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FI

Frank's International N.V. New York Stock Exchange
$4.49
Open: $4 High: $4.75 Low: $3.71 Close: $4.475
Range: 2021-02-24 - 2021-02-25
Volume: 3,788,877
Market: Open
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FI
Frank's International N.V. Mastenmakersweg 1 Den Helder , http://www.franksinternational.com
Frank's International NV provides tubular services, tubular fabrication and specialty well construction and well intervention solutions to both offshore and onshore exploration and production companies.
  • CEO: Michael C. Kearney
  • Employees: 2,900
  • Sector: Energy
  • Industry: Oil & Gas - Services
FI News
Latest news about the FI
  • Is Frank's International N.V. (NYSE:FI) Trading At A 47% Discount?

    In this article we are going to estimate the intrinsic value of Frank's International N.V. ( NYSE:FI ) by taking the...

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  • Frank's International N.V. (FI) Q4 2020 Earnings Call Transcript

    Image source: The Motley Fool. Frank's International N.V. (NYSE: FI)Q4 2020 Earnings CallFeb 23, 2021, 11:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood morning, and welcome to the Q4 2020 Frank's International N.

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  • Frank's International NV to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / February 23, 2021 / Frank's International NV (NYSE:FI) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on February 23, 2021 at 11:00 AM Eastern Time.To listen to the event live or access a replay of the call - visit https://www.

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  • Recap: Frank's International Q4 Earnings

    Shares of Frank's International (NYSE:FI) moved higher by 0.3% in pre-market trading after the company reported Q4 results. Quarterly Results Earnings per share were up 66.67% over the past year to ($0.02), which beat the estimate of ($0.08). Revenue of $96,348,000 declined by 30.90% year over year, which beat the estimate of $88,200,000. Outlook Earnings guidance hasn't been issued by the company for now. Frank's International hasn't issued any revenue guidance for the time being. Conference Call Details Date: Feb 23, 2021 View more earnings on FI Time: 11:00 AM ET Webcast URL: https://edge.media-server.com/mmc/p/sc59nhyu Recent Stock Performance 52-week high: $3.92 52-week low: $1.49 Price action over last quarter: Up 102.92% Company Overview Frank's International is a leading provider of casing and tubular running services, an important part of the construction of oil and gas wells. The company has been a pioneer in developing the specialized tools necessary to install casing on complex deep-water wells. The company also manufacturers some tubular goods, such as casing connectors. See more from BenzingaClick here for options trades from BenzingaEarnings Scheduled For February 23, 2021© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Frank’s International N.V. Schedules Fourth Quarter and Full Year 2020 Earnings Release and Conference Call

    HOUSTON, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Frank’s International N.V. (the “Company”) (NYSE: FI) announced today that it will host a conference call to discuss its fourth quarter and full year 2020 results on Tuesday, February 23, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The Company will issue its fourth quarter and full year 2020 earnings release prior to the conference call. Participants may join the conference call by dialing (800) 708-4540 or (847) 619-6397. The conference call ID number is 50078453. To listen via live webcast, please visit the Investor Relations section of the Company's website, www.franksinternational.com. An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days. Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,400 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 40 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com. Frank’s International uses its website as a channel of distribution of material company information. Such information is routinely posted and accessible in the Investor Relations section of our website at www.franksinternational.com. Contact: Frank’s International N.V.10260 Westheimer Rd, Suite 700Houston, Texas 77042(281) 966-7300

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  • Frank's International N.V. (NYSE:FI): When Will It Breakeven?

    Frank's International N.V. ( NYSE:FI ) is possibly approaching a major achievement in its business, so we would like to...

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  • Is Franks International (FI) A Good Stock To Buy Now?

    A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period […]

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  • Frank’s International N.V. Announces Third Quarter 2020 Results

