Financial Performance - First quarter revenue reached $599 million, a 5% sequential increase and a 6% year-over-year increase[9] - GAAP Net Income attributable to DNOW Inc was $22 million for the first quarter, with GAAP diluted EPS at $0.20[9] - Non-GAAP Net Income was $24 million for the first quarter, with Non-GAAP diluted EPS at $0.22[9] - EBITDA reached $46 million, representing 7.7% of revenue for the first quarter[9] - Gross margins for 1Q25 were 23.2%[9] Capital Allocation - The company repurchased $8 million in shares during the first quarter and $16 million year-to-date, as part of a newly authorized $160 million share repurchase program[9] - Total liquidity stood at $567 million as of March 31, 2025[29, 32] Market Indicators - DNOW annualized revenue per rig was $1.4 million for 1Q25[11] - U.S completions totaled 2,801 in 1Q25, a 2% sequential decrease[12] Segment Results (Year-over-Year) - United States revenue increased due to acquisitions, offsetting weaker drilling and completion activity[13, 17] - Canada revenue decreased by 6% year-over-year[17] - International revenue increased by 2% year-over-year[17] Outlook - The company expects 2Q25 revenue to increase flat-to-up in the mid-single-digits percentage range sequentially and EBITDA approaching 8% of revenue[49] - Full-year 2025 revenue is expected to be flat-to-up in the high-single-digit percent range from 2024, with EBITDA approaching 8% of revenue and free cash flow targeted at $150 million[49]

Financial Performance - Flotek Industries reported its strongest quarter in the past decade, driven by complementary segments[9, 30] - First quarter 2025 revenue increased by 37% to $55.4 million compared to $40.4 million in the first quarter 2024[10, 30] - Net income for the first quarter 2025 was $5.4 million, a 244% increase from $1.6 million in the first quarter 2024[10, 30] - Adjusted EBITDA for the first quarter 2025 increased by 93% to $7.8 million compared to $4.0 million in the first quarter 2024[10, 30] - Adjusted EBITDA margin improved to 14% in the first quarter 2025, up from 10% in the first quarter 2024[10] - Diluted income per share increased to $0.17 in the first quarter 2025, up from $0.05 in the first quarter 2024[10, 30] Data Analytics - PWRtek Acquisition - The acquisition of PWRtek LLC includes 30 real-time gas monitoring and fuel optimization assets for mobile power generation[17] - PWRtek acquisition brings a 6-year agreement with $160 million in recurring revenue backlog and an expected $20 million in segment operating income in 2026[17] - Data Analytics recurring contracted backlog is $164 million[27] Chemistry Technologies - External chemistry revenue grew by 88% in the first quarter 2025 compared to the first quarter 2024, making up 42% of total chemistry revenues[31, 40]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenues of $297.6 million and adjusted EBITDA of $74.3 million, representing a margin of 25% [6][19] - EBITDA fell slightly below guidance due to elevated costs from commissioning the Dune Express and third-party trucking bonuses, reducing Q1 EBITDA by approximately $4 million [19][22] - Net income was $1.2 million, and earnings per share were $0.01 [22] Business Line Data and Key Metrics Changes - Proppant sales totaled $139.7 million, logistics operations contributed $150.6 million, and power rentals added $7.3 million [20] - Proppant volumes reached 5.7 million tons, up sequentially despite weather-related disruptions, while Encore volumes were 1.7 million tons, slightly down from Q4 [20] - Average revenue per ton was $24.71, boosted by shortfall revenue from unmet customer pickups [20] Market Data and Key Metrics Changes - The company entered 2025 with a strong allocation base of approximately 22 million tons, with 3 million tons of potential upside pending [23][86] - The WTI forward strip has declined approximately 20% since early April, influencing customer spending behavior and deferring some near-term activity [7] Company Strategy and Development Direction - The company completed the acquisition of Moser Energy Systems and launched commercial operations for the Dune Express, positioning itself for long-term growth [6][12] - The Dune Express is expected to enhance logistics margins and provide a long-term infrastructure advantage [11][12] - The company is focused on operational excellence, emphasizing people, processes, and technology to drive performance [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertainty in the oilfield sector, emphasizing a position of strength rather than weakness [8][12] - The company anticipates that while short-term uncertainty remains, its long-term outlook is grounded in strategic clarity and operational discipline [12][26] - Management noted that economic and commodity price uncertainty is prompting caution among customers, with several Q2 development plans deferred to the second half of 2025 [22][86] Other Important Information - The company expects Q2 service margins to surpass 20% as the benefits of the Dune Express begin to materialize [19] - Total incurred CapEx was $38.9 million, including $23.4 million in growth CapEx, with