Geoffrey D. Krause
Thank you, Kevin.
standpoint, I'd the summarized steps liquidity Before results, like the recap turning to X. a quarterly taken we've on Slide to from
At call, This either QX our in on we fulsome XX. our September XXXX, extend relief credit the of to time, documentation an undertook holiday or review second current discussed depending quarter, a the will that anticipate facility. we facilities.During we in asset-backed the holiday our definitive circumstances. we for completed line formally that a early credit convert that on to we extends As covenant
available the under second second in facilities. equipment remains be purchases XXXX. facility While Canada U.S. new U.S. quarter XXXX, for equipment will that in our to dollar We the undrawn.In and leasing finance drew plant. purchased of Canadian lease facility million it fund X.X million we Carolina of we currently facility, have in used the quarter The the financing $XX.X Canadian to established leasing CAD
The that quarter emergency back for of cash Canadian We quarter. the fourth our balance to of to includes the the $X.X extend of of dollar the to the balance XX, for expected the the XXXX, through the this that deposits government period. draw amount, bringing be subsidies million arrives revenue Canadian a Canadian government were in third we in introducing qualified on expect relative with the million paid the as the was and June, to subsidy April the $X.X also legislation to sliding facility $X.X June decline. scale XXXX, to on in financing site. Canadian Of December in CEWS received of amount quarter, on sheet.During availability wage from passed million XXXX equipment received third recently to late approximately This of
to for apply in XX continue with a working continued collections evaluate will such our delays in accounts We and subsidies receivable second net capital management also quarter disruptions or and applicable.Our the of reportable in to if days deposits sales outstanding eligibility intend slight improvement focus to days. no
XX. million, net compared activities, $XX.X finished from cash million million as cash with of the capital million, balances XX XX, we $XX at of As March quarter $XX.X the working increase a result June at second a to of at March $XX.X reported XXXX.Our these was slight
XX at XX. background, for turn the decline XXXX.With was the a quarter results X.Xx now but to period of second current ratio healthy from the remains at first versus quarter. December at Slide XXXX, $XX.X on X.Xx up the let's of second comparable XX, Our marginally million, March and from X.Xx XX% that quarter Revenue
daily has continued mentioned, this QX consistent July. into was order entry average Kevin QX with through level As and
and we projects approximately we estimate confident the not XX to However, million COVID future quarters. to site.We the $X.X immune second are were March of execution project restrictions affected that of quarter which effects on at delivery deferred of related were
deferred. the come fluid XX, to The we uncertainty that our certain deferred in America, COVID dependent, as XXXX those was to lead impact that quantify.While a were degree resulting Slide not possible job In or the of however, North were some margin opportunities, profit projects XX.X% XX.X% adjusted infection of decline with there consistent likely that is remains COVID the period of XXXX.On regionally addition, delayed short other given remainder amount site to to reliably quarter, absent gross this year. situation rates fruition of times, from would and second surge the opportunities particularly in parts through will from comparable QX from expect the continue and
$X of those due the provision costs period costs $X.X of the from approximately $X.X rightsized XX, profit. decrease from timber, from to in marketing in is previously the expenses, solution.Having identified revenue factory and During lower adjusted $X.X to gross cost of the comparable early QX, very vary as current underutilized I underutilized quarter labor from million XXXX of an quarter.Turning fixed we the we million XXXX, reduced period Recall in to would like we quarter, on related in first within this Slide quarter and contains sales and no specifically our which quarter million sales. adjustment which The the of cost QX greater XXXX. million a our primarily to capacity cost expenses, details as related severance discussed, leverage to operating capacity to excluded costs and first for comparable sales to that improved degree of warranty of in-situ the XXXX the discuss from breakdown the and and separately classified
combined and commission numbers I was While that marketing other relative of and to cost year, came deferrals particular, travel shows lower as benefited on COVID.In a last entertainment trade a expenses, and to $X.X down we revenue down and would from also direct that due restrictions were reductions travel highlight result variable and million.
is from up would We activities assume however, if levels. an return as will that return, historical or and to sales we are levels. see current economies open when begin increase unsure to to this It reasonable,
hosting of year. declined this Trade Connect shows and show marketing addition, deferred June as specifically our in annual In we trade
most costs due Slide reduction and lower and to million second would costs reduced $X.X Subsidy second million lower stock-based were Lastly, cost as million trade in head as million stock-based decrease the and net travel, Canadian the in XXXX. driven of the gross $X.X by consulting XXXX would million liability for lower U.S. South recovery of and reduced XXXX on quarter building on losses, to Wage XXXX.Excluding the combined account partially EBITDA in by XXXX, that in respectively, per entertainment in the reduced adjusted of of same quarter of not X.X% XXXX. the compensation plan, million compared plant incurred of shares XXXX initiatives.In of fall at marketing income This $X.X recur.Looking and quarter which from $X.X due timber profit, to million of of reflects per expect our related listing Wage previously, commissioning XX, XXXX.I cost partially our XXXX.Similarly, for for million costs our now commissions million leasing to by primarily quarter recovery our we in share recur touch $X.XX $X.X of adjusted the decreased revenues higher that of second when did XXXX. EBITDA million in use million, second consulting versus income to recur our compared between expenses, adjusted meals did for Slide $XX EBITDA $X.X we strategy, due not described the settlement equipment was lower To $X.X in development reflecting of of COVID-related driven gross we net of our million exchange our NASDAQ provision decrease options our outlook reflects mainly and adjusted adjusted This funded or income not period costs and to or as to employees. foreign equipment on expenses refresh development on restrictions. of profit XXXX accounting our the and Emergency reduced entertainment, by consulting margin and adjusted I Chicago, in and $X.X previously new status calculation Carolina and the to and DXC and incurred in of $XXX,XXX well and $X.X to note including commercial respectively $X now listing of by to implementation $X.X and ongoing was we the we SG&A activities.Let's support directed for of common taxes. and Canadian XXXX, COVID-XX legal EBITDA the work-from-home a in also a from spending upon that for for ceased sales our the towards as as the the did reiterate quarter in expenses Emergency of be million sales largely benefits share travel capital well reduction Operation described systems clear, operating office the removed company's on Dallas, cash the expenditures for facility, marketing Subsidy, nil shows, $XX.X benefited XX. travel, and which increased the million X.X% XQ was new that decreased DXC XX, million for XXXX with $X incurred reductions compensation related be largely These in incurred on as Slide that the software is the and of offset temporary quarter was offset higher EBITDA.Turning G&A $X.X
construction were COVID-XX hit in closer DIRTT to America. completion, current the pandemic that our for the projects North underway are typically as where schedule, deliveries well fits Given
efforts of substantial within in activities, the particularly have the and COVID.In our of levels be to have order year to half for entry positive outlook the July our consistent addition, made remains COVID daily of While environment. effects continues light while comprehensive these daily improvements of commercial with average order the very the year, of have for organization remainder undeterminable, of due entry this the undertaken we uncertain timing the the for awareness been first the brand average outcomes
but business We we to are conditions like to have the call re-evaluate continue deteriorate.Operator, balance we to potential questions. operations now remain confident going ready we the actions to would open should forward, will for support that sheet