The following is a summary of the Drilling Tools International Corp. (DTI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Drilling Tools International reported consolidated revenue of $152 million in 2023, a year-over-year increase of 17.4%.

• Tool rental net revenue for 2023 increased by 20.4% to $119.2 billion.

• Operating expenses rose primarily due to personnel costs, stock expenses, and public company costs to reach $124.1 million from $104.3 million last year.

• Net income for 2023 was $14.7 million, down from $21.1 million in 2022 due to increased operating expenses and one-off transaction-related expenses.

• Adjusted EBITDA saw a 24% increase, reaching $51 million.

Business Progress:

• In 2023, DTI effectively executed its strategic plan, growing revenues by 17% despite a decrease in rig counts.

• The company expanded into the North Sea and Middle East markets, using new technology and its core product range.

• DTI concluded the acquisition of Deep Casing Tools and signed an agreement for the forthcoming acquisition of Superior Drilling products to spur growth in the domestic and international markets.

• DTI has established its position in the oil and gas, geothermal, and carbon capture sectors by combining rental services with in-house manufacturing capabilities.

• The company ended 2023 debt-free and with a non-utilized $60 million line of credit.

• In 2024, DTI expects to see revenues reach between $170 million and $185 million, with an anticipated increase of free cash flow to between $20 million and $25.5 million.

More details: Drilling Tools International IR

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