貝克休斯 (BKR) 2024 Q4 法說會逐字稿

Good day ladies and gentlemen, and welcome to the Baker Hughes Company fourth-quarter 2024 earnings conference call.

女士們、先生們，大家好，歡迎參加貝克休斯公司 2024 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations.

現在，我想介紹今天會議的主持人、投資者關係副總裁 Chase Mulvehill 先生。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good morning, everyone, and welcome to Baker Hughes fourth-quarter and full-year earnings conference call.

大家早安，歡迎參加貝克休斯第四季和全年財報電話會議。

Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Nancy Buese.

和我一起的是我們的董事長兼執行長 Lorenzo Simonelli；以及我們的財務長 Nancy Buese。

The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast which can be found on our investor website.

您可以在我們的網站 bakerhughes.com 上找到我們昨天晚上發布的收益報告。我們還將在這個網路廣播中使用一份包含我們準備好的發言的演示文稿，可以在我們的投資者網站上找到。

As a reminder, during this conference call, we will provide forward-looking statements.

提醒一下，在本次電話會議中，我們將提供前瞻性陳述。

These statements are not guarantees of future performance and involve a number of risks and assumptions.

這些聲明並不能保證未來的表現，並涉及許多風險和假設。

Please review our SEC filings and website for the factors that could cause actual results to differ materially.

請查看我們的美國證券交易委員會文件和網站，以了解可能導致實際結果有重大差異的因素。

Reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release.

在我們的收益報告中可以找到營業收入和其他 GAAP 指標與非 GAAP 指標的對帳表。

With that, I will turn the call over to Lorenzo.

說完這些，我將把電話轉給洛倫佐。

Thank you, Chase.

謝謝你，蔡斯。

Good morning, everyone, and thanks for joining us.

大家早安，感謝大家的收看。

Starting on slide 4.

從投影片 4 開始。

We are very pleased with our strong fourth quarter results, exceeding the midpoint of our EBITDA guidance for the eighth consecutive quarter and setting new quarterly and annual records for revenue, free cash flow, and our adjusted measures of EPS, EBITDA, and EBITDA margin.

我們對第四季度強勁的業績感到非常滿意，連續八個季度超過 EBITDA 預期的中點，並創下收入、自由現金流以及 EPS、EBITDA 和 EBITDA 利潤率的調整後指標的季度和年度新高。

Our adjusted earnings per share remains on an impressive growth trajectory, increasing 37% from the fourth quarter of 2023 and up 47% for the full year.

我們的調整後每股盈餘仍保持著令人印象深刻的成長軌跡，較 2023 年第四季成長 37%，全年成長 47%。

For the fourth quarter, company adjusted EBITDA margins increased by 1.8 percentage points year on year to a record of 17.8%.

第四季度，公司調整後 EBITDA 利潤率年增 1.8 個百分點，達到創紀錄的 17.8%。

Significant margin expansion across both segments drove this exceptional performance.

兩個部門的利潤率均大幅擴大，推動了這項卓越業績的實現。

Industrial and Energy Technology orders remained at strong levels during 2024, including $3.8 billion in the fourth quarter that drove the annual total above the midpoint of our guidance range.

2024 年，工業和能源技術訂單保持強勁水平，其中第四季度的 38 億美元訂單推動年度總額超過我們指導範圍的中點。

This order performance highlights the end market diversity and versatility of our technologies, led by strength in gas infrastructure and FPSOs.

這項訂單表現凸顯了我們技術的終端市場多樣性和多功能性，尤其是在天然氣基礎設施和FPSO方面的優勢。

Accordingly, Gas tech equipment's non-LNG orders more than doubled totaling $3.6 billion.

因此，Gas tech equipment 的非液化天然氣訂單增加了一倍多，總額達 36 億美元。

We achieved another important milestone in booking new energy orders of $1.3 billion.

我們又取得了另一個重要里程碑，獲得了13億美元的新能源訂單。

This represents approximately 70% year-over-year growth for the new energy awards.

這意味著新能源獎項年增約70%。

And the third consecutive year we have exceeded the high end of our original guidance range.

我們已經連續第三年超出了最初預期範圍的上限。

We generated strong free cash flow of $894 million during the quarter, resulting in record annual free cash flow of $2.3 billion.

我們在本季產生了 8.94 億美元的強勁自由現金流，創下了 23 億美元的年度自由現金流記錄。

This represents a free cash flow conversion rate of 49%, near the high end of our 45% to 50% target range.

這意味著自由現金流轉換率為 49%，接近我們 45% 至 50% 的目標範圍的高端。

These record results clearly demonstrate that we are the leading energy and industrial technology company.

這些創紀錄的業績清楚地表明我們是領先的能源和工業技術公司。

Turning to slide 5.

翻到幻燈片 5。

We want to highlight recent awards and technology developments.

我們要強調最近獲得的獎項和技術發展。

As I mentioned, 2024 was another strong year for IET orders, booking several large-scale GTE awards that span across gas infrastructure, FPSOs, and LNG.

正如我所提到的，2024 年是 IET 訂單的另一個強勁年份，獲得了涵蓋天然氣基礎設施、FPSO 和 LNG 的多個大型 GTE 獎項。

This is the third consecutive year that GTE has booked more than $5 billion of orders.

這是GTE連續第三年訂單金額超過50億美元。

In the fourth quarter, we secured orders for multiple LNG projects bringing total LNG equipment bookings to almost $2.1 billion for 2024.

第四季度，我們獲得了多個液化天然氣項目的訂單，使 2024 年液化天然氣設備訂單總額達到近 21 億美元。

We received an order from Venture Global to provide modularized LNG systems and a power island.

我們接到了 Venture Global 的訂單，提供模組化 LNG 系統和動力島。

Additionally, we received an award from Bechtel for the first phase of Woodside Energy's Louisiana LNG project.

此外，我們還獲得了 Bechtel 頒發的 Woodside Energy 路易斯安那液化天然氣專案第一階段合約。

This phase will include two Baker Hughes liquefaction compression trains with a capacity of 11 MTPA.

此階段將包括兩條貝克休斯液化壓縮機組，產能為 11 MTPA。

The gas infrastructure build-out in the Kingdom of Saudi Arabia continues to gather pace, following our Master Gas System 3 award in early 2024.

繼我們於 2024 年初獲得「天然氣主系統 3」獎之後，沙烏地阿拉伯王國的天然氣基礎設施建設繼續加快步伐。

During the fourth quarter, we booked an award for gas compression equipment for the third expansion phase of the Jafurah gas field.

第四季度，我們獲得了Jafurah氣田第三期擴建工程天然氣壓縮設備合約。

We will supply a total of 12 electric motor-driven compression trains and auxiliary treatment equipment in this unconventional gas field.

我們將為此非常規氣田提供共12組電動馬達驅動壓縮機組及輔助處理設備。

In total, we have now been awarded 24 electric motor-driven compressors and an additional 14 compressors for this strategically important gas field.

總的來說，我們現在已經為這個具有重要戰略意義的天然氣田獲得了 24 台電動馬達驅動壓縮機和 14 台附加壓縮機。

In Gas Technology Services, we secured over $1 billion of long-term service agreements for the second consecutive year.

在天然氣技術服務領域，我們連續第二年簽訂了超過 10 億美元的長期服務協議。

In the fourth quarter, we signed a long-term service frame agreement with Venture Global to support Phase 1 and 2 of their Plaquemines LNG facility in Louisiana.

第四季度，我們與 Venture Global 簽署了長期服務框架協議，以支持其位於路易斯安那州的普拉克明液化天然氣設施第一期和第二期的建設。

Additionally, GTS was awarded a 25-year services agreement to support next decade Rio Grande LNG facility in Texas.

此外，GTS 還獲得了為期 25 年的服務協議，為未來十年德克薩斯州 Rio Grande LNG 設施提供支援。

We were also awarded a contract to provide planned maintenance at a major LNG facility in Asia Pacific, which will leverage IET's iCenter.

我們還獲得了一份合同，為亞太地區一個大型液化天然氣設施提供計劃維護，該設施將利用 IET 的 iCenter。

In addition to booking several meaningful long-term service awards, GTS recorded the strongest quarter of equipment upgrades since 2020.

除了獲得幾項有意義的長期服務獎項外，GTS 還錄得了 2020 年以來最強勁的設備升級季度。

This included a key project to upgrade the Monsanto compression station for Snam, one of Europe's leading midstream companies.

其中包括為歐洲領先的中游公司之一 Snam 升級孟山都壓縮站的關鍵項目。

During the quarter, IET's Climate Technology Solutions secured multiple awards targeting flare reduction.

在本季度，IET 的氣候技術解決方案獲得了多項針對減少火炬的獎項。

As announced at COP29, CTS will provide SOCAR with an integrated gas recovery and hydrogen sulfide removal system to significantly reduce downstream flaring at the Heydar Aliyev oil refinery.

正如在 COP29 上宣布的那樣，CTS 將為 SOCAR 提供一套綜合氣體回收和硫化氫去除系統，以顯著減少蓋達爾阿利耶夫煉油廠的下游火炬燃燒。

Separately, in the Middle East, CTS will supply electric-driven centrifugal compressors, one of the largest gas processing and flare gas recovery projects globally.

