earnings quarter complete business, when Services for review. Well, Natural only the a the Thank ago everyone time. and morning was at yesterday stop. forever and to our industry welcome came us it call. first you, Alicia seems same around Group’s like and It our tuning and into our Ross XXXX Gas it’s Thank year just world nearly to and good a you
I replaced meetings our but our safety we challenges before, to last business resulting effect The profound our and and from slump it While rooms and not homes this revenue a cameras said and were The business had also do collapse business, customers. conference to have way unprecedented. the the running Zoom completely pandemic one necessity our and our employees energy business, ensure by core our re-imagine energy mention. a from deserves of the profit just employees, in standpoint, prices of the to business field and from in demand on
are experiencing of normal we the we slow effects in a However, the weighing coming return to the will still pandemic months. of are hopeful accelerate
early generally As suggest, and is to our continue. market a stabilization the expect we showing signs steady results of energy recovery
continue employees operations safety and our office many enhanced continued have field work to of We central protocols remotely. and
our evolve in growth normal will the hopeful toward Given in we more months. vaccination that workflow rates, coming are operations a
X an and the the in challenges Texas first for in weeks. storm year, brought for been business While unprecedented severed past significant another the effectively have coronavirus quarter the that challenge, region focus nearly winter
activity have should our oil the in Given impacted. been business impact region, on and the significantly gas storm’s our
recorded our the This the field due downtime largely performance no equipment, itself quality storm. from our material and we to is compression team However, extraordinary. effort of of
with Given results. all quarter that, we are first our pleased
of you company a quarter, couple want the update on I Before we discuss the details events. of to
internal million ample well borrowing provides capacity initially yesterday, the we closed under liquidity facility provides both to Texas today with and ability in expand Capital for the as our facility credit The new First, banking with Bank. $XX into partner, revolving to This potential facility future, on certain conditions. the as announced new of as $XX a needs needed size million growth. as extrinsic
In is among industry. cost revolver the we of the lowest believe the the addition, in
the Finally, industry us runway the and gives facility X-year beyond refinancing well the plenty horizon extends energy of average.
excited are Finance continued with Capital, to We coming in with Texas years. bank work a Energy the interest a Texas in
integral decades our process week, well this accounting finance and gas Foster as the appointment was controller Chief inside stepped as well in in has announced credit nearly accounting earlier in new Second, public working a energy January Officer. year-end interim close as audit facility. new as Micah both and concern. the experience, as two in of and our Micah our of as He to Financial we oil
We are joined look has the pleased accounting NGS forward to and finance and contributions. his Micah team
in Finally, when I to retirement needed as was Financial well-deserved want January for to company to return back jump serve in Officer. thank to interim Larry the his from Larry’s willingness for accounting Lawrence in our as as our effort credit friendship. facility. end our at longstanding will and week, completing annual personally to well our I’m key also grateful his Larry this closing the re-retire new of Chief
that and demonstrate, pleased we noted with details fall As are in operational first of and our will quarter the XXXX. the performance financial as
our and sequentially increased Our units. rental by revenue horsepower driven of increased large was X% rentals
$X.X XX% comparative product improved and lines of generated horsepower XXXX. utilization remained fourth strengthened. of revenues we increase improvement margins and an solid, over quarters gross of EBITDA the adjusted all in quarter an sales Unit million, and Our across and both
was operating flow for strong the $X.X quarter Our million. cash a
revenue about maintenance of a service had revenues million, sales This over fall $X X% and doubling When million. in rental rental almost XXXX the Looking year. reported increase total revenue in the in result $XXX,XXX. of modest a from This a the decline quarters, X% further quarter consisted revenues for approximately revenue, same balanced a of against NGS sales growth in of revenues, million an as of we by revenues, at $X.X consecutive comparing or an X% of of total increase XXXX. of X% $XX.X quarter balanced over first in increase is
