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CHX - ChampionX News Story

$26.35 -0.4  -1.6%

Last Trade - 18/06/21

Sector
Energy
Size
Large Cap
Market Cap £3.84bn
Enterprise Value £4.31bn
Revenue £1.68bn
Position in Universe 1375th / 6927

ChampionX Reports First Quarter 2021 Results

Wed 28th April, 2021 9:30pm
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* Revenue of $684.9 million
* Net income attributable to ChampionX of $5.8 million; adjusted net income of
$15.6 million
* Adjusted EBITDA of $94.2 million
* Cash from operating activities of $90.2 million and free cash flow of $64.6
million (9% of revenue)
THE WOODLANDS, Texas, April 28, 2021 (GLOBE NEWSWIRE) -- ChampionX Corporation
(“ChampionX”) (NASDAQ: CHX) (“the Company”) today announced first
quarter of 2021 results. Revenue was $684.9 million, net income attributable
to ChampionX was $5.8 million, and adjusted EBITDA was $94.2 million. Income
before income taxes margin was 1.0%, and adjusted EBITDA margin was 13.8%.
Cash provided by operating activities was $90.2 million, and free cash flow
was $64.6 million.

CEO Commentary

“As we approach the one-year anniversary of our transformational merger, we
could not be more proud of how well our organization has performed amid the
unprecedented short-term energy market imbalances which resulted from the
global pandemic. Our employees around the world have remained laser-focused on
serving our customers and communities. I am grateful to them for their
dedication to our corporate purpose of improving lives,” ChampionX’s
President and Chief Executive Officer Sivasankaran “Soma” Somasundaram
said.

“During the first quarter of 2021, our team resiliently navigated the
challenges of supplying products to our customers while facing unprecedented
raw materials supply chain disruptions across the Gulf Coast petrochemical
complex resulting from Winter Storm Uri. We delivered adjusted EBITDA of $94
million on revenue of $685 million, which declined 3% sequentially, as growth
in our shorter-cycle North American land-oriented businesses was offset by
expected seasonality in our international operations.

“We continued to demonstrate our strong positive free cash flow profile
generating free cash flow of $65 million, which represented 9% of our revenue
during the period. We ended the quarter with $611 million of liquidity,
including $260 million of cash and $351 million of available capacity on our
revolver. We repaid $7 million of debt during the quarter. We remain committed
to further reduction of leverage through debt repayment this year. We have
provided notice to the holders of our 6.375% Senior Notes due 2026 (the
“Notes”) this week that we are redeeming $55 million in principal amount
of the Notes on May 7, 2021 at 104.781%, according to the terms on the Notes.

“We continue strong execution on merger integration and remain on track to
deliver the full targeted cost synergies of $125 million within 24 months of
the merger closing. We exited the first quarter at a $91 million run rate.

“As we look to the second quarter, we expect continued positive momentum in
our shorter-cycle North American businesses and a seasonal uptick in our
international operations. We anticipate some additional short-term raw
materials cost inflation, but with continued volume improvements, pricing
realization and cost synergy delivery, we expect meaningful margin rate
improvement in the second half, enabling us to exit this year with a higher
margin rate than our 2020 exit rate. On a consolidated basis, in the second
quarter we expect revenue to be between $700 million and $740 million, driven
by our production-oriented businesses, and we expect adjusted EBITDA of $97
million to $105 million.

“As the nascent global economic recovery gains momentum in the second half
of this year and beyond, we remain focused on our strategic priorities,
disciplined operating model and rigorous capital allocation approach. Our
differentiated products and technology, strong free cash flow generation, and
enhanced production-focused portfolio, coupled with our strong and motivated
team, will enable us to be a long-term winner as the energy industry continues
its evolution.”

Production Chemical Technologies

Production Chemical Technologies revenue in the first quarter of 2021 was
$412.4 million, a decline of $34.3 million, or 8%, sequentially, due to lower
seasonal international volumes and lower sales due to lost oil and gas
production from Winter Storm Uri.

