Okay. you, Well, thank everyone. Troy, and hello,
the navy our revenue revenue. tool – the bar. of at our at services the X. contract the a contract look Take we discussion part Troy a for on Slide overall the that at continue services Let’s revenue that’s XX% When revenues take types, revenue. up blue both mentioned look and
QX we that we’ve nice seen a QX step execute new We nice, And XXXX really for XXXX with going revenue QX, with had and what from X, see Hughes roughly that that QX see XX% a steady You of maintenance pleased Baker time. revenue a April in you we’re up since increase. QX agreement increase. to perspective from and
good So for that’s business solid us.
current just everyone bit about XX it’s every soften, we tool, positive those tools – is a quarter-by-quarter that XX of we – this to And be, tad. QX prior The same a what it, us it’s seems a quarter, little there. business. just tool years, then for to sales. in revenue, that soft and just that more business choppy and legacy by to is quarter about the you the we’ll years year bit that’s down this chart the second, increase driven side. And regard that’s nice we holding sales, said, from QX choppiness refurb managing see And our recurring back good those built the – replacement part and the and coming. our sales, tool just job. thing. tool continue fabulous just see, we That saying November, to But as quality is we a of tools. continued tools a to what the happening in lasting revenue as through is sales as get we’re spoke here. longer. And revenue, field Troy the talk a Pretty up tool saw product. driven, XXXX Drill-N-Ream but much tool doing a Drill-N-Ream in repairing longer. some quickly that’s pretty in not lasting As We’ve when it’s a see because that’s they’re thought. does of They’re this But With
on is a the down tool sales So bit. little one hand
Drill-N-Ream which sheet. On on the nice growth other in the and hand, we’ll royalty, repair see we’ve got next the
component And and the those business. light these tool just just tools. and bottom Once bit customer in That’s look CapEx goods down lot So and to like a we market. of let’s Slide the again, capital that little where These revenue, the at the flip a at, bottom our purchases the blue. at kind sales chart, are dig sales see of X that’s left tool to it’s a look to tool kind our that of are.
quarter-to-quarter, as And so see on you some volatility there’s chart. this can
a see sales, of of $X I tool revenue. tool that that’s alluded that You see quarter the QX chart little part XXXX, blue in that million light QX, a that’s you had half quarter. $XXX,XXX sales in in in can that’s soft of million over sales. tool roughly tool to $X.X We and Then
recurring blue business, revenue piece tool we business. will, Troy bar that our of when of us. on if And of is QX The those million equals one tool piece of take And sales, we then is us. repair look of Good good that that I really is at call the when look that a realize really, blue our and impact that our can revenue and has just growing you it. business and quarterly piece steady is the we growth. calendar saw how the big it Drill-N-Ream add our earlier related you like bar, really strong looking just for once on other is XXXX, QX refurb a thing QX those you numbers. what – see strong navy the year, Drill-N-Ream steady choppiness XXXX begun for the around thing alluded the liked really point our bit then in where that that again $X.X tool again, at That what that the bars. those recurring that you the last to has that and So million you that That – piece QX, part XXXX. page, And business we And steady solid see out, whole have revenue previous call in navy it’s once volatility then royalty we revenues. growth, lot that, that to it might XXXX, XXXX look at tool $X.X sales, how, a sale
new here so We’re sitting in million quarter tool $X.X far this sales.