a budget of $115 million for 2025 [22][24] Q&A Session Summary Question: Can you provide additional color on your guidance of flat to up sequentially? - Management indicated that there is currently no near-term upside in the market, with operators adopting a wait-and-see attitude [30][31] Question: What is the confidence level around the 22 million tons committed this year? - Management remains confident in the demand for the 22 million tons allocated, supported by strong fundamentals and commitments from large-cap operators [34][35] Question: Can you discuss the ramp-up of the Dune Express and its near-term earnings power? - Management noted that the Dune Express is in the commissioning phase, and while Q1 contributions were modest, they expect margins to expand as operations normalize [42][48] Question: How are deferred volumes impacting your outlook? - Deferred volumes are primarily driven by macro uncertainty, with operators hesitant to commit to new projects until they have more clarity [71][82] Question: What is the outlook for free cash flow moving forward? - Management expects improved working capital efficiency and cash flow generation as the year progresses, with Q1 being the largest spending quarter [52][54]

Financial Data and Key Metrics Changes - For Q1 2025, Atlas reported revenues of $297.6 million and adjusted EBITDA of $74.3 million, representing a margin of 25% [5][18] - EBITDA fell slightly below guidance due to elevated costs from commissioning the Dune Express and third-party trucking bonuses, reducing Q1 EBITDA by approximately $4 million [18] - Net income was $1.2 million, and earnings per share were $0.01 [21] Business Line Data and Key Metrics Changes - Proppant sales totaled $139.7 million, logistics operations contributed $150.6 million, and power rentals added $7.3 million [19] - Proppant volumes reached 5.7 million tons, up sequentially despite weather-related disruptions, while Encore volumes were 1.7 million tons, slightly down from Q4 [19] - Average revenue per ton was $24.71, boosted by shortfall revenue from unmet customer pickups, with an average price of $22.51 per ton excluding this [19] Market Data and Key Metrics Changes - WTI's forward strip has declined approximately 20% since early April, influencing customer spending behavior and deferring some near-term activity [6] - Atlas entered 2025 with a strong allocation base of approximately 22 million tons and continues to bid on meaningful new tenders [10] Company Strategy and Development Direction - Atlas aims to navigate the current oilfield sector uncertainty by controlling costs, prioritizing capital discipline, and innovating with purpose [7] - The Dune Express is expected to provide long-term infrastructure advantages and is entering a critical phase with stabilizing volumes [11] - The integration of Mosier Energy Systems is progressing well, with positive customer feedback and new business models being explored [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Atlas's ability to perform through cycles, emphasizing structural advantages that enable healthy free cash flow even in weak markets [10] - Short-term uncertainty remains, but the long-term outlook is grounded in strategic clarity and operational discipline [12] - Management noted that while some customers are pausing growth plans, they expect activity to resume as visibility improves [10] Other Important Information - Total incurred CapEx was $38.9 million, including $23.4 million in growth CapEx and $15.5 million in maintenance CapEx [21] - The company expects a sequential decline in CapEx in Q2, budgeting $115 million in total CapEx for 2025 with flexibility to adjust based on market conditions [21] Q&A Session Summary Question: Can you provide additional color on your guidance of flat to up sequentially? - Management indicated that they do not see near-term upside in the market, with a wait-and-see attitude prevailing among operators [28] Question: What is the confidence level around the 22 million tons committed this year? - Management remains confident in the demand for the 22 million tons allocated, supported by strong fundamentals and commitments from large-cap operators [34] Question: Can you elaborate on the ramp-up of the Dune Express? - The Dune Express is progressing well, with stable operations and consistent throughput expected to lead to margin expansion as operations normalize [44] Question: How should we think about the free cash flow profile moving forward? - Management noted that Q1 was the largest spending quarter for CapEx, with expectations for improved working capital efficiency and cash flow generation as the year progresses [50] Question: What is the outlook for sand pricing and supply impacts? - Management observed that supply capacity additions have peaked, with some competitors reducing production, which is seen as constructive for the industry [62]

Investor Presentation May 2025 This Presentation contains "forward-looking statements" of Atlas Energy Solutions Inc. ("Atlas," the "Company," "AESI," "we," "us" or "our") within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words "may," "ass ...

