WFRD - Earnings call 2 2023 | Weatherford International plc

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International Second Quarter 2023 Earnings Call.

[Operator Instructions]

As a reminder, this event is being recorded. I would now like to turn the conference over to Mohammed Topiwala, Vice President, Investor Relations and M&A. Sir, you may begin.

Mohammed Topiwala

Weatherford Quarter the Conference to everyone, International XXXX Second Call. Welcome,

President today and and by joined and CFO. Girish President I'm Vice Saligram, CEO; Executive Arun Mitra,

We and prepared for will with it questions. open up remarks start today then our

from subject may today's corresponding today's slides statements. These comments Relations any I actual include Exchange many materially risks call the factors results everyone remind are could Investor to to want website's forward-looking refer forward-looking download to our a uncertainties Commission to regarding statements. risk our and expressed that and to expectation You of our section. presentation copy that from cause some for and statements of Securities Please cautions herein. differ latest filings

underlying measures of to release, our details and Our included also are which on comments quarter today a non-GAAP can GAAP The include earnings financial website. our measures. non-GAAP second in found press be reconciliation financial

today's available over call. With recorded like being reminder, of this turn webcast that, a website's is following conclusion Girish. a section call the our Relations on to and call the As be to I'd will version Investor

Girish Saligram

and for thank you call. the Mohammed, joining Thanks, all

the for first, headwinds. Our continue momentum One the on grateful to and delivering team entire to I'm the second of Weatherford above expectations enormously some strong build results quarter despite

result the most performance the we importantly, and to performance. progress financial demonstrating on continue is and execution second enterprise the quarter our XXth in We Our in cash commitments, in financial revenue, in performance delivering consecutive quarter delivered of make margins solid flow. operational

revenue in up first last growth from tangible high-teens sequential deliver offset in XX% are North to for clearly business increase to $X.XX A and us to for to America the compared the than traction. QX, weaker growth proof over came looking year We through of XX% total X% XX% half in international countries impacted of very had growth billion was sequential year. This first of decline and the and broad-based North points mid- anticipated market several was the in our activity market was X% now the a over revenue the generating we international While wildfires, half more the enabled XX% our strength with Canada sequential giving the XXXX, year. America. year-over-year than growth

had generated milestone or it's once same margin but an million performance of quarter, period with just This flow which with level not represents the years. we EBITDA ago. This $XXX number EBITDA of again, also quarter. above has points adjusted I margin company I am highest as is in strong of free basis adjusted our themselves the the speak significant performance for adjusted EBITDA focus. operating a a margin on conversion performance strong on million in cash the sequential pleased XX.X%, and second $XXX a over believe the with improvement, generated XX XXX year cash our particularly

rod provide in were services products Iraq Bakken well completions IOC awarded extension. Chord awarded services. awarded us a And to its contract America, conventional the and our and continuing Rotaflex North a to provide the drilling to a with to and services. of focus X-year deepwater contract X-year long-stroke highlights services for win Brazil X-year upper reciprocating contract a win our major to in pumping Azerbaijan Petrobras a Moving bp a Energy region. We testing X-year Iraq contract in awarded our during with second X-year services us lift, us a unit provide X-year had in We assets. some portfolio in notable contract wins build with quarter. in has Energy technology offshore Aramco intervention Kuwait contract with on commercial intervention

witnessed This noteworthy also milestones. several technology quarter

Services, our Running to like highlight would First, I TRS Vero our business. Tubular our in offering

in talked to while quarters provide brings safety. about prior connection unmatched artificial and mechanization, integrity, offering, enhancing intelligence this have automation, We together software which

