Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to the KLX Energy Services Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Zach Vaughan with Dennard Lascar, Investor Relations. Zach. you, Thank

begin. You may

Zach Vaughan

me operator, Lehner, joining and call We you, Financial Executive results. morning, webcast Energy's Baker, President Officer. and Vice good for the President you Chief With XXXX us quarter conference and review appreciate are KLX Chris to KLX Keefer Thank Officer; second everyone. today Executive Energy and Chief Services and

information until opening the the remarks, that August these included access therefore, will or webcast for of and More XXXX, XXXX. provide of as financial on replay Please on details that of to be @klxenergy.com. website August management commentary any today, how quarter the replay yesterday's of time you the in there my on advised no call time-sensitive There Following outlook will questions. listening information will a on high-level before of XX, call your accurate a available was this as via will note also second the transcript information recorded be a telephonic Company's reported And release. replay may earnings be that longer be and available reading. are call today's only features speaks replay XX,

this the current on views KLX's will United comments of These call within statements of statements the reflect Also, States contain laws. the meaning forward-looking forward-looking federal securities management.

actual achievements encouraged to and and also results, measures. is certain The However, The current differ or XX-K, the XX-Q or Form management. comments today contingencies those risks, financial quarterly uncertainties Form on statements from contingencies. cause and annual of read performance reports non-GAAP in X-K listener on various risks Form to certain on the those understand will by made uncertainties could and materially to expressed reader include report reports

website. directly on Additional release, press are Energy financial be the which in found can details the reconciliations measures GAAP to the KLX and comparable most included quarterly

the call Chris turn Services' I'll and now CEO, KLX Chris? Energy President over And to Baker. Mr.

Christopher Baker

Thank you, Zach, and good morning, everyone.

second drove XX% EBITDA margin by reducing second and an only quarter X%. EBITDA, driven are macro price pleased quarter rig We reduction, volatility performance. our commodity environment, improvement in nominally adjusted count continued a and our sequential with We flow weakened free revenue despite cash by very adjusted

More also increase adjusted diversification QX was income importantly, adjusted quarter $X.XX, backdrop. net margin us sequentially. represents compared and strong enabled Adjusted was diluted and QX the X% the strongest to XXXX. which was of million drive million sequentially XX%, $X.X of EBITDA results a a was $XX.X million EPS up which Adjusted sequentially. EBITDA to EBITDA increased compared our sequential was in adjusted XX% million net XX% increase $XX.X market QX, $XX.X in to an to since income second in face challenging sequential margin $XX.X million,

QX KLX cash-flow We of million, sequentially generated agreement our liquidity, of net XXXX, after and $XXX $XX upsized ratio QX generating leverage and increasing reduced XX% during the second both quarter. yielding LTM pushing all-time to back EBITDA million X.Xx annualized in high and free amended debt million. a LTM $XXX we for maturity adjusted net ABL an and as

our performance diversification, field team the the of strong line on in to a our strength basis. attribute We geographic our and product both and

us life our to all a reputation us second and customers portfolio best the services and across deliver the enabled strong in positions active and Our well for onshore with major cycle U.S. capitalized quarter. the sector well presence across basins most of coupled

PSL. the experienced field Additionally, our and step XX% saw intervention driven advances our X% rig and in Despite a business by quality production upon. margins we the across strength improvement in we greater and an business, our we team in our in particular, bears throughout results revenue market witness the fishing Technical change the leadership technologies of approximate our and in than completion declining count, build the to improving financial organization. Services a decline our in of and In and to Tubing commitment continue relative face that strength through

increase X% rental decline. a in of product items revenue continued increase line the rotation a as tubulars service across driven for enabled Green's market of demand driven and A in lines activity by our our revenue our by and among the business overall Rockies. significant well latest higher-margin margins service generation other the increase us rentals face strong modest fleet as of penetration frac KLX activity in and to customer This BOPs to in XX% platform