另外，在中東，CTS 將供應電動離心式壓縮機，這是全球最大的天然氣處理和火炬氣回收項目之一。

In Oilfield Services & Equipment, we continue to experience strong order momentum in Brazil, particularly for our differentiated flexible pipe technology.

在油田服務和設備方面，我們在巴西的訂單繼續保持強勁勢頭，尤其是我們差異化的柔性管道技術。

During the quarter, we received a significant award from Petrobras for 48 miles of flexibles to be delivered across four fields.

在本季度，我們獲得了巴西石油公司的一項重要合同，要求向四個油田運送 48 英里的柔性管道。

This follows the third-quarter award for 43 miles of flexible for the Santos Basin and takes our total year orders for flexible pipe to $1.4 billion, a record year for this business.

此前，我們第三季度獲得了桑托斯盆地 43 英里柔性管道訂單，這使得我們全年柔性管道訂單總額達到 14 億美元，創下了該業務的最高紀錄。

In Mature Asset Solutions, we received a multiyear contract from ENI to unlock bypass reserves in one of Europe's largest developments.

在成熟資產解決方案方面，我們從 ENI 獲得了一份多年期合同，以解鎖歐洲最大的開發項目之一的旁路儲備。

Baker Hughes will provide its auto track exact rotary steerable drilling system which will be deployed to help ENI lower risk and execution costs.

貝克休斯將提供其自動追蹤精確旋轉導向鑽井系統，該系統將幫助埃尼降低風險和執行成本。

We continue to see solid order momentum in the Middle East, receiving multiple awards across the region for coiled tubing services as well as drilling and completion fluids.

我們繼續看到中東地區強勁的訂單勢頭，並在整個地區獲得了連續油管服務以及鑽井和完井液的多個獎項。

We also booked an award from a major operator to provide artificial lift services in Iraq, which includes advanced permanent magnet motors for improved electric submersible pump efficiency.

我們還與一家大型營運商簽訂了在伊拉克提供人工舉升服務的合同，其中包括用於提高電動潛水泵效率的先進永磁電機。

In Abu Dhabi, we signed an agreement with AIQ, ADNOC, and CORVA to launch the AI Rate of Penetration Optimization project.

在阿布達比，我們與AIQ、ADNOC、CORVA簽署協議，啟動AI滲透率優化計畫。

This innovation, which utilizes the latest AI digital technology enhances drilling efficiency in real time by providing insights and recommendations for optimizing weight on bit, rotations per minute and other critical parameters.

這項創新利用最新的人工智慧數位技術，透過提供優化鑽頭重量、每分鐘轉數和其他關鍵參數的見解和建議，即時提高鑽井效率。

Driving innovation and expanding our manufacturing footprint in key growth markets are critical to the long-term success of our company.

推動創新和擴大我們在關鍵成長市場的製造足跡對於我們公司的長期成功至關重要。

During the quarter, we expanded our footprint in Namibia and Oman.

本季度，我們擴大了在納米比亞和阿曼的業務範圍。

We also had the grand opening of our recently relocated surface pressure control headquarters in Abu Dhabi, ensuring that we are close to key customers in a major demand region.

我們也在阿布達比隆重開幕了最近搬遷的地面壓力控制總部，確保我們能夠靠近主要需求地區的關鍵客戶。

Turning to the next slide.

翻到下一張投影片。

As we enter 2025, we believe Baker Hughes is very well positioned to thrive in the back half of the decade, with a number of positive tailwinds that will continue to drive demand for our technology and solutions.

隨著我們進入 2025 年，我們相信貝克休斯完全有能力在 2020 年後半期蓬勃發展，因為一系列積極的順風因素將繼續推動對我們的技術和解決方案的需求。

On the macro front, the US economy has remained resilient in the face of higher interest rate environment, while the European and Chinese economies have struggled to stimulate growth.

宏觀方面，美國經濟在升息環境下依然保持韌性，而歐洲和中國經濟則在刺激成長方面舉步維艱。

Looking at 2025, the global economy will be navigating a number of economic and geopolitical uncertainties, which could result in another year of uneven global economic growth.

展望2025年，全球經濟將面臨一系列經濟和地緣政治不確定因素，可能導致全球經濟成長再度不平衡。

Against this economic backdrop, we have seen increasingly positive trends for power consumption.

在這樣的經濟背景下，我們看到電力消費趨勢日益積極。

Boosted by this encouraging development, we believe that natural gas and LNG demand will demonstrate accelerated growth which will drive increasing demand for our gas-levered products and solutions in both OFSE and IET.

在這一令人鼓舞的發展的推動下，我們相信天然氣和液化天然氣的需求將呈現加速增長，這將推動我們在 OFSE 和 IET 的天然氣槓桿產品和解決方案的需求不斷增加。

According to Wood Mackenzie, demand for US natural gas is set to increase by approximately 20 Bcf per day or 18% by 2030, led by a continued increase in gas requirements for new LNG facilities and data centers.

據伍德麥肯茲稱，到 2030 年，美國天然氣需求將增加約 200 億立方英尺/天或 18%，主要原因是新建液化天然氣設施和資料中心對天然氣的需求持續增加。

For LNG, we still expect 100 MTPA of FIDs between 2024 and 2026, a level that would increase global capacity to our long-standing forecast of 800 MTPA by 2030.

對於液化天然氣而言，我們仍預計 2024 年至 2026 年期間的最終投資決定將達到 1 億噸/年，這一水準將使全球產能到 2030 年達到我們長期預測的 8 億噸/年。

Last year, there were 17 MTPA of project FIDs.

去年，該項目最終投資決定數量為 1700 萬噸/年。

Accordingly, we anticipate more than 80 MTPA of FIDs in '25 and 2026.

因此，我們預計2025年和2026年的FID將超過8000萬噸/年。

Our strong FID outlook is supported by a record year of offtake contracting last year, which totaled 92 MTPA and exceeded the prior record of 84 MTPAs set in 2022.

我們對強勁的 FID 前景的支撐在於去年創紀錄的承購合約量，總計達到 92 MTPA，超過了 2022 年創下的 84 MTPA 的紀錄。

We also expect demand to remain robust for gas infrastructure projects.

我們也預計天然氣基礎設施項目的需求將保持強勁。

This follows a very strong 2024 when we booked MGS 3 and Jafurah in Saudi Arabia, Hassi R'Mel in Algeria, and the Margham Gas storage facility in Dubai.

此前，我們在 2024 年的業績表現十分強勁，當時我們預訂了沙烏地阿拉伯的 MGS 3 和 Jafurah、阿爾及利亞的 Hassi R'Mel 以及杜拜的 Margham 天然氣儲存設施。

While we may not see the same level of large-scale projects in 2025, we are in active conversations on several pipeline expansion projects across the Middle East, Africa, North America, and Latin America.

雖然我們可能不會在 2025 年看到同等規模的大型項目，但我們正在積極商談中東、非洲、北美和拉丁美洲的多個管道擴建項目。

Turning to our new energy outlook.

談談我們的新能源展望。

We see energy efficiency and decarbonization technologies playing an increasing role in achieving net zero goals.

我們看到能源效率和脫碳技術在實現淨零目標方面發揮越來越重要的作用。

Looking forward, we are targeting $1.4 billion to $1.6 billion of new energy orders in 2025.

展望未來，我們的目標是到 2025 年實現 14 億至 16 億美元的新能源訂單。

While some near-term policy uncertainty across several clean technology areas exist in the United States, we remain confident in achieving our 2030 orders target of $6 billion to $7 billion.

儘管美國多個清潔技術領域存在一些短期政策不確定性，但我們仍有信心實現 2030 年 60 億至 70 億美元的訂單目標。

Our pipeline of project opportunities, both domestically and internationally continues to grow.

我們在國內和國外的專案機會不斷增加。

Further, we are very excited about the potential of new technologies under development like NET Power and our direct air capture solution, Mosaic.

此外，我們對正在開發的新技術的潛力感到非常興奮，例如 NET Power 和我們的直接空氣捕獲解決方案 Mosaic。

These technologies will help and enable a sustainable energy development plan that provides affordable, more secure, lower missive energy in the future.

這些技術將有助於並實現永續能源發展計劃，在未來提供更便宜、更安全、更低成本的能源。

Turning to oil markets.

轉向石油市場。

There are several factors that could drive further volatility in oil prices.

有幾個因素可能導致油價進一步波動。

On the supply side, we see production slightly increasing in North America, adding to significant growth in offshore volumes.

在供應方面，我們看到北美產量略有增加，海上產量也大幅增加。

The demand outlook has an element of uncertainty given the potential for US tariffs, which would likely dampen growth in key oil-consuming countries like China, where persistent structural imbalances still weigh on the economy.

由於美國可能徵收關稅，需求前景存在一定不確定性，這可能會抑制中國等主要石油消費國的經濟成長，而這些國家的持續結構性失衡仍對經濟造成壓力。

Ultimately, the oil price path will be highly dependent on the pace and magnitude of which OPEC+ production cuts are reversed in 2025.

最終，油價走勢將高度依賴 2025 年 OPEC+ 減產逆轉的速度和幅度。

In line with this backdrop and changing activity trends by major E&P operators, we expect global upstream spending to be down slightly in 2025.

有鑑於此背景以及主要勘探與生產營運商活動趨勢的變化，我們預計 2025 年全球上游支出將略有下降。

In North America, we anticipate spending to decrease year on year in the mid-single-digit range as many operators remain focused on capital discipline and look to optimize their newly consolidated acreage.

