EXPRO GROUP HOLDINGS N.V. ANNOUNCES SECOND QUARTER 2022 RESULTS

4th August 2022

HOUSTON - August 4, 2022 - Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three and six months ended June 30, 2022.

Second Quarter 2022 Highlights

  • Revenue was $314 million compared to revenue of $280 million in the first quarter of 2022, an increase of $34 million, or 12%, driven by higher activity across the North and Latin America (NLA), Europe and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) segments.
  • Net loss for the second quarter of 2022 was $4 million, or $0.04 per diluted share, compared to a net loss of $11 million, or $0.10 per diluted share, for the first quarter of 2022. Adjusted net income1 for the second quarter of 2022 was $3 million, or $0.02 per diluted share, compared to adjusted net income for the first quarter of 2022 of $1 million, or $0.01 per diluted share. Adjusted net income for the second and first quarters of 2022 include foreign exchange gains (losses) of $(5) million and $3 million, respectively, or $(0.05) and $0.03 per diluted share, respectively.
  • Adjusted EBITDA1 was $51 million, a sequential increase of $14 million, or 39%, primarily driven by higher activity during the second quarter. Adjusted EBITDA margin1 for the second quarter of 2022 and first quarter of 2022 was 16% and 13%, respectively.
  • Net cash provided by operating activities for the second quarter of 2022 was $2 million compared to net cash used in operating activities of $(14) million for the first quarter of 2022, primarily reflecting an improvement in operating results and lower integration costs, partially offset by an increase in working capital. Adjusted cash flow from operations1 for the second quarter of 2022 was $10 million compared to $(1) million for the first quarter of 2022. The buildup in working capital in the first half of 2022 is consistent with historical patterns and is expected to reverse in the second half of the year. Consequently, Adjusted cash flow from operations is expected to improve in the second half of the year. 
  • The Company's Board of Directors authorized a $50 million stock repurchase program. During the second quarter, the Company repurchased 1.1 million shares at an average price of $11.81 per share, for a total cost of $13.0 million under this program.

Michael Jardon, Chief Executive Officer, noted, “Expro delivered robust operational performance and encouraging financial results in the second quarter. The breadth of our portfolio and depth of our expertise brings value to clients across the life of their wells, and enables us to compete and win on a worldwide basis.

“Our Well Construction team continued to demonstrate their position as the premier provider of casing and tubular running services with the award of key contracts in Thailand and Algeria, and across North and Latin America. These important wins are the result of our ability to seamlessly leverage cost-effective, innovative solutions, including proprietary technologies such as iCAM®, iTong™, and Centri-FI™, across Expro’s global operating footprint.

“Within our well intervention and integrity business, we are also introducing new technologies at pace, with CoilHose™ and Octopoda™ among those achieving market adoption in support of clients’ needs. Both technologies have been integrated into our services offering to provide a wider range of technical solutions and capture a wider scope of customer contracts. 

“Service quality also continues to play a major role in capturing and retaining contracts across our regions, and our teams have received recognition from key clients for outstanding performances in safety, service delivery and overall quality.

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