Segment operating profit was $30.4 million and adjusted segment EBITDA was
$56.0 million. Segment operating profit margin was 7.4%. Adjusted segment
EBITDA margin was 13.6%, a decline of 380 basis points, sequentially, due to
the aforementioned lower sales volumes, certain raw materials inflation,
network supply chain disruptions stemming from shutdowns of Gulf Coast
petrochemical complex, and incremental costs to repair and start-up certain
ChampionX facilities subsequent to the winter storm.

Production & Automation Technologies

Production & Automation Technologies revenue in the first quarter of 2021 was
$166.8 million, an increase of $8.1 million, or 5%, sequentially, due to
continued positive demand momentum for our shorter-cycle North American
land-oriented product lines.

Revenue from digital products was $23.5 million in the first quarter of 2021,
an increase of $1.7 million, or 8%, compared to $21.8 million in the fourth
quarter of 2020.

Segment operating profit was $5.4 million, and adjusted segment EBITDA was
$35.5 million. Segment operating profit margin was 3.2%. Adjusted segment
EBITDA margin was 21.3%, an increase of 280 basis points, sequentially, due to
higher sales volumes and favorable product mix.

Drilling Technologies

Drilling Technologies revenue in the first quarter of 2021 was $35.0 million,
an increase of $11.4 million, or 48%, sequentially, due to the continued
increase in U.S. land drilling activity and customer restocking of
polycrystalline diamond cutter inventories.

Segment operating profit was $6.4 million, and adjusted segment EBITDA was
$7.3 million. Segment operating profit margin was 18.2%. Adjusted segment
EBITDA margin was 20.8%, an increase of 1,010 basis points, sequentially, due
to higher volumes.

Reservoir Chemical Technologies

Reservoir Chemical Technologies revenue in the first quarter of 2021 was $29.9
million, a decrease of $1.0 million, or 3%, sequentially, mainly due to
delayed U.S. well completions activity during the severe winter storm in
February.

Segment operating loss was $3.2 million, and adjusted segment EBITDA was a
negative $0.6 million. Segment operating loss margin was 10.8%. Adjusted
segment EBITDA margin was (1.9)%, a decrease of 900 basis points,
sequentially, due to lower volumes, raw materials inflation, and network
supply chain disruptions stemming from Winter Storm Uri.

Other Business Highlights
* ChampionX was recognized as the leader in total customer satisfaction in
oilfield products for 2021, as well as first in eight specific categories, in
a survey conducted by EnergyPoint Research, an independent customer
satisfaction research firm.
* Production Chemical Technologies secured key customer contract wins in the
Permian and Latin America regions.
* Reservoir Chemical Technologies experienced continued customer uptake with
leading U.S. E&P operators, further advancing our direct sales model.
* ChampionX Artificial Lift launched the latest release of its production
optimization software, XSPOC 3.1. XSPOC software identifies and diagnoses
anomalies in artificially lifted wells, and recommends steps to optimize
system performance. XSPOC 3.1 has the added feature of helping operators
pinpoint the idle time that allows the well to cycle the fewest number of
times without losing production.
* ChampionX achieved its first Spotlight continuous condition monitoring
purchase order in the Middle East for a non-oil & gas power plant compressor.
* During the first quarter of 2021, 73% of Drilling Technologies revenue was
generated from products that were less than three years old.
* Drilling Technologies received a favorable settlement on a patent
infringement case, illustrating the strong intellectual property of our
technology portfolio.
* Drilling Technologies achieved a trailing 12-month TRIR (Total Recordable
Incident Rate) of 0.0.
* ChampionX recently announced the completion of an investment in QLM
Technology, which has developed a revolutionary quantum gas camera with a
unique ability to detect, visualize and quantify emissions of methane, helping
organizations to achieve net zero emissions through mitigation of sources.
Conference Call Details

ChampionX Corporation will host a conference call on Thursday, April 29, 2021,
to discuss its first quarter 2021 financial results. The call will begin at
10:00 a.m. Eastern Time. Presentation materials that supplement the conference
call are 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
1-888-424-8151 in the United States and Canada or 1-847-585-4422 for
international calls. Please call approximately 15 minutes prior to the
scheduled start time and reference ChampionX conference call number 7046887.

