U.S. Silica (SLCA) 29 Oct 202020 Q3 Earnings call transcript

Greetings and welcome to the U.S. Silica Third Quarter 2020 Earnings Conference Call. Due to unforeseen system wide technical difficulties, our presentation needed to be pushed back. Thank you for your patience.

As a reminder this conference is being recorded. to conference like host, to now Mr. would turn over the your I of U.S. Relations Sreekumar, Investor Arjun Director for Silica. Thank you.

You may begin.

With XXXX Thanks. Good for conference today quarter us Executive Shinn, Don Chief President for you the Executive call. are earnings Officer; Bryan morning everyone U.S. and and Silica’s Chief thank Officer. me call on Merril, and joining Vice third Financial

risks today are like Before remind all certain comments I subject our which statements, would to uncertainties. will begin, forward-looking we that include and to participants

For release a these of the risks and to read uncertainties you complete discussion documents with we the and file encourage company’s on press SEC. our

or net Additionally, measures during our of for we to like a contribution would non-GAAP I refer margin and to our CEO, this Shinn. income segment with may of Mr. the call to the adjusted now call. EBITDA release And margin. segment over EBITDA to Bryan adjusted public full refer filings of contribution reconciliation and that, to Please press today’s the turn definition Bryan?

we recovering results also lows proud low have be third safety good healthy U.S. that outstanding our on while morning related and virus from had your is report to and industry ones Silica company this an and health we've loved in remains everyone. pandemic. navigate significant all time, macroeconomic to you following the of health remain ongoing with not Hope environment any and safe rate. Through total the uncertain we all-time issues and I'm guidelines. at appropriate year-to-date continues recent prioritize The challenging, the Thankfully, and continues COVID-XX leading the remain the and world delivered safety as XXXX, safety economy health quarter. during our Arjun to focused continued colleagues injury performance to Thanks U.S. and

ground the quarter industrials, segments. volumes driven in profits gas increased XX% up substantially. was with a for sequentially profitability third Filtration up slightly XX% core building avoid down and demand both both delivered in rebounded quarter, oil strong during and glass, and $XX.X both by with reduced consumers company, automotive. volumes In up operating industrials and products, Adjusted we segments, many largely For the rebound whole meaningfully to certain as and silica million, EBITDA sequentially, volumes the restaurants, increased quarter were continue and markets, for operating products to beverage sales grain and demand food in sporting venues. bars, as including due

increased customer gas during and the to significantly quarter. activity completion oil Moving our while segment,

oil industrial which with strategic very prioritizing our business; month to has frac in In segment now key the gas the in fact, active gas energy crews and than load estimate contributed service trough. sustainably we're multiple due liabilities. margin the May, a are since making more volumes U.S., sequentially by May XXX our two, three crews sales for lease progress growing three, than and pleased up markets generation; driven to quarter of double from and the basins. are renegotiation benefit in volumes We increased More I'm the activity dynamics gas frac on and a XX% oil priorities, of XX during and the XX% cash $XX.X sequential the each addition XX increase million to consecutive in greater sales was strong set segment. tons, Contribution sandbox the in surged net volumes there the to million, railcar oil broadly Improving the one, during XX% a crews. and repositioning X.X

Georgia facilities, of Millen, our our and art homes, gas to slashed prioritizing XX%, by spending. the executive priority, and second moving and of partners capacity the both capital end. where maximize receive those implement had and cash cash leveraging state high end on the up at to modern actions On including cash Act Roof tax we could key including forward by assuming quarter the allocated to an operating that we're a reduce we oil and QX, in CAPEX decisive across balance products, EverWhite cut business, CARES industrial a spend modifications, on substantial received and debt. customer with in greater cash including tax -- million second EverWhite, talk At in produce minute growing down our generation, to We the year penalties XXXX cash have XXXX, the $XX by in leases our We approximately and related capacity XXXX pay by XX%, costs million in taken is to could million $XX also that reduced equal refunds and headcount we same Cristobalite of ISP additional Cool XX%, working approximately in additional each $XX our expect time, Armor Commercialization margin or at now major Granules. railcar countertops refunds. discretionary flagship we to for $XX XXXX a ingredient customers. with three. lease enterprise. instituted XXXX on temporarily in increasing Let's On with our paying we budget shortfall collecting made in we've active plant, our refunds We've White priorities railcar resulting reduce progress million through production cash be focused approximately significant to freeze than we quartz