Core Viewpoint - Patterson-UTI reported a decline in revenue and earnings for the quarter ended March 2025, with a revenue of $1.28 billion, down 15.2% year-over-year, and an EPS of $0.00 compared to $0.15 in the previous year, although it exceeded Wall Street expectations for revenue and EPS [1]. Financial Performance - Revenue of $1.28 billion represents a surprise of +7.67% over the Zacks Consensus Estimate of $1.19 billion [1]. - EPS surprise was +100.00%, with the consensus EPS estimate being -$0.04 [1]. - Shares of Patterson-UTI returned +6.5% over the past month, outperforming the Zacks S&P 500 composite's +0.4% change [3]. Key Metrics - Average direct operating costs per operating day were $19.55, slightly above the estimated $19.47 [4]. - Average adjusted gross profit per operating day was $16.17, exceeding the estimate of $15.25 [4]. - Operating revenue from Other Operations was $15.93 million, below the average estimate of $28.05 million [4]. - Operating revenue from Drilling Services was $412.86 million, slightly above the estimate of $402.03 million [4]. - Revenues from Completion Services were $766.08 million, significantly above the average estimate of $686.10 million, but represented a year-over-year decline of -18.9% [4]. - Revenues from Drilling Products were $85.66 million, slightly below the estimate of $87.29 million, reflecting a -4.8% year-over-year change [4]. - Operating income from Other was $0.23 million, below the estimate of $2 million [4]. - Operating income from Corporate was -$47.49 million, slightly better than the estimate of -$48.99 million [4]. - Operating income from Drilling Products was $6.73 million, exceeding the estimate of $5.69 million [4]. - Operating income from Completion Services was -$18.84 million, better than the estimate of -$34.08 million [4]. - Operating income from Drilling Services was $76.31 million, above the estimate of $70.39 million [4].

Financial Data and Key Metrics Changes - The company reported revenue of $193 million and EBITDA of $20 million for the first quarter, meeting expectations [16] - Orders increased by 6% to $201 million, resulting in a book-to-bill ratio of 104% [16] - Free cash flow generated in the first quarter was $7 million, three times higher than the same period last year, marking the seventh consecutive quarter of positive free cash flow generation [22] Business Line Data and Key Metrics Changes - The Drilling and Completion segment saw a revenue increase of $5 million, driven by a rebound in sales of consumables and capital equipment [17] - The artificial lift and downhole segment experienced a decline in revenues due to unfavorable product mix and timing of shipments [18] - The Valve Solutions product line faced negative headwinds due to tariffs impacting demand, leading to a buyer strike [20] Market Data and Key Metrics Changes - Oil prices have declined significantly, hovering near four-year lows, which may lead to a reduction in rig counts and revenue starting in the third quarter if prices do not rebound [8] - The company anticipates a modest 2% to 5% decline in global drilling and completions activity for the year, with North America rig count expected to soften [13] Company Strategy and Development Direction - The company is focusing on mitigating tariff impacts, optimizing the supply chain, and reducing costs and inventory [9] - Plans include increasing assembly activities in Saudi Arabia and Canada to serve global markets more efficiently [11] - The company aims to utilize 50% of free cash flow for debt reduction and the remaining for strategic investments, including share repurchases [24] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about economic uncertainty due to trade policies and commodity price pressures, indicating a potential decline in revenue if oil prices do not recover [7][8] - The company remains confident in its ability to generate free cash flow and maintain a strong balance sheet, with no debt maturities until 2028 [23] - Long-term growth is expected to be driven by increasing energy demand due to population growth and economic expansion [29] Other Important Information - The company has strategically de-risked its supply chain to minimize dependence on specific countries and provide sourcing flexibility [11] - The balance sheet has improved significantly, with a net debt of $146 million and a net leverage ratio of 1.56 times [23] Q&A Session Summary Question: Can you elaborate on the strength in the Subsea side despite a slowdown in rig counts? - Management highlighted strong bookings in Subsea due to customer adoption of new products and a significant market share in remote-operated vehicles [35][36] Question: What products saw strength in the