0001738827-25-000052 | 10-Q | XBRL Viewer | KLX Energy Services Holdings INC

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Segment Reporting - Schedule of Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 15.0	$ 13.5
Unallocated assets
Property, Plant and Equipment [Line Items]
Capital expenditures	0.3	0.1
Rocky Mountains \| Operating Segments
Property, Plant and Equipment [Line Items]
Capital expenditures	1.5	4.2
Southwest \| Operating Segments
Property, Plant and Equipment [Line Items]
Capital expenditures	6.1	3.5
Northeast /Mid-Con \| Operating Segments
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 7.1	$ 5.7

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2025

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Keefer M. Lehner [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended March 31, 2025, except as set forth in the table below, no directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K.

Action

Date

Trading Arrangement

Total Shares to be Sold(3)

Arrangement Expiration Date(4)

Rule 10b5-1(1)

Non-Rule 10b5-1(2)

Keefer M. Lehner (Executive Vice President and Chief Financial Officer)

Adopt

March 28, 2025

24,746

February 27, 2026

(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

(3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The actual number of shares sold will be dependent on the terms of, and satisfaction of the conditions as set forth in, the written plan.

(4) Or when the execution of all trades contemplated by the written plan is completed, whichever is earlier.

Name

Keefer M. Lehner

Title

Executive Vice President and Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

March 28, 2025

February 27, 2026

336 days

24,746

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $0.2 and $0.2 for the three months ended March 31, 2025 and March 31, 2024, respectively, and was comprised primarily of state and local taxes. The Company has a valuation allowance against its deferred tax balances and, as a result, it was unable to recognize a federal tax benefit on its year-to-date losses. The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year 2025 or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in the Company’s 2024 Annual Report on Form 10-K filed with the SEC on March 13, 2025. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.
Recent Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740). This ASU includes specific annual disclosure requirements for rate reconciliation, income taxes paid and other tax-related disclosures. The guidance is effective for the Company for the fiscal year beginning January 1, 2025 and is not expected to have a material impact on the Company’s consolidated financial statements.

Debt - Additional Information (Details) $ / shares in Units, $ in Millions	Mar. 11, 2025 USD ($)	Mar. 07, 2025 USD ($) $ / shares shares	Dec. 31, 2029	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	May 09, 2025 USD ($)	Mar. 31, 2025 USD ($)	Mar. 12, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Long term debt outstanding									$ 261.0		$ 285.1
Accrued interest									1.9		4.5
Long term debt, gross									286.0		286.3
Restricted cash									8.1		0.0
Outstanding short-term debt									0.6
Subsequent Event
Debt Instrument [Line Items]
Restricted cash								$ 6.1
Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit amount									6.4		$ 6.5
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)											11.50%
Principle amount												$ 250.0
Aggregate principal amount	$ 143.6
Long term debt outstanding	$ 97.1										$ 235.1
Accrued interest											4.5
Debt instrument, redemption price (as percent)	100.00%
Long term debt, gross									$ 0.0		236.3
2030 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)		2.00%							12.83%
Principle amount		$ 232.2
Aggregate shares purchased (in shares) \| shares		2,373,187
Exercise price (in dollars per share) \| $ / shares		$ 0.01
Cash consideration		$ 78.4
Long term debt outstanding									$ 206.0
Accrued interest									1.6
Basis spread on variable rate		1.00%
Net capital expenditures maximum		$ 65.0
Net capital expenditures of revenue, percentage		7.00%
Cross-acceleration to indebtedness		$ 7.5
Pari passu indebtedness incurred		$ 150.0
Long term debt, gross									$ 231.0		0.0
2030 Senior Notes \| Forecast
Debt Instrument [Line Items]
Net leverage ratio			2.50	3.00	3.50	4.00	4.50
New ABL Facility
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)									9.06%
Accrued interest									$ 0.3
Long term debt, gross									55.0		$ 0.0
New ABL Facility \| Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity									$ 43.5
New ABL Facility \| Letter of Credit
Debt Instrument [Line Items]
Long term debt, gross										$ 8.1
New ABL Facility \| Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		4.625%
Revolving credit facility		$ 125.0
Incremental revolving loans		$ 25.0
Reduction limit on basis spread		0.125%
Repayment in full over-advance		$ 5.0
Current borrowing capacity										39.9
Asset based facility										$ 7.0
New ABL Facility \| Filo Facility
Debt Instrument [Line Items]
Basis spread on variable rate		6.00%
Revolving credit facility		$ 10.0
Reduction limit on basis spread		0.50%

Net Loss Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities excluded from determination of diluted earnings per common share (in shares)	0.7	0.2

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The computations of basic and diluted net loss per share for the three months ended March 31, 2025 and March 31, 2024 are as follows:


	Three Months Ended
	March 31, 2025		March 31, 2024
Net loss	$	(27.9)	$	(22.2)
(Shares in millions)
Basic weighted average common shares	17.2		16.1
Effect of dilutive securities - dilutive securities	—		—
Diluted weighted average common shares	17.2		16.1

Basic net loss per common share	$	(1.62)	$	(1.38)
Diluted net loss per common share	$	(1.62)	$	(1.38)

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Outstanding debt consisted of the following:


	March 31, 2025		December 31, 2024
2025 Senior Notes	$	—	$	236.3
2030 Senior Notes	231.0		—
Prior ABL Facility	—		50.0
New ABL Facility	55.0		—
Total principal outstanding	286.0		286.3
Less: Unamortized debt issuance costs	(7.2)		(1.2)
Less: Original issue discount	(17.8)		—
Total debt	261.0		285.1
Less: Current portion of long-term debt	4.3		—
Long-term debt	$	256.7	$	285.1

Refinancing

On March 7, 2025, the Company and certain of our subsidiaries party thereto entered into a Securities Purchase Agreement with certain holders (the “Investors”) of our 11.5% senior secured notes due 2025 (the “2025 Senior Notes”), pursuant to which the Company agreed to issue and sell to the Investors (a) approximately $232.2 in aggregate principal amount of the Senior Secured Floating Rate Cash / PIK Notes due 2030 (the “2030 Senior Notes” and, together with the 2025 Senior Notes, the “Senior Secured Notes”) and (b) warrants entitling the holders thereof to purchase, in the aggregate, up to 2,373,187 shares of Common Stock, at an exercise price of $0.01 per share, subject to adjustment in exchange for (i) approximately $78.4 in aggregate cash consideration and (ii) approximately $143.6 aggregate principal amount of the 2025 Senior Notes, which were cancelled by the Company upon receipt thereof (collectively, the “Refinancing”). The Company consummated the Refinancing on March 12, 2025.

