Geoffrey D. Krause
financing in forms an process X.XX%. to On a I'd ensure uncertainty. XXXX, lease pandemic. you, the a Thank we to commenced entered liquidity credit other begin In considerable process face Kevin. of May rate at reviewing additional X we capital facility. into by some implied reviewing COVID of like include we expanded lease of This of lease early X-year the X, the million our CAD to address took of steps facility to equipment equipment revolving
rate fund purchases lease million extendable facility facility We of our plant X.X%. for capital also to an New entered is for U.S. a into equipment approximately equipment X-year implied year. additional Carolina at South $XX The lease an
on million in purchased draw these XXXX. fund expect and facilities We $X.X -- deposits purchases in to approximately fund to of May made equipment
first half commissioning of With provides, is will million, which it XXXX, our expected operations the of of plant new to the half activities provide $X million lease establishment and on proceed The line -- hand. leasing million second we to in of of incremental the the the facility with plant's cash from U.S. be production commence funded Carolina commissioning approximately and is equipment capital approximately the facility chromacoat commercial increased expected the with liquidity XXXX. cash $X $X of in South cost with
If recall, of we XXXX, million. second of the $X.X you in equipment made half deposits
$XX.X timing as to a with of the well to South comprised in with our of cost XXXX, completed major in by of We commissioning as delivery Italy complete pieces Carolina X XXXX the were equipment the manufactured originally portion delivered in in months. delay of the The the COVID-XX balance on in spending related cost to of plant equipment being expenditures to expect that the depends the of the receipt the be scheduled September. will these estimate remaining be of XXXX. commissioning million, -- X balance We
is $X which going defer million. moving cost approximately the total million the forward expected component, on are to We $XX.X millwork to of
our unused base Accordingly, we XXXX, facility XX.X agreements, modifying to lender, cash. all of further the we equivalent our and relief, principle revolving are if to we an or to $XX.X had under availability the credit will credit At October facilities. to of end at USD the during with million, of these in million of the we and with XX% seek existing covenant working which agreement we our The point, provide have was now million CAD XX aforementioned taken near-term challenging cap With the until quarter's including from Slide first credit credit borrowing decline CAD revolver necessary. comparable X. aggregate a quarter, Revenue capacity be extends on of on based background, of currently reached results $XX subject of leasing million capital, from XXXX for first compliance on fourth facility, definitive XX year's facility times. a sequential ensure turn last steps quarter. covenants, decline quarter relief While relief have that to the of the period covenant to the revolving subject an the let's million, in our
projects. we've respect disruption sales been experiencing prolonged to larger-sized our pipeline, particularly we've discussed, to with a As
quarter, lower as On improvement in reported this relates margin is the presentation. partner was previously. it added That period adjusted of from as from XX.X% partner reporting was XX. As a the despite a which profit decline as is comparable XXXX which XX only partner We the opposed our more appropriate to to to -- sequential quarter, opposed XX% in the Slide relationships, believe or was we but X, way a network, revenue. discrete gross locations, we well the
calculation. XXXX the XX%. within QX sales. number our we underutilized quarter, operational our is staffing million QX by in related factory adjusted took margin was costs. to improvement of a reduced As XXXX, we gross profit compared $X in we This to separately many our cost In of classified manage result capacity of steps costs the The the reflected to
the million. further cost We the bringing shifts November. sticky in total and details instituted is X, headcount of as factory also margin plant term, to our hours length Slide to Analyst after additional $X.X contributes response costs. $X to factory levels, is every day are production result of XXX, and XX%, the the that to planned XX million revenue being the expenses. our overhead the dollar operating costs per X we in use volumes. in our of deducting plants From numbers our variable well direct contribution but the approximately reduced structure gross factory quarter, from labor we last to in increases sales labor note the quasi-variable, shared curtailments. hours These Slide XX end Day It activity and as of changes breakdown reduced are as in hours to On downside. with an margin Subsequent of fixed by more labor to revenue of shift recent what approximately a our important monthly an overtime as of the near a our through current at from $X.XX update of perspective, materials the you variable the plant increased
operating have relatively year. of see, As comparable expenses overall can the from you period consistent remained last
collection underutilized XX.X%, EBITDA $X Looking million the $XX.X and to XXXX. -- quarter at $X.X the of the decreased compared paramount, liquidity litigation million the partners. to related capital working cash, margin million of increased costs through decrease This highly gross quarter, maintain on the receivable allowance we and increased conversion period we Despite this, this decrease X, the first by negative and adjusted capacity in focused EBITDA on to collection. accounts accounts uncertain reflect of $XXX,XXX for our driven distribution $XXX,XXX XXXX. profit, incurred by respectively, increased an Slide for Ensuring adjusted we during was for is negative certain year quarter to higher the remain of and doubtful risk adjusted focus including to in and
continue health partners. monitor We the to of financial our
safety As of are credit a acquired backstop, liquidity. X, the trade insurance us, April their we XXXX. and a effective on employees our focused Like partners
in included cancellations. America March challenging as construction capital working said, that these has Net XXXX, we North XX, debt. We cash our XXXX. was slow for to times ratio as $XX only at at $XX.X seen not XX, Despite That versus that to million million of $XX.X are December December quarter, have a deferrals everyone. are XX, encouraged stopped and remains opposed and at million X.Xx project XXXX, compared current healthy of no with X.Xx
Turning was profit. the largely per to $XXX,XXX The $X.X XXXX, by $X.X the $X, consistent $X.X and to quarter in million Slide share, and expense respectively, which expenses Net stock-based in for or driven compensation reorganization gross included XX. loss quarter loss with the compared first of of $X.XX change million XXXX. of was million
exchange gains income tax from the quarter recoveries of first in and also XXXX. We foreign benefited increased
described which of South equipment leasing expenditures refresh we facility, for Chicago, new largely DXC and the between systems implementations expect is Carolina activities. $X DXC our equipment as previously, XXXX be new and directed our plant software of million $X the ongoing and commercial in mainly million, Excluding in commissioning to our Dallas, capital towards development cost by funded the our
outlook. revenue our on touch now Let's
pandemic the for projects DIRTT deliveries our COVID-XX to are that well Given hit typically fits in as closer construction completion, where underway America. are North schedule, current the
average Our quarter order average entry the entry have for been than only levels first slightly order the daily of for April year. this lower daily
action of the DIRTT's have will period as to be of know discussed, industry the However, decisive economic financial or, what last prolonged be, what us construction enhance long since none flexibility may we how overall crisis impact uncertainty. taken will during the on a commercial Kevin
effects our the developed end COVID-XX timing We related of analysis and extensive and the have of cash on and company. done markets depending plans an multiple contingency needs magnitude on the the the of
to would now turn the that in be sheet confident scenario the balance we further call have support to will back forward. we are reduce for a continue operations to going costs to worst-case closing Kevin? remarks. While actions Kevin required, will I
