Artificial Intelligence
ChampionX Reports Second Quarter 2022 Results
- Revenue of $932.6 million, increased 24% year-over-year, and 8% sequentially
- Net income attributable to ChampionX of $27.3 million, increased 277% year-over-year, and decreased 26% sequentially
- Adjusted net income of $59.3 million, increased 152% year-over-year, and 30% sequentially
- Adjusted EBITDA of $138.3 million, increased 31% year-over-year, and 11% sequentially
- Cash from operating activities of $74.2 million and free cash flow of $53.5 million
THE WOODLANDS, Texas, July 26, 2022 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced second quarter of 2022 results. Revenue was $932.6 million, net income attributable to ChampionX was $27.3 million, and adjusted EBITDA was $138.3 million. Income before income taxes margin was 2.9% and adjusted EBITDA margin was 14.8%. Cash from operating activities was $74.2 million and free cash flow was $53.5 million.
CEO Commentary
“We recently marked the two-year anniversary of our transformational merger and we are proud of how well our organization has performed and is adapting in this inflationary environment, and amid unprecedented short-term supply chain and logistics bottlenecks. I especially want to thank all our worldwide employees for their continued dedication and commitment to serving our customers and communities well throughout this dynamic environment,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.
“During the second quarter of 2022, we delivered strong results led by robust top-line growth across our portfolio. We generated revenue of $933 million, which increased 24% year-over-year, and 8% sequentially, driven by strong demand growth in both our international and North American markets. All our segments contributed to the growth for the second consecutive quarter. This solid top-line growth further demonstrates the strong organic growth potential of our global business. We delivered adjusted EBITDA of $138 million, which increased 31% year-over-year, and 11% sequentially. We achieved sequential adjusted EBITDA margin expansion in the second quarter driven by increasing pricing realization and we remain confident that we will deliver meaningful margin expansion for the full year, targeting an exit 2022 adjusted EBITDA margin rate of 18%.
“We generated free cash flow of $54 million and demonstrated our commitment to returning capital to shareholders via our regular cash dividend, and by repurchasing $20 million of ChampionX stock during the second quarter. Together this represents returning over 60% of our free cash flow in the quarter to shareholders. We expect our free cash flow profile to further improve in the second half of this year, which will enable us to further increase our capital returns to shareholders by continuing to execute on our previously announced share repurchase program. We also continue to have a strong balance sheet and robust liquidity, ending the second quarter with $740 million of liquidity, including $167 million of cash and $572 million of available capacity on our revolving credit facility.
“As we look to the third quarter, we expect our top-line momentum to continue, resulting in a sequential revenue increase in our Production Chemical Technologies, Production & Automation Technologies, and Drilling Technologies segments, somewhat offset by lower revenue in Reservoir Chemical Technologies due to the exiting of certain product lines as part of the restructuring efforts, and declining cross-supply sales to Ecolab. We also expect continued price increase realization to offset raw material and freight cost inflation, driving sequential adjusted EBITDA margin improvement. On a consolidated basis, in the third quarter, we expect revenue to be between $925 million and $955 million. We expect adjusted EBITDA of $148 million to $156 million.
“We have delivered strong top-line growth during this industry up-cycle and we see continued constructive demand tailwinds in our businesses that support a favorable multi-year outlook for our sector. Combined with our traction on pricing improvements, we are confident that we will deliver solid bottom-line growth, meaningful adjusted EBITDA margin expansion and solid cash generation for the full year. We remain committed to increasing value creation for our shareholders through a disciplined capital allocation framework, which includes high-return organic investment and returning cash to shareholders. Through our differentiated technology and innovation capabilities, ChampionX is uniquely positioned to help our customers maximize the value of their producing assets in sustainable and cost-effective ways, which is an ever-increasing need across our markets, and I am humbled and honored to lead such a talented and motivated team.”
Production Chemical Technologies
Production Chemical Technologies revenue in the second quarter of 2022 was $552.4 million, an increase of $37.4 million, or 7%, sequentially, due to increased global pricing and higher volumes, both in North America and internationally.
Segment operating profit was $25.6 million and adjusted segment EBITDA was $78.2 million. Segment operating profit margin was 4.6%, a decrease of 144 basis points, sequentially, and adjusted segment EBITDA margin was 14.2%, an increase of 118 basis points, sequentially. The decrease in segment operating profit margin reflects a $22.9 million charge to reduce the carrying value of the Chemical Technologies Russia Business to its estimated fair value as this business was classified as held for sale during the period. The increase in adjusted segment EBITDA margin was driven by higher pricing and sales volumes.
Production & Automation Technologies
Production & Automation Technologies revenue in the second quarter of 2022 was $242.4 million, an increase of $22.1 million, or 10%, sequentially, due to positive demand momentum for our shorter-cycle North American land-oriented product lines, higher international volumes, and price increases to mitigate raw material inflation.
Revenue from digital products was $49.7 million in the second quarter of 2022, an increase of 14% sequentially, and up 54% year-over-year.
Segment operating profit was $23.7 million and adjusted segment EBITDA was $48.5 million. Segment operating profit margin was 9.8%, a decrease of 146 basis points, sequentially, and adjusted segment EBITDA margin was 20.0%, a decrease of 40 basis points, sequentially, partially impacted by material cost inflation and supply chain disruptions.
