first material to critical impact to quality supply on service customers our have and for continues India provide industry or XXXX vendors. business Natural our morning has our everyone The tuning Earnings COVID-XX Gas Ross. on and review. and Services welcome and seen impact but Alicia, you we Good our to you had call. pandemic into no activity, Thank the quarter Group's an Thank chain
fabrication adopted meet have have new work from staggered our realities headquarters work to remote in Midland virus. and processes and the COVID and We field our adapted the
implemented have and our We as suppliers and guidelines to our possible. employees, customers as keep safe tended
our We without have cost to managed do any operation. significant so to
be So, as remain this challenges. vigilant to as of to find efficient new continue environment possible to ways in we operating
service of impact business sheet many cash continues prospects. of tax credit demand The normal business line visibility in industry the cloud, other Nevertheless, additional and In this short-term adequate we refund, intact well have course withstand customers in next has anticipate debt we the in was for April, experienced on and from expected $XX when over environment as COVID-XX a balance companies, minimal million returns the resulting million economic unit destruction all our environment. for was oilfield $XX hand, more NGS shut-in and we positioned With prepared our several liquidity expected in to $XX.X months. returns. to cash million notices and volatility the and an to our more like
margin from revenue forward associated returned, equipment business and being lower impact anticipate We going utilization pressure. to rates and our the
are by some case. the gas, that might oriented Our unscathed. isolated and a units larger equipment horsepower production towards Interestingly greatest our the no seeing which commodity fair anymore, horsepower be where impacted natural will smaller relatively It's get instances installations may relatively now we're of not well, are relatively There are but the but a medium promises valuable promise. be horsepower generally the
in for centralization cutting our of cost cost of to certain better measures capital cost-cutting and various wage control implemented a in reductions including with operating layoffs expenses, and attrition, We've and our our from efforts. processes [indiscernible] respect headcount suppliers freezes,
the reduce including review combining to operations to number of opportunities continue efficient more become reorganizing locations. additional operating We to and fill
future. rationalization a want go away implemented and side energy the process opposed Our has it has model. advantage. the business to foreseeable been is that conversion remind the of NGS the on and continuously for inherited will not drilling cost also of of flexibility production Being to I the business of resilience is side, multifaceted as started everyone the
compression units be of are maintained has preferred absolutely hierarchy. keep a revenue give structure can never Wells minimal the but not, to We it some oilfield downturn, production played us need shut the they even vestige this that business last wells of rolling to services from make us position an money compression be when operator a start in drilling. all unneed amount in does and the in
advantage. macro advantages. also a We macroeconomic our number specific have of were That's company's
NGS a you different in the in time, if demonstrably know, you is model our from short our followed competitors. As
business of accelerated for one the essentially an cash We have sheet. to all an cut extremely kinds years [indiscernible] amount of cash expenses in on balance an capital debt without and operated always have retain of we the rental we level with manner. cycles been to appreciable the ability generate and For first to low We
time, of he business, at playbook our quicker the services slope financially and in downward to implemented spite will it same on customers. the extreme pressures industry. equipment position of the this being industry and to provider preferred I due superior is but is and manner, margin both Our the feel the In our a even in certain an
with market financial that So said, results as all I'll comments. permanent and as the operating well discuss
performance our economy, quarter operational XXXX. first are Given we challenges our in overall industry with in pleased of in the the
rentals driven XXXX. Our increased rental first when compared by It X% revenue units. XX% was large and sequentially quarter horsepower increased of our the to
XXXX. of XX% over million, remained EBITDA and fourth the quarter Our adjusted utilization horsepower an we unit of $X.X increase generated solid of and
flow operating for cash million. Our was quarter the $X.X
of XXXX. and the NGS revenue X%. an service further for a in revenues $XX.X the reported quarter revenues, $XXX,XXX streams. XX%, decrease decrease Sequentially, in sales decreased both in quarter revenue rental experienced Looking of from XXXX, maintenance by at total million the same We first increase revenue at total
X% sales in significantly soft to unexpectedly decreased capital due the not we revenues reduced any coming revenues capital sales months, importantly, drop remain increased sequentially, More company spending. compressor revenues has as in a would sales, constrained environment, rental expect
