Exhibit 99.2
NOV Inc.
Selected Financial Data (A)
(In millions)
(Unaudited except where noted)
As reported prior to January 1, 2024 |
| 2021 |
|
| 2022 |
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| 2019 |
| 2020 |
| 2021 |
| 2022 |
| 2023 |
| |||||||||||||||||
Revenue (Audited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Wellbore Technologies |
| $ | 413 |
| $ | 463 |
| $ | 507 |
| $ | 576 |
|
| $ | 608 |
| $ | 666 |
| $ | 741 |
| $ | 762 |
|
| $ | 745 |
| $ | 804 |
| $ | 799 |
| $ | 824 |
|
| $ | 3,214 |
| $ | 1,867 |
| $ | 1,959 |
| $ | 2,777 |
| $ | 3,172 |
|
Completion & Production Solutions |
|
| 439 |
|
| 497 |
|
| 478 |
|
| 549 |
|
|
| 530 |
|
| 639 |
|
| 681 |
|
| 738 |
|
|
| 718 |
|
| 753 |
|
| 760 |
|
| 803 |
|
|
| 2,771 |
|
| 2,433 |
|
| 1,963 |
|
| 2,588 |
|
| 3,034 |
|
Rig Technologies |
|
| 431 |
|
| 487 |
|
| 390 |
|
| 431 |
|
|
| 441 |
|
| 462 |
|
| 511 |
|
| 620 |
|
|
| 550 |
|
| 606 |
|
| 686 |
|
| 766 |
|
|
| 2,682 |
|
| 1,919 |
|
| 1,739 |
|
| 2,034 |
|
| 2,608 |
|
Eliminations |
|
| (34 | ) |
| (30 | ) |
| (34 | ) |
| (39 | ) |
|
| (31 | ) |
| (40 | ) |
| (44 | ) |
| (47 | ) |
|
| (51 | ) |
| (70 | ) |
| (60 | ) |
| (50 | ) |
|
| (188 | ) |
| (129 | ) |
| (137 | ) |
| (162 | ) |
| (231 | ) |
Total |
| $ | 1,249 |
| $ | 1,417 |
| $ | 1,341 |
| $ | 1,517 |
|
| $ | 1,548 |
| $ | 1,727 |
| $ | 1,889 |
| $ | 2,073 |
|
| $ | 1,962 |
| $ | 2,093 |
| $ | 2,185 |
| $ | 2,343 |
|
| $ | 8,479 |
| $ | 6,090 |
| $ | 5,524 |
| $ | 7,237 |
| $ | 8,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Adjusted EBITDA (B): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Wellbore Technologies |
| $ | 34 |
| $ | 63 |
| $ | 77 |
| $ | 88 |
|
| $ | 101 |
| $ | 122 |
| $ | 145 |
| $ | 146 |
|
| $ | 133 |
| $ | 164 |
| $ | 166 |
| $ | 160 |
|
| $ | 527 |
| $ | 178 |
| $ | 262 |
| $ | 514 |
| $ | 623 |
|
Completion & Production Solutions |
|
| (4 | ) |
| 4 |
|
| (5 | ) |
| 2 |
|
|
| 10 |
|
| 32 |
|
| 56 |
|
| 66 |
|
|
| 54 |
|
| 69 |
|
| 67 |
|
| 86 |
|
|
| 258 |
|
| 230 |
|
| (3 | ) |
| 164 |
|
| 276 |
|
Rig Technologies |
|
| 13 |
|
| 75 |
|
| 25 |
|
| 21 |
|
|
| 36 |
|
| 41 |
|
| 52 |
|
| 88 |
|
|
| 69 |
|
| 71 |
|
| 100 |
|
| 109 |
|
|
| 347 |
|
| 117 |
|
| 134 |
|
| 217 |
|
| 349 |
|
Eliminations and corporate costs |
|
| (43 | ) |
| (38 | ) |
| (41 | ) |
| (42 | ) |
|
| (44 | ) |
| (45 | ) |
| (58 | ) |
| (69 | ) |
|
| (61 | ) |
| (59 | ) |
| (66 | ) |
| (61 | ) |
|
| (247 | ) |
| (175 | ) |
| (164 | ) |
| (216 | ) |
| (247 | ) |
Total |
| $ | - |
| $ | 104 |
| $ | 56 |
| $ | 69 |
|
| $ | 103 |
| $ | 150 |
| $ | 195 |
| $ | 231 |
|
| $ | 195 |
| $ | 245 |