在北美，我們預計支出將年減約個位數，因為許多業者仍注重資本紀律，並尋求優化其新合併的種植面積。

Given our production weighted portfolio mix in North America, we expect to outperform the market.

鑑於我們在北美的生產加權投資組合，我們預期其表現將優於市場。

In international markets, we expect spending to be flat to down year on year.

在國際市場上，我們預計支出將同比持平或下降。

The prospect of an oversupplied ore market, uncertainty in Mexico and Saudi Arabia, and shifting focus to gas are all leading to reduced activity levels in some of the key international markets.

礦石市場供應過剩的前景、墨西哥和沙烏地阿拉伯的不確定性以及焦點轉向天然氣，都導致一些主要國際市場活動水準下降。

This will be somewhat offset by bright spots of activity in Brazil, the Middle East outside of Saudi Arabia, and Sub-Saharan Africa, but ultimately not enough to drive growth from 2024 levels.

巴西、沙烏地阿拉伯以外的中東地區以及撒哈拉以南非洲地區的經濟亮點將在一定程度上抵消這一影響，但最終不足以推動 2024 年水準的成長。

In offshore, we continue to see a consistent stream of development projects for the next several years, translating in a steady outlook for subsea trees and FPSOs.

在海上領域，我們預計未來幾年將繼續出現持續不斷的開發項目，這意味著海底採油樹和浮式生產儲油船（FPSO）的前景將保持穩定。

In 2025, we expect SSPS orders to be up materially, led by strong subsea tree order flow as several projects for key customers are anticipated to reach FID.

到 2025 年，我們預計 SSPS 訂單將大幅增加，主要是由於主要客戶的多個項目預計將達成 FID，因此強勁的海底採油樹訂單流將推動 SSPS 訂單增加。

Turning to slide 7.

翻到幻燈片 7。

We want to continue the discussion around our life cycle business in gas technology, a key value-creating attribute of our IET segment that is consistent with high-quality industrial businesses.

我們希望繼續圍繞天然氣技術的生命週期業務進行討論，這是我們 IET 部門的關鍵價值創造屬性，與高品質的工業業務一致。

Over the past three years, we have booked more than $19 billion of equipment orders that will drive a 20% increase in our serviceable installed base by 2030.

在過去三年中，我們已獲得超過 190 億美元的設備訂單，這將推動我們的可服務安裝基數到 2030 年增加 20%。

We expect Gas Tech Services revenue to outpace this installed base growth due to pricing, mix, upgrades, and digital enhancements.

我們預計，由於定價、產品組合、升級和數位化增強，天然氣技術服務收入將超過安裝基數的成長。

We see strong demand across the gas turbine market.

我們看到整個燃氣渦輪機市場的需求強勁。

Market forecasts suggest the pace of gas turbine installations could double to around 100 gigawatt per year out beyond the end of the decade.

市場預測顯示，到本世紀末，燃氣渦輪機的安裝速度可能會翻倍，達到每年約 100 吉瓦。

The major driver of this growth will be the rapid expansion of data centric capacity required to meet increasing generative AI workloads.

這一成長的主要驅動力是滿足日益增長的生成性人工智慧工作負載所需的資料中心容量的快速擴展。

When combined with an already tight supply chain and material cost inflation, this environment provides a tailwind for pricing.

再加上已經緊張的供應鏈和材料成本上漲，這種環境為定價提供了順風。

We also expect our serviceable LNG installed base to increase by over 50% through 2030, outpacing the overall 20% growth rate.

我們也預計，到 2030 年，我們的可用 LNG 安裝基數將增加 50% 以上，超過整體 20% 的成長率。

This mix shift towards LNG and stored units is important as these projects have the highest attachment rates across all of our aftermarket services.

向液化天然氣和儲存裝置轉變非常重要，因為這些項目在我們所有的售後服務中擁有最高的附著率。

Another benefit of our large and growing installed base is the opportunity to provide performance enhancement through upgrades as equipment ages.

我們龐大且不斷成長的安裝基礎的另一個好處是，隨著設備老化，有機會透過升級來提高效能。

In recent years, customers focused on maximizing equipment uptime as market managed through the energy crisis.

近年來，隨著市場度過能源危機，客戶注重最大限度地延長設備的正常運作時間。

However, as we move into a more stable energy environment and gas gained fever acceptance as a destination fuel we expect upgrades to demonstrate strong growth over the coming years.

然而，隨著我們進入更穩定的能源環境並且天然氣作為目的地燃料得到熱烈歡迎，我們預計未來幾年升級將呈現強勁增長。

We have a range of upgrade technology solutions that can drive lower emissions, lower energy consumption, increased power output and produce higher throughput yield.

我們擁有一系列升級技術解決方案，可降低排放、降低能耗、提高功率輸出並產生更高的產量。

In addition, we are excited about new upgrade technologies that we are introducing into the market, a direct result of our R&D investment and innovation pipeline.

此外，我們對正在引進市場的新型升級技術感到非常興奮，這是我們研發投資和創新管道的直接成果。

We believe new upgrade technologies that enhance aging equipment has the potential to generate hundreds of millions of dollars of orders at accretive margins by 2030.

我們相信，到 2030 年，改進老化設備的新升級技術有可能產生數億美元的訂單並帶來增值利潤。

In addition to equipment upgrades, we are enhancing our customers' plant performance and emissions abatement through the development of advanced service solutions.

除了設備升級之外，我們還透過開發先進的服務解決方案來提高客戶的工廠性能和減排效果。

We are leveraging our 24/7 iCenter monitoring capabilities more than 20 years of monitoring and diagnostic data, the latest in generative AI capabilities and our Cordant platform to create digital solutions that help our customers optimize their total cost of equipment ownership.

我們利用全天候 iCenter 監控功能、20 多年的監控和診斷數據、最新的生成 AI 功能和我們的 Cordant 平台來創建數位解決方案，幫助我們的客戶優化設備總擁有成本。

On the back of increasing customer acceptance and enhanced digital product offerings, GTS digital orders increased by approximately 60% this year with over 1,800 units connected at the end of 2024.

隨著客戶接受度的提高和數位產品供應的增強，GTS 數位訂單今年成長了約 60%，截至 2024 年底連接單位數超過 1,800 台。

Looking forward, we expect GTS digital orders to double by 2026 and continue this strong growth trajectory thereafter.

展望未來，我們預計到 2026 年 GTS 數位訂單將翻一番，並在此後繼續保持強勁的成長軌跡。

In summary, we have four discrete and tangible revenue growth accelerators that will benefit Gas Tech Services.

總而言之，我們有四個獨立且實際的收入成長加速器，將使 Gas Tech Services 受益。

Alongside an increasing installed base, this gives us confidence that we can structurally grow our high-margin GTS business for the next decade and beyond.

隨著安裝基數的不斷增加，我們有信心在未來十年及以後逐步實現高利潤的 GTS 業務的結構性成長。

Before turning the call over to Nancy, I would like to again emphasize the strength of our 2024 results.

在將電話轉給南希之前，我想再次強調我們 2024 年業績的強勁表現。

We faced some near-term market headwinds with the maximum sustainable capacity, MSC reduction in Saudi Arabia, and the LNG moratorium in the United States, yet we still exceeded the midpoint for orders and the high end of our EBITDA compared to our original guidance ranges.

我們面臨一些短期市場阻力，包括最大可持續產能、沙烏地阿拉伯 MSC 減少以及美國液化天然氣禁令，但與我們最初的指導範圍相比，我們仍然超過了訂單中點和 EBITDA 的高端。

Our company is clearly delivering results. evidenced by another record year.

我們的公司確實取得了成果。又一個創紀錄的年份證明了這一點。

We expect this momentum to continue, with EBITDA to demonstrate another year of strong growth in 2025.

我們預計這一勢頭將持續下去，2025 年 EBITDA 將再次實現強勁成長。

And as we embark on our continued journey we are excited about the opportunities to further expand the versatility and breadth of our technology portfolio as well as drive segment margins beyond our 20% target.

當我們踏上持續的旅程時，我們很高興有機會進一步擴大我們的技術組合的多功能性和廣度，並將細分利潤率提高到 20% 以上的目標。

With that, I will turn the call over to Nancy.

說完這些，我會把電話轉給南希。

Thanks, Lorenzo.

謝謝，洛倫佐。

I will begin on slide 9 with an overview of our consolidated results and then speak to segment details before summarizing our first-quarter and full-year outlook.

我將從第 9 張投影片開始概述我們的綜合業績，然後介紹各個部門的具體情況，最後總結我們第一季和全年的展望。

We demonstrated another year of strong progress during 2024.

2024 年，我們又取得了強勁進步。

For the full year, orders totaled $28.2 billion, including $13 billion of IET orders that marks the second highest order total for the segment.

全年訂單總額達 282 億美元，其中 IET 訂單總額達 130 億美元，是該領域訂單總額第二高的部分。

Technology versatility and differentiation of IET's portfolio continued to support a strong order book and near-record levels of RPO.

IET 產品組合的技術多功能性和差異化繼續支持強勁的訂單和接近創紀錄的 RPO 水平。

We generated total adjusted EBITDA of $4.6 billion, increasing over 20% and setting a record for the second consecutive year.

