TETRA Technologies, Inc. (NYSE:TTI) Q1 2022 Earnings Conference Call May 3, 2022 10:30 AM ET
Company Participants
Brady Murphy - CEO
Elijio Serrano - CFO
Conference Call Participants
Stephen Gengaro - Stifel
Samantha Hoh - Evercore ISI
Operator
Good morning and welcome to TETRA Technologies' First Quarter 2022 Results Conference Call. The speakers for today's call are Brady Murphy, Chief Executive Officer; and Elijio Serrano, Chief Financial Officer. All participants will be in listen-only mode. [Operator Instructions] Please note today's event is being recorded.
I will now turn the conference over to Mr. Serrano. Please go ahead.
Elijio Serrano
Thank you, Andrea. Good morning, and thank you for joining TETRA's first quarter 2022 results call. I would like to remind you that this conference call may contain statements that are or may be deemed to be forward-looking. These statements are based on certain assumptions and analyses made by TETRA and are based on a number of factors.
These statements are subject to a number of risks and uncertainties, many of which are beyond the control of the company. You are cautioned that such statements are not guarantees of future performance and that actual results may differ materially from those projected in the forward-looking statements.
In addition, in the course of the call, we may refer to EBITDA, adjusted EBITDA, adjusted EBITDA gross margins, adjusted free cash flow, net debt, net leverage ratio, liquidity, or other non-GAAP financial measures. Please refer to yesterday's press release on our public website for reconciliation of non-GAAP financial measures to the nearest GAAP measure.
These reconciliations are not a substitute for financial information prepared in accordance with GAAP and should be considered within the context of our complete financial results for the period. In addition to our press release announcement that went out yesterday, we encourage you to refer to our 10-Q that was filed yesterday.
I'll turn it over to Brady.
Brady Murphy
Thank you, Elijio. Good morning everyone and welcome to TETRA's first quarter 2022 earnings call. I'll summarize some highlights for the first quarter and current outlook before turning it back to Elijio to discuss cash flow, the balance sheet, and liquidity.
I'm pleased to report very positive results for the first quarter of 2022 across both our completion fluids and Water & Flowback business segments, including multi-year highs for various sub-segments.
First quarter revenue of $130 million, increased 15% sequentially and adjusted EBITDA of $20.5 million increased 57% sequentially. We generated $5.9 million of cash from operating activities and improved our liquidity by $28 million in the first quarter.