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Quintana Energy Services Reports Fourth Quarter 2018 Results

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Quintana Energy Services Inc. (NYSE:QES) ("QES" or the "Company") today
reported financial and operating results for the fourth quarter ended
December 31, 2018.

Fourth Quarter 2018 Financial Results

Fourth quarter 2018 revenue was $159.7 million, up 5.8% from $150.9
million in the third quarter of 2018 and up 22.0% from $130.9 million in
the fourth quarter 2017. Fourth quarter 2018 net loss was $1.6 million
and Adjusted EBITDA was $13.9 million, compared to a net loss of $2.4
million and Adjusted EBITDA of $12.9 million for the third quarter of
2018, and net income of $2.1 million and Adjusted EBITDA of $18.8
million in the fourth quarter of 2017. See "Non-GAAP Financial Measures"
at the end of this release for a discussion of Adjusted EBITDA and its
reconciliation to the most directly comparable financial measure
calculated and presented in accordance with U.S. generally accepted
accounting principles ("GAAP").

Rogers Herndon, QES' President and Chief Executive Officer, stated,
"During the fourth quarter we managed through continued market softness
on the completions side of our business, however, we were able to
maintain and, in some cases, increase utilization rates in three of our
four business segments.

"We are proud of our Directional Drilling segment as we continue to
realize market share gains and focus on increasing margins. In Pressure
Control, we realized one month of utilization from one of our new large
diameter coil tubing units delivered in early December. The second unit
was delivered at the end of the quarter and we expect to have full
utilization for the first quarter of 2019. Higher utilization rates in
Pressure Pumping were offset by lower pricing and we elected to warm
stack one of our four frac spreads in early January 2019. During the
fourth quarter we made the needed adjustments to our Wireline offering
and we expect Wireline to be a meaningful contributor to first quarter
results."

Reflecting on its first year as a public Company, QES has:

  • Maintained a strong balance sheet ending the year with net debt
    (excluding capital leases) of $15.7 million;
  • Increased market share and improved margins in its Directional
    Drilling segment;
  • Successfully deployed four additional large diameter coil tubing units
    and a fourth pressure pumping fleet;
  • Maintained industry leading safety record and expanded our customer
    base.

"Our team continues to manage through a challenging completions market,
especially in Pressure Pumping where we have experienced further
utilization and pricing weakness in the first quarter," added Herndon.
"While we anticipate improving market fundamentals throughout 2019, we
will maintain our consistent approach to capital discipline. Our 2019
planned growth projects have been reduced by 67% from 2018 as we focus
on high-return, quick payback investments and continue to push for
increased utilization and efficiencies across our existing asset base.

"We continue to aggressively pursue opportunities to strengthen the QES
platform and create value through strategic consolidation. We see
consolidation as an attractive avenue to accelerate and further drive
much needed efficiencies and improved returns while adding size, scale
and enhanced liquidity for shareholders," concluded Herndon.

Business Segment Results

Directional Drilling

The Directional Drilling segment provides the highly-technical and
essential services of guiding horizontal and directional drilling
operations for exploration and production ("E&P") companies. Revenue was
$60.4 million in the fourth quarter of 2018, up approximately 18.7%
compared to revenue of $50.9 million in the third quarter of 2018 and up
57.7% from the fourth quarter of 2017. Fourth quarter 2018 Adjusted
EBITDA was $9.4 million, compared to Adjusted EBITDA of $6.5 million for
the third quarter of 2018. The sequential increases in revenue and
Adjusted EBITDA were primarily due to increased utilization and pricing
associated with a higher component of specialized technology. In the
fourth quarter of 2017, revenue was $38.3 million and Adjusted EBITDA
was $5.5 million.

Pressure Pumping

The Pressure Pumping segment primarily provides hydraulic fracturing
services to E&P companies in the Mid-Con. Revenue for the segment
increased 8.2% to $54.1 million in the fourth quarter of 2018, up from
$50.0 million in the third quarter of 2018. The sequential increase in
revenue was primarily driven by a 7.6% increase in utilization during
the fourth quarter of 2018 partially offset by pricing pressure during
the quarter. Fourth quarter 2018 Adjusted EBITDA was $4.1 million,
compared to Adjusted EBITDA of $5.8 million for the third quarter of
2018. The sequential decrease in Adjusted EBITDA was primarily due to
increased costs associated with a fully utilized fourth spread in the
fourth quarter of 2018 and reduced pricing. In the Fourth quarter of
2017, revenue was $49.5 million and Adjusted EBITDA was $10.5 million.