also successful and During production industrial customers. annual examples our orders the approximately filtration awaiting These products are were pipeline, plasma product $XXX at is are at from and in from which key product contribution million our blood line quarter, biopharma multinational maturity. new valued for additional margin trials we

our flexibility and continue teams conditions. with third to and maximize make reductions, gains. progress efficiency that's a through to targeted of gas variable this cost responsiveness We've and market reductions, management, in year-to-date pleased nearly we've the our plant the already to that cost oil in-depth as changing work. variety Finally, achieved priority our and in plant repositioning business actions, business, cost including department possible and as savings on property I'm $XX from important million enhancing purchasing rationalizing tax made

commentary activity, completion my Last these a to efforts for As of are prepared our lower with industrial. Delivery System, conclude the service A very and that I'd all market key of proximity morning and we this evens Mile to cost, of the like in production markets well curve energy combination remarks customers. believe the break result end support low other at outstanding Permian. lowest our positioned Sandbox our such as starting operations cost currently with

down today, As noted business seasonality. X% press segment in release contribution decline to our expect XX% underlying dollars volumes and sequentially, by roughly to to to QX be margin ISP XX% typical we due

while benefit, to uncompleted of is draw an aforementioned operators X% third inventories the industrial XX%, to a continue ahead, segment, is increase and quarter dollars in case that our approximately increase to to in rise down trends. volumes volumes expected continue XX% driven margin completion is rail In activity will there XXXX, expected of Adjusting the uncertainty we non-recurring oil contribution base and economic segment the margin wells. forecast fourth gas For for XX% lease but quarter in drilled outperform as contribution sequentially. GDP to segments range by

our scenario the balanced continued and don't drive currently of a idle many which as activity, to access recovery, estimate pricing XX% is Looking crude that that sand curve cost where further demand, and frac lack given by XXXX, market, out assumes expect positioned the capacity increased on Permian case of oil competitors. to as is and much economic in reactivation XXXX much capital capacity should leading base completion We sand more stabilization.

For we with profitability activity. rebound and continued completion expect a Sandbox well increasing loads in

full side the upcoming We be further deadline turn also Sandbox. now dust compliance that, for call Don. And to conversions well OSHA support our lower over believe with to standards Don. that new with should XXXX the operations to I'll customer the in June

operating Thanks will by morning, Bryan our good I and reviewing results. everyone. segment begin

with products of specialty million for year industrial revenue second X% this was year. compared $XXX.X of same last quarter up segment quarter and the down versus XX% Third the the and quarter

quarter when compared by segment activity increase we and compared ton down in industrial basis, the of the segment we revenue the the XX% in in of $XX.X quarter, The and most as virtually second quarter and by gains contribution again, of was third flat results per volume quarter saw gas in and decline this of X% second margin $X.X The X% year and earlier. the sequential a $XX.X million, outlined revenue penalties of markets with quarter rebound XXXX. offset by versus XX%% dollars On I a the led XXXX. serve. in quarter, fee as due million. third in driven liability margin the third mostly the for had contribution sequentially XX% lease representing products sequential recorded increase Bryan shortfall was $XX.XX, XX% increase the in re-measurement the volumes were rail of specialty with our a oil impact sequentially decline ISP million the of Third down to is customer

contribution quarter. strong contribution the the after Looking a on margin the ahead and was about expect to per The segment for basis typical second we fourth gas margin of to $XX.XX quarter, our seasonality in the of the the with underlying represents $XX.XX segment XX%, quarter the now oil the in which ISP XXXX. decline ton third segment compared performance

