Weatherford International plc (NASDAQ:WFRD) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET

Company Participants

Mohammed Topiwala – Director-Investor Relations and M&A

Girish Saligram – President and Chief Executive Officer

Arun Mitra – Executive Vice President and Chie Financial Officer

Conference Call Participants

Luke Lemoine – Piper Sandler

Ati Modak – Goldman Sachs

Kurt Hallead – RBC

Doug Becker – Capital One

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International First Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] As a reminder, this event is being recorded.

I would now like to turn the conference over to Mohammed Topiwala, Director, Investor Relations and M&A. Sir, you may begin.

Mohammed Topiwala

Welcome, everyone, to the Weatherford International first quarter 2023 conference call. I'm joined today by Girish Saligram, President and CEO; and Arun Mitra, Executive Vice President and CFO. We will start today with our prepared remarks and then open it up for questions. You may download a copy of the presentation slides corresponding to today's call from our website's Investor Relations section.

I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements. Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our first quarter earnings press release, which can be found on our website. As a reminder, today's call is being webcast and a recorded version will be available on our website following the conclusion of this call.

With that, I'd like to turn the call over to Girish.

Girish Saligram

Thanks, Mohammed, and thank you all for joining the call. Our first quarter results were another set of firsts and I am incredibly grateful to our entire one Weatherford team for their passion and tireless focus on execution. Our results continue to demonstrate the viability of our strategy and the strength of our execution capabilities. We delivered above expectations in revenue, margins, and cash, and are set up well for the remainder of the year. The first quarter did benefit from subcontract recoveries that we had expected to materialize in the second quarter, and as a result, we will see some timing deltas between the two quarters and the first half. Nonetheless, it will be a first half that is well ahead of performance last year and gives us the confidence to significantly increase our guidance for the total year.