Gross and EBITDA margins exceeded our estimates by 1 pp, and 3 pp, respectively. Revenue growth came from new contracts with tier-one clients. Per consensus estimates, growth in North American oil and gas CAPEX will ease to 2.2% in 2024, down from 19% in 2023. Recently closed a $7M bought-deal equity financing to expand its rental equipment fleet, signaling management's expectation of continued revenue growth in 2024. Upcoming catalysts include Q1 results, and revenue growth stemming from the deployment of newly acquired equipment. Note that Q1 and Q4 are historically stronger quarters due to seasonality. Enterprise vs Larger Players Source: FRC/S&P Capital IQ E is up 118% YoY, and is one of the best performing stocks on our list of oilfield services companies E has higher margins than sector averages Financials 2023 revenue was up 25% YoY, missing our estimate by 7% due to forest fires in Alberta and B.C., as well as project delays caused by warm weather in Q4 EBITDA margins exceeded our estimate by 3 pp, primarily driven by lower G&A expenses Source: FRC/Company EBITDA was up 61%, missing our estimate by 1% EPS (adjusted) was up 140% YoY, missing our estimate by 5% E’s margins remained well above sector averages CAPEX increased 171% YoY to $15M, driven by heightened client demand necessitating new equipment purchases Source: FRC/Company As a result, FCF declined, and debt to capital increased 4 pp to 47% Can raise up to $2.27M from in-the-money options Oil & Gas Price Outlook Source: FRC/Sproule/GLJ Consensus price forecasts (near and long-term) are well above historic averages, implying a positive outlook for the oilfield services sector E's revenue generally tracks changes in oil and gas prices, and sector CAPEX spending Source: FRC/Various Historically, a 1% increase in oil and gas prices, and CAPEX spending, has led to a 2.5% increase in E's revenue Conversely, a 1% decrease in these factors has resulted in a 1.3% decline in E’s revenue Based on co