appropriate and guidance our financial fiscal guidance Today, operating as management quarter expense XXXX fiscal provide update liquidity and will fourth efforts for John. Thanks, results, I on and comment our year current third full position. XXXX quarter, review the
year technologies. As new to reorganized the management fiscal support John scale third marketing activity and our align during reduce commercial new with his models and associated current restructured in levels of operations we our mentioned and deployment strategies digital of to with the to quarter remarks, XXXX,
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highlights Solutions releases in The quarter, in the company versus$XXX million the recently decrease for The the previous million for North previous for COVID-XX of with America million the pandemic. rig and $XX the the revenue previous me direct operating totaled quarterly the to let completed million move due segment International destruction result demand is line generated $XXX administrative were total in the to incurred in quarter. General a versus third revenues in on of the quarterly quarter. energy Now quarter. costs million by expenses for $XXX the quarter third Correspondingly, segment caused our $XXX guidance. the third and Solutions
of we savings the in many discuss quarter. later million quarter, comments. charge As the restructuring downsizing this $XX.X a a incurred of I this result my expected the in will changes third from
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let incurred a diluted in $X.XX per third loss of $X.XX H&P versus results share Now quarter. the of a me quarter. previous summarize the of the loss
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in decreased are downturn stacked, expenses began primarily are Solutions but the decreased million $XXX $X term their typically stock. While the for released to their idle days is contract. also returned term costed not well Since expenses. the has counted rig 'when realization consumption supplies operating releases, the at our period rigs use mid-March, in smaller penny the rigs cost sequentially against Many previously fleet which quarter, of or lower third and reissuance. in ensures value. consumables field 'penny America of contracted, idle to as materials they're stock North with in initiative are such shelf operating so these Costs working to level. of value the approximately operating for due but rigs. issued lives, recently inventory, proactive several were initiatives contracted One as have to be due idle $X.XX this available saved and usable in prioritizing million now inventory
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seek fiscal the Rig have Solutions, XXXX Looking select however, of and On work return releases since the North uncertain. COVID-XX March XXXX. will increased At contracted more further resulting with America oil remains since their releases for slowdown, slow early is fourth X, economic but to one idle quarter June since extreme, ahead extreme, them rigs. the we may we expect than reduce rig to operators due to the pandemic other we prices. seen while hope see for XXX operators opportunities some market to rigs the costs, release incremental to
but with to fourth XX XX to expect those of We some status generating the with end contracted fiscal quarter to XX XX contracted margin. idle on rigs
rigs are where John discussed, and for As acceptance. drilled our efficiently customer me, having performance contracts are is about value we we performance-based second. gaining In circumstances putting the those to that a more reiterating with wells are delivered to It worth excuse work, customers discussions back - leading limited contracts.
leading rigs where acceptance. John In are performance-based with discussions contracts worth As gaining reiterating, we performance It discussed, customer again, I'll circumstances having for our limited benefits putting customers to quality contracts. those we about Accordingly, have that evolving. our using are say also to are is models work, higher to equitably. our recognize investors those requires pricing we drilled and to present more value delivered were the share is wells business and nomenclature that efficiently back
will $XX early and million this range the $XX million, termination end million that coming a segmented North solutions In continue with and individual As to expect of less day press this we as in or To on approximately the now gross operating in through $XX facilitate margins, segment margins rig segment, of reminder, to gross is transition, releases the we from expenses are which on segment per margin operating America revenue. the guidance to tables, our year. rates. revenue, public furnish basis not the information direct fiscal defined of filings between
$XX our current Our million U.S. is after roughly This million terminations does aforementioned not Land million include backlog rigs revenue $XXX the of QX in amount quarter. fleet expected fourth term contract. or expected early for for $X the under the
segment. Solutions Regarding our International
rigs The four quarter as active four during began business our Argentina, In to of due Solutions an down NOC five-year original an the third averaged rigs rigs, ended quarter, the with leased to were operations working margins in in Collectively, IOC. fiscal Argentina and the working small FlexRig we quarter. the quarter, leased for rig COVID-XX end International ended quarter during contribution had rig rigs rigs in Our super-spec pandemic. the NOC canceled leaving XX during one working for most one the sequentially and part contracts their a term at Argentina.
