0001437749-25-023784
SEC filingExpro's Notes reveal $59.1M in PP&E purchase commitments, $15M in share buybacks, and $121.1M debt with a new $500M credit facility.
As of June 30, 2025, Expro held cash and cash equivalents of $206.8 million (plus $0.7M restricted cash). Total assets were $2.34 billion, with stockholders' equity of $1.52 billion. The company reported long-term borrowings of $121.1 million under its amended revolving credit facility, with an effective interest rate of 7.0%. A subsequent event on July 23, 2025, established a new $500 million senior secured revolving credit facility (with $400M revolving and $100M bridge), replacing the previous facility and maturing in 2029.
Expro had $59.1 million in contractual commitments for property, plant and equipment as of June 30, 2025, up from $31.1 million at year-end 2024. Additionally, $50.4 million of the credit facility was utilized for bonds and guarantees. Deferred revenue stood at $9.5 million, with $4.6 million classified as current.
During the six months ended June 30, 2025, Expro repurchased 1.6 million shares for $15.0 million at an average price of $9.22 under its $100 million stock repurchase program, which extends through November 2025. No dividends were declared. Capital expenditures totaled $54.3 million, with the largest spending in NLA ($26.6M). The company issued no new debt in the period but refinanced with a larger facility post-period.
Expro operates four geographic segments: NLA, ESSA, MENA, and APAC. For the six months ended June 30, 2025, combined revenue was $813.6 million. Segment EBITDA totaled $225.5 million, with ESSA leading at $68.8 million and MENA close behind at $66.7 million. NLA contributed $64.3 million, while APAC added $25.7 million. The company's segment breakdown shows diversified geographic exposure, with no single segment dominating.
Operating cash flow of $89.9M comfortably exceeded net income of $32.0M, indicating strong cash conversion. The primary driver was depreciation and amortization ($92.1M) and favorable working capital movements, notably a $15.1M decrease in accounts receivable. Capital expenditure of $54.3M represented about 60% of operating cash flow, leaving $35.6M for other uses. Free cash flow (not explicitly stated) would be approximately $35.6M. Share repurchases of $15.0M were fully funded by operating cash flow. The company did not pay dividends. Overall, cash generation improved dramatically versus the prior year, with operating cash flow rising 436% due to higher earnings and disciplined cost management. No significant anomalies were observed beyond a $12.9M increase in other liabilities and a $6.6M decrease in income taxes payable.