On the utilization, which maintain sequential partially detriment with in pricing to reallocating pricing to basins. of more front, our the to revenue, attractive to the assets contributed along we decline endeavored

service active pressure However, with being to lines white remains backfill and were on in Inherently, and immune market people-intensive we spreads. the as order that QX not providers reduced willing to more delays focused are chase the and many said, service peers frac to and returns. were pricing not as near-term drilling numerous rigs saw customers market price properly and in space fragmented completion

on we again Based be underlying will along and of market a QX QX we favor believe in more about in balanced with for as swing are the our XXXX pendulum strength customer commodity to the service the providers. bottoming prices, market excited market conversations, recent in and appears

rental wellhead our was integration during offering comprehensive Lastly, in complete more offering, and Permian Greens the with Green's product quarter, well Ford that synergies the a to proprietary flowback we testing the announced March. in existing Eagle services, acquisition provide flowback customers the basins. and of delivering diligently protection, worked frac and our

the flow synergies, challenging to week, to Greens excited of additional announce KLX's to the a this generate on offering implementing diversified performance previously highlighted completed free service strong continue market. and demonstrated ability KLX's integration, attention opportunities. cash that strength As have integrated we I'm our focus of accretive we disclosed consolidation and fully QX's the and product in

advancements will viewed overall be assets driving our to platform, to as of existing onwards recovery services a our utilization trend continue minor providing hindsight make We across and oilfield in for efficient, dip the in more We XXXX. believe services into differentiated clients. our technological QX

I'll in call return With the and I call who will to discuss Keefer? over the later results, review now outlook Keefer, greater financial to turn will our that, detail. our in

Keefer Lehner

Thanks, morning, everyone. Chris. Good

XXXX, mentioned, we to X%, decline revenues basis, addition and despite product Chris approximately completion, million, As a QX intervention a X% for $XXX representing with sequential drilling, the On of is XX% the consistent largely second contributed decrease, revenue but the rig line production respectively, XX% reported quarterly outpacing count. Greens. of and services sequential in XX%, XX%, which of nominal quarter

shift Southwest XX% the services. material contributed a drilling Northeast Mid-Con drilling our geographic segment of as three-month led sequential XXXX service contributed product rentals, The acquired a and by We and tech led Southwest pressure QX rentals QX frac contribution by pumping, coiled and accommodations saw directional XX%, and coiled the first Greens. by contribution is lines. quarter, tubing XX%, reflecting was tubing within the revenue contributed directional business full led in Greens revenue contained Rockies our fully from and

sequentially. by $X.X unemployment shift seasonality EBITDA QX driven the million and of mix, have approximately product $XX experienced to EBITDA in price the the and commodity less our The second count sixth in over Additionally, improvement roll-off rig volatility QX. a we Rockies to consecutive million the much with and very were increased and sequential in adjusted along a pricing that portion service burden quarter increase taxes in $XX.X discussed of the pressures largely decline. pleased million, overcoming was weather sequential XXXX of payroll Adjusted

X.X% for history. have for million. up QX expense million. was Adjusted out Total million nonrecurring or just of SG&A costs, results expense for $XX second This QX adjusted income Company approximately result operating and was of $XX.X $XX adjusted KLX income quarterly quarter and of highest one the you SG&A diluted $XX.X only represents net highest X% adjusted were the in quarterly strongest been net When would income quarterly the back was the and QX sequentially and respectively. in history. of quarterly $XX.X million $X.XX, Adjusted our respectively. income $X.XX, is earnings result EPS and share million diluted since and per second million net QX were $XX.X XXXX revenue.

review XXXX. Adjusted quarter of Rockies. segment $XX.X The the our segment's was I'll for well the was in results, over Bakken. with $XX.X income quarter mix decrease to a million. The a the second begin Wyoming, second an activity slight in decrease to which in first decrease revenue attributable X% operating Rocky DJ quarter now million, shift Turning the representing in a increase slight offset was by line revenue in as product in a partially was as

by quarter first our an increase and sequential EBITDA increase decline, from was rentals, million. compared in experienced white higher-margin Adjusted contribution revenue Wyoming services to throughout led $XX.X rentals. adjusted in million we strong slight DJ, was space a reduced EBITDA and Despite profitability driven tech and services in Bakken, by frac The $XX the profitability. of a increase

