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ChampionX Reports Third Quarter 2021 Results

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·21 min read
In this article:
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  • Revenue of $818.8 million increased 9% sequentially

  • Net income attributable to ChampionX of $56.8 million; adjusted net income of $31.3 million

  • Adjusted EBITDA of $123.6 million

  • Cash from operating activities of $88.7 million and free cash flow of $67.3 million

THE WOODLANDS, Texas, Oct. 27, 2021 (GLOBE NEWSWIRE) -- ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced third quarter of 2021 results. Revenue was $818.8 million, net income attributable to ChampionX was $56.8 million, and adjusted EBITDA was $123.6 million. Income before income taxes margin was 10.3%, and adjusted EBITDA margin was 15.1%. Cash provided by operating activities was $88.7 million, and free cash flow was $67.3 million.

CEO Commentary

“We could not be more proud of how remarkably well our organization continues to perform and adapt to the short-term supply chain and logistics bottlenecks that have emerged this year as global economic activity rebounds from pandemic levels. Our employees around the world have remained laser-focused on improving the lives of our customers and communities, and I want to thank each of them for their continued dedication and commitment,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

“During the third quarter of 2021, we once again delivered solid results driven by robust topline growth in each of our businesses. We generated revenue of $819 million, which increased 9% sequentially for the second consecutive quarter, driven by strong demand growth in both our international and North American markets. This solid topline growth demonstrates the strong organic growth potential and execution capabilities of our global business. We delivered net income attributable to ChampionX of $57 million, and adjusted EBITDA of $124 million, which represented a sequential increase of 17%. Our teams remained highly focused on executing well and delivered these strong third quarter results despite continued raw material and logistics inflation challenges, as evidenced by the 102 basis points sequential expansion in our adjusted EBITDA margin during the period.

“We continued to demonstrate our strong free cash flow profile as we generated free cash flow of $67 million. We further strengthened our balance sheet by repaying $97 million of debt during the third quarter, and we ended the period with $613 million of liquidity, including $254 million of cash and $359 million of available capacity on our revolving credit facility.

“We continue to deliver on merger integration synergies. We exited the third quarter at a $118 million cost-synergy annualized run-rate, and we fully expect to deliver the targeted annualized cost synergies of $125 million within 24 months of the merger closing.

“As we look to the fourth quarter, we expect our topline momentum to continue. We also expect volume improvements, price increase realization and cost synergy delivery to offset the continued raw material cost inflation, and we still anticipate exiting this year with a higher adjusted EBITDA margin rate than our 2020 exit rate. On a consolidated basis, in the fourth quarter we expect revenue to be between $820 million and $860 million, driven by our production-oriented businesses. We expect adjusted EBITDA of $130 million to $140 million.

“We are encouraged by the constructive demand tailwinds in our businesses, and we expect 2022 to be another year of positive growth across our portfolio. We are particularly excited about the margin expansion potential in the coming years as raw materials and other inflationary factors ease and our pricing realization and productivity efforts gain further traction. We are excited about our Scientific Aviation acquisition, which is well aligned with our energy transition priorities, and we are focused on expanding our emissions management portfolio to help our customers achieve their emissions reduction objectives. ChampionX has never been better positioned than we are today for the evolving energy industry, and I am honored to lead such a talented and motivated team.”

Production Chemical Technologies

Production Chemical Technologies revenue in the third quarter of 2021 was $487.7 million, an increase of $40.6 million, or 9%, sequentially, due to higher international volumes and continued sales increases in our North America business.

Segment operating profit was $45.7 million and adjusted segment EBITDA was $71.1 million. Segment operating profit margin was 9.4%, an increase of 179 basis points, sequentially, and adjusted segment EBITDA margin was 14.6%, an increase of 78 basis points, sequentially, in each case due to higher sales volumes and pricing, partially offset by certain raw materials inflation.

Production & Automation Technologies

Production & Automation Technologies revenue in the third quarter of 2021 was $204.5 million, an increase of $16.3 million, or 9%, sequentially, due to continued positive demand momentum for our shorter-cycle North American land-oriented product lines, and the acquisition of Scientific Aviation during the third quarter of 2021.