Senior Secured Notes

2025 Senior Notes

In conjunction with the acquisition of Motley Services, LLC (“Motley”) in 2018, we issued $250.0 principal amount of the 2025 Senior Notes offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. On a net basis, after taking into consideration the debt issuance costs for the 2025 Senior Notes, total debt related to the 2025 Senior Notes as of December 31, 2024 was $235.1. The 2025 Senior Notes bore interest at an annual rate of 11.5%, payable semi-annually in arrears on May 1 and November 1. Accrued interest as of December 31, 2024 was $4.5.

On March 12, 2025, approximately $143.6 aggregate principal amount of the 2025 Senior Notes were exchanged in connection with the Refinancing, and the Company deposited $97.1 in trust with the trustee for the 2025 Senior Notes and irrevocably instructed the trustee to apply such funds to effect the redemption of all of the remaining outstanding 2025 Senior Notes on March 30, 2025 at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest. Upon deposit of such redemption amount, the indenture that governs the 2025 Senior Notes (the “2025 Senior Notes Indenture”) was satisfied and discharged in accordance with its terms and, as a result thereof, the Company has been released from its obligations under the 2025 Senior Notes and the 2025 Senior Notes Indenture except with respect to those provisions of the 2025 Senior Notes Indenture that, by their terms, survive the satisfaction and discharge of thereof.

2030 Senior Notes

On March 12, 2025, as part of the Refinancing, the Company and certain of its subsidiaries entered into an indenture, dated as of March 12, 2025 (the “2030 Senior Notes Indenture”), with U.S. Bank Trust Company, National Association, as the trustee and notes collateral agent, pursuant to which $232.2 of the 2030 Senior

Notes were issued. The 2030 Senior Notes will mature on March 12, 2030 and bear a floating rate of interest of Term SOFR plus the Applicable Margin (as defined in the 2030 Senior Notes Indenture) based on the Secured Net Leverage Ratio (as defined in the 2030 Senior Notes Indenture) payable on the last day of the applicable interest period in cash or, at the Company’s election, additional 2030 Senior Notes paid-in-kind on one-, three- or six-month interest periods, which shall include a 100 basis point premium for any period where interest is paid-in-kind. The 2030 Senior Notes are senior secured obligations of the Company and are guaranteed on a senior secured basis by each of the Company’s current domestic subsidiaries and by certain future subsidiaries, subject to agreed guaranty and security principles and certain exclusions.

The 2030 Senior Notes were initially fully and unconditionally guaranteed by each of the Company’s current subsidiaries. The 2030 Senior Notes will also be guaranteed by each of the Company’s future subsidiaries that guarantee the Company’s indebtedness or indebtedness of guarantors, including under the New ABL Facility and such subsidiaries that become guarantors in the future will also pledge their collateral in support of such guarantees. These guarantees are senior secured obligations of the guarantors secured by a first priority security interest on substantially all of the guarantors’ assets (other than collateral securing the New ABL Facility on a first priority basis) and a second priority security interest on the guarantors’ assets which secure the New ABL Facility on a first priority basis, subject in each case to certain excluded assets.

The Company will be required to redeem the 2030 Senior Notes in an amount equal to 2.00% per annum of all 2030 Senior Notes outstanding as of the prior applicable Interest Payment Date (as defined in the 2030 Senior Notes Indenture) on the last business day of each of March, June, September and December, commencing on March 31, 2025. Additionally, upon certain changes of control, consummation of certain asset sales and other events, the Company will be required to repurchase the 2030 Senior Notes at the applicable redemption prices.

The 2030 Senior Notes Indenture contains certain financial covenants that include (i) a maximum total net leverage ratio of not greater than 4.50 to 1.0 for the test periods ending March 31, 2025 through December 31, 2025, stepping down to 4.00 to 1.0 for the test periods ending March 31, 2026 through December 31, 2026, 3.50 to 1.0 for the test periods ending March 31, 2027 through December 31, 2027, 3.00 to 1.0 for the test periods ending March 31, 2028 through December 31, 2028, and 2.50 to 1.0 for each test period thereafter and (ii) restrictions on making net capital expenditures in any test period in excess of the greater of (x) $65.0 in the aggregate or (y) 7% of revenues during such test period.

The 2030 Senior Notes Indenture also restricts, among other things, the Company’s ability to incur indebtedness and liens, pay dividends or make other distributions, make certain other restricted payments or investments, sell assets, enter into restrictive agreements, enter into transactions with the Company’s affiliates, and merge or consolidate with other entities or convey, transfer or lease all or substantially all of the Company’s properties and assets to another person, which, in each case, is subject to certain limitations and exceptions. The 2030 Senior Notes Indenture also contains customary events of default including, among other things, the failure to pay interest for three business days, failure to pay principal when due, failure to observe or perform any other covenants or agreement in the 2030 Senior Notes Indenture subject to grace periods, cross-acceleration to indebtedness with an aggregate principal amount in excess of $7.5, material impairment of liens, failure to pay certain material judgments and certain events of bankruptcy. The 2030 Senior Notes Indenture permits the Company to incur additional pari passu indebtedness of up to $150.0 within twelve months of the Refinancing (including for the purpose of consummating permitted acquisitions and investments) subject to the terms and conditions contained in the 2030 Senior Notes Indenture and contains certain other covenants, events of default and other customary provisions.

As of March 31, 2025, the principal amount outstanding under the 2030 Senior Notes was $231.0. On a net basis, after taking into consideration unamortized debt issuance costs and original issue discount for the 2030 Senior Notes, total debt related to the 2030 Senior Notes as of March 31, 2025 was $206.0. The effective interest rate under the 2030 Senior Notes was approximately 12.83% on March 31, 2025. Accrued interest related to the 2030 Senior Notes was $1.6 as of March 31, 2025.

