KLXE - Earnings call transcript Q2 2019 | KLX Energy Services Holdings, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the KLX Energy Services Second Quarter 2019 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 Instructions].

As a reminder, this conference call is being recorded.

to host like Mr. today's now would introduce for your conference, I Perlman, of Director and Relations. Michael Senior Investor Treasurer Sir, you may begin.

Michael Perlman

Energy here Thank thank you, ended presents release discuss July are earnings The quarter this morning which you and results KLX to news for joining XX, these the Joelle. us. Today, period Good second Services financial morning was company’s earlier for XXXX. we results. issued

you’ll it, you a on our received If website. copy find haven’t

and McCaffrey, with Chief Services. Financial begin We President remarks KLX call Khoury, Chairman and Officer from Energy Executive will Also this Amin of morning Senior Chief the on is Officer. Tom Vice

For few slides today’s our a discussion. have follow call, prepared to help we you

website presentation the of find at Relations a can You on Energy Investor page klxenergy.com. Services the KLX

posted the our refer are addition, to you of for In to. copies website on slides

begin, forward-looking Any the your risks in exemptions Before our the responses and to Securities some subject statements company’s under Safe uncertainties. our that the have Safe our Commission. And and we securities information and to rely filings make various in on as we always the will statements are remarks with and additional Exchange cover. Harbor acts, Harbor we prepared questions, we to

time, following prepared questions address will We will remarks. the At our provide that operator instructions. Q&A

turn the Khoury. to I’ll call Now, Amin over

Amin Khoury

our Michael, you, financial quarter second results. discuss joining and to Thank good today morning, for everyone. you us Thank

with lines product conjunction introduced services. Mountains complementary both proprietary the segments. all progress large assembly, effects for light Rocky During new in our tubing the rolling and of service and the tool proprietary pull-through coiled our services, with in in initial our own quarter, bearing we consistent segments. HydroPull diameter And made three we’re pleased out the asset geographical Northeast/Mid-Con We motor in

one costs, quarter. did PSL of these absorb required manage and personnel launch all of In GEO testing flowback the and and training roll we still PSL training completed of significant profitable also to new a out these additional costs the in region. We the spite to deliver

were quarter approximately of XXXX, XX% Second was the compared period revenue Organic compared growth XXXX approximately approximately year. to to revenues same as prior quarter X%. up in and up as the XX% we’re the first

and approximately segments and XX% Rocky Northeast/Mid-Con our XX% Rocky delivered sequential segment Organic growth for and Southwest strong quarterly growth XX% Our while declined and were revenue our Northeast/Mid-Con approximately segments approximately at Mountains XX% very of respectively, revenues revenue Mountains respectively. X%.

their almost Our lower capital and which of performance intensified announced second capital flow. discipline levels by in to order all reflected levels, activity focus reduced production and spending free XXXX on companies quarter exploration cash of deliver

severe of a conditions severe until in the July weather flooding Mid-Con million to decline highways impassable including of the second resulting the in in to which significant roads month million in XX. $X Mid-Con the through of The and persisted impact approximately June, Additionally, was of led ending half lost $X revenues. in activity quarter the and negative May began our magnitude

Permian, delivery in at of being our coiled was tubing prices offered and competitors. by not to in revenues coiled wireline revenues, quarter also performance second assets by lower these due due Our to spreads delays deploy the impacted lower decision tubing to

guidance. market, discuss On quarter performance, will oilfield our review today’s the call, current financial and we services update XXXX our second

by reviewing oilfield services the begin Let’s current environment. market

quarter, U.S. term causing by and concerns move-lower the over prior oil of crude The from rising oil barrel year demand. inventories. a the over WTI the in price year, production global subdued prices with the the further trading of prices and $XX gains volatile decline from to start near strong second early exacerbated weak XX% gas a the month. speed to was the portion per strong below down in as significant were oil magnitude of erased of decline in oil raised June, growth, a the and The beginning a Following growing investors concerns

