Precision Drilling Corporation (PDS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Precision Drilling Corporation 2025 First Quarter Results Conference Call and Webcast. I would now like to hand the conversation over to Yvonne Zudonic, Vice President of Investor Relations. Please go ahead. Thank you, Operator, and welcome everyone to our First Quarter Conference Call. Today, I'm joined by Kevin Neveu, Precision's President and CEO, and Carrie Ford, our CFO. Yesterday, we reported our first quarter results. To begin the call, Kerry will review these results and then Kevin will provide an operational update and outlook commentary. Once we have finished our prepared comments, we will open the call for questions. Please note some of the comments today will refer to non-IFRS financial measures and include forward-looking statements which are subject to a number of risks and uncertainties. For more information on financial measures, forward-looking statements and risk factors, please refer to our news release, and other regulatory filings on CDAR and EDGAR. As a reminder, we express our financial results in Canadian dollars unless otherwise stated. With that, I'll turn it over to you, Kerry. Thank you, Lavonne. The Precision Q1 financial results met our expectations for adjusted EBITDA earnings and cash flow. Adjusted EBITDA of $137 million was driven by strong drilling activity in Canada and steady cash flow generation from our drilling operations in the U.S. and Middle East, as well as our completion and production services business. Our Q1 adjusted EBITDA included a share-based compensation charge of $3 million and restructuring charges of $3 million. Without these charges, adjusted EBITDA would have been $143 million. Revenue for the quarter was $496 million, a decrease of 6% from Q1 2024. Net ea...