Dril-Quip, Inc. (NYSE:DRQ) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET
Company Participants
Jeff Bird - CEO
Kyle McClure - CFO
Conference Call Participants
Tom Curran - Seaport Research Partners
Operator
Good day and thank you for standing by. Welcome to the Dril-Quip First Quarter 2022 Fireside Chat.
I would now like to hand the conference over to your speaker today, Mr. Tom Curran from Seaport Research Partners. Sir, please go ahead.
Tom Curran
Thank you. Greetings, everyone. Welcome to Dril-Quip's first quarter fireside chat.
I am Tom Curran, the Senior Energy Technology Analyst at Seaport Research Partners. And joining me this morning from management are CEO Jeff Bird, and CFO, Kyle McClure.
I'm going to pass the mic to Jeff, who will provide a brief summary and touch on some highlights of the results released last night. And then, we'll turn to what will be a deep and expansive discussion. Jeff?
Jeff Bird
Thanks, Tom and thanks for hosting the fireside chat this morning, looking forward to a robust conversation.
Before I jump in, I'd like to say thanks to the global team, for continuing to execute in the quarter. Specifically, our new business leaders, our new product line business leaders, Don, Bruce, and Steve, as they started to lead their respective teams and moving from what's largely been a functional organization since the founding of the company to a more product-oriented company. We continue to be very pleased with the opportunities we see as a result of this reorganization. We believe, in the second half of the year, we'll start to see specific improvements in our ability to service our customers, and also an improvement in our cost position as we go into the second half of the year. And really, we exit 2022 and head into 2023. So just a thanks to those, those three people and their respective teams as well.
Looking at the quarter, Q1 was really the middle of the fairway quarter with what we had talked about a couple of months ago. Bookings were in line continued strong bookings definitely larger than what we saw in the middle of the pandemic, so pleased with that. Revenue and EBITDA met expectations. Free cash flow was a headwind. But we always knew that was going to be a headwind going into the quarter. We've got some one-time payments that always happen in the first quarter of the year, so that's always a challenge. We'll see that bouncing back I think later in the year.