NINE - Earnings call transcript Q3 2020 | Nine Energy Service, Inc.

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Operator

Thank you, and good morning, everyone. Welcome to Nine Energy Service Earnings Conference Call to discuss our Results for the Third Quarter of 2020. At this time, all participants will be in listen mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. turn Investor over Relations. I'll Vice Heather time, of President this the to conference Schmidt, At Please ahead, go Heather.

Heather Schmidt

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

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

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

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

include comments today measures. Our also non-GAAP financial

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

Ann Fox

our and quarter you, to Good today for results discuss Thank joining Heather. for us you thank everyone, morning, XXXX. third

and these times, through navigate all we As are I your hope safe unprecedented you families healthy. and

priority large. at the health customers, at community and to top Nine Our be employees, continues and safety of vendors our

challenged the and offices thank CDC in very their U.S. with closely to working The and for U.S. within our partners the to and are and believe time total are April with of leadership market field operations and We quarter-over-quarter. have I employees completions our QX. state activity ensure reach federal down QX, our again want trough guidelines. remained diligence. in through revenue have and month-over-month sequential we and But once that activity frame, seen during throughout not increases passed the revenue drilled That did said, level. course the wells we May-June we new

QX the robust, QX weak an appear off sequentially increases low increases basis coming very percentage absolute be very a activity perspective. with expect remain than activity the Although to do better levels revenue We and from base.

are we As market are the Today, there in down trying to approximately to activity crews in of prices many approximately active operating revenue XXX however, Permian. offsetting U.S., and driving estimate the increases. much the of half frac returns, share, competitors with those buy XXX

were over EIA, approximately to we in According active that peak benchmarking, April than were in will in frac some and XXX For approximately over completions XXXX, averaged crews drilled down XX% estimate total quarter-over-quarter completions XXX a and again down XXXX. remind levels. the August activity that September the U.S. the were I wells XX%. were just U.S. in and still and everyone approximately XX% relatively Permian U.S. month new April good was for lower

low-cost providers Permian in will and and In operators efficiencies recovers, of fact, month not quality quarter this the as sustainable for to just activity total is to were believe the well versus completions February. higher execution we do back the OFS total pricing less in current when revert site expect than diminish. U.S. XXXX, at similar service completions We operational

Additionally, maintenance significant further competitive require to OFS remediate as of activity helping landscape. the equipment much increases, capital, the oversaturated will

XXXX. supportive precedents the natural gross Activity where $X and with in being prices. the we negative without margin. positive and/or are above with We competitive currently is EIA remaining process tools steady, remain the prices bidding outlook are that very mindful is gas-levered forecasting services, gas in The basins pricing pricing natural and balancing for relatively unrecoverable and are gas setting

less Permian, and RFQs QX in the competitors in in basins both materialize or QX frame. and seen growth the in We opportunities provide for Northeast, are XXXX. both could Haynesville time potential uptick late growth Unlike should with the which into saturated of have a these slight activity

stages despite completed quarter-over-quarter in completed and relatively completed was over time stages total tools flat completion wireline Our wells and same declining period. total the

outperform continue was the and market Eagle While cementing the Ford. to share doubled activity in quarter-over-quarter, market our down we

team was loss growing ability negative was their EBITDA and to Basic Our $X.XX. was was XX% gain was XXXX $XX.X demonstrated Adjusted XXXX. QX XX% from our operational approximately adjusted completed the of for million. to the million percentage share, Net net quarter negative EPS for $X.XX or market $XX.X per approximately negative QX of quarter million. in in revenue million negative negative $XX.X loss stages share. $XX.X Company

expenses, million $X.X includes EBITDA will Guy on and detail additional $X.X adjusted million of costs which these. unusual QX of Our provide are noncash.

