• Net income of $4.2 million, or $0.07 per diluted share, reported for the quarter
• Consolidated revenue of $194.3 million increased 6% sequentially, boosted by higher offshore and international activity
• Adjusted EBITDA (a non-GAAP measure⁽¹⁾) of $23.4 million increased 23% sequentially
• Offshore/Manufactured Products segment revenue increased 18% sequentially to $111.0 million – the highest level reported since the fourth quarter of 2016
• Offshore/Manufactured Products segment's backlog increased sequentially for a fifth consecutive quarter totaling $348 million as of September 30, with a quarterly book-to-bill ratio of 1.2x
  • Third quarter segment bookings were augmented by two contract awards exceeding $15 million each
• Generated operating cash flow of $13.6 million in the quarter
• Incurred facility consolidation charges of $1.6 million ($1.3 million after-tax, or $0.02 per share) associated with the planned sales of certain manufacturing and service locations and the relocation of related equipment

HOUSTON--(BUSINESS WIRE)--Oct. 27, 2023-- Oil States International, Inc. (NYSE: OIS):

	Three Months Ended												% Change
(Unaudited, In Thousands, Except Per Share Amounts)	September 30, 2023				June 30, 2023				September 30, 2022				Sequential			Year-over- Year
Consolidated results:
Revenues	$	194,289			$	183,529			$	189,394			6	%		3	%
Operating income(2)	$	6,190			$	3,269			$	5,058			89	%		22	%
Net income	$	4,212			$	558			$	2,143			655	%		97	%
Diluted earning per share	$	0.07			$	0.01			$	0.03			600	%		133	%
Adjusted EBITDA(1)	$	23,441			$	19,016			$	21,962			23	%		7	%
Revenues by segment:
Offshore/Manufactured Products	$	111,043			$	94,086			$	96,037			18	%		16	%
Well Site Services		59,831				64,536				60,509			(7	)%		(1	)%
Downhole Technologies		23,415				24,907				32,848			(6	)%		(29	)%
Operating income (loss) by segment:
Offshore/Manufactured Products(2)	$	17,804			$	11,253			$	13,373			58	%		33	%
Well Site Services		3,285				4,732				2,359			(31	)%		39	%
Downhole Technologies		(4,118	)			(2,536	)			(342	)		(62	)%		n.m.
Adjusted Segment EBITDA (a non-GAAP measure(1)):
Offshore/Manufactured Products	$	24,442			$	15,981			$	18,304			53	%		34	%
Well Site Services		9,716				11,425				9,723			(15	)%		—	%
Downhole Technologies		(88	)			1,639				4,100			n.m.			n.m.

___________________
(1)	Adjusted EBITDA and Adjusted Segment EBITDA are non-GAAP measures, see "Reconciliations of GAAP to Non-GAAP Financial Information" tables below for reconciliations to their most comparable GAAP measures as well as further clarification and explanation.
(2)	Operating income in the third quarter of 2023 included charges of $1.6 million associated with the Offshore/Manufactured Products segment's ongoing consolidation of certain manufacturing and service locations. Operating income in the third quarter of 2022 included a $6.1 million gain related to the Offshore/Manufactured Products segment’s settlement of outstanding litigation against certain service providers.

Oil States International, Inc. reported net income of $4.2 million, or $0.07 per share, and Adjusted EBITDA of $23.4 million for the third quarter of 2023 on revenues of $194.3 million. Reported third quarter 2023 net income included facility consolidation charges of $1.6 million ($1.3 million after-tax, or $0.02 per share). These results compare to revenues of $183.5 million, net income of $0.6 million, or $0.01 per share, and Adjusted EBITDA of $19.0 million reported in the second quarter of 2023.

Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,

"Our third quarter results benefited from growth in offshore and international spending, with significant sequential and year-over-year increases in offshore-project activity and backlog conversion. However, our quarterly performance was tempered by an industry-wide decline in U.S. well completions which has been ongoing since the start of 2023. We believe the U.S. activity declines were triggered by weaker commodity prices in effect earlier this year. With currently improved commodity pricing, we expect U.S. activity to recover into 2024.