我們實現的調整後息稅折舊攤銷前利潤總額為 46 億美元，成長超過 20%，連續第二年創下紀錄。

Adjusted EBITDA margins increased 1.7 percentage points to 16.5%, marking the fourth consecutive year of margin expansion for the company.

調整後 EBITDA 利潤率增加 1.7 個百分點至 16.5%，這是該公司利潤率連續第四年擴大。

Adjusted diluted EPS for the year increased by 47% to $2.35. In addition to our strong operating results, EPS benefited from our effective tax rate declining by approximately 5 percentage points to 28%, adding $0.17 to EPS for the year.

全年調整後攤薄每股收益成長 47% 至 2.35 美元。除了強勁的經營業績外，每股盈餘還受益於我們的有效稅率下降約 5 個百分點至 28%，為全年每股收益增加了 0.17 美元。

Free cash flow totaled $2.3 billion, which represented a free cash flow conversion of 49%, near the high end of our targeted range.

自由現金流總計 23 億美元，自由現金流轉換率為 49%，接近我們目標範圍的高端。

Turning to our fourth-quarter results.

談談我們第四季的業績。

As Lorenzo mentioned, we delivered a very strong quarter for orders with total company orders of $7.5 billion, including $3.8 billion from IET.

正如洛倫佐所提到的，我們本季的訂單非常強勁，公司訂單總額達到 75 億美元，其中來自 IET 的訂單為 38 億美元。

Adjusted EBITDA increased by 20% year on year to $1.31 billion, driven by continued strong IET revenue growth and exceptional margin performance across both segments.

調整後 EBITDA 年成長 20% 至 13.1 億美元，這得益於 IET 收入持續強勁增長以及兩個部門的出色利潤率表現。

We are delivering on our commitments, and we remain focused on meeting our margin targets.

我們正在履行承諾，並繼續專注於實現利潤目標。

GAAP operating income was $665 million.

GAAP 營業收入為 6.65 億美元。

Adjusted operating income was $1.02 billion. GAAP

調整後的營業收入為 10.2 億美元。公認會計準則

diluted earnings per share were $1.18. Excluding adjusting items, earnings per share were $0.70, an increase of 37% when compared to the same quarter last year.

每股攤薄收益為 1.18 美元。不包括調整項目，每股收益為 0.70 美元，較去年同期成長 37%。

Excluded from adjusted diluted earnings per share was a net benefit of $0.48 related to unrealized gains on certain equity investments and the release of valuation allowances for certain deferred tax assets, partially offset by restructuring and other charges.

調整後每股攤薄收益中不包括0.48 美元的淨收益，該收益與某些股權投資的未實現收益以及某些遞延稅項資產的估價準備的釋放有關，但部分被重組和其他費用所抵消。

The valuation allowance release reflects our growing pattern of profitability over recent years alongside our confidence for continued profit growth into the future.

估值準備金的釋放反映了我們近年來不斷增長的獲利模式以及我們對未來利潤持續成長的信心。

Restructuring charges primarily relate to streamlining of our OFSE operating model and rightsizing our workforce to match forecasted activity levels.

重組費用主要與精簡我們的 OFSE 營運模式和調整員工規模以符合預測的活動水準有關。

We generated free cash flow of $894 million for the quarter, supported by a strong quarter of collections.

由於強勁的收款業績，本季我們產生了 8.94 億美元的自由現金流。

Turning to capital allocation on slide 10.

轉向第 10 張投影片上的資本配置。

Our balance sheet remains strong, ending the fourth quarter with cash of $3.4 billion, net debt to EBITDA ratio of 0.6 times and liquidity of $6.4 billion.

我們的資產負債表依然強勁，第四季末現金為 34 億美元，淨負債與 EBITDA 比率為 0.6 倍，流動資金為 64 億美元。

In 2024, we have returned $1.3 billion in dividends and share repurchases, amounting to approximately 60% of free cash flow.

2024年，我們返還了13億美元的股利和股票回購，約佔自由現金流的60%。

We remain committed to returning 60% to 80% of free cash flow to shareholders.

我們仍然致力於將 60% 至 80% 的自由現金流返還給股東。

Turning to the next slide, I want to highlight our steadily growing dividend, strong earnings growth and improving return on invested capital.

在下一張投影片中，我想強調我們穩定成長的股息、強勁的獲利成長和不斷提高的投資資本回報率。

We have demonstrated robust growth in earnings per share over the past three years, increasing by a 37% compound annual growth rate over this period.

過去三年，我們的每股盈餘強勁成長，在此期間複合年增長率達到 37%。

Moving to our dividend.

轉向我們的紅利。

We announced a 10% increase yesterday.

我們昨天宣布增加10%。

This marks the fourth consecutive year that we've raised our dividend, increasing by 28% since the third quarter of 2022.

這是我們連續第四年提高股息，自 2022 年第三季以來增加了 28%。

This consistent dividend growth demonstrates our confidence in the durability and momentum of the company's earnings and free cash flow, a quality we share with our industrial peers.

持續的股息成長顯示我們對公司獲利和自由現金流的持久性和發展勢頭充滿信心，這也是我們與業內同行所共有的品質。

Looking forward, I believe we're uniquely positioned to continue increasing the dividend, consistently buyback shares, and retain the financial flexibility to pursue opportunities that will enhance our growth capabilities.

展望未來，我相信我們擁有獨特的優勢，可以繼續增加股息，持續回購股票，並保持財務靈活性，以尋求增強我們成長能力的機會。

We are demonstrating solid progress in enhancing the company's returns profile, driven by our capital-efficient growth and significant margin expansion achieved over the last two years.

由於過去兩年來我們實現的資本高效成長和利潤率大幅提升，我們在提升公司回報狀況方面取得了堅實的進展。

For 2024, IET ROIC of 25% exceeded our 20% target one year early.

預計 2024 年 IET ROIC 將達到 25%，比我們之前一年設定的 20% 的目標提前了一步。

In OFSE, ROIC continues to make steady progress towards our 15% target, increasing to 13% for 2024.

在 OFSE，ROIC 繼續穩步朝著我們的 15% 目標邁進，到 2024 年將增至 13%。

We expect both segment returns to further increase in 2025 and beyond as our focus remains on capital efficient, profitable growth.

由於我們的重點仍然是資本效率和盈利增長，我們預計這兩個部門的回報率在 2025 年及以後都將進一步增加。

Now, I will highlight the results for both segments, starting with Industrial & Energy Technology on slide 12.

現在，我將重點介紹這兩個部分的結果，首先是幻燈片 12 上的工業和能源技術。

During the quarter, we booked strong IET orders of $3.8 billion, primarily driven by LNG awards and further gas infrastructure order momentum.

本季度，我們獲得了價值 38 億美元的強勁 IET 訂單，主要受到 LNG 合約授予和進一步的天然氣基礎設施訂單勢頭的推動。

For the full year, IET secured $13 billion of orders with a book to bill of 1.1 time, resulting in near-record RPO levels of $30.1 billion at year end.

全年而言，IET 獲得了價值 130 億美元的訂單，訂單出貨比為 1.1 倍，年底的 RPO 水平接近歷史最高水平，達到 301 億美元。

Our fourth-quarter results reflect a strong increase in IET EBITDA, up 38% year over year due to another strong quarter of revenue growth in Gas Technology for both equipment and services and significant margin expansion.

我們的第四季業績反映出 IET EBITDA 強勁成長，年成長 38%，這得益於燃氣技術設備和服務收入又一個強勁成長季度以及利潤率大幅擴大。

For the full year, IET EBITDA approached $2.1 billion, setting a record for the second consecutive year as revenue reached a new high and margin reclaim prior peak levels.

全年來看，IET EBITDA 接近 21 億美元，連續第二年創下紀錄，營收再創新高，利潤率也恢復到先前的峰值水準。

This was mostly driven by significant margin improvements in both Industrial Solutions and Gas Tech Equipment, with the latter benefiting from operational enhancements and conversion of higher price backlog.

這主要得益於工業解決方案和燃氣技術設備利潤率的大幅提高，後者則受益於營運的提升和高價積壓訂單的轉換。

Turning to Oilfield Services & Equipment on slide 13.

前往第 13 張投影片上的「油田服務與設備」。

We booked strong orders and flexibles during the quarter, which drove SSPS orders of $802 million and resulted in full year orders of $3.1 billion. OFSE

我們在本季獲得了大量訂單和靈活訂單，推動 SSPS 訂單達到 8.02 億美元，並使得全年訂單達到 31 億美元。奧斯陸聯邦理工學院

EBITDA margin continues to outperform the segment's revenue performance, supporting solid fourth quarter EBITDA of $755 million.

EBITDA 利潤率持續超過該部門的營收表現，支撐第四季 EBITDA 達到 7.55 億美元的穩健水準。

Full-year EBITDA increased by 11% to approximately $2.9 billion, driven by margin that expanded 1.5 percentage points to 18.4%.

全年 EBITDA 成長 11% 至約 29 億美元，受利潤率擴大 1.5 個百分點至 18.4% 的推動。

Turning to slide 14.

翻到第 14 張投影片。

I want to provide additional highlights on the significant progress we are making in driving structural margin improvement.

我想進一步強調我們在推動結構性利潤率改善方面所取得的重大進展。

We are executing several projects to streamline activities, remove duplication and modernize management systems.

