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Available Information This Report, along with our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge through our internet website ( www.patenergy.com ) as soon as reasonably practicable after we electronically file such material with, or furnish it to,…
The business is unprofitable at the operating level (-0.85% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.3% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$4.66B
▼ -10.3% YoY
Net Income (TTM)
-$120M
▲ +90.3% YoY
Op. Margin
-1.55%
▲ +15.7pp YoY
ROIC
-1.26%
▲ +12.2pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$372M
▼ -25.1% YoY
Op. Cash Flow (TTM)
$817M
▼ -18.2% YoY
Net Debt
$934M
Cash & Equiv.
$335M
5Y CAGR: +33.8%
5Y CAGR: +22.8%
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