Calfrac Announces Continuation of Multi-Year Fracturing Fleet Modernization Plan - Seite 2

NON-IFRS MEASURES
This press release contains references to “net debt” which is a performance measure commonly used in the oilfield services industry that does not have any standardized meaning under International Financial Reporting Standards (IFRS). Presentation of net debt is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company’s definition and calculation of net debt may not be comparable to the same or similar measures presented by other issuers. This non-IFRS measure should be read in conjunction with Calfrac’s interim and annual financial statements and the accompanying notes thereto.

As used in this press release, “net debt” is equal to (i) long-term debt net of debt issuance costs and debt discounts, plus (ii) lease obligations calculated in accordance with IFRS 16, less (iii) cash and cash equivalents. A table presenting the Company’s composition and calculation of net debt can be found in Note 11 to Calfrac’s unaudited, interim financial statements for the three and nine months ended September 30, 2023, which are available on SEDAR+ (www.sedarplus.ca) and incorporated herein by reference.

FORWARD-LOOKING STATEMENTS AND FUTURE-ORIENTED FINANCIAL INFORMATION
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements.

In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to Calfrac’s 2023 capital budget and future capital expenditures, including the (i) timing and scope of the Company's incremental investments under its fracturing fleet modernization program and the anticipated benefits of such investments that are expected to be realized by the Company, its shareholders and its customers, (ii) the activity, demand, utilization and outlook for the Company’s operating divisions in North America and Argentina, (iii) debt reduction, including the Company’s anticipated net debt reduction during fiscal year 2023.