Nabors Announces Preliminary Operating Results for the Quarter Ended June 30, 2024
Nabors preliminary results for the second quarter continued to highlight the ongoing international expansion and relatively stable activity and pricing in its
Nabors is currently finalizing its financial results for the three and six months ended
Nabors has provided a range for certain of the preliminary results described above because the financial closing procedures for the quarter ended
About
Forward-looking Statements
The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in
Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for Nabors and that it is useful to investors and management as a measure of Nabors' ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies.
Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated company based on several criteria, including Adjusted EBITDA and adjusted free cash flow, because it believes that these financial measures accurately reflect Nabors' ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze Nabors' performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted free cash flow, are included in the tables below.
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Reconciliation of Non-GAAP Financial Measures |
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(Unaudited) |
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Three Months Ended |
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Income (loss) from continuing operations before income taxes |
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Depreciation and amortization |
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160 |
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Investment (income) loss |
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(8) |
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Interest expense |
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51 |
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Other, net |
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10 - 20 |
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Adjusted EBITDA |
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Cash provided by operating activities |
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$ 185 - 195 |
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Capital expenditures, net of proceeds from sales of assets |
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(130) - (135) |
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Adjusted free cash flow |
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$ 55 - 60 |
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