ABL Facilities

Prior ABL Facility

On August 10, 2018, the Company entered into a Credit Agreement, by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, JPMorgan Chase Bank, N.A., as administrative agent (“Prior Administrative Agent”), as collateral agent and as issuing lender, and the lenders party thereto, which has been repaid in full and the commitments thereunder terminated (as amended, supplemented, or otherwise modified prior to the termination thereof, the “Prior ABL Facility”). The Prior ABL Facility became effective on September 14, 2018 and was scheduled to mature in 2025. Borrowings under the Prior ABL Facility bore interest at a rate equal to Term SOFR (as defined in the Prior ABL Facility) plus the Applicable Margin (as defined in the Prior ABL Facility).

On March 12, 2025, in connection with the completion of the Refinancing, the Prior ABL Facility was repaid in full using borrowings under the New ABL Facility and the commitments thereunder terminated. In connection with the prepayment and termination of the Prior ABL Facility, the Company provided Prior Administrative Agent cash collateral in support of certain existing letters of credit and existing purchasing card program in an aggregate amount of approximately $8.1.

New ABL Facility

On March 7, 2025, the Company also entered into a Credit Agreement, dated as of March 7, 2025 (the “New ABL Facility”), with the Company, as borrower, Eclipse Business Capital LLC, as administrative agent, as collateral agent and as FILO administrative agent and the lenders party thereto. The New ABL Facility is comprised of an asset-based revolving credit facility with a $125.0 commitment (the “Revolving Facility”), a first-in-last-out asset-based credit facility with a $10.0 commitment (the “FILO Facility”), and a committed incremental loan option under the Revolving Facility with a $25.0 commitment (the “Incremental Revolving Loans”). The availability of the Incremental Revolving Loans are subject to usual and customary conditions to effectiveness, including, for example, the Company electing to utilize such Incremental Revolving Loans by a date certain and the payment of required fees. Borrowings under the Revolving Facility (including, to the extent incurred, the Incremental Revolving Loans) bear interest at a rate equal to adjusted term SOFR plus an applicable margin of 4.625%. Borrowings under the FILO Facility bear interest at a rate equal to adjusted term SOFR plus an applicable margin of 6.00%. The applicable margin under the Revolving Facility is subject to a 0.125% reduction and the applicable margin under the FILO Facility is subject to a 0.50% reduction, in each case upon the repayment in full of a $5.0 over-advance provided on the initial funding date under the Revolving Facility. The New ABL Facility is secured by, among other things, a first priority lien on accounts receivable and inventory and contains customary conditions precedent to borrowing and affirmative and negative covenants.

The initial funding under the New ABL Facility occurred on March 12, 2025, and the proceeds therefrom were used to repay the Prior ABL Facility in full. After giving effect to the foregoing, we had approximately $39.9 of available borrowing capacity under the New ABL Facility. The New ABL Facility includes a springing financial covenant which requires the Company’s consolidated fixed charge coverage ratio to be at least 1.0 to 1.0 if availability under the Revolving Facility falls below $7.0.

The New ABL Facility includes financial, operating and negative covenants that limit our ability to incur indebtedness, to create liens or other encumbrances, to make certain payments and investments, including dividend payments, to engage in transactions with affiliates, to engage in sale/leaseback transactions, to guarantee indebtedness and to sell or otherwise dispose of assets and merge or consolidate with other entities. It also includes a covenant to deliver annual audited financial statements that are not qualified by a “going concern” or like qualification or exception. A failure to comply with the obligations contained in the New ABL Facility could result in an event of default, which could permit acceleration of the debt, termination of undrawn commitments and enforcement against any liens securing the debt. The New ABL Facility contains certain other covenants (including the ability to incur indebtedness for the purpose of consummating permitted

acquisitions, subject to the terms of the New ABL Facility), events of default and other customary provisions. Our New ABL Facility matures in 2028.

As of March 31, 2025, the borrowings outstanding under the New ABL Facility were $55.0. The effective interest rate under the New ABL Facility was approximately 9.06% on March 31, 2025. Accrued interest related to the New ABL Facility was $0.3 as of March 31, 2025.

We have funds available under the New ABL Facility of $43.5 on the March 31, 2025 borrowing base certificate, which includes the undrawn availability on the FILO Facility.

Other debt-related items

The Company uses standby letters of credit to facilitate commercial transactions with third parties and to secure our performance to certain vendors. Total letters of credit outstanding under the New ABL Facility were $6.4 at March 31, 2025 and under the Prior ABL Facility were $6.5 at December 31, 2024. To the extent liabilities are incurred as a result of the activities covered by the letters of credit, such liabilities are included on the accompanying consolidated balance sheets. Restricted cash on the balance sheet is largely tied to cash collateralized letters of credit as we shift from our Prior ABL Facility to the New ABL Facility. As of the date of filing, $6.1 of the restricted cash is no longer restricted.

As of March 31, 2025, the Company had $0.6 of outstanding short-term indebtedness related to the financing of various insurance premiums.

Net Loss Per Common Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (27.9)	$ (22.2)
Basic weighted average common shares (in shares)	17.2	16.1
Effect of dilutive securities - dilutive securities (in shares)	0.0	0.0
Diluted weighted average common shares (in shares)	17.2	16.1
Basic net (loss) income per common share (in dollars per share)	$ (1.62)	$ (1.38)
Diluted net (loss) income per common share (in dollars per share)	$ (1.62)	$ (1.38)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Fair Value Information - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on disposition of assets	$ 0	$ 0
Asset Based Revolving Line of Credit \| New ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount outstanding	$ 55,000,000.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Property and Equipment, Net - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) facility	Mar. 31, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 19.0	$ 15.9
Finance lease fixed cost	5.6	$ 5.8
Assets held-for-sale	$ 2.3
Number of operational facilities \| facility	1

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-38609
Entity Registrant Name	KLX Energy Services Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4904146
Entity Address, Address Line One	3040 Post Oak Boulevard
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	832
Local Phone Number	844-1015
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	KLXE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,553,935
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001738827
Amendment Flag	false

