to and employees Thank joining earnings conference our quarter welcome investors, call. analysts you, our Mike first and XXXX
the largely in above of provided quarter first performance XXXX line range. and adjusted revenue of range we higher the Our the of with the the guidance in was end with the March end early in slightly low near EBITDA
modest and and gas international million fell industry reflecting revenue that of lower-than-expected in with end our and million growth the quarter. $XX are activity Despite below gun of in activity of we Starting return results natural U.S., and U.S. in in outlook markets. production gas, drilling targeting the to discuss second guidance to perforating $XX low briefly reduction expect certain focused the Canada U.S., on sequential sales. customers natural in completion by each our the I’ll quarter reductions of million, our for the first the $XX.X to revenue the
performance in the the field very was operational strong our The of perforating guns quarter. in
volumes for to additional made trials for We momentum also is good time composite taken saw has to progress continued migrate Precision, sales what quarter. the from which we the gun work, increased PurpleSeal led lower-than-expected that to throughout perforating customers ongoing in which into the steadier plug the these sales, products introducing to the first quarter in Offsetting Repeat quarter. lower sales has second customers
in quarters Our to Canadian quarter $XX of the with million by $XX.X revenue of been both of impacted as first revenue and the fourth exhaustion. midpoint customer increases budget We to quarter in guidance $XX was million the the range first compared million. strong having fourth near had XXXX our of
the construction continue in well pricing product reflected on bit half in across later. a sales of product volumes our We grow second products we sliding to are achieved and and the the increases which XXXX of margins, impact sleeves touch I’ll
with over like X-well to of our sleeves The in wells average. a in completed on XXX pads, efficiency. I’d asset well technology sliding and eight in our project recently customer operational leveraging drive customers to Canada is highlight two performance total one per how
they completions, units. the horsepower optimizing across with several wells activity the utilized the During orchestrated coiled and simul-frac surface the footprint and the technique, tubing
cleanouts. and from minimizing of and highlight intellectual quality record. the key competition, these also our completions our extensive including in features assemblies, post differentiate seals provides our sliding Operationally, Shift-Frac-Close property utilized ensure features of formation performance and by frac the the our sleeves initiation the job operational in proppant robust the that for which of from The leverage benefit the our that placed track repeatably the our NCS which protected which in customer need operations stays Shift-Frac-Close and to process, flexibility formation, helps some the high-intensity
benefiting Montney continued also and additional execute the product composite of taking field place Duvernay. to and have support to that’s frac We’ve in are customer been our Canada. the some opportunities to line committed share market plugs grow from on in in the We consolidation
continue people are our to in to the wildfire Western situation ensure monitor Alberta We safe. that
exhibit the We before in expect that in the activity our for could lower customers. period which operations by June, with Canadian the on exacerbated a business quarter through typical impact will seasonality of May certain second recovering be of wildfires
their We expected Peak discussions robust as in quarter with XXXX quarter. customers of spring the breakup. the scope and about we’ve are had the activity activity the Canada be by first encouraged third both timing as after in could of
operations revenue midpoint the international range million coming to of million. $X slow with in were in QX, million of our guided above $X.X of Our seasonally just $X
past will connectivity, and The in XX the our tracer regarding the miscible recovered tracing producing analysis and we gas monitoring producing attractive The flood diagnostics NCS provided success project. production. mentioned tracer of for critical project, their insights wells. from gas in condensate collecting and international customer. product reservoir provided one and evaluation for optimization our Further patterns our continuous as East recent customer ongoing crucial for of updates on is field line of the in reservoir have project. tracers planned development this opportunities be tracers models wells tracer help diagnostic We the valuable area and highlight This will for opportunity a breakthrough to from simulation information results this technology ran wells samples plan. in the X refine gas injection markets Middle injecting
increase higher move as the and as in year in Our has quarter than in begun during believe the second incurred service were up pick the exceeded continue cost the we Argentina the previously of our second in to was for the that and any margin, Middle increases grow before gross XXXX particular. our base our and Arabia, half to of We half and primarily our tracer in bright we projects guided activity with revenue and as the at Sea, improve increases to during we increases which customers, was installation international for activity spot XX% second able of North in East XXXX. Saudi realized quarter we achieve to pricing in A XXXX. we to us XX% will were quarter, that which as range the discussed XX%
pricing the these up quarters. gains approximately and margin drove of the as overall to the while improvement first which benefit most of in was the an quarter quarter during XX% clearly our The XXXX, sales, also first two gross points between XXX shows on compared product looking margin basis of of XXXX at XX% gross
more to XXX% offset incurred which necessary the our some continue XXXX. pricing though cost pursue We moderation of supply in costs additional they impact customers modest tubulars, to with than especially were oilfield remain across the than higher early improvements despite chain, more recent which our are of
We revolver an strong sheet as approximately million maintain our March balance undrawn XX, XXXX. net cash with $X.X of and in
working capital, cash nearly In debt, at net our March $XX our market over addition, capitalization excluding $XX short-term by XX of exceeds million. and current million
capital quarter the business and were expenditures highlighting capital-light both the financial for Our $X.X our nature discipline. million, net continued of our
awarding a liability. I that $XX.X the first detail, financial On in X, the us, jury more XXXX, a booked issued Mike provision against we results Before to approximately quarter. verdict our during litigation I’ll us May a related address alleged ask discuss resulting to in of in XXXX, to resulting product provided from by damages, third-party related matter effect contingent for ours. wells accruing a components well in an million supplier The four damages
matter be a resolved, on expect or we And impact expect financial do therefore, up We all which to would, of our portion position once awarded operations. the large offset the that insurance to would damages have by covered significant not a our this liability. on
In of that addition, lead the we awarded some damages. to and we strong to have all judgment could reversal appeal the believe or of intend the that arguments
Mike. you, to Over
