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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-38441
ChampionX Corporation
(Exact name of registrant as specified in its charter)
Delaware82-3066826
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2445 Technology Forest Blvd,Building 4, 12th Floor
The Woodlands,Texas77381
(Address of principal executive offices)(Zip Code)
(281) 403-5772
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueCHXThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The registrant had 199,359,754 shares of common stock, $0.01 par value, outstanding as of October 20, 2022.



CHAMPIONX CORPORATION

TABLE OF CONTENTS

Page
 
 
 
 
 
  
 






CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “anticipate,” “expect,” “may,” “intend,” “foresee,” “guidance,” “estimate,” “potential,” “outlook,” “plan,” “should,” “would,” “could,” “target,” “forecast” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking statements. Forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.

All of our forward-looking statements involve risks, uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to materially differ from our historical experience and our present expectations or projections. Known material factors that could cause actual results to materially differ from those contemplated in the forward-looking statements are those set forth in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in Part II, Item 1A, “Risk Factors,” in this Quarterly Report on Form 10-Q, including the following:

Demand for, and profitability of our products and services, is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets;
Cost inflation and availability of raw materials;
The impact of inflation in wholesale product costs, labor rates and transportation costs
Our ability to successfully compete with other companies in our industry;
Our ability to develop and implement or introduce new technologies, products, and services, as well as our ability to protect and maintain critical intellectual property assets;
Our ability to successfully execute potential acquisitions;
Potential liabilities arising out of the installation or use of our products or from a chemical spill or release;
Continuing consolidation within our customers’ industry;
Credit risks related to our customer base or the loss of significant customers;
A failure of our information technology infrastructure or any significant breach of security;
Risks relating to our existing international operations and expansion into new geographical markets;
Risks relating to improper conduct by any of our employees, agents or business partners;
Global economic conditions, inflation, geopolitical issues, supply chain disruptions, and availability and cost of credit, and its impact on our operations and those of our customers and suppliers;
Failure to attract, retain and develop personnel;
Our ability to protect or obtain intellectual property rights;
The impact of natural disasters and other unusual weather conditions on our business;
The impact of the novel coronavirus (“COVID-19”) and related economic disruptions;
Investor sentiment towards climate change, fossil fuels and other environmental, social and governance matters;
Changes in domestic and foreign governmental public policies, risks associated with entry into emerging markets, changes in statutory tax rates and unanticipated outcomes with respect to tax audits;
Disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business;
Fluctuations in currency markets worldwide and disruptions in capital and credit markets;
The impact of our indebtedness on our financial position and operating flexibility;
Our ability to realize the benefits of the acquisition of our Chemical Technologies business, and certain limitations in our ability to engage in certain activities as a result of that acquisition;
The impact of war, terrorism and civil unrest;
Changes in federal, state and local legislation and regulations relating to oil and gas development and the potential for related litigation or restrictions on our customers;
Changes in environmental and health and safety laws and regulations which may increase our costs, limit the demand for our products and services or restrict our operations; and
The impact of tariffs and other trade measures on our business.




We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update, revise or correct any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required under the federal securities laws.



PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per share data)2022202120222021
Revenue:
Product revenue$897,156 $711,099 $2,455,377 $1,945,855 
Service revenue101,598 89,349 299,835 251,198 
Lease and other revenue22,807 18,337 64,881 55,792 
Total revenue1,021,561 818,785 2,820,093 2,252,845 
Cost of goods and services825,018 623,162 2,204,052 1,714,885 
Gross profit196,543 195,623 616,041 537,960 
Costs and expenses:
Selling, general and administrative expense153,736 135,089 445,447 430,908 
Interest expense, net11,454 12,849 33,582 40,884 
Other expense (income), net(6,118)(36,876)27,483 (36,561)
Income before income taxes37,471 84,561 109,529 102,729 
Provision for income taxes14,246 25,910 19,235 32,255 
Net income23,225 58,651 90,294 70,474 
Net income attributable to noncontrolling interest157 1,823 3,182 624 
Net income attributable to ChampionX$23,068 $56,828 $87,112 $69,850 
Earnings per share attributable to ChampionX:
Basic$0.11 $0.28 $0.43 $0.35 
Diluted$0.11 $0.27 $0.42 $0.34 
Weighted-average shares outstanding:
Basic201,421 201,852 202,600 201,329 
Diluted206,522 208,545 208,155 208,173 