drilling completion segment? - Management noted a rebound in sales of frac pump power ends and wireline products, indicating increased activity despite fewer crews [38][40] Question: How are share repurchases managed in relation to leverage ratios? - Management explained that share repurchases are timed based on net debt measurements within 30 days of buying back shares, allowing flexibility in execution [46][47] Question: What is the impact of tariffs on pricing and demand? - Management acknowledged that tariffs have led to a buyer strike in the valve product line, affecting demand and pricing strategies [54][82] Question: How does the company plan to manage cash and debt reduction? - The company plans to use half of its free cash flow for net debt reduction and will continue to monitor market conditions for share repurchases [84][85] Question: What is the outlook for the Veraperm product line in Canada? - Management indicated that the recent performance was temporary and attributed to customer and product mix, with expectations for improvement in the second half of the year [63][65]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $193 million, with EBITDA of $20 million, meeting expectations [16] - Orders increased by 6% to $201 million, resulting in a book-to-bill ratio of 104% [16] - Free cash flow generated in Q1 was $7 million, three times higher than the same quarter last year, marking the seventh consecutive quarter of positive free cash flow [21][22] Business Line Data and Key Metrics Changes - The Drilling and Completion segment saw a revenue increase of $5 million, driven by a rebound in sales of completions-related consumables and capital equipment [17] - The artificial lift and downhole segment experienced a revenue decline due to unfavorable product mix and softer demand for Veraperm products [18] - The Valve Solutions product line faced negative headwinds due to tariffs impacting demand, leading to a buyer strike and reduced orders [19] Market Data and Key Metrics Changes - Oil prices have declined significantly, hovering near four-year lows, which may lead to a reduction in global rig count in the second half of the year [8] - The company anticipates a modest 2% to 5% decline in global drilling and completions activity for the full year [13] - Despite market uncertainty, operators have not materially deviated from their plans, with expectations for flat quarter-over-quarter results in Q2 [20] Company Strategy and Development Direction - The company is focusing on mitigating tariff impacts, optimizing the supply chain, and reducing costs and inventory [9] - Plans include increasing assembly activities in Saudi Arabia and Canada to efficiently serve global markets [10] - The company aims to utilize 50% of free cash flow for debt reduction and the remaining for strategic investments, including share repurchases [24] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the economic uncertainty due to U.S. trade policies and OPEC's supply growth, which could pressure commodity prices [7] - The company remains confident in its ability to generate free cash flow and maintain a strong balance sheet, with no debt maturities until 2028 [23] - Long-term growth potential is viewed positively, driven by increasing energy demand due to population growth and economic expansion [28] Other Important Information - The company has strategically de-risked its supply chain to minimize dependence on specific countries [11] - A focus on expense and inventory management has led to the highest level of free cash flow in nearly a decade in 2024 [12] Q&A Session Summary Question: Subsea bookings and product adoption - Management highlighted a 60% quarter-over-quarter increase in subsea bookings due to customer adoption of new products, with strong demand for remote-operated vehicles [34][35] Question: Strength in drilling completion orders - The increase in orders for stimulation-related equipment was attributed to a rebound from low purchase levels at the end of the previous year, with crews working more efficiently [36][38] Question: Share repurchases and leverage ratio - Management clarified that share repurchases were executed despite ending the quarter slightly above the 1.5 leverage ratio, with plans to continue as cash flows allow [44][45] Question: Cost reduction efforts - The company is targeting $10 million in annualized cost reductions, with some benefits expected in Q2 and more in Q3 [46][47] Question: Customer behavior regarding pricing and tariffs - Management noted that customers are currently hesitant to purchase due to high prices and tariff uncertainty, leading to a buyer strike [51][52] Question: Seasonal impacts in Canada for Veraperm - Management indicated that the challenges faced by Veraperm in Canada are temporary and linked to customer and product mix, with expectations for improvement in the second half of the year [60][61] Question: Geographical diversification benefits - The company is leveraging its geographical diversification to mitigate tariff impacts and optimize manufacturing processes [74][75]