Drilling Technologies
Drilling Technologies revenue in the second quarter of 2022 was $57.9 million, an increase of $1.0 million, or 2%, sequentially, driven by increased sales volumes and pricing of our diamond cutters and diamond bearings products.
Segment operating profit was $15.0 million and adjusted segment EBITDA was $17.1 million. Segment operating profit margin was 26.0%, a decrease of 77 basis points, sequentially, and adjusted segment EBITDA margin was 29.5%, a decrease of 93 basis points, sequentially, in each case due to product mix.
Reservoir Chemical Technologies
Reservoir Chemical Technologies revenue in the second quarter 2022 was $44.1 million, an increase of $4.2 million, or 11%, sequentially due to higher U.S. well construction and completion activity, and the realization of price increases initiated to offset material cost inflation.
Segment operating loss was $8.1 million, a decrease of $4.7 million, primarily due to approximately $5.4 million in restructuring charges incurred during the second quarter of 2022 as we exit certain product lines to improve the overall profitability of this business. Adjusted segment EBITDA was a loss of $0.3 million, primarily due to raw materials inflation.
Q2 2022 Other Business Highlights
- ChampionX repurchased $20 million of stock under its $250 million share repurchase program.
- ChampionX successfully refinanced its existing credit facilities and redeemed all outstanding senior notes with a restated senior secured credit facility, amending and restating its 2018 senior secured credit facility. The restated agreement provides a $625 million 7-year term loan B and a $700 million 5-year revolving credit facility.
- During the second quarter of 2022, Production Chemical Technologies experienced net customer wins across all geo markets and product lines.
- In Guyana, Production Chemical Technologies secured our base business with an Integrated Oil Company and was awarded a contract for the next FPSO, which is expected to come online in 2023.
- Production Chemical Technologies secured contract extensions internationally in Oman, Egypt, Saudi Arabia, Nigeria, and Angola.
- In our onshore Production Chemical Technologies business, our novel new corrosion mitigation technology improved performance and reduced treatment frequency. This reduced carbon footprint by eliminating road miles and emissions, and reduced the overall safety exposure of our team.
- ChampionX, in partnership with an international operator in Nigeria, was highlighted in the June 2022 edition of World Oil Magazine for increasing efficiency and oil production in a technically challenging deep water environment.
- Production & Automation Technologies released XSPOCTM production optimization software, XSPOC 3.2. This release expands on the artificial intelligence driven autonomous control capabilities and adds enhanced features supporting production uplift and economic opportunities for both rod-lift and gas-lifted wells.
- Production & Automation Technologies released AnXTM coiled rod offering. This product integrates Pro-Rod’s proven metallurgies with a patent-pending anodic coating technology to prevent corrosion damage and extend rod string run times in harsh well environments.
- Production & Automation Technologies received its first production consulting services contract with a Middle East operator to provide workflow and benchmarking assessments for production automation and equipment.
- 67% of Drilling Technologies revenue was generated from products that were less than three years old.
Conference Call Details
ChampionX Corporation will host a conference call on Wednesday, July 27, 2022, to discuss its second quarter 2022 financial results and outlook. The call will begin at 9:00 a.m. Eastern Time. Presentation materials that supplement the conference call will be available on ChampionX’s website at investors.championx.com.
To listen to the call via a live webcast, please visit ChampionX’s website at investor.championx.com. The call will also be available by dialing 1-866-374-5140 in the United States or 1-404-400-0571 for international calls. Please call approximately 15 minutes prior to the scheduled start time and reference ChampionX conference call number 11738857.
A replay of the conference call will be available on ChampionX’s website or at ChampionXSecondQuarter2022CallReplay. Enter passcode EV00136030.
About Non-GAAP Measures
In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted segment EBITDA, adjusted segment EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio provide useful information to investors because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, these measures are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.
This press release contains certain forward-looking non-GAAP financial measures, including adjusted EBITDA. The Company has not provided projected net income attributable to ChampionX or a reconciliation of projected adjusted EBITDA. Management cannot predict with a reasonable degree of accuracy certain of the necessary components of net income attributable to ChampionX, such as depreciation and amortization expense. As such, a reconciliation of projected adjusted EBITDA to projected net income attributable to ChampionX is not available without unreasonable effort. The actual amount of depreciation and amortization, in particular, and other amounts excluded from adjusted EBITDA will have a significant impact on net income attributable to ChampionX.
About ChampionX
ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently and sustainably around the world. ChampionX’s products provide efficient and safe operations throughout the lifecycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit our website at www.championX.com.
Forward-Looking Statements
This news release contains statements relating to future actions and results, which are “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, ChampionX’s market position and growth opportunities. Forward-looking statements include statements related to ChampionX’s expectations regarding the performance of the business, financial results, liquidity and capital resources of ChampionX. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, changes in economic, competitive, strategic, technological, tax, regulatory or other factors that affect the operations of ChampionX’s businesses. You are encouraged to refer to the documents that ChampionX files from time to time with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in ChampionX’s other filings with the SEC. Readers are cautioned not to place undue reliance on ChampionX’s forward-looking statements. Forward-looking statements speak only as of the day they are made and ChampionX undertakes no obligation to update any forward-looking statement, except as required by applicable law.