A replay of the conference call will be available on ChampionX’s website or
at ChampionXFirstQuarter2021CallReplay
(https://www.globenewswire.com/Tracker?data=zxArHAZerQiNDZr-WAeCmnsLfS-ODvMNBI5Wp-0zjqeQBXmX-GchaIui5n61IbjSAqu2W7fwFvDSq9cZO-Te5Z8nNDOcgzEq5ZklTrt_Zbw1cb7wBlNRwSu9yd98lHEtdFDmaLPd7y59aA6624AjO3SuDue2n4ea1X0auHhnvRDYQ99JfS_XSAp3sGMBDSALImpqQwZEEO25ysxpJGUzM5T8N3n3bnmBMUo7v7jsUrs=).
Enter passcode 50141845.

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, reflect the
core operating results of our businesses and help facilitate comparisons of
operating performance across periods. In addition, free cash flow and free
cash flow to revenue ratio are used by management to measure our ability to
generate positive cash flow for debt reduction and to support our strategic
objectives. 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 comparable GAAP measures is included in the
accompanying financial tables.

This press release also contains certain forward-looking non-GAAP financial
measures, including adjusted EBITDA. Due to the forward-looking nature of the
aforementioned non-GAAP financial measure, management cannot reliably or
reasonably predict certain of the necessary components of the most directly
comparable forward-looking GAAP measures, such as net income. Accordingly, we
are unable to present a quantitative reconciliation of such forward looking
non-GAAP financial measures to their most directly comparable forward-looking
GAAP financial measures. Amounts excluded from these non-GAAP measures in
future periods could be significant. 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.

About ChampionX

ChampionX (formerly known as Apergy Corporation) is a global leader in
chemistry solutions and highly engineered equipment and technologies that help
companies drill for and produce oil and gas safely and efficiently around the
world. ChampionX’s products provide efficient functioning 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, 2020, 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
byron.pope@championx.com
281-602-0094

Media Contact: John Breed
john.breed@championx.com
281-403-5751

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)

                                                                  Three Months Ended                                                             
                                                                  Mar 31,                    Dec 31,                    Mar 31,                  
 (in thousands, except per share amounts)                         2021                       2020                       2020                     
 Revenue                                                          $     684,888              $     706,122              $      261,434           
 Cost of goods and services                                       522,556                    539,979                    179,095                  
 Gross profit                                                     162,332                    166,143                    82,339                   
 Selling, general and administrative expense                      143,478                    132,811                    78,143                   
 Goodwill and long-lived asset impairment                         —                          —                          657,251                  
 Interest expense, net                                            13,971                     15,495                     9,039                    
 Other (income) expense, net                                      (1,936         )           (1,170         )           (1,633           )       
 Income (loss) before income taxes                                6,819                      19,007                     (660,461         )       
 Provision for (benefit from) income taxes                        2,782                      11,526                     (27,006          )       
 Net income (loss)                                                4,037                      7,481                      (633,455         )       
 Less: Net income (loss) attributable to noncontrolling interest  (1,735         )           124                        273                      
 Net income (loss) attributable to ChampionX                      $     5,772                $     7,357                $      (633,728  )       
                                                                                                                                                 
 Earnings (loss) per share attributable to ChampionX:                                                                                            
 Basic                                                            $     0.03                 $     0.04                 $      (8.18     )       
 Diluted                                                          $     0.03                 $     0.04                 $      (8.18     )       
                                                                                                                                                 
 Weighted-average shares outstanding:                                                                                                            
 Basic                                                            200,580                    199,913                    77,477                   
 Diluted                                                          207,271                    204,825                    77,477                   



CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 (in thousands)                             March 31, 2021                  December 31, 2020               
 Assets                                                                                                     
 Cash and cash equivalents                  $      259,821                  $      201,421                  
 Receivables, net                           528,142                         559,545                         
 Inventories, net                           435,272                         430,112                         
 Prepaid expenses and other current assets  78,019                          74,767                          
 Total current assets                       1,301,254                       1,265,845                       
                                                                                                            
 Property, plant and equipment, net         833,256                         854,536                         
 Goodwill                                   686,455                         680,594                         
 Intangible assets, net                     457,275                         479,009                         
 Other non-current assets                   197,549                         195,792                         
 Total assets                               $      3,475,789                $      3,475,776                
                                                                                                            
 Liabilities                                                                                                
 Current portion of long-term debt          $      26,850                   $      26,850                   
 Accounts payable                           333,765                         299,666                         
 Other current liabilities                  271,820                         296,044                         
 Total current liabilities                  632,435                         622,560                         
                                                                                                            
 Long-term debt                             899,469                         905,764                         
 Other long-term liabilities                314,779                         334,877                         
 Equity                                                                                                     
 ChampionX stockholders’ equity             1,644,769                       1,625,971                       
 Noncontrolling interest                    (15,663           )             (13,396           )             
 Total liabilities and equity               $      3,475,789                $      3,475,776                



CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

                                                               Three Months Ended March 31,                                 
 (in thousands)                                                2021                             2020                        
 Cash provided by (used for) operating activities:                                                                          
 Net income (loss)                                             $     4,037                      $     (633,455  )           
 Depreciation                                                  39,150                           16,970                      
 Amortization                                                  21,851                           12,862                      
 Goodwill and long-lived asset impairment                      —                                657,251                     
 Receivables                                                   30,019                           (6,740          )           
 Inventories                                                   (6,511         )                 6,587                       
 Accounts payable                                              36,227                           3,068                       
 Leased assets                                                 (1,138         )                 (7,972          )           
 Other                                                         (33,421        )                 (19,349         )           
 Net cash provided by operating activities                     90,214                           29,222                      
                                                                                                                            
 Cash provided by (used for) investing activities:                                                                          
 Capital expenditures                                          (25,579        )                 (7,467          )           
 Proceeds from sale of fixed assets                            912                              721                         
 Net cash used for investing activities                        (24,667        )                 (6,746          )           
                                                                                                                            
 Cash provided by (used for) financing activities:                                                                          
 Repayment of long-term debt                                   (6,701         )                 —                           
 Debt issuance costs                                           —                                (1,284          )           
 Other                                                         765                              (1,860          )           
 Net cash used for financing activities                        (5,936         )                 (3,144          )           
                                                                                                                            
 Effect of exchange rate changes on cash and cash equivalents  (1,211         )                 (986            )           
                                                                                                                            
 Net increase (decrease) in cash and cash equivalents          58,400                           18,346                      
 Cash and cash equivalents at beginning of period              201,421                          35,290                      
 Cash and cash equivalents at end of period                    $     259,821                    $     53,636                



CHAMPIONX CORPORATION
BUSINESS SEGMENT DATA
(UNAUDITED)

                                                                      Three Months Ended                                                                          
                                                                      Mar 31,                                 Dec 31,                    Mar 31,                  
 (in thousands)                                                       2021                                    2020                       2020                     
 Segment revenue:                                                                                                                                                 
 Production Chemical Technologies                                     $        412,371                        $     446,652              $      —                 
 Production & Automation Technologies                                 166,845                                 158,777                    205,479                  
 Drilling Technologies                                                34,994                                  23,568                     55,955                   
 Reservoir Chemical Technologies                                      29,891                                  30,937                     —                        
 Corporate and other                                                  40,787                                  46,188                     —                        
 Total revenue                                                        $        684,888                        $     706,122              $      261,434           
                                                                                                                                                                  