$XX.X Greens second sequential from to primarily to from quarter The is increase generating for now revenue million drilling was full based QX. a which in contained first slight Moving segment in contribution elevated compared Southwest was XX.X% The dramatic million the million. acquisition. offset KLX Greens $XX.X of the Southwest XXX% increase experienced a an $X.X was $XX.X adjusted was contribution by the completions this income million. operating higher-margin in adjusted QX acquisition, revenue our the revenue, of increase driven a the EBITDA quarterly businesses. segment, profitability the driven in within segment, in EBITDA and Adjusted for quarter by decline by

pricing job a discussion XX% largely to Mid-Con Now within Mid-Con. Northeast X continue in and driven and was drilling QX lines utilization a decrease to to in focus run segment. mix service lower the and by disruption spreads segment the gas our our $XX.X by this and wrap driven revenue shift QX, we up completion relative and utilization business, and strong areas the the at Northeast broader frac with where million, market

out was our $XX.X for improved economies quarter. consolidation EBITDA was play million losses million is income a for adjusted Adjusted adjusted few over loss demonstrating $XX respectively. and $XX.X core This dramatic ability the significant million, of adjusted and income EBITDA benefits corporate by seen operating in our corporate, operating have deals. quarter QX The our of and $XX.X adjusted to and scale. million XX% the last we EBITDA realize acquisitions were layer thesis second and tenet for sequentially, our the At

net to capitalization. I'll now cash-flow working turn and capital, our

balance million efficiently cash million convert flow. increase ability cash largely adjusted capital working cash sequential was $XX.X XXXX our than to driven and our quarter to The second doubled of free in Our to by normalization QX. in sequentially more EBITDA from $XX.X

reminder, timing QX issues, by a flow have impacted been cash As capital was working of which resolved. variety since a

net as quickly XX% was as Net flow as cash convert the net in QX normalized million X.Xx. reduced XX% sequentially, we $XXX.X and working $XX capital a annualized anomalies. on DSO have QX, working capital ratio possible. from down manage We proactively post to Based those QX ending quarter DPO net of million. continue balance We debt approximately QX and a and debt LTM results, of with leverage

Total pay did and June down X(a)(X) ended the total certificates. under which base with of of as in second of our in debt with million borrowing as balance was cash June any draw liquidity, of we $XXX.X did ABL $XXX.X QX transactions. exchange $XX.X nor ABL availability $XX.X additional quarter We million the was million execute million, or XX our we not outstanding line on XXXX consisting

agreement ABL better liquidity in As extension in an previously our maturity financial our on flexibility, considerable upsize debt an announced, entered we resulting and to and June facility, profile. into amend

We accretive to further deleveraging step be generation, consider continue an KLX its to flow enables consolidation. amendment on important focus cash and free that the

XXXX advantageously this Additionally, exited needs far Company's financial and gives ATM not QX strongest flexibility issue any footing XXXX. shares the refinancing over ample runway on and the XX the months. quarter We amendment of second in our so shares not did us bond year. since have next under to cover our the We issued

at million XX.X count share remains shares. Our

across primarily to focused approximately the quarter we're maintenance turning million, spending were for our CapEx, on various Capital $XX segments. Now expenditures second and

maintenance supporting of for in be to operations of to to Going earmarked approximately reactivation conditions. for due with the market $XX million, now CapEx million to quick million total CapEx range on and down be forward, approximately focused spend range $XX from million XXXX $XX on payback current XX% our growth focused and primarily $XX XX% guidance expect will we the ongoing remaining projects. This spending previous

prevailing reassess real based always, As we spending capital in time market on conditions.

held we During sold assets we of second $X QX, for balance end $X.X sheet. the assets quarter, million the approximately in reflected sale of still our and million had at on

debt, on to and XXXX, our being and value-enhancing capital further consolidation. pursue remains look to as maximizing additional stewards cash the XXXX about while of think reducing focus we net As remainder free of we flow begin all prudent

I'll who now the outlook additional turn will of XXXX. QX the for call current back market on color and some remainder to and provide our Chris the

Christopher Baker

Keefer. Thanks,

up, wrap diversification like on detail our I'd we dislocation. to some Before near-term share us navigate should outlook. additional and help disruption market any KLX's

to take approach ability positioning . to to geographic manage positioned our product portfolio a diverse competitive and well are and We assets allocation disruptions these managing footprint. a our across line given

an we larger KLX XXX Yes, than QX to enter a yesterday trends the incremental expected. work adjusted is in is decline and $XX, second for XX% since above Activity XX% price count in first May and monthly for average the compared a count Still, result to WTI the set EBITDA. natural softened quarter outperform currently $X as we've quarter, gas was choppy rig and price X% average seen June decrease rigs. QX with rig time quarter record end monthly above of touched a third which new and we consolidated March. market