During this lowering our annual from a cash opportunities We financial the significant to again that on purchase downturn, bonds open company a on our saw perspective. operational an debt market expense, the discount, overall outstanding. better position additional reducing and opportunity at our team while once capitalized interest

of $XX.X million of $X.X To outstanding Nine million undrawn an ABL. for of repurchased bonds value bonds repurchased On XX% million. $XX.X company of the representing bonds QX, average, value and $XXX.X and to leaving has value subsequent par par and cash. million approximately $XX.X par date, During for million

and remain approximately We top to with liquidity cash. cash our on be of have of undrawn million the preservation balancing balance been we $XX.X medium-term on near Today, ABL very our in needs priority with purposeful refinancing debt, the sheet. the our of and continues

line. our cementing a organically relatively management Haynesville. Haynesville outlook, and the On a to while the expanded adding operational as the and long-term with and Operations cementing basin identified side, line profitability size active near service our into service we scale

to competitive with share cementing this consolidated cementing revenue drive $XX and previous million guidance environments $XX Ford, will Eagle to of to landscape in the million high-temperature remains team growth. unchanged. outlay Our expertise to and CapEx able highly be to able capital The similar leverage very high-pressure, execute win minimal Nine's market was team their expansion

the current our the to with of be from We delivered cementing facilitate will utilizing operations components majority and newly current along spreads, expansion.

in XXXX. coil customers anticipate will tool relationships starting We XXXX generating and we of our QX with contribution and the revenue significant completion with begin more in minimal Haynesville in our are leveraging existing

the I dissolvable extremely remain performance our happy the with plugs and side, technology appetite dissolvable option. the On for customer's of

currently multiple some operators over acreage are the We deployed public with tools basins. across a of run holders, by of XX% largest running plug with the

also XX% to continue in penetrate the We products low-temp cold running the market, of temperature the approximately XX% Northeast. Permian Stinger and approximately the in

generating operational increase with see failures headwind this itself once coil we recovery confident will downtime are to more a extremely that dissolvable believe for activity, once adoption, low in lead real We begin delayed prices completions. The but will do we temporary coil alleviate tools create plug the growth. dissolvable and and coil prices a

tool a increasing. As reminder, we prices never forecast

So pricing the as tool same. remain will our increases, service pricing

public our of are for also ESG to actionable We many dissolvable operators looking focus plug and scalable ways provides. continue the and which see on emissions, to large reduce

our like plug we in call, Bakken, activity number temp dissolvable high Eagle the due and complete, As last to run I our Mid-Con. have applicable low minimal a mentioned is on levels Ford, basins and of plugs

the over would slips. information an for provide to to remainder through causing has outlook We work supply continue related to issues quarter of of the new delayed I of COVID which turn the our before walk call manufacturing our chain for to on composite the in Guy the delays pandemic, the been the to due commercialization plug, I now year. like financial to

Guy Sirkes

you, update our profile. and Ann. I with Thank on an start debt to liquidity want

mentioned, Anne to saw As additional the open again we on market. opportunity an bonds purchase once

the million approximately subsequent We repurchased using have cash. purchase to value sheet, million $XX.X on During To our remains purchased is has for the million approximately bonds of notes approximately date, of million bonds $XX.X and cash our the and annual par, balance million million. $X.X To price QX, reduced date, repurchased expense of $XX.X our Nine of leaving of interest average $X.X by bonds we outstanding. $XXX.X and par on ABL XX% bonds undrawn. cash, we for of

will balance top continue to repurchase the preservation as We liquidity the priority we long-term our refinancing. bond near-term or market with opportunities for attractive M&A cash monitor of remains but

million cash receivable is revolving accounts As of inventory and so Nine's working as a Availability as we liquidity build under of the or million and ABL unwind $XXX.X on September XXXX. million, of in position facility ABL the XX, capital, XX, under credit will ABL availability total balances, with of cash equivalents resulting fluctuate. $XX.X based $XX.X were the XXXX, September availability

had XXXX, accounts million $XX.X receivable. in of we XX, September As

We also $XX.X million had inventory. in

be the year course accounts on $X.X inventory and We we down continue tools monetization approximately in that XXXX. to In and the from able focused the over work to QX, our monetization, the be receivable in completion inventory inventory. particularly million cash of balance of and will generated we into slowly believe

