quarter for comment our results, operating Thanks John. appropriate Today provide ‘XX update financial quarter, I and will review fiscal first XXXX the as position. guidance fiscal on guidance full year second our
ended the the million with versus The company $XXX first XX, completed quarter Let revenues December me start in quarterly highlights the of million XXXX. for generated recently previous $XXX quarter.
expenses activity Total direct-to-operating operators to the The for in As previous America rig increase attributable quarter. drilling SG&A guidance. quarter Solutions in expenses higher America committed in first for in first previous than million aforementioned was quarter first activity. the expected was $XXX increase lower North rig $XXX administrative and comment and due costs versus were our quarterly calendar approximately the as guidance count our these to than to additional revenue the XXXX later million and reconditioning remarks. the incurred Solutions quarter, sequential North million totaled on the related General $XX slightly for lower the will count previous I segment. quarter
million reported and fair gain consolidated ADNOC a which on gain a investment Drilling the related our investments, statement of our as of approximately quarter securities we of first operations. the is During $XX to market part value realized of
debt legacy approximately discount on refinancing, call, $XX million we proceeds unamortized together September quarter's last with maturity discussed called the and during using bonds our the issue the XXXX of the cost our premium make-whole and quarter. recognize from first As
previous of which quarter's $X.XX quarter. was we outside a effective QX range this additional H&P are the recorded approximately results, Our tax is diluted of foreign fiscal projecting loss a incurred tax XXXX. $X.XX summarize rate guided versus free tax as To per and previously of this share year our loss expense for XX%,
these $X.XX was prepared during a the the earnings negatively securities an has which After shifted versus quarter. below fiscal expenditures primarily the million by H&P share was $XX quarter $X our loss select due as were remaining investment adjusted adjusted flow items This working aforementioned our of First in operating our of later highlighted quarters. to per impacted press to release, first guidance. approximately will quarter I for cost. during spending, comments have ‘XX our the select first gain cash implied timing expectations. diluted the share the first of extinguishment quarter Capital fiscal generally loss items, in quarter $X.XX fiscal capital consumed fourth the in and in million per previous loss these per and net debt cash of remarks. with $X.XX XXXX, in share were on including about line additional
beginning with the three our with rigs first XXX contracted XXX expectations. QX. was We guidance our which segments, rigs rigs, in from to line up in Turning averaged during America North average first the quarter, quarter We exited with fiscal of the XXX an contracted Solutions fiscal segment.
XX across From for our super on in October Skidding industry, U.S. over added rigs FlexRig were heading rig budgets. As rigs, fiscal roughly rigs the count QX in note demand XX% walking of including spec added all rigs expand XX to XX QX completed market we calendar to the John industry rig continued the rigs December to count. rigs count, active producer rig in additions up two account Drilling made earlier, that calendar conversions H&P into X through inverse touched for and skidding of XXXX
quarter and horizontal onshore Our count XX% active increased the share super year end active total in U.S. rigs. for for was approximately calendar first and market spec rig ‘XX XX% at
$X.X our our Segment during in the million aforementioned mentioned accretive costs top we increase any reactivation later, higher of previously will margin quarter in million OpEx guidance associated Segment in impact to that and higher The compared returns, the discuss for of sequential fiscal ’XX XX% sequentially idle As on margin including basis, due by Solutions reactivation of million the capital $XX Revenues were the work sequentially $XX.X was notwithstanding million. rig putting quarter, Overall quarter the million share costs in quarter. end I gross and the is the $XX at for our increase a count, focus dynamics. fourth the America quarter-on-quarter remarks capacity North the increase. of were reactivation activity will market $XX November the due to to on costs. the prior expenditures to
Excluding just below impact in costs quarter, I should excluding to expenses per the day. reactivation fell the day of than more by per $XX,XXX say, day $XXXX a
from quarter neutral regarding rig to the cost margin casing sales As benefit efforts of we couple A are first undertaking with the services. coupled and increased lines, in began since tools the service running pandemic, removed including two management trucking of order scale reactivation costs. comments
is we cost rig upward reactivation seen the rig cycles recent costs hard reactivation between the been on working is This stated calls, of costs. inflation of on previous putting in the to has but the a have combined are time As positive rig, the and we have pressure those per idle. minimize there with correlation factor, and length
