The following is a summary of the Calfrac Well Services Ltd. (CFWFF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Calfrac reported Q4 2023 revenue of $421.4 million, down 6% from the same period in 2022.

• Revenue for FY 2023 totalled nearly $1.9 billion, reflecting a 24% increase from the previous year.

• The adjusted EBITDA in Q4 2023 was $62.6 million, down 18% from Q4 2022.

• Net income from continuing operations fell 11% in Q4 to $13.2 million, but registered a significant year-on-year rise, reaching $197.6 million for FY 2023.

• Capital expenditures increased to $165.4 million in 2023 due to the company's fleet modernization program.

Business Progress:

• Calfrac expanded its operational footprint in North America and improved utilization across all operating divisions in 2023.

• The company is currently in negotiations to sell its Russian division and reported the best annual net income from continuing operations in its history.

• It reduced its long-term debt balance to its lowest since 2009.

• In Q4, the company catered to increased demand for low emission equipment by deploying two Tier IV DGB fleets in North America.

• Looking forward, Calfrac plans to invest in technology enhancements and continue reducing its long-term debt in 2024.

• The company projects strong utilization in Argentina throughout 2024 due to a favorable political climate.

More details: CALFRAC WELL SERVICES LTD IR

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