Revenue from digital products, which includes our Scientific Aviation acquisition, was $41.6 million in the third quarter of 2021, an increase of $9.2 million, or 28%, compared to $32.4 million in the second quarter of 2021.

Segment operating profit was $14.4 million, and adjusted segment EBITDA was $40.0 million. Segment operating profit margin was 7.0%, an increase of 51 basis points, sequentially, due to higher sales volumes. Adjusted segment EBITDA margin was 19.6%, a decrease of 59 basis points, sequentially, due to certain raw materials and logistics inflation.

Drilling Technologies

Drilling Technologies revenue in the third quarter of 2021 was $49.4 million, an increase of $11.8 million, or 31%, sequentially, due to the continued increase in North American and international land drilling activity.

Segment operating profit was $11.1 million, and adjusted segment EBITDA was $15.3 million. Segment operating profit margin was 22.6%, an increase of 1,227 basis points, sequentially, and adjusted segment EBITDA margin was 31.0%, an increase of 836 basis points, sequentially, in each case due to higher sales volumes and favorable product mix.

Reservoir Chemical Technologies

Reservoir Chemical Technologies revenue in the third quarter of 2021 was $38.2 million, an increase of $5.0 million, or 15%, sequentially, driven by higher U.S. volumes and direct sales to E&P companies.

Segment operating profit was $37.8 million, and adjusted segment EBITDA was $0.6 million. Segment operating profit reflects the net gain on the sale of our manufacturing plant in Corsicana of $39.9 million. Segment operating profit margin was 99.0%, as compared to a segment operating loss margin of 7.8% in the prior quarter. Adjusted segment EBITDA margin was 1.4%, an increase of 83 basis points, sequentially, due to higher sales volumes.

Other Business Highlights

  • During the third quarter, ChampionX completed the acquisition of Scientific Aviation, Inc., which is an industry leader in developing methods and technologies for fast, accurate, and cost-effective solutions for methane leak detection, emissions quantification and air quality research, helping customers to achieve their greenhouse gas emissions reduction goals.

  • During the third quarter, ChampionX completed an investment in PingThings, Inc., which has developed an advanced sensor AI platform that enables its customers to manage tremendous volumes of time series data at scale, helping achieve their system reliability, decarbonization and capital efficiency goals. This investment aligns with our long-term strategic priority of accelerating digital revenue streams and expanding our digital offering to other industries by establishing relationships to leverage the digital ecosystem.

  • During the third quarter, ChampionX completed the sale of its Corsicana, Texas, chemical manufacturing plant. The sale is consistent with our ongoing initiatives to optimize our global supply chain and improve the cost structure in our Reservoir Chemical Technologies business for enhanced flexibility.

  • ChampionX has been named one of ALLY Energy’s Best Energy Workplaces in recognition of our continuous improvement culture, employee survey feedback, our suite of benefits programs, our continuing education and development programs, our flex-work and family-friendly programs, our D&I programs, including Employee Resource Groups (ERGs), as well as our community projects.

  • Production Chemical Technologies launched a novel paraffin dispersant used for successful paraffin prevention and remediation treatments. This technology has been rolled out and is being used by customers in the U.S. land market.

  • During the third quarter, Production & Automation Technologies won artificial lift and digital contracts with E&P operators in multiple international markets, including Latin America, the Middle East and Asia Pacific.

  • Production & Automation Technologies was awarded a contract for 25 chemical injection skid systems by a leading E&P operator in the Permian Basin.

  • ChampionX’s Spotlight EDGE has received Microsoft’s “Azure Certified Device” and “Edge Managed” certifications. This device is the only Class 1 Division 2 and ATEX finished product featured in the Microsoft Azure Certified Device Catalog. Spotlight EDGE enables our customers to deploy a scalable and modular solution that optimizes cost, increases edge computing and analytics capabilities, and provides a fit-for-purpose solution to meet business requirements.

  • Last month, ChampionX Digital announced Compressor Leak Insights, a first of its kind offering for the midstream gas processing industry. This is the only Commercial-Off-The-Shelf Artificial Intelligence model used by midstream companies to detect leaks on reciprocating compressors. Our model detects 86% of compressor valve leaks experienced within a customer’s fleet and reduces catastrophic failures by 91%. This product offering was jointly developed with midstream leader, DCP Midstream, working with their DCP Tech Ventures business unit.