The accompanying notes are an integral part of the condensed consolidated financial statements.
1




CHAMPIONX CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2022202120222021
Net income$23,225 $58,651 $90,294 $70,474 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(47,067)(11,737)(27,463)(192)
Cash flow hedges16,310 3,218 11,608 3,354 
Defined pension and other post-retirement benefits adjustments, net68 46 207 6,586 
Other comprehensive income(30,689)(8,473)(15,648)9,748 
Comprehensive income(7,464)50,178 74,646 80,222 
Less: Comprehensive income (loss) attributable to noncontrolling interest157 1,823 3,182 624 
Comprehensive income attributable to ChampionX$(7,621)$48,355 $71,464 $79,598 

The accompanying notes are an integral part of the condensed consolidated financial statements.
2




CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)September 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$187,472 $251,678 
Restricted cash3,500 3,500 
Receivables, net611,501 584,440 
Inventories, net570,820 542,910 
Assets held for sale33,617 7,217 
Prepaid expenses and other current assets69,920 71,155 
Total current assets1,476,830 1,460,900 
Property, plant and equipment, net of accumulated depreciation of $659,094 in 2022 and $618,867 in 2021
722,868 776,813 
Goodwill708,460 702,867 
Intangible assets, net326,156 401,470 
Operating lease right-of-use assets88,736 115,458 
Other non-current assets79,730 77,193 
Total assets$3,402,780 $3,534,701 
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt$4,688 $26,850 
Accounts payable499,371 473,561 
Accrued compensation and employee benefits73,607 93,131 
Current portion of operating lease liabilities28,688 36,389 
Accrued distributor fees59,611 25,621 
Liabilities held for sale9,635  
Accrued expenses and other current liabilities121,075 146,773 
Total current liabilities796,675 802,325 
Long-term debt644,029 697,657 
Deferred income taxes100,972 137,971 
Operating lease liabilities55,652 73,521 
Other long-term liabilities110,732 68,920 
Total liabilities1,708,060 1,780,394 
Stockholders’ equity: 
Common stock (2.5 billion shares authorized, $0.01 par value)
199.3 million shares and 202.9 million shares issued and outstanding in 2022 and 2021, respectively
1,993 2,029 
Capital in excess of par value of common stock2,276,094 2,315,399 
Accumulated deficit(530,128)(525,158)
Accumulated other comprehensive loss(37,273)(21,625)
ChampionX stockholders’ equity1,710,686 1,770,645 
Noncontrolling interest(15,966)(16,338)
Total equity1,694,720 1,754,307 
Total liabilities and equity$3,402,780 $3,534,701 

The accompanying notes are an integral part of the condensed consolidated financial statements.
3




CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)

Common Stock
(in thousands)SharesPar
Value
Capital in Excess of Par ValueAccum. DeficitAccum.
Other
Comp.
Loss
Non-controlling InterestTotal
December 31, 2021202,866 $2,029 $2,315,399 $(525,158)$(21,625)$(16,338)$1,754,307 
Net income— — — 36,702 — 1,471 38,173 
Other comprehensive loss— — — — (2,795)— (2,795)
Stock-based compensation290 3 4,725 — — — 4,728 
Stock options exercised189 1 1,054 — — — 1,055 
Taxes withheld on issuance of stock-based awards— — (2,639)— — — (2,639)
Dividends declared to common stockholders ($0.075 per share)
— — — (15,465)— — (15,465)
Cumulative translation adjustments— — — — — 208 208 
March 31, 2022203,345 $2,033 $2,318,539 $(503,921)$(24,420)$(14,659)$1,777,572 
Net income— — — 27,342 — 1,554 28,896 
Other comprehensive income— — — — 17,836 — 17,836 
Stock-based compensation64 1 5,070 — — — 5,071 
Stock options exercised312 3 2,087 — — — 2,090 
Taxes withheld on issuance of stock-based awards— — (739)— — — (739)
Dividends declared to common stockholders ($0.075 per share)
— — — (15,494)— — (15,494)
Repurchase and cancellation of common stock(790)(8)(8,992)(11,016)— — (20,016)
Cumulative translation adjustments— — — — — 8 8 
Distributions to noncontrolling interest— — — — — (2,369)(2,369)
June 30, 2022202,931 $2,029 $2,315,965 $(503,089)$(6,584)$(15,466)$1,792,855 
Net income— — — 23,068 157 23,225 
Other comprehensive loss— — — — (30,689)— (30,689)
Stock-based compensation20 — 5,009 — — — 5,009 
Stock options exercised87 1 563 — — — 564 
Taxes withheld on issuance of stock-based awards— — (198)— — — (198)
Dividends declared to common stockholders ($0.075 per share)
— — — (15,315)— — (15,315)
Repurchase and cancellation of common stock(3,698)(37)(45,245)(34,792)— — (80,074)
Cumulative translation adjustments— — — — — (10)(10)
Distributions to noncontrolling interest— — — — — (647)(647)
September 30, 2022199,340 $1,993 $2,276,094 $(530,128)$(37,273)$(15,966)$1,694,720 

