NCSM - Earnings call transcript Q4 2020 | NCS Multistage Holdings, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Fourth Quarter 2020 NCS Multistage Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time [Operator Instruction].

As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mr. CFO. Hummer, Ryan

begin. You may

Ryan Hummer

Jerome. fourth And joining you, you thank and full Multistage’s quarter call. NCS year Thank for XXXX conference

today by led I comments. will Robert call and provide will our Nipper, also Our CEO, be

over we these operating well current a manner without interest periods our use allow reflects and to that net believe because in we you and we regarding information, we measures time free please refer the Such today's future the that of relying business all out on afforded extent economy, call, remarks associated listeners issued global with are by in this performance that statements to various Before and the better with our adjusted along to to free to could We note I working time federal to law. and its be be made to forward-looking contain demand are oil costs pandemic night, as that with some measures. SEC public today's our that and last would filings cash the for they consistently may call, the known distributions to company. non-GAAP and those safe like structure as other begin the need forward-looking. impact other flow information, caution harbor include results on including non-controlling I'd will to call from comments capital, unknown risks. which statements that that regard like conference risks performance. to financial uncertainties, are than also capital with made flow us our point historical we And on today press EBITDA, the and financial cash and refer outline to to our subject expectations respect compare our release operations, less COVID-XX protections

updated non-GAAP the both Web I'll and Robert. which these Our investor nearest our press presentation measures call turn now ncsmultistage.com GAAP to measure. available over financial the are release on of yesterday, site, to reconciliations the posted provide financial

Robert Nipper

Thanks, the analysts hope listening our discuss the the briefly and healthy I'll conference everyone investors, today earnings our joining review and more US, After and our priorities for welcome Ryan, XXXX, and XXXX markets. review quarter detail in upcoming I that safe. fourth quarter. key results is guidance call. XXXX of of then and the our some to remarks. accomplishments during international to strategic speak for provide discuss Today, closing Canadian for each fourth outlook that, I'll Ryan and quarter will employees our

conditions want First, is of through ingenuity to it we challenging XXXX, thank able objectives. to achieve and I to people were that employees. navigate and hard position the we during of work, us that and term faced the long takes our team effort It entire our the near our dedication the to

capabilities. the We continue by operations assets customers service by our efficiency value bringing enabling maximize of supported optimize and to help their them our technologies their

from a the our and which set XXX sleeves placement. three profit a the XX.X% helped was deliver XXX our NCS, for profit planned method place precisely in record early to to the a well single This value utilizing fractured product examples optimize over closed offerings a of service pad Within and volume. well customers. tool recently in we focused we Key frac Our following. tangible states completing systems, with include in run, customer shift XXXX our of XXXX part Montney

expand Sales and Canada of sweep increase have recently, we to actively greater of efficiency. control for therefore, product injection tariff in are waterflood and line. begun working sleeves for Our products applications these allow water to the

Precision a efficiencies Repeat PurpleSeal tool our and from and plug Express plugs that out reduces and pump with assembled while with combines customers drill frac our setting system during Our down PurpleSeal operations. factory on-site times, provide frac risk perf plug HSE

and to tracer time, Earth’s casing AirLock simul with customer. provide sliding reduces Deep with our running of them. part from a in system, removes our construction efficient our personnel system of Bundling and and frac XX-megawatt also Production is assurance which provides first new seen to in had AirLock can We This Southern information us develop Earth Within of work wellbore reach clearance Arabia and continued with cost our system optimizing The well technology We've the test the America. to and tracers these laterals, in have of we've quarter offering field providing facility to allowing the reduce for Deep systems development XXXX, Energy Saudi geothermal optimized been location is landing We an excited in the well in other products both construction, greater a We diagnostics with that are and operations, valuable international overall in project a sleeves savings geothermal successful extended Corp customers power North oriented AirLock value cost. completions. diagnostics. provided fourth also deployment partnering customers installations in be developed Saskatchewan. net new during our highly uptake with tracer case

can Texas power. winterized baseload in appreciate, us this of is fully those As

electrification and our from our and capabilities deliver exploring We to that incidents and an research earned energy revenue record the are in we to is our trained this efficient and in through our applications commitment with our in operate at have team safe and that that manner with the operations. finished highly continued all XXXX existing we no participate into and extends support do to theme. ways XXXX. We field opportunities the customers' point, development our to products services recordable a and safety customers. renewable We While initiatives all small that support technology utilize serving operations exceptional employees energy transition and