    HOUSTON, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Frank’s International N.V. (NYSE: FI) (the “Company” or “Frank’s”) today reported financial and operational results for the three and nine months ended September 30, 2020. Third Quarter 2020 Financial Highlights * Third quarter net loss of $27.8 million, a 19% improvement compared to the prior quarter. * Third quarter revenue of $84.4 million with strong performance in the Tubulars segment partially offsetting declines in the Tubular Running Services segment related to drilling activity declines quarter over quarter. * Adjusted EBITDA of ($1.0) million improving from the prior quarter reflecting incremental margin improvement predominately driven by continued realization of cost reduction measures. * Third quarter cash flows from operating activities of $21.2 million and free cash flow generation of $15.7 million driven by continued cost reductions, tax refunds and working capital improvements. * Year over year cost reductions expected to exceed 25% of total cost base and reflect savings of approximately $60 million of indirect and SG&A support costs. * Repeat winner of 2020 World Oil Award for Health, Safety, Environmental/Sustainable Development Offshore Award for its SKYHOOK® Wireless Cement Line Make Up Device, with an additional two tools finalists in award categories.“Our third quarter results continued to reflect the effects of the historic industry downturn created by the Covid-19 pandemic this year.  Despite the unprecedented and historic customer spending reductions, this quarter’s performance demonstrated our ability to operate more efficiently while delivering high quality solutions to our customers.  Our revenue was resilient in the quarter benefiting from strong results in our Tubulars segment that partially offset the effect of drilling activity declines on our Tubular Running Services segment.  From a cost perspective, we continued to focus on things within our control, and our cost reduction efforts enabled us to improve adjusted EBITDA despite challenging market conditions.  Our efforts to permanently realign the support cost structure of our business are continuing to take hold.  The actions we have taken this year, while difficult, have reduced our indirect cost structure by more than $50 million permanently,” said Michael Kearney, the Company’s Chairman, President and Chief Executive Officer.“We also believe there will be more savings to harvest in 2021 as we implement our new enterprise resource planning (“ERP”) information system, and we will continue to be laser focused on further improving our already strong balance sheet.  Our cost control efforts, operational efficiency, capital expenditure controls, and working capital improvements all contributed to another quarter of strong free cash flow generation.”Mr. Kearney continued, “As we turn our attention to the fourth quarter, we continue to see an improving revenue backdrop from the current depressed levels.  We expect near-term activity levels to be driven by the return of rigs to the marketplace, the start-up of previously delayed work, and the commencement of certain projects scheduled to begin during the fourth quarter.  We see these trends continuing into 2021 and believe next year will provide for stronger overall financial results.“On the technology front, the Frank’s International SKYHOOK® Wireless Cement Line Make Up Device was recently named the winner of the 2020 World Oil Awards in the category of “Best Health, Safety, Environment/Sustainable Development – Offshore.”  This tool eliminates the need for hands-on intervention of cementing line make-ups high in the derrick, which increases efficiency and eliminates the dangerous potential for falls and dropped objects.  In addition to this achievement, Frank’s had two additional technologies, the iCAM® Connection Analyzed Make-up System, and the BRUTE-FORCETM System, also honored as award finalists.“Frank’s continues to generate value for our customers by offering technological solutions that safely reduce the time to drill, case, cement and complete wells.  As a recent example, Frank’s deployed 1000-Ton Drilling Slips on behalf of a major operator in the Caribbean.  These Drilling Slips feature a unique design that enables tripping and drilling at optimal speeds, increased reliability under high current and rig heave conditions, and resistance to slip crush.  The operator noted a decrease in drill pipe connection times leading to overall program time and cost savings, as well as a reduction of red zone personnel, as a direct result of incorporating this technology. “These awards and nominations demonstrate our commitment to safety and efficiency by bringing innovative tools to the marketplace for our customers, as well as reflect the environmental, social and governance centric values of the company,” concluded Mr. Kearney.  Segment ResultsTubular Running ServicesTubular Running Services revenue totaled $52.9 million in the third quarter of 2020, compared to $62.3 million in the second quarter of 2020, and $102.3 million in the third quarter of 2019.  Both the sequential and year over year decreases were primarily driven by continued customer spending reductions and associated drilling activity declines in response to Covid-19 and depressed oil prices, which were partially offset by improved activity levels in the Caribbean due to rig redeployments.Segment adjusted EBITDA in the third quarter of 2020 totaled $1.0 million, or 2% of revenue, compared to $4.1 million, or 7% of revenue, in the second quarter of 2020, and $23.9 million, or 23% of revenue, in the third quarter of 2019.  The decrease in adjusted EBITDA was due to revenue declines and lower activity levels in most of our operating regions.TubularsTubulars revenue in the third quarter of 2020 totaled $16.5 million, compared to $8.7 million in the second quarter of 2020, and $12.5 million in the third quarter of 2019.  The increase was the result of higher product sales during the quarter in the Gulf of Mexico region and in certain international markets, where the company has placed an expanded focus.Segment adjusted EBITDA in the third quarter of 2020 totaled $1.8 million, or 11% of revenue, compared to $0.7 million, or 8% of revenue, in the second quarter of 2020, and $0.5 million, or 4% of revenue, in the third quarter of 2019.Cementing EquipmentCementing Equipment revenue totaled $15.0 million in the third quarter of 2020, compared to $15.0 million in the second quarter of 2020, and $25.6 million in the third quarter of 2019.  The year over year revenue decrease was primarily related to reduced customer activity levels in both the U.S. onshore and offshore markets.  During the third quarter, we experienced sequential improvement in the U.S. offshore market, which was primarily offset by continued weakness in U.S. land.  International growth in this segment is expected to exceed 35% in 2020 over the prior year partially offsetting significant declines experienced in the U.S. onshore market.Segment adjusted EBITDA in the third quarter of 2020 totaled $3.4 million, or 23% of revenue, compared to $0.9 million, or 6% of revenue, in the second quarter of 2020, and $3.0 million, or 12% of revenue, in the third quarter of 2019.  The sequential increase in third quarter adjusted EBITDA was driven by more profitable international and U.S. offshore activity and reduced operating costs.Profit Improvement Actions UpdateThe Company is expecting to realize reductions in its cost structure of more than 25% year over year, which includes approximately $90 million of operational cost savings and $60 million of indirect and SG&A support cost savings.  