The following is a summary of the Expro Group Holdings N.V. (XPRO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Expro Group reported Q1 2024 revenue of $383 million, representing a year-over-year increase of 13%.

• Adjusted EBITDA was $67 million, a 61% increase compared to Q1 2023.

• The revenue showed a sequential decrease of 6%, aligning with usual first-quarter trends.

• Net loss improved from $6 million in Q1 2023 to $3 million in Q1 2024.

• The projected contribution of the Coretrax acquisition to revenue is $70 to $80 million.

• Long-term financial goals include achieving $2 billion revenue, adjusted EBITDA margin in the mid-20s, and a free cash flow margin of 10%.

Business Progress:

• New contracts worth around $230 million were secured, including subsea contracts worth $40 million in Africa.

• The acquisition of Coretrax for around $210 million is expected to bolster Expro's capabilities.

• The company is actively exploring opportunities for future acquisitions.

• Expro entered into a carbon capture and storage contract with INPEX Corporation for Japan's first clean hydrogen production demonstration project.

• Despite a temporary slow-down in well construction, Expro foresees an improvement post maintenance and an upswing in activity in the Gulf of Mexico.

• A strategic focus on growth through acquisitions and contracts is maintained.

• Expro has reduced support costs from 31% to 19.4%, bolstering confidence in revenue and EBITDA margin targets.

• The company has developed an integration playbook for streamlining future mergers and acquisitions.

More details: Expro Group IR

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