Investor Contact: Byron Pope
[email protected]
281-602-0094
Media Contact: John Breed
[email protected]
281-403-5751
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||
| (in thousands, except per share amounts) | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||
| Revenue | $ | 932,572 | $ | 865,960 | $ | 749,172 | $ | 1,798,532 | $ | 1,434,060 | ||||||
| Cost of goods and services | 720,684 | 658,350 | 569,167 | 1,379,034 | 1,091,723 | |||||||||||
| Gross profit | 211,888 | 207,610 | 180,005 | 419,498 | 342,337 | |||||||||||
| Costs and expenses: | ||||||||||||||||
| Selling, general and administrative expense | 141,351 | 150,360 | 152,341 | 291,711 | 295,819 | |||||||||||
| Interest expense, net | 10,765 | 11,363 | 14,064 | 22,128 | 28,035 | |||||||||||
| Other (income) expense, net | 32,281 | 1,320 | 2,251 | 33,601 | 315 | |||||||||||
| Income before income taxes | 27,491 | 44,567 | 11,349 | 72,058 | 18,168 | |||||||||||
| Provision for (benefit from) income taxes | (1,405 | ) | 6,394 | 3,563 | 4,989 | 6,345 | ||||||||||
| Net income | 28,896 | 38,173 | 7,786 | 67,069 | 11,823 | |||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 1,554 | 1,471 | 536 | 3,025 | (1,199 | ) | ||||||||||
| Net income attributable to ChampionX | $ | 27,342 | $ | 36,702 | $ | 7,250 | $ | 64,044 | $ | 13,022 | ||||||
| Earnings per share attributable to ChampionX: | ||||||||||||||||
| Basic | $ | 0.13 | $ | 0.18 | $ | 0.04 | $ | 0.32 | $ | 0.06 | ||||||
| Diluted | $ | 0.13 | $ | 0.18 | $ | 0.03 | $ | 0.31 | $ | 0.06 | ||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 203,322 | 203,079 | 201,467 | 203,200 | 201,063 | |||||||||||
| Diluted | 208,714 | 208,850 | 208,541 | 208,863 | 207,939 | |||||||||||
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| (in thousands) | June 30, 2022 | December 31, 2021 | |||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 167,282 | $ | 251,678 | |||
| Restricted cash | 3,500 | 3,500 | |||||
| Receivables, net | 614,607 | 584,440 | |||||
| Inventories, net | 606,956 | 542,910 | |||||
| Prepaid expenses and other current assets | 77,571 | 78,372 | |||||
| Total current assets | 1,469,916 | 1,460,900 | |||||
| Property, plant and equipment, net | 746,408 | 776,813 | |||||
| Goodwill | 724,398 | 702,867 | |||||
| Intangible assets, net | 351,374 | 401,470 | |||||
| Other non-current assets | 171,055 | 192,651 | |||||
| Total assets | $ | 3,463,151 | $ | 3,534,701 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities: | |||||||
| Current portion of long-term debt | $ | 4,688 | $ | 26,850 | |||
| Accounts payable | 496,197 | 473,561 | |||||
| Other current liabilities | 252,148 | 301,914 | |||||
| Total current liabilities | 753,033 | 802,325 | |||||
| Long-term debt | 694,430 | 697,657 | |||||
| Other long-term liabilities | 222,833 | 280,412 | |||||
| Stockholders’ equity: | |||||||
| ChampionX stockholders’ equity | 1,808,321 | 1,770,645 | |||||
| Noncontrolling interest | (15,466 | ) | (16,338 | ) | |||
| Total liabilities and equity | $ | 3,463,151 | $ | 3,534,701 | |||
CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Six Months Ended June 30, | |||||||
| (in thousands) | 2022 | 2021 | |||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 67,069 | $ | 11,823 | |||
| Depreciation and amortization | 117,229 | 120,387 | |||||
| Loss on disposal group, net of cash | 22,924 | — | |||||
| Loss on debt repurchases | 4,043 | 3,305 | |||||
| Deferred income taxes | (34,386 | ) | (1,757 | ) | |||
| (Gain) loss on disposal of fixed assets | (6,284 | ) | 3,176 | ||||
| Receivables | (42,456 | ) | (18,706 | ) | |||
| Inventories | (81,935 | ) | (41,586 | ) | |||
| Accounts payable | 21,507 | 92,997 | |||||
| Leased assets | (13,949 | ) | (1,609 | ) | |||
| Other | (22,647 | ) | (16,892 | ) | |||
| Net cash flows provided by operating activities | 31,115 | 151,138 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (53,555 | ) | (45,680 | ) | |||
| Proceeds from sale of fixed assets | 14,946 | 2,482 | |||||
| Acquisitions, net of cash acquired | (3,198 | ) | — | ||||
| Net cash used for investing activities | (41,807 | ) | (43,198 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from long-term debt | 844,838 | — | |||||
| Repayment of long-term debt | (869,987 | ) | (71,113 | ) | |||
| Debt issuance costs | (8,008 | ) | — | ||||
| Repurchases of common stock | (20,016 | ) | — | ||||
| Dividends paid | (15,465 | ) | — | ||||
| Other | 839,113 | 1,370 | |||||
| Net cash used for financing activities | (74,363 | ) | (69,743 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 659 | (623 | ) | ||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | (84,396 | ) | 37,574 | ||||