Equity and Stock-Based Compensation (Details) - USD ($)				3 Months Ended
Equity and Stock-Based Compensation (Details) - USD ($)	Mar. 14, 2025	May 10, 2023	Jun. 14, 2021	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Common stock, increase (decrease) in capital (in shares)		1,200,000
Shares reserved for issuance (in shares)		1,256,289
Share based compensation expense, net				$ 800,000	$ 900,000
Unrecognized compensation cost				$ 5,200,000		$ 3,900,000
At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Maximum consideration on transaction	$ 57,800,000		$ 50,000,000.0
Commission fee			3.00%
Number of shares issued in transaction (in shares)				142,769
Gross proceeds				$ 500,000	0
Payments of stock issuance costs				$ 100,000	$ 100,000

Inventories, Net

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories, Net

Inventories consisted of the following:


	March 31, 2025		December 31, 2024
Spare parts	$	20.2	$	20.5
Plugs	8.9		8.0
Consumables	4.2		3.9
Other	2.2		1.8
Subtotal	35.5		34.2
Less: Inventory reserve	(3.7)		(3.2)
Total inventories, net	$	31.8	$	31.0

Inventories are made up of spare parts, composite and dissolvable plugs, consumables (including thru-tubing accessory tools, chemicals and cement) and other (including coiled tubing strings and wireline spools) used to perform services for customers. The Company values inventories at the lower of cost or net realizable value. Inventories are reported net of inventory reserve of $3.7 and $3.2 as of March 31, 2025 and December 31, 2024, respectively.

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory reserve	$ 3.7	$ 3.2

Fair Value Information - Senior Secured Notes and Assets Held for Sale (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 211.1	$ 231.2
Assets Held for Sale	2.3	2.3
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
Assets Held for Sale	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	231.2
Assets Held for Sale	2.3	2.3
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	211.1	0.0
Assets Held for Sale	0.0	0.0
2030 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	211.1
2030 Senior Notes \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0
2030 Senior Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0
2030 Senior Notes \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 211.1
2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value		231.2
2025 Senior Notes \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value		0.0
2025 Senior Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value		231.2
2025 Senior Notes \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value		$ 0.0

Segment Reporting - Revenues and Operating (Loss) Earnings by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments \| segment	3
Revenues	$ 154.0	$ 174.7
Cost of sales	123.8	144.0
Depreciation and amortization	24.7	21.9
Selling, general and administrative	21.6	21.6
Segment operating income	(17.7)	(13.1)
Unallocated corporate expenses	(12.4)	(13.6)
Interest income	0.3	0.7
Interest expense	(10.3)	(9.6)
Net loss before income tax	(27.7)	(22.0)
Eliminations
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	(0.3)	(0.6)
Cost of sales	(0.3)	(0.6)
Total
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segment operating income	(5.3)	0.5
Rocky Mountains \| Operating Segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	47.9	45.7
Cost of sales	37.7	36.7
Depreciation and amortization	6.8	6.6
Selling, general and administrative	1.9	2.1
Other segment items	1.7	1.5
Segment operating income	(0.2)	(1.2)
Southwest \| Operating Segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	65.4	69.7
Cost of sales	49.7	58.0
Depreciation and amortization	8.3	7.4
Selling, general and administrative	3.4	3.4
Other segment items	1.0	1.6
Segment operating income	3.0	(0.7)
Northeast /Mid-Con \| Operating Segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	41.0	59.9
Cost of sales	35.8	48.0
Depreciation and amortization	9.0	7.4
Selling, general and administrative	1.6	1.7
Other segment items	2.7	0.4
Segment operating income	$ (8.1)	$ 2.4

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
ROU assets - finance leases	$ 83.1	$ 83.9
Less: Accumulated depreciation	(480.4)	(461.1)
Total property and equipment, net	184.2	197.1
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	658.7	652.6
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 36.4	36.3
Land, buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Land, buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	40 years
Machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 290.0	289.0
Machinery \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Machinery \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	20 years
Equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 249.2	243.4
Equipment and furniture \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Equipment and furniture \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	15 years
ROU assets - finance leases \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
ROU assets - finance leases \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	20 years
Add: Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5.9	$ 5.6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable - trade, allowance for doubtful accounts	$ 4.2	$ 4.2
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110.0	110.0
Common stock, shares issued (in shares)	18.1	17.5
Treasury stock (in shares)	0.5	0.5

Fair Value Information

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Information

All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations.

Level 1 – quoted prices in active markets for identical assets and liabilities.

Level 2 – quoted prices for identical assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable-trade and accounts payable represent their respective fair values due to their short-term nature. There was $55.0 debt outstanding under the ABL Facility as of March 31, 2025. The fair value of the ABL Facility approximates its carrying value as of March 31, 2025.

The following tables present the placement in the fair value hierarchy of the Senior Secured Notes, based on market prices for publicly traded debt, as of March 31, 2025 and December 31, 2024:


			Fair value measurements at reporting date using
	March 31, 2025		Level 1		Level 2		Level 3
2030 Senior Notes	$	211.1	$	—	$	—	$	211.1
Total Senior Secured Notes	$	211.1	$	—	$	—	$	211.1


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
2025 Senior Notes	$	231.2	$	—	$	231.2	$	—
Total Senior Secured Notes	$	231.2	$	—	$	231.2	$	—

The following tables present the placement in the fair value hierarchy of Assets Held for Sale, as disclosed in Note 4 - Property and Equipment, Net, based on sales contracts and comparative price quotes, as of March 31, 2025 and December 31, 2024:


			Fair value measurements at reporting date using
	March 31, 2025		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—

During the three months ended March 31, 2025 and March 31, 2024, there was no before-tax loss (gain) related to Assets Held for Sale.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	Useful Life (Years)			March 31, 2025		December 31, 2024
Land, buildings and improvements	1	—	40	$	36.4	$	36.3
Machinery	1	—	20	290.0		289.0
Equipment and furniture	1	—	15	249.2		243.4
ROU assets - finance leases	1	—	20	83.1		83.9
Total property and equipment				658.7		652.6
Less: Accumulated depreciation				(480.4)		(461.1)
Add: Construction in progress				5.9		5.6
Total property and equipment, net				$	184.2	$	197.1