| $ | 267 |
| $ | 294 |
|
| $ | 885 |
| $ | 350 |
| $ | 229 |
| $ | 679 |
| $ | 1,001 |
|
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|
|
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|
|
|
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|
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|
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| |||||||||||||||||
Adjusted EBITDA % (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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| |||||||||||||||||
Wellbore Technologies |
|
| 8.2 | % |
| 13.6 | % |
| 15.2 | % |
| 15.3 | % |
|
| 16.6 | % |
| 18.3 | % |
| 19.6 | % |
| 19.2 | % |
|
| 17.9 | % |
| 20.4 | % |
| 20.8 | % |
| 19.4 | % |
|
| 16.4 | % |
| 9.5 | % |
| 13.4 | % |
| 18.5 | % |
| 19.6 | % |
Completion & Production Solutions |
|
| -0.9 | % |
| 0.8 | % |
| -1.0 | % |
| 0.4 | % |
|
| 1.9 | % |
| 5.0 | % |
| 8.2 | % |
| 8.9 | % |
|
| 7.5 | % |
| 9.2 | % |
| 8.8 | % |
| 10.7 | % |
|
| 9.3 | % |
| 9.5 | % |
| -0.2 | % |
| 6.3 | % |
| 9.1 | % |
Rig Technologies |
|
| 3.0 | % |
| 15.4 | % |
| 6.4 | % |
| 4.9 | % |
|
| 8.2 | % |
| 8.9 | % |
| 10.2 | % |
| 14.2 | % |
|
| 12.5 | % |
| 11.7 | % |
| 14.6 | % |
| 14.2 | % |
|
| 12.9 | % |
| 6.1 | % |
| 7.7 | % |
| 10.7 | % |
| 13.4 | % |
Eliminations and corporate costs |
|
| - |
|
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
NOV consolidated |
|
| 0.0 | % |
| 7.3 | % |
| 4.2 | % |
| 4.5 | % |
|
| 6.7 | % |
| 8.7 | % |
| 10.3 | % |
| 11.1 | % |
|
| 9.9 | % |
| 11.7 | % |
| 12.2 | % |
| 12.5 | % |
|
| 10.4 | % |
| 5.7 | % |
| 4.1 | % |
| 9.4 | % |
| 11.7 | % |
|
|
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|
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|
|
|
|
|
|
|
|
|
|
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|
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| |||||||||||||||||
Completion & Production Solutions (D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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| |||||||||||||||||
Ending backlog |
| $ | 810 |
| $ | 1,003 |
| $ | 1,107 |
| $ | 1,287 |
|
| $ | 1,364 |
| $ | 1,442 |
| $ | 1,478 |
| $ | 1,602 |
|
| $ | 1,601 |
| $ | 1,586 |
| $ | 1,626 |
| $ | 1,822 |
|
| $ | 1,305 |
| $ | 696 |
| $ | 1,287 |
| $ | 1,602 |
| $ | 1,822 |
|
Revenue out of backlog |
|
| 267 |
|
| 276 |
|
| 266 |
|
| 311 |
|
|
| 308 |
|
| 401 |
|
| 425 |
|
| 472 |
|
|
| 422 |
|
| 477 |
|
| 466 |
|
| 513 |
|
|
| 1,625 |
|
| 1,526 |
|
| 1,120 |
|
| 1,606 |
|
| 1,878 |
|
Order additions, net |
|
| 338 |
|
| 462 |
|
| 384 |
|
| 495 |
|
|
| 339 |
|
| 530 |
|
| 493 |
|
| 557 |
|
|