| Cash and cash equivalents and restricted cash at beginning of period | 255,178 | 201,421 | |||||
| Cash and cash equivalents and restricted cash at end of period | $ | 170,782 | $ | 238,995 | |||
CHAMPIONX CORPORATION
BUSINESS SEGMENT DATA
(UNAUDITED)
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
| (in thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Segment revenue: | |||||||||||||||||||
| Production Chemical Technologies | $ | 552,411 | $ | 514,972 | $ | 447,049 | $ | 1,067,383 | $ | 859,420 | |||||||||
| Production & Automation Technologies | 242,399 | 220,349 | 188,173 | 462,748 | 355,018 | ||||||||||||||
| Drilling Technologies | 57,858 | 56,859 | 37,589 | 114,717 | 72,583 | ||||||||||||||
| Reservoir Chemical Technologies | 44,114 | 39,900 | 33,222 | 84,014 | 63,113 | ||||||||||||||
| Corporate and other | 35,790 | 33,880 | 43,139 | 69,670 | 83,926 | ||||||||||||||
| Total revenue | $ | 932,572 | $ | 865,960 | $ | 749,172 | $ | 1,798,532 | $ | 1,434,060 | |||||||||
| Income before income taxes: | |||||||||||||||||||
| Segment operating profit (loss): | |||||||||||||||||||
| Production Chemical Technologies | $ | 25,606 | $ | 31,263 | $ | 33,871 | $ | 56,869 | $ | 64,228 | |||||||||
| Production & Automation Technologies | 23,650 | 24,710 | 12,292 | 48,360 | 17,654 | ||||||||||||||
| Drilling Technologies | 15,043 | 15,220 | 3,868 | 30,263 | 10,254 | ||||||||||||||
| Reservoir Chemical Technologies | (8,147 | ) | (3,469 | ) | (2,594 | ) | (11,616 | ) | (5,822 | ) | |||||||||
| Total segment operating profit | 56,152 | 67,724 | 47,437 | 123,876 | 86,314 | ||||||||||||||
| Corporate and other | 17,896 | 11,794 | 22,024 | 29,690 | 40,111 | ||||||||||||||
| Interest expense, net | 10,765 | 11,363 | 14,064 | 22,128 | 28,035 | ||||||||||||||
| Income before income taxes | $ | 27,491 | $ | 44,567 | $ | 11,349 | $ | 72,058 | $ | 18,168 | |||||||||
| Operating profit margin / income before income taxes margin: | |||||||||||||||||||
| Production Chemical Technologies | 4.6 | % | 6.1 | % | 7.6 | % | 5.3 | % | 7.5 | % | |||||||||
| Production & Automation Technologies | 9.8 | % | 11.2 | % | 6.5 | % | 10.5 | % | 5.0 | % | |||||||||
| Drilling Technologies | 26.0 | % | 26.8 | % | 10.3 | % | 26.4 | % | 14.1 | % | |||||||||
| Reservoir Chemical Technologies | (18.5 | )% | (8.7 | )% | (7.8 | )% | (13.8 | )% | (9.2 | )% | |||||||||
| ChampionX Consolidated | 2.9 | % | 5.1 | % | 1.5 | % | 4.0 | % | 1.3 | % | |||||||||
| Adjusted Segment EBITDA | |||||||||||||||||||
| Production Chemical Technologies | $ | 78,238 | $ | 66,876 | $ | 61,708 | $ | 145,114 | $ | 117,733 | |||||||||
| Production & Automation Technologies | 48,533 | 45,006 | 37,903 | 93,539 | 73,415 | ||||||||||||||
| Drilling Technologies | 17,088 | 17,319 | 8,494 | 34,407 | 15,786 | ||||||||||||||
| Reservoir Chemical Technologies | (305 | ) | (250 | ) | 202 | (555 | ) | (356 | ) | ||||||||||
| Corporate and other | (5,286 | ) | (4,123 | ) | (2,926 | ) | (9,409 | ) | (6,951 | ) | |||||||||
| Adjusted EBITDA | $ | 138,268 | $ | 124,828 | $ | 105,381 | $ | 263,096 | $ | 199,627 | |||||||||
| Adjusted Segment EBITDA margin | |||||||||||||||||||
| Production Chemical Technologies | 14.2 | % | 13.0 | % | 13.8 | % | 13.6 | % | 13.7 | % | |||||||||
| Production & Automation Technologies | 20.0 | % | 20.4 | % | 20.1 | % | 20.2 | % | 20.7 | % | |||||||||
| Drilling Technologies | 29.5 | % | 30.5 | % | 22.6 | % | 30.0 | % | 21.7 | % | |||||||||
| Reservoir Chemical Technologies | (0.7 | )% | (0.6 | )% | 0.6 | % | (0.7 | )% | (0.6 | )% | |||||||||
| ChampionX Consolidated | 14.8 | % | 14.4 | % | 14.1 | % | 14.6 | % | 13.9 | % | |||||||||
CHAMPIONX CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
| (in thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Net income attributable to ChampionX | $ | 27,342 | $ | 36,702 | $ | 7,250 | $ | 64,044 | $ | 13,022 | |||||||||
| Pre-tax adjustments: | |||||||||||||||||||
| Loss on disposal group (1) | 22,924 | — | — | 22,924 | — | ||||||||||||||
| Russia sanctions compliance and impacts (2) | 5,457 | — | — | 5,457 | — | ||||||||||||||
| Loss on debt extinguishment and modification | 6,070 | — | 3,305 | 6,070 | 3,305 | ||||||||||||||
| Restructuring and other related charges | 5,302 | 9,107 | 3,775 | 14,409 | 8,031 | ||||||||||||||
| Merger integration costs | 3,865 | 5,241 | 12,665 | 9,106 | 24,855 | ||||||||||||||
| Acquisition costs and related adjustments (3) | (3,512 | ) | (3,512 | ) | (3,512 | ) | (7,024 | ) | (6,494 | ) | |||||||||
| Intellectual property defense | 376 | 363 | 2,790 | 739 | 1,781 | ||||||||||||||
| Separation and supplemental benefit costs | — | — | 1,559 | — | 1,559 | ||||||||||||||