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		16.9
Beginning balance at Dec. 31, 2023	$ 38.8	$ 0.1	$ 553.4	$ (5.3)	$ (509.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	0.8		0.8
Purchase of treasury stock	(0.5)			(0.5)
Issuance of common stock, net of cost (in shares)		0.4
Issuance of common stock, net of cost	0.0	$ 0.1	(0.1)
Net loss	(22.2)				(22.2)
Ending balance (in shares) at Mar. 31, 2024		17.3
Ending balance at Mar. 31, 2024	16.9	$ 0.2	554.1	(5.8)	(531.6)
Beginning balance (in shares) at Dec. 31, 2024		17.5
Beginning balance at Dec. 31, 2024	(10.5)	$ 0.2	557.5	(5.8)	(562.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	0.8		0.8
Purchase of treasury stock	(0.4)			(0.4)
Issuance of common stock, net of cost (in shares)		0.6
Issuance of common stock, net of cost	0.4		0.4
Issuance of warrants	11.0		11.0
Net loss	(27.9)				(27.9)
Ending balance (in shares) at Mar. 31, 2025		18.1
Ending balance at Mar. 31, 2025	$ (26.6)	$ 0.2	$ 569.7	$ (6.2)	$ (590.3)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Segment Reporting - Schedule of Total Assets by Reportable Segment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 379.1	$ 456.3
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	356.4	364.7
Unallocated assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	22.7	91.6
Rocky Mountains \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	105.6	114.0
Southwest \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	163.4	152.3
Northeast /Mid-Con \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 87.4	$ 98.4

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Fair Value Information (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy Based on Market Prices for Publicly Traded Debt

The following tables present the placement in the fair value hierarchy of the Senior Secured Notes, based on market prices for publicly traded debt, as of March 31, 2025 and December 31, 2024:


			Fair value measurements at reporting date using
	March 31, 2025		Level 1		Level 2		Level 3
2030 Senior Notes	$	211.1	$	—	$	—	$	211.1
Total Senior Secured Notes	$	211.1	$	—	$	—	$	211.1


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
2025 Senior Notes	$	231.2	$	—	$	231.2	$	—
Total Senior Secured Notes	$	231.2	$	—	$	231.2	$	—


			Fair value measurements at reporting date using
	March 31, 2025		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—

Property and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment consisted of the following:


	Useful Life (Years)			March 31, 2025		December 31, 2024
Land, buildings and improvements	1	—	40	$	36.4	$	36.3
Machinery	1	—	20	290.0		289.0
Equipment and furniture	1	—	15	249.2		243.4
ROU assets - finance leases	1	—	20	83.1		83.9
Total property and equipment				658.7		652.6
Less: Accumulated depreciation				(480.4)		(461.1)
Add: Construction in progress				5.9		5.6
Total property and equipment, net				$	184.2	$	197.1

Depreciation expense related to non-leased fixed assets was $19.0 and $15.9 for the three months ended March 31, 2025 and March 31, 2024, respectively. Finance lease amortization expense was $5.6 and $5.8, respectively, for the three months ended March 31, 2025 and March 31, 2024.

Assets Held for Sale

As of March 31, 2025, the Company’s condensed consolidated balance sheet included assets classified as held for sale of $2.3. The assets held for sale are reported within prepaid expenses and other current assets on the condensed consolidated balance sheet and represent the value of one operational facility and select equipment. These assets were being actively marketed for sale as of March 31, 2025 and are recorded at the lower of their carrying value or fair value less costs to sell.

Description of Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2025 facility
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of service facilities	60

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues and Operating (Loss) Income by Reportable Segment

The following table presents revenues, significant expenses and operating (loss) income by reportable segment:


	Three Months Ended
		March 31, 2025
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	47.9	$	65.4	$	41.0	$	(0.3)	$	154.0
Less
Cost of sales		37.7		49.7		35.8		(0.3)
Depreciation and amortization		6.8		8.3		9.0
Selling, general and administrative(1)		1.9		3.4		1.6
Other segment items		1.7		1.0		2.7
Segment operating income		$	(0.2)	$	3.0	$	(8.1)	$	—	$	(5.3)
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(12.4)
Interest income										0.3
Interest expense										(10.3)
Loss before income tax										$	(27.7)

(1) Note that the Selling, general and administrative line item in the Consolidated Statement of Operations contains the Other segment items line item here, less the Research and development costs line item.


	Three Months Ended
		March 31, 2024
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	45.7	$	69.7	$	59.9	$	(0.6)	$	174.7
Less
Cost of sales		36.7		58.0		48.0		(0.6)
Depreciation and amortization		6.6		7.4		7.4
Selling, general and administrative(1)		2.1		3.4		1.7
Other segment items		1.5		1.6		0.4
Segment operating income		$	(1.2)	$	(0.7)	$	2.4	$	—	$	0.5
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(13.6)
Interest income										0.7
Interest expense										(9.6)
Loss before income tax										$	(22.0)

Schedule of Revenues by Service Offering by Reportable Segment

The following tables present revenues by service offering by reportable segment:


	Three Months Ended
	March 31, 2025
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	7.5	$	12.0	$	11.4	$	(0.3)	$	30.6
Completion	22.3		32.9		22.9				78.1
Production	12.4		12.4		2.9				27.7
Intervention	5.7		8.1		3.8				17.6
Total revenues	$	47.9	$	65.4	$	41.0	$	(0.3)	$	154.0


	Three Months Ended
	March 31, 2024
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	3.8	$	21.5	$	17.3	$	(0.6)	$	42.0
Completion	26.9		32.6		33.9				93.4
Production	11.0		8.1		4.1				23.2
Intervention	4.0		7.5		4.6				16.1
Total revenues	$	45.7	$	69.7	$	59.9	$	(0.6)	$	174.7

Schedule of Total Assets by Reportable Segment

The following table presents total assets by segment:


	Three Months Ended
	March 31, 2025		December 31, 2024
Rocky Mountains	$	105.6	$	114.0
Southwest	163.4		152.3
Northeast/Mid-Con	87.4		98.4
Total	356.4		364.7
Unallocated assets	22.7		91.6
Total assets	$	379.1	$	456.3