  • During the third quarter, 79% of Drilling Technologies revenue was generated from products that were less than three years old.

  • ChampionX was a finalist for World Oil’s Best Health, Safety, Environment / Sustainable Development - Onshore Award, recognizing internal processes, programs, and digital technologies that have helped lower our carbon footprint, as well as our water treatment and environmentally sustainable chemistries that are helping our customers lower their environmental impact.

Conference Call Details

ChampionX Corporation will host a conference call on Thursday, October 28, 2021, to discuss its third quarter 2021 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 for 30 days 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 9163658.

A replay of the conference call will be available on ChampionX’s website or at ChampionXThirdQuarter2021CallReplay. Enter passcode 50239455.

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 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 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 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

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(in thousands, except per share amounts)

2021

2021

2020

2021

2020

Revenue

$

818,785

$

749,172

$

633,526

$

2,252,845

$

1,193,874

Cost of goods and services

623,162

569,167

505,066

1,714,885

950,845

Gross profit

195,623

180,005

128,460

537,960

243,029

Selling, general and administrative expense

135,089

152,341

122,156

430,908

330,956

Goodwill and long-lived asset impairment

657,251

Interest expense, net

12,849

14,064

15,935

40,884

36,236

Other (income) expense, net

(36,876

)

2,251

1,663

(36,561

)

342

Income (loss) before income taxes

84,561

11,349

(11,294

)

102,729

(781,756

)

Provision for (benefit from) income taxes

25,910

3,563

(3,962

)

32,255

(31,922

)

Net income (loss)

58,651

7,786

(7,332

)

70,474

(749,834

)

Less: Net income (loss) attributable to noncontrolling interest

1,823

536

582

624

1,453

Net income (loss) attributable to ChampionX

$

56,828

$

7,250

$

(7,914

)

$

69,850

$

(751,287

)

Earnings (loss) per share attributable to ChampionX:

Basic

$

0.28

$

0.04

$

(0.04

)

$

0.35

$

(5.73

)

Diluted

$

0.27

$

0.03

$

(0.04

)

$

0.34

$

(5.73

)

Weighted-average shares outstanding:

Basic

201,852

201,467

199,809

201,329

131,064

Diluted

208,545

208,541

199,809

208,173

131,064

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(in thousands)

September 30, 2021

December 31, 2020

ASSETS

Cash and cash equivalents

$

253,855

$

201,421

Restricted cash

3,500

Receivables, net

590,777

559,545

Inventories, net

497,473

430,112

Prepaid expenses and other current assets

72,123

74,767

Total current assets

1,417,728

1,265,845

Property, plant and equipment, net

780,686

854,536

Goodwill

701,475

680,594

Intangible assets, net

413,279

479,009

Other non-current assets

189,834

195,792

Total assets

$

3,503,002

$

3,475,776

LIABILITIES

Current portion of long-term debt

$

26,850

$

26,850

Accounts payable

430,576

299,666

Other current liabilities

299,253

296,044

Total current liabilities

756,679

622,560

Long-term debt

743,572

905,764

Other long-term liabilities

290,999

334,877

EQUITY

ChampionX stockholders’ equity

1,726,997

1,625,971

Noncontrolling interest

(15,245

)

(13,396

)

Total liabilities and equity

$

3,503,002

$

3,475,776

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

Nine Months Ended September 30,

(in thousands)

2021

2020

Cash flows from operating activities:

Net income (loss)

$

70,474

$

(749,834

)

Depreciation

113,213

101,434

Amortization

65,592

47,827

(Gain) loss on disposal of fixed assets

(35,393

)

3,685

Goodwill and long-lived asset impairment

657,251

Receivables

(35,435

)

91,204

Inventories

(74,641

)

62,225

Accounts payable

130,607

(48,519

)

Leased assets

(4,496

)

(7,799

)

Other

9,879

31,958

Net cash provided by operating activities

239,800

189,432

Cash flows from investing activities:

Proceeds from sale of fixed assets

73,698

9,295

Capital expenditures

(67,027

)

(32,169

)

Acquisitions, net of cash acquired

(9,957

)

57,588

Purchase of investments

(4,874

)

Net cash (used for) provided by investing activities

(8,160

)

34,714

Cash flows from financing activities:

