revenue number you. that in on look and take let’s at X Well, see our the Okay. Thank our we a and Troy you, welcome And and everyone. continue thank trends Slide revenue. our discussion
basically dark see, the period. being you well prior the the – being our down blue light Drill-N-Ream, blue we trailing in the is the blue As total as the can year you can blue, as over trends. and see revenue period, you Services the and see dark two Contract business And the light
the We’ll is about our mentioned, on focus slide. next enhancing as Contract on that continues slide relationship our value and benefit to And can the is, you time that I’d talk tool like legacy Services the revenue. more to this develop. our with trend revenue partner. long here What Troy see
in seeing You that look we of on product QX, the to last the in $X.X contract million million, and quarter. million that. in $X.X in more refurbish, back revenue to new X and we’re contract, QX up up see April QX increase year that half to and over benefit an negotiated per $X.X of And seeing nice last we’re that picking and million a over of increase to roughly you XXXX the $X.X
And count since that rig the this Troy market XX/XX/XXXX. soft decline XX.X% so alluded U.S. in in to, roughly a
managing to that We’re the revenue U.S. partner. with in increase
now And are then once to that again, some partner. that’s due starting to repairing bear for additional it’s fruit. good really And product we that
year how is. more Troy partner. relationship just half do of that stronger growing was and that That’s and we excited to, really forward. there’s Troy And When and second that the with alluded can about stronger. going is about things talking We’re getting
doing, we’re what that we’re beginning been just value in we’ve of to spending relationship. strengthening the see time So the
slide. the let’s next the That’s Drill-N-Ream. revenue So to turn tool slide,
later the As commercialization for you Strider the this know, targeted – year. that’s the of Strider
So at the a that’s Drill-N-Ream. when repair five and referenced we blue And revenue, we’ve what the recurring before, the dark look we the last revenue. maintenance on see the And the this steady call fees. that’s tool royalty, That’s you over chart, business. quarters
decline well. said They’re to and And to declined. stream that been holding own so customers some able as from customers. recurring rig distributor. that still the and has new Troy up is continues the to some count revenue our existing again, And the their of Once hold up softening well. as that’s holding offset market testimony They’ve U.S. add
So out. we’re really pleased that’s working how with
that a of The and as the lasting point. we don’t a tool, quarter the period the happened thought this that is holding we that’s from light XX% blue, one of as comparable of and the the life as what you’re decline life to replacements our The in trailing at sales. and that the forecasted. share issue product Superior out once at you like negative then to is in we replacement see tool, trailing Permian quality the will wearing seeing And of build. those had not market a Since tool Basin of for the than that modeled testimony the prior to And is quickly we at at nicely just that’s get we manufacture numbers distributor the quality again, great up that impact that Drilling facing as the XX%. the that’s to look out, are it testimony when the tools tool quality tool a That’s you these wear the from year the and Products. tool, decline sales. we longer tool far So thing still would, really the eventually
that The at cost footprint. compared with associated to And a our $XXX,XXX. operating you notice prior Slide see quarter is that That’s basis, international our has down. take the year expense and SG&A over on investments period, look expenses. and SG&A you the trailing QX increased next our X, the slide, can also primarily And will expanding
And market, tightly. with and so half by drift spending to to softy And can. that And manage to of market the the just this costs we our differing reacting when response that’s more is continues our first we’re year. it prudent where in has that cutting this as our to reaction,
And you in reduction from to that $XXX,XXX so QX, see see SG&A. go to a of you that, QX
have costs begin and When so volumes you have absorption. we look last lower that is percent to in does total and facility we in and volumes you didn’t in last we year’s at in It in in look then as of a the international, average. operating revenue Texas. cost facility seeing We’ve current wasn’t that of the quarter. start our goods still revenue, investment repair the international, the just trailing have in at that year. to of up Abilene, led sold, getting month their of QX quarter, basis Investments XX And that we’re invested a lower our facility to
volumes the lower revenue making. So has it’s cost we’re that up a as of and the and gone investments percent combination of
at tool the producing with The not to point I design, wasn’t spending like obsolete the We and very Troy associated previous focus on other It’s Strider, with the run impaired the on the design. decision off new inventory it’s revenue to design. go a time old previous all. on developed And we of to lot as We in focusing a QX the and basis, it thing that is would we getting decision design, limited parts a ahead made new the get current design. that that, were that write the effort the inventory out mentioned. just associated tool made Specifically, design, big it’s
QX. And so $XXX,XXX that we about up that’s impairment picked in
couple adjusted reconciliation got We look Now income things. the net of EBITDA, slides. back income, at out in adjusted let’s this at adjusted and of go XX at to we to factor presentation, we’ve and the adjusted Slide a look net see And the income. like you’ll
what it intangible to get the can we you item of big is pullout adjustments. item see amortization of those that adjusted. So net exactly GAAP is on That’s The big assets.