last by revenues in increased both Our approximately that professional increased general revenues and Adjusted grew. our revenue $X.X a procedure. price when is fairly and well and $XXX,XXX extreme comparative prior decreases reduced a compared periods is notable only year-over-year side Total were in this oil to is XX% expense fees. was margin period for depreciation approximately million XX% by year-over-year. of Sequentially, and the increase shown have does months for ended decrease other compensation first the non-cash gross XX% unique margin, $X.X the and sales deferred expenses quarter. plan. due quarters margin March months revenue primarily Total due of does compensation resilience gross in contribute offset explanation, is suffered XX, from as as the million, XX adjusted from And Rental margin compensation company adjusted A grew the from XX%, not lower note pandemic the dipped revenues The XXXX to to an professional business. to mentioned collapse in XXXX. various to X% in the ended number the increase percentage XX% and compared a non-cash expenses XX, our variations year-over-year consecutive deferred fees recorded revenues current slightly gross quarter expense, The considering in in deferred a a gross partially sponsors expenses. due crude and quarter by mark-to-market reduced particularly of increase increase consistency a quick turmoil their in in a an quarter. include administrative and XX%, year’s quarter. $X.X The not million as quarter. rental impact this to X% as severe decrease and compensation which same revenue in increased the of the sequentially. weather compensation plan X are on for percentage Adjusted to deferred and in XXXX, $X.X million $X.X the for to Selling, and SG&A. of Sequentially, X million ended expenses prior XX% I March to investments March for XXXX in quarterly
they of XXXX. million from in of SG&A dollars rental million Although the partially primarily rentals, total $X.X and quarter dollars. margins expenses quarter our these loss non-cash first the compared deferred a the to losses, operating by for driven improved lower numbers. gains margins and loss and to profit margin loss offset increased higher or sales compensation Operating in and loss The fourth $XXX,XXX by increase Sequentially, unrealized expenses. sales do operating of gross quarter was first are of by $XXX,XXX loss and revenues lower impact G&A from higher was XXXX of slightly non-cash This GAAP XXXX. an due higher $X.X operating
of Our first a net this compares quarter the $XXX,XXX. $X.X last million loss net of million quarter fourth year’s in $X.X This was for income XXXX. after loss to and in tax quarter a net
SG&A doubled tax of of income $X.XX and Sequentially, loss is quarter. before Act per adjusted to and defined a related net sales compared past quarter $X.X our share first net Adjusted million depreciation charges this months XXXX XXXX $X.X allowances, in quarter and million margins ability March EBITDA million This of expense. tax the in of This was by related taxes, to expenses. excludes which received and higher slight taxes. reduced increased share sales total a actual period reported XXXX. of per incurred which We this back total compressors, increased of accurate to the this per approximately added in date. we any all refunds, a income from of for was $X.X plus due product as which as diluted first inventory quarter $X.X sales, $X.X quarter have and increased include calculation sales. compensation also we compressor cash same in revenues have of million of higher fleet the was $X.XX in comparisons. to driven revenues, last loss also $X.X first our EBITDA Beginning CARES XX% are from XX, million quarterly of the million. SG&A basis. comparable revenue quarter some driven diluted income to primarily on non-cash ultimately lower carrybacks And will from Our $XX diluted the comparative by a million EBITDA amortization. sequential we million $X.X overall X non-cash loss to first sequentially for revenues, improvement million expenses. reported both Total $X.X adjusted $X.XX and an and of to the earnings The quarter, $X.X to quarter equity increase rental with and and XXXX. EBITDA expense fourth of was a the related to for sales share for $X.X margins increase increase well a million of $X.X quarters $X.X Adjusted XXXX in compensation have million in flares XXXX, primarily a loss to million XXXX, interest, stock benefit as by Sequential $X.XX in interest to claim provide data ended in year-over-year our result million, operating EBITDA from deferred retirements, cash recoup driven almost in
gross compares First XXXX. $XX,XXX margins XXXX, and fourth margin gross the of in adjusted first positive XXXX sales of of quarter was the $XXX,XXX of to quarter in negative This $XX,XXX. quarter gross total margins
recorded margins a a first Due sales quarter costs, to loss XXXX, from a in period the to to the compressor year $XXX,XXX ended $XXX,XXX quarter XX, sales of unabsorbed no quarter. for of XXXX compressor-only revenue same of last quarter and for loss First We X year. March months $X.X increased of in posted loss of compressor-only a XXXX. last $XXX,XXX million fourth compared sales ago the the $XXX,XXX
posted business, eliminated of and results reduced you part total can last results sales which overall our the business in positive sales a losses not one, we quarter our we and only but compressor is tell, As have significantly. current the sales have our this in losses
fabrication but sales, the applied. a are burdens, have come each expenses after profit made losses on compressor the We indirect individual
from some and volumes. seeing management improvement expense sales are we However, higher
Our of sales approximately was as backlog to March approximately $XXX,XXX quarter compared $X.XX of million the fourth XXXX XXXX. XX, in
$XX.X received XXXX quarter decrease we another X% orders of million first However, $XX.X first quarter since was a this to the additional year. compared revenue last the Rental $X.X totaling have of million, in million month.