XXX have globally. jobs connections We exceeded and XXX,XXX now

During on theme production advancements market-leading borehole in bring can in us extremely MultiCatch dropped the GhostReamer StringGuard, to them multiple intervention we even confidence reliability in In noted including X-year to for in our us Modus. segment, TRS, our integrity we which MPD the in on and our our quarter, and the Drilling call, awarded as segment, have of we we and now that performance give Mediterranean. technology Transocean this launched deployments services part Norway the first and TRS will offering. our the intervention launched excited technology customers operations. I more enhances mitigating technologies, risk Vero awarded our the value of a ENI rigs, as contract in X anchor now the operational efficiency for of am tier the a Evaluation the safety offering, Vero as and about of conditioning deepwater improve quarter of strings contracts we commercialization unique automated by for TRS operations Continuing ever branded first business. In

deployed quarter, efficiency. ability U.S. increase successfully land, customer to in we for Modus drilling the was During where a its demonstrated

wireline commercial cementation our hanger products sidetrack systems, QX have agreement designed revolutionary and in open geothermal Germany support further in now the Eavor, to around to technology for announcement, a with Eavor-loop is cased-hold signed we offering contract hole joint a bolster agreement Germany. the geothermal company our provide services develop whipstock and future to world. This Following liner development and and to projects first

our to turn on markets. the let's Now view

see of globally, of into investment growth, going half a we uneven recovery second segments. declines we the environment to continued see growth near security, and energy North favorable by across our we can and economic constructive the international regionalization poised with further see support steady in offshore incremental unforeseen market Weatherford the them In remainder the in to services to and such move demand rig disrupt near-term and certainly as customer and we demand, year. we themes levels Broader across expect are count near investments today, on XXXX, and interest paired events impacting XXXX. rate outlook bottom markets, meaningful we product for footprint. Though especially expect the hold America, net mid-term markets hikes As central still healthy banks, as are through

land our limited noted much tied As with North more activity. is production-oriented previously, reduced with mix America count risk rig

is kick Alaska. As we demand transition example lines, recalibrates, improvement CapEx oversupply as steady out less and for well from rig XXXX ancillary and of counts into both oil maintenance-level and service profitable we consumed production. gas expect E&P operators consciously continue and slow, plans being off new to transition a recent Simultaneously, in would a both

led modest near America in focused by a field and East, in Latin Kuwait in well count in well these in In offshore top outlook indicators growth others, America, unconventionals East positive for by is story and Latin especially in significant the CapEx Mediterranean Arabia, are and enable Saudi in outlook in significant the regions. In into others, showing actions and gap XXXX. to rig investment tightening additional Pacific, exploration in the deepwater, next on in Asia activity growth maintaining the Brazil, we in positive sanctions, years, midterm, utilization value the might generation, regional comparison America rig a a to the along and led that XXXX development few Middle where activity of Middle activity pockets double-digit Mexico, stage for in Internationally, single validate the and are robust growth seeing step-up see the for set cause robust steady positive unfolding relatively expect continue margins line positive with step-up and activity and should we growth Guyana, this investment Argentina. Broader XXXX. offshore. UAE, the and continued the North for to and digits, project high support we other market projects XX% a remain growth, on around rising on While rig cash the we'll grow more impact our of region. with

and is to ramps our constructive see and pricing expect in on completions including activity renewed segments, and profile TRS, tightens, across MPD, performance these operational intervention we complex customer focus offerings to offshore As equipment and of a This environments. our up opportunity capacity optimize product technology solutions.

growing our efficient, profitable AI-driven operations. and see to Vero demand intelligent support and offshore for safe, also ForeSite like solutions We

certain we While adjustments, tightness FX in supply impacts and timing customer markets. project expect still

see Our organic growth for revenue fall-throughs. overall increases to encouraging, margin XXXX positive outlook double-digit into remains with continue and believe we will we

mid-XXs we ahead, of Looking continue to progress our EBITDA towards goal margins. make

and We from disasters. natural changes, have the on to have operating at X.Xx ] balance is the investments performance strong a ratio leverage net despite hold cry to [ and exceeded The seasonality, half expectations projects, . continue in the has far our us new infrastructure enabled start-up delever sheet Weatherford mix first costs

the improve half America second well the offshore opportunity to we As international strong positioned we year, advantage capability take in North Coupled at look our through for we execution us our the while Year and activity, of Third I'd demonstrated, believe Full guidance continuing the to financial revenue, detailed increasing performance it to are cash. With with set walk to and are team profitability. and the has that, on like we and to margins over our XXXX. Arun the guidance hand Quarter of