the and to our interest main senior the million QX, notes CapEx. remainder our outflows cash For expense approximately of be related for $XX our will

the million, we is have guidance the months of has CapEx with in XXXX, nine to largely already flow spent proceeds is sales generated months million of $XX been Our sales. expenditures range. Nine at XX% equipment million of unchanged first capital $XX In XXXX, In months successful nine which first using spent of our remains offsetting midpoint of the the in CapEx and $X.X we cash proceeds. $X.X PP&E nine the from and million net PP&E the proceeds. investing, have from year, flow cash insurance PP&E the from which million CapEx of to $X.X compared in and $XXX,XXX of negative the operations In first

spent is year on by the repurchases, in which change are million cash negative largely bond Our $XX.X cash the discretionary. driven for

reserve $XXX,XXX majority noncash quarter, of the $X During $XXX,XXX of negative inventory noncash. loss unusual which million. lease vast The gross million of a with million gross We $X.X sales, debt vast million of reserve, million Nine's unusual items, $X.X includes affects settlement. million $X a $XX.X of the million noncash adjustment, negative bad million totaled incurred sorry, $X.X items. majority which adjusted cost contract revenue third are which, $X.X adjusted $X.X of and loss of

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

XX continued incremental XX we cementing During received the of spreads. quarter, two to units our cementing and stack

cementing We have our growth capital XXXX of related CapEx. units to now all received

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

utilization three of a million incremental the of was valuation general second the also works recorded our not tubing The and million during base by to Act, to ended the the approximately for X%. X%. units. reported to the result Depreciation Relief The tax approximately a benefit tax X%. benefit rate the discrete our with $X.X million in expense quarter tubing XXXX, the tax first approximately $XX.X months decreased first XXXX. did quarter tubing Security and of $XX.X nine XX, in to XX%, quarter. and in year-to-date and During as QX expense day seven The release units September was and compared quarter, Economic coiled third quarter company's which of company's Coronavirus by in million We related was recorded of the third $X.X blended And Aid, primarily $XX.X million, decrease quarter quarter. less administrative revenue impairment, than million as Coiled increased well and the million, $X.X the allowance stacked average for respectively. amortization the goodwill due $XX.X and of any XXXX compared the second coiled of was XX company receive of benefit the was for

spend Total to During I reported million. quarter, by days DSO $X.X Ann. XX.X were the will net QX. company of for year third activities average this it days cash million. the operating $X.X expenditures in million, capital turn to XX total the XX.X third back quarter September to as the compared for of bringing QX The approximately $X.X now provided was

Ann Fox

Thank you, Guy.

the commodity expect but frac we price and QX, in increases There around and Operators not budgets holiday potentially and is outspend other remain on there's have and shutdowns begin weather after continue from uncertainty the in which frac driven October shutdowns, the look added As Haynesville. region this support XXXX holiday later expect could we potential and we Permian the see activity shutdowns year. of through Historically, want Permian, as gas do But Northeast commodity of quarter. and still the November, timing end challenged, into we starting in macro anticipate natural in could market prices weather additions, holiday visibility capital will crews In the we to variables. prices, budgets with Thanksgiving. in minimal more impacts. operate seen the and depressed, crew reset uptick completions into to of activity and Northeast potential the remains delay revenue customers with in

how will are and completions they 'XX, be do customers behave, We if push QX believe revenue better will QX we of and unsure but than QX. activity into will

activity health they scenarios global that QX. CapEx will many activity commodity and implemented have year-over-year. the from and activity there and capital Most still commodity will vaccine, measures potential. our and majority of XXXX of prices for impact XXXX. on throughout begun Customer the by today behavior in growth, evaluating lines as will [indiscernible] are process operator and service spend cost-cutting flat unknowns, levels our levels for spend based throughout production early bidding published [indiscernible] were The significant spend. are of companies Nine Private of. likely pricing determined overall including indications non-U.S. The still customers indicating be multiple demand All are public CapEx

