here this with and But is morning, have rib and that with shortened up Q&A he Good injury remarks, us. a bit Joe XXXX, these quarter a dealing asked He's take we the Peter. the subject we'll and for I'll few I of start and brief Joe may with energy overview the our then President quarter, approach. for with a everyone. safety, performance. deliver any his call prepared be CEO session. is saving out close therefore our unfortunately, Thanks, expectations the for Lambert, is questions safety a give out areas our QX Slide one on I you have. before then given speaker X which
to to and workforce engage in remains and to flat improve but finding injury rate are workforce continue rate. lower generally the practices management our Our we work and processes our consequently level, recordable again at need to as pre-pandemic ways
reinforces with our generally business. training green our into safety additional need our teams, This engraining but all training new hand our effort of culture comes program, operators. headcount as and facets We experienced nothing us, into the is have for to put in growth less and
states our at line macro outside and and we -- it be will as factors But quarter protocols throughout and all was conditions transitional. of mitigation condition Operational safety steady remain word top long risk were The all overview would control the of months. one our fairly potential. present particularly hamper our Our for performance strong as X uphold to continue the takes.
work different recent sites major sands between oil mine commence QX fleet experienced Our wins. transition as to project remobilization
of during Although are these loss now we a a up at utilization these for years suffer fleets of XX/X bit set minimum a transitions, work. couple
joint this and First recent noted Cree can our to of Mikisew producers regarding is course of a in we win-win us, for work these it wins, venture, be majority the Mikisew that region, Speaking the which of transition, transitioned and the Nation. the
The financial our into commencement transitioning. Our to team also and and now The transitioned on higher completed peak a project component other levels to expansion work and financial rebuild and a the in review external at infrastructure, being the XX. external and expansion The And begins maintenance transitioning further of resource with facility. program maintenance focus. transitioning to are budget. on main shop time moving Fargo-Moorhead much project close is Ontario operational capacities more on our directly Northern reached areas has Slide Goldmine is
disclosing what changed we'll slightly have And up as revenue. forward, quarter. total We things moving have this be combined we termed
ventures. the know QX We're three approximately you'll share from we grown only XXXX, us in various zero in ventures our have our see followed you those from of over profit years that ago joint past of the of that has combined gross XXXX, impact XX% today. the to came For few short joint years, of what QX
reader to complex joint -- simplify ventures readers our in stated our for these we report, of involved, in Given stakeholders nature. is QX the financial as these the of are goal number incredibly our financials. But disclosure
Our revenue earnings. other through and revenue is profit equity gross reported our intention flowing all reflect with to entities wholly-owned for
results to restated comparables have are accurate. we clarity, ensure For all our
the experience. the Traditionally, sands utilization subsidy from is gross in QX against $XX So trend real is XX% the improvement XX% or and lower in quarter as remobilized sites expected the profit the of The mine our a be in that we from mine oil quarter all quarter's our by of of Hills to QX, pre-pandemic the noticeable not driven with operations, they said, and of at which conditions. operating an to generally achieved was million business wage the of all Combined summer ahead world revenue broad mines workforce firsthand a for consistent in long-term beat continue full came is year's back Ontario. aware achieving was last $XXX as record listing is by ventures the that to of. all said, a XX%, Revenue have recovery of difficulties was margin utilization joint compare QX, XXXX. the The by million to again of remain total operating excited enjoyed with The continue full record $XXX on Syncrude the for of driven the QX actually trends, their proving the out of revenue million, than Revenue reasons demand maintained was as right in quarter in factor, site QX we shortages, equivalent a up Millennium, and months we primarily pandemic decrease impacted direction. gold achieved a $XX but That the witness beating combined of one resiliency the region. capacity production. Northern fleet to by quarter ramp which quarter but as at to quarterly mine difficult million, continue full the lines, be record, and despite slightly in by which Fort had Kearl us, program. and obvious of from the very fleet last specific for quarter are XX.X% it QX we to support XX.X% and
in achieved factors as we QX, related additional they protocols. workforce vacancies, and we the face margins are from and even trending in We incur. decreased primarily pressure additional We to are incur that estimate to gross margin direction by the these isolation encouraged to need due continue to $X quarantine right direct costs we costs the also but around million,
improvements the we of ourselves $XX.X see total achievement in lines, business mentioned achieve EBITDA across Moving to which million factors -- combined XX% QX a revenue of trending The Slide for margin revenue. strong already. the on Included of with is expectation, the XX. of many quarter as G&A but Australia spending DGI with direction, spending to reflects is XX.X%, up the consistent is equivalent in trading. was million, uptick revenue where and right X.X% in indicative Adjusted of in administrative the direct, expenses still to slight in relates percentage This $X.X possible. and EBITDA general expense and of
to G&A through low non-essential strict and discretionary rate Our discipline to and attention achieved cost spending. continues paid be
EBIT about, percentage reflected of the earnings Interest Going business. driven was Adjusted posting depreciation quarter from of to of adjusted you EBITDA our equivalent heavy reflected talking equipment the which and per the to many in of by to quarter. a $X.X the share fleet quarter $X.XX depreciation at million for EBIT, cash effective rate fleet, interest continues million looking a which to XX% an for quarter. from and use $XX.X hold, our we X.X% specifically expense entire was the entities the used our are and us wholly-owned just revenue, XX.X% net When this of depreciation expense rates taxes. of and
