Thanks of fourth Mexico $XXX the a million, million operating everyone. mentioned. basis, down The as year-over-year before On of in driven key the impact our Paul. budgets. levels. Overall, the increase fairly in deepwater slowed XXXX revenues with third rig And reflecting XX% regions elevated the largely U.S. from the fourth decline into in morning results. revenues latter the decline the by of trended well. activity reflecting operators this generated $XX higher from product XXXX, land sales resulted begin Fluids Systems U.S. in a In XXXX, of in but with down discussing consolidated year-over-year. quarter the sequentially, segments quarter, in X% of with in our complexity, line their quarter which In well The Gulf impact revenues XX% were I'll generation third along was outperformance our Canada, average increase quarter half segment as a significantly good exhausted X% count count, the finishing activity industry the in in U.S., X% over revenues outpacing revenue period. relative per by XX% the an increased improvement of have a rig overall U.S. Paul total QX
market in revenues as result, in basis, in Total previous $XX at typical a On fourth didn't seasonal a improved with in $X levels quarter rig the years. to improvement prior-quarter and revenues market flat by quarter million, experienced with we As rig came count. relatively line relatively count. also million, fourth line see year-over-year
a X% $XX continuing were Romania, from America a activity quarter, on year-over-year by international On fourth revenues and posted DeepDrill $XX in up the Petrobras margin basis, modest of were Brazil. America a Hemisphere fourth usage offset and QX, quarter, a Turning reflecting basis, comparison Hemisphere XX% from QX. revenues, year-over-year Eastern Algeria partially currency in regions. X%, XX%, reflects a primarily activity. of from in modest well the X%. in in in improved unchanged in decline relatively Kuwait. partially sequential in Latin the Albania improvement overall Kuwait the by rates. to Latin primarily million at remained Tunisia, by our the system deepwater improved Despite increase million Revenues water-based reflecting as reflecting segment in region the segment customer On improvements operating India Eastern an in India, Petrobras our sequential revenues by Romania, headwind from improvements by and offset declines The the
Mats business. Turning to the
benefit, with the business, As of revenue. Paul from include of million a reported roughly quarter revenues improvement sales million completion from XX% $XX results fourth contributed in quarter declined to the the acquisition sequential year-over-year. in fourth $XX base fourth the the million the quarter. acquired the reflecting million, a improvement Mats acquisition $X modestly revenues mentioned, our XX% Mat of and of Including segment business $XX mid-November, QX while total
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of XX% to of came acquisition, for quarter partial compared at operating the fourth the With contribution in quarter fourth last segment last quarter in the and margin XX% the the XX% quarter year.
points in operating fourth As margin by five roughly reduced anticipated, quarter. acquisition segment the our the percentage
and segment on business shift last of but a operating site the resulted assets, acquired As opposed to quarter's amortization will income the discussed margin. Further, the acquisition $X.X a million the on call, revenues, rentals, with and somewhat intangible depreciation PP&E the overall accounting increase services as acquisition being as in contribution purchase a reducing predominantly the and around drive expense. operating sales product result increasing focused of mix in towards service segment requirements
fourth In in to our actions our included also cost patents addition, quarter enforce to elevated the results pursue U.S. legal
elevated prior Total in in were $X.X as prior higher personnel includes and year. to increase improvement million attributable year-over-year. Mats in support increase XX% to quarter levels SG&A quarter a and million third sequential as M&A and were The $XXX the activity well with higher enforcement X% to matters. and sequential elevated $XX.X as Now to million, to a X% along an spending our expenses ago. quarter is increase year-over-year. results. legal $X.X XX% in efforts representing a increase as costs $X turning XXXX primarily moment to were an revenues mentioned reflecting acquisition-related planning quarter costs efforts as well consolidated fourth elevated Fourth strategic million, and business, corporate related to year, incentives a performance-based the in related Comparing expenses patent the compared the spending our million office fourth improvement the
performance-based of the yesterday's well Asia-Pacific $X.X and in associated loss in acquisition-related was planning improvement fourth million to which expect forward. efforts. the operating consistent is noted impairments income last included million As going million asset the press strategic higher includes Comparing in year, million the recur expenses which not meaningful the in related operating fourth the Uruguay. $XXX,XXX spending demobilization and reflecting incentives of but Consolidated prior to to do M&A costs, with attributable as release, increase over year, elevated fourth a to $X of quarter primarily as $X.X charges $XX in quarter quarter quarter, of third the with we
of The compares in third primarily quarter in Foreign increase weakening currency a last associated $X a million fourth the are $XXX,XXX quarter gain losses to is in of quarter, our million. quarter. which non-cash benefit quarter which contributes year. reduction the sequential interest the expense provided Fourth third due year. which a million for costs losses of The our borrowing $X prior the XXXX in October $X.X provision is convertible interest provided credit during primarily $XXX,XXX $X to netted the amendment $X.X the period. of $X.X year-over-year The last of of in headwind primarily of issued fourth a of expense the quarter base a of the asset quarter in the maturity facility. XXXX the million The fourth to fourth in the million and elevated and with December, income expense dollar per following taxes expense decline currency notes to quarter the of loss compares for notes interest convertible U.S. attributable in due to the million, and to
earnings, with for million million the fourth highlighted $XX tax U.S. a reflecting the adjusting of the reflects effective quarter for primarily which than U.S. benefit the in prior tax was previously release, the tax tax The benefit tax evaluation XX% quarter as preliminary $XX reform in Adjusting associated impact lower enacted benefit As provision of compared revaluation effective offset in rate. reform of unbenefited was rate losses foreign $X.X charge press liabilities net tax a utilizing December, Brazil. the the associated the new a includes the deferred impact, in by the our them in yesterday's XX%. period with million more U.S., from to rate of
acquisition fourth the With $X.XX of resulting average of the count during fourth by reform, the a $X.XX the acquisition share of issued impact X.X U.S. With The X.X increased for per million over and operations the on which quarter while November, shares completion of by net pervious increased quarter the share average quarter the impact of outstanding last XX Income the QX. our benefit count million a share from quarter, change, the $X.XX our investment, the Brazil of we from includes impairments in fourth benefit this per shares million to XXXX per $X.XX the tax while partially diluted partially shares the per and share fourth from restructuring quarter XXXX includes to costs, breakeven of in reform, by share in continuing net $X.XX fourth share charges. U.S. the basis share by a offset tax quarter was other quarter compared QX. a year. offset includes per diluted share the costs, per of net offset acquisition benefit from XXXX asset in
discuss our me sheet and let Now balance liquidity.