In the fall of 2019, the Company announced a Profitability Improvement Program ("PIP") with a goal of saving $30 million in 2020 and an additional $15 million in 2021 related to indirect and SG&A savings.  We are pleased to share that the cost reductions we expect to achieve specific to those support costs are now expected to yield savings of approximately $60 million in 2020, double the original estimate.  The Company remains focused on improving profitability every quarter and has placed a strong focus on incremental efficiencies that can be gained in 2021.  We will be prepared to speak to those incremental 2021 savings in future quarters. Other Financial InformationCash expenditures related to property, plant and equipment and intangibles totaled $5.5 million in the third quarter of 2020 as compared to $10.3 million in the second quarter, demonstrating efforts to further reduce capital spending.  Year to date capital expenditures have totaled $25.7 million and the Company estimates total capital expenditures for the full year 2020 to be approximately $30 million.As of September 30, 2020, the Company’s consolidated cash and cash equivalents totaled $205.9 million compared to $192.9 million as of the prior quarter, an improvement of $13.0 million.  The Company had no outstanding debt as of quarter end.  Company liquidity as of September 30, 2020 totaled $236.1 million, including cash and cash equivalents and $30.2 million of availability under the Company’s credit facility.  For the third quarter of 2020, the Company generated operating cash flow of $21.2 million resulting in free cash flow of $15.7 million.  For the nine months ended September 30, 2020, the Company generated $25.3 million of operating cash flow.Income tax expense for the quarter totaled $6.4 million compared to $9.0 million in the second quarter.  The decline in income tax expense is due to a change in the geographical mix of income.The financial measures provided that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.Conference CallThe Company will host a conference call to discuss third quarter 2020 results on Tuesday, November 3, 2020 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).  Participants may join the conference call by dialing (800) 708-4540 or (847) 619-6397.  The conference call ID number is 49992927. To listen via live webcast, please visit the Investor Relations section of the Company's website, www.franksinternational.com.  A presentation will also be posted on the Company’s website prior to the conference call.An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.About Frank’s InternationalFrank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,400 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 50 countries on six continents.  The Company’s common stock is traded on the NYSE under the symbol “FI.”  Additional information is available on the Company’s website, www.franksinternational.com.Investor Contact:Melissa Cougle investor.info@franksintl.com 281-966-7300  FRANK’S INTERNATIONAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)             Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,  2020 2020 2019 2020 2019 Revenue:          Services$66,418  $74,583  $119,572  $246,084  $362,069  Products17,999  11,518  20,845  47,926  78,410  Total revenue84,417  86,101  140,417  294,010  440,479             Operating expenses:          Cost of revenue, exclusive of depreciation and amortization          Services56,574  61,051  86,745  197,005  255,769  Products13,733  8,286  14,247  36,007  57,850  General and administrative expenses18,665  22,286  26,921  67,634  96,358  Depreciation and amortization15,950  17,252  21,482  52,920  70,637  Goodwill impairment—  —  —  57,146  —  Severance and other charges, net3,549  5,162  5,222  29,436  6,492  (Gain) loss on disposal of assets(308) (650) 603  (898) 984  Operating loss(23,746) (27,286) (14,803) (145,240) (47,611)            Other income (expense):          Tax receivable agreement (“TRA”) related adjustments—  —  —  —  220  Other income, net109  156  1,620  2,291  2,818  Interest income (expense), net(93) 178  563  618  1,757  Foreign currency gain (loss)2,334  1,693  (3,872) (5,865) (4,050) Total other income (expense)2,350  2,027  (1,689) (2,956) 745             Loss before income taxes(21,396) (25,259) (16,492) (148,196) (46,866) Income tax expense (benefit)6,395  8,986  7,297  (182) 20,370  Net loss$(27,791) $(34,245) $(23,789) $(148,014) $(67,236)            Loss per common share:          Basic and diluted$(0.12) $(0.15) $(0.11) $(0.66) $(0.30)            Weighted average common shares outstanding:          Basic and diluted226,143  225,853  225,415  225,951  225,043    FRANK’S INTERNATIONAL N.V. SELECTED OPERATING SEGMENT DATA (In thousands) (Unaudited)             Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,  2020 2020 2019 2020 2019 Revenue          Tubular Running Services$52,926  $62,327  $102,277  $204,750  $306,971  Tubulars16,483  8,741  12,519  37,766  53,510  Cementing Equipment15,008  15,033  25,621  51,494  79,998  Total$84,417  $86,101  $140,417  $294,010  $440,479             Segment Adjusted EBITDA:          Tubular Running Services$982  $4,049  $23,884  $18,336  $67,019  Tubulars1,806  681  456  3,883  8,502  Cementing Equipment3,376  886  3,031  6,806  9,854  Corporate(7,151) (7,308) (11,350) (24,645) (42,533) Total$(987) $(1,692) $16,021  $4,380  $42,842    FRANK’S INTERNATIONAL N.V. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)       September 30, December 31,  2020 2019 Assets    Current assets:    Cash and cash equivalents$205,900  $195,383  Restricted cash1,524  1,357  Accounts receivables, net99,821  166,694  Inventories, net82,817  78,829  Assets held for sale3,479  13,795  Other current assets7,584  10,360  Total current assets401,125  466,418       Property, plant and equipment, net286,340  328,432  Goodwill42,785  99,932  Intangible assets, net8,770  16,971  Deferred tax assets, net16,874  16,590  Operating lease right-of-use assets28,108  32,585  Other assets29,770  33,237  Total assets$813,772  $994,165       Liabilities and Equity    Current liabilities:    Accounts payable and accrued liabilities$91,514  $120,321  Current portion of operating lease liabilities7,795  7,925  Deferred revenue144  657  Total current liabilities99,453  128,903       Deferred tax liabilities1,418  2,923  Non-current operating lease liabilities21,656  24,969  Other non-current liabilities22,802  27,076  Total liabilities145,329  183,871       Stockholders’ equity:    Common stock2,863  2,846  Additional paid-in capital1,085,160  1,075,809  Accumulated deficit(369,140) (220,805) Accumulated other comprehensive loss(30,560) (30,298) Treasury stock(19,880) (17,258) Total stockholders’ equity668,443  810,294  Total liabilities and equity$813,772  $994,165    FRANK’S INTERNATIONAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)       Nine Months Ended September 30,  2020 2019 Cash flows from operating activities    Net loss$(148,014) $(67,236) Adjustments to reconcile net loss to cash from operating activities    Depreciation and amortization52,920  70,637  Equity-based compensation expense8,434  8,238  Goodwill impairment57,146  —  Loss on asset impairments and retirements20,532  4,268  Amortization of deferred financing costs291  274  Deferred tax provision (benefit)(1,783) 3,887  Provision for (recovery of) bad debts980  (27) (Gain) loss on disposal of assets(898) 984  Changes in fair value