NINE - Earnings call transcript Q2 2020 | Nine Energy Service, Inc.

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Operator

Greetings, and welcome to the Nine Energy Service Q2 2020 Earnings Call [Operator Instructions].

As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Heather Schmidt, Vice President of Investor Relations. Thank you, Ms. Schmidt, you may begin.

Heather Schmidt

you. Thank and discuss Nine second our everyone conference Service quarter to to call results welcome morning, Energy the earnings XXXX. Good for the

President and call Chief participation. Officer. the with today your Ann On me We appreciate Executive Sirkes, Guy Fox, Officer Chief Financial are and

about our of views may statements reflecting include Some events. forward-looking today Nine's comments future

actual listeners materially statements subject to release risks any uncertainties, our are advise for which of control. We are a These and with differ and Forward-looking beyond risk factors update no to We obligation uncertainties or statements and results SEC. forward-looking reason. current expectations. filings cause our the publicly can many review our from any revise to number of earnings discussed the to our undertake in risks

also include financial non-GAAP measures. comments Our today

of Additional in can details also found Investor are directly and release most call will and over press section Ann the Web reconciliations financial the Fox. be to comparable measures GAAP now turn to our our in site. the quarter I second included Relations

Ann Fox

for Thank you unprecedented everyone, priority, discipline employees, and healthy are times. the these and highest and want and and XXXX. difficult I At families hope the you Good us customers, today vendors, organization, our have at commend second to state morning results demonstrated continuing and CDC, community Nine ensure while This the Nine, I of that leadership who great to thank our discuss and guidelines safety employees during to for safe practice large. remains health staying navigating across these at you, and are your quarter to very Heather. we our times. joining federal,

commodity with to XX in suspending to quarter. reducing North in QX was XX% completely region cementing to severe. to an to from either Activity or coming only prices, do XXXX, our with and as The which pandemic during affected and pricing frac to estimated decreased exception coiled of which by levels Overall, in completed XX no XX% by crews demand activity revenue mostly low were activity into minimal range endured the maintained region we U.S. QX the range crews this activity American completions These declines approximately from Permian X% and declines businesses, of in activity. XX% heavier XX basins XX%. anticipate the QX XXXX remain of total and with perspective, most high the pricing Basin where seeing second extreme XX crews and Canada total U.S. frac the reduction levels. completions steady in to in reported to loads U.S. has May for Permian active were largest From June approximately which a not today anticipated, of down declines challenging Northeast, but and active tubing In approximately estimated reach remainder significantly approximately wells wireline quarter-over-quarter, were frac of of pressure EIA indications for by Haynesville, year. and largest wells operators The but June. the June. continuing reductions crews. from of year-to-date capex, to to the QX, both eight half the quarter. reductions and across the the XXX approximately dormant while estimated June. XX% in COVID-XX coming cut increased the inflated the related with activity approximately this significant during lines the As XX and remaining response the revenue by trough extremely new into the service frac and our Activity QX with evident in reductions were to in with the XX% tools by in XX% remained decreased declines, minimal, pricing completion lines In month April service February profitability XX%, be range decreased the both of from an

continue Our margins. equipment company is at and will before to we work stack negative gross

course of of XXXX. over have We declines that month-over-month the was expect year. fully into Activity than trough better May the for April near from began the sequential and we levels half June, are edge meaningfully believe revenue dropping to seen the March course of the the and April. into end we and of and QX or accelerated at QX trough in and last over up those

focus will of our liquidity, headcount the headcount net net on discussed share. through negative a $X.XX measures revenue strong million and of will preservation was is service. balance resulted for has we to EPS was believe the $XX.X as and negative of cost been cash XX%, call, cost what current $X.XX of measures and reductions working negative Because talk implemented Basic of of able $XX.X and quarter one-time of $XX makeup cost-cutting but $XX.X was was cash for the payroll last know $XX of the Adjusted the management or million in adjusted June was cost-cutting share. as do million. million; quarter and we reductions market $XX.X debt to costs. quickly majority approximately our our million per vast around to high market loss Nine, per we priority have the EBITDA asset-light our Company costs loss excluding take cash more were The variable today, severance million; negative on reduce and Guy of a As come capital meet that dictates. savings in XX. approximately demand. reduction has With majority detail continue we