Arunava Mitra

thank my and Good the Girish. apologies the this in for everyone, call. us morning. My you, you, Thank joining for morning, on voice softness

our consolidated quarter. So that I financial strong this delivered describe please, with the on begin to and with results performance second flows. results, then cash liquidity our as move me and team bear the will I

And mentioned, As North driven upon international decline sequentially North America dynamics. year-over-year. note had Girish a which that $X.XX we America He grew billion, X% while and by Canada. the revenues important relative quarter XX% with of to touched and is it strong did sequentially,

U.S. We lift see business our artificial continue the and in and of in latter. strength business, land the stability especially to offshore

$XXX quarter is million income was testament quarter first second into margins in XXXX million $XX of the over million highest that and XX $X million ever the has adjusted XXXX. continues in Net to Our EBITDA $XXX XXXX. quarter quarter expand the sustainably quarter a our ambition the $XXX to EBITDA first Adjusted This XX.X% of $XXX margin. was of operating the a to which to translated that and compared XXXX XXXX generated company million, of EBITDA $XX in margins million income the clear second compared quarter years, million adjusted second in a materialize. for was of

quarter lower of bias second our the in favorable organically are quarter, particularly will recoveries, second some operating you And on excellent quarter in greater planned XXXX leading even for for margins, team. margins the focus and was, the margins, fact, QX over first of a expectation account the a XXXX sequential reflection quarter had in improvement notwithstanding margins first to cost inflation-related originally we of which an had the DRE If the segment. recollect those

$XXX from increased million X% $XXX due segment moving seasonality million $XX on North EBITDA of our in for higher million offset and by evaluation or to regions. for Middle offset $XXX due in services, activity America by North and received activity. higher intervention or segment timing impact in $XXX negative mainly adjusted of by due revenues artificial increased or Africa, results. EBITDA America of to construction of primarily PRI DRE North due America quarter, in revenues X% of X% $XX adjusted lifts increased the activity to East, $X revenues, million in million increase million drilling-related and increased X% million million decrease wildfires. DRE and sequentially, increased by segment sequentially, in an drilling. or prior to XX% by or due activity the Now pressure mainly or Production million completions million partially completion Canadian to inflation-related recoveries due primarily our $XXX America increased a Trailing Well revenues and regions. WCC to activity Latin managed or partially to by $XX by the sequentially, sequentially, $XX Latin or cost completions primarily Asia of decreased WCC and

primarily increased in adjusted XX% EBITDA $XX of due America. activity segment for and artificial North international a or pumping PRI million increased fall-through to million by lift $XX pressure sequentially, higher

to liquidity. cash flows and Turning

quarter was business driven growing efficiency, were mainly $XXX able operations. We down improved higher our first of compared base, Our million lean by exit expenditures. second a notes the senior million, million included sequentially. closed We in $XXX million of operating to towards CapEx working testament our debt, total of We which XXXX repurchases an to of of despite adjusted quarter, this truly to quarter a we X.X% collections $XXX was the and notes. of paid million cash and $XX the down capital with flow the of In $XXX flow dedication the working revenue million cash team's remaining $XX a approximately sequentially. gross million performance, XX% $XXX an manage the free generated capital secured of $XX of $XXX lower improvement effectively million, $XX XXXX. million cash second capital and quarter commitment million, outstanding

continue we our paid months, to of As XX than we $XXX optimizing sheet, have balance million less gross debt. work on down in now, approximately

Additionally, of our debt $XX The million notes total of in by levels we secured have costs interest refinancing reduction since helped close transactions annualized repurchased million $XXX than gross senior quarter. the an reduce second the more basis. on and