Schedule of Cash Capital Expenditures by Reportable Segment

The following table presents cash capital expenditures by reportable segment:


	Three Months Ended
	March 31, 2025		March 31, 2024
Rocky Mountains	$	1.5	$	4.2
Southwest	6.1		3.5
Northeast/Mid-Con	7.1		5.7
Unallocated expenditures	0.3		0.1
Total capital expenditures	$	15.0	$	13.5

Commitments, Contingencies and Off-Balance Sheet Arrangements	3 Months Ended
	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Off-Balance-Sheet Arrangements	Commitments, Contingencies and Off-Balance-Sheet Arrangements Environmental Regulations & Liabilities The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for the protection of the environment. The Company continues to monitor the status of these laws and regulations. However, the Company cannot predict the future impact of such laws and regulations, as well as standards and requirements, on our business, which are subject to change and can have retroactive effectiveness. Currently, the Company has not been fined, cited or notified of any environmental violations or liabilities that would have a material adverse effect on its condensed consolidated financial statement position, results of operations, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the future to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions that may be required, the determination of the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation The Company is at times either a plaintiff or a defendant in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on the Company’s condensed consolidated financial statements. Indemnities, Commitments and Guarantees During its ordinary course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, as well as indemnities to other parties to certain acquisition agreements. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite. Many of these indemnities, commitments and guarantees provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities, commitments and guarantees because such liabilities are contingent upon the occurrence of events that are not reasonably determinable. Management believes that any liability for these indemnities, commitments and guarantees would not be material to the accompanying condensed consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees.

Segment Reporting - Schedule of Revenues by Service Offering by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 154.0	$ 174.7
Eliminations
Segment Reporting Information [Line Items]
Revenues	(0.3)	(0.6)
Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	47.9	45.7
Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	65.4	69.7
Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	41.0	59.9
Drilling
Segment Reporting Information [Line Items]
Revenues	30.6	42.0
Drilling \| Eliminations
Segment Reporting Information [Line Items]
Revenues	(0.3)	(0.6)
Drilling \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	7.5	3.8
Drilling \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	12.0	21.5
Drilling \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	11.4	17.3
Completion
Segment Reporting Information [Line Items]
Revenues	78.1	93.4
Completion \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	22.3	26.9
Completion \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	32.9	32.6
Completion \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	22.9	33.9
Production
Segment Reporting Information [Line Items]
Revenues	27.7	23.2
Production \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	12.4	11.0
Production \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	12.4	8.1
Production \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2.9	4.1
Intervention
Segment Reporting Information [Line Items]
Revenues	17.6	16.1
Intervention \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5.7	4.0
Intervention \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	8.1	7.5
Intervention \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 3.8	$ 4.6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (27.9)	$ (22.2)
Adjustments to reconcile net loss to net cash flows used in operating activities
Depreciation and amortization	24.7	21.9
Non-cash compensation	0.8	0.9
Amortization of deferred financing fees	0.5	0.5
Provision for inventory reserve	0.5	0.5
Change in allowance for doubtful accounts	0.0	(1.1)
Gain on disposal of property, equipment and other	(2.7)	(2.7)
Loss on debt extinguishment	1.2	0.0
Other	0.1	0.0
Changes in operating assets and liabilities:
Accounts receivable	(5.8)	7.5
Inventories	(1.4)	(0.4)
Prepaid expenses and other current and non-current assets	3.4	3.6
Accounts payable	(14.5)	(17.6)
Other current and non-current liabilities	(16.5)	(1.7)
Net cash flows used in operating activities	(37.6)	(10.8)
Cash flows from investing activities:
Purchases of property and equipment	(15.0)	(13.5)
Proceeds from sale of property and equipment	4.8	3.3
Net cash flows used in investing activities	(10.2)	(10.2)
Cash flows from financing activities:
Proceeds from stock issuance, net of costs	0.5	0.0
Borrowings under New ABL Facility	55.0	0.0
Repayments on Prior ABL Facility	(50.0)	0.0
Proceeds from issuance of 2030 Senior Notes and warrants	225.2	0.0
Payments on finance lease obligations	(4.2)	(4.7)
Payments of debt issuance costs	(8.3)	0.0
Change in financed payables	(1.4)	(1.4)
Other	(0.4)	(0.5)
Net cash flows used in financing activities	(21.1)	(6.6)
Net change in cash and cash equivalents and restricted cash	(68.9)	(27.6)
Cash and cash equivalents and restricted cash, beginning of period	91.6	112.5
Cash and cash equivalents and restricted cash, end of period	22.7	84.9
Cash paid during period for:
Income taxes paid, net of refunds	0.1	0.0
Interest	12.1	2.5
Supplemental schedule of non-cash activities:
Accrued capital expenditures	10.9	4.1
2025 Senior Notes
Cash flows from financing activities:
Repayment of 2025 Senior Notes	(236.3)	0.0
2030 Senior Notes
Cash flows from financing activities:
Repayment of 2025 Senior Notes	$ (1.2)	$ 0.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss	$ (27.9)	$ (22.2)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 14.6	$ 91.6
Restricted cash	8.1	0.0
Accounts receivable–trade, net of allowance of $4.2 and $4.2	102.7	96.9
Inventories, net	31.8	31.0
Prepaid expenses and other current assets	10.7	13.5
Total current assets	167.9	233.0
Property and equipment, net	184.2	197.1
Operating lease assets	19.5	19.6
Intangible assets, net	1.3	1.5
Other assets	6.2	5.1
Total assets	379.1	456.3
Current liabilities:
Accounts payable	58.2	74.4
Accrued interest	1.9	4.5
Accrued liabilities	27.6	41.3
Current portion of long-term debt	4.3	0.0
Current portion of operating lease obligations	7.0	6.9
Current portion of finance lease obligations	12.3	13.0
Total current liabilities	111.3	140.1
Long-term debt	256.7	285.1
Long-term operating lease obligations	13.1	13.5
Long-term finance lease obligations	23.3	26.4
Other non-current liabilities	1.3	1.7
Commitments, contingencies and off-balance sheet arrangements (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 110.0 authorized; 18.1 and 17.5 issued	0.2	0.2
Additional paid-in capital	569.7	557.5
Treasury stock, at cost, 0.5 shares and 0.5 shares	(6.2)	(5.8)
Accumulated deficit	(590.3)	(562.4)
Total stockholders’ deficit	(26.6)	(10.5)
Total liabilities and stockholders’ deficit	$ 379.1	$ 456.3