North their As and growth of remains the robust land natural to imbalances expenditure in fleets today, oil within a slower quarter. as intensified staying and supply demand companies their operating challenged, concerns average on gas XX% first American decline and economic budgets. and count and announced in free of the and resulted global flow quarterly cash rig from production. resulting has North frac by prices nationally, completion have the decline production be continued a hampered in America capital in activity since This exploration average focus about number

gas as regions. Bakken we differential in capacity pipeline some pipeline by prices customers’ regulatory recent the as months impacted also limits completion flaring. The Permian negatively online the been for in lack anticipated for seen the due While pipeline within well crude capacity available the have takeaway coming impacting online, year issues come our additional in capacity of capacity gas, narrow the natural have and price on to additional the both is expected alleviate to of to next activities

completion companies exhaustion. to issues activities in expect the revenues Despite decrease within their and stay to compared to KLX the back activity quarter, drilling and quarter. QX to well third further CapEx as announced scale quarter to seasonal third fourth E&P expected third activity as in be the in activity the by guidance Looking somewhat the cash second for quarter expect their and we we American forward, decline and quarter and in compared North to further flow as as budget profitability impacted as weather-related grow E&P

the balance address We our the year. and will for outlook later this of the we discuss as guidance

X to consolidated second quarter results. our XXXX review Let's Slide and turn

XX%, and $XXX approximately approximately XX% quarter, to was approximately line as as compared approximately revenue to million Organic the XX%, of basis, first revenues growth revenues XXXX declined while QX. $XX On and quarter product intervention million increased approximately a increased Second X%. services or compared production respectively, X%. completion

greater Mountains’ of served, of the activity so increased Rocky million Rocky organic number all substantially XX%. rates of and a across growth was adoption improved revenue and was an of introduced product in reflecting revenue or greater XX%, customers wallet. a share growth Mountains customers number segment recently lines approximately proprietary $XX increase tools, approximately

The quarter an to approximately of additional from Rocky Tecton and from as compared XXXX. of first flowback the segment also six weeks $X million Mountains revenues, inorganic benefited testing growth

Northeast/Mid-Con more June revenue number revenue proprietary additional reduction adoption segment than $X a reduced offset of weeks growth and was of delivered primary six by improved again market. and Oklahoma Mid-Con, caused resulted million by approximately revenue customers million $X revenues to Organic in Red approximately weeks six from XX%. XX%, the the substantially of operations particularly was in served The Bone in an rates increase which tornadoes tools. flooding the million contribution by driven in activity, Red of growth significant May and in $X Bone's in of

offset revenue by Our served, our low these customers chose from prices than Southwest experienced in segment wireline levels customers assets we was as being from lower also by an but competitors. more growth number existing impact utilization certain of at of negative offered assets new activity deploy the increase the customers not by the and to

million only expense. operating adjusted EBITDA XX%, EBITDA and and and $XX to Operating was adjusted were Adjusted earnings margin about X.X%, million respectively. non-cash margin $XX exclude was compensation

product Mid-Con all margin in roll impacted and and margin out by incurred new lines weeks adjusted substantially service to reduced six the negatively costs of were EBITDA Gross operating the margin, earnings and adjusted earnings exclude segments. in compensation expense, all million respectively. were share, adjusted three net GEO diluted and Adjusted diluted per net and non-cash share, to amortization per $X.X $X.XX activity

million adjusted adjusted EBITDA and XXX%, earnings while headwinds share. our per earnings were operating $X.XX during was $X.XX were the quarter, XX%. approximately approximately up aforementioned diluted Despite approximately earnings increased Adjusted to $X.X share net up up per net

beginning Rocky financial segment. Mountains turn now XXXX Slide the to second quarter with Let’s and review X segment results

by the quarter very number million Organic a growth across increased increased Mountains of $XX.X substantially segment or and motor assembly all revenues Rocky with Second approximately lines XX% million activities our product $XX strong significant dissolvable adoption increase in by and plugs. proprietary proprietary the in bearing a improved rates XXXX of including served, revenue was combination HydroPull tools customers of XX%. driven