crew softening For to will business results, maximize margins expect flow. the of but utilization we free continue to and as well order quarter, the cash third in perform drive and modest pricing our we

flow. to maximize meaningful a to out of the results rotation we full assets generating will free volatility we As market continue of our look with portfolio in cash proactively on XXXX, basin year face and focus manage our to

should time capital and strength prices tremendous takes showing for commodity of to drive respond prices the our commodity restraint. activity, public changes the ultimately, underlying market our but for additional and returns it to discipline customers and customers are Ultimately, in

in QX the EBITDA and to million to expect be revenue XX% of XX%. million, the margin in to $XXX range We to adjusted range be of $XXX

year guidance. full We have our also XXXX updated

of year as we Keefer CapEx million light deferred $XX mentioned, $XX CapEx As growth reduced range by to market current XX% approximately the million guidance have in full XXXX of to a we environment.

capital we expected XXXX modifying $XXX the reduction in $XXX to XX%. spending, our are guidance. range the and margin meaningful in EBITDA revenue revenue of year the XX% EBITDA is year and commensurately to to Given adjusted range in million be Full million of adjusted full

the expectations. on free will be levels these modified and flow XXXX generation margin remainder believe flow Given cash expect of strong our cash CapEx free and we year guidance, there over impact full continued minimal

consolidation consolidation, KLX scale of on history growth and has to and our to a continue accretive platform. inorganic actively Lastly, further pursue long our grow to and synergistic go-forward strategy, existing we opportunities accretive

who We continue and both I summary, field like our and consolidation our thank to members efforts stakeholders potential and is publicly continue to on day. in continued as choice every would track our and focus we X,XXX due thank for over in the I partners, and products. for their And KLX synergy integration their also team and each providing our like confidence of the to execution traded excellence In for record. our would market-leading strive to safety counterparty top-tier customers to technology dedicated to believe commitment show private

now will take we that, your Operator? questions. With

Operator

[Operator Instructions] question Research. Marsh David proceed Our from with your with Please comes first Singular question

David Marsh

morning, taking good and the Hey, guys, for questions. thanks

that guys side. bit I do a ask Or of a think continue to that it job a just new from to to level you might can Is be for on forward? here? like wanted you the the margin going gross this even grow way there you maintain kind little possibly First, great you feel

Christopher Baker

it's a question. great David, Yes,

the settled rolling rotation takes higher-margin where where out, very to the in Keepers prepared to earlier out. around a was cetera. product Keefer system, settled talked QX my out we and the EBITDA lines our SUTA, of driver costs FICA, of taxes, commentary unemployment like about proud We're The big remarks. margin alluded puts think I gross and margin in of FUTA, the point, number to et then kind of various

so continue time. for and year of over the are now, system of to we'll those the And the balance out reduce by costs, and large,

space, Everybody what tepid updated not with thought a out utilization, situation would. we've has Reality is of I becomes, et everybody of think the XX is basis. to for white played happens guidance was question The of it cetera. And to XXXX reality rigs lost we really rig why the calling kind a market year-to-date XX crew increase. -- XX XXX the gas challenging. on is been course, has like

next everybody gas said, bullish being That year. is very

who on the the that on impact we through we we forward, think have prices strength count would positive And some a incremental as that so throttle always quicker, activity react think will commodity commodity if operators private think think they activity. rig stand typically basis, they a quicker. And basically the decline go the will strong, there And recent prices in but led a lag. is we activity year-to-date remain up

the that our does your LTM of and very And the our to KLX how the and regions we're all So performance team XQ to goes position goes margin matter for and performance look, is geo credit the of the areas. in proud reality question, point, results. those that the

have The question activity think advantaged side. line product I drilling on to mix and does the as the advantage the demand of that take presumably we're becomes, increased increases. is benefit well we completion change

perhaps may overall that margin, So be even might degraded above with you guidance the and if concert which the come in production revenue percentage expect on would basis, to range. side intervention a lower increased

KLX our multiple in cost delays, have like it especially on of wrap single is can saying, very impacts any customer name of when because but tight markets structure the with look, to up the multi-well services, ranges manage remain with to impacts I'll game outsized pad transition So flexible. you're this, kind periods of

you We month. a fan. that's game, to baseball that's on lead And simple. quarters. very outsized well. win if you every what real what month, every to our do team single that baseball, I'm and think say, and so our it's And every And is winning team guys, to win inning, continues focus huge every month the focused speak we on winning is I