Basically, segment third which value included was positively impact on and The of oil the associated re-measurement margin liability past $XX.X rail contribution order with the to the is diligent by priority over present years impacted is net the Silica. the lease during preserve the quarters result in liability. our million, work a defer of to gas our the represents of quarter next our top payments several cars. in cash a to U.S. rail cash, This which few the

facility, fund particularly Mamita cost, our our [ph] lower overall second profitability quarter Additionally, the helped in [ph]. at

quarter million impacted the ton increase As per two shortfall contribution contribution normalized the the profitability and Adjusting in of XX% dollars $XX.X results margin a gas would be customer quarter-over-quarter. oil for segment increase mentioned by in penalties. quarters, stated the above benefits for a positively was second XX% last earlier, and specific margin

expenses decrease of this second third primarily patented oil the unsuccessful million our in write decrease and off look was two of the a the general, results. now and in of administrative of quarter of two due XX%, of segment. the with quarter company $XX.X to represented defense related The compared of SG&A to quarter XXXX. gas legal total expenses the year in Let’s at the in Selling,

to align reduce better to continued we with our Additionally, spending conditions. business

segment, the next our than totaled seen recovery previously growth to third now However, Sandbox and expense expenses with quarters. robust $XX.X in the X% by driven anticipated an for depreciation depletion, some few more be SG&A of business, well continued a XXXX, of we to the quarter have million, projects quarter rate capital. our our expect ISP third as increase in compared Depreciation, quarter similar the amortization and in second run as maintenance accelerated

and expect third with flat amortization in We fourth depreciation, depletion, to quarter. compared the the quarter be

effective full XXXX its believed Our tax benefit was September tax be company would a XX, ended of for the XX%. benefit rate rate year of quarter approximately effective a XX%. The

had million facility. Turning available its and balance credit company the and cash $XXX.X to the $XX.X cash million equivalents sheet, in under

this refund about conference million. At that from time the related to we are spoke on I As tax refunds CARES still approximately quarter we $XX expect be the anticipating to IRS call, second Act. our

XXXX backlog However, at to funds the the these until be due of IRS. delayed may receipt the

as in to totaled third related quarter our million our in billion. debt maintenance expenditures and network. $X.X mainly projects quarter spending our end Capital $X.X approximately net of ISP and segment Our the growth was were across

of are still in allow but for initial and growth to be of for be products our in million. growth million to margin capital is process expand Most higher ISP our Finally, markets. for range to expenditures budget higher $XX earmarked serve will $XX our we projects expectation enter that CAPEX to us XXXX, our the will

that, intend expenditures biggest XXXX priority we it within past I'll and flow I our over deleveraging turn our keep noted operating sheet. balance our have As and our in the back generating free cash to flows capital with to in And Bryan. cash remains corporate

Thanks, lines Operator, the you please questions? Don. open for would

Instructions]. [Operator

from the Kurt of your Please Hallead RBC Markets. proceed with Your first comes question. Capital with question line

Hey, good morning.

for And on Kurt. the telecom the the morning, all you this A provider with the technical issues and across guess and folks morning. we're call, I service apologies Good Northeast other to difficulty the elsewhere. sort and of hearing delay

for patience. your So thanks

need the pandemic this what right, us be right. to of least all very has the at taught adaptable Well, is flexible and

you Amen. There go,

perspective. good. Keep things All in

got the commentary. So in you lot appreciate side specifically the color momentum Sandbox. the and of business, like of frac on a the Looks