margin months ended by Total XX, for a as for was of XX%, year-over-year. for XX% to million adjusted period which X% $X.X months revenue the increase XXXX three the $X.X March same include three XX, Adjusted million an ended gross increased from depreciation ended XXXX. from March not gross XX March does margin, percentage the
quarter margin increased administrative prior revenue year-over-year of X% a adjusted for general gross as margin the $XXX,XXX approximately XX% $X.X and decrease to for from quarter. gross million, quarter. of Selling, to $XXX,XXX expenses $X.X Sequentially, the percentage Adjusted million were XXXX compared by quarter this of in from to XX% decrease $X.X a million approximately a also in sequentially. first increased and
the The compensation main company's this, year-over-year liability. decrease the Sequentially, to Without the to SG&A been reduced quarter is related quarter is the compensation stock liability, to would reason expense. lower due for also compensation lower first a decrease deferred compared $XXX,XXX relatively have the related XXXX $XXX,XXX to of first XXXX. and credit flat deferred
was lower Operating and and loss rental lower expenses in XX% quarter run the depreciation at the SG&A loss this quarter a continue to and first a $XXX,XXX quarter expenses XXXX loss for do total revenue The was of income due $XXX,XXX sales, to of margins adjusted generally of to horsepower lower adjusted XXXX. to higher so. first compared XX% equipment. operating Our
margins. operating rental income rental $XXX,XXX of SG&A the quarter higher This increased lower and primarily from driven in operating higher $XXX,XXX of increase Sequentially, adjusted revenue, fourth loss was XXXX. by
our last net adjusted a fourth quarter after-tax $XX,XXX a in almost of this loss loss Our the quarter deferred quarter $X.X bottom for to $XXX,XXX, was for $XXX,XXX. $XXX,XXX fabrication was facilities. attributable and related taxes, so loss to This this this with quarter, first was line XXXX. loss the net $XXX,XXX million tax in adjusted year's loss compares our a another quarter income Quantifying loss of to net net the before net in
a reported far income income, be net $X.X As million. net positive as will our
recent taxes. due result is and $XX total which This tax tax change past actual our in a quarter. benefit will net some carrybacks in able recorded the claim million income cash laws, of Fortunately, refunds, tax we're recoup $X.X income operating loss this cash to in to of million
in share XXXX per before $X.XX of same in XXXX $X.X and is ended allowance. Adjusted inventory our earnings for and actually million, interest, months adjusted March was amortization, for the $X.X diluted earnings taxes, EBITDA first EBITDA period any increase $X.X three a from -- increases the quarter. EBITDA for million the depreciation million. was reported NGS excludes XXXX slight XX, also
from $X.X XX% and to primarily increased million, SG&A. revenues product revenues, $X.X which approximately rental $X.X EBITDA decreased sales Adjusted and $XXX,XXX higher to or lower include compressors, flares sequentially Total sales due from year-over-year a declines compressor driven to the revenue depending by to Sequential million. of XX% were sales million basis. these XX% on sales. on Approximately $X.X quarter decreased lower million
margin sales in XXXX to plant fourth gross a first compared was loss XXXX. primarily total is $XXX,XXX. of to our quarter throughput First due quarter XXXX of cost result the our personnel unabsorbed and positive facilities, the and the of and of lower of fabrication in incremental retention margins gross $XXX,XXX This $XXX,XXX quarter in
quarter ago from compressor-only of decreased quarter. March XX, $XX,XXX a for same in Again for the $XXX,XXX sales first months to $X loss to margin a to unabsorbed in the ended million year prior sales quarter of $XXX,XXX only the costs, $X.X XXXX compressor of quarter. last XXXX due and a $XX,XXX and quarter profit First a posted this period of the three million XXXX loss compared
XXXX sorry $X.X million that of approximately as quarter. million approximately was this compared backlog to backlog XXXX XX, sales of I'm fourth $X.X -- March $X.X in the Our was quarter million
XX% sequential XX% in revenue quarter in X% the quarter $XX.X first a horsepower the average million year-over-year quarter on average is larger year-over-year quarters year XXXX to rental and revenue an rates X% our XXXX, continued first increased continued of and unit compared fourth respectively. rates grow X% and $XX.X Compared into average last the $XX.X mainly million to increased basis last on horsepower per by was rental per in market. This due quarter. penetration unit to million up Rental a Rental basis. revenue in increase Our of our rental per were of the to the the quarters.
added all rate much large and unit. increase increase XX%, first last large rates of carries margin gross equipment from over XXXX I in XX%. per quarter this unit per past from going but the about decrease am rental year it, quarter XX% Reported horsepower rental higher a is of brag rental fourth almost average margins was year. rental year's our the to gross last fleet remember that were an of This unit quarter
of end by sequentially, debt charge, at previously addition XXXX been bad X,XXX charge. the XXX,XXX margins of Fleet the first during were size at margin or Fourth quarter the mentioned flat negatively gross Without have XX horsepower in rental March impacted debt horsepower this bad $XXX,XXX would totaled or XXXX quarter. units compressors XX%.