David Marsh

some second That's higher million you about still would little really you SG&A but obviously, where some have in to helpful, been, quarter. run of Chris. think where kind is the be new folks. assets going Do been to And think $XX there? you more Keefer, to some XXXX more bit still had that a question, you Or than It's we then new the my range be efficiencies and there's closer forward? you you're roll do as on brought mentioned out

Keefer Lehner

Yes, Dave, good question.

structure I cost of proud through way the and with the really think the downturn process managed the coming with we're we've Green. out then integration

We're you without So think of range, and think perspective. go-forward on level be kind scale basis. to if to G&A XX% that's that we'll XX% the both business, I be and a G&A normalized adding incremental think an with I going from QX about much where organically to continue able consistent to the inorganically

David Marsh

right balance me cash news not Last a some cash. paid That's grown has I'll lot Obviously, story number the in a other folks. sit here, really for you're good but to and there. very nice and yield question to a respectable getting

that intended in of are bonds to the a expense is, my So leverage the net And bonds call that, a interest maybe little cash you could partial reduce of the on some the do And use term? the anytime that question and near what's in cash? with callable here more? and particular, regard of

Keefer Lehner

here. for the jump Thanks I'll in Yes. question.

if We think basis. free you cash doubled. on than tremendous more at have flow a cash had, year-to-date quarter-over-quarter, Certainly, I generating success think,

of at today. million on a thanks hand. balance decent Fed, a of are make We cash on cash you as that can sitting would million actually to of return the I $XX $XXX say north

do So available we accounts yielding have some to cash actually us. nice

debt. continuing perspective, cash It's net to down team organization, I we an continuing and think last what cash just flow. generate most think reduce We we our $XXX million. to Obviously, debt are drove And when foremost, from over as on net to a free as it's a this we about it's strategic first built quarter. focused and

X.Xx to on down now last quarter annualized as as well the LTM is basis. ratio both leverage Our an

we're think sitting capitalization a firm I really So footing on from . standpoint.

inorganically. And back lastly, got place a at look the pretty well. maturity were Greens and opportunities with line. us our to out we've also integration that that to And additional to the extension The amount this to the XX% We at and time exceedingly on our grow deal we're in get amendment expedited and we're the looking to of up scale grow quarter going happy rearview point to business a continue platform. and that flexibility. to by this went to And continue line upsize done ABL the we pushed increased We tremendous past put bonds. provides in

flow free standpoint we're tenor positioned today. you think about capital standpoint structure the we think flexibility So a really cash well and from as generation and

David Marsh

So you in no? is anything can with of early or a like terms do there bonds the partial call

Keefer Lehner

are at the So a bonds today, premium. callable it's

David Marsh

step point to par it at down does some months? in next And the XX

Keefer Lehner

Yes.

David Marsh

correct, if Okay. And can a partial, it's right. to? you All wanted do you --

Christopher Baker

Well, could a to. tender you portion if always elected for you

David Marsh

Right. to up? Yes. going nobody them is give to want Well,

Keefer Lehner

our we're footing. ability I on of about think range today, we're capital going think options really the Look, to capital refinance as a structure. But sound to I wide we opportunities have our think and structure with

strong around X.Xx with and ratio. leverage exiting we're cash a right strong flow have balance, We generation, the cash free a quarter

David Marsh

sure. I agree. Sure, Yes, would

Operator

next comes with Sandler. Our Piper proceed Luke with from Please question Lemoine your question.

Luke Lemoine

Hey, good morning.

about could were talk the where more a On what and CapEx reduction, growth little bit trimmed? you investments

Christopher Baker

of quarter, et pumps, million, deferment pumps, pump around to frac coiled the about Last engine we're for cetera. And in of Sure. growth around business, discussed and side we mud you everybody $XX right, We a capital, issues then, last specifically engine talked has rentals recall. experience well-known continue quarter, ends somewhat units, CapEx. approximately in course, million DD tubing business I the a business, little Candidly, to motor steel down in about power our delays this talked bit of the we tubulars, the $XX products. calling various if our mean, deploying

where standing market. and it as CapEx with decisions will real is in concert you you're those And assets. redeployment we of definitely also the constantly certain Some up evaluate understand in is, time

date, number so rig as And count of of out watch just in we've this we to projects fall. deferred budget a prudence year-to-date

