Dril-Quip (DRQ) Q4 2019 Earnings Call Transcript

Dril-Quip (DRQ) Q4 2019 Earnings Call Transcript

[Operator instructions] An updated investor deck was posted under the Investors tab on the company's website yesterday along with earnings release and will be referenced during today's call.. I would now like to turn the conference over to Blake DeBerry, Dril-Quip's president and chief executive officer.. I will then turn the call over to Jeff Bird, senior vice president of production operations and chief financial officer, to review the financial results and give general guidance for 2020.. Our employees and management team continued to provide new products, which deliver permanent cost savings to our customers, transform our operating model to drive efficiencies, execute operationally and generate free cash flow.. We saw revenue growth throughout 2019, with Q1 2019 revenue at $94 million and Q4 2019 revenue at $109 million.. Our retooled commercial teams delivered increases in product bookings, created an organization to specifically target new customers and expand sales of new products and solutions to our existing client base.. In addition to strong revenue and adjusted EBITDA growth, we were also able to sustainably grow our product bookings.. The fourth quarter of 2019 was the first time in 22 quarters that we achieved non-project product bookings above $100 million.. For