我們正在執行多個項目，以簡化活動、消除重複性並使管理系統現代化。

This is improving clarity, transparency and the pace of decision-making, enable our teams to work smarter and drive costs structurally lower.

這提高了決策的清晰度、透明度和速度，使我們的團隊能夠更聰明地工作並從結構上降低成本。

We continue to enhance our supply chain across the enterprise.

我們不斷加強整個企業的供應鏈。

Our best value country spend increased 15% year on year in 2024.

2024 年，我們在最有價值國家的支出將年增 15%。

Typically, we see over 20% cost savings when we move volumes from higher-cost regions to best value countries.

通常，當我們將貨物從成本較高的地區轉移到最有價值的國家時，我們可以節省 20% 以上的成本。

Going forward, we're focused on sourcing a larger volume of materials from these countries.

展望未來，我們致力於從這些國家採購更多材料。

In IET, we are seeing the benefits of lean strategies being adopted across our operations.

在 IET，我們看到了在整個營運過程中採用精實策略所帶來的好處。

The team has initiated over 120 large problem-solving kaizen projects this year alone, involving over 1,300 employees across all functions.

光是今年，該團隊就啟動了 120 多個大型解決問題的改善項目，涉及各個職能部門的 1,300 多名員工。

Our GTE team has been applying lean to its execution model, focusing on improving throughput efficiency.

我們的GTE團隊一直將精實應用於執行模式，專注於提高生產效率。

Through multiple kaizens, the team has driven a 40% increase in GTE volumes within our existing manufacturing footprint to support growing demand.

透過多次改進，團隊已在我們現有的製造基地內將 GTE 產量提高了 40%，以滿足不斷增長的需求。

This has enabled us to gain share in key markets due to our speed to deliver on customers' needs.

由於我們能夠快速滿足客戶需求，這使我們能夠在主要市場中獲得份額。

In Industrial Tech, we have levered kaizens to improve lead times on Cordant's flagship product, Orbit 60.

在工業技術領域，我們利用 kaizens 來縮短 Cordant 旗艦產品 Orbit 60 的交付週期。

Lean adoption and manufacturing processes helped develop a new layout of the assembly line, reducing lead times by 50% and more than doubling effective capacity.

精益的採用和製造流程有助於開發裝配線的新佈局，將交貨時間縮短了 50%，有效產能提高了一倍以上。

In OFSE, a great example of the progress we have made is the improved performance of SSPS.

在 OFSE，我們所取得的進步的一個很好的例子就是 SSPS 性能的提升。

EBITDA margins have increased significantly over the last two years with SSPS margins more than doubling into the mid-teens last year.

EBITDA 利潤率在過去兩年中大幅成長，去年 SSPS 利潤率成長一倍多，達到十五六成左右。

This has been driven by refocusing our commercial model, rightsizing our capacity, and improving our execution.

這是透過重新調整我們的商業模式、調整我們的產能和提高我們的執行力來推動的。

For the overall OFSE segment, we continue to transform the business.

對於整個 OFSE 部門，我們將繼續進行業務轉型。

In 2024, the focus was centralizing the business operations, leading to a significant reduction in duplication across our regions and product and service lines.

2024 年的重點是集中業務運營，從而大幅減少跨地區、跨產品和服務線的重複。

The focus now is to drive consistency and operational excellence across the new business structure.

目前的重點是推動新業務結構的一致性和卓越營運。

These activities are centered on enhancing commercial intensity and optimizing operational efficiency.

這些活動主要圍繞在提升商業強度和優化營運效率。

In line with this, we are matching our structure to anticipated activity levels.

與此相符的是，我們正在將我們的結構與預期的活動水平相匹配。

These actions, along with the implementation of our streamlined operating model will be key drivers to achieve our OFSE margin target.

這些措施以及精簡營運模式的實施將成為我們實現 OFSE 利潤目標的關鍵驅動力。

We are making significant progress on our transformation journey, yet have additional opportunities to enhance efficiency, productivity, and ultimately, margins.

我們在轉型過程中取得了重大進展，同時也有更多機會提高效率、生產力，並最終提高利潤。

Our strategy is clear, and we are taking further action in 2025.

我們的策略很明確，2025年我們將採取進一步行動。

We have cultivated an organizational culture focused on continued margin improvement, and we see 20% margin targets as milestones on our journey towards best-in-class margins.

我們培育了一種專注於持續提高利潤率的組織文化，並將 20% 的利潤率目標視為我們邁向一流利潤率的里程碑。

Next, I would like to update you on our outlook.

接下來，我想向大家介紹一下我們的展望。

The details of first-quarter and full-year 2025 guidance can be found on slide 15.

2025 年第一季及全年指引的詳細資訊請參閱第 15 頁。

The ranges for revenue, EBITDA, and D&A are shown on this slide, and I will focus on the midpoint of our guidance.

此投影片顯示了收入、EBITDA 和 D&A 的範圍，我將重點放在我們指導的中點。

Starting with the full year, we expect total company revenue of approximately $27.75 billion and EBITDA of $4.95 billion.

從全年來看，我們預計公司總收入約為 277.5 億美元，EBITDA 為 49.5 億美元。

We are also targeting free cash flow conversion of 45% to 50% relative to our annual EBITDA.

我們還計劃將自由現金流轉換率目標定為年度 EBITDA 的 45% 至 50%。

We expect an effective tax rate in the range of 25% to 30%, with a strategic plan in place to further optimize our tax rate beyond 2025.

我們預計有效稅率在 25% 至 30% 之間，並制定了策略計劃以進一步優化 2025 年後我們的稅率。

We expect IET orders to remain at robust levels this year with LNG momentum returning to the market, while gas infrastructure and energy production order strength continues.

我們預計，隨著液化天然氣市場勢頭的重回，今年的 IET 訂單將保持強勁水平，同時天然氣基礎設施和能源生產訂單的強勁勢頭也將持續。

Given the strong environment, we expect IET orders of $12.5 billion to $14.5 billion.

鑑於強勁的環境，我們預計 IET 訂單將達到 125 億美元至 145 億美元。

At the midpoint, this would mark the third consecutive year of at least $13 billion of IET orders.

從中位數來看，這將標誌著 IET 訂單連續第三年達到至少 130 億美元。

This not only provides strong backlog support for our equipment business into 2027, but will provide years, if not decades, of growth for our high-margin aftermarket service businesses.

這不僅為我們到2027年的設備業務提供了強大的積壓支持，而且將為我們高利潤的售後服務業務帶來數年甚至數十年的成長。

As a result of this continued momentum and strong orders performance over the last two years, we expect full year IET revenue of $12.75 billion and EBITDA of $2.3 billion.

由於過去兩年持續的良好勢頭和強勁的訂單表現，我們預計全年 IET 收入將達到 127.5 億美元，EBITDA 達到 23 億美元。

For OFSE, we forecast full-year revenue of $15 billion, down slightly year on year as a result of softening oilfield service market in North America and lower SSPS revenues.

對於OFSE，我們預測全年營收為 150 億美元，年比略有下降，原因是北美油田服務市場疲軟以及 SSPS 收入下降。

Importantly, we still expect EBITDA to increase to $3 billion.

重要的是，我們仍然預期 EBITDA 將增加至 30 億美元。

We have been proactively positioning our OFSE portfolio to remain resilient in a maturing upstream spending cycle.

我們一直在積極定位我們的 OFSE 投資組合，以在成熟的上游支出週期中保持彈性。

Now turning to first quarter guidance.

現在談談第一季的指引。

We expect revenues of $6.5 billion and total EBITDA of approximately $1.02 billion.

我們預計營收為 65 億美元，總 EBITDA 約為 10.2 億美元。

For IET, we expect first quarter results to demonstrate strong year-over-year EBITDA growth led by GTE.

對於 IET，我們預計第一季業績將呈現由 GTE 帶動的強勁 EBITDA 同比增長。

Overall, we expect IET EBITDA of $460 million.

總體而言，我們預計 IET EBITDA 為 4.6 億美元。

The major factors driving this range will be the pace of backlog conversion in GTE, the impact of any aeroderivative supply chain tightness and gas technology, operational execution in industrial technology and CTS, and material changes in foreign exchange.

推動此範圍的主要因素將是GTE的積壓轉換速度、任何航空衍生性商品供應鏈緊密性和天然氣技術的影響、工業技術和CTS的營運執行、以及外匯的重大變化。

For OFSE, we expect first-quarter results to reflect a more pronounced seasonal decline for international OFS and SSPS.

對於 OFSE，我們預計第一季的業績將反映出國際 OFS 和 SSPS 更明顯的季節性下滑。

Accordingly, we expect EBITDA of $645 million.

因此，我們預計 EBITDA 為 6.45 億美元。

Factors driving the range include the SSPS backlog conversion, activity levels in Saudi Arabia and Mexico, and winter weather in the Northern Hemisphere.

影響該範圍的因素包括 SSPS 積壓轉換、沙烏地阿拉伯和墨西哥的活動量以及北半球的冬季天氣。

In summary, we are extremely pleased with the operational performance of the company during 2024.

總而言之，我們對公司 2024 年的營運表現感到非常滿意。

The fourth quarter marks the third consecutive quarter of record EBITDA and the second consecutive quarter of record EBITDA margin.