| Tax impact of adjustments | (8,501 | ) | (2,352 | ) | (4,322 | ) | (10,853 | ) | (6,938 | ) | |||||||||
| Adjusted net income attributable to ChampionX | 59,323 | 45,549 | 23,510 | 104,872 | 39,121 | ||||||||||||||
| Tax impact of adjustments | 8,501 | 2,352 | 4,322 | 10,853 | 6,938 | ||||||||||||||
| Net income (loss) attributable to noncontrolling interest | 1,554 | 1,471 | 536 | 3,025 | (1,199 | ) | |||||||||||||
| Depreciation and amortization | 59,530 | 57,699 | 59,386 | 117,229 | 120,387 | ||||||||||||||
| Provision for income taxes | (1,405 | ) | 6,394 | 3,563 | 4,989 | 6,345 | |||||||||||||
| Interest expense, net | 10,765 | 11,363 | 14,064 | 22,128 | 28,035 | ||||||||||||||
| Adjusted EBITDA | $ | 138,268 | $ | 124,828 | $ | 105,381 | $ | 263,096 | $ | 199,627 | |||||||||
_______________________
| (1) | Represents the loss recorded to properly reduce the carrying value of our Russia business to the lower of carrying value or fair value less costs to sell. | |
| (2) | Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia. | |
| (3) | Includes revenue associated with the amortization of a liability established as part of the Merger, representing unfavorable terms under the Cross Supply Agreement, as well as costs incurred for the acquisition of businesses. |
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
| (in thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Diluted earnings per share attributable to ChampionX | $ | 0.13 | $ | 0.18 | $ | 0.03 | $ | 0.31 | $ | 0.06 | |||||||||
| Per share adjustments: | |||||||||||||||||||
| Loss on disposal group | 0.11 | — | — | 0.11 | — | ||||||||||||||
| Russia sanctions compliance and impacts | 0.03 | — | — | 0.03 | — | ||||||||||||||
| Loss on debt extinguishment and modification | 0.03 | — | 0.02 | 0.03 | 0.02 | ||||||||||||||
| Restructuring and other related charges | 0.03 | 0.04 | 0.02 | 0.07 | 0.04 | ||||||||||||||
| Merger integration costs | 0.02 | 0.03 | 0.06 | 0.04 | 0.12 | ||||||||||||||
| Acquisition costs and related adjustments | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | |||||||||
| Intellectual property defense | — | — | 0.01 | — | 0.01 | ||||||||||||||
| Separation and supplemental benefit costs | — | — | 0.01 | — | 0.01 | ||||||||||||||
| Tax impact of adjustments | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.06 | ) | (0.04 | ) | |||||||||
| Adjusted diluted earnings per share attributable to ChampionX | $ | 0.28 | $ | 0.22 | $ | 0.11 | 0.50 | 0.19 | |||||||||||
Free Cash Flow
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
| (in thousands) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Free Cash Flow | |||||||||||||||||||
| Cash flows from operating activities | $ | 74,240 | $ | (43,125 | ) | $ | 60,924 | $ | 31,115 | $ | 151,138 | ||||||||
| Less: Capital expenditures, net of proceeds from sale of fixed assets | (20,743 | ) | (17,866 | ) | (18,531 | ) | (38,609 | ) | (43,198 | ) | |||||||||
| Free cash flow | $ | 53,497 | $ | (60,991 | ) | $ | 42,393 | $ | (7,494 | ) | $ | 107,940 | |||||||
| Cash From Operating Activities to Revenue Ratio | |||||||||||||||||||
| Cash flows from operating activities | $ | 74,240 | $ | (43,125 | ) | $ | 60,924 | $ | 31,115 | $ | 151,138 | ||||||||
| Revenue | $ | 932,572 | $ | 865,960 | $ | 749,172 | $ | 1,798,532 | $ | 1,434,060 | |||||||||
| Cash from operating activities to revenue ratio | 8 | % | (5 | )% | 8 | % | 2 | % | 11 | % | |||||||||
| Free Cash Flow to Revenue Ratio | |||||||||||||||||||
| Free cash flow | $ | 53,497 | $ | (60,991 | ) | $ | 42,393 | $ | (7,494 | ) | $ | 107,940 | |||||||
| Revenue | $ | 932,572 | $ | 865,960 | $ | 749,172 | $ | 1,798,532 | $ | 1,434,060 | |||||||||
| Free cash flow to revenue ratio | 6 | % | (7 | )% | 6 | % | — | % | 8 | % | |||||||||
| Free Cash Flow to Adjusted EBITDA Ratio | |||||||||||||||||||
| Free cash flow | $ | 53,497 | $ | (60,991 | ) | $ | 42,393 | $ | (7,494 | ) | $ | 107,940 | |||||||
| Adjusted EBITDA | $ | 138,268 | $ | 124,828 | $ | 105,381 | $ | 263,096 | $ | 199,627 | |||||||||
| Free cash flow to adjusted EBITDA ratio | 39 | % | (49 | )% | 40 | % | (3 | )% | 54 | % | |||||||||
Artificial Intelligence
Vehere’s AI Network Security at GITEX Global 2024: A Catalyst for Middle East’s Digital Transformation
DUBAI, UAE, Oct. 7, 2024 /PRNewswire/ — Vehere is set to participate in GITEX Global 2024, the largest and best-rated technology event in the world, from October 14–18, 2024, in Dubai. As a global cybersecurity company aiming to conquer new heights, Vehere will showcase its AI Network Security technology, which acts as a “Second Line of Defense” to protect corporate networks from the most advanced cyberthreats.
