Company: NINE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001532286-25-000008
Chunk: 101

Company: Nine Energy Service, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 101
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 basis, revenue transactions recorded near period end to evaluate whether they were recorded in the appropriate period; (iv) confirming, on a sample basis, outstanding customer invoice balances as of December 31, 2024 and, for confirmations not returned, obtaining and inspecting source documents, such as proof of shipment or service and subsequent cash receipts; and (v) evaluating, on a sample basis, terms and conditions within master service agreements.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

March 5, 2025 

We have served as the Company’s auditor since 2011.

F-2

NINE ENERGY SERVICE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

December 31, 20242023Assets  Current assets  Cash and cash equivalents$27,880 $30,840 Accounts receivable, net81,157 88,449 Income taxes receivable284 490 Inventories, net50,781 54,486 Prepaid expenses9,982 8,869 Other current assets380 499 Total current assets170,464 183,633 Property and equipment, net70,518 82,366 Operating lease right of use assets, net37,252 42,056 Finance lease right of use assets, net29 51 Intangible assets, net79,246 90,429 Other long-term assets2,567 3,449 Total assets$360,076 $401,984 Liabilities and Stockholders’ Equity (Deficit)Current liabilitiesAccounts payable$36,052 $33,379 Accrued expenses30,676 36,171 Current portion of long-term debt3,580 2,859 Current portion of operating lease obligations11,216 10,314 Current portion of finance lease obligations21 31 Total current liabilities81,545 82,754 Long-term liabilitiesLong-term debt317,264 320,520 Long-term operating lease obligations26,710 32,594 Other long-term liabilities621 1,746 Total liabilities426,140 437,614 Commitments and contingencies (Note 12)Stockholders’ equity (deficit)Common stock (120,000,000 shares authorized at $0.01 par value; 42,348,643 and 35,324,861 shares issued and outstanding at December 31