global such of our facilities challenges, consolidating for very new time. of during the pandemic. I'm lower, entire challenges activity staying as team faced this the related While working in operations, down working all closing on safely proud were a to and focused the other of midst levels employees

and for focus finding. significant recommendation team achievement best without a is we're was dedication us single almost year unheard to organization passed as quality and regard. challenging This and not or of audit XXXX on that and annual alone a our we and the that not in the safety quality but for has our recently people practices, was the the ISO Another only of well. to that systems speaks

locations XXXX capital our XX% XXXX sale reduced that challenge. million our relocated $X our in hard in closed to XXXX, our occasion will material expense choices structure were CapEx or net reduce the to and expenditures in million reduction compared by million. to align $XX XXXX. our expect team and and the supply supply led Our million in to and assembly to and able our operations In SG&A that over We rose asset made proceeds, two as to chain $X with We meet workforce changes reducing US in SG&A We generated $X better we organizational approximately gross to to decline partners. chain. field our further over

litigation amending to cash reducing end had sheet of was million, took for over stronger balance facility. of enhance resulting at the increasing than XXXX our also balance credit Diamondback, quarter. a revolving the including XXXX with $X.X end fourth $X by over a our in the related liquidity, XXXX, cash and in We historical for position final steps million highlight $X we the debt We discussed quarter by our with final at judgment the the ended of a while net million court year. our as One to last settlement,

quarter, received was over related disposable ownership cash in setting Repeat our of fourth tool. the the Precision During million to $XX granted patent also and

$XX XX% end XXXX, approximately retaining in $XX As initial It the a a Through December through in great has subsequent of position. of been for joint payment Repeat a out distributions NCS Precision our our received the in reminder, in from investment million us. XXXX. investment still ownership Repeat, and while million in NCS XXXX has venture earn nearly invested

XXXX. to now Turning

year priorities for strategic Our the are straightforward.

proven long within to to to energy our products forward for service that we and and product and growth serving value position will discussing we some differentiated field industry and commercially. new are products commercialize and term continue during we both term oil facilitate trials new us a to out We the broadly. customers First, this, on aim tangible will gas technology through as company, they markets as In look the opportunities offering. are working bring our launched near of more

markets. international industry Second, Canada each revenue we performance have of the activity that will underlying continue in US, and strive to exceeds trends to

our to year, focused of international of in total generate finally, revenue last flow are we we our and increased XXXX. percentage XX% again We our a from International on business. to to cash in XXXX. And revenue growing X% total expect revenue free aim grow as international

capital ability market the cash environment each resulting current markets. the business in support rate cash flow on year geographic and to through I'll generate of briefly generation our Our will strategies our Canada. working it. to capital light Starting in XXXX facilitates the model depend needs the growth free free the in and flow business review now of our through with

to increased We are of lower. seasonally Drilling flat activity well in Canada full industry expected as compared as from more year grow quarter than expectation lower for our XXXX, first the Our XXXX has in slightly in that levels to believe quarter. last for the of current expectation XXXX but despite is our year's revenue we quarter to [X%] than lower industry positioned remains fourth activity. first modestly activity

with cross products showed and in of current XXXX results XXXX has kind through our than In the customers. drilling a by our capital of customers, delivering in be share flat developing XXXX, than market and of the commercialize if momentum leveraging technology year. performance and quarter I an XXXX, right have prices. low in grow to operations Canada up in the carried team are first existing completion highly progress base, activity competitors market will our existing the with early industry our the is for Precision. loss the efforts of increase customers breakup a center, including working revenue Repeat artificially in in to to Repeat sales Canadian effort. in decreasing revenue to is normal sequential in going exceptional unsustainable fourth we related lower sales that as the US fracturing but underpenetrated sell pricing activity remained discussed fourth basis from than we engaged We especially late products, earlier business with our XXXX. continued customers later emergence XXXX. strategies But systems our the into in our raw influenced They're at Montney. that US, the currently increase reducing expectation new to believe and increase in in to the forward, will quarter Canada is and XXX%. what primarily of has is pressure pandemic. seen That development on XX% that we seamlessly regions, XXXX, there spring throughout products material quarter XXXX is be be We're The from our levels, These deliver will as Our share lower spending expect team results teams our to and our sequential a

share we've quarter, issues our that already and the continue to are increase confident back we first the market we by gained competitors, experienced to due some of our will During performance share.