gain We continue right-sized expectations, throughout current but our market potential market will the business lines are XXXX. across impeding the if reduce at we without positive our share on quality with to the in see to capitalize have ability environment quality customers a and we focused service of continuing activity the and increases gross margins. believe we meet on costs Today, to to organization current change can activity

costs cover to results. As positive volume return and to fixed able EBITDA activity increases, we will be and

the the We near pool. our as labor as leverage fixed and majority existing are for experiencing cost the and strong generation Northeast, incremental drive term. of our Permian, Haynesville base margins in revenue vast and we revenue The recovers will company

extremely ability of drilling difficult, our plans While evolving downturns. the we market is not providing gain proven throughout share market be guidance QX. to completion the for our we Due to customers, have and will

and flex company an requirements. We can are the with minimal quickly capital asset-light grow with that market

opportunistic be and to the continue position liquidity long the cautious We to will be better term. company maintain but also for

to We now call the will open Q&A.

Operator

session. conducting Instructions] you. At Thank this question-and-answer time Thank [Operator be we'll a you.

question. Holt. with is proceed from Please of question Our Taylor line first the Zurcher Tudor, Pickering, your with

Taylor Zurcher

downturn, your Hey, progress pricing. thank you competitors share help a if morning. of for buy about you pricing could Ann, headwind negative talked I starting your that wondering then more and more suspect buying be we that help I that's to And some going as just versus acute parts there's of think QX. versus think or if QX, impact certain net as could about a of good about others? in shares you and even we us was on out portfolio pricing think about of QX. to hoping this you And us is created

Ann Fox

do great anticipate be a from negative. increases when not are which a the be that We to look will will not we which going very activity just material. there seeing, up we're really It's it's question. obviously level October, we -- now, not at There September. of right significantly caution you Like give that I'm net Sure.

now extremely those seeing and continue. are lot So gas to we we Obviously, right prices shoots. are of supportive green a expect

that down small is and revenue fragmented pricing. market pricing. landscape. I that are just still So want there a to is this impression washed competitive the give out still those don't still players driving the am cautioning I hypercompetitive by that It are are gains very

factor what are -- qualify don't seen again, past is way seeing. earlier in the So as that pricing holidays. I shutdowns want also, we the incremental margin But over of by I QX. caution encouraged level we on we've assumptions would we really very I I in the expect to to just And mentioned, we're the

be will our once again, think again, I So challenge hiring.

We chunk back. a of have good hired folks already

doing activity increases. some not So we answers be if question. I sure would your didn't anticipate if that not good certainly that I'm

Taylor Zurcher

a your you much in expect way portfolio revenues of And it grow them on QX? that really into there you all think grow service probably some question realize can growth only any of do kind lead you to wireline higher you. how the did. for I saw down numbers your QX. But want QX. in Or in And one put to like If similar service QX. I the It of was today, kind kind is particular line jotted a expect you to correctly, between lines don't QX. uniformly it looked did, the of Yeah, thank service number line

Ann Fox

Sure.

Taylor Zurcher

And XXXX? into

Ann Fox

great another It's question. Sure.

expect significant wireline, tools. see also growth in in to very good significant We growth growth and in coil,

I remember, really think just inclines line the of of the one cement will will XX% that be by but is our be XX% other driven flatter the drill service lines than up again, bit. line top service that because, to

So it's related. not completions

really so follow And to count. going the rig that's

sequential growth completions, And So completions of in a our had from that very, again, lines. kind to very you you we QX QX. of relative very do completions-related drop good about just all three service expect those think in to significant keep QX when mind

a also XX% had drilled, drop in drilled new in new two you You from wells wells but to another had three. drop

to you experience all But specifically, at your what financials. think when about in with that again, So will show we activity. point know, time in related this did of in completions we question significant answer drilling, to that chunk three revenue up our lines inclines see

Taylor Zurcher

expansion one I'll thanks. and like guys. for it strategic nice seems more into The the a in. Haynesville organic cementing, sneak you Okay, move

that you expect the course over XXXX you scale bit in Haynesville XXXX. of line in in hope about the little what service more to contribution talk revenue Can meaningful You XXXX? of a or talked and minimal sort generate about in