of investments218  (1,935) Unrealized gain on derivative instruments—  (349) Other(380) (566) Changes in operating assets and liabilities    Accounts receivable63,307  9,872  Inventories(3,625) (14,191) Other current assets2,567  2,537  Other assets667  179  Accounts payable and accrued liabilities(22,486) (7,844) Deferred revenue(513) 110  Other non-current liabilities(4,048) (353) Net cash provided by operating activities25,315  8,485  Cash flows from investing activities    Purchases of property, plant and equipment and intangibles(25,722) (26,979) Proceeds from sale of assets7,037  353  Purchase of investments—  (20,304) Proceeds from sale of investments2,832  46,739  Other(356) —  Net cash used in investing activities(16,209) (191) Cash flows from financing activities    Repayments of borrowings—  (5,110) Treasury shares withheld for taxes(1,125) (1,874) Treasury share repurchase(1,498) —  Proceeds from the issuance of ESPP shares934  1,752  Deferred financing costs—  (184) Net cash used in financing activities(1,689) (5,416) Effect of exchange rate changes on cash3,267  2,684  Net increase in cash, cash equivalents and restricted cash10,684  5,562  Cash, cash equivalents and restricted cash at beginning of period196,740  186,212  Cash, cash equivalents and restricted cash at end of period$207,424  $191,774           Forward Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, including Covid-19, the continuation of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for the United States and the rest of the world to slow the spread of the Covid-19 virus to the point where applicable authorities are comfortable easing current restrictions on various commercial and economic activities, future actions of foreign oil producers such as Saudi Arabia and Russia and the risk that they take actions that will prolong or exacerbate the current over-supply of crude oil, the timing, pace and extent of an economic recovery in the United States and elsewhere, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC and the additional factors discussed or referenced in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 that will be filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.Use of Non-GAAP Financial MeasuresThis press release and the accompanying schedules include the non-GAAP financial measures of adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.The Company defines adjusted net loss as net loss before goodwill impairment and severance and other charges, net, net of tax. The Company defines adjusted net loss per share as net loss before goodwill impairment and severance and other charges, net, net of tax, divided by diluted weighted average common shares. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment and intangibles. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.  FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited)            ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION             Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,  2020 2020 2019 2020 2019            Revenue$84,417  $86,101  $140,417  $294,010  $440,479             Net loss$(27,791) $(34,245) $(23,789) $(148,014) $(67,236) Goodwill impairment—  —  —  57,146  —  Severance and other charges, net3,549  5,162  5,222  29,436  6,492  Interest (income) expense, net93  (178) (563) (618) (1,757) Depreciation and amortization15,950  17,252  21,482  52,920  70,637  Income tax expense (benefit)6,395  8,986  7,297  (182) 20,370  (Gain) loss on disposal of assets(308) (650) 603  (898) 984  Foreign currency (gain) loss(2,334) (1,693) 3,872  5,865  4,050  TRA related adjustments—  —  —  —  (220) Charges and credits (1)3,459  3,674  1,897  8,725  9,522  Adjusted EBITDA$(987) $(1,692) $16,021  $4,380  $42,842  Adjusted EBITDA margin(1.2)% (2.0)% 11.4% 1.5% 9.7% _______________________________(1)Comprised of Equity-based compensation expense (for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019: $2,773, $3,515 and $2,647, respectively, and for the nine months ended September 30, 2020 and 2019: $8,434 and $8,238, respectively), Unrealized and realized (gains) losses (for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019: $113, $111 and $(1,382), respectively, and for the nine months ended September 30, 2020 and 2019: $(1,480) and $(2,073), respectively) and Investigation-related matters (for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019: $573, $48 and $632, respectively, and for the nine months ended September 30, 2020 and 2019: $1,771 and $3,357, respectively).   FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited)            SEGMENT ADJUSTED EBITDA RECONCILIATION             Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,  2020 2020 2019 2020 2019 Segment Adjusted EBITDA:          Tubular Running Services$982  $4,049  $23,884  $18,336  $67,019  Tubulars1,806  681  456  3,883  8,502  Cementing Equipment3,376  886  3,031  6,806  9,854  Corporate(7,151) (7,308) (11,350) (24,645) (42,533)  (987) (1,692) 16,021  4,380  42,842  Goodwill impairment—  —  —  (57,146) —  Severance and other charges, net(3,549) (5,162) (5,222) (29,436) (6,492) Interest income (expense), net(93) 178  563  618  1,757  Depreciation and amortization(15,950) (17,252) (21,482) (52,920) (70,637) Income tax (expense) benefit(6,395) (8,986) (7,297) 182  (20,370) Gain (loss) on disposal of assets308  650  (603) 898  (984) Foreign currency gain (loss)2,334  1,693  (3,872) (5,865) (4,050) TRA related adjustments—  —  —  —  220  Charges and credits (1)(3,459) (3,674) (1,897) (8,725) (9,522) Net loss$(27,791) $(34,245) $(23,789) $(148,014) $(67,236) _______________________________(1)Comprised of Equity-based compensation expense (for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019: $2,773, $3,515 and $2,647, respectively, and for the nine months ended September 30, 2020 and 2019: $8,434 and $8,238, respectively), Unrealized and realized gains (losses) (for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019: $(113), $(111) and $1,382, respectively, and for the nine months ended September 30, 2020 and 2019: $1,480 and $2,073, respectively) and Investigation-related matters (for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019: $573, $48 and $632, respectively, and for the nine months ended September 30, 2020 and 2019: $1,771 and $3,357, respectively).   FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited)            FREE CASH FLOW RECONCILIATION             Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,  2020 2020 2019 2020 2019            Net cash provided by operating activities$21,169  $26,398  $25,874  $25,315  $8,485  Less: purchases of property, plant and equipment and intangibles5,463  10,291  9,739  25,722  26,979  Free cash flow$15,706  $16,107  $16,135  $(407) $(18,494)   FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited)            RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE             Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,  2020 2020 2019 2020 2019            Net loss$(27,791) $(34,245) $(23,789) $(148,014) $(67,236) Goodwill impairment (net of tax)—  —  —  55,740  —  Severance and other charges, net (net of tax)4,889  4,937  5,425  30,181  6,492  Net loss excluding certain items$(22,902) $(29,308) $(18,364) $(62,093) $(60,744)            Loss per diluted share$(0.12) $(0.15) $(0.11) $(0.66) $(0.30) Goodwill impairment (net of tax)—  —  —  0.25  —  Severance and other charges, net (net of tax)0.02  0.02  0.02  0.13  0.03  Loss per diluted share excluding certain items$(0.10) $(0.13) $(0.09) $(0.28) $(0.27)

