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|Data as of 04/01/21 3:35 pm EDT|
Data Provided by Refinitiv. Minimum 15 minutes delayed.
Activity increase in North America, resulting from revenue growth in Canada, with the U.S. being relatively flat as order pipeline improved offset by seasonality and declines Internationally
Gross margins down sequentially due to elevated inventory charges attributed to structural and customer preference changes resulting in non-cash inventory charges of $24M during the quarter
Expanding maintenance capex revenue from select E&P customers with few to no drilling rigs
Retain market share on several contract renewals and expand with a notable midstream contract win
Structural change towards a more centralized fulfillment model with smaller branches and reduced personnel and vehicles, square footage and inventory
Reduced discretionary and infrastructure costs and headcount from approximately 4,400 to 2,500 during the year
Kitting and shipments of large project orders from Houston based super center
Focused on cost transformation to better adapt to market demand and preserve balance sheet
Leveraging technology to enhance employee productivity and increase operational efficiencies
Completed small acquisition in February 2021
Working capital, excluding cash, was 16% of fourth quarter 2020 annualized revenue
Inventory turns at 4.2x
Cash balance at December 31, 2020 of $387M