Core Insights - NCS Multistage Holdings, Inc. (NCSM) reported total revenues of $50.0 million in Q1 2025, marking a 14% year-over-year increase and the highest quarterly revenue since Q1 2020 [1][5] - The growth was primarily driven by increased product sales in Canada and services revenue across all geographies, despite a decline in U.S. product sales due to project delays [1] - The company expects modest revenue growth through FY25, despite potential threats from increasing tariffs [1] Revenue Breakdown - Canadian sales saw a 26% sequential increase, while international revenue experienced a 34% decline due to timing of tracer work and a 13% drop in U.S. revenue compared to Q4 2024 [1] - International revenue was supported by tracer diagnostics work in the Middle East and product and service sales in the North Sea [1] Financial Metrics - Consolidated gross margins improved from 40.1% in Q1 2024 to 43.7% in Q1 2025 [1] - NCSM reported a liquidity position of $49.8 million, up from $34.4 million in Q1 2024 [5] - Adjusted EBITDA reached $8.2 million, reflecting a $2.1 million year-over-year improvement [5]

Financial Data and Key Metrics Changes - The first quarter revenue was $50 million, exceeding the high end of the guided range by $4 million, marking the highest quarterly revenue since Q1 2020 [4][12] - Adjusted gross margin was 44%, up from 40% year-over-year, reflecting strong operating leverage [5][12] - Adjusted EBITDA was $8.2 million, an increase from $6.1 million in Q1 2024 [12] Business Line Data and Key Metrics Changes - Canadian revenue reached $38 million, a 19% increase compared to Q1 2024, driven by the fracturing systems product line [6][12] - International revenue increased by 34%, primarily from activities in the Middle East and North Sea [12] - U.S. revenue declined by 6%, indicating challenges in that market [12] Market Data and Key Metrics Changes - The average rig count in Canada increased by 3%, but NCS's revenue growth outpaced this, indicating strong market performance [6] - International revenue accounted for 10% of total revenue in 2024, with expectations for continued growth in the North Sea and Middle East [7][8] Company Strategy and Development Direction - The company aims to build on its leading market positions, capitalize on international opportunities, and commercialize innovative solutions [6][9] - NCS is focusing on technology development and expanding its addressable market through new product introductions [10][21] - The company is evaluating M&A opportunities while maintaining a strong balance sheet for strategic investments [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half of 2025 due to geopolitical uncertainties and potential impacts from tariffs [17][19] - The company maintains a revenue guidance of $165 million to $175 million for 2025, reflecting a 5% year-over-year growth at the midpoint [18] - There is an expectation for free cash flow of $7 million to $11 million, which will strengthen the balance sheet [18][21] Other Important Information - Selling, general, and administrative costs increased by $2.4 million due to higher incentive bonuses and stock-based compensation [13] - The company had a cash balance of $23 million and total liquidity of approximately $50 million at the end of Q1 [14][21] Q&A Session Summary Question: Are there any capacity constraints on the horizon? - Management indicated no significant breakpoints in capacity, with sufficient supply chain capacity to support growth [26][28] Question: What is the current sales pipeline like? - The company noted ongoing scenario planning among customers, with expectations for decisions impacting market activity in the near term [30][32] Question: How do you see product sales in the U.S. playing out for the remainder of 2025? - Management highlighted deferred opportunities in frac systems and successful customer trials converting into regular activity [34][35] Question: Will the company pursue M&A opportunities given the strong balance sheet? - Management confirmed active evaluation of M&A opportunities while also considering internal investment options [40][41] Question: How is the pricing environment affected by tariffs and commodity prices? - Management acknowledged challenges in passing through costs due to low commodity prices but emphasized the differentiation of their products [54][58]