Drilling Tools International Corp (DTI): M&A transaction — Drilling Tools closes SDP acquisition for ~$32.2M; Q2 revenue flat, Adj. EBITDA $9.0M

Drilling Tools International Corp

Closed acquisition of Superior Drilling Products for ~$32.2M in cash and stock; issued ~4.85M shares, paid $14.9M cash.
Q2 revenue $37.5M flat YoY; operating income $2.2M; Adjusted EBITDA $9.0M.
Identified >$4.5M SG&A synergies, 60% CapEx savings on new DNR tools, and NOL tax benefits.
Updated FY 2024 guidance: revenue $155-170M, Adj. EBITDA $41-47M, Adj. FCF $20-25M.
U.S. rig count softness led to cost reduction program with $2.4M annualized savings.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Drilling Tools International Corp completed an acquisition involving Superior Drilling Products, Inc. for total consideration paid in cash and DTI stock of approximately $32.2 million (closed 2024-08-01).

Action: acquisition
Counterparty: Superior Drilling Products, Inc.
Consideration: total consideration paid in cash and DTI stock of approximately $32.2 million
Closing: 2024-08-01

Exact text from the filing

life cycle, today announced that it has closed on its acquisition of Superior Drilling Products, Inc. (“SDP”) for total consideration paid in cash and DTI stock of approximately $32.2 million per the merger agreement, subject to purchase price accounting adjustments. DTI also reported today its 2024 second quarter results. Wayne Prejean, CEO of DTI, stated, “We are

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Drilling Tools International Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-194343

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