| 407 |
|
| 450 |
|
| 530 |
|
| 676 |
|
|
| 2,055 |
|
| 915 |
|
| 1,679 |
|
| 1,919 |
|
| 2,063 |
|
Adjustments (1) |
|
| 43 |
|
| 7 |
|
| (14 | ) |
| (4 | ) |
|
| 46 |
|
| (51 | ) |
| (32 | ) |
| 39 |
|
|
| 14 |
|
| 12 |
|
| (24 | ) |
| 33 |
|
|
| (19 | ) |
| 2 |
|
| 32 |
|
| 2 |
|
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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| |||||||||||||||||
Rig Technologies (D): |
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|
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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| |||||||||||||||||
Ending backlog |
| $ | 2,591 |
| $ | 2,655 |
| $ | 2,784 |
| $ | 2,767 |
|
| $ | 2,893 |
| $ | 2,839 |
| $ | 2,781 |
| $ | 2,793 |
|
| $ | 2,876 |
| $ | 2,893 |
| $ | 2,968 |
| $ | 2,868 |
|
| $ | 2,994 |
| $ | 2,669 |
| $ | 2,767 |
| $ | 2,793 |
| $ | 2,868 |
|
Revenue out of backlog |
|
| 190 |
|
| 168 |
|
| 158 |
|
| 188 |
|
|
| 190 |
|
| 174 |
|
| 202 |
|
| 257 |
|
|
| 179 |
|
| 205 |
|
| 248 |
|
| 314 |
|
|
| 1,136 |
|
| 807 |
|
| 704 |
|
| 823 |
|
| 946 |
|
Order additions, net |
|
| 112 |
|
| 232 |
|
| 300 |
|
| 191 |
|
|
| 236 |
|
| 140 |
|
| 119 |
|
| 254 |
|
|
| 251 |
|
| 222 |
|
| 178 |
|
| 214 |
|
|
| 1,013 |
|
| 467 |
|
| 835 |
|
| 749 |
|
| 865 |
|
Adjustments (1) |
|
| - |
|
| - |
|
| (13 | ) |
| (20 | ) |
|
| 80 |
|
| (20 | ) |
| 25 |
|
| 15 |
|
|
| 11 |
|
| - |
|
| 145 |
|
| - |
|
|
| - |
|
| 15 |
|
| (33 | ) |
| 100 |
|
| 156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |||||||||||||||||||||||||||||||||||
Other items excluded from Adjusted EBITDA (2) (E): |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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| |||||||||||||||||
Wellbore Technologies |
| $ | 4 |
| $ | 18 |
| $ | 7 |
| $ | 2 |
|
| $ | 23 |
| $ | 7 |
| $ | 31 |
| $ | (1 | ) |
| $ | - |
| $ | (1 | ) | $ | 3 |
| $ | 42 |
|
| $ | 3,794 |
| $ | 840 |
| $ | 31 |
| $ | 60 |
| $ | 44 |
|
Completion & Production Solutions |
|
| (2 | ) |
| (6 | ) |
| 7 |
|
| 2 |
|
|
| 16 |
|
| 1 |
|
| 19 |
|
| - |
|
|
| (1 | ) |
| - |
|
| 2 |
|
| 25 |
|
|
| 2,042 |
|
| 1,138 |
|
| 1 |
|
| 36 |
|
| 26 |
|
Rig Technologies |
|
| 3 |
|
| 8 |
|
| 8 |
|
| 3 |
|
|
| 6 |
|
| (8 | ) |
| 13 |
|
| (11 | ) |
|
| (3 | ) |
| (7 | ) |
| (3 | ) |
| (18 | ) |
|
| 784 |
|
| 424 |
|
| 22 |
|
| - |
|
| (31 | ) |
Eliminations and corporate costs |
|
| 2 |
|
| - |
|
| 2 |
|
| 1 |
|
|
| - |
|
| 14 |
|
| - |
|
| 4 |
|
|
| - |
|
| 1 |
|
| 5 |
|
| 6 |
|
|
| 11 |
|
| 40 |
|
| 5 |
|
| 18 |
|
| 12 |
|
Total |
| $ | 7 |
| $ | 20 |
| $ | 24 |
| $ | 8 |
|
| $ | 45 |
| $ | 14 |
| $ | 63 |