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  • A Preview Of Frank's International's Earnings

    On Tuesday, November 03, Frank's International (NYSE: FI) will release its latest earnings report. Decipher the announcement with Benzinga's help.Net Income, Earnings, And Earnings Per Share Earnings and EPS are useful metrics of profitability. Total earnings also known as net income is equal to total revenue minus total expenses. Dividing net income by the total number of shares outstanding yields EPS.Earnings And Revenue Wall Street expects an EPS loss of $0.08 and sales around $89.52 million. In the same quarter last year, Frank's International posted EPS of $0.11 on sales of $140.42 million.Why Analyst Estimates And Earnings Surprises Are Important Analysts who cover this company will publish forward-looking estimates of its revenue and EPS each quarter. Averaging together every EPS and revenue prediction that each analyst makes about a company in a quarter yields the "consensus estimates." A company posting earnings or revenue above or below the consensus estimate is known as an "earnings surprise" and may move the stock by a considerable margin.View more earnings on FIThe Wall Street estimate would represent a 27.27% increase in the company's earnings. Revenue would be down 36.25% on a year-over-year basis. Here is how the Frank's International's reported EPS has stacked up against analyst estimates in the past:Quarter Q2 2020 Q1 2020 Q4 2020 Q3 2019 EPS Estimate -0.09 -0.04 -0.04 -0.05 EPS Actual -0.13 -0.04 -0.06 -0.11 Revenue Estimate 97.40 M 134.46 M 143.93 M 157.02 M Revenue Actual 86.10 M 123.49 M 139.44 M 140.42 M Stock Performance Shares of Frank's International were trading at $1.765 as of October 29. Over the last 52-week period, shares are down 67.98%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release.Do not be surprised to see the stock move on comments made during its conference call. Frank's International is scheduled to hold the call at 11:00:00 ET and can be accessed here.See more from Benzinga * Click here for options trades from Benzinga * Stocks That Hit 52-Week Lows On Thursday * Stocks That Hit 52-Week Lows On Wednesday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Frank’s International N.V. Schedules Third Quarter 2020 Earnings Release and Conference Call