Pressure Control

The Pressure Control segment consists of coiled tubing, rig-assisted
snubbing, nitrogen, fluid pumping and well control services. Revenue for
the segment increased approximately 1.6% to $31.6 million in the fourth
quarter of 2018, up from $31.1 million in the third quarter of 2018.
Fourth quarter 2018 Adjusted EBITDA was $4.7 million, compared to
Adjusted EBITDA of $4.4 million for the third quarter of 2018. The
sequential increases in revenue and Adjusted EBITDA were primarily due
to an increase in well control activity during the fourth quarter of
2018. In the fourth quarter of 2017, revenue was $26.5 million and
Adjusted EBITDA was $4.1 million.

Wireline

The Wireline segment primarily provides cased-hole wireline services to
E&P companies. Revenue for the segment decreased to $13.7 million in the
fourth quarter of 2018 from $18.9 million in the third quarter of 2018.
Fourth quarter 2018 Adjusted EBITDA was a loss of $1.3 million, compared
to an Adjusted EBITDA loss of $0.7 million for the third quarter of
2018. The sequential decreases in revenue and Adjusted EBITDA were
primarily due to low utilization and pricing pressure driven by
prevailing market conditions during the quarter. In the fourth quarter
of 2017, revenue was $16.6 million and Adjusted EBITDA was a loss of
$1.5 million.

Other Financial Information

General and administrative ("G&A") expense for the fourth quarter of
2018 of $22.3 million was consistent with the third quarter's G&A
expense of $22.5 million, and increased by $4.2 million, compared to
$18.1 million for the fourth quarter of 2017. The increase in G&A
expenses over 2017 was primarily driven by stock based compensation
expense of $2.5 million, increased headcount, additional administrative
expenses related to being a publicly traded company and related expenses.

Capital expenditures totaled $11.8 million during the fourth quarter of
2018, compared to capital expenditures of $11.9 million in the third
quarter of 2018, and $7.7 million in the fourth quarter of 2017. The
fourth quarter capital spending was consistent with the third quarter as
our 2018 expenditures stabilized following the deployment of the fourth
hydraulic fracturing fleet in the second quarter.

Fourth quarter interest expense of $0.6 million was consistent with the
third quarter's interest expense, and down from $3.0 million in the
fourth quarter of 2017. The fourth quarter interest expense was
consistent with the third quarter and the interest expense decrease over
prior year period was primarily due to a lower debt outstanding balance
during the fourth quarter of 2018.

With the closing of the IPO subsequent to the end of the fiscal year,
the Company's debt structure has improved meaningfully. QES ended the
fourth quarter of 2018 with a total debt balance of $29.5 million, $13.8
million of cash on hand, and $60.2 million of net availability under its
new senior secured asset-based revolving credit facility.

Share Repurchase Plan

On August 8, 2018, QES' Board of Directors approved a $6.0 million stock
repurchase program authorizing the Company to repurchase common stock in
the open market. The timing and amount of stock repurchases will depend
on market conditions and corporate, regulatory and other relevant
considerations. Repurchases may be commenced or suspended at any time
without notice. The program does not obligate QES to purchase any
particular number of shares of common stock during any period or at all,
and the program may be modified or suspended at any time, subject to the
Company's insider trading policy, at the Company's discretion. As of
December 31, 2018, 0.1 million share repurchases were made under this
program.

Conference Call Information

QES has scheduled a conference call for 9:00 a.m. Central Time (10:00
a.m. Eastern Time) on Thursday, March 7, 2019, to review reported
results. You may access the call by telephone at 1-201-389-0867 and
asking for the QES 2018 Fourth Quarter Conference Call. The webcast of
the call may also be accessed through the Investor Relations section of
the Company's website at https://ir.quintanaenergyservices.com/ir-calendar.
A replay of the call can be accessed on the Company's website for 90
days and will be available by telephone through March 14, 2019, at (201)
612-7415, access code 13686596#.

About Quintana Energy Services

QES is a growth-oriented provider of diversified oilfield services to
leading onshore oil and natural gas exploration and production companies
operating in both conventional and unconventional plays in all of the
active major basins throughout the U.S. QES' primary services include:
directional drilling, pressure pumping, pressure control and wireline
services. The Company offers a complementary suite of products and
services to a broad customer base that is supported by in-house
manufacturing, repair and maintenance capabilities. More information is
available at www.quintanaenergyservices.com.