completion allowed us the temp to market is dissolvable to Even this dissolvable and and with there with temp majority with customers in completions, best we continues has XX activity team degrees, completion the in the plug, drop ground trials low our we low plugs more of taking The the where extreme number XXX customers the downturn, degrees. being place. commercialization of strongly temperature deployed plug level Northeast market. and expanding of during option Our deployed is Stingers share the are it despite which both temperatures dissolvable continues Permian dissolvable The gain to with of level than of doubled low incremental receiving maintain momentum the some sometimes some very quarter-over-quarter. activity. perform below below existing well, are the And in new feel low extremely

shift be of and well number extreme partial full tools the to running into well due to seen we from completions not bores. The several our is bores thought have decline absolute in XXXX, would coming run We where it customers of trials activity.

in on are we in We customers the seen have appetite sold and downhole. environment uptick have the resumes, this even based tools seen confident an we from and when see tools we consistency from will activity our reliability the

high complete, and have dissolvable begun temp plug activity. to Our only we is due minimal lack trials of

these Ford, low in the dissolution identical successful confident Haynesville. extensive well our to the we and Bakken, as temp as the includes as history are Eagle dissolvable and hotter tool leverage in which run the design, is which basins, We

due the pandemic, the our to chain causing the been continue work to of new issues supply to slips. manufacturing COVID composite on of plug, delays in our We commercialization related delayed which has

now lines help I an walk the pandemic. to turn technology for as We ramp this financial confident products would version newest to I Unlike call some have the of are over be trials about heavier that opportunity our of will quarter the the require the we year. into our OFS, successfully including it can information complete. quickly our the through Scorpion the once delaying growth for the tool concerns and I within the the to and issue of company resolved. surface provides activity the before at run Guy no of and is get composite little unique in to QX extremely the we once provide have of covered excited our with operators been service remainder outlook headcount commercialization are plug by will like remain address returns. current until ability history these Because to and offering, exacerbated built composite sales capital many

Guy Sirkes

place incremental to sheet Ann. On $XX.X approximately call, of last we and payments. for any and what debt cash total overall value bond on million purchase face of a not the $XX.X Thank interest took in with was repurchases quarter announced second price we our you, million bonds of the the purchase previously of do repurchases our million a using announced. our bond balance reducing did $X approximately the Approximately and

will we is As the Ann repurchase cash the for M&A of continue for monitor in so mentioned, attractive market first bond preservation to priority opportunities. liquidity, our

XX, under the June cash Nine's of availability XXXX, were $XX.X revolving facility a of credit and equivalents resulting in June as of $XXX.X ABL million XX, As position total $XX liquidity million XXXX. cash million of with

and the As cash a on as we build decrease. accounts balances, under receivable ABL capital inventory based is sheet, working on availability and balance so reminder, would unwind the ABL the availability

accounts As of $XX.X we million in June receivables. had XXXX, XX,

majority $XX.X inventory, We in related which the had completion of tools. million is also to

over tools focused the able our we the work down inventory to very monetization, will that are on slowly believe of be balance completion inventory We year. in particularly and the course

million $X $XX.X adjusted million of gross adjusted of $X.X and million. totaled QX million. negative revenue quarter, second approximately In EBITDA bad the we of negative with $XX loss debt reserves booked During

in to $X.X tool we approximately an approximately got in Additionally, QX $X.X and related products impairments legacy settlement asset completion insurance of audit million. prepaid million

impacted these items EBITDA. All of adjusted

for completed approximately jobs, decrease the During the approximately revenue XX% the revenue approximately quarter. XX% quarter-over-quarter. Cementing a average first X%. per by quarter a we of decrease decreased second job was The blended versus quarter, XXX million, of [$XX.X] cementing

cementing one related this XX quarter, remaining At our the received cementing X units XX this cementing and XXXX CapEx we During QX. receiving in we spreads. anticipate of to incremental stacked unit time,

average we quarter, receive We was Wireline second approximately a a have quarter. XX% stages, per approximately wireline quarter. was XX completed by completed approximately million, versus decreased the XX% decrease any the of revenue the approximately revenue XX%. decrease XX%. a stacked wireline first of first the of incremental approximately stages, of blended units. tools, not and XX%. we stage decrease quarter $X.X for did the decrease XXXX tool of The During XXXX quarter during units million, versus $XX.X revenue Completion XX In a completion our