XX% classify March of horsepowers of XXXX, as large. As utilized XX, our
XX horsepower the being as new important. horsepower this entering above kind with of those XX months, tends XX% compared units this fare Large in is as depressed Over our and category. fleet of The and utilized to of totaling time is we've XX,XXX units XX% medium the backstop past horsepower downturn added with classified to period horsepower had small large a a as first of classified large activity. horsepower better just we've
utilization of XXXX. unit Our and XX, was is XX% based March utilization XX% as horsepower
including small noted horsepower were to I we XX% quarter that a decreased XX% a X% $X.X XXXX million had our this about spent budget $X.X Overall, on revenue last generating capital CapEx a thought to rental had a decrease million sequentially. expenditures for in $XX.X of approximately suggest compared quarter on year's year. this compared year-end the more which call we million quarter and levels, first We when equipment. about
total expenditures approximately which to We to only for of million of last budget quarter. appreciably the below commitments capital million $XX year, a additional XXXX we capital the estimate have million, capital $XX expenditure million $X $X suggest just
as and XXXX to at announced directly August authorization invest cost company almost to March approved stock the the of Board that had XXXX, our shares $XX an XX,XXX On NGS million of through up repurchased into company almost has $XXX,XXX. a XX, buyback XX,
prudent, That We are market active said, to environment. our participants enhanced liquidity current current is remains the more of likely the believe equity attractive share belief be uncertainty repurchases in that at available to continue investments the this given Board's and we not time. in the
business our to future continue we conditions will as We review in evaluate marketing capital position opportunities.
our balance the $XXX,XX to sheet, bank XX, remains March debt total minimal as Moving at of XXXX.
Our remained balance at cash strong million. $XX.X
any to available from $XX of this we quarter liquidity credit addition, scenario. quarterly our a consumable provides $X.X In budget. in XX% dramatically untapped due $X.X ample activities flow revenue represents we million rental million, have line which net cash us, We largely our this anticipate which lower positive to of in million revenue. operating increase and and flow through year will cash was recurring the Free CapEx of generated
that and summary, essentially in In cash. are OFS continuing the ability in recurring sheet, the no cash debt have there on stream, not a the bank space rental many reserves revenue balance generate to companies
to then loans paid recently want the PPP and comment on I Finally, back. we received
As period noted loan in overall industry in Program, in and recent unprecedented earnings to help our received use and economy. in $X.X a applied press and which employee intend population we our we maintain X-K, million our Protection to the turmoil our release Paycheck of for
loan. the at the received applied assistance our bank faith time, in we With of good under and the rules and
receive Small [indiscernible] [indiscernible] as company, the we our to a public may Administration, as Never that and it media has less a a than week for weeks. specific that developed a the of be these were loan the SBA remind funds we're were we and have company by rules. meant well were expected define the us. over informed However, to for applied U.S. of as Business sudden intent our Essentially, bank of deemed couple public all
a in public what politically were against became companies process. effect, our In discriminated employees driven
to form While should company Board or that the of the and this program, our as participated wish the have is and debate was a not at NGS management the our the from and and merits time benefited that the continue believed politics and program. to believe
the potential return SBA collective applied loan program and was our set the for costs it after with we charged loan the the the we considering forth guidelines stakeholders we the it, on after were we the under balance associated received revised [indiscernible], However, interest carefully the PPP by determined provisions and period on of interim to had interest loan. best
NGS and resolute view by XX exactly of the team or correctness this Unfortunately, as to of the return program forced reduce program's irrational to was government of the members the XX% workforce nature our political upon the of the in opposite our loan. impact [indiscernible] roughly intent my
questions for utmost take period. want Before trained the I team this thank our efforts demonstrated the we professionalism dedication to difficult and have NGS their a In very during responsibility. environment, entire employees
to to ahead navigate Thanks stronger are strength months turbulence [Indiscernible] These we people we'll times some are us, we will ways sheet. on a financial strong exceptional is exceptional have We company emerge we through challenging have. most. of and service continue than found our and focus superior balance that effectively to and
Ross the remarks. my end of that's
would you questions. open for the please phone So,if lines
