‘XX is Today, John. review to guidance appropriate. bit fourth quarter third financial forward year a provide Thanks, full And our Look guidance for position. will the a I XXXX. comment our fiscal results XXXX. of fiscal fiscal year on quarter operating
start XX recently ended previous revenues quarter June completed million million The $XXX highlights in of with me the the generated third company for XXXX. quarterly quarter. Let versus $XXX
quarterly revenue day North increase primarily the revenue America to in expected, solutions due in per was As increase segment.
million third to expectations. second quarter were part still for and in Total The increase attributable quarter million compare average increase As quarter, General third quarter. we to activity. have than recap with the expenses incurred in it for our for approximately $XX direct $XXX $XXX but Administrative is sequential higher the previous and previous segment quarter. for lower operating costs totaled line to the continued versus to pricing North the the American our solutions million drilling
our reported quarter, is value add of a as third non which gains losses statement of consolidated the to of our During the we operations. incurred drilling million on and investment, securities $XX of related in losses fair investment market part
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our of $X.XX the $X.XX. loss adjusted release, quarter that investment as third were mentioned. $X.XX adjusted an by press Third quarter per loss share fiscal was the share including earnings impacted share I per versus items items on select the earnings highlighted per of negatively select Absent in in diluted net just securities
flows in $XX quarter third the the million $XX and previous flex $XX million. million segment, million H&P QX. with including the the is was Revenues line on quarter of Segment fiscal to over pricing rig During We count end John in the from our an in sequential quarter the and up the rigs was expectations later our previous count. beginning in about Overall for quarter. fiscal to with rigs mentioned, and due annual million as we solutions of discussed operating million the ‘XX our call. third the previously rigs generated capital comments up to that solutions the April to cash in capital America But segments sequential guidances in in added XXX are is second quarter, four quarter have spot free ahead by cash provided. million our $XXX increase than as flex during which flex Starting we North third rig rigs for the comfortable $XX is I'll basis exited fiscal than our increase from fiscal direct contracted additional in the drilling average averaged quarter. range quarter, expenditures quarter walking third basis which we to flow with higher fiscal quarter, working million three coincidently million. or due these of still second a lower conversions rig, approximately just from $XX the that the with above remarks. rig top We $XXX America This in third our were of quarter QX. ‘XX was for primarily in last effects the $XXX our XXX rigs higher million of completed segment margin $XXX $XX sequentially to second third contracted market North on increases fiscal fiscal the active guidance. flex XXX a during sequentially average were
three costs rigs these reimbursable day quarter walking Total of the excluding $XX.X end day prior to reactivation expenses, reconditioning additional to at March QX in compared day quarter X.X related per segment the costs per quarter. costs the million addition, were per the XX,XXX deployed in balance the third excluding during costs quarter. second added incurred In were of for quarter. million rigs reactivation decreased from XX,XXX to this and Roughly for conversions of in the for half reactivation the
expect we quarter the of to continue of level ‘XX rigs and for fourth end American fiscal North at call, flex that ahead we quarter of the as XXX today's the of fourth to through Looking have fiscal contracted, solutions, XXXX.
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During the quarters. next few
these with consumption quarter last our of than inventory significant inventory are chain Note mentioned a XXXX, and and by make XX% that with daily operating consumable rig guidance. costs. inflationary driven Such are for labor. in together fourth included supplies materials I a balance, As increasing the did supply they increases primarily on pressures less calendar constraints up in costs cost
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To rates. time drilling Our any remain our historical lost turnover contracts turnover to of with issues. we due date, consistent loss crewing have rates not experienced nor
out as we'll rates pocket respond and and We retention as conditions as to And in well to field attraction. expenditures. labor of talent market are job assist monitoring required needed
past our reminder, X% increases contracts related a As threshold. are a over three structured the labor
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the early of that in costs America range segment, costs $X approximately will effect XXX expectation to effects Our moving reactivation of X expect In fourth reactivation the margins between million the million direct quarter. North well for million is forward. about fiscal rig approximate million inclusive per XXX solution we
international active quarter. rigs to the of activity Regarding fiscal international solutions our end nine segment, third increased solutions at the business
expected, of our incurred Middle I made in just of rigs Muerta this As associated the East startups as with expected, hub. we and establish investments rig expenses in as the as the mentioned two Colombia. Argentina Vaca Also we to added well rig region that in quarter second
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incur at will regional to super expenses that East, a expect opportunities. Middle also we develop our be more drilling We of to preparation flex as further export inclusive rig targeted spec
in Aside average X startup exchange margin in higher from we million any due quarter, part to read sequentially the million have activity, to contribution fourth foreign impacts, X increases. expenses between and to direct rate reduce expect
management of our still still Offshore end offshore very Mexico margin drilling seven Mexico, of three of and our platform million Gulf on owned of have customer which contracts offshore Gulf two of the was unfilled high are to direct our of about Turning generated X.X segment, expectations. rigs toward rigs quarter contracted four rates. our we the