discussed most of rigs within fiscal of worked were XX that have H&P U.S. as back in stacked is pandemic. accretive the to May of costs swing into operating the our XX past the the of or rigs quarters U.S. and we To idle portion over has starts XXX XX subsequent to rigs company. costs as right, currently the XXXX, to the remaining heading our that [ph] and XX reminder, on quarter was in been were are This absence turn average have reactivations the months; largest the in months. a of days is quarter XX margin active to incurred XX remind, most such mostly reactivation calls, rigs and April As the first prior on of supply the
a the second the fiscal as part QX grow, the budget pace fulfill earlier North levels. range, of are quarter continuing to America to to first albeit activity actually than operators company near for by guidance our their midpoint levels moderate Solutions, working ‘XX quarter, public of more mentioned at we ahead ‘XX Looking in who the calendar I driven ended
XXX contracted rigs. and expect rig As and to ‘XX of have fiscal call, XXX second XXX we of contracted the we today's quarter between end
As contract America contracts Solutions XX% North about John's noted up now performance of make in rigs. in comments,
well. potential bonus the contractual in since discussed As included specific contingent not which measured achieving at on end is previous of typically contract calls, is it criteria, on the backlog is
in recognized the While completion not and potential the are quarter, bonus performance was approximately that of December completed of bonuses wells progress was built in million. quarter, both within be wells as XX amount for the well could recognized $X.X until
progress earned our proportion in quarter second This fleet bonus As at potential across when such, steadily has the bonus performance growing completed as are in of been actual contracts quarter, recognized. end a quarter-upon-quarter be the increases. wells will
for fleet current is contract. our Our American from revenue Solutions million return backlog $XXX roughly rates North on
effect American can are the include North segment Solutions that will and As once base range million In the million, KPIs H&P costs. considerations. attention $XXX additional reactivation I our now supply rates and margins The the figure noted, this wells $XX to I inclusive not performance met expect are to million does margin completed. day of earn. chain of $XXX inflationary gross above turn between we
although do be appear quarter, above some quarter expenses still expect a in call, last inflationary pressures to we mentioned labor second to as supplies from day will increase and are in seeing a neutral reminder be day to $XX,XXX beginning we to full which As pass-through November although QX. accretive stabilize, rates early some materials fiscal per we our on costs, pricing increased per pressures margin December, recurring
utilize to continue a our chain avoid to challenges vigilant approach remaining to partners order our access, our as development to it and quickly to about includes material and unfolds. and adjust That alleviate approach ongoing operations. proactive with to order suppliers be As materials chain relates in we actively impact ready to inventory supply parts supply to in engaging
delayed. at eight guidance work first and the International rigs in commence transitory below our added a active Regarding that rig of other and these International to costs. Argentina in start-up the results rig fiscal international Columbia rigs a previously quarter. had had two to increased by solutions due were business Solutions been segment, rigs We end of activity
Columbia we any the in results to In loss rig our and fiscal in there one look second three Bahrain gets regarding international, breakeven we in during activity rigs working As for Argentina fiscal of as from second rig for rig notification we between to will plus another in quarter foreign aside $X the a ‘XX a five active customers the changes activity add expect from have due exchange to QX. to second impacts. to quarter January decrease drilling rigs, Conversely, schedule. in expect million
Turning customer $X.X our management platform a seven we rate. estimates. Mexico still three to offshore the contracted contracts Segment, rigs two and above high during offshore approximately are our gross on of million active have end our Gulf rigs, which active quarter, owned which of the was generated four of margin of have we of on Offshore
As the second generate we expect the fiscal million to ‘XX we look that to $X will for gross $X shore margin. between off segment, of quarter of million offshore operating
Now remaining last Capital three ‘XX second forward full to update the as between to fiscal quarter spend $XXX full range fiscal to fiscal XXXX fiscal expected were expenditures distributed year year for $XXX evenly me still let appropriate. guidance fairly quarters. million the with over and million look our
two economics earlier, mention spec that and be I'll FlexRigs again deployed have right swing and maintenance rig XX been of have The duration. costs, been two appropriate on the under are emphasized idle years. OpEx accretion spec price just for investment. of for have H&P CapEx light term idle then can reactivations U.S. economic that reactivation than super longer significant assessing John FlexRigs in we closely As terms and years. we XX contract has Further another increasing return required capacity super
