Carey Ford
Chief Financial Officer at Precision Drilling
We also invested $52,000,000 into our fleet and grew market share year over year in Canada. I will now cover annual financial highlights, which include revenue of $1,900,000,000 essentially flat year over year, adjusted EBITDA of $521,000,000 15 percent decrease year over year, funds from operation of $463,000,000 a 13% decrease, and cash from operations of $482,000,000 similar to prior year. We achieved debt reduction of $176,000,000 and $75,000,000 of share repurchases, representing 4% of our outstanding shares and generated positive earnings per share every quarter during 2024 and for the past ten consecutive quarters. Moving on to fourth quarter results. Our fourth quarter adjusted EBITDA of $121,000,000 included a share based compensation charge of $15,000,000 and non recurring charges of $8,000,000 Non recurring charges included $4,000,000 of rig reactivations and $4,000,000 of severance inventory write downs and year end accrual cleanups.