year review as on guidance third John. appropriate position. fiscal XXXX Thanks, fiscal financial operating results, our and full the for guidance Today, I second XXXX quarter comment provide quarter, our remaining update will
second America million in sequential start the previous versus XX, as for is aforementioned recently for costs expectations company increase operating the and the in second the of completed higher quarterly generated additional million March expenses million segment. incurred The with America North Solutions $XXX Solutions The expected. for increase versus attributable quarter General Total quarter. North The and revenues revenue with highlights with $XXX consistent administrative the was count quarterly $XXX me to for due to totaled our direct $XXX again quarter, were rig quarter. rig ended previous million second activity the million the the in Let $XX count quarter. XXXX. in quarter previous
the less quarter, of Towards our portions super the on end capable of phasing we fleet. operating and out continued spec the rigs our second focus
previously we sell North within decommissioned result, a of which America were executing the capital a rigs, donors. spec spared and/or began segment, XX majority developed and Solutions As as super to domestic plan non down all used written our and
these as sheet. $XX.X assets sale on for million balance most were and to rigs held our written be scrap value reclassified sold to realizable down their expect for of net value. We of These were
As $XX.X million. impairment of a result, charge we recognized a noncash
assembly spares facility this ongoing FlexRig part Additionally, incurred the capital during the by obsolete damage In to sale related efforts. Houston and on This due of for value management an or customer downsized asset inventory a approximately conjunction and our operations. closing drilling as aggregate pipe for initiative, million, replacement of aggregate with on primarily of offset sale quarter, second primarily of of we assets scrap in we $X.X of million reimbursement in was the drill to $XX on loss sales, gains our moved loss lost cost $XX.X loss million.
$X.XX quarter's previous Our in share is within loss loss QX summarize a $X.XX versus the guided income of a this diluted which H&P quarter. approximately rate range. incurred results, tax our XX%, was effective of To previously per
our third fiscal additional previous shifted an of have second a the impacted quarters. loss million $X.XX share net guidance timing million has capital select H&P for Second for fourth in during sales. per in quarter including share our the 'XX was items comments these share operating the in I of were quarter. our loss generated during the fiscal and 'XX. cash loss second remarks. that $X.XX diluted as select impairments about working Capital quarter flow the loss on will highlighted and prepared quarter adjusted earnings and by second aforementioned items, per implied $XX cash per as spending versus these below approximately Absent release, later adjusted the in $X.XX negatively $XX of quarter first fiscal the press were to expenditures
America Turning Solutions with to our the North three segments, segment. beginning
total exited XXX QX. in contracted have the which rigs the rigs, quarter, the from end in rigs We quarter rigs our is We XXX activity to as demand up low high fiscal expand sequentially guidance Revenues XXXX. for higher in $XX at contracted to sequentially rigs XX of million reactivating due second $XX to where average XX were XX by are ended during increased fiscal an second second the range expenses during We number quarter million August offset operating back some averaged reached across the the the due rigs reactivations. to fiscal return with of increase. Most the from continue during of the releases of geographies of released work the quarter, returned Solutions addition quarter third America basin to or North churn up to of during have quarter. primarily the the due rigs. expected
call, expenses March portion a count the This substantial additions. since $X.X fiscal of expenses third this have in approximately rigs reactivation prior a for were the incurred million fleet to active of including we incremental the As reactivation which nine April added of portion onetime quarter. XXst, of costs to resulted in for more QX,
third to fiscal the of America ahead 'XX Looking for North Solutions. quarter
range. activity the QX exited strong expect since pace that has we high more March level As moderate XX, a end The growth be at the the grow I of for remainder our but quarter. of expected earlier, to we mentioned to continued at
As with nine have additions of I discussed, today's the we XXX contracted right. turning the call, to and rigs
the rigs. We quarter expect third with of between to XXX XXX XXXX and end contracted fiscal
of performance contract. about of some our were XX, March of working XX% rigs under As a active form
John for $XX In million customer. these Solutions incremental commercial range to new we H&P North contracts the margin $XX early revenue to the segment, mentioned, solutions termination margins between America outcomes no better with consistent reward more expected. and As gross million with expect for delivering
term in few with third We will rigs have QX. the quarter loaded off during front a many rolling quite contracts
of operator many the these programs for continue. rollovers to expect We
However, reprice in expirations. term will the the with rigs conjunction
to continue with to margins, ago, continue pressure we one reactivation add rigs, time I a mentioned to expenses As moment as QX. regards
to $X expenses the be third those in quarter. approximately expect million We
as future stacks reactivate, excess in mentioned, of more figure are required the the rig there cost of XXXX, absence a has John nine such the As quarters incurred will months between been some incur experience strong time stacked longer Historical a of rig quarter $XXX,XXX mind of up, that months length of reactivate. rigs indicates idle to is in or for and back time that cost passes. correlation to the the start were rises accretive. April is Keep costs mostly costs Reactivation of of most in XX our in so ago. margin and
this for contract. Solutions are H&P term revenue roughly current that $XXX include backlog contract if fleet figure additional from American not does our Our can earn margin is under achieved. North performance million rigs But importantly, targets
fifth rigs Regarding our International work to but Solutions incremental add commencing segment. on coupled performed International Solutions business for contribution activity averaged the midway we the fiscal revenue reimbursements approximately four a for quarter-on-quarter, above primarily rig. with rig expectations second the through upgrades quarter, active Argentina was Argentina, Margin due in rig the in did quarter.