Repayment of long-term debt

(174,392

)

(206,713

)

Proceeds from long-term debt

125,000

Debt issuance costs

(4,356

)

Other

677

(7,376

)

Net cash used for financing activities

(173,715

)

(93,445

)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

(1,991

)

5,471

Net increase in cash and cash equivalents and restricted cash

55,934

136,172

Cash and cash equivalents and restricted cash at beginning of period

201,421

35,290

Cash and cash equivalents and restricted cash at end of period

$

257,355

$

171,462

CHAMPIONX CORPORATION
BUSINESS SEGMENT DATA
(UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(in thousands)

2021

2021

2020

2021

2020

Segment revenue:

Production Chemical Technologies

$

487,670

$

447,049

$

410,151

$

1,347,090

$

546,153

Production & Automation Technologies

204,473

188,173

136,921

559,491

457,141

Drilling Technologies

49,415

37,589

15,715

121,998

92,618

Reservoir Chemical Technologies

38,192

33,222

21,264

101,305

30,570

Corporate and other

39,035

43,139

49,475

122,961

67,392

Total revenue

$

818,785

$

749,172

$

633,526

$

2,252,845

$

1,193,874

Income (loss) before income taxes:

Segment operating profit (loss):

Production Chemical Technologies

$

45,696

$

33,871

$

35,172

$

109,924

$

45,094

Production & Automation Technologies

14,407

12,292

(7,454

)

32,061

(693,213

)

Drilling Technologies

11,146

3,868

(5,127

)

21,400

2,421

Reservoir Chemical Technologies

37,800

(2,594

)

(3,819

)

31,979

(6,630

)

Total segment operating profit (loss)

109,049

47,437

18,772

195,364

(652,328

)

Corporate and other

11,639

22,024

14,131

51,751

93,192

Interest expense, net

12,849

14,064

15,935

40,884

36,236

Income (loss) before income taxes

$

84,561

$

11,349

$

(11,294

)

$

102,729

$

(781,756

)

Operating profit margin / income (loss) before income taxes margin:

Production Chemical Technologies

9.4

%

7.6

%

8.6

%

8.2

%

8.3

%

Production & Automation Technologies

7.0

%

6.5

%

(5.4

)

%

5.7

%

(151.6

)

%

Drilling Technologies

22.6

%

10.3

%

(32.6

)

%

17.5

%

2.6

%

Reservoir Chemical Technologies

99.0

%

(7.8

)

%

(18.0

)

%

31.6

%

(21.7

)

%

ChampionX Consolidated

10.3

%

1.5

%

(1.8

)

%

4.6

%

(65.5

)

%

Adjusted EBITDA

Production Chemical Technologies

$

71,116

$

61,708

$

71,505

$

188,849

$

93,936

Production & Automation Technologies

39,987

37,903

24,995

113,402

79,518

Drilling Technologies

15,297

8,494

(2,782

)

31,083

14,788

Reservoir Chemical Technologies

550

202

(1,432

)

194

(1,746

)

Corporate and other

(3,397

)

(2,926

)

(5,464

)

(10,348

)

(11,955

)

Adjusted EBITDA

$

123,553

$

105,381

$

86,822

$

323,180

$

174,541

Adjusted EBITDA margin

Production Chemical Technologies

14.6

%

13.8

%

17.4

%

14.0

%

17.2

%

Production & Automation Technologies

19.6

%

20.1

%

18.3

%

20.3

%

17.4

%

Drilling Technologies

31.0

%

22.6

%

(17.7

)

%

25.5

%

16.0

%

Reservoir Chemical Technologies

1.4

%

0.6

%

(6.7

)

%

0.2

%

(5.7

)

%

ChampionX Consolidated

15.1

%

14.1

%

13.7

%

14.3

%

14.6

%

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

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(in thousands)

2021

2021

2020

2021

2020

Net income (loss) attributable to ChampionX

$

56,828

$

7,250

$

(7,914

)

$

69,850

$

(751,287

)

Pre-tax adjustments:

Gain on sale of Corsicana plant

(39,876

)

(39,876

)

Merger integration costs

4,227

12,665

8,411

29,082

18,020

Acquisition-related adjustments (1)

(3,512

)

(3,512

)

3,511

(10,536

)