I a us. can out you for So flesh bit that was kind more hoping just little of

in in pretty increase You the mentioned a significant volumes Sandbox quarter. through

maybe that context, color year. around that working more just OSHA So, think in mid-year you just referenced and little what kind implementation bit the by riding drove Act that? of about a you next And also

increase So going mean could this into that the in in if Sandbox a year, Sandbox you quarter what volumes saw XX%% next of for year? third

year. month really the for the Thanks are has to QX to strong look think and we Kurt. I'm QX, and a closing And up at out good volumes start. you see really in pleased as loads think I report -- a we'll about strong when question, XX% is term here, I that said been off October

oil a could about and go here. part more that we Just in seeing as we're in of our of strength talk business, general, the field lot we

is I choice between we the is arrows think, of were those The we with right of think we two legacy have up with between and really to XX% a we've very Sandbox Arrows market about finding sort Up offerings Customers combination XX% what advantages Sandbox. serving share. like legacy well. the and a now lot got us

third it call the let’s about of So a maybe market.

that is positive one I think offerings have we've the thing we that So seen. really

advantage it's really with and so are out market we that tight months pretty versus need there. big here. that's second you we about been flexible, last has during that an where are area a The the is, trucks Sandbox the our been since probably a some efficient of XX% And as math fairly fewer several has consistent know, trucking other solutions Sandbox

a mentioned deadline. customers used to You us And We've some up OSHA to out be that. customers them. for actually and also who now are have big going looming to who That's who our solution. problem of seen some come waking Sandbox sort before we trying the would never are

So oil on lots just now of feel from and positive the for what advantages. then there's like has a right I very tailwinds Sandbox lot of macro specific that pretty is we're hearing customers based

So way Sandbox. moving like are it our things in seems

that. Appreciate great. that's Okay,

the kind on given $XXX maturity. the So you ISP at of front, referenced there of margin contribution pipeline annual million

point? to us to So, give timeframe get on might can you that sense some be what that maturity

Sure.

got of development projects in we've our So number a pipeline.

of things, some it's Some pretty exciting already happening.

in line some are months, mentioned few EverWhite to Cristobalite next product my now. right we products strong So that remarks I that orders launch our really actually in And ready product prepared new for line. have the in that are

off we'll see charts really We're and is where reflective Armor very So orders getting earnings. really are we busy. those to manufacture White with start roofing that customers our solar into The the that. keeping the traction products facility for coming

gotten customers. Some of the blood biopharma our qualified higher tech plasma now big filtration, of a products, we've couple at

of the coming So we'll I couple next for quarters. in think initial see to products those orders start the in

in product also and some into our on But, on is earth there's polymers with well. just diatomaceous additives quarters compounding. And then various breakthrough cool have have that very coming excited that the as we about One some the of and of for going that in filling see customer. consumer have We we'll that think products, there really based going is I'm launched that is pipeline things. I line a a large rubber we breakthrough earnings

going with not things lot right It's start like There long just are for five are probably to pipeline. months, as a things see Now, happening either. in or a away aren't to years there's now. testing that that, happen filled of involved of four that the few it's that's things that. because before XX lot there's a But as quarters in we maybe

that put contribution of to Okay, I your that's million kind that that for of margin -- to right, trying ISP dollars to good color. kind put context, tracking XXXX getting up range. be in because $XXX out on

from looks like contribution this margin business. it your So can double almost you

kind that just am whether a was window, a So that a something or those window, is along I five-year lines? that three-year is of like not curious

say. of go couple and that runs tripled singles relatively competition. us I play and thing sort real Kurt, really a there's you existing that -- lot this the the to is after where think baseball use today, that doubled a pipeline, too, analogy, big in it's a in lot lines a if product home of like of easy three would I that's I got are let window of there And five-year real established probably about don't to we where no

So we users come our of of are not these to to there, performance some It's either specialized earth after terms and producers are that manufactured sort kind targeted against of end or multibillion competing go users of our traditional of very or we're those open in of like products because dollar end producers space in sand diatomaceous value. us. kind for some

things the will investors exciting have see think I in very what we So coming here. the power the pipeline. of quarters start And to in

great. Okay, that's

debt do Just think in reduction one be could what thing, last your just you XXXX?