Ann Fox

won't current Again, Yes. we to on I hopeful very obviously, look in the really specific as seeing as well with natural both gas and be what we're scale. future. we're pricing pleased the

very to that the in to be over We a team basin. the expect of the good proven cementing some the leaning U.S. And slurries Operational have years has that we exceptional. are best think be forward curve. execution the of we really with on

to landscapes call competitive most line expect broader, for the and of in on that toughest more OFS very So we think And and I to there. there, the also one the would just expect take for as folks the there. saturated really of consolidated, add And saturated there that one competitive about market, least the is the is, spaces. cementing quite service particular, team is well our I consolidated, do share

Operator

from Instructions] Lowe [Operator question. question Please JB with your resume The is Citi. next

JB Lowe

I was commercialization on give new just you the with us products could today the had wondering as you've line if time your update you and of delays for for see new an those it products? some

Ann Fox

sure. Yes,

low time we temp Another temp that Again, launched in to expectations high the put great and line the the question. forward with we've market. on the

product the that's bit up to U.S. a back And the that plug. just whether me composite as strategically little us. why has has composite Today, with important So are and XX% the stages of for plugs. let in been new lagged XX% the completed talk or it's

we growing lot composite trying are offering We drive in more plug share. can the have a so that that share. on we an forward composite excellent looking that plug down manufacture to take and to is cost But market

composite chain we of pandemic. set and back longer product on then you're offering. as market is tweak say hasn't, result just still the plug And And result nicest the slip we another the we and because just the not So that people been slip, It have need to do pandemic, but that's because out test specifically are very and design better, there, staff process We broadly. seeing from you're that earnings as surface. taking when delayed. as for We the to will good driving it's choke I I points. want the across mean cut delayed the good go lean. and as obviously revenue all slip, aware, clear, the a that's more at of supply we to our tweaking product we're be And energy, a and of

So will this delays are we again, expect have out team the good this tools and same that a put that be we category. out, with three to is plug. put but are product the top I I in argue a that composite would causing every some

sure not I'm question. if I your So answered

JB Lowe

great. was that No,

revenue? The other me tools, within of for one could give a you breakdown was composite completion versus dissolvable

Ann Fox

We pricing. don't talk market, the the again, still of preponderance the market did U.S. give breakdown. about is headwinds composite and a But coil we of that

put in been the your hit on I and could now that out you out AFE your pandemic I So pricing would drill with wellbore. dissolvable say plugs before clean pricing very the the say the neutral be there. severe. would coal and degradation in has

completion at that that neutral be for moment. so may not AFE the an And choice engineer,

So when I think it's market looks sub-XXX rigs to you're plug a far as like. very tough as data that what extrapolate medium-term

wow, I given encouraging really to QX. a a launched take was who in product that risk been is we thought, think going on that March, what's here were is I sitting when pandemic in

surpassed And adoption rate the our expectations. so far

of what I if So the or excellent. about think a could And in have hopeful. way dissolution way extrapolate has very that, and an market, on top get the that regular a to performance absolutely I like been look anecdote to

it's every customers market the dollar that's this we just because so a dangerous separate the hyper-focused pleased about market think know, on going just And it's dissolution. as that's predictability forward. with to couldn't going I again, to situation at you us moment. So But a of I depressed think be. little think a really more as of be such bit percentages But our it's think should I the in share

JB Lowe

Yes, fair. that's

of that. kind on to follow-up Just

Ann Fox

say, just to percentage for as up JB, that sold you. we note I'm the relates down is plugs point plugs it would have I total one to the that dissolvable quarter-over-quarter. though, breaking But, not of is it

JB Lowe

you do neutral tubing the by mean need pricing still coil dissolvables? see for in hindered for that in in increase think can than somewhat get Or to to it's do was think, What something that to hoping business I of you I you revenue we you're more AFE a dissolvables the AFE pricing, significant going to coil fine. terms kind that's So grow neutral? guys you see of growth No if being ask? do

Ann Fox

Yes.