Rocky approximately of additional also growth an of and Tecton benefited inorganic flowback $X from Our six weeks testing segment Mountains million from revenues.

efficiency differentiation of a disposable of million approximately the gun up addressable in were quarter approximately XX%, and built approximately increased and compared XX% basis margin and system. was EBITDA greaseless QX. fully in play increases roll to out operating Operating points earnings of $X XXX segment XXX% respectively compared first its Adjusted and as that wireline having The technology the on Rocky approximately points on XXXX. EBITDA the of adjusted and has resulting completed plug Mountains as margin basis also XXX revenues, to XX% in XX%, by and increase

segment performance. Northeast/Mid-Con our Let’s Slide X review turn and second quarter to

growth Bone Second additional substantially revenues driven which of negative of in $X improved in $XX.X a approximately tools. Organic from June million six of reduced quarter XX%. contribution was adoption revenues the XXXX XX% $X The and six number Mid-Con, in approximately was proprietary to and than Northeast/Mid-Con million. increased and served May million the by increase segment revenues more in Red tornadoes $X by of weeks offset an million approximately rates and flooding of impact of the weeks operations resulted to by activity customers on revenue

EBITDA a were the the to of Exclusive of first have segment for and negatively the the More adjusted EBITDA impacted that activity severely negative in XX% weather-related conditions. also the increase and earnings to were but customers in operating operating And quarter $XX of by compared of operating as margin July margins was did impacted likely as flooding efficiency weather its were margins X.X%. depressed severe XX.X% operating and excess margin and adjusted million XX% result, margin respectively. a EBITDA adjusted Adjusted approximated impacts, was XX%, during by importantly, aftermath. and of impact Northeast/Mid-Con stoppage operating near number a EBITDA the

Let's turn the the company's Southwest second review and for segment. to quarter results X Slide

X%, we segment costs Mountains out and flowback out the additional chose Southwest offered competitors. in For prices services, addressable wireline Permian Southwest not the rolled plug to is successfully decreased quarter, play Rocky that The primarily revenues approximately second of assets at by we and deploy utilization as greaseless by gun rolling lower lower existing these testing the levels the already driven have and of and fully activity customers segment being by also in assets segment. system wireline the disposable incurring

The Southwest the the rollout Mid-Con continues in line coiled to Rockies. segment both support to of tubing incur product the in service and also the costs

number their segment of during While the quarter-over-quarter customer the XX new a we our our within activity, in have Southwest customers approximately base broadened customers footprint spend added due to and with have our declined existing in quarter. successfully reduction

million improved of new Southwest XXXX. significant rollout the approximately EBITDA operating Despite costs, as first by $X.X and adjusted PSL of $X.X or by revenues $X.X improved segment the and quarter to lower million loss compared million of million XX%, approximately $X.X

Now, let's our take a X. Slide position moment financial and on review

long-term approximately As of July company's ratio Total million on in XX%. resulted XX, of was approximately net was cash $XX cash the $XXX $XXX to less and approximately debt of net million debt hand capital debt net million.

was no EBITDA times. company's adjusted months ended to $XXX credit July three under the debt outstanding There net leverage for Our the borrowings ratio approximately facility XXXX. were X.X million XX,

activities approximately operating current capital product by were to acquired geographic the to expenditures investments million, recently provided was segments. period flow reflecting additional lines in in million, the company’s service approximately while strategy related $X expand $XX Cash

diameter received phase further all spite have the the delivery tubing company's of expected quarter, geographic strategy tubing delays, of range the on the by broad conjunction our customers company large have therefore, large fourth with to In to proprietary the tubing end coiled it expects services diameter through all in segments. spreads, and order to pull of use completed capital of for will coiled asset tools coiled intensive light in a investment certain

company’s of we of phase XXXX. cash intensive XXXX, expect free strong to the As a investment generate result the capital the flow in in of completion strategy,

while we those range fact as In cash larger to GEO customers spend, percentage broader strong number look of XXXX, of as customer a delivering servicing larger we garner of customers we flow. be region, delivering will a towards free services each a in