第四季是 EBITDA 連續第三個季度創下歷史新高，EBITDA 利潤率連續第二季創下歷史新高。

These are clear indicators that our transformation is working.

這些清晰的跡象表明我們的轉型正在發揮作用。

The entire organization is committed to structurally improving margins and capitalizing on market opportunities with our differentiated portfolio of solutions.

整個組織致力於利用我們差異化的解決方案組合從結構上提高利潤率並利用市場機會。

Both are key drivers in our journey to further increase shareholder value.

兩者都是我們進一步提高股東價值的關鍵驅動力。

We are proud of the progress the company is making, and we are excited about the future of Baker Hughes.

我們為公司取得的進步感到自豪，我們對貝克休斯的未來感到興奮。

I'll turn the call back to Lorenzo.

我會把電話轉回給洛倫佐。

Thank you, Nancy.

謝謝你，南希。

As you can see from our strong 2024 results and the exceptional margin improvement illustrated on slide 17, we have evolved into a much more profitable energy and industrial technology company.

從我們強勁的 2024 年業績和幻燈片 17 上所示的卓越利潤率提升可以看出，我們已經發展成為一家盈利能力更強的能源和工業技術公司。

At the midpoint of our 2025 guidance, Baker Hughes' EBITDA margin will have increased by more than 6 percentage points over the past five years.

按照我們 2025 年指引的中位數，貝克休斯的 EBITDA 利潤率將在過去五年中增加 6 個百分點以上。

Additionally, EBITDA has more than doubled over this same period.

此外，EBITDA 在同一時期增長了一倍以上。

Looking at 2025 and beyond.

展望2025年及以後。

Our balance sheet remains strong.

我們的資產負債表依然強勁。

Our strategy is clear, and we see a differentiated growth opportunity for Baker Hughes.

我們的策略很明確，我們看到了貝克休斯的差異化成長機會。

Markets are evolving, and this aligns with our vision of the energy technology ecosystem.

市場不斷發展，這與我們對能源技術生態系統的願景一致。

The need for more energy with fewer emissions is critical and the increased use of natural gas will be fundamental to achieving this objective.

減少排放、增加能源使用至關重要，而增加天然氣的使用對於實現這一目標至關重要。

Our strong market positioning across natural gas, LNG, and gas infrastructure, new energy, and mature fields provides multiple growth vectors across our portfolio.

我們在天然氣、液化天然氣、天然氣基礎設施、新能源和成熟油田領域的強大市場地位為我們的投資組合提供了多種成長載體。

This will be accompanied by emerging opportunities for distributed power solutions and new industrial markets.

這將伴隨著分散式電源解決方案和新興工業市場的出現。

We have a unique broad technology portfolio that will drive growth through the remainder of the decade, irrespective of the pace of the energy transition.

我們擁有獨特的廣泛技術組合，無論能源轉型的速度如何，它都將推動未來十年的成長。

Given the balanced portfolio, untapped market opportunities, significant recurring IET service revenue, and our more efficient cost structure, Baker Hughes is becoming less cyclical in nature and will generate more durable earnings and free cash flow across cycles.

鑑於均衡的投資組合、尚未開發的市場機會、可觀的經常性IET 服務收入以及我們更高效的成本結構，貝克休斯的周期性特徵正在減弱，並將在各個週期產生更持久的收益和自由現金流。

To conclude, I'd like to thank the Baker Hughes team for yet again delivering outstanding results.

最後，我要感謝貝克休斯團隊再次取得優異的成績。

As we continue our journey to propel Baker Hughes forward, we remain committed to our customers, shareholders, and employees.

在我們繼續推動貝克休斯前進的過程中，我們始終致力於服務我們的客戶、股東和員工。

With that, I'll turn the call back over to Chase.

說完這些，我將把電話轉回給 Chase。

Operator, we can open up for questions.

接線員，我們可以開始提問了。

(Operator Instructions) Arun Jayaram, JPMorgan Securities.

(操作員指示) 摩根大通證券的阿倫·賈亞拉姆 (Arun Jayaram)。

Lorenzo, I wanted to dig a little bit deeper on your 2025 IET order outlook.

洛倫佐，我想更深入地了解您對 2025 年 IET 訂單的展望。

You guided to $13.5 billion of inbound orders at the midpoint.

您預計中期入站訂單量將達到 135 億美元。

Can you discuss some of the puts and takes as well as the overall macro picture for orders between some of the subsegments, LNG, OOP, gas infrastructure?

您能否討論一些細分領域、液化天然氣、OOP、天然氣基礎設施之間的訂單優缺點以及整體宏觀情況？

And do you think you can reach that $5 billion threshold for Gas Tech orders that you've been running at for several years now?

您認為你們能夠達到多年來堅持的 50 億美元天然氣技術訂單門檻嗎？

Yes, clearly, we've had a before past few years.

是的，顯然，過去幾年我們已經經歷了很多。

And when you look at the amount of bookings, we've actually booked $40 billion of IET orders over the past three years, which obviously, is a history exceeding the past.

從訂單量來看，過去三年我們實際上已經預訂了價值 400 億美元的 IET 訂單，這顯然是一個超越過去的歷史。

And in 2024, we booked $13 billion, the second highest order year in the company's history.

2024年，我們的訂單金額達到130億美元，這是公司歷史上訂單金額第二高的年份。

And I think it's important to recognize that, that was even with the US LNG permitting moratorium.

我認為，認識到這一點很重要，即使美國已經頒布了液化天然氣許可禁令。

And in 2024, we had a 65% decline in our LNG orders versus 2023.

到 2024 年，我們的液化天然氣訂單將比 2023 年下降 65%。

And we do see this continued strength continuing in 2025.

我們確實看到這種強勁勢頭將在 2025 年持續下去。

And I think as we look at gas infrastructure, we're going to have continued strong demand in gas pipelines, gas processing. 2025, we're going to see LNG come back.

我認為，從天然氣基礎設施來看，我們對天然氣管道和天然氣加工的需求將持續強勁。 2025年，我們將看到液化天然氣的回歸。

And obviously, LNG orders increasing over 2024.

顯然，2024 年液化天然氣訂單將會增加。

And when we booked 2.1, we've got about 80 MTPA that's going to be FID-ed over the next couple of years.

當我們預訂 2.1 時，我們將獲得約 80 MTPA，這些產量將在未來幾年內獲得 FID。

You look at FPSOs, continued demand strength, and we see seven to nine FPSOs per year.

你看 FPSO，需求持續強勁，每年我們看到七到九個 FPSO。

And also increasingly, NovaLT.

而且 NovaLT 也日益受到關注。

We're seeing an increased interest in the NovaLT turbines with orders possibly doubling versus last year in 2025 with behind the meter solutions for both data centers and oil and gas.

我們看到人們對 NovaLT 渦輪機的興趣日益濃厚，到 2025 年，訂單量可能比去年翻一番，為資料中心以及石油和天然氣提供電錶後解決方案。

And then on the CTS side, again, we continue to see strong order growth led by CTOS emissions management and also the opportunity of clean power.

然後在 CTS 方面，我們再次看到由 CTOS 排放管理和清潔能源機會推動的強勁訂單成長。

And as we look at 2025 robust pipeline, that supports our $1.4 billion to $1.6 billion of new energy orders for this year.

當我們展望2025年強勁的管道時，這將支持我們今年14億至16億美元的新能源訂單。

As you look at industrial tech and also the strength in the market continues to recover, and we see overall continued strength across the IET market environment.

當您看到工業技術和市場實力持續恢復時，我們看到整個 IET 市場環境整體持續走強。

So feel good about where the midpoint is of $13.5 billion.

因此，對於 135 億美元的中點數字，我們感到很滿意。

It would mark the third consecutive year of being ahead of the $13 billion orders.

這將是該公司連續第三年領先 130 億美元的訂單。

And again, on the GTE side, the $5 billion well in reach.

就 GTE 方面而言，50 億美元是完全可以實現的。

So as we look out to 2030, we've got an addressable market of $150 billion with 70% of that being outside of LNG.

因此，展望 2030 年，我們的潛在市場規模為 1500 億美元，其中 70% 在液化天然氣之外。

So we feel good about the long-term trend within, again, the industrial energy technology order book in 2025, looking for another strong year.

因此，我們對 2025 年工業能源技術訂單的長期趨勢充滿信心，期待另一個強勁的一年。

Great.

偉大的。

A follow-up.

後續行動。

You had an interesting commentary in your deck around the gas turbine market, anticipating the market to more than double by 2030.

您在演講中對燃氣渦輪機市場做出了有趣的評論，預計到 2030 年燃氣渦輪機市場規模將增加一倍以上。

Lorenzo, your strengths in gas turbines for LNG and oil and gas largely unmatched.

洛倫佐，您在液化天然氣和石油天然氣燃氣渦輪機方面的優勢無人能及。

But I was wondering if you could highlight what type of inroads are you making in the turbine market outside of oil and gas, thinking about applications in industrial settings as well as power.

但我想知道您是否可以強調您在石油和天然氣以外的渦輪機市場取得了哪些進展，考慮在工業環境和電力中的應用。

Yes, Arun, again, we've got a full portfolio of Gas Turbine technology and multifuel drivers, which can be used in multiple applications.

是的，阿倫，我們擁有全套燃氣渦輪機技術和多燃料驅動器，可用於多種應用。

As you look at the aspect of our NovaLTs and you look at below the 150 megawatts, we've got the opportunity to continue going into the data center, marketplace, and providing distributed power solutions behind the meter and also off-grid solutions.