$X long-term debt billion. gross total than Our now is less

During cash and $XX We our loss involved from also of exchange organic utilized our were an securities generating $XX the BCS” remain optimization. to due Chip priority. we funding and Swap“, operating mechanism exchange a balance enables This of BCS” called second quarter recorded remit sheet on the of foreign at initiatives the as XXXX, million Blue rates purchased focused indirect to million which sold. and Argentina

to levels which We enhance accessible leverage down liquidity, will continue and manner. us cycle function a bring in agnostic to support

have generated we to unlock liquidity, will our cash we value address continue the and stated believe thus to enterprise. and far, for further before executed we use As will which debt

our to Turning outlook.

our total We taking are up guidance again year meaningfully.

expected third be by by to XXXX, quarter revenues low expected expect in flat expected to DRE sequentially. single low and single certain the the to digits is shift up due to of to to by digits be to we flat a For consolidated mainly to PRI grow Across digits. low activity. WCC digits, grow to revenue mid-single segments, of timing is down is mid-single low

patterns. of While the as contributing the changes in some be contribution high as line to portions mix our second the are quarter in third services the contract the a margins quarter EBITDA is integrated well typically adjusted XXX quarter free projects quarter, a is greater typical range WCC cash product-oriented adjusted over wins from with to support by in Overall, expected is continued with the increase be basis is points to be third investments working expected an over in $XX to the than million in the increased million and $XX price, positive to net of flow greater XXXX. CapEx future. of activity capital to expected $XXX million, with

is XXXX. deliver to deliver high XXXX full mid- Our single-digit to compared are deliver mid- and segments, the now forecasted growth, grow to consolidated growth year teens Across revenues mid-teens growth. to expected to to teens by to to high WCC DRE high PRI mid-

year earnings in visibility that, enable to As the we our for offset deliver of priorities. This and the favor are continue long-term strategic and mentioned will another Having investments meaningful our we said have margin in term. last some year the call, opportunities XXXX will invest making of we longer a execute to significant where be company us in expansion. to

by at full We are raising to expand XXXX. basis points over on guidance adjusted our margins least year EBITDA consolidated XXX

to X% to full increasing adjusted free earlier, be cash X% our CapEx of flow expected are again year materially the guidance. revenue. Notwithstanding, mentioned is for As we

expect closing cash greater increasing cash $XXX flow positive back be free and than your today. XXXX Girish you capital for call performance. Thank better will of free to fourth adjusted of the his pass back working million, consecutive we comments. net now margins year for on flow to time As the I now the

Girish Saligram

Thanks, Arun.

XXXX. initiatives the priorities. the behind exited fulfillment, and of now I to our we the facilities on drives performance, Before of On customer experience which approximately since our we to updates some XX% operating questions, want have provide open strategic beginning financial

with efficiency. is up lean work We capital working part A to of operations key procedures are backing transition. exits of rigorous a seamless transfer these enable

year-over-year an reduction improvement XX in working DSI days evidenced have inventory as of in net a by We an environment. achievement overall capital days, a impressive XX efficiency and days improved growth

road costs driving Report of that Next, our that a across I released of basis. we on NASDAQ. June available revenue ensure map listing which ESG I the manage sustainability points the significant website. I milestone building overhead made a and are Annual as remiss our we the and declining team would anniversary focused organization, X-year of more of XXX priorities. are over in a accountability lastly, to be And on delayering Sustainability basis XXXX, on am we resulting we percentage in responsibly on marked didn't our proud is on the June second acknowledge very efforts has if our X, sustainability, our year-on-year

challenges. During our this time, has well of organization executed our behalf navigating through on various exceptionally of despite stakeholders, all

index received analyst last and also X have coverage, a the evolution Over significant increased years, of we investor our inclusion base.

