$NCSM
NCS Multistage Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000169242723000038 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $35.25M $38.28M
YoY Change -12.29% -21.67%
Cost Of Revenue $22.36M $22.57M
YoY Change -7.25% -20.52%
Gross Profit $12.89M $15.71M
YoY Change -19.84% -23.27%
Gross Profit Margin 36.56% 41.05%
Selling, General & Admin $13.22M $12.67M
YoY Change 0.24% -17.62%
% of Gross Profit 102.58% 80.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.222M $1.001M
YoY Change 13.67% 13.49%
% of Gross Profit 9.48% 6.37%
Operating Expenses $14.44M $12.67M
YoY Change 1.25% -17.62%
Operating Profit -$1.555M $1.874M
YoY Change -185.77% -53.69%
Interest Expense $402.0K -$27.00K
YoY Change 593.1% -86.76%
% of Operating Profit -1.44%
Other Income/Expense, Net $361.0K $1.701M
YoY Change -74.1% -937.93%
Pretax Income $39.90M $3.575M
YoY Change 1122.17% -7.0%
Income Tax $55.00K -$537.0K
% Of Pretax Income 0.14% -15.02%
Net Earnings $39.64M $4.408M
YoY Change 1902.98% 12.02%
Net Earnings / Revenue 112.46% 11.52%
Basic Earnings Per Share $1.78
Diluted Earnings Per Share $15.80 $1.77
COMMON SHARES
Basic Shares Outstanding 2.439M 2.439M
Diluted Shares Outstanding 2.489M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.72M $11.40M
YoY Change 2.99% 15.42%
Cash & Equivalents $16.72M $11.40M
Short-Term Investments
Other Short-Term Assets $1.862M $2.300M
YoY Change -33.85% -16.33%
Inventory $41.61M $42.04M
Prepaid Expenses
Receivables $23.98M $30.25M
Other Receivables $4.042M $4.037M
Total Short-Term Assets $103.2M $90.06M
YoY Change 17.74% 5.41%
LONG-TERM ASSETS
Property, Plant & Equipment $23.34M $24.39M
YoY Change 0.09% 4.4%
Goodwill $15.22M $15.22M
YoY Change 0.0% 0.0%
Intangibles $4.407M $4.574M
YoY Change -13.18% -12.76%
Long-Term Investments
YoY Change
Other Assets $937.0K $2.057M
YoY Change -66.06% -27.39%
Total Long-Term Assets $48.82M $51.64M
YoY Change -4.16% -0.14%
TOTAL ASSETS
Total Short-Term Assets $103.2M $90.06M
Total Long-Term Assets $48.82M $51.64M
Total Assets $152.0M $141.7M
YoY Change 9.69% 3.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.227M $9.402M
YoY Change -17.51% 8.81%
Accrued Expenses $3.702M $5.065M
YoY Change -15.69% -15.09%
Deferred Revenue $460.0K $469.0K
YoY Change 801.96% 819.61%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.812M $1.800M
YoY Change 21.69% 25.17%
Total Short-Term Liabilities $32.06M $19.83M
YoY Change 81.19% -1.16%
LONG-TERM LIABILITIES
Long-Term Debt $6.344M $6.500M
YoY Change -1.44% 1.71%
Other Long-Term Liabilities $213.0K $1.281M
YoY Change -83.96% 7.38%
Total Long-Term Liabilities $10.58M $53.19M
YoY Change -9.13% 356.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.06M $19.83M
Total Long-Term Liabilities $10.58M $53.19M
Total Liabilities $42.64M $73.02M
YoY Change 45.34% 130.16%
SHAREHOLDERS EQUITY
Retained Earnings -$265.6M -$305.3M
YoY Change 1.2% 15.43%
Common Stock $444.7M $443.8M
YoY Change 0.95% 0.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.676M $1.654M
YoY Change 20.66% 19.16%
Treasury Stock Shares
Shareholders Equity $91.62M $50.62M
YoY Change
Total Liabilities & Shareholders Equity $152.0M $141.7M
YoY Change 9.69% 3.32%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $39.64M $4.408M
YoY Change 1902.98% 12.02%
Depreciation, Depletion And Amortization $1.222M $1.001M
YoY Change 13.67% 13.49%
Cash From Operating Activities $6.220M -$410.0K
YoY Change -18.3% -89.32%
INVESTING ACTIVITIES
Capital Expenditures $225.0K $650.0K
YoY Change -21.05% -275.68%
Acquisitions
YoY Change
Other Investing Activities $55.00K $110.0K
YoY Change 103.7% -52.38%
Cash From Investing Activities -$170.0K -$530.0K
YoY Change -34.11% 281.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -961.0K -1.210M
YoY Change 170.7% 40.37%
NET CHANGE
Cash From Operating Activities 6.220M -410.0K
Cash From Investing Activities -170.0K -530.0K
Cash From Financing Activities -961.0K -1.210M
Net Change In Cash 5.089M -2.150M
YoY Change -27.3% -55.57%
FREE CASH FLOW
Cash From Operating Activities $6.220M -$410.0K
Capital Expenditures $225.0K $650.0K
Free Cash Flow $5.995M -$1.060M
YoY Change -18.19% -69.43%

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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us-gaap Depreciation
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CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
161940000
CY2023Q3 us-gaap Goodwill
Goodwill
15222000
CY2022Q4 us-gaap Goodwill
Goodwill
15222000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8058000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3532000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4526000
CY2023Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
8106000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3532000
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
4574000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8058000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3030000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5028000
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
8106000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3030000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5076000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2022Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2023Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2023Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2342000
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3227000
CY2023Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
292000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
340000
CY2023Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
473000
CY2023Q3 us-gaap Litigation Reserve Current
LitigationReserveCurrent
1743000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
215000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
824000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5065000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4391000
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
8298000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
7870000
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
8298000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
7926000
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1755000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1489000
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6543000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6437000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1700000
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2022Q3 us-gaap Profit Loss
ProfitLoss
3964000
us-gaap Profit Loss
ProfitLoss
-42960000
us-gaap Profit Loss
ProfitLoss
-3243000
CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-296000
CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
29000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-168000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-162000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
4408000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
3935000
us-gaap Net Income Loss
NetIncomeLoss
-42792000
us-gaap Net Income Loss
NetIncomeLoss
-3081000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2479000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2438000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2469000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2430000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
50000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2489000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2488000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2469000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2430000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.78
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-17.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.27
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.58
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-17.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.27
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
114000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
210000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
147000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
275000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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0001692427-23-000038.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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ncsm-20230930_def.xml Edgar Link unprocessable
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