Let’s our briefly guidance. now review

targets. somewhat spending the as flow to capital staying in be focused remain spending announced lower quarter, We cash customers and on within expect their E&P third free

expect immediately XXXX the to third expect lower somewhat QX We over due quarter X% quarter we approximately to activity seasonal and quarter. Nevertheless, than activity, fourth effects. revenues preceding KLX to increase weather-related

revenues quarter We and XXXX slightly quarter fourth revenues due third as be to lower expect to seasonal weather-related to compared effects.

XXXX growth by delivery has negatively impacted coiled been from diameter Our revenue the spreads delays of in in large manufacturer. tubing

equipment. further delivery expect delays We the significant of in this

count be to new of spread coiled large by diameter the received diameter XX these are fourth units. spreads XXXX of tubing our However, five tubing all coiled large the expected bringing to end quarter total of

on large tubing launch in and of Rockies supported particularly PSLs tubing training coiled been segments. the up, testing the have in segment flowback both diameter the costs and and has start which launch costs The and Mid-Con margins, drag a coiled the Southwest

pickup substantial QX costs a the company overall, continue the of expect we start of margins in to QX While in we incur end through the XXXX. up will for

the Thereafter, cash profitability and in we year. free flow as improvement as significant throughout margins expect the well strong

increase $X per diluted increasing approximately are is period approximately approximately Let’s million and walk increase guidance of expected EBITDA per as $X.XX of QX, the Slide EBITDA while be to $XXX a Revenues are to million of to expected approximately diluted XXX%. as prior compared through detail, to approximately an net second turn same share to third in reflecting a our approximately of an earnings revenues be more earnings and share the be the GAAP approximately of to with in quarter net GAAP of please each approximately X%. X. XX% XX% compared million increase an and expected XXXX $XX X% quarter year. in

respectively expected increases quarter is points per a is as as XXXX. and expected approximately approximately diluted approximately the approximately be basis to XX%. second compensation diluted be or of million approximately approximately Return and earnings share, per the XX% second reflecting revenues, capital XX% non-cash invested XX% and XXXX. exclude to are on approximately approximately be to $XX to to XX% EBITDA and Adjusted amortization approximately expected expense of compared $XX Net earnings and adjusted net compared increasing share to $X.XX quarter million of XXX of

With the turn call. to for Q&A that, morning's call portion I will over of now this Michael the back

Michael Perlman

question. of now call. will to will I call Joelle for today's instructions to a the Joelle? Amin. Joelle portion on you, how the provide Thank over turn Q&A ask

Operator

Instructions]. [Operator you. Thank

Handler Brad Our first comes question from with Jefferies.

open. Your now is line

Brad Handler

business to Maybe moving get to sense significantly speak going simply wireline long maybe you I I'm you is solution too I could sound proprietary wireline just allows it’s your more a what do there’s I kind offering a of what's your region. assets competitive enough on little and as was Southwest just -- up. to what because in appreciate threats the more what in suggesting competitive to from a feels that better tee you're greaseless could if guns. that? would out speak region, more it's probably if -- you then to guess the What addition just does of maybe preassembled bit It like standpoint, like and do But by happy perf -- with foresee or And for in you a foresee that to run? it better, in

Amin Khoury

not you folks in equipment We've got flow. deploy chosen lot to supply wireline cash wireline know much prices basically Permian. running Permian too that of for assets and at competitors. We prices the the irrational being the a services by is demand and There of a are offered generating their into and the ground insufficient in lot our

in deploying some the our to to complete of demand We better those our we regions, are and in range to where will pricing the that customers we environment. a have assets services have But long-term other of we offer better expect capacity Permian.

return wireline until will capacity those return to reasonable investment time to So assets. certain generate we we it -- but our will as going can keep retain choose amount in on we a such are of we a sideline

Brad Handler

Got it.

that the you needs -- pricing of what able companies be after it or you ground, higher to won't to the again many time, period else too some unsustainable, So, term running used is the services move assume offer it’s into so the long-term.