I think can. we

need double-digit a it's coil answer very low operators so that well pricing specifically. now seeing I of to do some on the and we're of we stages to increase see is think so the they excited, their in even the they're on think dissolution see checking trust gone. But if large what results to I look, also much, they're ignoring bottom

Now, for that time operators. these starts save to

into So I completion more operators think and question, the can more efficiencies see these to dissolution build your the more the in we cycle, they line. grow answer can product the that that

of and right? is with And happens they into going coil time those but start there, not. ESG grow as do out diesel throwing guys tell, air how we we the in lot traction green understand with get, where will to we of mean, keep I fact, tool of the course, yes, Do think they process, or want fumes irrespective E off of want headwind, drilling that? the these plugs what a right? their So to pieces and And units that, depends with how sitting it. just I of will operators far cut do it the gain can it out

JB Lowe

Ann. All right, thanks Fantastic.

Ann Fox

you. Thank

Operator

the Waqar AltaCorp. with proceed from is line question question your next Syed The with of Instructions] [Operator Please

Waqar Syed

morning. Good Hi.

Ann Fox

Waqar. Hi,

Waqar Syed

of restructuring do the in two Nine big three how -- question service they America. going big in to through presents companies players the these and And the my relates their So as restructure U.S. opportunities what for business the challenges that are North first

Ann Fox

of out, to a wells to turn. lateral a whitespace downturn, is turn. Baker for are couple lengths that during that whitespace. We taking they consummate it's provided transaction vacuum and the getting right? question love complicated is tried pushing We the it legitimate leaves one years at That obviously ago. Schlumberger with took that -- just can started potential great So that transaction We Baker it. we whitespace. are a it's The So more amplifies last -- Halliburton that taking look think companies complete a

So this is something we're excited about.

Waqar Syed

this you're which side or the in primarily that in Or benefiting lines? how would business you completion on opportunity tools the characterize Is cementing?

Ann Fox

say feet for benefit for to for here one we across And spectrum in service cementing now. I their other are going folks, players, those least one of the Yeah. they lines. would at of large keep the of

we'll turn, see. as But pop into take just were don't that space So just know, very and a that you to cementing if you consolidated, is it.

is remind just asset market, the the can customer. the So to one you line service where lose for the this

wellbore, the cement you if it's So done.

very you just opportunity or audit production to for high competitor time before you so And of the operator. a Takes time. quite potential so Operators heck -- a privilege it's very you're a lot risk. work operations surface one. a once new a do of your birth It in heavily space, takes and lose you can't and you capital, string that large get a going to for on be some don't

for acreage I really consolidates, works so that favor think as that And service our line. in

Waqar. cementing us of But line. to helps that all of other does on see just believe. what those us, question, answer your the We let So guys big one

Waqar Syed

Absolutely.

the Now, as You quarter? the of that mentioned versus in change quantify think we read? that for activity look pretty magnitude industry any early there's first into sorry. significant quarter, quarter RFQs, could be change first Could the you a RFPs, you fourth

Ann Fox

seeing what's 'XX being What asked. I 'XX than we're year that, what can on is we're and a say now, can't that anticipating is better I that right based Waqar. quantify

Waqar Syed

second with half when XXXX second Year-over-year you or that XXXX? versus compare half

Ann Fox

Second half is what I'm talking about compared to XXXX.

Waqar Syed

Could in I the data please? some wireline that Okay, business and you missed question the for And of that, just the fair a provided repeat kindly cementing enough. you Guy. then third about quarter.

Guy Sirkes

Sure.

the wireline, X,XXX by So the cementing job revenue jobs, completed increased we we completed decreased revenue wireline by average And per XX%. blended and then stage average blended quarter, for stages, X%. during the XXX per and third approximately

Operator

At the you. call remarks. our Thank Fox back session. end this time, for reached Ann I'll of the closing to question-and-answer we've turn

Ann Fox

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

Operator

Everyone this today's conclude Thank you. conference. will

participation. You for this at may your Thank time. lines you your disconnect

Nine Energy Service (NINE) 7 Nov 202020 Q3 Earnings call transcript