| $ | (8 | ) |
| $ | (4 | ) | $ | (7 | ) | $ | 7 |
| $ | 55 |
|
| $ | 6,631 |
| $ | 2,442 |
| $ | 59 |
| $ | 114 |
| $ | 51 |
|
Proforma for re-segmentation (F) |
| 2021 |
|
| 2022 |
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| 2019 |
| 2020 |
| 2021 |
| 2022 |
| 2023 |
| |||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Energy Products and Services |
| $ | 536 |
| $ | 591 |
| $ | 639 |
| $ | 727 |
|
| $ | 750 |
| $ | 859 |
| $ | 943 |
| $ | 985 |
|
| $ | 941 |
| $ | 1,029 |
| $ | 1,034 |
| $ | 1,073 |
|
| $ | 4,064 |
| $ | 2,665 |
| $ | 2,493 |
| $ | 3,537 |
| $ | 4,077 |
|
Energy Equipment |
|
| 735 |
|
| 848 |
|
| 726 |
|
| 819 |
|
|
| 825 |
|
| 897 |
|
| 976 |
|
| 1,121 |
|
|
| 1,052 |
|
| 1,117 |
|
| 1,195 |
|
| 1,305 |
|
|
| 4,512 |
|
| 3,502 |
|
| 3,128 |
|
| 3,819 |
|
| 4,669 |
|
Eliminations |
|
| (22 | ) |
| (22 | ) |
| (24 | ) |
| (29 | ) |
|
| (27 | ) |
| (29 | ) |
| (30 | ) |
| (33 | ) |
|
| (31 | ) |
| (53 | ) |
| (44 | ) |
| (35 | ) |
|
| (97 | ) |
| (77 | ) |
| (97 | ) |
| (119 | ) |
| (163 | ) |
Total |
| $ | 1,249 |
| $ | 1,417 |
| $ | 1,341 |
| $ | 1,517 |
|
| $ | 1,548 |
| $ | 1,727 |
| $ | 1,889 |
| $ | 2,073 |
|
| $ | 1,962 |
| $ | 2,093 |
| $ | 2,185 |
| $ | 2,343 |
|
| $ | 8,479 |
| $ | 6,090 |
| $ | 5,524 |
| $ | 7,237 |
| $ | 8,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Adjusted EBITDA (B): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Energy Products and Services |
| $ | 32 |
| $ | 65 |
| $ | 76 |
| $ | 90 |
|
| $ | 108 |
| $ | 143 |
| $ | 158 |
| $ | 174 |
|
| $ | 154 |
| $ | 198 |
| $ | 197 |
| $ | 193 |
|
| $ | 636 |
| $ | 291 |
| $ | 263 |
| $ | 583 |
| $ | 742 |
|
Energy Equipment |
|
| 5 |
|
| 69 |
|
| 14 |
|
| 16 |
|
|
| 34 |
|
| 46 |
|
| 81 |
|
| 115 |
|
|
| 94 |
|
| 99 |
|
| 124 |
|
| 147 |
|
|
| 423 |
|
| 197 |
|
| 104 |
| $ | 276 |
|
| 464 |
|
Eliminations and corporate costs |
|
| (37 | ) |
| (30 | ) |
| (34 | ) |
| (37 | ) |
|
| (39 | ) |
| (39 | ) |
| (44 | ) |
| (58 | ) |
|
| (53 | ) |
| (52 | ) |
| (54 | ) |
| (46 | ) |
|
| (174 | ) |
| (138 | ) |
| (138 | ) | $ | (180 | ) |
| (205 | ) |
Total |
|
| - |
| $ | 104 |
| $ | 56 |
| $ | 69 |
|
| $ | 103 |
| $ | 150 |
| $ | 195 |
| $ | 231 |
|
| $ | 195 |
| $ | 245 |
| $ | 267 |
| $ | 294 |
|
| $ | 885 |
| $ | 350 |
| $ | 229 |
| $ | 679 |
| $ | 1,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Adjusted EBITDA % (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Energy Products and Services |
|
| 6.0 | % |
| 11.0 | % |
| 11.9 | % |
| 12.4 | % |
|
| 14.4 | % |
| 16.6 | % |
| 16.8 | % |
| 17.7 | % |
|
| 16.4 | % |
| 19.2 | % |
| 19.1 | % |
| 18.0 | % |