Something those lines? along

Amin Khoury

and a And to on assets cash in then couple not that. know we we flow want And and teetering a right. are companies at you investors. running our have on for this reasonable for are we -- point their assets choose the Exactly, that brink of they time return there do basically

really growth, couple our got mean count. are XX% where organic And is here we organic we've XX% growth, customer have increasing I so strong regions very we and strong of a and

of We are results. growing really are delivering And wallet. increasing market our excellent penetration share and customers share and

-- flow. Permian, respect is much the and insufficient with capacity, that environment demand of the is for in wireline, just there running of In some there too that cash assets particularly to such are way status the those they’re competitors

Brad Handler

and would second weakness half region. the gas to and to see at second pivot which the year half, your I a activity the If Northeast/Mid-Con guidance of natural obviously potential look little at it’s in in NGL-related bit, get address easy

You’re that’s your Maybe nature a about in think opportunity us talking of nevertheless other please? lies where and terms different in regions of the bit lot guidance help little about your weakness, Permian. a

Amin Khoury

the I gas-related are in about revenues, company, Northeast think Northeast. are we the to activity play gas significant -- in the gas a the XX% related reduction so and region quite in expect do of revenues for

segment the strong organic got we revenues. operations $X May quarter during in That’s spite offsetting Mid-Con. XX% mid-June. million having through in in tornadoes have that. negative impact is the from growth Northeast/Mid-Con the of during lost and $X mean flooding Our million from segment six weeks that really We revenue I the to

significant strong very in share a increase wallet. growth, in increase So the large of and of number customers

we services the we’re Now pretty Mid-Con during doing is the consistent as there. strategy. expectation is our tubing that through while our past with introduced this and the pull are service well quarter rig We in and coiled tubing you count from way know, coiled down getting

impact third the do Marcellus quarter quarter the during to expect segment the the during notwithstanding we well and plays. negative substantially Utica So, the from -- gas do

Brad Handler

I should about one as I just gate your like me maybe bit a standpoint I bigger relatively entity and too, anyway. fresh picture a guess the of more little ask from out of then from feel kind look and And standalone

So were adjusted of of in right? comments, necessarily terms million, what the of than a think XXX XXXX number taking million, price I you’re have guidance, different adjusted The XXX obviously year. XXX sort million that of your hasn’t initial on of something million based this the order a a $XXX in that fourth you was now of But was basis oil your stab your quarter at guidance like happened been of into EBITDA. EBITDA. more things other outlining If for it I'm reining

speak sort you guess to us wake And reassure in what current or six how something not as is so guess? on to, to just Z that it was that in but Y sort say solid I for sense could from well,” of -- your a maybe is really reassure up that -- and much more sense target, X now and of going months that or a how wow, there’s guidance that we’re “Oh, wrong reasons I

Amin Khoury

Oh, Z, X, we and right? about Y should talk

Brad Handler

the I mean guess, if can, you I right? it’s But unknowns, it’s… obviously

Amin Khoury

won't coiled $X.X of not did unit having okay? per Those tubing company the and coiled enthusiastic spreads I large revenues very those by receiving So, the But it's they full but those delivery the had very five $X the out also resource in we -- the we've will of the negative and spreads, year. to that coiled guidance have also through the this five those with pull So that with news see spreads spreads revenues we’ve a and are the month the we end up the getting. the of come effect, receipt great which We’ve have the per and guidance diameter a are mean deal is assets, think and use guidance units delays generate, really the we're assets release neighborhood all discuss of our something million through. the now we’ve revenues we of we will script, but but buy our in in together are moved of second during those of pull running to revenue from revenues until from -- in happy about quarter, impact when we're both in very XXXX. tubing we at got operating, already tubing still way quality I the the And and pulled of year. equipment and be of of generator and large in the impacted the out the cash in million have our for all

