Dril-Quip, Inc. (NYSE:DRQ) Q2 2023 Earnings Conference Call August 1, 2023 9:00 AM ET

Company Participants

Erin Fazio - Corporate Finance Director

Jeff Bird - President, Chief Executive Officer

Kyle McClure - Vice President, Chief Financial Officer

Conference Call Participants

Operator

Good morning, and welcome to Dril-Quip's Second Quarter 2023 Earnings and Great North Acquisition Update Call. At this time, all participants are in a listen-only mode and there will be a question-and-answer session opportunity at the end of this call. As a reminder, this call is being recorded.

At this time, I would like to turn the call over to Erin Fazio, Corporate Finance Director for Dril-Quip. Please go ahead.

Erin Fazio

Thank you, and good morning. We appreciate you joining us on today's call. An updated investor presentation have been posted under the Investors tab on the company's website along with the earnings release and press release announcing the Great North acquisition. We have also posted an investor deck with additional details on the Great North acquisition that may be referenced during today's call. This call is being recorded, and a replay will be made available on the company's website following the call.

Before we begin, I would like to remind you that Dril-Quip's comments may include forward-looking statements and discuss non-GAAP financial measures. It should be noted that a variety of factors could cause Dril-Quip's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements. Please refer to the second quarter 2023 financial and operational results announcement that we released yesterday for a full disclosure on forward-looking statements and reconciliations of non-GAAP measures.

Speaking on the call today from Dril-Quip, we have Jeff Bird, President and Chief Executive Officer; and Kyle McClure, Vice President and Chief Financial Officer.

I would now like to turn the call over to Jeff Bird.

Jeff Bird

Thank you, Erin, and thank you all for joining us today. As you saw in yesterday's releases, we announced our Q2 2023 earnings as well as the acquisition of Great North. We are excited to welcome Great North to the Dril-Quip team and this acquisition is a significant step in our strategic effort to expand our well construction portfolio.

We've been discussing our inorganic capital allocation strategy for about a year now and are very excited that we found the right opportunity to put our cash to work creating shareholder value. Great North is a perfect example of a high-quality asset purchased at the right terms. Before we dive deeper into the acquisition details, both Kyle and I will first touch on our financial and operational results for the second quarter.