|
| 15.6 | % |
| 10.9 | % |
| 10.5 | % |
| 16.5 | % |
| 18.2 | % |
Energy Equipment |
|
| 0.7 | % |
| 8.1 | % |
| 1.9 | % |
| 2.0 | % |
|
| 4.1 | % |
| 5.1 | % |
| 8.3 | % |
| 10.3 | % |
|
| 8.9 | % |
| 8.9 | % |
| 10.4 | % |
| 11.3 | % |
|
| 9.4 | % |
| 5.6 | % |
| 3.3 | % |
| 7.2 | % |
| 9.9 | % |
Eliminations and corporate costs |
|
| - |
|
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
NOV consolidated |
|
| 0.0 | % |
| 7.3 | % |
| 4.2 | % |
| 4.5 | % |
|
| 6.7 | % |
| 8.7 | % |
| 10.3 | % |
| 11.1 | % |
|
| 9.9 | % |
| 11.7 | % |
| 12.2 | % |
| 12.5 | % |
|
| 10.4 | % |
| 5.7 | % |
| 4.1 | % |
| 9.4 | % |
| 11.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Energy Equipment (D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ending Backlog |
| $ | 3,109 |
| $ | 3,338 |
| $ | 3,522 |
| $ | 3,633 |
|
| $ | 3,763 |
| $ | 3,742 |
| $ | 3,667 |
| $ | 3,769 |
|
| $ | 3,840 |
| $ | 3,859 |
| $ | 3,993 |
| $ | 4,149 |
|
| $ | 3,878 |
| $ | 3,174 |
| $ | 3,633 |
| $ | 3,769 |
| $ | 4,149 |
|
Revenue out of backlog |
|
| 360 |
|
| 342 |
|
| 318 |
|
| 379 |
|
|
| 387 |
|
| 407 |
|
| 465 |
|
| 541 |
|
|
| 457 |
|
| 505 |
|
| 537 |
|
| 630 |
|
|
| 2,080 |
|
| 1,744 |
|
| 1,399 |
|
| 1,800 |
|
| 2,129 |
|
Order additions, net |
|
| 309 |
|
| 565 |
|
| 529 |
|
| 513 |
|
|
| 391 |
|
| 457 |
|
| 396 |
|
| 595 |
|
|
| 505 |
|
| 511 |
|
| 548 |
|
| 756 |
|
|
| 2,346 |
|
| 1,023 |
|
| 1,916 |
|
| 1,839 |
|
| 2,320 |
|
Adjustments |
|
| (14 | ) |
| 6 |
|
| (27 | ) |
| (23 | ) |
|
| 126 |
|
| (71 | ) |
| (6 | ) |
| 48 |
|
|
| 23 |
|
| 13 |
|
| 123 |
|
| 30 |
|
|
| (18 | ) |
| 17 |
|
| (58 | ) |
| 97 |
|
| 189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Other items excluded from Adjusted EBITDA (2) (E): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Energy Products and Services |
| $ | 4 |
| $ | 18 |
| $ | 7 |
| $ | 3 |
|
| $ | 24 |
| $ | 9 |
| $ | 39 |
| $ | - |
|
| $ | - |
| $ | (1 | ) | $ | 4 |
| $ | 50 |
|
| $ | 4,231 |
| $ | 1,145 |
| $ | 32 |
| $ | 72 |
| $ | 53 |
|
Energy Equipment |
|
| 1 |
|
| 2 |
|
| 15 |
|
| 4 |
|
|
| 21 |
|
| (9 | ) |
| 24 |
|
| (12 | ) |
|
| (4 | ) |
| (7 | ) |
| (2 | ) |
| (1 | ) |
|
| 2,389 |
|
| 1,257 |
|
| 22 |
|
| 24 |
|
| (14 | ) |
Eliminations and corporate costs |
|
| 2 |
|
| - |
|
| 2 |
|
| 1 |
|
|
| - |
|
| 14 |
|
| - |
|
| 4 |
|
|
| - |
|
| 1 |
|
| 5 |
|
| 6 |
|
|
| 11 |
|
| 40 |
|
| 5 |
|
| 18 |
|
| 12 |
|
Total |
| $ | 7 |
| $ | 20 |
| $ | 24 |
| $ | 8 |
|
| $ | 45 |
| $ | 14 |
| $ | 63 |
| $ | (8 | ) |
| $ | (4 | ) | $ | (7 | ) | $ | 7 |
| $ | 55 |
|
| $ | 6,631 |
| $ | 2,442 |
| $ | 59 |
| $ | 114 |
| $ | 51 |
|
NOV Inc.