moms that strong there will our I order revenues, capital what would the flow are been pops good able that both about? think pops is of expanding completed. is of investment from do. services cash and in since margins the have mean some expect the would our growth the spending phase and differentiating strategy we offer I news It's and capital in offer -- ourselves intensive to on that free about by strategy substantial which not assets necessarily moms to that we

pulls So, thru-tubing being and wireline and pumping, our really number part it the and able to of through of offer services our customers through pulls pressure strategy. coiled it non-frac services important it’s the business a nitrogen with pulls other business along through tubing and

our GEO broad in customer that of range regions entire of different we phase have I of say, a our of offering all services So, the is with be base investment our regions. are a each XXXX, completed, capital those in in and intensive our place as to strategy will expectation

can impacts there’s other could about guidance million we and why that or why because margins. course happen be on $X hit tornadoes whatever. some We much I operating revenues, about $X would but that, period it’s other EBITDA much and the some weather Hurricanes, the $X it’s and blizzards on a The the do not you, revenues impact can try year impact that at tornadoes, not for of are this an it’s important did that of for million mean million $X of our in is to things quantitate location. to other more to or control, earnings flooding we million impact.

which that's decision GEO that our those wireline any own could and revenues happen assets, our in the not time. is impacts negatively region to any issue. And that at deploy thing That's finally,

Operator

our Thank Watson with you. from John final Instructions]. comes question [Operator And Simmons Energy.

now is open. line Your

John Watson

wanted to to in for the up the five undersupply you five level can place already? oversupply, On those you and large in in coiled diameter on with maybe follow Do the tubing side contrast units that coiled have been have And commentary units of your speak customers that what you’re the for delayed. and compare market also seeing wireline? I

Amin Khoury

the do which very basis new on assets Yes, a coiled expected geographically. some -- specific customers for are to are customers the assets be customers that the used to dedicated have certain a used they to tubing some for tubing are assets coiled round employed. another multiple The basis are clock, tubing close coiled XX/X, those of and are of spot on one assets

dedicated that with There begging to comes who diameter got is of a are utilization from customers we inch equipment We’ve online highest use in undoubtedly. yet. tubing large large late diameter range, have spreads. us X-X/X the coiled we’re don’t it bring shortage the equipment Obviously, of assets the because coiled tubing and the just

have like expect the who lined regions have additional We competition dedicated have the assets there’s that between customers that Permian customer for but we one would up. the in assets, to already

to is a available coiled So they issue as different we situation. very now tubing the our it’s us, market. to that But allocating picture right into than the the become have assets, wireline bring new

John Watson

implies near $X guidance of more revenues quarter. $X revenue revenue your during million guess quarter-over-quarter. million are I the weather up lost Mid-Con to The term, million somewhere from that’s around $X Okay, helpful.

contemplating correctly? making sequential Am that the XQ, Mid-Con up you weather in for So the about increase XQ. that I majority lost for thinking is of you’re from that what the

Amin Khoury

stronger Well both stronger Northeast be revenues be -- expect the be in QX, of and Northeast is Northeast/Mid-Con our gas-related is oil but do and Mid-Con which itself we So which gas, QX, and the is the in segment course but expect Mid-Con Mid-Con to oil. comprises to primarily we the to down right?

think the spite be completions activity have what terms and third in is, of companies I that lower And and that so, drilling in all we heard OFS you forecasting think we’re to quarter the QX, of that the from expect is both levels of probably I increase reported. in substantially in

John Watson

Right, weeks August on you an absolutely. point, trending we’re average To Can to is August that through this the how XQ point. us maybe at give three monthly update relative results?