we required activity pending look rig Colombia three have we Argentina. customer deployment to of Also, with apart fiscal between is to we impacts. in two the have the of still international, in approvals rigs for the under as As under any toward continues and holding study third be a quarter expect rigs our work. to $X we weights regulatory have 'XX million working, contract Bahrain third quarter, to exchange from that loss In foreign begin in million, our delayed the $X
Gulf segment. Turning Offshore to of our Mexico
contracts we to on our owned rig. end have on of active one margin unexpected to a four one continue which at which generated rigs rigs, is of on of quarter, $X three is the lower platform estimates some management contracted, offshore million and our downtime due gross have seven the of rig. during We customer Offshore
$X generate quarter expect that towards 'XX operating between of of offshore million look fiscal for we $X and the segment, margin. gross third will offshore million we As
third me over Now are two the to year fiscal the let full million year to expenditures full fiscal update million quarter guidance to last turn fiscal for and appropriate. quarters. Capital distributed evenly the still spend XXXX between $XX with as fiscal range XXXX $XXX remaining expected the
and general administrative $XXX year have fiscal changed not 'XX and for approximately the for expectations full Our remain expenses million.
rate with is any remain permanent and anticipate The related range to tax book not XX% do versus annual fiscal the effective state year effective rate statutory ‘XX. well difference as as XX% to for also differences our estimated tax income in to and We comfortable cash foreign rate taxes. accident significant incurring to
We short availability, November approximately of from million was Now our looking $XXX lenders and will In RCF, expire of conjunction $XXX The under at Including mid-April, our term $XXX December or facility, our XXXX the million in of to March remaining XXXX. were facility financial cash with of billion. investments in in $X.X RCF the commitments million versus credit maturity November of to XXXX had under terms our position. amended of approximately revolving RCF extended XXXX. million extension. credit $XXX million XXXX. at with continue liquidity XX, No credit of revolving commitments XXXX in November facility other this the the $XX XX,
exceeds debt about at our term long peer us that quarter XX% net and our H&P's allows our amongst cash to focus maximizing to our measurement position bond. continue class end in was on best metrics group position. keep debt to be outstanding Our our capital
credit maturing we no reminder, investment and until an a As XXXX our rating debt grade. remains have
of capital. working a Now on couple notes
to earnings outstanding and sequentially. expect approximately $XX we of modest January. our less refunds our refund $XX $X The AR in discussed Still tax million received that XX a the preponderance million in be February than million $X As to receivable our to plus million we accounts from call, date included days tax increased of in in collect trade further interest coming related is continues quarters. billing
climbed. even quarter consecutive as third the for declined rig has our count balance inventory Our active
We efforts pocket of reducing continue focus out on our expenditures. to
be masked end XX. reactivation these balances will costs hand, dividends. for outlook cash to expenses activity generation of enable that unchanged fund from activity point was our expect working capital in activity. We operating March higher the debt cash drives forward higher our levels, potential short one other hand, term, by and our our generation On earnings and we higher cash Given at that while at fiscal believe activity, to expenditures, service investments run required rate our capital quarterly rising maintenance relatively higher, on current year some the
initiative of our current cost streams of control industry as one last have work being to parallel. smaller work on a that be at adjust facility, increasing effort to and As spoke several overhead earnings Since seek objectives, which we we One such simultaneously a advanced John strategic high was the out what in have scale. mentioned, we assembly Houston priority. This our we to we February expect the call, cost our carried size this and structure remains further stream forward facility. in lowers go reduction FlexRig capabilities while relocation is
and As update savings on various will our of streams timing That we these comments for prepared magnitude the these work concludes progress, second the expected cost you opportunities. quarter.
turn Now the over to let call Jim questions. me for
