Hornbeck Offshore Services, Inc. (NYSE:HOS) Q1 2019 Earnings Conference Call Transcript

May 02, 2019 • 10:00 am ET


Hornbeck Offshore Services, Inc. (NYSE:HOS) Q1 2019 Earnings Conference Call Transcript


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Greetings and welcome to the Hornbeck Offshore Services' First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Ken Dennard of Dennard Lascar, Investor Relations. Thank you, Mr. Dennard. You may begin.

Ken Dennard

Thanks, Kevin ,and good morning, everyone. We appreciate you joining us for Hornbeck Offshore's conference call to review first quarter 2019 results and recent developments. We also welcome our Internet participants listening to the call over the web, please note that information reported on this call speaks only as of today May 2nd, 2019 and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

During today's conference call, Todd and Jim will make certain projections about future financial performance, liquidity, operations, and events that are not statements of historical fact and thus constitute forward-looking statements. These forward-looking statements are subject to risks uncertainties and other factors that may cause such future matters including the Company's actual future performance to be materially different from that which is projected today.

You can locate additional information about factors that could cause the Company's results to materially differ from those projected in the forward-looking statements in Hornbeck's SEC filings and yesterday's press release under this Investors section of the Company's website and that's hornbeckoffshore.com. Of course, you can also pull it off of sec.gov.

This earnings release also -- excuse me, this earnings call also contains references to EBITDA which is a non-GAAP financial measure. A reconciliation of this financial measure to the most directly comparable GAAP financial measure is provided in the press release issued by the Company yesterday afternoon.

And finally, the Company uses its website as a means of disclosing material non-public information and for complying with the disclosure obligations under SEC's Regulation FD. Such disclosures will be included on the Company's website under the heading Investors.

Accordingly investors should monitor that portion of the Company's website in addition to following the Company's press releases, SEC filings, public conference calls, and webcast.

With that behind me, now I would like to turn the call over to Todd Hornbeck, Chairman, President and CEO of Hornbeck Offshore. Todd?

Todd M. Hornbeck

Thank you, Ken. Good morning, and welcome to our first quarter 2019 conference call. Joining me today is Mr. Jim Harp, our Chief Financial Officer. Reflecting the softness we typically experienced in late winter months, our first quarter results were generally in line with our internal expectations. It is worth mentioning that by the end of the first quarter utilization had picked up across all of our active vessel types and sizes and in each of the geographic markets in which we operate.

Looking at the larger picture for offshore exploration development and production activities, which are the drivers of our business, we're seeing the same things