is testament strategy efficiently to our to manage a well-defined value. drive success deliver Our and internal resources to

to our deliver transformed and and margin flow We cash business operations generation. sustained have strategy expansion

past have had capital portfolio driven shareholder development efficiency, meaningful talent customer enhancements, we these in and value. impact have pursuit couple in the of years, digital the of ambitions, structure and Over creating growth, our focus

made underpinning While is recognize and ability ongoing, tangible that we intend is maintain we our our margins belief improve cash, generate our that have increase to This and will we to improvements company our further focus. far, undervalued. operating thus our still journey

focused We test. being performance operating unlocking our are on litmus that with value intensely

With let's please. it up that, for open operator, questions,

Operator

[Operator Instructions]

And today's Luke comes Sandler. with first Piper question Lemoine from

Luke Lemoine

with cost has growing at been a to you've expanding and start-up project costs. as your maybe rate, startups even little very future more revs nice and you Can keep more? talk about margin revs inflect continuing Girish, controlling a ability been

Girish Saligram

amount incredibly especially was East Yes. proud and on and of of Look, us, actually I look, what both them. opportunity focus and visit done, Middle the a the integrated had tremendous team these to couple in pleased ago of projects. it's on. our for there's I of weeks am been a huge going just has a focus just And

to any up. projects that we significant integrated now, be right starting don't going have new we're Now

bit a behind from a cost I So standpoint, us. think little that's

come contracts have is actually planning some make that we've put We've do that significant the all that up. got up. additional service the we of additional company to ramping quality mechanisms focus and within the in focus, place sure However,

So continuously in progress, get I position to on actually think we'll expansion. deliver to continue hopefully this be a we as better and margin

Luke Lemoine

talked bit And about rationalization. then a little you Perfect. your factory

So early that? a this where couple Could on us provide up of this, I you a ends years in think little you've believe 'XX. more of you since on said you refresh detail exited kind and XX% just

Girish Saligram

have also centers. not just this It all trying -- supports model really Sure. Look, extent, so or about to all maximum those locally, are or look, an to we And tiers that integrated repair ago. but customers we've have the maintenance locations global to the laid the and out then get expertise and year of ability our at a regional this factories. of our a our operating to level. it's And a serve done at and includes of customers different

support So getting facilities, we versus harmonizing our even singular, product multiple are all of and repair factories lot lines our actually of rooftop consolidation. maintenance be to so a that

And We halfway say year we should are progress that. expect to to I be another we to continue months, make of journey look, on through sort XX would in about I and eventually, think that this. -- complete with

Operator

And question One. our Doug today from comes Becker at Capital next

Doug Becker

else thought can leverage to ratio help is the point a the a larger sense. capital us that something which a and there than return to when So actually to, you with think lower timing. getting plan I'm lot, process peers. net about leverage sure the return Is or you're metric of of makes question, I What's other X.Xx. some start a want capital It's of

Arunava Mitra

Doug, this is Arun.

consistently remain As maintained, priorities our debt reduction. we've

ratio is high, high. if the amongst our our debt look on side, peers coverage still right? metrics interest at gross Our So still debt-to-EV is you

of remain, and So short reduction the the been will medium priority debt. to in has term,

is continue going always said be that But priority. under the is forward year, expect consideration a debt which reduction discussions as remainder continued of a and focus topic the will return to as we be a well. for to of though, Having shareholder

Doug Becker

of XQ maybe took And dip on more sense. makes a little down. little That a bit then context CapEx. a

next year sense You're guiding it make shape opportunities X% you X% toward growth year, or kind maybe and this the X% then revenue. low to to just of given the X% level of have? end, toward Does the to the guide

Arunava Mitra

We cumulatively, Doug, for at down yes, correct. X.X%. we first X.X%. are you are But go did to half, the

to believe run tracking we've this And So there the at out we we with. what laid point, are should is guidance. you guidance

Doug Becker

Okay. that just on the America. wildfires the be And just the North quantification then recovered how from quarter on going last one Any a and might of forward? impact

Girish Saligram

to in sort to think terrific actually in attributable in we business the had grow got I Look, as in last North that Doug, Canada. Canada. all up expected we call, the Yes. wildfires laid we and America was our of American opposite on really, out And really direction. a of we've slightly, North Look, came

lot was, to our And and down and extent rigs that our damage, the safe employees of to focus seize keeping were customers given a the making support number of and operations had our one, customers. sure able our we and shut our priority

So not something that we are concerned about.

