Expro financial29 Mar 2024 09:51
Revenue was $1,513 million for the year ended December 31, 2023, an increase of $234 million, or 18%, compared to $1,279 million for the year ended December 31, 2022. Activity and revenue across all geography-based operating segments increased during the year ended December 31, 2023, most notably in Europe and Sub-Saharan Africa (“ESSA”).
Net loss was $23 million for the year ended December 31, 2023, or $0.21 per diluted share, compared to a net loss of $20 million, or $0.18 per diluted share, for the year ended December 31, 2022. Adjusted net income for the year ended December 31, 2023 was $20 million, or $ 0.19 per diluted share, compared to adjusted net income for the year ended December 31, 2022 of $19 million, or $ 0.18 per diluted share.
Adjusted EBITDA increased by $43 million, or 21%, to $249 million for the year ended December 31, 2023 from $206 million for the prior year. The increase in Adjusted EBITDA is primarily attributable to higher revenue and a more favorable activity mix. Adjusted EBITDA margin was approximately 16% for both 2023 and 2022, respectively. Adjusted EBITDA for the year ended December 31, 2023 includes unrecoverable LWI-related costs in Asia Pacific (“APAC”) of $36 million. Adjusted EBITDA for the year ended December 31, 2022 includes unrecoverable LWI-related costs of $28 million. Excluding unrecoverable LWI-related costs, Adjusted EBITDA for the years ended December 31, 2023 and 2022 would have been $285 million and $234 million, and Adjusted EBITDA margin would have been 19% and 18%, respectively.