PDS FY 2023 Earnings Report — Precision Drilling Corporation Revenue & Financial Results | Market Cap Arena

Precision Drilling CorporationPDS

FY 2023 Earnings

Reported March 4, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$1.4B	—	$1.2B	—	19.8%
Op. Income	$447M	—	$24M	—	1776.3%
Gross Margin	37.8%	—	13.2%	—	24.6pp
Net Margin	14.9%	—	-2.1%	—	17.0pp
EPS (Diluted)	$14.27	—	$-1.85	—	871.9%
Free Cash Flow	$200M	—	$39M	—	418.1%

Revenue Flow

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$880M
GROSS PROFIT	$536M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$89M
SG&A Expenses	$89M
Other Expenses	$0
Operating Expenses	$89M
Cost & Expenses	$970M
OPERATING INCOME	$447M
Interest Income	$1M
Interest Expense	$62M
Other Income/Expenses	-$252M
INCOME BEFORE TAX	$194M
Income Tax Expense	-$17M
Net Income from Continuing Ops	$211M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$211M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$211M
D&A	$209M
EBIT	$229M
EBITDA	$438M
EPS	$15
EPS Diluted	$14

Income Statement

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$880M
GROSS PROFIT	$536M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$89M
SG&A Expenses	$89M
Other Expenses	$0
Operating Expenses	$89M
Cost & Expenses	$970M
OPERATING INCOME	$447M
Interest Income	$1M
Interest Expense	$62M
Other Income/Expenses	-$252M
INCOME BEFORE TAX	$194M
Income Tax Expense	-$17M
Net Income from Continuing Ops	$211M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$211M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$211M
D&A	$209M
EBIT	$229M
EBITDA	$438M
EPS	$15
EPS Diluted	$14

Cash Flow Statement

Item	Amount
Net Income	$211M
Depreciation & Amortization	$217M
Stock-Based Compensation	$5M
Deferred Income Tax	-$20M
Other Non-Cash Items	-$23M
Change in Working Capital	-$24M
OPERATING CASH FLOW	$366M
Capital Expenditure	-$166M
Acquisitions (Net)	-$21M
Purchases of Investments	-$4M
Sales/Maturities of Investments	$7M
Other Investing Activities	$25M
NET CASH FROM INVESTING	-$157M
Net Debt Issuance	-$162M
Common Stock Repurchased	-$22M
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$184M
FREE CASH FLOW	$200M
Net Change in Cash	$24M

Balance Sheet

Item	Amount
Cash & Equivalents	$40M
Short-Term Investments	$0
Net Receivables	$308M
Inventory	$26M
Other Current Assets	-$64M
TOTAL CURRENT ASSETS	$373M
PP&E (Net)	$1.8B
Goodwill	$0
Intangible Assets	$12M
Long-Term Investments	$7M
Tax Assets	$54M
Other Non-Current Assets	$5M
TOTAL NON-CURRENT ASSETS	$1.8B
TOTAL ASSETS	$2.2B
Account Payables	$111M
Short-Term Debt	$2M
Deferred Revenue	$0
Other Current Liabilities	$2M
TOTAL CURRENT LIABILITIES	$267M
Long-Term Debt	$669M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$54M
Other Non-Current Liabilities	$24M
TOTAL NON-CURRENT LIABILITIES	$788M
TOTAL LIABILITIES	$1.1B
Common Stock	$1.7B
Additional Paid-In Capital	$55M
Retained Earnings	-$740M
Treasury Stock	$0
Accum. Other Comp. Income	$108M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$2.2B
Total Debt	$725M
Net Debt	$685M