Cactus, Inc.

Good morning and welcome to the Cactus Q1 2020 earnings call. My name is May and I will be facilitating the audio portion of today's interactive broadcast. All lines have been placed on mute to prevent any background noise. For those of you on the stream, please take note of the options available in your event console. At this time, I would like to turn the call over to Mr. John Fitzgerald, Director of Corporate Development and IR. Sir, please go ahead.

Thank you and good morning, everyone. We appreciate your participation in today's call. The speakers on today's call will be Scott Bender, our Chief Executive Officer, and Steve Tadlock, our Chief Financial Officer. Also joining us today are Joel Bender, Senior Vice President and Chief Operating Officer, Steven Bender, Vice President of Operations, and David Isaac, our General Counsel and Vice President of Administration. Yesterday, We issued our earnings release, which is available on our website. Please note that any comments we make on today's call regarding projections or our expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC. Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to publicly update or review any forward-looking statements. In addition, during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release. With that, I will turn the call over to Scott.

Thanks, John. Good morning, everyone. This year, Joel and I will mark over 40 years in the well-headed and related pressure control business, and I'd venture to say that few management teams have witnessed, much less navigated, the vicissitudes of this industry to the same degree. For example, I can recall all too vividly the first half of 1986, when the U.S. rig count declined 65% within the span of six months, as the Saudis dramatically increased production in an attempt to recapture lost market share. Clearly, today's confluence of factors makes the inevitable market correction far more complicated. Nonetheless, the lessons learned from that period and later downturns remained valid. Those service providers who benefited most during the subsequent recovery had aggressively reduced systemic costs and operated in segments that had addressed overcapacity to proactive consolidations. While painful in the near term, I believe that a sharper downturn may lead to a more substantial recovery for those who prioritize the interest of their shareholders. On today's call, we'll briefly discuss our first quarter results and then provide some color on the current environment. Q1 was a strong quarter for Cactus. Although the U.S. rig count was down 4% sequentially, we achieved impressive relative outperformance once again. In summary, first quarter revenues were $154 million, up 10% sequentially. Adjusted EBITDA was $54 million, up 12% sequentially. Adjusted EBITDA margins were approximately 35%. Our cash balance increased by 28% to $230 million, and we paid a quarterly dividend of $0.09 per share. So I now turn the call over to Steve Tadlock, our CFO, who will review our first quarter financial results, and following his remarks, I'll provide some thoughts on our outlook for the near term before opening the lines for Q&A. Steve?