The following is a summary of the Drilling Tools International Corporation (DTI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• DTI reported Q1 2024 consolidated revenue of $37 million with tool rental net revenue being $30 million and product sales net revenue $7 million.

• The company's operating income was $5.1 million, with adjusted net income at $3.8 million.

• Adjusted EBITDA was $10.9 million and adjusted free cash flow came in at $4.7 million.

• Maintenance Capital Expenditure was approximately 9% of total consolidated revenue.

• DTI projects its 2024 revenue to be between $170 million and $185 million, with adjusted EBITDA ranging from $50 million to $58.5 million.

• The company plans to double its adjusted free cash flow compared to the previous year, estimating it to be between $20 million and $25.5 million.

Business Progress:

• DTI has been progressing with the integration of Deep Casing Tools since its acquisition in mid-March 2024 and is also preparing for the SDP transaction closure.

• The acquisitions of Deep Casing Tools and SDP are expected to enhance DTI's growth and improve margins.

• The company's client base includes significant companies like Aramco, Baker Hughes, BP Chevron, and Exxon, among others.

• There's a projection of double-digit growth in international operations revenue to 10%-11% up from less than 1% in 2023.

• DTI intends to allocate capital and strategize acquisitions towards international growth, with expectations of this percentage growing more significantly in 2025 and beyond.

• DTI emphasized its consistent EBITDA positive streak for the last 10-years, strength in balance sheet, reliable customer base, and strategic investment approach for best returns.

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