that Don, you maybe one. take

it think I and not it'll I'm be XXXX to to is but flow you to look be to going those use goal when to our our Yeah, see significant to get you're earnings going positive in generation, XXXX free XXXX, really is start in you debt. overly when the see cash capital into to debt sure reduction. dollars start spending we're reduce over XXXX

color guys. the that appreciate Thanks, I answers. great. That's and

Kurt. Thanks

Your proceed with Stifel. next John the question. with Please comes your Letizia from question line of

frame help Stephen looking grows help Can at little in my the generally I higher a and understand outperformance taking on GDP. expectations rate just for call, am for XXXX? ISP your than history you Thanks at segment today. guys. for us Hi Can you

think think traditionally And a we'll of the a of base that in plus business. been business, we've terms ISP So continue as grower. the said about I GDP with as kind you of the I

because And we the coming as of of of the in And so getting and what some there additional these that, growing specialty we're wedge. then new obviously, on kind just sell. new think products we're price nature top with a market you'll of see I

are have the and are to large here, contracts we can multi-year and And going really looking accelerate industrial the the a years. of some signed sense hope I XX another ISP the back negotiation. on trajectory that you So coming the things new XX I during we just was of quarter over we in the the over of that business space actually quarter give under

So be chip the times big multinational industrial oil go to of kind a they is this and deal but blue up signed of lot business companies and and where we sometimes gas where tends down a We The don't. with. it and sometimes a deal. place contracts mean have and we customers, unlike that there a do lot long-term contracts

margin So contracted these portion current our significant multiple contracts. solid have are for already contribution a years very We of out.

layer the products business. you on about these and three years so this let's next, terms where new offerings over and I'm all And taking say, of new of can excited we to go top in that five pretty

focus little, demand the Great, can Sand just talk thanks. Frac a outlook you And pricing? the and shifting supply impact and about for recent bankruptcies the on

are sure, interesting. the so Sure, bankruptcies

U.S. what the I of Silica, lot, get large think near one future. come have asked in will I that mean One's assume, we a out, does obviously, come so competitors bankruptcy. our out couple through a gone for it

honestly. I think I think, don't there impact going there's much to speaking, quite practically be

debt, them well. in lessors think prepared with hard of through terms cost have come require going costs where reduced lowered we've expense are go railcar in railcar in as mentioned do worked I didn't our been our competitors very lease liabilities and to operating we've remarks, as a reductions. interest we forward to that of kind us their their and those And While able to way those some with restructuring to it and get we place good our a

would people done. get most perhaps think we that it off that road down be impossible started when to thought I that

some you beneficiary customers. like the doubt feel we've of more the start Also, been term when of to the Silica lot I about they come think for and think of And So created a long We've stable us to in big I U.S. customers player sure. want it's that and as seen minds advantage that's us in us. bankruptcies, industrial a uncertainty. around say a business kind space with been a viewed because for of doing they

moving for being are in your to meet year they that the again think right forecasted pricing. we in But the any so, around that things of question I way. demand the don't of were that be reactivate that which pricing the Again, if tighten hard up, projected is we customers, or to second to will point over we're with to the COVID part demand around going constructive was where our some probably should bankruptcy pretty things our turned really pricing competitors asterix I think itself I believe oil-field, lot of next meaningful going have everything. that's by capacity down. now the to impact

XXXX So folks feels like market robust in usually are constructive kind pricing. markets are positioned of much and coming for more are also into we're like that a for those we it

thank you much, Great, guys. very

thanks. Okay,

Morgan the Your with your comes question. next proceed Kutz Dan question Stanley. Please line of with from

morning. thanks, good Hey,

morning Good Dan.

little is made, the envisioned Thank the more guys the kind any that would wanted cost kind right cutting in progress now? if of of cutting commentary pull, you'd first wondering any So, additional you. the versus of question, you've should to deeper as your to a there's my should I case see dive that macro some you prove of I opportunities you levers out there and challenging you have now world base if that incremental play kind backdrop cost on made, guess just that

Sure.