recognizing products are customers the value services price beyond sales Our that. and deliver and

allow with with price our us for believe our to would we aggressive compete most to world we and class and competitors, even on service efficient fair customers. pricing choose products While supply manufacturing balance the delivery chain

hold market introduced. will design, Late below a new into ourselves robust, We and quarter quarter, Performance high Repeat and that new the standards first was in the plug to growing related that decisions fourth accordingly. to. pains we for the monitor continue the we the also had to while experienced design make

the and we the have design improvements expected. We have modified since performance seen

first with through gained impacted high by participating with are the have Permian to customers from through materially the work new Though were winter Basin existing storm. improving to Basin, exposure exposure quarter. Permian since we customers. Revenue the increasing or high disruptions we has We in activity our recent and our been with as progress

many that as as in with well growth Repeat, Basin as Repeat some Central oil months. are below Outside that product of line, price to pricing have the sleeves with of can expect to who increase systems in recent which as quarter breakeven our the strip in the increase been industry fracturing adding year. in We will clear will the sequential to Basin, compared the more believe US, America as customers in such recent slightly XXXX. return a capital our and in the We discretionary view of our additional in the deliver prices within areas Powder be Tracer to XXXX, that private the is weighted River have commodity provide platform customers second opportunities half line of activity as will second product Diagnostics increases populated sliding where operators spending of XXXX outside North that current benefits but us the

for time. market Middle The to earlier, our us a the also We in and we international Sea mentioned first operations, our continue share base the our representing an over overall and in job remains of continue our to customer of I important business Saudi North grow presence greater our with recently Arabia we fracturing our in UAE. East. systems sale grow systems completed AirLock international

and that with market have additional in a product customers Oman successful XXXX. partnership We place with and and participate in additional to in expect in lines contract

in resumed Argentina extended that has subject to activity China. including COVID shutdowns, addition, were areas In related and

compared flow is in competitive While one including margins expenditures outperform we believe be levels. on technology center, which very cash position products and in capital with our several time. activity increased and opportunities historical our Precision cost we to activity our current investment and believe committed efficient our the our the cost managing gross provide initiatives past the services, value SG&A. years, industry the industry our the growth free us over proposition as environment. industry Repeat given customers we for continue based Maintaining of and and remain and levels in depressed and critical a investments discipline, to can We supporting over for to We're capital

difficult taken industry if the react to in results be the have to conditions I'll detail. We operations change. Ryan for discuss financial our environment, we'll market and rightsize more ask to steps current now our Ryan? ready

Ryan Hummer

Robert. you, Thank

revenue million Canada, internationally. by as year offset of XXXX. XX% a define revenue XXXX partially XX% sequential to less XX% our we million, decline reported profit, revenue total quarter. sequential which lower As $XXX as earnings a quarter represented were fourth fourth the Full total Gross sequential reduction of for in quarter. was in US $XX.X quarter release, revenues On in basis, $XX.X of Canada. in amortization reflecting quarter, the the the recovery and XXX% and continued fourth seasonal cost revenue XX% excluding sales, completions typical the fourth This than quarter $XX.X in increases year's in XX% and the million year's or or was revenue depreciation of XX% the XX% the expense, in of compares to compared in million revenue revenue. the US activity than improvement prior third fourth higher in We in delivered prior

in for million gross third of or was $X.X sequential comparison, revenue XX% quarter. the profit our However, a

increased Our and Selling, $X.X fixed percentage which compared as the and fourth gross in increase XX% the were field lower footprint third the $XX.X rationalize quarter costs efficiency. taken was to million to and sequentially, from absorption led XXXX. in quarter revenue, $XX.X our general quarter million the to fourth actions lower to to due margin which quarter, million year's prior administrative of of our benefits or the better service costs during than and the also improve manufacturing primarily

in SG&A related fourth litigation reported to expenses. Diamondback. compensation $X.X gain litigation and line the $X.X In costs expense approximately reflecting on classified expenses, was include with net quarter, a costs certain of million benefit based share settlement nonrecurring the into certain including million as reported severance we Our and litigation item, new connection the

assets cash Speaking received, on and settlement to the $XX.X infringement that, recorded other which litigation fourth and proceeds. a the patent reflects gain costs quarter, of insurance we net during of million

quarter, quarter. patent year was an year compared million fourth $X.X year's infringement million as million $X.X for in to for million gain EBITDA quarter. XXXX EBITDA the represented the million fourth prior This full $XX.X to excludes XXXX. to was the compared compared of adjusted third $X.X the which improvement for $X on as the Full Our settlement, as adjusted