Forward-Looking Statements and Cautionary Statements

This news release (and any oral statements made regarding the subjects
of this release, including on the conference call announced herein)
contains certain statements and information that may constitute
"forward-looking statements." All statements, other than statements of
historical fact, which address activities, events or developments that
we expect, believe or anticipate will or may occur in the future are
forward-looking statements. The words "anticipate," "believe," "expect,"
"plan," "forecasts," "will," "could," "may," and similar expressions
that convey the uncertainty of future events or outcomes, and the
negative thereof, are intended to identify forward-looking statements.
Forward-looking statements contained in this news release, which are not
generally historical in nature, include those that express a belief,
expectation or intention regarding our future activities, plans and
goals and our current expectations with respect to, among other things:
our operating cash flows, the availability of capital and our liquidity;
our future revenue, income and operating performance; our ability to
sustain and improve our utilization, revenue and margins; our ability to
maintain acceptable pricing for our services; future capital
expenditures; our ability to finance equipment, working capital and
capital expenditures; our ability to execute our long-term growth
strategy; our ability to successfully develop our research and
technology capabilities and implement technological developments and
enhancements; and the timing and success of strategic initiatives and
special projects.

Forward-looking statements are not assurances of future performance and
actual results could differ materially from our historical experience
and our present expectations or projections. These forward-looking
statements are based on management's current expectations and beliefs,
forecasts for our existing operations, experience, expectations and
perception of historical trends, current conditions, anticipated future
developments and their effect on us, and other factors believed to be
appropriate. Although management believes the expectations and
assumptions reflected in these forward-looking statements are reasonable
as and when made, no assurance can be given that these assumptions are
accurate or that any of these expectations will be achieved (in full or
at all). Our forward-looking statements involve significant risks,
contingencies and uncertainties, most of which are difficult to predict
and many of which are beyond our control. Known material factors that
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, risks
associated with the following: a decline in demand for our services,
including due to declining commodity prices, overcapacity and other
competitive factors affecting our industry; the cyclical nature and
volatility of the oil and gas industry, which impacts the level of
exploration, production and development activity and spending patterns
by E&P companies; a decline in, or substantial volatility of, crude oil
and gas commodity prices, which generally leads to decreased spending by
our customers and negatively impacts drilling, completion and production
activity; and other risks and uncertainties listed in our filings with
the U.S. Securities and Exchange Commission, including our Current
Reports on Form 8-K that we file from time to time, Quarterly Reports on
Form 10-Q and Annual Report on Form 10-K. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak only as
of the date hereof. We undertake no obligation to publicly update or
revise any forward-looking statements after the date they are made,
whether as a result of new information, future events or otherwise,
except as required by law.

       

Quintana Energy Services Inc.

Consolidated Statements of Operations

(in thousands of dollars and shares, except per share amounts)

 
Three Months Ended Year Ended

December 31,
2018

   

September 30,
2018

   

December 31,
2017

December 31,
2018

   

December 31,
2017

Revenues: $ 159,653 $ 150,897 $ 130,863 $ 604,354 $ 438,033
Costs and expenses:
Direct operating costs 126,904 118,525 96,603 468,502 335,609
General and administrative 22,322 22,540

18,068

97,280 69,856
Depreciation and amortization 12,418 12,033 11,423 46,683 45,687
(Gain) loss on disposition of assets (1,046 ) (629 ) (340 ) (2,375 ) (2,639 )
Operating (loss) income (945 ) (1,572 )

5,109

(5,736 ) (10,480 )
Non-operating income (expense):
Interest expense (626 ) (574 ) (2,961 ) (11,825 ) (11,251 )
Other (expense) income    

(58

)   666  
(Loss) income before income tax (1,571 ) (2,146 ) 2,090 (17,561 ) (21,065 )
Income tax expense (37 ) (207 )   (22 ) (621 ) (91 )
Net (loss) income (1,608 ) (2,353 ) 2,068   (18,182 ) (21,156 )
Net income (loss) attributable to predecessor     2,068   (1,546 ) (21,156 )
Net (loss) attributable to Quintana Energy Services Inc. $ (1,608 ) $ (2,353 ) $   $ (16,636 ) $  
Net (loss) income per common share:
Basic $ (0.05 ) $ (0.07 ) $ (0.50 )
Diluted $ (0.05 ) $ (0.07 ) $ (0.50 )
Weighted average common shares outstanding:
Basic 33,600 33,631 33,573
Diluted 33,600 33,631 33,573

       

Quintana Energy Services Inc.