4




Common Stock
(in thousands)SharesPar
Value
Capital in Excess of Par ValueAccum. DeficitAccum.
Other
Comp.
Loss
Non-controlling InterestTotal
December 31, 2020200,380 $2,004 $2,293,179 $(638,457)$(30,755)$(13,396)$1,612,575 
Net income (loss)— — — 5,772 — (1,735)4,037 
Other comprehensive income— — — — 3,793 — 3,793 
Stock-based compensation64 — 6,442 — — — 6,442 
Stock options exercised577 6 3,341 — — — 3,347 
Taxes withheld on issuance of stock-based awards— — (556)— — — (556)
Cumulative translation adjustments— — — — — 268 268 
Distributions to noncontrolling interest— — — — — (800)(800)
March 31, 2021201,021 $2,010 $2,302,406 $(632,685)$(26,962)$(15,663)$1,629,106 
Net income— — — 7,250 — 536 7,786 
Other comprehensive income— — — — 14,428 — 14,428 
Stock-based compensation101 — 5,914 — — — 5,914 
Stock options exercised578 7 3,155 — — — 3,162 
Taxes withheld on issuance of stock-based awards— — (1,208)— — — (1,208)
Cumulative translation adjustments— — — — — (231)(231)
June 30, 2021201,700 $2,017 $2,310,267 $(625,435)$(12,534)$(15,358)$1,658,957 
Net income— — — 56,828 — 1,823 58,651 
Other comprehensive loss— — — — (8,473)— (8,473)
Stock-based compensation133 — 5,557 — — — 5,557 
Stock options exercised74 2 429 — — — 431 
Taxes withheld on issuance of stock-based awards— — (1,661)— — — (1,661)
Distributions to noncontrolling interest— — — — — (1,710)(1,710)
September 30, 2021201,907 $2,019 $2,314,592 $(568,607)$(21,007)$(15,245)$1,711,752 

The accompanying notes are an integral part of the condensed consolidated financial statements.
5




CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(in thousands)20222021
Cash flows from operating activities:  
Net income$90,294 $70,474 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization177,761 178,805 
Loss (gain) on disposal group16,515 (39,876)
Stock-based compensation14,808 17,913 
Provision for inventory obsolescence and write-downs 21,214 5,259 
Loss on debt repurchases4,043 8,707 
Deferred income taxes(37,505)(10,844)
(Gain) loss on disposal of fixed assets(4,428)4,483 
Amortization of deferred loan costs and accretion of discount2,736 2,689 
Employee benefit plan expense1,848 1,853 
Other(587)(542)
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables(50,075)(35,435)
Inventories(72,298)(74,641)
Prepaid expenses and other current assets13,737 2,280 
Accounts payable38,600 130,607 
Accrued compensation and employee benefits(20,601)18,711 
Accrued expenses and other liabilities32,867 (37,361)
Leased assets(20,947)(4,496)
Other10,285 1,214 
Net cash flows provided by operating activities218,267 239,800 
Cash flows from investing activities:  
Capital expenditures(74,752)(67,027)
Proceeds from sale of fixed assets16,424 4,891 
Proceeds from disposal of business 68,807 
Acquisitions, net of cash acquired(3,198)(9,957)
Other (4,874)
Net cash used for investing activities(61,526)(8,160)
Cash flows from financing activities:  
Proceeds from long-term debt995,038  
Repayment of long-term debt(1,071,386)(174,392)
Payment of debt issue costs(8,008) 
Repurchases of common stock(100,090) 
Dividends paid(30,480) 
Proceeds from exercise of stock options3,709 6,940 
Payments related to taxes withheld on stock-based compensation(3,576)(3,425)
Distributions to noncontrolling interest(3,016)(2,510)
Payment of finance lease obligations(4,503)(328)
Other7,111  
Net cash used for financing activities(215,201)(173,715)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(5,746)(1,991)
Net increase (decrease) in cash and cash equivalents and restricted cash(64,206)55,934 
Cash and cash equivalents and restricted cash at beginning of period255,178 201,421 
Cash and cash equivalents and restricted cash at end of period$190,972 $257,355 
The accompanying notes are an integral part of the condensed consolidated financial statements.
6


CHAMPIONX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of the Business

ChampionX Corporation is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently and sustainably around the world. Our products provide efficient and safe operations throughout the lifecycle of a well with a focus on the production phase of wells.

Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “ChampionX” mean ChampionX Corporation, together with our subsidiaries where the context requires.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of ChampionX have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments unless otherwise specified) necessary for a fair statement of our financial condition and results of operations as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2022.

Significant Accounting Policies

Please refer to “Note 1Basis of Presentation and Summary of Significant Accounting Policies” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for the discussion of our significant accounting policies.

New Accounting Standards Issued

In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires that a buyer in a supplier finance program disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We are currently assessing the impact that this ASU will have on our disclosures and will adopt the amendments in this update upon the effective dates.
7


NOTE 2—SEGMENT INFORMATION

Our reporting segments are:

Production Chemical Technologies—provides oil and natural gas production and midstream markets with solutions to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment and a host of water-related issues.

Production & Automation Technologies—designs, manufactures, markets and services a full range of artificial lift equipment, end-to-end digital automation solutions, as well as other production equipment and asset monitoring technologies. Production & Automation Technologies’ products are sold under a collection of brands including Harbison-Fischer, Norris, Alberta Oil Tool, Oil Lift Technology, PCS Ferguson, Pro-Rod, Upco, Unbridled ESP, Scientific Aviation, Norriseal-Wellmark, Quartzdyne, Spirit, Theta, Timberline, Windrock, and Leak Surveys (“LSI”).

Drilling Technologies—designs, manufactures and markets polycrystalline diamond cutters and bearings primarily for use in oil and gas drill bits under the US Synthetic brand.

Reservoir Chemical Technologies—manufactures specialty products that support well stimulation, construction (including drilling and cementing) and well intervention in the oil and natural gas industry.

We refer to our Production Chemical Technologies segment and our Reservoir Chemical Technologies segment collectively as our Chemical Technologies business. Business activities that do not meet the criteria of an operating segment have been combined into Corporate and other. Corporate and other includes (i) corporate and overhead expenses, and (ii) revenue and costs for activities that are not operating segments.

Segment revenue and segment operating profit
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Segment revenue:  
Production Chemical Technologies$643,604 $487,670 $1,710,987 $1,347,090 
Production & Automation Technologies247,717 204,473 710,465 559,491 
Drilling Technologies60,965 49,415 175,682 121,998 
Reservoir Chemical Technologies35,485 38,192 119,499 101,305 
Corporate and other (1)
33,790 39,035 103,460 122,961 
Total revenue$1,021,561 $818,785 $2,820,093 $2,252,845 
Segment operating profit (loss):  
Production Chemical Technologies$86,649 $45,696 $143,518 $109,924 
Production & Automation Technologies22,485 14,407 70,845 32,061 
Drilling Technologies14,856 11,146 45,119 21,400 
Reservoir Chemical Technologies(61,711)37,800 (73,327)31,979 
Total segment operating profit62,279 109,049 186,155 195,364 
Corporate and other (1)
13,354 11,639 43,044