everyone and morning, Good Brad. welcome. Thanks
Chairman, a to in women in for earnings our I’m Dick Johnson role. by be I environment, that is would CEO. focused investment his he the extraordinarily years his on comforted men Alario, the in for leader. I excellent know the is the I humbled call, year strong personal is four faces. business like to an shareholders, a adversity Mark my an have DNOW Executive highly of the University overcome and leadership graduate This to hired this development in and will as as big needed proud an our Tulane and selectively responsibility leader. collectively congratulate like and seeking and would we challenging Mark Board pedigree, as to thank know has considerable new industry a but protecting grateful outstanding Vice with company and balance CFO, and compliance his differentiating ago me CEO. While significant XXnd XXth a confidence sheet preserving my is He to XX my firm I’m also inorganic be established respected it’s audit first opportunities. finance and Directors’ a
will this shutdown, rigs spending the were were and capital were sent projects unparalleled oil a home, where laid in and turned we drilling history, maintenance the first shut to is and and period in or to negative, work-over for DNOW were get rigs levels, strong Now great In contractors prices time producing history down an for into where business. wells the and in canceled weather stands making one slashed, the moment delayed, storm. positioned lowest
suppliers our our and on execute customers to keep plan response We COVID-XX employees, safe. continue to
remained Health COVID-XX-related communities have We Organization of essential our and I our other time. each and to CDC during to employees guidelines want providing under by frontline operating World and customers. thank for employees customers, open, this our care the difficult products taking
with business. and thank In pandemic our response, open of we the are addition, everywhere. our who all compassionate professionals that efforts appreciate employees and sure I’m by we make who and I empathetic IT as our transform also safe HR, remain groups, locations going these and on groups to are who HSE actions true partnered our have our
are transform We DNOW. to committed
import product is without the technology, because This We footprint, skilled with innovation. combination domestic distributor our expertise and relationships enhancing alone underpinnings, are digital flat. technology positioning, disruptive people powerful otherwise and geographic falls branch network, inventory hollow a our uniting people, our highly the experts’ and strategic key with manufacturers
while to in offsetting As a market. to industries delivery providing products growth, volatility and we serve model, will by connect catalyst users, fewer nimble a supply more building as to array a wider manufacturers of more the customers suppliers a our for vehicle introduce chain from end potential
to Growth a meaningful term, the made inefficiencies not I in was Discipline a meant Scalability a of out costs half when took concealed and recovery my like the revenue factor recovery past, as to and half we but in to bridge most to important niche, grew this. discipline transformation. while antidote less by afforded and tempted the distractions longer, you model The long-term come, U.S. obstruct expansion; extracting we and buoyancy strengths, of In sizing will opportunity the Discipline a forever. inefficiencies. building single a downturn, cycle an itself becoming three the digital gimmies higher on market cost destructive market business the was a but successfully believe those lower I carving marine, marginal earnings those what scalable market view, served see complete As as two, time share best that end not structural strengths. add limited that which the In being our is has set spans: environment the three, the fashion the those distraction in resources a through do lower implementing in of market the the the could is the in for in are in a business. reliably world strategy. seize disruption; from me means former more. and one,
leader market, market debt. while and have environment, upstream, in the still our we expansion, struggling are market there market upstream highly opportunity many in to gains especially end concentrated been in service a this revenues as share are Regarding is for competitors their
and our of key focus is this multipurpose market or instead centers which to traditionally the development, been. of share servicing investing accumulation are markets piece we as single industrial alternative end had diversify being market-focused sales are further A midstream, as volatile. To in and our as all downstream of adjust energy be our business branches less opportunity, targeting upstream. well is to So strategy just in they end energy markets, through transitioning energy
partnering are key which products sets efficiencies services, strategic and bundling convenience We kitting and suppliers our also of for enhance customers. with and and
cost with well improved and path, improved our growth, and for competitiveness and structure margins. demands success leverage suppliers market line enables resulting were the itself in increased Finally, which the a top efficiencies down better diversification, lower business,
are digital DNOW customers spawn simplification and enables delivery being a growth model structure lower across right transactions our to responsiveness much it. of cost costs. our historically transaction helps the production, growth terms allows now in greater millions, competitiveness itself disruption, deployed in business in business leaner inhibited where Next, as measured A where
tools will market transform platform, Our disruptive digital energy distribution. help DigitalNOW,
supply this to development more and and are moment. a our investing relationships and efficient a elaborate challenges our on digital solve and more suppliers product with by operating significantly will digitally evolving manufacturers in through transitioning leveraging chain products I in infrastructure. customers’ We
transformation. I will touch on Now structural
support costs, all structure, costs, growing our center, similar more streamlining investment structurally enabled supply underperforming nimbler, our and to technology. in branch fulfillment mindset, pursuing all a dramatically lower We combining zero-based is the accentuating distribution eliminating are positioning chain of by network model essential selling the strengthening importance businesses, which enhanced of corporate, continued divisions, a business a by efficient evolving strengths, and aided but purpose centralized
improved strategy Our foundational necessary drive structural to performance, to in accountability financial permanent and our the and changes are and success. nature ambitious, and broad
network RDC eliminating regards operating chain, bias East and regional campus, RDCs, personnel a our inventory locations, We a smaller our will hub-and-spoke or the by centers, our support Houston structure relocating main are La lowering Houston our rationalizing to Porte function, our finding optimized lower with supply and in centralized redesigning are we less that architecture, its toward structural inventory expense. and risk DC further distribution With to thus costs.