million compared to seven first average quarter, selling, The approximately and tax goodwill valuation XX% compared the of in million in units tax decreased The against general, income tax the by during to recorded first QX of a and as reductions effective our first days allowance XX%. results. largely approximately of quarter the of receive approximately coiled $XX.X of overall was expense have Coiled tubing tax XX%. approximately of of $XX.X discrete in rate quarter administrative for did were stacked decrease XXXX. approximately the approximately year-to-date is of for across company's which second of of tax was revenue million, quarter utilization release with the any first to XXXX quarter. the During to The resulting a quarter of $X.X benefit result million XX%. The the the the $XX.X of benefit $XXX,XXX our well We Act not units. blended day the an decrease CARES an tubing X.X% the the recorded decrease in in benefit and due recognized organization. rate This XX%. year-to-date as income second $X.X coiled of company tubing million a by an incremental million company recorded cost our was income year-to-date also quarter $XX.X portion related a in Depreciation and XXXX to expense quarter, impairment, was amortization benefit of second due XX decreased primarily

attributable provided XX.X second to slowly steady quarter, second customers more approximately days that our days have the the net remained first sales an the beginning to more The to from of payment increase -- average The who international International come of XXXX. quarter the reported have company cycles. longer who in and compared for QX. half operating sales activities million. cash typically by typically During was increase XX.X the through was pay proportion in DSO customers of $X.X have

Total maximizing capital on achieve the accounts QX back and focused were will collections our now to QX. receivable in are process turn to reduction million for it We Ann I million. QX in $XX.X and our outlook. expenditures XXXX discuss $X.X

Ann Fox

you, Thank Guy.

the market of half continue the second the for more to and around outlook unpredictable. year, very While optimism there the has be remainder of been XXXX will challenging

globe of massive have demand and cases pandemic, across many with truly With it areas, will resurgence the impossible the in demand to when is the we recover. know destruction COVID seen

plans, in with is backdrop uncertainties. change constant conjunction regarding our that customers team and conversation but the in Our volatile has many with their schedules quickly macro activity variables

uptick is the recent rose price, there being have very we difficult but active commodity early in July. signs XX the in estimate, to June Permian. It the to of of minimal in XX the believe end in added in and were crews frac With that seen the Permian we July by frac crews XX XX number to to

profitability. can current are which Additionally, operations start-stop, generate and negative efficient sometimes less

moving we quickly careful So are very accept to and being too back what staffing. work hire we about

I'm about slight is September, activity pickup of the of this low QX. consistent this the late early customers a our of activity Assuming WTI and has the been visibility. since starting Permian additional in same increase but are of in time, stays range, activity have cautious indicating optimistic of or $XX the lack a anemic beginning which base August the that messaging very to off during $XX in customers

many if and plans during these not to does added time a is difficult macro is how It indicate but cooperative. be frame, So change not is very it minimal the crews meaningful broader this may backdrop recovery. pinpoint could frac

increased natural and both could activity or are activity QX QX remained As activity prices this to of the has Haynesville I XXXX positive, QX. during region in do mentioned, not Northeast in which in anticipate increases Northeast XXXX. lead more and depressed, we of Future gas

term. the in do increases of will and Permian, The the believe Haynesville Haynesville of basins. coiled We in on activity completion tool strong both can generation near footprint likely have the the any Northeast tubing in an we the in majority extremely and wireline for vast company presence potential drive completion Northeast, and capitalize and revenue and these the tool

However, offset we Northeast, forward. remain very important. XXXX differently performs line detriment will commodity QX, in to the quarter-over-quarter. potentially versus from in near North and the gas fight that has challenges American XX% and the critically own infrastructure is what because declines believe did to it's balance could significant January, today, hold service at Permian both by diversity regulatory and appeared or like having for which trough be are declines of declined XX% will revenue to driver helping activity broader basin the we but part of a Nine's saw today our geographic diversity we be footprint company. exposure and to company, commodity In the we From in moving broad Each nuances. activity its a growth This approximately perspective. QX revenue With Nine's strategy approximately Haynesville we and know an exposure and

QX. in uncertainty the time recovery monthly significant beginning throughout gradual sequential increases anticipate We July marginal with frame August However, remains. and

seen not not majority April, any shutdowns QX were reaching and measures throughout Difficulty] in April anticipate levels. in revenue, of quarter evident do which [Technical full in full and had revenue impact reminder, we results. be QX a we cost-cutting the QX, QX realizations The activity months will As of implemented

includes related approximately from We Capex will of Issues] range $X.X for to guidance costs, capital change cementing see been is current into will if XXXX. $XX our and our spreads, which XXXX. [Technical to unchanged million XXXX million we This expectations. $XX activity in delayed million have expenditures a our

these and of times high market. survivability not cycles customer for to have challenging, We of because which to variable quickly allows we but company be providing us the These the QX the remained adjust uncertainty sustain guidance costs, with will high of built very plans.

downturn out with growth and opportunity an to this have a We requirements. capital unique come technology of leaner driver lower

will to up the call open We now Q&A.