Reconciliation of Adjusted EBITDA
(In millions)
| 2021 |
|
| 2022 |
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA: | Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| 2019 |
| 2020 |
| 2021 |
| 2022 |
| 2023 |
| |||||||||||||||||
GAAP net income attributable to Company | $ | (115 | ) | $ | (26 | ) | $ | (69 | ) | $ | (40 | ) |
| $ | (50 | ) | $ | 69 |
| $ | 32 |
| $ | 104 |
|
| $ | 126 |
| $ | 155 |
| $ | 114 |
| $ | 598 |
|
| $ | (6,095 | ) | $ | (2,542 | ) | $ | (250 | ) | $ | 155 |
| $ | 993 |
|
Noncontrolling interests |
| 1 |
|
| 3 |
|
| 4 |
|
| (3 | ) |
|
| 1 |
|
| 1 |
|
| 3 |
|
| (5 | ) |
|
| (1 | ) |
| 2 |
|
| (6 | ) |
| (3 | ) |
|
| 2 |
|
| 5 |
|
| 5 |
|
| - |
|
| (8 | ) |
Provision (benefit) for income taxes |
| (6 | ) |
| 2 |
|
| 5 |
|
| 14 |
|
|
| 14 |
|
| (2 | ) |
| 29 |
|
| 42 |
|
|
| 20 |
|
| 19 |
|
| 48 |
|
| (460 | ) |
|
| (369 | ) |
| (242 | ) |
| 15 |
|
| 83 |
|
| (373 | ) |
Interest expense |
| 20 |
|
| 19 |
|
| 19 |
|
| 19 |
|
|
| 19 |
|
| 19 |
|
| 19 |
|
| 21 |
|
|
| 21 |
|
| 21 |
|
| 23 |
|
| 23 |
|
|
| 100 |
|
| 84 |
|
| 77 |
|
| 78 |
|
| 88 |
|
Interest income |
| (2 | ) |
| (2 | ) |
| (3 | ) |
| (2 | ) |
|
| (1 | ) |
| (5 | ) |
| (6 | ) |
| (7 | ) |
|
| (8 | ) |
| (8 | ) |
| (5 | ) |
| (7 | ) |
|
| (20 | ) |
| (7 | ) |
| (9 | ) |
| (19 | ) |
| (28 | ) |
Equity income in unconsolidated affiliate |
| 4 |
|
| - |
|
| 2 |
|
| (1 | ) |
|
| (6 | ) |
| (14 | ) |
| (12 | ) |
| (36 | ) |
|
| (48 | ) |
| (37 | ) |
| (16 | ) |
| (18 | ) |
|
| 13 |
|
| 260 |
|
| 5 |
|
| (68 | ) |
| (119 | ) |
Other expense, net |
| 10 |
|
| 16 |
|
| (1 | ) |
| (2 | ) |
|
| 2 |
|
| - |
|
| (10 | ) |
| 43 |
|
|
| 16 |
|
| 29 |
|
| 25 |
|
| 28 |
|
|
| 90 |
|
| 17 |
|
| 23 |
|
| 35 |
|
| 98 |
|
(Gain) or Loss on Sales of Fixed Assets |
| 2 |
|
| (5 | ) |
| - |
|
| 1 |
|
|
| 5 |
|
| (7 | ) |
| 1 |
|
| 1 |
|
|
| (4 | ) |
| - |
|
| - |
|
| 1 |
|
|
| - |
|
| (19 | ) |
| (2 | ) |
| - |
|
| (3 | ) |
Depreciation and amortization |
| 79 |
|
| 77 |
|
| 75 |
|
| 75 |
|
|
| 74 |
|
| 75 |
|
| 76 |
|
| 76 |
|
|
| 77 |
|
| 71 |
|
| 77 |
|
| 77 |
|
|
| 533 |
|
| 352 |
|
| 306 |
|
| 301 |
|
| 302 |
|
Other items |
| 7 |
|
| 20 |
|
| 24 |
|
| 8 |
|
|
| 45 |
|
| 14 |
|
| 63 |
|
| (8 | ) |
|
| (4 | ) |
| (7 | ) |
| 7 |
|
| 55 |
|
|
| 6,631 |
|
| 2,442 |
|
| 59 |
|
| 114 |
|
| 51 |
|
Total Adjusted EBITDA | $ | - |
| $ | 104 |
| $ | 56 |
| $ | 69 |
|
| $ | 103 |
| $ | 150 |
| $ | 195 |
| $ | 231 |
|
| $ | 195 |
| $ | 245 |
| $ | 267 |
| $ | 294 |
|
| $ | 885 |
| $ | 350 |
| $ | 229 |
| $ | 679 |
| $ | 1,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Revenue | $ | 1,249 |
| $ | 1,417 |
| $ | 1,341 |
| $ | 1,517 |
|
| $ | 1,548 |
| $ | 1,727 |
| $ | 1,889 |
| $ | 2,073 |
|
| $ | 1,962 |
| $ | 2,093 |
| $ | 2,185 |
| $ | 2,343 |
|
| $ | 8,479 |
| $ | 6,090 |
| $ | 5,524 |
| $ | 7,237 |
| $ | 8,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Adjusted EBITDA as a % of Revenue |
| 0.0 | % |
| 7.3 | % |
| 4.2 | % |
| 4.5 | % |
|
| 6.7 | % |
| 8.7 | % |
| 10.3 | % |
| 11.1 | % |
|
| 9.9 | % |
| 11.7 | % |
| 12.2 | % |
| 12.5 | % |
|
| 10.4 | % |
| 5.7 | % |
| 4.1 | % |
| 9.4 | % |
| 11.7 | % |