Change 7.38% 3584.42%
Total Long-Term Liabilities $53.19M $54.63M
YoY Change 356.09% 368.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.83M $18.19M
Total Long-Term Liabilities $53.19M $54.63M
Total Liabilities $73.02M $91.61M
YoY Change 130.16% 218.87%
SHAREHOLDERS EQUITY
Retained Earnings -$305.3M -$309.7M
YoY Change 15.43% 15.38%
Common Stock $443.8M $442.5M
YoY Change 0.96% 0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.654M $1.653M
YoY Change 19.16% 19.26%
Treasury Stock Shares $37.42K
Shareholders Equity $50.62M $45.87M
YoY Change
Total Liabilities & Shareholders Equity $141.7M $137.5M
YoY Change 3.32% 3.6%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $4.408M -$32.23M
YoY Change 12.02% 488.05%
Depreciation, Depletion And Amortization $1.001M $1.115M
YoY Change 13.49% 18.74%
Cash From Operating Activities -$410.0K $509.0K
YoY Change -89.32% -43.44%
INVESTING ACTIVITIES
Capital Expenditures $650.0K $754.0K
YoY Change -275.68% -402.81%
Acquisitions
YoY Change
Other Investing Activities $110.0K $256.0K
YoY Change -52.38% 175.27%
Cash From Investing Activities -$530.0K -$498.0K
YoY Change 281.29% 219.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.210M 146.0K
YoY Change 40.37% -113.05%
NET CHANGE
Cash From Operating Activities -410.0K 509.0K
Cash From Investing Activities -530.0K -498.0K
Cash From Financing Activities -1.210M 146.0K
Net Change In Cash -2.150M 157.0K
YoY Change -55.57% -141.87%
FREE CASH FLOW
Cash From Operating Activities -$410.0K $509.0K
Capital Expenditures $650.0K $754.0K
Free Cash Flow -$1.060M -$245.0K
YoY Change -69.43% -121.32%

Facts In Submission

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us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Nature of Business </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">NCS Multistage Holdings, Inc., </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">a Delaware corporation,</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> through its wholly owned subsidiaries and subsidiaries for which it has a controlling voting interest (collectively referred to as the “Company,” “NCS,” “we,” </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">“</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">our</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">” </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">and</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> “us”), is primarily engaged in providing engineered products and support services for oil and natural gas well construction, well completions and field </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">development</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> 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; Calgary, Red Deer, Grande Prairie and Estevan, Canada; Neuquén, Argentina and Stavanger, Norway. </span></p>
us-gaap Basis Of Accounting
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Basis of Presentation </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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 </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">50</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% owned entity, with operations in </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">the United States and Mexico</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, 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.</span></p>
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0
CY2022Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2023Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3464000
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3227000
CY2023Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
250000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
340000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
709000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
824000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4423000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4391000
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
300000
us-gaap Business Exit Costs1
BusinessExitCosts1
0
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
7963000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
7870000
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
8754000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
7926000
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2350000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1489000
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6404000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6437000
CY2023Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
17500000
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
42400000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1700000
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2023Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1200000
CY2022Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1300000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
2500000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3500000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.044
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.081
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.005
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.065
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-32076000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-5478000
us-gaap Profit Loss
ProfitLoss
-47072000
us-gaap Profit Loss
ProfitLoss
-7207000
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
155000
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
128000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-191000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-32231000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-5481000
us-gaap Net Income Loss
NetIncomeLoss
-47200000
us-gaap Net Income Loss
NetIncomeLoss
-7016000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2476000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2438000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2464000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2426000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2476000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2438000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2464000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2426000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.02
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-19.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.89
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-13.02
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.25
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-19.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.89
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
155000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
283000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
145000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
269000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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