And reduction guidance. out today, to it's at so overall the of look we in as about ties $XX bucket the That million CapEx.

it lines spans on frac so multiple spread strengthen, includes the paybacks. product includes initiatives But pretty product the that that should would up still lines. that And market have various DD third we'll other include the side, standing accommodations, that attractive some as well as

And fleet, that that so intended on some recall stated to the we other is, automotive thing equipment some I their ties question and delayed CapEx on if had the of last the and side you your would side. existing add quarter, both refurbing CapEx, on Greens we

that substantially CapEx updated in undertaken the and range. been is that has And incremental already initiative so included

So to that well. as I just want clarify

Operator

to I'll now Zach, turn the floor you. over

Zach Vaughan

his and he on Thanks, Rob. now. some in ask questions He's today. John but the call join Daniel traveling, those wasn't sent I'll able behalf to

on Congrats QX volatility. despite [Interpreted] the market strong

of the the to out service lines for most QX? XXXX, look which you As getting rest inquiries you are

Christopher Baker

long we're question. necessary. well schedules, the as in offline John, about catch in up schedules, customers constant as before prices. drilling commodity et you run-up ongoing we with Great But know, recent completion can conversations candidly cetera,

drive for our that September, rentals accommodations standing being much clients October caveat frac are or doesn't that flow-back said, discussing really yet business late driving how needs it will So early it. I'll is incremental Haynesville business. need in look, has the got That spreads, feel either and we've picking up for frac our like up changed rigs,

incremental focal DD side hearing we in the referenced to I so have Tubing in know our We've I frac well we've drill as point people. And some QX Haynesville et about because in and have that's some several started outs packages activity some for won been we been through cetera, for we've being conversations many the on drill-out Elsewhere, in tubing QX. flow-back, dedicated said, include work are incremental the chatter QX. rigs work as other basins. That that that clients, also BOPs, then won various and tubulars comprehensive dedicated And coiled got package wire-line in QX.

some seen then So we're we've some excited uptake bear. to adoption we're that bringing very in Gen guess plug. X with And about on new lastly, our technologies dissolvable I

about excited we're that. So

a I we're is line. are full think seeing opportunities across the the it allocation shows So product really discussions approach, portfolio what and product

Zach Vaughan

any And deals, then ponder business lines Great. as you specific [Interpreted] you or targeting geographies? new are

Christopher Baker

question. a it's No, good

think we fertile last have as know on we you a and service line think basin set of we're but about consolidation quarter well, really line this think a offering our and in any addressed consolidation number needed you calls, focused historically one when across there's regional not product our numerous I on myopically when diversity, opportunity for and PSLs.

the case material. most strategic synergy To public profile, industrial maybe and fit, be can in synergy Keefer's culture where point logic course, public to and earlier, leverage the technology deals importantly, of value valuation, then value, of the especially drivers

up strengthening, seen sign of face to in has say cycle any on flow our relative often, we've really question The And up We're to commodity is I hold think this opportunities. too or What what reviewing basis. hoping on of expectations. of will happens to is deal numerous price sell picked the all a prefer an sellers late. outperform I

through-cycle The it reality is plays will. realize they combined on taking be and the from portion extent the out valuation then of they'd better they as off the it basis, equity exit think equity, upturn timing cycle their realizing a like some to synergies uplift or

X outliers to most select are the companies at major very hurdle to few And in directions, standards. majority I and at by other point, that both trading is trading the of multiples small modest are large, on are by valuation And mid-cap a historical companies Xx. guess while there

management convincing operators private to I this the to across lot ever and And point multiples limit for consolidation I opportunities before. so execute tied And of equity angst private teams that market. need backed of is consolidation think at publicly I've quarter have heard on a the than the more probably low kind despite

So track record. great we've got a

great their sellers platform can great provides to KLX better realize got we here driving think a liquidity for and And think consolidation time We a benefits. the team exit. we've where

how see market we'll plays So out. the

Zach Vaughan

question-and-answer that segment. then our And Okay. concludes

Now back for to I'll Chris turn it over closing comments.

Christopher Baker

and for again you again Energy call forward you, with on us Thank interest and Zach, KLX your today next in thank to you quarter. the joining once speaking We Services. look

Operator

participation. thank teleconference. Ladies your you and does gentlemen, This conclude today's for

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

KLX Energy Services (KLXE) 10 Aug 232023 Q2 Earnings call transcript