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- **Offshore Dominance**: 75% of Q3 revenue from offshore/international projects, up sequentially and year-over-year.
- **Tariff Challenges**: Downhole Technologies EBITDA negative due to 95% tariffs; mitigation strategies include global supply diversification.
- **Backlog Growth**: $399M backlog, Q3 bookings $145M (1.3x book-to-bill), driven by military and international orders.
- **Cash Flow Strength**: $31M Q3 cash flow, $100M+ full-year target; Q4 EBITDA guidance $21-22M, with focus on free cash flow generation.
- **Strategic Shifts**: Moving away from commoditized U.S. land services, focusing on high-margin offshore technologies and military contracts.
- **Future Outlook**: Offshore growth driven by lower breakeven projects; MPD, FlexJoint, and subsea recovery systems key growth areas.


**【CEO Summary Section】**
- **Revenue Shift to Offshore**: 75% of Q3 revenue from offshore/international projects, up sequentially and year-over-year, reflecting strategic focus on higher-margin, long-cycle work.
- **Tariff Impact**: Downhole Technologies segment EBITDA negative due to 95% tariffs on imported gun steel, with plans to mitigate through global supply chain diversification.
- **Backlog Strength**: $399M backlog, Q3 bookings $145M (1.3x book-to-bill), driven by military and international orders.
- **Cash Flow**: $31M cash flow from operations, $23M free cash flow, with $4M share buybacks and debt reduction.

**【CFO Financial Commentary】**
- **Q3 Financials**: Revenues $165M, adjusted EBITDA $21M. Offshore/Manufactured Products segment EBITDA margin 21%, Completion and Production Services 29%.
- **Cost Management**: Sequential 11% U.S. land activity decline, but EBITDA growth in Completion and Production Services due to restructuring.
- **Outlook**: Q4 revenue +8% to +13% YoY, EBITDA $21-22M. Full-year cash flow from operations >$100M, with focus on deleveraging and returns to shareholders.

**【Q&A Highlights】**
- **Tariff Mitigation**: Evaluating global supply chains, including Indonesia-based manufacturing, to reduce Downhole Technologies costs.
- **U.S. Land Strategy**: High-grading portfolio to focus on high-margin, selective businesses; mid-teens EBITDA margins in Completion and Production Services.
- **Offshore Growth**: Secular shift to offshore projects with lower breakeven prices; FlexJoint, MPD, and subsea mineral recovery technologies driving demand.
- **Military Orders**: Q3 bookings boosted by defense contracts, with multiyear delivery timelines.
- **Cash Flow Strength**: Q4 cash flow expected to improve, with free cash flow yield leading the industry.


Oil States International, Inc. (OIS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OIS

OIS fundamentals

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