IPO last year was at $18.
NEWS/EARNINGS:
Fourth Quarter 2019 Compared to the Third Quarter 2019
Revenue was $142.3 million, down from $186.0 million
Net loss was $13.0 million, down from loss of $10.8 million
Earnings per share of $(0.12), down from $(0.10)
Adjusted EBITDA was $22.7 million, up from $20.6 million
Adjusted EBITDA per average active fleet was $5.5 million on an annualized basis, up from $4.2 million
Ahead of schedule on achieving annualized cost savings target of $40 million
Full Year 2019
Revenue was $776.6 million and net loss was $72.9 million or $(0.67) per share
Adjusted EBITDA was $124.6 million or $6.5 million per average active fleet
Net cash provided by operating activities of $123.9 million less capital expenditures of $54.4 million resulted in free cash flow of $69.5 million
Free cash flow, including asset disposal and joint venture sale proceeds of $34.0 million, was $103.5 million
Operational Update
Average active fleets during the fourth quarter 2019 was 16.5, down from 19.8 in the third quarter 2019. The Company exited the fourth quarter 2019 with 16 active fleets and has 17 fleets active today.
FTSI completed 6,346 stages during the fourth quarter 2019, or 385 stages per active fleet. This compares to 7,050 stages in the third quarter 2019, or 356 stages per active fleet.
Michael Doss further commented, "The increase in stages per fleet was accomplished despite more white space in the calendar than usual. Our crews relentlessly push for new records every day, and in the fourth quarter they gave us the highest average pumping hours per day and stages per fleet in our company’s history. Nonetheless, I expect to see further increases in efficiencies in 2020 as the amount of white space is reduced to a more normalized level."
Liquidity and Capital Resources
Capital expenditures were $14.9 million in the fourth quarter and $54.4 million in 2019.
At December 31, 2019, FTSI had $456.9 million of long-term debt and $223.0 million of cash. Net debt, which excludes unamortized discount and debt issuance costs, was $236.9 million at December 31, 2019. Additionally, at year end, total liquidity was $278.9 million, including $55.9 million of availability under the Company’s revolving credit facility. During the fourth quarter 2019, the Company had no borrowings outstanding under its revolving credit facility.