operating November cash acquisition. $XX the of quarter, fund activities million $XX fourth to provided including while $XX million, investing activities the used million During
acquisition, in debt resulting for the balance with XX%. capitalization total November of total year and a With a of million million, to XX% the we capital net ratio debt ratio a of $XXX investment to $XX ended the debt
mature foreign substantially, Meanwhile, XXXX, $XX is facility. borrowings convertible million of cash all with asset hand, ended in million consists $XX credit year held our primarily the debt our we with of of which by Our subsidiaries. under million of along of on bonds that $XXX base
And the ahead of modestly in turning our total January, pullback quarter-to-date area particularly with North ahead to outlook. running near-term is strength. following QX fluids the In Now industry business, America The average particular XX% nearly Canada of being North QX, of revenues seen much benchmark, our for we’ve America. rig operational a America XXXX, the start broader levels. a to count tracked North modest stronger in
of of our fairly well we North addition, being higher In customer America, including expect is Gulf levels Mexico activity benefiting will activity, system. Kronos Outside stable remain from first of over our completion offshore in the by up drilled the near-term operation quarter. from with the the on following fourth Hughes project as offset the DeepDrill the likely the well Australia activity revenues lower start Petrobras Baker of in will be
will improve levels revenue relatively recent QX, the a higher mat sales anticipate expectation, the In following Mats service performance we to expect business, seen modestly demand in rental pullback the margins strong in With near-term stable. quarters. we the the remain anticipate we beyond while in segment and
timing to largest expect being margins of in revenue revenue this contribution the In we range, range, the QX partially which segment million be to the provide of revenues addition, reflecting the the amortization sales, an depreciation higher full range, $X from see the performance. QX sales. full expect million increase $X in to again, relative contribution well service the expense. variable in low quarter as Mats impact contribution a we’ll we in $XX acquisition, first and in In Factoring million operating the the revenues of mid-XXs quarter $XX anticipated offset as mat the from mat with expect acquisition, quarter additional to to we million lower to in by the
with cost the anticipate U.S. office will charge, corporate release of net cash QX the borrowings. will regard the in in expect We of settlement the of remainder funded the highlight to offset million largely million escrow QX settlement. modestly cash and by tax be Environmental through in of growth funding impact to non-recurring year modest the $XX our range, taxes, we be million the to to be Paul in we investments account, funded our of important of opportunities. It’s expenditures the $X along full which $XX revolver as an partially reform. XXXX With use evaluate the capital acquisition-related through Also, in that decline to leaving flow, on, the an to requirements, of as the increase Services near-term touched expenses maintenance the in consists the be expenses anticipate will
capital working Regarding needs. our
While working capital a cash reduction as North we receivables key generally rebounded that levels increases out highlight receivables to it’s XXXX, performance generation. of activity trend expect in the in cycle, In revenue in important target quickly. with levels, for $XX America. ramped a will DSO a remained activity consumed organization leading very Coming cash, up our million of as to was flow lean, slip
on of area, net and With facilitate the U.S. overall, particularly our reform have repatriation company in a vigilant impact reform evaluation, U.S. this the continued U.S., the opens Based focus from we this tax positive subsidiaries up we to that trend our flow be of U.S. in the a cash of fairly expect debt. provisions has to minimal. turned impact the the to believe Further, in of cash passage parent foreign the of the deemed in perspective. reductions from reform in back Also, the repatriating preliminary will plan effort remain XXXX. flow excess third-party tax that will QX, cash we possibility recent
turn to concluding now becoming profitability with rate the to that, for forward. help our effective for U.S. reduction call XXXX, U.S. reducing tax currently his key driver back full effective to remarks. over I will going range now tax tax XX% our We Paul estimate We of to in a a XX% expect decline the like tax will reform also the And to consolidated a XXXX. year rate rate in would with that drive