We prepared along much our of gives our earlier, a stable operation effect us full normal business are to North pointed more back America Mexico and more it a with America. is operation more base. we out Gulf even remarks was what was. But Canada and It in that a North have offshore look, gives far our on our production-oriented, over in stability us be lot cadence to mentioned And that's back in there. really expect

Doug Becker

quarter in you the it. anticipate growth versus second Got quarter? And do third

Girish Saligram

see look, positive I Again, hopefully quarter. you by don't geography, the we but as I out a think break we should think it totality, look at

Operator

question And Sachs. Modak our with next comes Ati from today Goldman

Ati Modak

next? color investing -- company, mentioned be more this on there. -- provide cash you the you and that opportunities Quickly allocation Can year and some out some think and as there's in around you about you would

Girish Saligram

take I'll Ati, Yes, that. look,

thought is everything have planned our and First already of within for captured that guidance. we through all,

talked investment system. This about new a couple that's Last logistics year, have modernization we've management things look, program. first talked think, all, human in of capital So talked extraneous the I there's our talked But our past, of about about into We've we our we nothing a year, of about to that systems. that. infrastructure.

in the a are investing in a for technology. that multiple focus capabilities of up that. we're few also sure market-leading edge maintaining different our ones, also into driving beefing making big investing into a technology. other standpoint, leading on really offerings, we the are and big, customer areas That's differentiated we So us. really our but From

investing really are systems technology. those is and infrastructure we're capability areas the So

Arunava Mitra

And just Yes. to and quantify, by Ati, has know, than R&D by XX%. you as allocation year CapEx our this XX% our more allocation up gone

Ati Modak

Great. you I managed mentioned pressure success solution and are And then organic that's the in conversations what of that terms land. like? an been the U.S. know growth. Modus talk area of about in interest you customer Can

Girish Saligram

need Yes. is What Look, our offering. managed from This everything a a between this you been the applications really enables too rotating the devices fits the didn't it's bit successful customers portfolio, where drilling is of we've or offering. -- very of Ati. had of us encouraging, little entirety of This cost offering them, performance who two ranging tier our that basic right on very the sort much to Victus always gives found a in. control terrific high-end and sort pressure either

that our to are the of systems gear we starting so So market. available for production up they're

We customers other regions and in America, the in discussing very significantly, customers are well. Middle East but North as with

growth get this. we as be 'XX. production the as on we this significant very said, a we scaling organic we ramp will and think side So head it are addition excited deployed, to, as into And the about of you it up

Operator

Benchmark. And Hallead comes our from Kurt with today next question

Kurt Hallead

contract look for awards international the general that you you awards of quarter? curious, the continue were just on what new I'm the us to that bookings of what kind you in when kind value right, range dollar had that curious of some the at -- give book front, of

Girish Saligram

we business -- they it's all can really execute. a over They of form are way ratio explicitly then guidepost then really summarize Yes, a up you business a and values as of call-off not give more and or goods of more is of set sort contracts period them the commercial it you are to look, don't the dollar bookings. a occasionally, time, sense we we Kurt, really contribute to the backlog book-to-bill that our of a type total give capital like where

think keeping we in are pace two well say, to that I things. suffice with

One revenue are that experiencing. is growth the we

So greater. vis-a-vis growth, a in the especially think that we're the we And second, pipeline on rest the the the of revenue bucket are And market. industry. refilling the side are pace level comes with through and keeping sure international making our at we I

Kurt Hallead

enough. fair Okay,

a just that contracts, of adds X-year X-year contract to quarter. that So in kind did as Now first dynamic, follow-on to X-year, the right? you a what you have on

X-year So But in you takes how type visibility, because growth backlog-oriented not a of beyond do do these your and it's -- I contracts know about kind you conviction dynamic. when confidence much of you think from XXXX revenue contract how into revenue give now you XXXX.