this industry the post hurdle fee fleet and capital. process guide to Our cost The are observations in at U.S. above on or U.S. FlexRig supply. rates OFS HP's
Given no is our years. average mid to life composite that the average new need time, available long on weighted of planning on in see nine deployed has be a and old horizon. idle for we build capacity accounting years approximately XX can fleet term rigs H&Ps
via the components, a our and However, or with extending years thereby major rig improvements. life drives generation. of see CapEx, rig for regularly refurbished engines, of structure We rig a economic currently preventers, efforts a is long to economic that maintenance conduct the fleet. complete regularly breakthroughs economic assembly including their today blowout lives horizon in FlexRig R&D no XX-plus return top as uniform have rig We plan was
Our remain not expenses $XXX at for and have million. administrative and the general fiscal expectations changed full for year ‘XX approximately
second However, higher of final were two the expenses SG&A we than QX to expect into quarter be some and delayed the QX. expected quarters year
our effective change rate to in to million. estimating $X no range tax to million statutory permanent taxes. to book-to-tax is rate state The of income as the related in rate with cash of effective now $XX We anticipated the of foreign tax XX% are XX% difference versus annual to be as guided well range previously and differences
transparency in amounts primarily repair. to were are for and loss normal that recurring beyond of from income operations a has notice on or assets. that CapEx. maintenance of on item a old derived derived to new broke provide These will we We damaged You historically the offset goods line our around gain is receive from statement often reimbursements drilling equipment, our tubular from line, or gain been out more this of portion which that used has sale included income reimbursement gross was customers
XXXX investments up. decrease repurchases, financial The outlays cash at backing largely share million equivalent campaign XXXX million approximately extinguishment. $XXX December short-term attributable out after is recent at working an XXXX and our at cash looking XX, versus to had bond hummer $XXX capital sequential XX, lock of September Now the position. and seasonal The our
shares shares credit allocate year. at have million be attractive fiscal a Including saw we million. of we evergreen our latter share dividend shares total of opportunity repurchase To-date augment in our as under our approximately believe purchased January repurchased shares we facility, Through authorization value During $XX $X.X ’XX, accretive. longstanding XX we under calendar $X for repurchase repurchases an excess shares that December roughly our to half authorization. cash. million in of approximately have XXX,XXX first about X.X quarter X billion to we Approximately per of calendar liquidity the revolving the million and liquidity combination These XX. excess ‘XX million the was annual calendar recent $X.X December were prices some of repurchased
metrics to debt XX% currently capital We approximately at than H&Ps end to XX leverage long year. to expect debt X.X% sole be goal million. a rate amongst fiscal interest Our reminder measurement term of trailing our approximately our group, less and this debt a gross and turn months XXXX. was peer was Xx quarter as net our debt during our debt our $XXX continue remaining a outstanding in and best-in-class reach carries matures
investment credit Our rating grade. remains
working capital of substantial that quarter our As count on and call, rises rigs. of XX last as addition given funds rig our the the as a was mentioned during use
with by end year inventory to time a for year. preponderance continues experienced less accounts Consolidated grew $XXX slowdowns our at in XX million. AR slightly be increased we The for billing a receivable to million have historically seasonal as outstanding we date, $XXX year over days did. Our calendar $XX million end just of approximately collection the first today of fiscal although
than expect rig the the few operations quarter. as seasonal saw to term the cash those we next quarters flow fiscal our the reminder, most we of and in a due expenditures. taxes ramp taxes up of pay throughout bonus as compensation With as at that into Finally, background, all during valorem QX and we first compensation our the annual accrued lower expected from short fiscal incentive cash ad year, and
$XXX down of the million million end due on November guided As of on share to the term of repurchases. the expect $XXX hand, we year million range to today call million to cash with and the aforementioned investments fiscal and from between $XXX $XXX short
half call, of the we calendar activity fiscal November the expected the on mentioned in early in as count as I we the rig toward to use expected a moderate rig growth plus for and The cash-on-hand our work our cash a the including XXX covers As in amount for dividend generation for level. year count and point accretion. the remarks year of provides That the usage, the concludes prepared platform sets year. fully cash stage fiscal second That cash first quarter. forward our
to now Let Gretchen the me call turn for questions. over