bonuses, non-cash bonus, slides. those but non-cash on call those then And we atypical see basically bonuses. it you’ll And
And the net point quarter, adjusted we not so see volumes that income when where where look number international. in the and did X.X% that we of $XXX,XXX, at roughly quarter, in dipped, inflection a revenue have this
Troy we’re now mentioned, right As it QX. in seeing
still basis We’re able to an of X.X%. on adjusted net have
in From roughly XXXX. that in XX% in there an XX% EBITDA QX roughly right in mid-XXs, perspective, we’re hanging XXXX, QX
marketplace we not a inflection QX. realize even So in international U.S., point, softening in the with the significant yet, revenue,
seeing strong EBITDA. mid-XXs We’re good,
we EBITDA. marketplace, kind operating cash really kind how Strider, of the on So marketplace. this a flow footprint, still investing in generate that And we’re the in still we’re our of in about commercialization mid-XXs can pleased that of around R&D soft
XX take decrease about let’s go sheet. a $X quarter. look cash the June Now to quarter Slide and to balance from at March We million
Our just there’s are a One you us that replaced. in investing Middle replacing see that efficiencies. East of about. is will machining we machine and be $XXX,XXX, then the quarter focus that we center needs is a help that couple CapEx, CapEx talked centers primarily And to in can machining for fleet that purchasing. That is
we’ve some And those so we’ve got made two on deposits machines. that
the focus at debt in CapEx, roughly on million with continuing So reduced. $X.X getting to
first the of the year. down another million You in can $X debt half brought we see
pleased with the and bringing revolver. a debt got the then keep we we’re down. ABL we’ve million that’s put that in So way place And $X.X
borrowing We million our have $X base. currently and between of on $X.X million available
and base. borrowed got our million $X.X we’ve we $X borrowing million basically, million available So another $X to in
forward rest look gives at the year. So us the flexibility as that going we of
banking the announced go let’s after to slide. are that to and review today industry. we typically interpretation applied XX, accounting next the that Now of Slide a standards
We Basically, have Tronco XX-K. writing are Form down our amended we our XXXX loan.
running XXXX. We’re down effective it in
the triggering The the comparative numbers write extending terms. will reflect the the trigger walked XXXX a So write this impairment we that made into We in was in modification down to XXXX loan did payment XXXX XXXX accounting. that that points for by that down. us and
And at kinds once it’s looked my perspective. again, those of from events banker’s
we’ve standard we decided note. the reviewed we’ve on and written We’ve gone what impaired We’ve that done. we based that’s back so And and note impair, off. haven’t that fully we fully that should that standard the
decision note. And not the so our the is does collect based impact to continuing purely on accounting, efforts
on note, So reserved going of recovery a fully we payments these forward, as receive we’ll recognizing a as note. be the payments
change million as as doing shares stock we so our far And far of as no X.X collecting, collateral. once again, as we’re what still hold common as
for we’re perspective, business more a has doing changed. from a is What accounting So conservative treatment nothing recognizing note. the
the wise U.S., to lower updated our in count and guidance. and oil let’s rig Now in feel and to we Slide the that we’ve XX, guidance the giving softness gas continued go that
to $XX got I earlier, of the talked upside, the Friday up. million. count at market range versus end We’ve of we’re that Troy that the where XXX XXXX The about, last as year. rig was And way the we’ve But rigs to XX.X%. lowered as we’ve U.S. the our $XX looking is million mean, so mentioned I guidance rigs going? down got
notch lower. to continues And it so
that. is we so And to and go think just ahead wise, that it acknowledge
better the can million, margins, there. things cost on conserve, think, $X SG&A We spending, it’s gross million Our to same some to $X.X management save XX%. some to do we XX% just
per can after that month during the of can the $XXX,XXX of D&A, resulted things we the of our is, roughly of assets on intangible do lower. one we that then line. amortized fully specifically we – expense money a and some that quarter May we one saw So save And in has month amortized
that of We recall of of may QX. half lowered. one we’ve up expense. that month that’s $XXX,XXX month forward. you per is benefit roughly picked the be So one running that, reasons been in amortization And That’ll going got D&A
unchanged full much million, we’ll out CapEx three $XXX,XXX. the building CapEx that up continue to then we’re liquidity our going just So in $X be want million Interest $X shape And and dollars. to and pretty us relatively picking going good those I highlight once forward. we forward. like a that’s fleet benefit at From Expense to spend that $X.X base to to standpoint, of available months feel a just tool million again, And million. borrowing then $X.X
I will presentation this over back that, to So with Troy. turn