beneficiary expense our $X.X fact During was the $XX.X and infringement direct and that attributable profitability the the fourth the was income settlement. Repeat quarter, interest million amortization quarter, Precision was depreciation our and patent the net to Repeat million noncontrolling during of reflecting at

the now for expenditures fourth $X.X and proceeds our quarter flow the reflecting excess capital asset negative and for million, sale Cash cash in balance Turning million, to was operations net were sheet. purchases. quarter flow fourth $XX.X from the items of

the December cash free of access the million facility full Repeat $XX.X had in our December revolving was capacity working $X.X year. $XX.X result, NCS capital with $XX from $X debt a for to $XX.X credit $XX.X our XX, at At separate credit million XXXX, and borrowing At Precision was December and undrawn. flow borrowing had over XX. and net we quarter is million the As of cash base had facility for XXst, was under million million our revolver. in million total that million

few the first be our Robert and for that the between revenue the of currently We quarter first fourth first XXXX. roughly be XXXX. to expect with of Turning $X.X million. the guidance to points quarter earlier, factors of million on quarter US expect to in now total mentioned Based a quarter line in we revenue $X.X

first the spring the to range breakup. quarter to first million international and revenue onset our million, reflecting between $X.X in as uncertainty the expect we to timing weather driven with And and of Canada million $XX.X quarter the in million. to $XX expect increase be will $X revenue in We that currently

decline the US, gross margin also activity the pressures With in we guidance quarter reflects between currently and mentioned product pricing This XX% XX%. at expect the associated Precision. for to our Repeat first gross in and with adjustments margin the redesign be Robert inventory

between to based includes based compensation $X.X share reported inclusive in of in and This share litigation our items, $XX.X $X in expect be million $XX.X SG&A, approximately million and million approximately We quarter. first expenses. nonrecurring and compensation the million

vesting remeasured share compensation which slightly quarters, of based to due be of end incentive in reflects price is in and quarterly which expected upon the share primarily prior the settled increase are our to since higher our XXXX. use Our cash than awards, and

and our costs, be $X.X million expect undrawn We first on $X.X reflects expense and quarter depreciation to be to which the expense issuance amortization that we're given unused revolver. amortization fees debt of net the approximately our facility million, and interest primarily

We expect million of million, to XXXX. our expenditures our million below gross in gross capital for $X capital between be slightly XXXX $X.X expenditures and $X

forward continue hand have with remarks. Robert evaluate We to were investment. additional opportunities, to to attractive it for back the that of business. now may our such If business cash move cash opportunities return profiles and they power closing support on capital enhance we I'll would earning

Robert Nipper

close brief comments. I'll with now couple of a

We North the face of NCS in to flow as of over challenges, customers customer value continues and positioned efficiently in customers industry significant that environment. believe America generation Our their prioritizing low flat I especially optimize our assets. free growth. succeed portfolio activity to focused cash more and help a remains is technologies this operate production deliver with production

a in markets, our continue accretive international pursuing total revenue expect XXXX. are We percentage as we in to grow of which including growth, to

our and reduction We which cash a maintain balance light XXXX structural strong and supported generation we model, the took spending during a capital facilitates are business by remains is We sheet. cost that benefits the focused maintaining from restrained. flow on free capital actions

capital And develop to now. continue return cash enforce innovation to capital to to and flow defend on take We ensure property are make we'd support made. right proper we are customers, work the have investments have if working And to operator, with a place our our like we and intellectual free structure that cash property, and and some growth. to liquidity questions and investments required to those we've revenue prioritizing we in and our made substantial that, investments bringing intellectual

Operator

first with Tyler the Holt. Instructions] question [Operator Pickering Your of line comes from Zurcher Tudor,

Taylor Zurcher

suspect what is line of the it question some imply prepared remarks guidance First meaningful on Repeat you the sounds that in top US. winter And degradation the part year. fairly would that Precision is of like part and talked is in QX. storm The about QX I

just why a bit was I is in us little line moving of hoping you be the give and kind So more top the expected much Thanks. to partially down to could so color as QX? pieces