"Reported revenues in our Offshore/Manufactured Products segment rose 18% sequentially and 16% year-over-year to $111 million in the third quarter of 2023 – the segment's highest revenue level since the fourth quarter of 2016. Segment backlog increased for a fifth consecutive quarter totaling $348 million as of September 30 – benefiting from our customers' increased planned investments in traditional and non-traditional offshore projects outside the United States. We received two notable project awards in the third quarter, including a production facility equipment order and a contract for our Merlin™ Deepsea Mineral Riser System designed for use in harvesting seabed minerals at extreme water depths. These minerals are critical components for the development of large-scale battery technology. The segment's bookings totaled $129 million, yielding a quarterly book-to-bill ratio of 1.2x.

"The receipt of another contract award for our Merlin™ Deepsea Mineral Riser System this quarter demonstrates the industry's recognition of our expertise and the technologies we have developed to enable pathways toward a lower-carbon multi-source energy mix to meet growing global energy demands. We are connecting the energy future by leveraging our rich oil and gas heritage in the support of additional energy sources while augmenting our core technologies, setting the stage for longer-term growth.

"Our continued investments in technology and innovation were also recently recognized by Gulf Energy, with our Active Seat Gate Valve receiving the 2023 Gulf Energy Information Excellence Award for Best Production Technology. This proprietary valve-technology provides operators with exceptional sealing performance while substantially reducing the amount of heavy grease used during valve operations and personnel intervention at the wellhead.

"In the third quarter, we generated cash flow from operations of $14 million and invested $2 million in net capital expenditures. With no short-term debt outstanding, cash on-hand increased to $53 million during the period. We expect to enhance our liquidity position and reduce our net debt in future quarters.

"We remain very encouraged by the continued up-cycle in offshore and international activity, customer acceptance of our recent technology introductions and growing backlog levels in our Offshore/Manufactured Products segment coupled with an improving commodity price environment."

Business Segment Results

(See Segment Data and Adjusted Segment EBITDA tables below)

Offshore/Manufactured Products

Offshore/Manufactured Products reported revenues of $111.0 million – the segment's highest revenue levels since the fourth quarter of 2016, operating income of $17.8 million and Adjusted Segment EBITDA of $24.4 million in the third quarter of 2023, compared to revenues of $94.1 million, operating income of $11.3 million and Adjusted Segment EBITDA of $16.0 million reported in the second quarter of 2023. During the third quarter of 2023, the segment recorded charges of $1.6 million associated with ongoing consolidation of certain manufacturing and service locations to gain operational efficiencies. Adjusted Segment EBITDA margin in the third quarter of 2023 was 22%, compared to 17% in the second quarter of 2023.

Backlog totaled $348 million as of September 30, 2023, an increase of $10 million, or 3%, from June 30, 2023 and $90 million, or 35%, from September 30, 2022. The current quarter-end backlog is at its highest level since December 31, 2015. Third quarter 2023 bookings totaled $129 million, yielding a quarterly book-to-bill ratio of 1.2x (1.2x year-to-date).

Well Site Services

Well Site Services reported revenues of $59.8 million, operating income of $3.3 million and Adjusted Segment EBITDA of $9.7 million in the third quarter of 2023, compared to revenues of $64.5 million, operating income of $4.7 million and Adjusted Segment EBITDA of $11.4 million reported in the second quarter of 2023. Adjusted Segment EBITDA margin was 16% in the third quarter of 2023, compared to 18% in the second quarter of 2023.

Downhole Technologies

Downhole Technologies reported revenues of $23.4 million and an operating loss of $4.1 million while Adjusted Segment EBITDA was essentially breakeven in the third quarter of 2023, compared to revenues of $24.9 million, an operating loss of $2.5 million and Adjusted Segment EBITDA of $1.6 million reported in the second quarter of 2023.

Corporate

Corporate operating expenses in the third quarter of 2023 totaled $10.8 million.

Interest Expense, Net

Net interest expense totaled $1.9 million in the third quarter of 2023, which included $0.5 million of non-cash amortization of deferred debt issuance costs.

Income Taxes

The Company recognized tax expense of $0.2 million on pre-tax income of $4.4 million during the third quarter of 2023. In the second quarter of 2023, the Company recognized tax expense of $0.9 million on pre-tax income of $1.4 million.