of exit of strokes labor we headcount, lines. In eliminating our Part content customers automating segments cost, low-margin lines process. product key key those and terms quote-to-order deploying repetitive high strategy high that the burden, reaching to by is technology of nonvalue-added with and activity reduced augment identify in result are to tasks,
XQ, we last focus us quarter, more business that and As will accretive, category. fit we we allow lines the stated the our this within in higher-margin first down sold product that call, locations And to several products. on in shut on
business We to have win adding consolidated share. sales our market are sales organization and personnel and development
We technology product more are DigitalNOW our our spend platform, funnel through and to speed efficiency. also enabling leveraging
inventory and few cash I quarter. cash cover a flow will the financial quarter I our sequentially, million, decrementals while higher expanding improved key was decrementals unfavorable items. in sheet as abrupt $XXX already two were of of result low $XX a great revenue was because charges, more notably, debt-free decline want to And which while by the drive EBITDA, runway costs, when our most quickly. Now XXXX execution remain the revenue the difficult Free represents X%, in million. Mark levels this much a will excluding curve steep second non-cash quarter position XX% other to un-drawn from our credit solid And our stellar shutdown, breakeven the so on neared cost facility. quarter. $XXX for is to Revenue highlights usually Despite second we ample for EBITDA the of we have excluding elevated declines with would balance highlight million elaborate, tame
a for share receivers will I successes for executed in with to market take and This contract and Eagle pump basins. midstream a one July, the both engineered pipeline space. supplies open to launcher Permian largest has Now, and for We the moment infrastructure pipeline stations products operator propane a of for we agreement propane PVF team were sizable achieved propane for in orders In like crude the share. this few who PVF midstream midstream door projects, would capture to markets for winning a further and evergreen integrated companies. to us an Ford our several fractionator successful
large second integrated quarter, market additional another opens that we new X-year midstream a executed During agreement share the potential. company with
integrated work continued We completion we for takeaway midstream for material Dakota a crude the project of projection recent as supply project expansion. global the customer
DNOW supplied large and for engineering, XX-mile, fabrication mid-continent materials, a the testing for pipe, lateral we fabricated a XX-mile, a source project. for single value company, and valves, Using both for Material supply Bakken a XX-inch Lastly, differentiating project material equipment. fittings Texas based through customer. provided and the lateral XX-inch West coding, includes midstream projects
have independent In gas an been battery with of their standardizing we and hookups. working company, disruption, tank digital terms oil
leveraging to and risk battery procurement uses to The product procurement seamless, Our our engineers tank program. required of construction is resulting complete effective customer our platform quality design our their and procurement through tank to mitigating methodology, along while a DNOW’s crews a AML a program for product material X-well global personnel team highly installation. solution their DigitalNOW a our in experts, DigitalNOW and with complex implementation battery initiative engineered an to used department formulate bill alongside by complete worked process executed the material standardize
and interchange designed And punctuate disruptive technology benefit additional DigitalNOW of the understanding process the and have expedite relationships within tank with configure customer to an a batteries. of now value, we DSO. leverages to platform, virtually technology to our transaction This X-well lowering leverage and costs, customer list material application this our X invoices highlights paper our our solution addition, for with example approval In by additional our to products. ability marrying digital eliminate
Our our with of message grow. platform resonating as is continues our customers adoption to e-commerce
As implementations of half are today, of in implementations our new with total. surpassed almost customers. midstream last new customer have XXXX those And year’s
to and our of new For platform. example, a we use who registered for an E&P customer implementation recently are completed dozens expected users
wins I earlier. We are major integrated two customers midstream contract also the mentioned to onboarding tied
a digital customers. development front push We continue released technology will with that the to be of number our in forward to tools on
make Some our to more easier employees been and systems use of efficient. the enhancements to our have
For processes over example, of functions. XX AI that performing have using automated we DNOW hundreds automatic are
We on are momentum a also our interface completed year. gaining system to to fully of order be our end user-friendly by management of rollout
increased on their regarding make for of to usage, product budgeting informed providing our We and spend. analyze data visibility decisions are and customers more focused
allows a more large dialogue As to access interface. an view for well using amounts consumption the a advanced data usage. order and a highly allows stock using improvement this ordering meeting are usage, providing the of purchase digest example, customer, interactive we This When data, continuous consume productive driving tubing to ability to mobile the with data customer availability, analytics. to
rolling decide space, analysis an successful of checkout information easier the save COVID-XX the This seamless great suited believe be innovation provide out purchase products self-checkout. digital on-site experience. are ideas is we that that pandemic, history process the on customer buying promote offers then to applications with especially Another a tool customers, time, during at to in to customer them the you digital energy We to need their solution best non-contact, and standardization. the helps customer and
know You you the have with positioned will you your strategically need, and to the trust. be customer, impacts the how product used customers technical
reduce make for investing me to to our customer. we’re and further technology commentary. excited the about for of we’re and easier that, So turn let the With in Mark cost it doing compelling over business it
