DTI reports FY2023 revenue $152M (+17% YoY), adj. EBITDA $51M; guides FY2024 adj. FCF $20-25.5M

Drilling Tools International Corp

FY2023 revenue $152M (+17% YoY), net income $14.7M, adjusted EBITDA $51M (33.6% margin).
Adjusted free cash flow $7.3M; 2024 guidance for adj. FCF $20-25.5M, more than double.
Closed acquisition of Deep Casing Tools; entered definitive agreement to acquire Superior Drilling Products (SDPI).
Amended ABL credit facility: borrowing capacity to $80M, new $25M term loan, maturity March 2029.
FY2024 outlook: revenue $170-185M, adj. EBITDA $50-58.5M, net income $15-21M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Drilling Tools International Corp reported fourth quarter and fiscal year ended December 31, 2023 results: revenue $152 million, net income $14.7 million.

Period: fourth quarter and fiscal year ended December 31, 2023
Revenue: $152 million
Net income: $14.7 million
Result: reported results

Exact text from the filing

and offshore horizontal and directional drilling operations, today reported its 2023 full year results and provided its 2024 full year outlook. 2023 Full Year Highlights Revenue $152 million Net Income $14.7 million Adjusted EBITDA (1) $51 million Adjusted EBITDA Margin (1) 33.6% Adjusted Free Cash Flow (1)(2) $7.3 million Wayne Prejean, CEO of DTI, stated, “We are

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Source: SEC EDGAR

accession 0001140361-24-015620

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