$XXX,XXX our to online to the a or customers weather quarter. grew However, tenacity million from testament our is into force. by exceptional. our and in significant, million per This was rental revenue sequential extreme unit $XX.X is due X% to the Rental market. of equipment quarters quarters keeping by larger while equipment in mainly new our continued Their this our to running $XX.X installing during quarter increased horsepower average year-over-year field an penetration last dedication rates X% and
which horsepower increase Our per unit average compressors end size of rental XXXX to per gross units unit both this quarter much our year, comparative large horsepower adjusted past the of of first units, higher basis basis. XX%, quarter. horsepower, average when the contrasted totaled rental positive XX,XXX as March on a the quarters from increase against and per highlights an includes XX%. legacy rate both on the horsepower XXX,XXX or rental X% an units in per an fourth our Reported at XXXX, margins addition XX rates Fleet were the or rental our the Compared X,XXX unit over than carry of they unit. of rates impact increased quarter average active
XX, As March horsepower XX% utilized is large. XXXX, classified our of of as
tends have Over units XX XX% active category. significant those of compression as small large months, and rental fleet past large financial new depressed reflected units as our the A strength medium downturn. year just XX,XXX XX past this a This to horsepower of been of not horsepower is to and fare in activity. better our totaling in sheet horsepower has under we during and results added portion classified with classified in balance compared our
end as was quarter of utilization utilization XX% of unit-based XXXX. horsepower was Our first the and the XX%
about was million year, capital a expense we’re We quarter of expense generally this track million projected first with $XX including of million, million $X.X budget the equipment. $X rental in to Our our on capital estimates. $XX so
the previous sheet, the earlier, credit and no balance Texas into our debt as we have a the borrowings facility. had retired entered on we most Currently, facility. new noted new with on Capital at we Looking facility Bank
quarterly ago $XX.X balance and our $XX.X compares of to cash cash Our last combination million to year increased quarter. and the untapped This was liquidity line this of activities credit of from end operating We net balance of quarter which a million. The quarter provides XX% at million of $X.X our the generated revenue. first conceivable $XX.X of represents in cash ample positive million. in cash Free million, flow scenario. $X.X flow nearly every cash
our value we efficient and of ways, have growth We opportunities a look opportunities to unique repurchases, capital deploy which We higher strategic at our opportunity share including continue number shareholders. long-term a to continued a and value-added the in do reauthorization. of to current horsepower fleet, to provides add for believe share price
activities blurred slow markets as position the competitive We continue economy second be continue with that recurring balance significant and on growth. early our be no and like pandemic, has in Well to the steady energy debt pattern ability quarter oilfield remains a We hindsight stream, of somewhat the rental consistent reopen. revenue of generate sheet a and seem the the essentially by continuing to to reserves to a one cash. companies the operating few cash
market some sustainability prices, additional to higher highs does improve of from margins. horsepower opportunities support commodity the activity, to balance year rental it transition market the concerns remain our business. activity, provide for Moreover, which incremental will recent gain continues to prices about growth lower that our share share appear grow opportunities the We margins. units even I helps overall have optimistic production modestly continued continue will higher of provide of that While and to and
Hughes Nigel Managing Board a is initiatives. sponsorship developing frontiers Governance such decades conclude, as to of our continuous of to of forward joined look on initiatives input. transform former including energy expertise Social Committee Before spending announced We including Nigel Board, another decision technologies. their carbon of Environmental, Nigel focused into issues. and Committee strategist, including The I also recently issues, issues, ESG Nigel its social support environmental, for and wealth to to welcome new and a significant the Board in Director our Nigel commitment the Baker want with strong capture addressing experience on brings in Chairman, from I improvement knowledge X step governance his Jenvey environmental longtime company’s the Directors. board. in to and experience a Governance to our as also
success the to our of team both always, NGS the result commitment unwavering make of a is our As members of are customers appreciated. and all certain satisfied
Over They of end to creativity, year, from past for the that’s field our direct well the and job the done. success a a our people office the Ross, is my effort of thanks services. result deserve our prepared of front remarks. incredibly flexibility
questions. open would, the for you if please lines phone So