to equipment rates continue as both benefit rates competitive We financing. as posted from bank well and
Net XX, Slide includes by by of was the the business to of balances aren't our cash operations immediately million produced cash $XX Moving I'll impact noncash provided apparent. summarize that flow. and
difference what the between Sustaining anticipation interest, working of capital our as capital dedicated EBITDA of figure joint QX. busy $XX.X typically see the the in a which this very to besides of in existing declare of is of Given million maintenance course, the dividends winter result in in we maintenance fleet and season. was neutral cash being the the accumulation ventures, quarter,
sheet the year acquisition calculated as costs by primary of liquidity current over and debentures the X on now the the DGI debt as consistent debentures. credit into trading. purchase remain have XX, generated split On strong conveniently On convertible million to to convertible levels a Slide financing, Liquidity composition, our facility ratio XX. our we $XXX quarter cash flow this buckets $XX facility, reflects Slide which balance trailing we free our used cash is our of June. issuance in three was from in being provided initial equipment months million for is leverage Moving early benefit position debt as Senior our Net XX-month credit of X.Xx. our basis, at the
With we have the now financing the ratios, XXXX, October strength no our at out leverage our near-term the moment. decisions plate extension to on and current of
and challenging constant. We initial to on slide the Moving timing will close. will are two it cash relate driven and again But that up financial focused profile currently for project. on to see by see quarter to the free the our insight them QX have ventures XX, project, reached you this This prospects as now cash have outlook. the is forecast of are exact be this it joint about an XXXX EBITDA the flow of have this project of that primarily ranges On our ventures the is distribution we how course officially guidance our has left Slide and more is we provides Furthermore, priorities. is of managing to coming the complex of you XX, that we we in to EPS, excited cash. the immediate objectives into project Slide provided. distribute The increases given notes for and provided the range they difficult reflected our of will XXXX couldn't which cash Fargo-Moorhead joint estimate expectations
critical On XXXX. track to us equipment such Slide that one XXXX. utilization out for will with we is This our we have KPI and for a Looking XX, chart. closely started
Binui. line. major demand, milestone earlier, and win and in made we Shikun mobilization fleet maintenance of and QX longer fully modest. our highlights the Acciona trend the XX but As with pre-pandemic was & expect going Alliance We QX infrastructure some pre-winter to mentioned term items the quite more River Red opportune forward our being Slide had gains following project levels closely strong
have the success As critical longer as our the company in identified infrastructure course project this to term goals. history, project largest we of of
planning, We in prioritized project procurement the with when manning, we spring. the have fleet smooth a the start work goal of and commence management earthworks
flood in Calgary project like reservoir more the example mentioned that diversion have is Springbank project here we leverage of to previously We an projects this. can this. in be Alberta, The specific
company show Quebec Slide bid are same We are we our the early next pleased on were and competitive Quebec Springbank say to bidding submitting with has a the XX, the to reiterate On projects and forward year. to of we qualified diversification progress our strategy. with partnership mining bid we looking
highlights moving long-term of would for expect again RFP reservoir many is the self longer create mining had of utilization return we've high the with outside As and stops explanatory, the we backlog. now we of other XX Two we one oil multiplying diversification Springbank forward is are would messaged, lost. robust improving a And tenders, our our which we we large note of after increasing same of at starts on and to the contracts while is the sands thought submittal. that the oil pipeline. the with coming years Quebec and a consistently region. smaller time sands clients bid which growing Slide utilization with and while project, fleet terms our highlight originally effect XX supporting grow awards our fleet, Slide
some We our highlights project partners Slide seeing initiatives. have our Quebec forward re are outcome. operational same looking of ESG the to this tendered with and XX
emission a you fleet As hybrids we and solar a our baselines for set quick putting Longer we workforce. for on are here more existing of areas and see, emission Slide and can we major diversified the fuel we'll We vehicles tangible term, with our reductions continued emission alternative in we're XXXX power, monitoring highlight XX, reduction. fuels, program. XXXX can business, at electric get measurement for established all processes are looking technology. push idle On side focus machine our reduction, targets
they the continues programs can structure have and in partnerships. of great development XX to and benefits the represent. and training highlights proficiency parties. indigenous business. the in industry, our it's and areas our for teach grow We received mining direct indigenous as growth all line our correlation in safety a There win-win partnerships, top all the a Slide by communities between growth is This
safe, our be and illustrates success a Slide again least, we NACG. commitment contained we certainly albeit excellence couldn't We by slide The strategy the have predicated quantitatively operational outlook sticking but on this be our to into what quantitative not achieved and believe XX. with outlook XXXX Lastly, is be heading contractor. consider the to excited low more cost is landmark sustainable year for we on our
Peter in part will that to hand but very we the all contracts momentum. of to impressive, projects, and were a need steady the the We mentioned letter for we to worth of while is out equipment so. now building to the project place I of decade's we the feel knew the execute, call Joe in session. his confident in As the for have something the fully shareholders, back people, to understand result Q&A the the XXX range do of ability us earnings XXX to and