 Income (loss) before income taxes:                                                                                                                               
 Segment operating profit (loss):                                                                                                                                 
 Production Chemical Technologies                                     $        30,357                         $     49,200               $      —                 
 Production & Automation Technologies                                 5,362                                   (4,724         )           (648,591         )       
 Drilling Technologies                                                6,386                                   153                        11,359                   
 Reservoir Chemical Technologies                                      (3,228            )                     432                        —                        
 Total segment operating profit (loss)                                38,877                                  45,061                     (637,232         )       
 Corporate and other                                                  18,087                                  10,559                     14,190                   
 Interest expense, net                                                13,971                                  15,495                     9,039                    
 Income (loss) before income taxes                                    $        6,819                          $     19,007               $      (660,461  )       
                                                                                                                                                                  
 Operating profit margin / income (loss) before income taxes margin:                                                                                              
 Production Chemical Technologies                                     7.4               %                     11.0           %           —                %       
 Production & Automation Technologies                                 3.2               %                     (3.0           )%          (315.6           )%      
 Drilling Technologies                                                18.2              %                     0.6            %           20.3             %       
 Reservoir Chemical Technologies                                      (10.8             )%                    1.4            %           —                %       
 ChampionX Consolidated                                               1.0               %                     2.7            %           (252.6           )%      
                                                                                                                                                                  
 Adjusted EBITDA                                                                                                                                                  
 Production Chemical Technologies                                     $        56,025                         $     77,872               $      —                 
 Production & Automation Technologies                                 35,512                                  29,345                     40,031                   
 Drilling Technologies                                                7,292                                   2,525                      15,770                   
 Reservoir Chemical Technologies                                      (558              )                     2,204                      —                        
 Corporate and other                                                  (4,025            )                     (3,301         )           (2,543           )       
 Adjusted EBITDA                                                      $        94,246                         $     108,645              $      53,258            
                                                                                                                                                                  
 Adjusted EBITDA margin                                                                                                                                           
 Production Chemical Technologies                                     13.6              %                     17.4           %           —                %       
 Production & Automation Technologies                                 21.3              %                     18.5           %           19.5             %       
 Drilling Technologies                                                20.8              %                     10.7           %           28.2             %       
 Reservoir Chemical Technologies                                      (1.9              )%                    7.1            %           —                %       
 ChampionX Consolidated                                               13.8              %                     15.4           %           20.4             %       



CHAMPIONX CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

                                                                                           Three Months Ended                                                           
                                                                                           Mar 31,                   Dec 31,                    Mar 31,                 
 (in thousands)                                                                            2021                      2020                       2020                    
 Net income (loss) attributable to ChampionX                                               $     5,772               $     7,357                $     (633,728  )       
 Pre-tax adjustments:                                                                                                                                                   
 Acquisition and integration related costs ((1))                                           12,720                    5,854                      11,508                  
 Restructuring and other related charges                                                   4,256                     4,971                      2,766                   
 Intellectual property defense                                                             (1,009        )           478                        211                     
 Acquisition-related adjustments ( (2))                                                    (3,512        )           (2,878         )           —                       
 Professional fees related to material weakness remediation and impairment analysis ((3))  —                         512                        2,744                   
 Separation and supplemental benefit costs                                                 —                         105                        368                     
 Goodwill and long-lived asset impairment ((4))                                            —                         —                          657,251                 
 Tax impact of adjustments ((5))                                                           (2,616        )           (2,070         )           (39,122         )       
 Adjusted net income (loss) attributable to ChampionX                                      15,611                    14,329                     1,998                   
 Tax impact of adjustments ((5))                                                           2,616                     2,070                      39,122                  
 Net income (loss) attributable to noncontrolling interest                                 (1,735        )           124                        273                     
 Depreciation and amortization                                                             61,001                    65,101                     29,832                  
 Provision for (benefit from) income taxes                                                 2,782                     11,526                     (27,006         )       
 Interest expense, net                                                                     13,971                    15,495                     9,039                   
 Adjusted EBITDA                                                                           $     94,246              $     108,645              $     53,258            
                                                                                                                                                                        
