WFRD - Weatherford International plc (WFRD) Q4 2023 Earnings Call Transcript

2024-02-07 13:37:10 ET

Weatherford International plc (WFRD)

Q4 2023 Earnings Conference Call

February 07, 2024, 09:00 AM ET

Company Participants

Girish Saligram - President and CEO

Arun Mitra - Executive Vice President and CFO

Mohammed Topiwala - Director, Investor Relations, M&A

Conference Call Participants

Luke Lemoine - Piper Sandler

James West - Evercore ISI

Ati Modak - Goldman Sachs

Jim Rollyson - Raymond James

Doug Becker - Capital One

Saurabh Pant - Bank of America

Kurt Hallead - Benchmark

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International Fourth Quarter and Full Year 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, Vice President, Investor Relations and M&A. Sir, you may begin.

Mohammed Topiwala

Welcome everyone to the Weatherford International fourth quarter and full year 2023 conference call. I am 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 fourth 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’s Investor Relations section 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. We are changing the format of our prepared remarks a bit. I will provide an overview of our operating performance, view on the markets, specifics on the transaction announcements, and our priorities heading into 2024. Arun will then cover the detailed financial results and specifics on guidance before opening for Q&A.

2023 was an outstanding year for Weatherford. Revenue growth of 19%, adjusted EBITDA margins expanding 423 basis points to 23.1%, and adjusted free cash flow of $651 million reflect an accelerated achievement of the short to midterm objectives, we set for ourselves. Our growth has been driven across all segments, with DRE and WCC in the high teens reflecting increased drilling and completions activity....

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