Debt - Debt Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 11, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long term debt, gross	$ 286.0		$ 286.3
Less: Unamortized debt issuance costs	(7.2)		(1.2)
Less: Original issue discount	(17.8)		0.0
Total debt	261.0		285.1
Less: Current portion of long-term debt	4.3		0.0
Long-term debt	256.7		285.1
2025 Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	0.0		236.3
Total debt		$ 97.1	235.1
2030 Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	231.0		0.0
Total debt	206.0
Prior ABL Facility
Debt Instrument [Line Items]
Long term debt, gross	0.0		50.0
New ABL Facility
Debt Instrument [Line Items]
Long term debt, gross	$ 55.0		$ 0.0

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business KLX Energy Services Holdings, Inc. (the “Company”, “KLXE”, “KLX Energy Services”, “we”, “us” or “our”) is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production (“E&P”) companies operating in both conventional and unconventional plays in major active basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production and intervention activities for technically demanding wells in over 60 service and support facilities located throughout the United States. The Company offers a complementary suite of proprietary products and specialized services that is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. KLXE’s primary services include coiled tubing, directional drilling, fishing, flowback, fluid pumping, hydraulic fracturing rentals, pressure control, pressure pumping, rig-assisted snubbing, special situation services, thru-tubing and wireline. KLXE’s primary rentals include accommodation units, blow out preventers, downhole tools, hydraulic fracturing stacks and tubulars. KLXE’s primary product offering includes a suite of proprietary dissolvable and composite plugs along with casing equipment, float equipment, inflatables, liner hangers and stage cementing tools. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year 2025 or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in the Company’s 2024 Annual Report on Form 10-K filed with the SEC on March 13, 2025. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 0.2	$ 0.2

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Inventories, Net - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Spare parts	$ 20.2	$ 20.5
Plugs	8.9	8.0
Consumables	4.2	3.9
Other	2.2	1.8
Subtotal	35.5	34.2
Less: Inventory reserve	(3.7)	(3.2)
Total inventories, net	$ 31.8	$ 31.0

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Common Share

Basic net loss per common share is computed using the weighted average common shares outstanding during the period. Diluted net loss per common share is computed by using the weighted average common shares outstanding, including the dilutive effect of restricted shares based on an average share price during the period. For the three months ended March 31, 2025 and March 31, 2024, 0.7 and 0.2 million shares of the Company’s Common Stock, respectively, were excluded from the determination of diluted net loss per common share because their effect would have been anti-dilutive. The computations of basic and diluted net loss per share for the three months ended March 31, 2025 and March 31, 2024 are as follows:


	Three Months Ended
	March 31, 2025		March 31, 2024
Net loss	$	(27.9)	$	(22.2)
(Shares in millions)
Basic weighted average common shares	17.2		16.1
Effect of dilutive securities - dilutive securities	—		—
Diluted weighted average common shares	17.2		16.1

Basic net loss per common share	$	(1.62)	$	(1.38)
Diluted net loss per common share	$	(1.62)	$	(1.38)

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company is organized on a geographic basis. The Company’s reportable segments, which are also its operating segments, are comprised of the Rocky Mountains Region (the Bakken, Williston, DJ, Uinta, Powder River, Piceance and Niobrara basins), the Southwest Region (the Permian Basin and the Eagle Ford Shale) and the Northeast/Mid-Con Region (the Marcellus and Utica Shale as well as the Mid-Continent STACK and SCOOP and Haynesville Shale). The segments regularly report their results of operations and make requests for capital expenditures and acquisition funding to the Chief Operating Decision Maker (“CODM”). The Company's CODM is our Chief Executive Officer. As a result, the Company has three reportable segments.

The following table presents revenues, significant expenses and operating (loss) income by reportable segment:


	Three Months Ended
		March 31, 2025
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	47.9	$	65.4	$	41.0	$	(0.3)	$	154.0
Less
Cost of sales		37.7		49.7		35.8		(0.3)
Depreciation and amortization		6.8		8.3		9.0
Selling, general and administrative(1)		1.9		3.4		1.6
Other segment items		1.7		1.0		2.7
Segment operating income		$	(0.2)	$	3.0	$	(8.1)	$	—	$	(5.3)
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(12.4)
Interest income										0.3
Interest expense										(10.3)
Loss before income tax										$	(27.7)


	Three Months Ended
		March 31, 2024
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	45.7	$	69.7	$	59.9	$	(0.6)	$	174.7
Less
Cost of sales		36.7		58.0		48.0		(0.6)
Depreciation and amortization		6.6		7.4		7.4
Selling, general and administrative(1)		2.1		3.4		1.7
Other segment items		1.5		1.6		0.4
Segment operating income		$	(1.2)	$	(0.7)	$	2.4	$	—	$	0.5
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(13.6)
Interest income										0.7
Interest expense										(9.6)
Loss before income tax										$	(22.0)

Other segment items include research and development costs, allocations and other expenses.