Vehere AI Network Security is a unified solution of Network Detection & Response (NDR) and Network Forensics (NF). Vehere NDR detects abnormal system behaviors by leveraging behavioral analytics/AI-ML. It detects and contains post-breach activity such as ransomware, APTs, insider threats, or lateral movements. Vehere NF supports security incident response and investigation of the source of an incident, analyses and reconstructs attack timelines, and provides evidence for legal proceedings.
Vehere AI Network Security stands out as the top choice for enterprise security due to its key differentiators:
Monitoring both East-West & North-South trafficsLossless Packet CaptureBehaviour-based Application DetectionUltraHunt 2 million IOCsRetrospective Breach DetectionFlexible DeploymentAvinash Garg, Vice President – Sales MEA of Vehere, said, “GITEX Global is an event of monumental magnitude where attendees will gain an understanding of Vehere AI Network Security, a technology built for empowering organizations to safeguard their critical assets and maintain business continuity by proactively identifying and neutralizing threats.
Also, the Middle East region is undergoing a significant digital transformation, and Vehere is committed to supporting organizations in this process. As businesses in the Middle East accelerate their digitalization efforts, our technology provides a path to modernization that promotes economic growth, operational efficiency, and security.”
In line with its participation, Vehere will offer live demonstrations, insights into product offerings, and the opportunity to interact with its experts to explore customized solutions.
Catch Vehere at GITEX Global, India Pavilion: H23-C17D, World Trade Center, Dubai. Register with us and get free passes to visit the biggest tech show in the world.
About Vehere:
Vehere is a revolutionary cybersecurity software company specializing in AI Cyber Network Intelligence. For more than a decade, Vehere has been supporting counter-terrorism analysts in Defense and Intelligence communities. Vehere is now trusted by cyber-analysts in Fortune 500 companies, including Telecom, Financial Institutions, and Smart Cities to protect their critical infrastructure against real-time cyberattacks.
Vehere. HUNT BEFORE BREACH™
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Artificial Intelligence
Zinnov estimates Digital and Engineering R&D Spends will surge 1.4X to touch USD 3 Trillion by 2027
NEW YORK, Oct. 7, 2024 /PRNewswire/ — Global Management Consulting firm, Zinnov, released its industry-leading study on Enterprise Digital Engineering spends today. Zinnov shared that Digital Engineering spends remain strong, even in a potential recessionary period, having now stabilized at USD 1,032 Bn, at a 13% CAGR. Despite macro-economic headwinds such as inflation, geopolitical tensions, recession, and supply chain disruptions, investments in Digital Engineering are on an upswing, spurred by CXOs prioritizing operational efficiency, cost reduction, and the adoption of advanced technologies including AI, analytics platforms, automation tools, and IOT devices.
Zinnov’s analysis reveals that Enterprise Digital Engineering spends will reach USD 1,654 Bn by 2027, owing to the unrelenting pace of technological innovation. The study, Digital Engineering report 2023, is a benchmark for business leaders across verticals that helps them identify strong partners for rapid and efficient deployment of Digital Engineering-led services initiatives across geographies.
ER&D investments in Europe showed resilience and grew by 9.5% in 2023, the highest since 2020. This increased ER&D spend is primarily driven by sectors such as Aerospace & Defense, Pharmaceuticals, and Industrial. Meanwhile, North America’s ER&D spend slowed due to inflation control measures, geopolitical pressures, and shifting demand patterns, despite traditionally being a leader. This has impacted industry investments, large deals, and talent sourcing. Interestingly, APAC’s ER&D spends exceeded expectations with a ~3% growth rate in late 2023, with China contributing over 10% of the global ER&D spend. Much of this spend from APAC is being channeled towards AI/ML, Robotics, Additive Manufacturing, Automation Tools, 5G, and Smart Manufacturing.
Hi-tech-led verticals continue to be the biggest contributors to the overall Digital Engineering spend at 55%, followed by Services-led verticals and Manufacturing-led verticals. The Software & Internet vertical continues to account for the lion’s share of the overall Digital Engineering spend at USD 424 Bn, fueled by a massive 425% increase in AI investments since 2020. Co-investments, partnerships, and co-innovation are the primary business models that Tech Giants and Hyperscalers are leveraging to optimize their AI investments.
Digital Priorities of Enterprises
Even though the enterprises’ digital priorities are evolving, a few key themes are emerging. Zinnov analyzed the top 2000 enterprise ER&D spenders and identified the following themes that they are channeling investments towards.
Generative AI: Generative AI is upending industries and economies at breakneck speed by enhancing customer experience, optimizing business operations, improving productivity, and providing personalization. Its applications have expanded beyond content generation, enabling enterprises to automate workflows, enhance efficiencies, and accelerate data-driven decision-making. Automotive and Industrial verticals are early adopters of Generative AI-led efficiencies, while adoption in Healthcare, BFSI, Media & Tech verticals is slow due to stringent regulations. Interestingly, enterprises across verticals are leveraging Generative AI to save costs, that they are reinvesting in core and/or transformational initiatives including infrastructure development, offerings enhancement, customer support, model (LLM/SLM) development and integration, and Generative QA.