當您查看我們的 NovaLT 方面並查看低於 150 兆瓦時，我們有機會繼續進入資料中心、市場，並提供電錶後的分散式電源解決方案以及離網解決方案。

And this is an increasing space that we see as an opportunity and we're continuing to enhance our industrial gas turbine lineup and the portfolio that we have.

我們將這個不斷增長的空間視為機遇，並將繼續增強我們的工業燃氣渦輪機陣容和現有的產品組合。

So as you look at in particular, the data center market continuing to grow, we see opportunities going forward in that place.

因此，當你特別關注資料中心市場持續成長時，我們看到了未來的機會。

But also, as you look at the aspect of gas processing and pipelines, we continue to need compression as well as also the aspect of power to be able to propel the molecule.

但是，當您查看天然氣處理和管道方面時，我們仍然需要壓縮以及能夠推動分子的動力方面。

So across the board, good opportunities.

因此，總體而言，這都是很好的機會。

David Anderson, Barclays.

巴克萊銀行的戴維安德森。

So a lot of the focus today is going to be on your IET business and the question is the IET business, rightfully so.

所以今天的重點將放在您的 IET 業務上，問題就是 IET 業務，這是理所當然的。

But I just want to ask you a question about the OFSE side, specifically around how you see the various components playing out in '25.

但我只想問您一個關於 OFSE 方面的問題，特別是您如何看待 25 年各個組成部分的發展。

Overall, you're seeing spending down a bit this year.

整體來說，今年的支出有所下降。

I would expect the later cycle businesses, including -- we mentioned mature asset solutions, production chemicals to grow alongside with the flexibles.

我預期後期週期業務，包括—我們提到的成熟資產解決方案、生產化學品將與靈活業務一起成長。

However, the midpoint you guide this year is for OFSE to be down -- on top-line down by 4%.

然而，您預測今年的中間值是 OFSE 會下降——營業收入將下降 4%。

So question is really on the mix of the business in OFSE and kind of how it plays out during the year and maybe what some of the puts and takes could be around that guide for the year.

所以問題實際上在於 OFSE 的業務組合，以及它在一年中如何運作，以及今年圍繞該指南可能會出現哪些利弊。

Yeah, sure.

是的，當然。

And OFSE is an important part of our business, and we're very pleased with the way in which the margin has progressed and definitely don't want to take away from OFSE by talking about IET all the time.

OFSE 是我們業務的重要組成部分，我們對利潤率的成長方式感到非常滿意，並且絕對不想透過一直談論 IET 來損害 OFSE 的利益。

So I think as you look at our prepared remarks, definitely, we do see 2025 slightly lower when compared to 2024.

因此，我認為，當您看我們準備好的評論時，我們確實看到 2025 年與 2024 年相比略低。

I think you know historically, we've taken a more conservative approach which has proved to us well last year.

我想你知道，從歷史上看，我們採取了更保守的做法，這在去年已被證明是有效的。

As you look at North America, we do anticipate spending this year to decrease year on year in the mid-single-digit range.

看看北美，我們預計今年的支出將年減約個位數。

A number of operators continue to be focused on capital discipline and they're looking to optimize the newly consolidated acreage that they've got in place.

許多業者繼續關注資本紀律，並希望優化他們已經擁有的新合併的土地面積。

We do expect to outperform the market in this area just because our portfolio is production weighted greater than 50% of what we have is related to the production side.

我們確實期望在這個領域中能跑贏市場，因為我們的投資組合中的生產權重超過 50%，與生產方面有關。

On the international markets, again, we're seeing a flat to down year on year.

在國際市場上，我們再次看到同比持平或下降的趨勢。

There's the potential overhang of the OPEC+ spec oil capacity some of the changing regimes and also the focus on gas, leading to some reduced activity.

OPEC+ 的石油產能可能過剩，一些變化的機制以及對天然氣的關注導致一些活動減少。

Looking at Mexico, Saudi, and North Sea expected to remain soft this year.

縱觀墨西哥、沙烏地阿拉伯和北海，預計今年其經濟將保持疲軟。

partially offset by Brazil and outside of Saudi Arabia and the Middle East and some sub-Sahara and Africa.

部分被巴西和沙烏地阿拉伯以及中東以及撒哈拉以南和非洲以外的地區所抵消。

But again, as we look at it, we do expect on the international side, flat to down year on year.

但是，當我們再看時，我們確實預計國際方面的表現將同比持平或下降。

And from an offshore perspective, as we mentioned, we do see that continuing to be positive.

從離岸角度來看，正如我們所提到的，我們確實看到這種情況繼續保持積極態勢。

And as we go past this 2025, we still feel good about the mature asset solutions in the latter part of the decade and again, continuing to increase our focus on the brownfields and the opportunity to maximize production from existing assets.

當我們跨越 2025 年時，我們仍然對本世紀後半期的成熟資產解決方案充滿信心，並將繼續增加對棕地的關注以及最大限度提高現有資產產量的機會。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Lorenzo, like you discussed, I want to touch on the life cycle aspect of the Gas Tech business.

洛倫佐，就像您所討論的那樣，我想談談天然氣技術業務的生命週期方面。

And I know you discussed how Gas Tech Services is outpacing installed capacity growth, which is obviously really impressive, right?

我知道您討論過 Gas Tech Services 如何超越安裝容量成長，這顯然令人印象深刻，對嗎？

And then if I go back to your slide, I think slide 7 in your deck, Lorenzo, you talked about the four revenue growth accelerators, pricing mix upgrades, digital.

然後，如果我回到你的投影片，我想在你的投影片第 7 張投影片中，洛倫佐，你談到了四個收入成長加速器、定價組合升級、數位化。

If we just think about the next two to three years, Lorenzo, which one of these four should we think would be the most meaningful for Gas Tech Services growth?

洛倫佐，如果我們只考慮未來兩到三年，我們認為這四個中的哪一個對於 Gas Tech Services 的成長最有意義？

Yes, definitely.

是的，當然。

And again, as we've highlighted, our installed base is expected to grow by at least 20% between now and 2030.

正如我們所強調的，從現在到 2030 年，我們的安裝基數預計將成長至少 20%。

And from a revenue standpoint, again, we expect GTS revenue to outpace this growth rate.

從收入角度來看，我們再次預期 GTS 收入將超過這個成長率。

And it's really on the back of the drivers that you mentioned that we shared on the page.

這確實是您在頁面上提到的驅動程式的背面。

And mix is going to be the biggest driver.

混合將成為最大的驅動力。

It's improving mix as we continue to see an increase in the LNG aspect.

隨著我們不斷看到液化天然氣 (LNG) 方面的成長，其組合正在不斷改善。

And as you look at our installed base for service for LNG, it's going to increase by over 50% through 2030, which is outpacing the overall 20% growth rate.

從我們的液化天然氣服務安裝基數來看，到 2030 年，這一數字將成長 50% 以上，超過整體 20% 的成長率。

So that mix on the LNG side, as it has high attachment rates is definitely beneficial, and it generates more service revenue over the life of the equipment.

因此，由於液化天然氣混合物具有較高的附著率，因此無疑是有益的，並且在設備的整個使用壽命內可以產生更多的服務收入。

Also, the other aspects, pricing, upgrades in digital.

此外，還有其他方面，定價、數位升級。

We continue to see those having an important factor as well.

我們繼續看到那些也具有重要因素的人。

But mix is the one that is going to be important.

但混合才是最重要的。

And as we go forward -- also, upgrades is something that we think is poised for increasing.

隨著我們不斷前進，我們認為升級也會增加。

As you saw in the second half of 2024, we had an uptick of 10% year over year.

正如您在 2024 年下半年看到的，我們的年成長率為 10%。

And in the fourth quarter, we saw the highest order intake since 2020.

第四季度，我們的訂單量達到了 2020 年以來的最高水準。

So looking favorable there as well.

因此那裡的情況看起來也不錯。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

So you guys have been obviously very successful on the margin front the last few years.

所以，在過去幾年裡，你們在利潤方面顯然取得了非常大的成功。

I was curious if you could walk us through the moving pieces to get to the 20% target for OFS this year and on the IET side for 2026.

我很好奇，您是否可以向我們介紹今年 OFS 實現 20% 目標以及 2026 年 IET 實現 20% 目標的具體步驟。

Sure.

當然。

I'll take that one.

我要那個。

We are really pleased with the progress the teams have made in driving our business transformation.

我們對團隊在推動業務轉型方面取得的進展感到非常高興。

And I would say that self-help initiatives and broader transformation will absolutely continue to be a major driver of the margin improvement as we think about 2025 and even beyond.

我想說，展望 2025 年甚至更久以後，自助舉措和更廣泛的轉型絕對將繼續成為利潤率提高的主要驅動力。

And in OFSE in particular, as we demonstrate in 2024, we're driving really significant initiatives, that are just not necessarily related to activity levels.

特別是在 OFSE，正如我們在 2024 年所展示的那樣，我們正在推動真正重要的舉措，這些舉措不一定與活動水平相關。

So there's that piece as well, and that's all going to drive margin expansion in coming years.

所以也有這個部分，這一切都將推動未來幾年利潤率的擴大。

And in 2024, the OFSE margin increased by 1.5 percentage points, and that was really outpacing the revenue growth.