XXXX prevents three for will our in the breakeven. lead Dhabi. environment, the incur regulatory Bahrain of activity fourth us coupled revenue as in an Abu with toward as we quarter This activity arduous us to steady, legacy and fourth quickly a in international As fiscal cost of Middle from the and be which working Reduced the between quarter. in is margins two with would reducing cause in we likely East to an Argentina, cost rigs international, loss holding like, million working with $X there structure will negative expected look
Mexico We our Turning to rigs during generated Gulf eight gross our Offshore estimates, segment. the absence part contribution the in offshore unfavorable five from contracted. a above previously approximately quarter, our margin of also the of platform adversely have $X.X contracts. of of offshore includes downtime currently The and management due that mentioned $X to prior million affected margin gross quarter. million expenses of
million. offshore quarter generate we in As conclude offshore Therefore, offshore we fiscal $X look contributing fourth with management operating to margin on segment, of rig of towards million $X one quarter. gross will short-term that million XXXX a will later for an that between $X is expect the the fourth contract additional the rigs contracts
fourth and of me this year. forward for on quarter fiscal the the remainder look fiscal let Now, items corporate
the uncertain and call, strength. in to to have and April discussed oil H&P's down gas undertaken business, financial a production for this measures and our the outlook response number of in we cycle maintain extend we As
our a by by reversed future fiscal by in XXXX annually; C, reduced annual annual to million continue $XX and, intended year our last us reduced $XXX dividends operating approximately in reminder, over allow capital our our XXXX million guidance $XX compensation actions These SG&A million. D, completed updated reducing selling, A, by and North As accrual to initial quarter, of allocation run quarter, SG&A annum, $XXX our fiscal $XX America solutions reducing XXXX B, the costs overhead million. overhead we, expense; we rate for incentive guidance In per by budget administrative on relative general to efforts right-sizing update third approximately just by fiscal million. CapEx an XXXX this these $XXX and our for less than initial million previous fiscal
last our are mentioned As quarter, appropriately assessing activity. for to we offices calibrate international
year is are $XXXmillion is regulatory and budget $XXX to initial $XXX framework for we reduce full our CapEx. with inline of to reduction Specifically, fiscal activity $XXX working to are XXXX costs range a reduction million mentioned. This fiscal within overhead $XXX prior our move I over a range of from a new Argentina Capital million. XXXX of million, XXXX now which a and operating in expected from from million levels, expenditures $XXX lower million roughly reduction fiscal quarter of between the as further to to the
purchase We continue new realign to pre-downturn our orders realities and to the with current the level. activity work with suppliers
Xst. year process the XXXX, We October which fiscal are begins early in for budgeting
for had then in a CapEx. working recall, you count. fiscal in purchases' XXX-plus 'bulk may FlexRig up super-spec rotating we As scale XXXX, componentry To
our continue be expenditures. of CapEx current capacity XXXX maintenance rig to levels, we range drop-in to to as workforce. forward we fully for employees. to possible costs Further, office maintenance rigs cost fleet. $X CapEx utilized conserve components the field our minimize Given the and rig. activity we rig and the active also vein active expect and aforementioned decisions initiatives as decommissioned difficult capital. previously, end for harvest fiscal and same These components less activity mentioned the The parts capital lead low drilling will of these releases, to per reduction in have per has than company were John new the to downsizing our sufficient Therefore, to lower the be in of the will resulted from mentioned precipitous Collectively, previously extent unfortunate guided $XXX,XXX working our for should maintenance million as
meet these the cost allow Taken to cycle. will challenges reduction together, down of measures us today's
of international further in costs of $XX.X we result the months We these operations million with a anticipate third the As efforts, our in incurred quarter. conjunction restructuring ahead. restructuring in charge the
I in we annual are estimating The year. tax and the related cash and XXXX effective taxes is XX% rate We statutory adjustments of fiscal incurring still QX difference the in income additional in this tax any permanent effective be and call. to related to our the differences, to in not to tax rate anticipate do that recorded rate state versus XX%, significant book-to-tax discrete earlier foreign mentioned range
million Now from flow of income revolving short-term as We QX. keep looking operations March $XXX third mind accounts included $XX fiscal Helmerich $XX of our $X.XX termination had our approximately was of XX cash receivable Payne June receivables. early million financial versus in & million tax million million at investments revenue our that billion. versus XX credit earned Including at approximately in approximately cash facility the and $XXX of Please June and of at approximately quarter in $XXX availability, XX, position. XXXX. approximately $XXX our million liquidity
collected year. During of termination calendar July, the end payments few expect of early before $XX we tax a to million first the of $XX we receive million very this and days refund
was outstanding quarter cash on with at end bond. debt-to-capital Our XX%, a hand our our positive net as about cash position exceeds
Our to peer best-in-class continue our measurement group. metrics be debt amongst a
no our XXXX, debt until rating grade. and maturing remains credit have investment We
expenditures The levels. forward date generate general on undertaken capital expenses, cost maintenance We company new cash go free dividend. administrative costs, flow sufficient should continue cover will and service to selling, and hand to right-size cash enhance and our measures debt to the recently efforts lower activity to and management reduced
third are to That volatile cyclical years. as concludes in They this upon for our industry. serve the endure significant strength we have for sheet cornerstone a prepared balance been and liquidity able comments the and fiscal differentiator Our quarter. XXX which
Now, let turn me Tasha questions. to call for the over