Robert Nipper

had was Permian, right. a storms. Precision, And primarily we week because our exactly primarily so and primarily Repeat the that's then It's revenue lost of is basically repeat. it the Yes, in Repeat

somewhat that mid time as late to value that products those the extremely. what pretty But had competitors QX, top So about see it Repeat that quarter a line. of of pressure had couple pricing there's things I into And on beyond prepared actually I our think in there were the we to we customers. I two frame. began in the the was in items. fourth we also price sales seen. mentioned hopeful our pressure And from that increased said, Precision we then remarks mean, pricing to driving QX were price the just were We stabilized came as

a to to we pricing with work in is keep close customers appreciate maintain intend very and While the what we the eye the that on value. continue marketplace,

did lose we some during the customers So quarter.

but some that or of them, at lower we with Now bring some they're prices because we them competitors of to customers are. online, back haven't those working worked we've substantially have

impacted thing quarter the the new the I out fourth impact we beginning the come that first of part with. that and Another tool that quarter, was to mentioned,

we redesign, or we plug And that I had, in And were composite that over we it issue. not of an of of of if and virtually will, had they're types So our time a customers. fairly we these to was events for and product. began but had we past. field. real it's a runs mean, runs having events we thousands small the of notice we had the experienced zero developed literally And tool existing you of a new something that this percentage

were So -- before, running had in this at process plug. to pre that the product, we we composite almost been our the that over switching new well, plug of point, have from we

all So that ramp in make previous manufacturing pull pretty of back we and inventory had and up get product of to a field. to strong the pivot product the into

we're mostly complete and building that. the base that's So customer back now, just from

was So And expect said we've be hit significant first it to a continue but seen quarter. going I the already fairly with taking quarter, in the for we're to quarterly we that that. growth the come back Repeat as sequential from Precision earlier, second

Taylor Zurcher

near And tubing the I business? maybe know coiled like solution. just right market. And your I wondering got a impacts simal to lows has fracturing secondarily, different towards can then you now, business. I good is about maybe in the I your the seems is fracs of a you sticking be of But have with your products talk how suspect somewhere continuing at trend if a read increase. through towards the kind you bunch offer in impacts imagine high And US more that historic pricing how to level, US, which trend was it that US

the And So on trend impact of towards business forward? how impact might that coiled moving and simul-fracs just how curious could secondarily, in US where is business? your you tubing your at if the might kind and comment more then pricing that

Robert Nipper

Repeat some that to affects product line Precision extent. our simul-fracs, really For tracer and

is line, it's a very did intensive For what product we operation. tracer the

happen So it location, of time requires same especially for to line. a at number the product things the Diagnostics Tracer on

versus multiple streams we're the chemicals we to right would have in stages. that the the right location right in the in a past. make on So monitoring to sure we're people two three flow one concentrations getting time And at

So process we developed, the in to I that had think prepared some easier. that we technology make I developed mentioned remarks

was We with in first it's So simul-fracs location for composite intensive stream Tracer to put anticipation our Diagnostics out revenue us worked a What of we provide the is opportunity have job developed with it that quickly and did. plugs very potentially. on well. that it's and more the that

customers switch a simul-fracs. more going sales mean, product to obviously, more I it's as of period be time. in So to over shorter

of And look pricing never forward it pricing, I've to we certainly tubing as that. mean, coiled primary at low comments tailwind coiled it bit I prices. as seen those us, it's around oil just crazy but not And the tailwind right So for I prices tailwind. now. are yes, for mean a is the is us primary on then a tubing it's your today.

not activity I $XX environment, from the earlier, in areas on. are the and sliding in pinpoint mentioned benefit As those the completions, where using that most sub sleeves stimulation areas there's much going

And so that seeing now basins. we're in in that regularly, customers bumping as up we multiple find pretty is XX multiple ourselves an pick environment activity for

for tailwind biggest the is prices. really that's commodity us So

Operator

Your from Daniel next question comes the line John of with Daniel Partners. Energy

John Daniel

you're that go in walk time the us then to actually of noted that? just drivers the increases you the of the these magnitude lag back you customers about one material of when through y some can recoup remarks seeing. raw and ou the Can question, sort Just and of prepared sort to between increases

Robert Nipper

material affect us prices we haven't because in increase buy do in bulk. seen so Yes, the yet we

and start through So they're I highs. expect a if But do that year. to bit. for prices end driving potentially we year. now, factors look the And to right we're seeing, the historical are scrap demand the I now, in good at market at you start half of the come of it there's back just prices mean up think

world of the plants or shutdowns shortages and supply on some around the mills. the Just and

of we to our get see end do that hit before year, the for expect to in expect that impact we we're So but the business, probably don't year. cases, some going And industry in in the impact this from not them some high it's how mean, materials. cases be. we're teens, and the of having, now for But going teens conversations it that speculation increase, could the I these based be that's of on some much to mean, I the