Cash Flows

During the third quarter of 2023, the Company generated cash flows from operations of $13.6 million and invested $6.0 million ($2.3 million net of proceeds from sales of property and equipment) in new equipment to support future growth.

Financial Condition

Cash on-hand increased $10.5 million in the quarter, totaling $52.9 million at September 30, 2023. No borrowings were outstanding under the Company's asset-based revolving credit facility (the "ABL Facility") at September 30, 2023. Liquidity (cash plus borrowing availability) totaled $137.4 million at September 30, 2023, with amounts available to be drawn under the ABL Facility totaling $84.5 million.

Conference Call Information

The call is scheduled for October 27, 2023 at 11 a.m. Central Daylight Time, is being webcast and can be accessed from the Company's website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (888) 210-3346 in the United States or by dialing +1 (646) 960-0253 internationally and using the passcode 7534957. A replay of the conference call will be available approximately two hours after the completion of the call and can be accessed from the Company's website at www.ir.oilstatesintl.com.

About Oil States

Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol "OIS".

For more information on the Company, please visit Oil States International's website at www.oilstatesintl.com.

Cautionary Language Concerning Forward Looking Statements

The foregoing 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. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries ("OPEC") and other producing nations with respect to crude oil production levels and pricing, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the subsequently filed Quarterly Reports on Form 10-Q and Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
	Three Months Ended												Nine Months Ended
	September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Revenues:
Products	$	102,636			$	92,630			$	99,743			$	295,106			$	284,537
Services		91,653				90,899				89,651				278,911				250,735
		194,289				183,529				189,394				574,017				535,272
Costs and expenses:
Product costs		80,188				72,659				81,576				231,524				225,765
Service costs		70,239				69,371				69,723				211,668				194,294
Cost of revenues (exclusive of depreciation and amortization expense presented below)		150,427				142,030				151,299				443,192				420,059
Selling, general and administrative expense		24,241				23,528				23,374				71,785				70,964
Depreciation and amortization expense		15,416				15,537				16,413				46,209				51,469
Other operating income, net(1)		(1,985	)			(835	)			(6,750	)			(2,503	)			(6,852	)
		188,099				180,260				184,336				558,683				535,640
Operating income (loss)		6,190				3,269				5,058				15,334				(368	)
Interest expense, net		(1,928	)			(2,059	)			(2,637	)			(6,378	)			(7,947	)
Other income, net		186				210				491				672				1,892
Income (loss) before income taxes		4,448				1,420				2,912				9,628				(6,423	)
Income tax provision		(236	)			(862	)			(769	)			(2,700	)			(6,002	)
Net income (loss)	$	4,212			$	558			$	2,143			$	6,928			$	(12,425	)
Net income (loss) per share:
Basic	$	0.07			$	0.01			$	0.03			$	0.11			$	(0.20	)
Diluted		0.07				0.01				0.03				0.11				(0.20	)
Weighted average number of common shares outstanding:
Basic		62,651				62,803				62,674				62,760				61,292
Diluted		63,060				63,174				62,676				63,135				61,292

________________

(1)

Other operating income, net for the three months and nine months ended September 30, 2023 included facility consolidation charges of $1.6 million associated with the Offshore/Manufactured Products segment's ongoing consolidation and relocation of certain manufacturing and service locations. Other operating income, net for the three and nine months ended September 30, 2022 included a gain of $6.1 million related to the Offshore/Manufactured Products segment's settlement of outstanding litigation against certain service providers.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
	September 30, 2023				December 31, 2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	52,904			$	42,018
Accounts receivable, net		189,249				218,769
Inventories, net		206,541				182,658
Prepaid expenses and other current assets		36,015				19,317
Total current assets		484,709				462,762
Property, plant, and equipment, net		279,146				303,835
Operating lease assets, net		22,002				23,028
Goodwill, net		79,399				79,282
Other intangible assets, net		157,077				169,798
Other noncurrent assets		25,687				25,687
Total assets	$	1,048,020			$	1,064,392
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	589			$	17,831
Accounts payable		58,489				73,251
Accrued liabilities		49,138				49,057
Current operating lease liabilities		6,461				6,142
Income taxes payable		2,593				2,605
Deferred revenue		50,370				44,790
Total current liabilities		167,640				193,676
Long-term debt		135,437				135,066
Long-term operating lease liabilities		18,768				20,658
Deferred income taxes		7,386				6,652
Other noncurrent liabilities		20,425				18,782
Total liabilities		349,656				374,834
Stockholders' equity:
Common stock		772				766
Additional paid-in capital		1,127,443				1,122,292
Retained earnings		278,955				272,027
Accumulated other comprehensive loss		(77,271	)			(78,941	)
Treasury stock		(631,535	)			(626,586	)
Total stockholders' equity		698,364				689,558
Total liabilities and stockholders' equity	$	1,048,020			$	1,064,392