that As pricing million of A the generate increases we active fourth contracts for to we as the resulting that segment, fiscal offshore will look total quarter increase Mexico expect X offshore ’XX, between Gulf on mentioned of margin. toward sequential expected contractual million our earlier. XX platform we offshore management from direct of rigs and John
forward full look fiscal me fourth the appropriate quarter to let ‘XX fiscal Now, ‘XX planning. look and ahead year to fiscal update as guidance
capital midpoint remaining $XXX the last year spend million to mentioned, approximately between As for and in drains incurred expect with be million the we still at fiscal full $XXX to million quarter. XX expenditures fiscal the
offline half rebuild was of COVID taken during timing As continue of energy that the a year suppliers and second the key coinciding as downturn. in to the has reminder, the some capacity spending pushed fiscal restrictions
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specific proactive million bucket costs to high likely CapEx rigs. the the range emergence of maintenance get historical reactivation idled into The XXXX the will we push Our increases. to and rig end a our of of inflationary to stack deeper of for XXX,XXX costs as capex budget due rig
that protracted be the will utilize componentry to optimally Here one-time capital downturn. we expenditures incurred overhaul in
to and an effort each to XXXX swapped more CapEx capital the componentry remaining conservative overhaul time was overhaul million save This during discreet an fiscal Such involved. on could defend reactivation million the required. equipment For downturn out idle an depending range their expenditure was had balance like from to before done an that sheet. in for rigs example, effort rig in $X we from delay reactivation particular $X
to the significant reactivating the one continuation month. rigs with we have CapEx in on refine been the depending Over in how which pricing and on our will is bring pace conversion our program. at fiscal route customer intent one to a rigs consider relates Consistent walking final will bucket demand returns, and so we terms year of return effects rigs and per approximately the back only next planning required few to reconversion capability The with online. do we walking investments months, for the converting ensure bucket for fiscal of XXXX projected of likely a next should
be Items year tax administrative still income that general for for and to volatile. result in just tax and estimated are is ‘XX the fiscal the statutory are may full XX%. therefore million. upcoming US provision said rate your expectations variability the levels over wide the be and the for Our expected tax quarters expenses $XXX at impacting that being for ‘XX fiscal in With rate, effective effective rate year
in and are income to year. of cash guided our change we previously anticipated million no the permanent the million XX both to expecting this for is tax impact addition, incremental state to There taxes of range tax In foreign fiscal differences X provision.
facility billion was expected largely cash June March versus position, and XX during Now attributable XXX call. a credit at an approximately at availability, for mentioned was million pain X.X liquidity our XX equivalent quarter million million as and our investment quarter in June XXXX XX. Including in the previous financial short-term investments approximately Galileo sequential and to looking the homework revolving XXX decrease XX had of ‘XX. The in
of currently We of expect less reach times capital September was debt leverage XXXX. XX%. our million our two about trailing And end by debt quarter than at was XX to goal Our months outstanding XX churn approximately. XXX gross to our debt net
generation pricing capital growth also operations as fiscal as flow earlier. as planning less on front. from generation from And solutions primarily working remained to North of the discussed in steady result positive our recounts segment due cash in QX, in of Following good the relatively resumption a quarter that third America work the the expenditures reactivation stems
continues Our billing XXX AR in accounts approximately The of less XXX receivable than outstanding March XX. grew million the days preponderance be million June from to today million our to XX, date. XX XX by to
offshore pricing Although up international increases and for Gene primarily additional solutions. rigs North are the price absolutely America Della working receivables in in increases Several segments.
During the transactions. a significant couple third quarter, we fiscal of related cash had
we approximately million XX quarters Galileo. in First, as mentioned invested last in call,
build we on proceeds, we in Second, approximately stock between fiscal the year XXX expect Schlumberger XX our of pretax investments with hand. in legacy cash short-term and for to million XXX million million and still
Although capital to bottom accounts lockup mentioned. range as working part be receivables expect toward we of the that I some to half in due from
As year. early in Further, forward. and going regular we disciplined growth the account desire year well provided the returns for third fiscal a funded returns Cash the execution expected, platform to cash future. dividend. the in our as cash increasing To half these quarter, fully our stage CapEx we point for augment in the existing remains we the planning with and operations as second from in that dividend, sets flow of our operational the our cash priority covered a top completed excellence recently in capital to generation a maintenance shareholders with have
opportunistic type consist dividend, and but our determined a our of buybacks. of potential of regular long-standing share variable by could directors assessment not returns Additional yet are an board dividend,
us fiscal growth on call. for come in this shareholder concludes the CapEx prepared and our and reactivations potential for us approach requirements, coming the balance compels Note, quarters measured comments to additional More in maintenance our fiscal release, a this to press returns. for mentioned financial quarter. expansion in third both their the take opportunities capital international As XXXX, stewardship
me now over the for Ashley to Let questions. turn call
