Precision Drilling Corporation (PDS) Q3 2022 Earnings Call Transcript

Oct. 27, 2022 8:34 PM ETPrecision Drilling Corporation (PDS), PD:CA
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Precision Drilling Corporation (NYSE:PDS) Q3 2022 Earnings Conference Call October 27, 2022 2:00 PM ET

Company Participants

Lavonne Zdunich - Director of Investor Relations

Carey Ford - Senior Vice President & Chief Financial Officer

Kevin Neveu - President & Chief Executive Officer

Conference Call Participants

Aaron MacNeil - TD Securities

Waqar Syed - ATB Capital Markets

Cole Pereira - Stifel

Keith MacKey - RBC

John Daniel - Daniel Energy Partners

Operator

Good day and thank you for standing by. Welcome to the Precision Drilling Corporation 2022 Third Quarter Results Conference Call.

I would now like to turn the conference over to sorry, Lavonne Zdunich, Director of Investor Relations. Please go ahead.

Lavonne Zdunich

Thank you, operator. Welcome everyone to Precision Drilling's third quarter earnings conference call and webcast. Participating on today's call with me is Kevin Neveu, our President and CEO; and Carey Ford, our CFO.

Earlier this morning, Precision reported impressive third quarter results which Carey will review with you followed by an operational update and outlook commentary from Kevin. Once we have finished our prepared comments, we will open the call to questions. Some of our comments today will refer to non-IFRS financial measures and will include forward-looking statements which are subject to a number of risks and uncertainties. Please see our news release and other regulatory filings for more information on financial measures, forward-looking statements and risk factors. As a reminder, we express our financial results in Canadian dollars unless otherwise indicated.

Carey, over to you.

Carey Ford

Thanks, Taman. Precision's revenue in the third quarter was $429 million, 69% higher than the same period last year, while adjusted EBITDA was $120 million, an increase of 163% from Q3 2021. On a normalized basis, adjusted EBITDA, excluding stock-based compensation and -- was $130 million, representing a corporate [indiscernible] of approximately 30%. These results reflect steadily increasing North American drilling activity, improved pricing, expansion of our alpha and Evergreen

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