Operator

Thank you.

a question-and-answer We Thank [Operator will be you. conducting now session. Instructions]

Our from Please first with Morgan. question from Sean JP Meakim is question. proceed your

Sean Meakim

seems the of the incredibly in as So to thought, next maybe obviously could avoid challenging burning an any just the being in quarter, cash flexibility balance I business but was of we the think it Ann, material the wide in months, different of quarter, next showed able see that about in potential distribution way being the material myriad the level light what can your over of outcomes. you several stands quarters sheet of outcomes the as terms under burn wide, confidence like pretty XX cash in probability to able to you speak without over kind that of sustain spectrum

Ann Fox

you So And year, we feel Sean, so one-time is shelter obviously, in QX. the I hit the do we the variable because us to but margin in a capital business, think will release know, like costs were to is the that's wasn't the we that bad. what margin event, detrimental too able working as heartening obviously we of the trough terribly somewhat, this

get we it's We're it, with And so this saw way. is We we what WTI the you growth for that's not price love have work look huge what that anemic so sustain that like is think, driver or and a be team we in so 'XX it's question beyond. problematic. to that, a mark strip in and question and considerably balance big don't cash, to the a I so like and obviously in reason, some that's as pleased that plenty like, 'XX does fabulous, I the So but is the can capital, hopeful okay. and shelter everything vaccine our everybody happen, largely which now, rest we've that there but think would could is out right? QX, able we've can seen our believe good come a -- if super to with pricing a you If if work technology, see me but we the global of in we we not what with for and vaccine a were the don't we've nobody a worst, $XX spike, sheet, that wide survive 'XX 'XX, like with think of can does handle we obviously different feel going working use variability and would then then to not right 'XX as happens been for will the s and rather to 'XX say look is shelter demand what I could I a be and think but worry this got big you or a of doesn't the globe, said, any not yet, liquidity to so that we're in to we think that up able and activity 'XX, expecting sights unwind, pick we're our

sure your that So if I'm question. not answers

Sean Meakim

No, I guess that's I helpful. think

So part story. of you mentioned being technology key a the

are year, things a difficult, have As But can. better look, said, engage do down shut say great bit little as on 'XX if technology new for you live we could to as is directionally your customer but you and they particularly something 'XX, customers. everyone envision to fast trying market willingness in breathing maybe mental it this you more let's not can like How stability room a with.

about strip year, unpack that think offers how like with you on would could year. how opportunity engage So that and much how to for say willingness next case, as for based something next do you base a to unfold customer

Ann Fox

declined XX%. and number is you count XXX% historical market I a will which by tell to by by according XX% the something we the where QX I increased stingers So that deployed frankly [Indiscernible] in I'll and shocked completions dropped of was stage start with

own to completion that So tells think is of experiencing we're to in that just customer that you appetite, more our technology appetite. related the versus activity, level speaks what and overall I right,

if an QX willing ever to about not that dissolvable where of where, but sign like new they the actually really So are in their we've quarter seen me in and technology, time that's a sure for indication technology. adopt appetite industry, also for to good our customers a is are a these I'm

far think the what meaning Nobody what and this as into And likes think conservative, do anticipated Stingers again, are we in a that Russia, be with certainly extrapolate tool American of rapid the were might and quarter-over-quarter good the decline but performance pleased I we hit, with war North deployed. activity, but of events given you in percentage to also that's at be that sign. fabulously increase that's shocked than so a we still We're the COVID, us we the is us. really a that room had dissolution able material that's very confluence 'XX, that that where differentiator going aspect for think on the I even if helpful at is focused better that production fairly be Saudi real imagined etc. once know, I you for science to results and So and temperature, real, those -- something team in to we

say and and that for share would of our because we will tools plug, we've composite mover with costs help will help our to the and I So going market got 'XX come margin strong a gaining out it lower us another for that possibility with very be operator. will that's technology. in incremental And

is really to still lateral it per foot. again, lowering our complete about cost So

very excited So, about opportunity. I'm yeah, that

us XXXX all what we will than a healthier because for be 'XX experienced of think just lot certainly I QX. in