John Daniel

look And is like they then at stick new coming more foot they're want willingness XX,XXX reticent here, say in, of a cycle, down was mean, for or a tool what more now? in to sort you I'll introduced with new how know the question one of that interested I learning out but slip they products, they're to the noted customer and

Robert Nipper

I for that the Well, anymore, been customers I things technology and because you tell think years. a can of it's don't just try case that's number been

that on for how the So and customers. value that good it price job in the depends for what do of is proposition creating potential technology the really a we

the able neighborhood It's instance, plug So material earlier would that eliminate the almost it took composite things outs tool it had work developed was material plugs. the that way hope new other in told we like There a plug and Unfortunately, didn't drill I than XX% to of immediately. hoped the of less time we composite hiccup had that also plug. would. that. It particular XX% for that on, it you one customers plugs speed in that being and each between something design up we to the that the on had that

existing of there. But that So our it we quickly there a get is one is an the and opportunity market. design, there design between got out to

the develop Just market one. decision to back that quickly, not the in to get we made

the long believe most to it technology will have in that we for I the the customers try what the modifications of risk. manage opportunity economical for there's the back the as would and as doing are, with Let's back market. just if new they customer, to But they a go couple say, been more to customers an part, can become get

Operator

comes Voie Wells the of line Chris with Fargo. from question next Your

Chris Voie

to check the margins on Just front. want

XX% to XX% I in quarter. think the you guided first to

wasn't us if in what get some for Canada. curious adjustment that to those walk just might XQ But the year. and what of some about you margins have if been there's second inventory through can half Just parts? expected Obviously, if help might headwinds this it to could with think describe you the just of

Ryan Hummer

obviously, I'd are that the profit one for there gross say factors piece, There really taken. we've about with guide margin in two associated thinking inventory actions the is QX.

other piece to has The mix. with do generally

drives around that, of US call slightly the in two a Repeat part of be inventory. actions it, relative QX mix which Repeat the would percentage, guide third maybe QX revenue which the one Canada the being a lower QX to and thirds with the thirds, So mix, probably around of would two third and larger being with one specific difference between actuals into of QX, the in the with be slightly

US that that, get business, high for activity get the to as half which as and quarters, margin the of path year well. XX% to certainly, summer the higher that of operations can as growth the international sequential we we do are we get quarters back to we continues a with mid Repeat, on the generally particularly get believe to that's kind So profile back as to

Chris Voie

way, you in if about big discussions gets curious talk Obviously, a for of combinations. right now can right just tricky. then is shifting the in And and it industry? the backdrop what's when tone activity now M&A the But

Ryan Hummer

take now up care that all completed, can tell I the don't you of half industry the there's our that we're is balance what going out XXXX, now, need about anybody has most to care too many support disagree were to where in actually, think sheets, whatever forward. that I XXXX we're all to to of. of trying been could Well, that's needs to I the well, starting we first businesses, which think take of prop there think part to consolidation. I But service for are our going companies a there to attendant we and have large discussions -- happen, mean business of --

sense that the ones just opportunities, can of a be it's that matter So the and right accretive. finding make

activity expect this year. those So point see conversations around continuing to I some at some would consolidation see start to and

Operator

further to Nipper. [Operator back would conference to Robert Instructions] no question like I the showing turn this time. at I'm

Robert Nipper

employees. I people challenging putting made enormous and by our call and this everyone On especially management that of our NCS other to the sacrifices through market Thank like truly effort our and at team in including support we'd operator. are appreciate NCS, Board, shareholders and environment. the the thank the on research everyone our cover analysts today, behalf but who you, our the company to each

far We continue in XXXX safely and operate thus recordable in with to zero incidents XXXX.

be to and and is will customers new our to to our services provide continues service excellent enable team Our more customers that successful. developing products

our and and of to gas. we markets pursuing outside products are in utilize also services oil early, While opportunities

as come the our Our impacts people challenges tremendous the as managing have industry done their lives, its and from COVID-XX impacts on that job the well many a in of company. on pandemic

that team you. We next only Thank our the as earnings believe as best talking to Multistage, in NCS and the We call are I industry. quarterly again in May. good interest in people our we have appreciate look everyone's and on we forward

Operator

your participation, gentlemen, Thank concludes you conference. have wonderful and today's and day. this for a Ladies

disconnect. all may You

NCS Multistage (NCSM) 2 Mar 212020 Q4 Earnings call transcript