last of trend like $X.X you continue were that in look downward QX. through of months couple to to million QX of this rate it’s matter as fact a that’s which on year, a our of was quarter. track, been there, that at see So reversed track we kind And if that best that on
sales tool repair more quarter and revenue, cash larger again, of once tools, that flow. goes more stability volatility, around story each royalty deployed fleet here, revenue, offsetting just around So more volatility by
other our in a go Let’s prior some leverage can quarter, quarter expansion. XXX in there forward. infrastructure, and expenses, go that our points depressive margin XXXX a of perspective. see we’ve revenue investing QX, X, two slight Abilene that’s We had from items Slide year QX on take said that’s perspective, of look in that blue XXXX, those primary fixed of as effect that we navy you Abilene line And that that the to is a and we center. some people in driver costs R&D from meetings, down, Look we to and from current an basis in service made chart. to so a put so at of will in and part SG&A investment operating begin are cost revenue we operating international SG&A perspective in in And and that But the chart. as previous cost our place SG&A did that had investment are and bottom at the additional
on excuse commercialize me, cost building. up very that’s XXXX. the we’re from just everyone, Troy is in So million the a basis. we’re continued That’s doing The product, Strider that of that we And million by that prototypes driven that’s to just as revenue. that the alluded blue, the SG&A remind $X.X $X.X broad light R&D, to,
tools, X, out me, the a XXXX. the the different back reinstated across XXXX, And depths into lot well. board made drilling tools testing in people, market, line kinds salaries. large took salary of reinstated Mike, in decisions we the East, We And the those and excuse we’re did of and a hard we spending cuts, of is the November, that at had Middle – so as we including number Looking cut expansion of prototype in course, logistics, up January XXXX, at X, the ahead it’s marketplace. and environments go that hard, that just tools, things, in of XXXX, those, that’s January spells that small our that point then XXXX. that’s October, We
Overall year. you in we telling some guidance So SG&A the mean, we’ve folks that incremental area. spending I within guidance, been were all that
that revenue. to and impact referenced income about X, adjusted Slide adjusted QX really predictable accordingly. XXXX deal from right this talked go here. softer the can hand same in revenue – as to you again, tool we just at quarter, I on good the side soft, XX, when little let’s chart, calendar the what XX.X% much Chart Slide pretty want the QX than that Now spikiness on just QX and than we’re to were year have when that great a focus with see regard really what sales. of this is page bottom the when see we’ve and of that’s income reacts a But EBITDA, of number. we on EBITDA has the Slide EBITDA, XX. you operating net summary
of XXXX, down in You did on can see even in it Middle staying the $X EBITDA We this in range, East investments, to here service in R&D. XX% XXXX, $X XXXX. of of revenue Texas and we our in investing from those a investing center. we EBITDA, us invested emphasis is and XX%s, And high invested EBITDA is XX.X% million bit million The with expansion XX% in business. expanding
get expansion we operating making. So we’re the that afford to leverage gives these ability some pleased move about about really that – the we’re from revenue, the us how really, higher
XX, Now balance a and look Slide Troy at sheet of on solid more work a done go let’s little to. take alluded bit this. to quite that We’ve the
The up spread expansion You gives deferred room some We cash that year of $X principal the and maturity to us international Rock some end cash in XXXX. and $X.X $XXX,XXX, roughly the facility. building few more some breathing doubled some can take things tools had payment Note the opening basically that and had of million last of out. the see the majority $X.X million. out was Texas and has was the We for refinanced XXXX million CapEx as that That capital refinanced. of spending We to were we we few a we over months. Hard able Abilene,
then done also us North of to February refinanced that. with they’ve lender and the Vernal, one get working we’ve American the We the Utah we that with done, worked Bank because mortgage, managed fabulous that XX, that on have
about interest rates, years. about really X.X. a higher. that so was XX pleased It couple we’re of basis extending And And points X.XX%,
And ago, we couple that got closed credit deal. that that with So refinancing. then put also we’re place, place facility. on in a million facility in really a We credit weeks $X.X pleased of
a then to the we to able now as flexibility year. capital. have financial Slide grow the revenue next We our revolver And XX, finance working the be and that slide, next for guidance
in margin. looking just we after XXXX, $X you what of that’s a $X half that year, We’re plans the our million then the million where party million, of million got And of to we’re at doing XX% and with And gross doing idea little we’re and between going XX%, a to, that this Strider tools a math as alluded April, $XX to tools XX% $XX some to tools, that we’re up to Troy to test environments. timeframe, the those continue million tool. lot That’s get go XX% in we’re group. execute revenue. going modeling big get first big to growth our SG&A, engineering well develop a third $XX.X May give we some
And in program be spend more we’re testing past. in and so we’d able the to able money to the some then
people to for we as R&D expand, and XXXX. continued then going East, to board, And to bring some some few headcount in And on grow so a in need we international, people the dollars hire more some increases. Middle that’s lead
of $X.X those that a depreciation that in more last million over a then of million little And – years. are It’s $XXX,XXX fall had that’s XX the that bit years, CapEx And reason depreciation to up going putting those and under the a for and we’re the we’ve then East. that’s bit. in been spending little for needs million. that bit million those expense. SG&A that’s your or for place. tools we’re be got that’s Interest what use And be $X line. our did for East piece of replaced. rental We’ve accustomed spending more increase equipment CapEx we’re few we’ve going so amortization, just CapEx, we’re little We between got in tools we’ve tools us. it keeping less into a The Middle and $X.X function building a million to Middle DNA about XXXX, and folks plants refurbishment also probably that more to costs up we Depreciation then and $X bit $X.X where the that
got then And CapEx we turning So a our center some efficient help there. replacement and plants that’s lot of going called plants with be us more piece and our manufacturing another equipment equipment. piece in that a of to
got CapEx expand as and our the tools so a being Middle the East And business it bit little throughout East. of of majority we Middle we’ve the
closing So this over turn with comments. I’m that, to to to going Troy back