9,342

Acquisition costs

254

530

60,905

Restructuring and other related charges

2,087

3,775

3,426

10,118

18,320

Loss on extinguishment of debt

5,402

3,305

8,707

Intellectual property defense

2,365

2,790

408

4,146

800

Latin America tax matters

(2,968

)

(2,968

)

Separation and supplemental benefit costs

1,559

383

1,559

434

Professional fees related to material weakness remediation (2)

940

5,728

Goodwill and long-lived asset impairment (3)

657,251

Tax impact of adjustments

6,778

(4,322

)

(3,968

)

(160

)

(61,298

)

Adjusted net income (loss) attributable to ChampionX

31,331

23,510

5,451

70,452

(41,785

)

Tax impact of adjustments

(6,778

)

4,322

3,968

160

61,298

Net income (loss) attributable to noncontrolling interest

1,823

536

582

624

1,453

Depreciation and amortization

58,418

59,386

64,848

178,805

149,261

Provision for (benefit from) income taxes

25,910

3,563

(3,962

)

32,255

(31,922

)

Interest expense, net

12,849

14,064

15,935

40,884

36,236

Adjusted EBITDA

$

123,553

$

105,381

$

86,822

$

323,180

$

174,541

_______________________

(1) 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 nine months ended September 30, 2020, in association with the Merger of legacy ChampionX, we recorded an increase to the fair value of inventory which is subsequently amortized to cost of sales over the period that the related product is sold.
(2) Includes professional fees related to the remediation of material weaknesses identified during 2019.
(3) Represents charges for goodwill and long-lived asset impairments in our Production & Automation Technologies segment.

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(in thousands)

2021

2021

2020

2021

2020

Diluted earnings (loss) per share attributable to ChampionX

$

0.27

$

0.03

$

(0.04

)

$

0.34

$

(5.73

)

Per share adjustments:

Gain on sale of Corsicana plant

(0.19

)

(0.19

)

Merger integration costs

0.02

0.06

0.04

0.14

0.15

Acquisition-related adjustments

(0.02

)

(0.02

)

0.02

(0.05

)

0.07

Acquisition costs

0.45

Restructuring and other related charges

0.01

0.02

0.02

0.05

0.14

Loss on extinguishment of debt

0.03

0.02

0.04

Intellectual property defense

0.01

0.01

0.02

0.01

Latin America tax matters

(0.01

)

(0.01

)

Separation and supplemental benefit costs

0.01

0.01

Professional fees related to material weakness remediation and impairment analysis

0.04

Goodwill and long-lived asset impairment

5.01

Tax impact of adjustments

0.03

(0.02

)

(0.01

)

(0.01

)

(0.46

)

Adjusted diluted earnings (loss) per share attributable to ChampionX

$

0.15

$

0.11

$

0.03

0.34

(0.32

)

Free Cash Flow

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(in thousands)

2021

2021

2020

2021

2020

Free Cash Flow

Cash provided by operating activities

$

88,662

$

60,924

$

111,399

$

239,800

$

189,432

Less: Capital expenditures

(21,347

)

(20,101

)

(12,847

)

(67,027

)

(32,169

)

Free cash flow

$

67,315

$

40,823

$

98,552

$

172,773

$

157,263

Cash From Operating Activities to Revenue Ratio

Cash provided by operating activities

$

88,662

$

60,924

$

111,399

$

239,800

$

189,432

Revenue

$

818,785

$

749,172

$

633,526

$

2,252,845

$

1,193,874

Cash from operating activities to revenue ratio

11

%

8

%

18

%

11

%

16

%

Free Cash Flow to Revenue Ratio

Free cash flow

$

67,315

$

40,823

$

98,552

$

172,773

$

157,263

Revenue

$

818,785

$

749,172

$

633,526

$

2,252,845

$

1,193,874

Free cash flow to revenue ratio

8

%

5

%

16

%

8

%

13

%

Free Cash Flow to Adjusted EBITDA Ratio

Free cash flow

$

67,315

$

40,823

$

98,552

$

172,773

$

157,263

Adjusted EBITDA

$

123,553

$

105,381

$

86,822

$

323,180

$

174,541

Free cash flow to adjusted EBITDA ratio

54

%

39

%

114

%

53

%

90

%



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