Girish Saligram

months going actually pretty I'm so X Yes. into far Kurt, we've which XXXX. -- talked a little XXXX, sitting is because bit about

we already expect digits. we've grow 'XX, indicated that to double So

is, said beyond go to market, think There's will of factors that going customer Having I investment. into lot a side. And it's our X customer that, very function to X thesis activity. next continue macroeconomic see we the robust be of on positive all of that, really is years international increasing the overall into going one, on a focus 'XX, especially what outlook, 'XX, to a the that. investment,

And so really positive those that midterm in that's ability to a years. positive contracts these near go we execute outlook. we to we prepared remarks, outlook. And why, And very our think underpin into to it's as pointed our will

Kurt Hallead

in right, be there for to mid-XX% and rate you given XXXX you XXXX, have is feasible what expect right, margin EBITDA on And the it know exit would the an targets, so follow-up you booked Okay. margin range, my your about see what EBITDA of then XX%. outlook that

the that of because flattish guidance EBITDA the say this kind you of that half margin the I'd Is in gave second progression suggests for year. in XXXX on context, And a right?

as I'm get how just 'XX? be go So EBITDA, to you a trying you're acceleration this sense in looking into might at as to that what driving

Girish Saligram

Yes.

a I that relevant. and think Kurt, are important So things, few

get is, growth. First we as

at should have We in revenue that incremental higher come fall-through.

will we inflation differentiated and we it two, there to has pricing continue year. And new be to So is Number a we that's it, highly think be think factor, supply positive been see contributor important as especially contributor. technology. positive an but expect will offset of will it three there's scarcity certainly on a this services, pricing Number products net a be positive contributor. big if to be

been investments That about, we around we efforts make it about talked and why as technology have our incremental us progress four talked a that's journey. out a continue we And in. multiyear That's is So give ability as laid all margins to we there. in coming our the that as get fulfillment. well. Number that's big should of to factor

So that on then a to still our least And that. some is efficiency give for us there, think not drive well. continue or should cost. We overhead we is lift so overall opportunity still but support focus last as incremental there continued

between should get revenue growth, normal in those So those, things previously, specific margin XX operating I clear and we not going each think, environment, basis you now. of the business tangible, indicated and a we just very very to as are give But of We're XX be and break somewhere one no expansion. have X out if a getting on points very that. number

this come get should in. mid-XXs, revenues what a a that out years have we of of incremental time accelerated that's have couple us So about talk gives confidence that. as to And on frame and you laid

think of give you all But piece together. exit just hopefully, to you the not 'XX. on going to enough what specific I've gives guidance it of color said I I'm So rate

Operator

Raymond question James. today from comes our And Jensen next at Connor

Connor Jensen

from Just one question me.

the You you quarter. agreement Chip the the Swap noted Blue in Argentina talked for during charge,

can charge and some guys the One of if your give that peers adjusted us out. to color Wondering highlighted on additional provided you charge? impact similar tax a

Arunava Mitra

potential Connor, Sure. effect tax We did there believe Yes. offset don't a tax we is a it. not perspective. from

we the tax a allowance So benefit. valuation took on potential

So effectively, our numbers tax-effected do not have loss. BCS a

One peers took of our tax XX% effect. a

Operator

any over Ladies question-and-answer the management session. and our conference for to I'd gentlemen, remarks. turn this concludes closing like to back

Girish Saligram

October. got Great. you continued care. the you've forward Thank and for updating the to today. a call look again performance for we good the you Quarter Third joining is all delivering, Hopefully, strong of in Take team the sense

Operator

thank all We today's you for call. This presentation. you. attending Thank today's concludes conference

You a your may wonderful now disconnect day. and lines, have

Weatherford International (WFRD) 26 Jul 232023 Q2 Earnings call transcript