The following tables present revenues by service offering by reportable segment:


	Three Months Ended
	March 31, 2025
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	7.5	$	12.0	$	11.4	$	(0.3)	$	30.6
Completion	22.3		32.9		22.9				78.1
Production	12.4		12.4		2.9				27.7
Intervention	5.7		8.1		3.8				17.6
Total revenues	$	47.9	$	65.4	$	41.0	$	(0.3)	$	154.0


	Three Months Ended
	March 31, 2024
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	3.8	$	21.5	$	17.3	$	(0.6)	$	42.0
Completion	26.9		32.6		33.9				93.4
Production	11.0		8.1		4.1				23.2
Intervention	4.0		7.5		4.6				16.1
Total revenues	$	45.7	$	69.7	$	59.9	$	(0.6)	$	174.7

The following table presents total assets by segment:


	Three Months Ended
	March 31, 2025		December 31, 2024
Rocky Mountains	$	105.6	$	114.0
Southwest	163.4		152.3
Northeast/Mid-Con	87.4		98.4
Total	356.4		364.7
Unallocated assets	22.7		91.6
Total assets	$	379.1	$	456.3

The following table presents cash capital expenditures by reportable segment:


	Three Months Ended
	March 31, 2025		March 31, 2024
Rocky Mountains	$	1.5	$	4.2
Southwest	6.1		3.5
Northeast/Mid-Con	7.1		5.7
Unallocated expenditures	0.3		0.1
Total capital expenditures	$	15.0	$	13.5

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenues	$ 154.0	$ 174.7
Costs and expenses:
Cost of sales	123.8	144.0
Depreciation and amortization	24.7	21.9
Selling, general and administrative	21.6	21.6
Research and development costs	0.4	0.3
Loss on debt extinguishment	1.2	0.0
Operating loss	(17.7)	(13.1)
Non-operating expense:
Interest income	(0.3)	(0.7)
Interest expense	10.3	9.6
Net loss before income tax	(27.7)	(22.0)
Income tax expense	0.2	0.2
Net loss	$ (27.9)	$ (22.2)
Net (loss) income per share-basic (in dollars per share)	$ (1.62)	$ (1.38)
Net (loss) income per share-diluted (in dollars per share)	$ (1.62)	$ (1.38)

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740). This ASU includes specific annual disclosure requirements for rate reconciliation, income taxes paid and other tax-related disclosures. The guidance is effective for the Company for the fiscal year beginning January 1, 2025 and is not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

Outstanding debt consisted of the following:


	March 31, 2025		December 31, 2024
2025 Senior Notes	$	—	$	236.3
2030 Senior Notes	231.0		—
Prior ABL Facility	—		50.0
New ABL Facility	55.0		—
Total principal outstanding	286.0		286.3
Less: Unamortized debt issuance costs	(7.2)		(1.2)
Less: Original issue discount	(17.8)		—
Total debt	261.0		285.1
Less: Current portion of long-term debt	4.3		—
Long-term debt	$	256.7	$	285.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Equity and Stock-Based Compensation	3 Months Ended
Equity and Stock-Based Compensation	Mar. 31, 2025
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Equity Distribution Agreement On June 14, 2021, the Company entered into an Equity Distribution Agreement (as amended from time to time, the “Equity Distribution Agreement”) with Piper Sandler & Co. as sales agent (the “Agent”). Pursuant to the terms of the Equity Distribution Agreement, the Company may sell from time to time through the Agent (the “ATM Offering”) the Company’s common stock, par value $0.01 per share (“Common Stock”), having an aggregate offering price of up to $50.0. On November 16, 2022, the Company entered into Amendment No. 1 to the Equity Distribution Agreement, which, among other things, allows for debt-for-equity exchanges in accordance with Section 3(a)(9) of the Securities Act. On March 14, 2025, the Company entered into Amendment No. 2 to the Equity Distribution Agreement (the “EDA Amendment”), which, among other things, increased the aggregate offering price to up to approximately $57.8 (which amount includes all of the Common Stock previously sold pursuant to the Equity Distribution Agreement prior to the EDA Amendment) and provides for the Company's election not to deliver a placement notice. Any Common Stock offered and sold in the ATM Offering may be issued pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-271182) filed with the SEC on April 7, 2023 and declared effective on April 19, 2023 (the “Registration Statement”), the prospectus supplement relating to the ATM Offering filed with the SEC on March 14, 2025 and any applicable additional prospectus supplements related to the ATM Offering that form a part of the Registration Statement. Sales of Common Stock under the Equity Distribution Agreement may be made in any transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act. The Equity Distribution Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agent, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Under the terms of the Equity Distribution Agreement, the Company will pay the Agent a commission equal to 3.0% of the gross sales price of the Common Stock sold. The Company has used and plans to use the net proceeds from the ATM Offering, after deducting the Agent’s commissions and the Company’s offering expenses, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of the Company’s then-outstanding indebtedness, and funding acquisitions, capital expenditures and working capital. During the three months ended March 31, 2025, the Company sold 142,769 shares of Common Stock in exchange for gross proceeds of approximately $0.5 and incurred legal and administrative fees of $0.1. During the three months ended March 31, 2024, the Company did not sell any shares of Common Stock and incurred legal and administrative fees of $0.1. Stock-Based Compensation The Company has a Long-Term Incentive Plan (“LTIP”) under which the compensation committee of the Board of Directors (the “Board”) of the Company (the “Compensation Committee”) has the authority to grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity-based or equity-related awards. Compensation cost for the LTIP grants is generally recorded on a straight-line basis over the vesting term of the shares based on the grant date value using the closing trading price. On May 10, 2023, the stockholders of KLXE approved the Second Amended and Restated KLX Energy Services Holdings, Inc. Long-Term Incentive Plan, amended and restated as of March 8, 2023 (the “Amended and Restated LTIP”), which, among other things, increased the total number of shares of Company Common Stock, par value $0.01 per share, for issuance by 1,200,000 shares, resulting in an increase of the total number of shares of our Common Stock reserved for issuance to 1,256,289, and extended the expiration date to March 8, 2033. A description of the Amended and Restated LTIP is included in the Company’s proxy statement, filed with the SEC on March 28, 2023. Compensation cost recognized during the three months ended March 31, 2025 and March 31, 2024 was related to grants of restricted stock as approved by the Compensation Committee. Stock-based compensation was $0.8 and $0.9 for the three months ended March 31, 2025 and March 31, 2024, respectively. Unrecognized compensation cost related to restricted stock awards made by the Company was $5.2 at March 31, 2025 and $3.9 at December 31, 2024.

- Definition

The entire disclosure for equity.

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+ Details

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	March 31, 2025		December 31, 2024
Spare parts	$	20.2	$	20.5
Plugs	8.9		8.0
Consumables	4.2		3.9
Other	2.2		1.8
Subtotal	35.5		34.2
Less: Inventory reserve	(3.7)		(3.2)
Total inventories, net	$	31.8	$	31.0