Operator

you. Thank

& from Our go Zurcher Taylor next question Please Pickering, Tudor, Co. ahead. from is Holt

Taylor Zurcher

if about seemed some talked then for is to right over back month a is level each or increase most say And immediate course to continue so QX in enough you too portfolio is month be now. activity you to mean things all the course Ann, or as revenue May I line see the about your getting drive or of April it to we we to line QX, in any or QX, going not it you completion curious one even the soon demand. standpoint there to anemic activity as trend from that through talked relatively close increases relative product a of QX improvement marginal being I'm considered, within over that seeing that and sequential probably strong pickup service to and

Ann Fox

me the of it's of of of walk the just the because say increase, mean if actually through low pretty revenue I shape so kind Yes, calculate it's topline the so the generally. and frac anemic, anemic I significant, crew it's let you that -- right, percentage just

in to think declined Sequentially, you you what our about when see us. into April, pick August, of started declined a pickup prices in a prices happened September, for June, us as then QX, strip should beginning July. where are you seeing in you of had the coming QX, declined and in well carry So again on we're QX QX, you coming through those because up in May, you in for you in and good in QX exposure and March, to gas pickup end of as

of been the added, it it's of gets that are just driver a stronger want increasing something from do to -- frac really be growth, potentially let's major it's April we market. we material just to that I So incremental we there, timing month see that's not will I market did September already going a crew think still that seeing but remind shape mean we the in see, what sequentially. is depressed than adds earnings the a was what's is a

make sure that the low significant to significant understand So a Permian, that. activity it people want growth to is massive XX XX frac not -- but of it's not in a recovery it's and we from crew just

than quarter as a in will June, much speak. better we a we like we experiencing than a we May and QX and But QX. again, that lot healthier better be saw it's So what activity, recovery are it

Taylor Zurcher

say is months, a And sense like in activity are aspect quarter, some you're it at have around so going with just marginally than just now. talking but progressing QX around in might customers QX operators in year get follow-up. QX holidays a as always less the curious there you some increases is bit is coming a that in how look least to seasonality and here start conversations the seasonality plans and as their and right Obviously It to your in too this potential in QX. to to QX, the but again usually seasonality be what do as soon for be going, customer there probably

Ann Fox

operators mean, think shape going was had to year. this If It it I saw Yes, and last stick see for was mantra do the that pronounced year disciplined. see discipline of to right cliff to we call really I question to last in capital we're think market, with going. again mark we're are a are I our the we dive year that we QX they gas cliff because Northeast of always and obviously that wanted last now. But of big saw really course, capital dive very going still of the don't to and we kind year not the year the last prices first where is

that which seasonality focus completions that in which respond last frac I was lines Absolutely. steep holidays? to QX. the just certainly those service also, seen activity to to up see it sure. of And don't was answers coil and it's question, the crew the we'll to think QX, I first pick in pick failed tools we activity again, you some this a of we I have as and up see going for will see respond Do think question. So impact If lines piece your your be think as that don't [Indecipherable] I year. the answer seen I

Operator

Markets. proceed with question. ATB next from from The Waqar your Capital Syed question you. comes Thank Please

Waqar Syed

number first. And taking units had was quoted some just for missed, items what my but QX. cementing at numbers of housekeeping those the before, you Thank you end question. I missed, the I've of either

Ann Fox

QX, XX. was of it end the At

Waqar Syed

that stacks after was it and okay XX, was up. It you or that retired

Ann Fox

coil during the wireline We cementing Waqar, were side lines on stacking the on side well as as quarter as as across well side. equipment on the both service the

Waqar Syed

-- it the what is being S units so average just was of number number cementing the were average QX. that in that marketed

Ann Fox

had average, during stacked we On the XX quarter. about

Waqar Syed

you're correct? is quarter, now two more in the then third that adding And

Ann Fox

Yes.

Waqar Syed

units wireline kind were side, number then that And was the wireline on of what of the average working?

Ann Fox

during just had I'm Heather, sure not quarter, but about stacked answers question. here that at I'm XX we if looking your the

Waqar Syed

So XX right? that the doing stacked, XX out I math, is of about were right? Am

Ann Fox

Out of XX.