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
	Nine Months Ended September 30,
	2023				2022
Cash flows from operating activities:
Net income (loss)	$	6,928			$	(12,425	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		46,209				51,469
Stock-based compensation expense		5,157				5,167
Amortization of deferred financing costs		1,344				1,416
Deferred income tax provision (benefit)		(66	)			1,295
Gains on disposals of assets		(3,335	)			(1,538	)
Settlement of disputes with seller of GEODynamics, Inc.		—				620
Other, net		(614	)			459
Changes in operating assets and liabilities, net of effect from acquired business:
Accounts receivable		29,538				(27,745	)
Inventories		(23,754	)			(18,680	)
Accounts payable and accrued liabilities		(17,515	)			8,873
Deferred revenue		5,580				7,496
Other operating assets and liabilities, net		2,905				2,586
Net cash flows provided by operating activities		52,377				18,993
Cash flows from investing activities:
Capital expenditures		(23,370	)			(13,263	)
Proceeds from disposition of property and equipment		4,374				2,211
Acquisition of business, net of cash acquired		—				(8,125	)
Other, net		(120	)			(168	)
Net cash flows used in investing activities		(19,116	)			(19,345	)
Cash flows from financing activities:
Revolving credit facility borrowings		35,693				9,830
Revolving credit facility repayments		(35,693	)			(9,830	)
Repayment of 1.50% convertible senior notes		(17,315	)			(6,272	)
Payment of promissory note to seller of GEODynamics, Inc.		—				(10,000	)
Other debt and finance lease repayments		(340	)			(541	)
Payment of financing costs		(101	)			(81	)
Purchases of treasury stock		(3,001	)			—
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards		(1,948	)			(1,002	)
Net cash flows used in financing activities		(22,705	)			(17,896	)
Effect of exchange rate changes on cash and cash equivalents		330				(1,501	)
Net change in cash and cash equivalents		10,886				(19,749	)
Cash and cash equivalents, beginning of period		42,018				52,852
Cash and cash equivalents, end of period	$	52,904			$	33,103
Cash paid (received) for:
Interest	$	4,353			$	4,605
Income taxes, net		(34	)			(67	)

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
SEGMENT DATA
(In Thousands)
(Unaudited)
	Three Months Ended												Nine Months Ended
	September 30, 2023(2)				June 30, 2023				September 30, 2022(3)				September 30, 2023(2)				September 30, 2022(3)
Revenues(1):
Offshore/Manufactured Products
Project-driven:
Products	$	45,527			$	32,210			$	38,911			$	116,869			$	113,853
Services		30,391				24,846				23,421				79,867				71,714
		75,918				57,056				62,332				196,736				185,567
Military and other products		7,195				7,965				9,995				22,157				23,104
Short-cycle products		27,930				29,065				23,710				84,435				67,945
Total Offshore/Manufactured Products		111,043				94,086				96,037				303,328				276,616
Well Site Services		59,831				64,536				60,509				191,425				163,500
Downhole Technologies		23,415				24,907				32,848				79,264				95,156
Total revenues	$	194,289			$	183,529			$	189,394			$	574,017			$	535,272
Operating income (loss):
Offshore/Manufactured Products	$	17,804			$	11,253			$	13,373			$	40,147			$	33,010
Well Site Services		3,285				4,732				2,359				14,983				(435	)
Downhole Technologies		(4,118	)			(2,536	)			(342	)			(8,173	)			(3,332	)
Corporate		(10,781	)			(10,180	)			(10,332	)			(31,623	)			(29,611	)
Total operating income (loss)	$	6,190			$	3,269			$	5,058			$	15,334			$	(368	)