    HOUSTON, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Frank’s International N.V. (the “Company”) (NYSE: FI) announced today that it will host a conference call to discuss its third quarter 2020 results on Tuesday, November 3, 2020 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The Company will issue its third quarter 2020 earnings release prior to the conference call. Participants may join the conference call by dialing (800) 708-4540 or (847) 619-6397. The conference call ID number is 49992927. To listen via live webcast, please visit the Investor Relations section of the Company's website, www.franksinternational.com.An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.        Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,400 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 50 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com.Frank’s International uses its website as a channel of distribution of material company information. Such information is routinely posted and accessible in the Investor Relations section of our website at www.franksinternational.com.Contact: Frank’s International N.V. 10260 Westheimer Rd, Suite 700 Houston, Texas 77042 (281) 966-7300

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  • How Should Investors Feel About Frank's International's (NYSE:FI) CEO Remuneration?

    Mike Kearney became the CEO of Frank's International N.V. (NYSE:FI) in 2017, and we think it's a good time to look at...

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  • How Much Did Frank's International's(NYSE:FI) Shareholders Earn From Share Price Movements Over The Last Five Years?

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  • Frank's International N.V. (FI) Q2 2020 Earnings Call Transcript

    Image source: The Motley Fool. Frank's International N.V. (NYSE: FI)Q2 2020 Earnings CallAug 4, 2020, 11:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorWelcome to the Q2 2020 Frank's International Earnings Conference Call.

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  • Frank's International (FI) Reports Q2 Loss, Misses Revenue Estimates

    Frank's International (FI) delivered earnings and revenue surprises of -44.44% and -8.16%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

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  • Frank’s International N.V. Announces Second Quarter 2020 Results