We've plant you can. focused would lot through of are major and making. almost to I it, deeply reviews in just you done for We've tax this pleased that we in every up that We've more company. million so done, in over trying by And working plant saving, progress ways very the center we've department, get I'm name efficiency rock that the We're right. gone plant far on depth improvements, on really there. tallied really, background really purchasing. every our finding are the Dan to property with kind and to we maybe of what savings say year. every turn So we're some give that course, dug $XX teams of areas a always

So savings quite gone of $XX a so lot seen that's almost of million into that we've cost that far.

railcar we our very mentioned on As renegotiation. car -- lease remarks, this lease prepared rail with successful

We $XX about expect XX cumulatively to million XXXX. million save in cash almost through next year and

So really excited about that.

you far the is there lot in and things procurement terms out If to continue one. look we sites XX operations of obviously spend We we country. on large category then over across mine about other think have at, at that logistics flung the still a a

and code that opportunities heavy equipment that for we equipment. for save example, $X that, finding, of And in found all mobile there's million heavy sure I'm still way iron still site. our things mobile maintenance a there yellow mine works is better we're for to management So out like, in the and the

So even this ways large over doing at been one though operational there. to X.X We million finding sites. we've costs still of our we're save a century, efficiencies for in save

still get. we play of and the is all next can our in savings kinds search So team that constantly of things of in piece

business go expect reopening to of of was you we And should segments kind if in might higher things about down? color. light more better the that of in for which write helpful maybe benefit could of GDP, ISP defensive it next and kind another you, comment I or from Great. segment more Thanks will your a wondering lines outperform level be that which of lot. talk Thank up of segment the that's kind us are question lower continue could which of about you in and kind if the deeper and is take and segments hold betas kind could my a

great question. a It's

third around segments a housing industrials you have, say if I a those we levered we look we sell into into would So automotive. and into the somewhere lot of still at what today sectors. major that is sell

very very, those watch we So closely.

those a I forward. up are think, for of strength going continued here both set

acquisition so in lot lot We now a more Minerals food XXXX, with also segment. do in the a more of EP the

So bottle is you all of into drink, every that glass the beer that of filtered we are the of all that corn is make everyone to of that produced, almost soda with filtered all us all of lot drinks, every clarified products wine, the products the the we make that alcohol wet sugars a in with and sugar out. go sort products milling get the that

we're heavily So into pretty that.

healthcare as and getting the their lot I also make plasma healthcare, line of other high-end ultra enzymes within penetrating, with the of bio well. markets there a that glass biopharma in -- healthcare but high And products we we're industry. our the ultimately business find end way into more the quickly into moving products think the blood filtration into place is we're first that we're

levered basis. increasing somewhat on to more healthcare So we're biopharma an and

I a that go talking the kind polymers, additives rubber really kinds like segments end of As of I coatings, got broadly more in out we're the and segments there. and look resins, And into targeting, are uses these more exciting about high lot future growth stability. reach which that we're it's compounding, of places into because all based,

relatively one lot of in work those provide I've the of be expensive. So in and of the we're XX% a offer And for And that those of a like cost can real can fast is an performance we for performance into get moving a sell equivalent customers' of when kind make products, a XX big We about the is experience breakthrough kind lot time. that my incumbent attention we for product I the savings. sure. come you of of that for you for growth basically because a cost have that long low things will growth markets in product or areas can future, established you this the is doing product, been very have not price. exciting XX% and against a the are that we doing a coming where typically And

lot our our And part proposition we'll in that pipeline. these provide new that's a that we so the have products of in with value of

lot. Really that a Thanks appreciate all color. back. Turn it

Thanks Dan.