 Diluted earnings (loss) per share attributable to ChampionX:                                                                                                           
 Reported                                                                                  $     0.03                $     0.04                 $     (8.18     )       
 Adjusted                                                                                  $     0.08                $     0.07                 $     0.03              

_______________________

(1)  Includes costs primarily related to the Merger of Chemical Technologies
of $0.4 million, $0.9 million and $7.9 million for the three months ended
March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
Additionally, we incurred professional fees related to the integration of
Chemical Technologies of $12.3 million, $4.9 million and $3.7 million for the
three months ended March 31, 2021, December 31, 2020 and March 31, 2020,
respectively.
(2)  Includes revenue associated with the amortization of a liability
established as part of the Merger, representing unfavorable terms under the
Cross Supply Agreement. For the three months ended December 31, 2020, this is
offset by incremental expense related to the step-up of inventory value
resulting from the purchase accounting entries.
(3)  Includes professional fees related to the remediation of material
weaknesses identified during 2019 as well as professional fees incurred in
connection with the goodwill impairment charge recognized during the three
months ended March 31, 2020.
(4)  Includes charges for goodwill and long-lived asset impairments in our
Production & Automation Technologies segment. 
(5) We generally tax effect adjustments using a combined federal and state
statutory income tax rate. The impairment loss for three months ended March
31, 2020 includes non-taxable goodwill of $560.1 million.

                                                                                     Three Months Ended                                                
                                                                                     Mar 31,                Dec 31,                Mar 31,             
 (in thousands)                                                                      2021                   2020                   2020                
 Diluted earnings (loss) per share attributable to ChampionX                         $    0.03              $    0.04              $    (8.18  )       
 Per share adjustments:                                                                                                                                
 Acquisition and integration related costs                                           0.06                   0.03                   0.15                
 Restructuring and other related charges                                             0.02                   0.02                   0.04                
 Goodwill and long-lived asset impairment                                            —                      —                      8.48                
 Acquisition-related adjustments                                                     (0.01      )           (0.01      )           —                   
 Professional fees related to material weakness remediation and impairment analysis  —                      —                      0.04                
 Intellectual property defense                                                       (0.01      )           —                      —                   
 Tax impact of adjustments                                                           (0.01      )           (0.01      )           (0.50       )       
 Adjusted diluted earnings (loss) per share attributable to ChampionX                $    0.08              $    0.07              $    0.03           



Free Cash Flow

                                                  Three Months Ended                                                                                      
                                                  Mar 31,                                        Dec 31,                           Mar 31,                
 (in thousands)                                   2021                                           2020                              2020                   
 Free Cash Flow                                                                                                                                           
 Cash provided by operating activities            $         90,214                               $      120,608                    $     29,222           
 Less: Capital expenditures                       (25,579             )                          (12,994         )                 (7,467         )       
 Free cash flow                                   $         64,635                               $      107,614                    $     21,755           
                                                                                                                                                          
 Cash From Operating Activities to Revenue Ratio                                                                                                          
 Cash provided by operating activities            $         90,214                               $      120,608                    $     29,222           
 Revenue                                          $         684,888                              $      706,122                    $     261,434          
                                                                                                                                                          
 Cash from operating activities to revenue ratio  13                  %                          17              %                 11             %       
                                                                                                                                                          
 Free Cash Flow to Revenue Ratio                                                                                                                          
 Free cash flow                                   $         64,635                               $      107,614                    $     21,755           
 Revenue                                          $         684,888                              $      706,122                    $     261,434          
                                                                                                                                                          
 Free cash flow to revenue ratio                  9                   %                          15              %                 8              %       
                                                                                                                                                          
 Free Cash Flow to Adjusted EBITDA Ratio                                                                                                                  
 Free cash flow                                   $         64,635                               $      107,614                    $     21,755           
 Adjusted EBITDA                                  $         94,246                               $      108,645                    $     53,258           
                                                                                                                                                          
 Free cash flow to adjusted EBITDA ratio          69                  %                          99              %                 41             %       

 

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