Consolidated Balance Sheets

(in thousands, except per share and share amounts)

 
December 31, 2018 December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 13,804 $ 8,751
Accounts receivable, net of allowance of $1,841 and $776 101,620 83,325
Unbilled receivables 13,766 9,645
Inventories 23,464 22,693
Prepaid expenses and other current assets 7,481   9,520  
Total current assets 160,135 133,934
Property, plant and equipment, net 153,878 128,518
Intangible assets, net 9,019 10,832
Other assets 1,517   2,375  
Total assets $ 324,549   $ 275,659  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 51,568 $ 36,027
Accrued liabilities 37,533 33,825
Current portion of debt and capital lease obligations 422   79,443  
Total current liabilities 89,523 149,295
Long-term debt, net of deferred financing costs of $0 and $1,709 29,500 37,199
Long-term capital lease obligations 3,451 3,829
Deferred tax liability 130 185
Other long-term liabilities 125   183  
Total liabilities 122,729 190,691
Commitments and contingencies
Shareholders' and members' equity
Members' equity 212,630
Preferred shares, $0.01 par value, 10,000,000 authorized; none
issued and outstanding
Common shares, $0.01 par value, 150,000,000 authorized; 33,774,053
issued; 33,541,161 outstanding
344
Additional paid-in-capital 349,080
Treasury stock, at cost, 232,892 common shares (1,821 )
Accumulated deficit (145,783 ) (127,662 )
Total shareholders' and members' equity 201,820   84,968  
Total liabilities, shareholders' and members' equity $ 324,549   $ 275,659  

 

           

Quintana Energy Services Inc.

Consolidated Statements of Cash Flows

(in thousands of dollars)

 

Year Ended

December 31, 2018 December 31, 2017
Cash flows from operating activities:
Net loss $ (18,182 ) $ (21,156 )
Adjustments to reconcile net loss to net cash used in operating
activities
Depreciation and amortization 46,683 45,687
(Gain) loss on disposition of assets (7,785 ) (10,500 )
Non-cash interest expense 1,032 5,960
Loss on debt extinguishment 8,594
Provision for doubtful accounts 1,103 289
Deferred income tax expense 92 50
Stock-based compensation 17,898
Changes in operating assets and liabilities:
Accounts receivable (19,398 ) (46,869 )
Unbilled receivables (4,121 ) (1,953 )
Inventories (770 ) (3,144 )
Prepaid expenses and other current assets 1,442 1,812
Other noncurrent assets (3 ) (1,439 )
Accounts payable 10,647 6,969
Accrued liabilities 2,767 12,810
Other long-term liabilities   (60 )   (56 )
Net cash provided by (used in) operating activities   39,939     (11,540 )
Cash flows from investing activities:
Purchases of property, plant and equipment (64,957 ) (21,244 )
Proceeds from sale of property, plant and equipment   10,744     35,754  
Net cash (used in) provided by investing activities   (54,213 )   14,510  
Cash flows from financing activities:
Proceeds from revolving debt 41,500 11,035
Payments on revolving debt (91,071 ) (21,964 )
Proceeds from term loans 5,000
Payments on term loans (11,225 )
Payments on capital lease obligations (380 ) (315 )
Payments on financed payables (2,139 )
Payment of deferred financing costs (1,564 ) (194 )
Prepayment premiums on early debt extinguishment (1,346 )
Payments for treasury shares (1,816 )
Proceeds from new shares issuance, net of underwriting commission
costs
90,542
Costs incurred for stock issuance   (3,174 )    
Net cash provided by (used in) financing activities   19,327     (6,438 )
Net increase (decrease) in cash and cash equivalents   5,053     (3,468 )
Cash and cash equivalents beginning of period   8,751     12,219  
Cash and cash equivalents end of period

$

13,804   $ 8,751  
 
Supplemental cash flow information
 
Cash paid for interest

$

2,087

$

5,755
Income taxes paid, net of refund 105 77
Supplemental non-cash investing and financing activities
Non-cash proceeds from sale of assets held for sale 3,990
Fixed asset purchases in accounts payable and accrued liabilities 4,900 934
Financed payables 2,994 1,666
Non-cash capital lease additions 53 70
Non-cash payment for property, plant and equipment 3,279 711
Debt conversion of Former Term Loan to equity 33,631
Conversion of accrued interest to debt 4,202
Issuance of common shares for members' equity

$

212,630

$

       

Quintana Energy Services Inc.