Instructions]. [Operator

comes with next question. Your Please of proceed the your Securities. Lucas B. line Riley question Pipes from with

good morning just commentary where [ph] natural then Hey, the more some guys, see versus $X to maybe XQ, seeing encouraging level natural more sort is rebound that product activity of nearing my gas hey commentary maybe guys. maybe thanks. This wanted gas So here? frac in as actually a to [indiscernible] is heavy I taking prices and some -- basin quickly by from Thanks just kind or that rebounding type are on less Dan specifically questions. on high on we're specifically basins have of here basin more you any by for rebounding do

bit bullish this Sure, gas for customers outlook so October, seem up the next a have and is right the expected. has very up oil market honestly kind based XX% that quite and and quarter, and that we interesting on up and might already on side see than that to And now. our volumes picked had very, been you Dan it's faster conservative just outlook quarter very XX% XX% maybe of is I

will in where it's that think I probably specifically you leaders one here. It Basin all coming is the suspects usual that's imagine kind of might So positive up. Permian recovery be the the of

some seeing Northeast. in are strength the We

first driving, gas demand reopenings bit little little Bakken, DJ. of the As some a bit West out a seeing starting also the the are to come so you see I said, in the back prices in We're feel we're that. like

the the bit White So recovery a pickup local And focus a are for for say think It's on sure. I would it's here. not just on of still a little that's just we of Permian as I sand like lot demand But there's going there's Northeast. Sand well. or seeing broader northern

So that's encouraging.

Awesome, good That's really thanks. color.

Just see you thoughts decision, wanted really just some a repurchases to realize But or Board shares levels well now. through reasonable that confidence mix put things next versus you. of question pretty kind dividends year, I switch fast got dividend us. where as here. allocation maybe We've and you on updated to when like forward everything's behind steep at Thank then like getting buyback debt buybacks, commentary if we to trading Any adverse these and know in that you guys on in tough back the that’s their discount? to place capital right focused period on improve. this are but

Sure.

So on the speak at way the our that repay to and the can priority debt. one cash I to look it Board for is I think I have is this, number

focused we're the opportunities require have will So that. industrial that do very we some these attractive on same time, At capital.

of if it's that same debt those and the net of the that things Make that and in we a XXXX, relationship for dealing look into be we those think cash feel two I So as more strategic debt time, as then top kind symbiotic kind we handle out business industrial cash, with the the make sure investments pay point. generate off have At are our expect, at right. we'll ultimately the we us. we can some comfortable say able we to

really focused we're on So areas. two those

right share repurchases like or could focused We haven't about things we're tightly with we lately other that I now. the some feel really do of fairly capital. talked

had. appreciate thanks, all I the I color and it Awesome, I'll that's over. turn

to the have and would I the and we remarks. Ladies question-and-answer session end Okay. for turn Mr. of Bryan to closing Shinn gentlemen, call like back reached the

Well to call thanks points. operator. a today's key like reiterating I'd by close few

gas, across success oil the well all XXXX coming of team times opportunities the users today. and strong our of set this this we execution were strong in we shared a substantially are couple in strength multiple positioned to the the spoke quarter in and I performance again our substantially look we call, of decisively we're we as to on we for moved I quarter, so reduce We beat segments. a and and I expectations of end structural of cost on markets use that rebound business Sales segments and strong swiftly that on The for and have another great and examples set call a like first in here, delivered a financial growth we the call up years in in QX. of which and feel both the mentioned today with really pipeline we talk about like operating our like reductions, cost diverse well and a congratulations oil is year. up across number feel in QX gas for industrial end a on

is also liquidity last just of managing we're the on very that's and continuing thing our and industrial really focused still able important prioritize our questions And that health Dan’s to to are to businesses. We ago carefully in appropriately the then being we while cash and minute a generation and cash safety down pay invest colleagues. debt

really in are has on and the think with do not performance have managing track outstanding all come track virus. COVID-XX I company on to annual team challenges we but a for best done safety that this only good the job the job Our an year history also

So again stay of with look what next this day and great forward of Have our a safe. really certainly to accomplished speaking far given quarter. so and that proud has please all I'm you team year

conference. today’s This concludes

your You your you may disconnect lines at time. participation. for Thank this