    HOUSTON, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Frank’s International N.V. (NYSE: FI) (the “Company” or “Frank’s”) today reported financial and operational results for the three and six months ended June 30, 2020. Second Quarter 2020 Financial Highlights * Second quarter net loss of $34.2 million improved over prior period resulting from market-related impairments taken in the first quarter of 2020. * Second quarter revenue of $86.1 million and Adjusted EBITDA of ($1.7) million reflecting decremental margin of 24% driven by cost reductions. * Second quarter cash flows from operating activities of $26.4 million and free cash flow of $16.1 million both showing a significant improvement from the prior quarter. * Actions both completed and in progress expanding previously announced cost reduction initiatives, projecting an approximate 25% year over year reduction in costs.“The second quarter reflects the sudden and historic downturn in our industry created by the Covid-19 pandemic and highly volatile and lower oil prices. During the quarter, we saw some of our highest producing geographies experience reductions in rig activity of greater than 80% resulting in a significant revenue decline. We communicated our aggressive cost cutting measures last quarter, and I am very pleased that Frank’s management and our entire employee base has executed various cost reduction plans expeditiously, the results of which are reflected in our reported results. While we cannot control the operational plans of our customers and the resulting short term revenue swings we experience, we can and have controlled our costs during the quarter, holding decremental margins to less than 25%. This was made possible through the effective management of a wide range of cost control measures that we accelerated and intensified over the past quarter. Cost containment and efficiency is not a periodic exercise but something we are practicing on a daily basis at Frank’s. The entire Frank’s team remains focused on exploring opportunities to work more efficiently in the future and reset our cost base,” said Michael Kearney, the Company’s Chairman, President and Chief Executive Officer.“We are also focused on maintaining a strong balance sheet and cash position. Our progress in this area is reflected by the resurgence in our cash balance from year end levels and strong free cash flow during the quarter.”Mr. Kearney continued, “Our customers and their respective drilling programs continue to show impacts from Covid-19 shutdowns due to logistics issues, as well as delays in the start-up of new drilling programs. We are seeing signs of stabilization, with some rigs recommencing work in the third quarter and others planned to begin programs during the fourth quarter. As we navigate the Covid-19 pandemic, protecting the health and safety of our employees, customers and communities remains of the utmost importance, with our cross-functional Covid-19 task force overseeing ongoing, localized risk assessment and modified work protocols.“Frank’s continues to generate value for our customers by offering technological solutions that safely reduce the time to drill, case and complete wells. Our multi-product line solutions add value in the most extreme applications, most recently with a joint Cementing and TRS operation on behalf of a major operator in the Gulf of Mexico. Following intensive pre-job technical analysis, the ultra-heavy landing string installation utilized multiple Frank’s load bearing technologies. The combined solutions facilitated a safe and efficient operation, while achieving a customer hook load record, adding to the Frank’s history of record hook load achievements. “Frank’s also recently introduced the Caseless Insertable™ Float System, a new cementing technology suitable for a float collar, landing collar and guide or float shoe assembly. This versatile, patented solution offers a modular design and threadless interface that can be configured to a wide range of operational requirements, eliminating specialized premium connections, manufacturing lead time and the costs associated with transporting and storing excess inventory. It has performed successfully in both offshore and onshore applications, most recently on behalf of a major operator in the U.S. onshore market. “In summary, we have aggressively responded to recent market shocks and continued to place our strongest focus on delivering exemplary service to our customers. Our employees have demonstrated their commitment to excellence and this organization, and we are poised to weather these conditions and position ourselves well for an eventual recovery,” concluded Mr. Kearney.Segment ResultsTubular Running ServicesTubular Running Services revenue was $62.3 million for the second quarter of 2020, compared to $89.5 million in the first quarter of 2020, and $106.6 million for the second quarter of 2019. The decrease in sequential revenue, which is down 30% from the first quarter and 42% from the prior year quarter, was primarily driven by activity disruptions brought about from Covid-19 and customer spending cuts in response to falling oil prices, with the largest impacts felt in the U.S. onshore and offshore markets. In Africa, personnel logistics issues and reduced activity levels, also as a consequence of Covid-19, further contributed to the decline.Segment adjusted EBITDA for the second quarter of 2020 was $4.1 million, or 7% of revenue, compared to $13.3 million, or 15% of revenue, for the first quarter of 2020 and $25.4 million, or 24% of revenue, for the second quarter of 2019. The adjusted EBITDA deterioration is related to the revenue declines experienced due to current market conditions, especially in U.S. onshore and offshore markets as well as in Africa.TubularsTubulars revenue for the second quarter of 2020 was $8.7 million, compared to $12.5 million for the first quarter of 2020, and $22.3 million for the second quarter of 2019. The sequential decrease was the result of lower demand for the Company’s tubular products in light of reduced drilling program activity.Segment adjusted EBITDA for the second quarter of 2020 was $0.7 million, or 8% of revenue, compared to $1.4 million, or 11% of revenue, for the first quarter of 2020 and $3.9 million, or 18% of revenue for the second quarter of 2019. The sequential decrease was driven by lower revenue levels.Cementing EquipmentCementing Equipment revenue was $15.0 million in the second quarter of 2020, compared to $21.5 million in the first quarter of 2020 and $26.7 million for the second quarter of 2019. The sequential decline was driven by significantly reduced customer activity in the U.S. onshore and offshore market. The year-over-year decline is primarily related to the decline in the U.S. onshore market which began during the second half of 2019.Segment adjusted EBITDA for the second quarter of 2020 was $0.9 million, or 6% of revenue, compared to $2.5 million, or 12% of revenue, for the first quarter of 2020 and $3.0 million, or 11% of revenue, for the second quarter of 2019. Lower adjusted EBITDA was driven by revenue declines brought about by market contractions in North and South America.Profit Improvement Actions UpdateAs an update to the progress made in reducing the cost base of the Company, Frank’s now anticipates realizing reductions to its cost structure of at least 25% year over year including both operational and support costs. The cost reductions achieved specific to Company support costs are now estimated to yield savings in excess of $50 million in 2020. Compensation cost estimates are expected to be reduced by 30% year over year. The Company intends to continue pursuing additional efficiencies in the coming quarters that are expected to result in further savings.Other Financial InformationCash expenditures related to property, plant and equipment and intangibles were $10.3 million for the second quarter of 2020, with the significant majority of this spend related to in-flight capital projects approved and initiated during 2019. The Company estimates total capital expenditures for the full year 2020 to range between $25.0 million and $30.0 million.As of June 30, 2020, the Company’s consolidated cash and cash equivalents were $192.9 million compared to $170.9 million as of the prior quarter, an improvement of $22 million. The Company had no outstanding debt as of June 30, 2020 nor as of the prior quarter. Total liquidity at June 30, 2020 was $218 million, including cash and cash equivalents, and $25 million available under the Company’s Credit Facility. For the second quarter of 2020, the Company generated operating cash flow of $26.4 million and free cash flow of $16.1 million. This was produced from both improved customer collections in the quarter and benefits of cost reductions.Income tax expense for the quarter was $9.0 million compared to an income tax benefit in the first quarter of $15.6 million largely attributable to credits resulting from governmental and regulatory support programs.The financial measures provided that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.Conference CallThe Company will host a conference call to discuss second quarter 2020 results on Tuesday, August 4, 2020 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Participants may join the conference call by dialing (800) 708-4540 or (847) 619-6397. The conference call ID number is 49849977. To listen via live webcast, please visit the Investor Relations section of the Company's website, www.franksinternational.com. A presentation will also be posted on the Company’s website prior to the conference call.An audio replay of the conference call will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for a period of approximately 90 days.About Frank’s InternationalFrank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,700 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 50 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com.Contact:Melissa Cougle Melissa.Cougle@franksintl.com 281-966-7300 FRANK’S INTERNATIONAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)             Three Months Ended Six Months Ended  June 30, March 31, June 30, June 30,  2020 2020 2019 2020 2019 Revenue:          Services$74,583  $105,083  $127,091  $179,666  $242,497  Products11,518  18,409  28,563  29,927  57,565  Total revenue86,101  123,492  155,654  209,593  300,062             Operating expenses:          Cost of revenue, exclusive of depreciation and amortization          Services61,051  79,380  85,785  140,431  169,024  Products8,286  13,988  23,475  22,274  43,603  General and administrative expenses22,286  26,683  34,026  48,969  69,437  Depreciation and amortization17,252  19,718  23,913  36,970  49,155  Goodwill impairment—  57,146  —  57,146  —  Severance and other charges, net5,162  20,725  815  25,887  1,270  (Gain) loss on disposal of assets(650) 60  154  (590) 381  Operating loss(27,286) (94,208) (12,514) (121,494) (32,808)            Other income (expense):          Tax receivable agreement (“TRA”) related adjustments—  —  220  —  220  Other income, net156  2,026  669  2,182  1,198  Interest income, net178  533  426  711  1,194  Foreign currency gain (loss)1,693  (9,892) (661) (8,199) (178) Total other income (expense)2,027  (7,333) 654  (5,306) 2,434             Loss before income taxes(25,259) (101,541) (11,860) (126,800) (30,374) Income tax expense (benefit)8,986  (15,563) 3,300  (6,577) 13,073  Net loss$(34,245) $(85,978) $(15,160) $(120,223) $(43,447)            Loss per common share:          Basic and diluted$(0.15) $(0.38) $(0.07) $(0.53) $(0.19)            Weighted average common shares outstanding:          Basic and diluted225,853  225,505  225,052  225,855  224,854  FRANK’S INTERNATIONAL N.V. SELECTED OPERATING SEGMENT DATA (In thousands) (Unaudited)             Three Months Ended Six Months Ended  June 30, March 31, June 30, June 30,  2020 2020 2019 2020 2019 Revenue          Tubular Running Services$62,327  $89,497  $106,615  $151,824  $204,694  Tubulars8,741  12,542  22,334  21,283  40,991  Cementing Equipment15,033  21,453  26,705  36,486  54,377  Total$86,101  $123,492  $155,654  $209,593  $300,062             Segment Adjusted EBITDA:          Tubular Running Services$4,049  $13,305  $25,400  $17,354  $43,135  Tubulars681  1,396  3,934  2,077  8,046  Cementing Equipment886  2,544  3,029  3,430  6,823  Corporate(7,308) (10,186) (15,200) (17,494) (31,183) Total$(1,692) $7,059  $17,163  $5,367  $26,821  FRANK’S INTERNATIONAL N.V. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)       June 30, December 31,  2020 2019 Assets    Current assets:    Cash and cash equivalents$192,921  $195,383  Restricted cash1,358  1,357  Accounts receivables, net137,068  166,694  Inventories, net79,857  78,829  Assets held for sale8,732  13,795  Other current assets8,943  10,360  Total current assets428,879  466,418       Property, plant and equipment, net297,794  328,432  Goodwill42,785  99,932  Intangible assets, net9,643  16,971  Deferred tax assets, net15,774  16,590  Operating lease right-of-use assets29,594  32,585  Other assets29,513  33,237  Total assets$853,982  $994,165       Liabilities and Equity    Current liabilities:    Accounts payable and accrued liabilities$104,022  $120,321  Current portion of operating lease liabilities7,854  7,925  Deferred revenue425  657  Total current liabilities112,301  128,903       Deferred tax liabilities1,503  2,923  Non-current operating lease liabilities22,803  24,969  Other non-current liabilities23,711  27,076  Total liabilities160,318  183,871       Stockholders’ equity:    Common stock2,860  2,846  Additional paid-in capital1,082,008  1,075,809  Accumulated deficit(341,349) (220,805) Accumulated other comprehensive loss(30,013) (30,298) Treasury stock(19,842) (17,258) Total stockholders’ equity693,664  810,294      Total liabilities and equity$853,982  $994,165  FRANK’S INTERNATIONAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)       Six Months Ended June 30,  2020 2019 Cash flows from operating activities    Net loss$(120,223) $(43,447) Adjustments to reconcile net loss to cash from operating activities    Depreciation and amortization36,970  49,155  Equity-based compensation expense5,661  5,591  Goodwill impairment57,146  —  Loss on asset impairments and retirements20,532  —  Amortization of deferred financing costs194  177  Deferred tax provision (benefit)(1,690) 3,702  Provision for bad debts1,750  85  (Gain) loss on disposal of assets(590) 381  Changes in fair value of investments813  (1,879) Unrealized (gain) loss on derivative instruments—  204  Other(380) (373) Changes in operating assets and liabilities    Accounts receivable24,465  (14,334) Inventories(4,539) (2,323) Other current assets2,272  2,063  Other assets390  111  Accounts payable and accrued liabilities(15,187) (17,118) Deferred revenue(226) 22  Other non-current liabilities(3,212) 594  Net cash provided by (used in) operating activities4,146  (17,389) Cash flows from investing activities    Purchases of property, plant and equipment and intangibles(20,259) (17,240) Proceeds from sale of assets6,565  260  Purchase of investments—  (20,185) Proceeds from sale of investments2,832  31,739  Other(256) —  Net cash used in investing activities(11,118) (5,426) Cash flows from financing activities    Repayments of borrowings—  (3,492) Treasury shares withheld for taxes(1,086) (1,542) Treasury share repurchase(1,498) —  Proceeds from the issuance of ESPP shares552  692  Deferred financing costs—  (184) Net cash used in financing activities(2,032) (4,526) Effect of exchange rate changes on cash6,543  (416) Net decrease in cash, cash equivalents and restricted cash(2,461) (27,757) Cash, cash equivalents and restricted cash at beginning of period196,740  186,212  Cash, cash equivalents and restricted cash at end of period$194,279  $158,455  Forward Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, including Covid-19, the continuation of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for the United States and the rest of the world to slow the spread of the Covid-19 virus to the point where applicable authorities are comfortable easing current restrictions on various commercial and economic activities, future actions of foreign oil producers such as Saudi Arabia and Russia and the risk that they take actions that will prolong or exacerbate the current over-supply of crude oil, the timing, pace and extent of an economic recovery in the United States and elsewhere, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC and the additional factors discussed or referenced in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 that will be filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.Use of Non-GAAP Financial MeasuresThis press release and the accompanying schedules include the non-GAAP financial measures of adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net loss, adjusted net loss per diluted share, free cash flow, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.The Company defines adjusted net loss as net loss before goodwill impairment and severance and other charges, net, net of tax. The Company defines adjusted net loss per share as net loss before goodwill impairment and severance and other charges, net, net of tax, divided by diluted weighted average common shares. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment and intangibles. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures. FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited)            ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION             Three Months Ended Six Months Ended  June 30, March 31, June 30, June 30,  2020 2020 2019 2020 2019            Revenue$86,101   $123,492   $155,654   $209,593   $300,062              Net loss$(34,245)  $(85,978)  $(15,160)  $(120,223)  $(43,447)  Goodwill impairment—   57,146   —   57,146   —   Severance and other charges, net5,162   20,725   815   25,887   1,270   Interest income, net(178)  (533)  (426)  (711)  (1,194)  Depreciation and amortization17,252   19,718   23,913   36,970   49,155   Income tax expense (benefit)8,986   (15,563)  3,300   (6,577)  13,073   (Gain) loss on disposal of assets(650)  60   154   (590)  381   Foreign currency (gain) loss(1,693)  9,892   661   8,199   178   TRA related adjustments—   —   (220)  —   (220)  Charges and credits (1)3,674   1,592   4,126   5,266   7,625   Adjusted EBITDA$(1,692)  $7,059   $17,163   $5,367   $26,821   Adjusted EBITDA margin(2.0)% 5.7 % 11.0 % 2.6 % 8.9 %    (1)Comprised of Equity-based compensation expense (for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019: $3,515, $2,146 and $3,017, respectively, and for the six months ended June 30, 2020 and 2019: $5,661 and $5,591, respectively), Unrealized and realized (gains) losses (for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019: $111, $(1,704) and $(383), respectively, and for the six months ended June 30, 2020 and 2019: $(1,593) and $(691), respectively) and Investigation-related matters (for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019: $48, $1,150 and $1,492, respectively, and for the six months ended June 30, 2020 and 2019: $1,198 and $2,725, respectively). FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited)            SEGMENT ADJUSTED EBITDA RECONCILIATION             Three Months Ended Six Months Ended  June 30, March 31, June 30, June 30,  2020 2020 2019 2020 2019 Segment Adjusted EBITDA:          Tubular Running Services$4,049  $13,305  $25,400  $17,354  $43,135  Tubulars681  1,396  3,934  2,077  8,046  Cementing Equipment886  2,544  3,029  3,430  6,823  Corporate(7,308) (10,186) (15,200) (17,494) (31,183)  (1,692) 7,059  17,163  5,367  26,821  Goodwill impairment—  (57,146) —  (57,146) —  Severance and other charges, net(5,162) (20,725) (815) (25,887) (1,270) Interest income, net178  533  426  711  1,194  Depreciation and amortization(17,252) (19,718) (23,913) (36,970) (49,155) Income tax (expense) benefit(8,986) 15,563  (3,300) 6,577  (13,073) Gain (loss) on disposal of assets650  (60) (154) 590  (381) Foreign currency gain (loss)1,693  (9,892) (661) (8,199) (178) TRA related adjustments—  —  220  —  220  Charges and credits (1)(3,674) (1,592) (4,126) (5,266) (7,625) Net loss$(34,245) $(85,978) $(15,160) $(120,223) $(43,447)    (1)Comprised of Equity-based compensation expense (for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019: $3,515, $2,146 and $3,017, respectively, and for the six months ended June 30, 2020 and 2019: $5,661 and $5,591, respectively), Unrealized and realized gains (losses) (for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019: $(111), $1,704 and $383, respectively, and for the six months ended June 30, 2020 and 2019: $1,593 and $691, respectively) and Investigation-related matters (for the three months ended June 30, 2020, March 31, 2020 and June 30, 2019: $48, $1,150 and $1,492, respectively, and for the six months ended June 30, 2020 and 2019: $1,198 and $2,725, respectively). FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited)            FREE CASH FLOW RECONCILIATION             Three Months Ended Six Months Ended  June 30, March 31, June 30, June 30,  2020 2020 2019 2020 2019            Net cash provided by (used in) operating activities$26,398  $(22,252) $12,381  $4,146  $(17,389) Less: purchases of property, plant and equipment and intangibles10,291  9,968  9,095  20,259  17,240  Free cash flow$16,107  $(32,220) $3,286  $(16,113) $(34,629) FRANK’S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited)            RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE             Three Months Ended Six Months Ended  June 30, March 31, June 30, June 30,  2020 2020 2019 2020 2019            Net loss$(34,245) $(85,978) $(15,160) $(120,223) $(43,447) Goodwill impairment (net of tax)—  55,740  —  55,740  —  Severance and other charges, net (net of tax)4,937  20,355  613  25,292  1,067  Net loss excluding certain items$(29,308) $(9,883) $(14,547) $(39,191) $(42,380)            Loss per diluted share$(0.15) $(0.38) $(0.07) $(0.53) $(0.19) Goodwill impairment (net of tax)—  0.25  —  0.25  —  Severance and other charges, net (net of tax)0.02  0.09  —  0.11  —  Loss per diluted share excluding certain items$(0.13) $(0.04) $(0.07) $(0.17) $(0.19)

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