Additional Selected Operating Data

(Unaudited)

 
Three Months Ended Year Ended

December 31,
2018

   

September 30,
2018

   

December 31,
2017

December 31,
2018

   

December 31,
2017

(Unaudited)
Other Operational Data:
Directional Drilling rig days (1) (2) 5,564 4,874 3,798 18,252 14,407
Average monthly Directional Drilling rigs on revenue (3) 82 77 59 69 58
Total hydraulic fracturing stages 1,363 908 1,056 4,179 2,993
Average hydraulic fracturing revenue per stage $ 37,479 $ 50,119 $ 43,700 $ 47,897 $ 47,189
   

(1)

Rig days represent the number of days we are providing services to
rigs and are earning revenues during the period, including days that
standby revenues are earned.

(2)

Rigs on revenue represents the number of rigs earning revenues
during a time period, including days that standby revenues are
earned.

(3)

Includes unconventional stages and conventional jobs, the latter are
counted as a single stage.
 

Non-GAAP Financial Measures

Adjusted EBITDA is a supplemental non-GAAP financial measure that is
used by management and external users of our financial statements, such
as industry analysts, investors, lenders and rating agencies.

Adjusted EBITDA is not a measure of net income or cash flows as
determined by GAAP. We define Adjusted EBITDA as net income or (loss)
plus income taxes, net interest expense, depreciation and amortization,
impairment charges, net (gain) or loss on disposition of assets, stock
based compensation, transaction expenses, rebranding expenses,
settlement expenses, severance expenses and equipment standup expense.

We believe Adjusted EBITDA is useful because it allows us to more
effectively evaluate our operating performance and compare the results
of our operations from period to period without regard to our financing
methods or capital structure. We exclude the items listed above in
arriving at Adjusted EBITDA because these amounts can vary substantially
from company to company within our industry depending upon accounting
methods and book values of assets, capital structures and the method by
which the assets were acquired. Adjusted EBITDA should not be considered
as an alternative to, or more meaningful than, net income as determined
in accordance with GAAP, or as an indicator of our operating performance
or liquidity. Certain items excluded from Adjusted EBITDA are
significant components in understanding and assessing a company's
financial performance, such as a company's cost of capital and tax
structure, as well as the historic costs of depreciable assets, none of
which are components of Adjusted EBITDA. Our computations of Adjusted
EBITDA may not be comparable to other similarly titled measures of other
companies.

The following tables present reconciliations of Adjusted EBITDA to the
most directly comparable GAAP financial measure for the periods
indicated:

       

Quintana Energy Services Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(In thousands of dollars)

(Unaudited)

 
Three Months Ended Year Ended

December 31,
2018

   

September 30,
2018

   

December 31,
2017

December 31,
2018

   

December 31,
2017

Net (loss) income $ (1,608 ) $ (2,353 ) $ 2,068 $ (18,182 ) $ (21,156 )
Income tax expense 37 207 22 621 91
Interest expense 626 574 2,961 11,825 11,251

Other expense (income)

58 (666 )
Depreciation and amortization expense 12,418 12,033 11,423 46,683 45,687
Gain on disposition of assets, net (1,046 ) (629 ) (340 ) (2,375 ) (2,639 )
Non-cash stock based compensation 2,503 2,569 17,898

Transaction expense (1)

977 977

Rebranding expense (2)

74 193 (3 ) 322 9

Settlement expense (3)

304 133 188 825 3,680

Severance expense (4)

107 74 41 235 243

Equipment and stand-up expense (5)

517   97   1,387   2,380   3,749  
Adjusted EBITDA $ 13,932   $ 12,898   $ 18,782   $ 60,232   $ 41,226  
 

(1) For 2017, represents professional fees related to
investment banking. There were no transaction expenses during 2018.

(2) Relates to expenses incurred in connection with
rebranding our business segments.