________________
(1)	The Company revised its supplemental disclosure of disaggregated revenue information in the second quarter of 2023. Prior-period disclosures of disaggregated revenue information were conformed with the current-period presentation.
(2)	Operating income for the three months and nine months ended September 30, 2023 included facility consolidation charges of $1.6 million associated with the Offshore/Manufactured Products segment's ongoing consolidation and relocation of certain manufacturing and service locations.
(3)	Operating income (loss) for the three and nine months ended September 30, 2022 included a gain of $6.1 million related to the Offshore/Manufactured Products segment's settlement of outstanding litigation against certain service providers.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA (A)
(In Thousands)
(Unaudited)
	Three Months Ended									Nine Months Ended
	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net income (loss)	$	4,212		$	558		$	2,143		$	6,928		$	(12,425	)
Interest expense, net		1,928			2,059			2,637			6,378			7,947
Income tax provision		236			862			769			2,700			6,002
Depreciation and amortization expense		15,416			15,537			16,413			46,209			51,469
Facility consolidation charges		1,649			—			—			1,649			—
Settlement of disputes with seller of GEODynamics, Inc.		—			—			—			—			620
Gains on extinguishment of 1.50% convertible senior notes		—			—			—			—			(157	)
Adjusted EBITDA	$	23,441		$	19,016		$	21,962		$	63,864		$	53,456

________________

(A)

The term Adjusted EBITDA consists of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, facility consolidation charges and loss on settlement of disputes with the seller of GEODynamics, Inc., less gains on extinguishment of 1.50% convertible senior notes (the "2023 Notes"). Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP") and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted EBITDA as a supplemental disclosure because its management believes that Adjusted EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted EBITDA to net income (loss), which is the most directly comparable measure of financial performance calculated under GAAP.

OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT EBITDA (B)
(In Thousands)
(Unaudited)
	Three Months Ended												Nine Months Ended
	September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Offshore/Manufactured Products:
Operating income	$	17,804			$	11,253			$	13,373			$	40,147			$	33,010
Other income (expense), net		68				81				(141	)			314				(55	)
Depreciation and amortization expense		4,921				4,647				5,072				14,236				15,651
Facility consolidation charges		1,649				—				—				1,649				—
Adjusted Segment EBITDA	$	24,442			$	15,981			$	18,304			$	56,346			$	48,606
Well Site Services:
Operating income (loss)	$	3,285			$	4,732			$	2,359			$	14,983			$	(435	)
Other income, net		118				129				632				358				2,496
Depreciation and amortization expense		6,313				6,564				6,732				19,023				22,059
Adjusted Segment EBITDA	$	9,716			$	11,425			$	9,723			$	34,364			$	24,120
Downhole Technologies:
Operating loss	$	(4,118	)		$	(2,536	)		$	(342	)		$	(8,173	)		$	(3,332	)
Other expense, net		—				—				—				—				(86	)
Depreciation and amortization expense		4,030				4,175				4,442				12,480				13,249
Adjusted Segment EBITDA	$	(88	)		$	1,639			$	4,100			$	4,307			$	9,831
Corporate:
Operating loss	$	(10,781	)		$	(10,180	)		$	(10,332	)		$	(31,623	)		$	(29,611	)
Other expense, net		—				—				—				—				(463	)
Depreciation and amortization expense		152				151				167				470				510
Settlement of disputes with seller of GEODynamics, Inc.		—				—				—				—				620
Gains on extinguishment of 1.50% convertible senior notes		—				—				—				—				(157	)
Adjusted Segment EBITDA	$	(10,629	)		$	(10,029	)		$	(10,165	)		$	(31,153	)		$	(29,101	)

________________

(B)

The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, facility consolidation charges and loss on settlement of disputes with the seller of GEODynamics, Inc., less gains on extinguishment of the 2023 Notes. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231027838795/en/

Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582

Source: Oil States International, Inc.