Waqar Syed

XX, of XX Out were stacked.

Ann Fox

Correct.

Waqar Syed

across you look the some and side asset things industry that the Tubing, of let's if supply that difficult maybe conditions, going could been supply that you've units of are some there at cementing as retirements there in comment so are say companies then and very how on financial changed permanent And forward. seen wireline has have of Coil the side

Ann Fox

competing think service next we're the that this and certainly, just aware that as with I least been year of hit strength from the a so and providing Schlumberger line I obviously a team are mean competitive saturated been have has has know and number you has production companies of cementing. landscape some all financial always seen Waqar, Services, you hurdles. cementing companies there Primarily BJ Halliburton as

So I and think across on e-line OFS, not other equipment, see equipment. coil on of a we'll just cementing, the and rationalization but board in

and of Access place again their that worse. fronts do those they is what as really know help to So question better all here, not landscape some landscape the extremely said, mark and forms and when point seeing will we is all from the hurdles heavier OFS capital so kinds that's and you it. -- competitive coming tight need will hit bumps and capitalize CapEx that capital, here, as where the we I competitive gets be the companies some some on does where but think are the to hit and lines, you

Waqar Syed

with just as you or removal are more it comes this [Multiple stacking permanent comes well is and equipment of equipment seeing like activity back, then, as kind of Speakers]… back But

Ann Fox

Chapter they old, we're some some scrapping processes there whether equipment are XX, CapEx again, of and definitely was seeing putting but see just think was into. I It's the this heavily utilized American both has to of think, course I folks in market. worth been and land not are No, watching it already North

think equipment see good I so And to scrapped. you're chunk of a going

XXXX. you the an said, units in is Now Coiled into that market to saw one incredible in Tubing come being that where Waqar, probably exception the of influx market

down, turned of during XXXX. so So service probably XX equipment the was we estimate that's of an year into the XX came right as maybe in -- the that to units that market market had one infusion lines the

Waqar Syed

and from of what then what would the that that that bring service kind -- the incremental to of equipment retiring own cost stacked, the equipment back some of are equipment. the into And cementing you into your prospects in and be wireline, service

Ann Fox

good service it So is be retiring capital easily It's equipment. won't of question the that correlated your we can line. usually intensity is it equipment with utilized and and to answer be

-- spread] [Technical So $X the Difficulty] maintenance a that re-unstacking think million is off to from of to fence. $X can million a or and it you're be about corresponding going out, equipment capital fact the a anywhere [cement truck see wireline $X.X $X when that a you

dollars, So you're spread at. on a have long full the I and for to something not the way. stuff cement incremental that's by to generally a going Yes, many for one-time back cost underestimates and depending too wireline, that up stack you how think bring industry warm it

Waqar Syed

price, back -- prices or bring the current do in? at question equipment me. your at currently At final cementing, you stacked need wireline, Tubing, which equipment would one from prevailing pricing those higher And you what prices to equipment at working Coiled the add spot that is just

Ann Fox

Generally that's wouldn't, speaking, larger the going bring in of operator the market, we what your well not to term. comment so statement now to generally really market on seeing you is, pricing the working offline Are pricing right for pretty for has well a it program we're the pad market because which general now make No. that's a right depends in single is that pad? so one are customer OFS it for you're strong where small coming matters, sustainable and you I a would a a but going long volume forward potentially, that the to for cadence bring offline got the completion, it superindependents their

shift have going cash even QX. sustainable, to clear, but is something is very enough they people and have is will So out so equipment to have don't not dropped where it to and put has some people, actually their into wall that hit this or it a they going this back ride to their realize off you're then of

has scrapped of some should now equipment that'll So I any be again it kind is the it pricing of well customers, cost Waqar, at out honestly, whether you the of And not of think probably of that pricing. [indiscernible]. savings much come really or too edge look from of just further because that's, this rationalization was the right on just

Operator

time. questions comments. are closing this further There and at no to Ann the floor CEO back President I would turn like over Fox, for to

Ann Fox

during for Thank difficult these you Thank and safe participation your in stay your you and hope today. times. very you. healthy call family I the

Operator

This concludes teleconference.

disconnect for you your lines. You participation. many now your Thank

Nine Energy Service (NINE) 9 Aug 202020 Q2 Earnings call transcript