(3) For 2017, represents professional fees related to
investment banking, accounting and legal services associated with
entering into the Former Term Loan that were recorded in general and
administrative expenses. For 2018, represents lease buyouts, legal fees
for FLSA claims, facility closures and other non-recurring expenses that
were recorded in general and administrative expenses.

(4) Relates to severance expenses incurred in connection with
a program implemented to reduce headcount. In our performance for the
three months ended December 31, 2018, $0.1 million was recorded in
general and administrative expenses. All severance expenses in the third
quarter of 2018 were recorded in general and administrative expenses.

(5) Relates to equipment standup expenses incurred in
connection with the mobilization and redeployment of assets. In our
performance for the three months ended December 31, 2017, $0.5 million
was recorded in direct operating expenses and the remainder was recorded
in general and administrative expenses. For the year ended 2017
approximately $3.6 million was recorded in direct operating expenses and
approximately $0.1 million was recorded in general and administration
expenses. In our performance for the three months ended September 30,
2018, $0.1 million was recorded in general administrative expenses. In
our performance for the three months ended December 31, 2018,
approximately $0.5 million was recorded in direct operating expenses.
For the year ended 2018 approximately $2.2 million was recorded in
direct operating expenses and approximately $0.2 million was recorded in
general and administration expenses.

           

Quintana Energy Services Inc.

Reconciliation of Segment Adjusted EBITDA to Net Income

(In thousands of dollars)

(Unaudited)

 
Three Months Ended Year Ended

December 31,
2018

   

September 30,
2018

   

December 31,
2017

December 31,
2018

   

December 31,
2017

Directional Drilling $ 9,420 $ 6,452 $

5,533

$ 23,694 $ 17,498
Pressure Pumping 4,131 5,795 10,500 28,700 27,784
Pressure Control 4,716 4,421 4,105 18,389 6,539
Wireline (1,251 ) (738 ) 1,535 1,362 (1,794 )
Corporate and Other (6,589 ) (6,098 ) (5,481 ) (33,573 ) (17,459 )
Income tax expense (37 ) (207 ) (22 ) (621 ) (91 )
Interest expense (626 ) (574 ) (2,961 ) (11,825 ) (11,251 )
Depreciation and amortization (12,418 ) (12,033 ) (11,423 ) (46,683 ) (45,687 )
Gain on disposition of assets, net 1,046 629 340 2,375 2,639

Other (expense) income

   

(58

)

  666  
Net (loss) income $ (1,608 ) $ (2,353 ) $ 2,068   $ (18,182 ) $ (21,156 )

       

Quintana Energy Services Inc.

Segment Adjusted EBITDA Margin

(In thousands of dollars, except percentages)

(Unaudited)

 
Three Months Ended Year Ended

December 31,
2018

   

September 30,
2018

   

December 31,
2017

December 31,
2018

   

December 31,
2017

Segment Adjusted EBITDA Margin(1)

Directional Drilling
Adjusted EBITDA $ 9,420 $ 6,452 $ 5,533 $ 23,694 $ 17,498
Revenue 60,365   50,919   38,279   192,491   145,230  
Adjusted EBITDA Margin Percentage 15.6   12.7   14.5   12.3   12.0  
Pressure Pumping
Adjusted EBITDA 4,131 5,795 10,500 28,700 27,784
Revenue 54,064   49,987   49,483   214,154   153,118  
Adjusted EBITDA Margin Percentage 7.6   11.6   21.2   13.4   18.1  
Pressure Control
Adjusted EBITDA 4,716 4,421 4,105 18,389 6,539
Revenue 31,557   31,138   26,520   122,620   89,912  
Adjusted EBITDA Margin Percentage 14.9   14.2   15.5   15.0   7.3  
Wireline
Adjusted EBITDA (1,251 ) (738 ) 1,535 1,362 (1,794 )
Revenue 13,667  

 

18,853   16,582   75,089   49,773  
Adjusted EBITDA Margin Percentage (9.2 ) (3.9 ) 9.3   1.8   (3.6 )
     

(1)

Segment Adjusted EBITDA Margin is defined as the quotient of Segment
Adjusted EBITDA and total segment revenue. Segment Adjusted EBITDA
is net income (loss) plus income taxes, net interest expense,
depreciation and amortization, impairment charges, net (gain) loss
on disposition of assets, stock based compensation, transaction
expenses, rebranding expenses, settlement expenses, severance
expenses and equipment standup expense.

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