Amin Khoury

see report we even anything finished but won't all. yet, unusual on we in August not it's finished don't report August not if as single until August is August August month on We finished, is at yet. a

So, numbers, comment except to our on in know unusual I anything don't I we see can't that August of. August say,

John Watson

Okay.

the then into gave you on of we in share, And prepared strong and there be in heading some given strength Rockies color very the lastly, anything that were else saw aware Okay. Obviously, else of is nice to the your back you if curious XQ? should remarks. region, year just anything half the in that

Amin Khoury

right? the in blizzards maybe snow, who fourth mean issues really weather-related what. Rockies or in seasonal always quarter, weather, have I the have you certainly we tough Well knows

that's revenue we which the out And particular floods, QX, somewhat took there's in than lower company but report -- organic the growth six in expect we million the of us the that and weeks. because company for QX the really I in revenues which because to had than growth, the growth organic called of -- revenue comment you’ve reported, that. way, expect I would Rockies of in anywhere organic in guess XX% on So, by we about Northeast/Mid-Con is to revenues else million lost but the segment, because any result in down had essentially we reporting spite tornadoes other in $X having OFS different $X Mid-Con nothing any XX% same other revenue

a got three our we We've but got with segments strategy of we've the to the really mean humming the to that the in I got with So have our deal two seems issues business right working. to very Permian Permian, strong are issues be wireline now. deal and

Operator

Thank And Wong you. Gabelli from the final will & Simon come with question Company.

now open. is line Your

Simon Wong

XXXX? for Do end that to program coming is a adjustment number your have mentioned this You an you CapEx year. capital preliminary

Amin Khoury

We No, We to capital an not coming is said didn’t yet. the investment end. coming to phase end. intensive an say it’s

close year we to million we $XX CapEx, spend in which So, growth $XXX million until but in experience total, all this million and balance maintenance is the $XX won't will to beyond. benefit from XXXX the

to and continue new of so replace than worn in have so and we equipment to will expenditure level our and equipment lower XXXX. level offer on will be We of forth. expenditures the But the capital customers which dramatically capital

Simon Wong

that thinking you what’s your ago, the then in And two about three do that? authorization weeks announced relation Okay. or to you or timeline repurchase the on stock have

Amin Khoury

balance no Yes. or that in we is flow But a that There that we shares of as million date million on timeline free very is it line, $XXX investment to cash depressed given the specific a have specific given good an date expect and strong program. unused we end buy it’s start for that back and currently. there company with share and XXXX its credit $XX now no think is cash price the

Simon Wong

about? in that Okay, there in talk you pipeline new one last side product can the Is more -- anything question. the

Amin Khoury

It’s a question. good

Mountains and in Havok of quarter, is our through growth pulling the conjunction I of HydroPull revenues. that’s up our plugs, just service to tool tools going with I I bearing about that out think coiled tubing speak, in mean we lot the Rocky we’re talk given contributed particularly assume assembling that the additional with additional in well sales rolling a to not They as segment. our together started dissolvable pretty motor ones. many new we so think we

lot new that we a we’ve through currently. stuff So are got of working

way, toe DHPS dissolvable we not and of together talk assume of just as products with things some into which hangers the and I liner yet By introduced the that to our the did sell product quarter the those market. the line we haven’t we about last sleeves plugs. mention part So, the

So there a there’s GEO of we segments. lot lot a products -- are delivering are of each of our into new which

Amin Khoury

participating I of for a We our good think and with call. call has day very our you that a in wish to all close. thanks come earnings

Operator

participating you today’s does disconnect. have thank all may program gentlemen, you This Everyone, and today’s Ladies conclude wonderful in a and for day. conference.

KLX Energy Services (KLXE) 21 Aug 192019 Q2 Earnings call transcript