Cybersecurity: Cybersecurity remains a top priority across verticals. Financial institutions are investing heavily in AI-powered threat detection and Zero Trust frameworks to combat increasingly sophisticated cyberattacks. In Healthcare, Cybersecurity is vital for protecting sensitive patient data amid rising threats to digital health records and IOT-connected medical devices. Critical infrastructure, including energy and telecommunications, relies on robust Cybersecurity to prevent disruptions and ensure operational continuity. As cyber threats evolve, companies across verticals will continue to strengthen their defenses, integrating advanced solutions to safeguard their systems and data.
Cloud: Hyperscalers continue to dominate the global Cloud landscape, with the demand for Cloud Computing surging across verticals. This rapid growth in the market is driven by the need for scalable, secure, and cost-efficient infrastructure to support AI, Machine Learning, and Data Analytics initiatives. Hyperscalers such as AWS, Azure, and Google Cloud are increasingly playing a pivotal role, not only in providing core Cloud infrastructure, but also in offering advanced Cloud-native services that cater to vertical-specific challenges. Enterprises are leveraging hyperscalers to drive digital transformation initiatives by adopting hybrid and multi-Cloud strategies to optimize performance, ensure scalability, and accelerate innovation. As more industries transition to the Cloud, hyperscalers will remain critical drivers of enterprise modernization and growth.
Sustainability: Sustainability is driving significant investments from enterprises in 2024. Organizations are focusing on green technologies, renewable energy, and eco-friendly business practices to reduce their carbon footprints. In fact, between 2018 and 2023, the proportion of green talent increased by an average of 5.4% annually, while the proportion of job postings that required at least one green skill rose by 9.2% per year. From adopting energy-efficient data centers to integrating circular economy models, sustainability initiatives are increasingly shaping corporate strategies. Enterprises are not only aiming to meet regulatory requirements but also enhancing brand reputation to align with consumer demands for environmentally responsible practices.
Speaking about the study, Sidhant Rastogi, President – Strategy Business at Zinnov, stated, “In today’s hyper-digital world, technology is not just an enabler but has transformed the very fabric of modern life, reshaping every interaction, experience, and expectation. It has redefined the baseline of what good customer experience is. As the global landscape faces unprecedented challenges, the need for businesses to anticipate and innovate ahead of customer needs has never been more critical – all underpinned by technology.”
Rastogi further added, “Digital Engineering is at the forefront of this transformation, with global spends projected to surge to USD 1.65 Trillion in the next 3 years, driven by rapid advancements in AI, Cloud, IOT, and Cybersecurity. This growth is not just a trend; it’s an essential evolution fueled by interconnected ecosystems that bring together diverse expertise from across verticals – Automotive, Aerospace, Healthcare, and Semiconductor. This convergence is unlocking new frontiers in engineering, empowering businesses to not only navigate disruption but to turn it into opportunity.”
Zinnov’s Assessment of ER&D Service Providers
As part of the Digital Engineering study, Zinnov evaluated ~60 Global ER&D Service Providers for its annual Zinnov Zones ER&D and Digital Engineering ratings. The ratings encompass a comprehensive analysis of Service Providers’ capabilities across six horizontals, seven verticals, and three micro-verticals. It also includes a geographic evaluation of high-spending regions like the US and Europe, focusing on key factors such as investments, client success, and delivery capabilities in Engineering services.
Zinnov evaluated the Global ER&D Service Providers across the following areas:
Overall
Overall ER&D ZonesER&D Zones – Small and Medium Service ProvidersHorizontals
Digital EngineeringDigital Engineering – Small and Medium Service ProvidersData & AI EngineeringData & AI Engineering – Small and Medium Service ProvidersExperience EngineeringExperience Engineering – Small and Medium Service ProvidersIndustry 4.0Generative AIOverall Hyperscaler ServicesHyperscaler Services (AWS) – Top 10 SPsHyperscaler Services (Microsoft Azure) – Top 10 SPsHyperscaler Services (Google Cloud) – Top 10 SPsVerticals: Automotive, Aerospace, Consumer Software, Enterprise Software, Industrial, Semiconductor, Telecommunications
Micro-verticals: Software Platform Engineering, Medical Devices, and Electrification
Service Providers evaluated: Accenture, ACL Digital, Accion Labs, Akkodis, Alten, Apexon, Ascendion, AVL, Bertrandt, Birlasoft, Bristlecone, Capgemini Engineering, Caresoft Global, Cigniti, Cognizant, Cyient, Daffodil Software, EDAG, eInfochips, Encora, Expleo Group, FEV, Global Logic, Gopherslab, GS Lab|GAVS, Happiest Minds, HARMAN DTS, HCLTech, Hitachi Digital Services, IAV, Ignitarium, Indium, Infovision, Itransition, KPIT, LTTS, Marlabs, Mphasis, Ness Digital Engineering, Onward Group, Persistent Systems, Sasken, Softdel, Tata Elxsi, Tata Technologies, TCS, Tech Mahindra, TO THE NEW, Trigent, UST Global, VVDN Technologies, Wipro, Xoriant
*Z2000 represents Top 2000 global ER&D spenders across 20+ verticals.
About Zinnov Zones
Zinnov Zones is an annual rating published by Zinnov which assesses Global Service Providers based on their competencies, capabilities, and market success. Since 2009, Zinnov Zones (previously known as GSPR – Global Service Provider Ratings) has become one of the most trusted reports globally, for both enterprises and Service Providers to better understand the vendor ecosystem across multiple domains such as Digital Transformation, ER&D Services, IOT, Intelligent Automation, and Media & Entertainment.
This is the fifteenth consecutive year that Zinnov has assessed Service Providers for their ER&D capabilities. The detailed ratings and contact information of Service Providers are available at: https://zinnovzones.com/ratings/e-r-and-d-and-digital-engineering-services/overall/2024
About Zinnov
Founded in 2002, Zinnov is a global management and strategy consulting firm, with presence in New York, Santa Clara, Houston, Seattle, Bangalore, Gurgaon, Pune, Hyderabad, and Paris. Over the past 22 years, Zinnov has successfully consulted with over 250+ Fortune 500 enterprises to develop actionable insights to help them accelerate their technology journeys to create value – across dimensions of revenue, transformation, and optimization. With core expertise in Digital Engineering Talent, Digital Transformation, Innovation, and Outsourcing Advisory, Zinnov assists clients by:
Enabling global companies to develop and optimize a global engineering talent footprint through center setups and accelerators – in an as-a-service model, as well as optimizing their global portfolios, to achieve higher R&D efficiencies, innovation, and productivity;Advising global PE firms in asset shortlisting and target evaluation, commercial due diligence, and value creation;Growing revenue for companies’ products and services in newer markets through account intelligence, market entry, and market expansion advisory;Helping global companies outline and drive their open innovation programs, design and operate accelerator programs, and enable collaboration with start-ups across specific use cases and predefined outcomes;Structuring and implementing Digital Transformation levers enabled by technologies like AI/ML, Intelligent Automation, Cloud, IOT, etc.With their team of experienced consultants, subject matter experts, and research professionals, Zinnov serves clients from across multiple industry verticals including Enterprise Software, BFSI, Healthcare, Automotive, Retail, and Telecom in the US, Europe, Japan, and India. For more information, visit http://www.zinnov.com.
Media contact Nitika GoelChief Marketing Officer, [email protected]
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Helena Nimmo appointed CIO and Debra McCowan appointed CHRO to fuel IFS’s next phase of growth in pioneering and dominating Industrial AI
LONDON, Oct. 7, 2024 /PRNewswire/ — IFS, the leading provider of enterprise cloud and Industrial AI software, has made two senior appointments to its Executive Board. Helena Nimmo joins as global Chief Information Officer (CIO) and Debra McCowan as Chief Human Resources Officer (CHRO).
Nimmo joins from Endava, a US-listed global technology company with over 12,000 employees. As CIO at IFS, Nimmo will engage CIOs and tech leaders at IFS customers to help them with their strategic transformation journeys, as well as driving the effective application of technology within IFS to deliver better products and services to customers. With IFS leading the adoption of Industrial AI across the world, Nimmo will drive the integration of AI across the IFS community, enabling IFS customers to deliver exceptional moments of service to their clients.
McCowan was CHRO at NetApp, Inc., a Fortune 500 global data infrastructure, AI and cloud services company. In this board level role, McCowan was a strategic partner and advisor to the CEO and executive leadership team. As IFS rapidly grows beyond 7,000 employees in over 90 countries, McCowan will build on the HR transformation strategy IFS has already embarked on, to lead a high-performing global team, delivering progressive HR strategies and initiatives to rapidly grow and scale IFS’s footprint.
“I’m delighted that Helena and Debra are joining IFS at such a pivotal point in its growth journey,” said Mark Moffat IFS CEO. “Helena’s leadership has been instrumental in orchestrating company-wide transformations, developing core technology infrastructures, and implementing robust security measures. Debra is a transformational Human Resources executive with years of global leadership experience in the technology sector, making her an excellent fit for this role. I look forward to the new perspectives and ideas they will both bring to IFS and support our global mission to lead the Industrial AI revolution.”
Nimmo started her career at Nokia in Finland and has since held leadership positions in both customer-facing and internal technology functions at organizations including Symbian, Fujitsu and Thomson Reuters.
“I’m delighted to be joining IFS, the world leader in cloud enterprise software and Industrial AI,” said Nimmo, IFS’s CIO. “I am excited to add my expertise to drive digital innovation and deliver exceptional value to our customers. I have a passion for technology and a commitment to excellence and am eager to contribute to IFS’s continued growth and success.”
Prior to NetApp, McCowan was the CHRO at Equinix the world’s leading global data center and interconnection provider. She has held global executive leadership roles at Avago Technologies (now Broadcom Inc.), Hitachi Data Systems (now Hitachi Vantara), and Telstra Corporation.
“Joining IFS at a time of significant growth globally is a tremendous opportunity,” said Debra McGowan, IFS CHRO. “My mission is to continue to build a conducive environment for diverse, strategically aligned high performing teams to connect and thrive in a fast-paced business and in a dynamic workplace. I look forward to this exciting challenge.”
About IFS
IFS is the world’s leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.
IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.
IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 90+ countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.
Contact information:EUROPE / MEA / APJ:Adam GillbeEmail: [email protected]
NORTH AMERICA / LATAM:Mairi MorganEmail: [email protected]
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