到 2024 年，OFSE 利潤率將增加 1.5 個百分點，這實際上超過了收入成長。

And that's what you saw, we generated incremental margins over 100%.

正如您所看到的，我們產生了超過 100% 的增量利潤。

So a lot of good work there.

那裡有很多出色的工作。

I think good evidence that we've been proactively positioning the OFSE portfolio to really remain resilient in what we see as a truly maturing upstream spending cycle, and we continue to be focused on driving consistency, operational excellence, and service delivery across that sort of streamlined operating structure that we worked on in 2024.

我認為，有充分的證據表明，我們一直在積極定位 OFSE 投資組合，以便在我們認為真正成熟的上游支出週期中保持彈性，並且我們繼續專注於推動一致性、卓越運營和服務交付。年致力於精簡營運結構。

We're also, in addition to that, now rightsizing our structure to match expected activity levels.

除此之外，我們也正在調整結構規模以符合預期的活動量。

So when you think about the portfolio plus this work, we really play at the high end of technology, and we're not as much in the highly commoditized range.

因此，當您考慮投資組合加上這項工作時，我們確實處於技術的高端，並且我們處於高度商品化的範圍。

And as Lorenzo mentioned, our production weighted portfolio provides quite a bit of resiliency in a softer environment.

正如洛倫佐所提到的，我們的生產加權投資組合在較軟的環境中提供了相當大的彈性。

So when our customers think about they're optimizing production from their existing assets, we see more OpEx revenue for ourselves at highly accretive margins.

因此，當我們的客戶考慮利用其現有資產來優化生產時，我們就會以高度增值的利潤率獲得更多的營運支出收入。

So all of that to say that we are very highly confident in achieving our 20% margin even in the softer upstream spending environment.

所以，所有這些都表明，即使在上游支出環境較弱的情況下，我們也非常有信心實現 20% 的利潤率。

And the team side OFSE have been doing fantastic work on rightsizing the business and focusing on all the operational excellence components.

OFSE 團隊在調整業務規模和專注於所有卓越營運組件方面做出了巨大的努力。

So all of these structural enhancements will fuel that margin expansion even beyond 2025 as we continue to focus on closing the gap with our peers in OFSE.

因此，隨著我們繼續致力於縮小與 OFSE 同行的差距，所有這些結構性改進都將推動利潤率在 2025 年以後擴大。

And then turning to IET, the margin expansion there has been really solid and gaining a lot of momentum.

然後轉向 IET，那裡的利潤率擴張一直非常穩固，並且獲得了很大的發展勢頭。

So in 2024, we demonstrated almost 2 percentage points of margin expansion.

因此，到 2024 年，我們的利潤率將擴大近 2 個百分點。

We will continue to see expansion in 2025 towards that 20% goal, and the guidance implies 18% segment margin working towards 20% in 2026.

我們將在 2025 年繼續擴張，朝著 20% 的目標邁進，指導意見暗示 2026 年分部利潤率將達到 18%，朝著 20% 的目標邁進。

And so we'll continue to progress.

因此我們會繼續進步。

We are on track and a couple of drivers of that is just in GTE.

我們一切順利，其中幾位車手就在 GTE 車隊。

We expect to continue significant volume leverage, coupled with further productivity gains.

我們期望繼續發揮顯著的產量槓桿作用，同時進一步提高生產力。

And we've said previously that our backlog is higher priced than previous.

我們之前說過，我們的積壓訂單價格比以前更高。

So we will continue to focus in that way, and that will help GTE margins as well.

因此，我們將繼續關注這種方式，這也將有助於提高 GTE 的利潤率。

In GTS, we've got new digital offerings and enhanced services solutions, and as Lorenzo mentioned, upgrades and all of that will support margin expansion and we also continue to see better normalization on the aeroderivative supply chain.

在GTS 中，我們獲得了新的數位產品和增強的服務解決方案，正如Lorenzo 所提到的，升級和所有這些都將支持利潤率的擴大，我們也將繼續看到航空衍生產品供應鏈的更好正常化。

Another component, as we've talked about in the past, is R&D costs starting to decline, and that's most evident in CTS, but that's going to help drive margin uplift.

正如我們過去談到的，另一個因素是研發成本開始下降，這在 CTS 中最為明顯，但這將有助於提高利潤率。

And then finally, in industrial tech, we are really improving margins there, getting more volume through the factories and better cost absorption.

最後，在工業技術領域，我們確實在提高利潤率，透過工廠增加產量並更好地吸收成本。

So all of that's contributing to better margins.

所有這些都有助於提高利潤率。

And we're excited.

我們非常興奮。

There's lots of opportunities for expansion, and we remain very confident in our ability to get to the 20% in 2026 and continue to mention that 20% margins is not a final destination.

擴張的機會有很多，我們仍然對在 2026 年達到 20% 的目標充滿信心，並繼續強調 20% 的利潤率並不是最終目標。

We will continue in both segments to lift our eyes past 2025, past 2026, and improved margins even past the 20% goals.

我們將繼續在這兩個領域著眼於 2025 年、2026 年以後，並將利潤率提高到甚至超過 20% 的目標。

And Steve, I would just add, I think as you look at 2024 and the progress that's been made on the self-help and we've said a lot of this is down to the execution and also the simplification and the processes that we're working on internally.

史蒂夫，我想補充一點，我認為當你回顧 2024 年以及在自助方面取得的進展時，我們已經說過，這在很大程度上歸功於執行，也歸功於我們簡化和流程。進行工作。

And on the IET side, considerable amount, about half of it is driven by self-help and on the OFSE side, two-thirds.

在 IET 方面，有相當一部分資金，大約一半是由自助推動的，而在 OFSE 方面，則有三分之二。

So again, focused on the continued process enhancements and positions within the company.

因此，我們再次強調，並專注於公司內部持續的流程改善和職位提升。

And as Nancy mentioned, the 20% is not an end point.

正如南希所提到的，20% 並不是終點。

It's just a path on the journey.

這只是旅途中的一條路。

Neil Mehta, Goldman Sachs & Co.

高盛公司 Neil Mehta

A question around capital returns, great to see the dividend bump today.

有關資本回報的問題，很高興看到今天股息上漲。

And just your perspective on the right way to return that 60% to 80% back to shareholders here as you think about the dividends versus the buy backs and I think, Lorenzo, Nancy, you definitely talked about leaning into the dividend.

當您考慮股息與回購時，您認為將 60% 到 80% 的利潤返還給股東的正確方法是什麼？

So just your latest thoughts there.

這只是您最近的想法。

And then as it relates to capital allocation, maybe you could also touch on M&A.

然後，由於它與資本配置相關，也許您也可以談談併購。

It was a quieter year for M&A activity for Baker Hughes.

對貝克休斯來說，這是併購活動較為平靜的一年。

And what do you think the opportunity set looks like for no transformational M&A but bolt-ons?

您認為，對於不進行轉型性併購而是進行附加性併購而言，機會是什麼樣的？

Yeah.

是的。

Great questions.

很好的問題。

And we were really pleased with our free cash flow performance in 2024, and we remain committed to our stated goal of returning 60% to 80% of free cash flow to shareholders, that will be completely anchored by the dividend, and we increased the dividend to show our commitment to the growing profitability of the company.

我們對 2024 年的自由現金流表現非常滿意，我們仍然致力於實現將 60% 至 80% 的自由現金流返還給股東的既定目標，這將完全由股息決定，而且我們增加了股息以表明我們對公司獲利能力不斷增長的承諾。

And since the company was formed in 2017, we've returned over $10 billion of dividends and buy backs.

自 2017 年公司成立以來，我們已返還了超過 100 億美元的股息和回購。

So we will continue to maintain that.

因此我們將繼續堅持這一點。

And we will also remain opportunistic in terms of share repurchases to fulfill that total commitment, which is exactly what we did in 2024.

我們也將繼續抓住股票回購的機會來履行這項整體承諾，而這正是我們在 2024 年所做的。

So we raised the dividend in the past four years in a row, and our shareholder return track record remains strong.

因此，我們在過去四年中連續提高了股息，並且我們的股東回報記錄仍然強勁。

And in 2025, we will do the same as with the increased dividend and continue to focus on share buy back.

2025 年，我們將採取相同的措施，增加股息，並繼續專注於股票回購。

So all of that will work towards our commitment of the 60% to 80%.

所以所有這些都是為了實現我們 60% 到 80% 的承諾。

And then we do want to retain some financial flexibility.

然後我們確實想保留一些財務彈性。

We've got a very strong balance sheet, and we want to have the ability to be -- be in that position, strong credit ratings and some flexibility as we need it for the business.

我們的資產負債表非常強勁，我們希望有能力維持這種狀態，擁有強大的信用評級和業務所需的一定靈活性。

And then on the M&A question, our philosophy is to do what's always right for shareholders.

關於併購問題，我們的理念是始終做對股東有利的事。

So we continue to look at our portfolio think about how we optimize and what the composition of that should be as the company continues to grow.

因此，我們將繼續審視我們的投資組合，思考如何進行最佳化，以及隨著公司不斷發展，投資組合的組成應該如何。

So we will always focus on tuck-in M&A and some small tech bets in the new energy space and anything that really will complement our existing technology leadership.

因此，我們將始終專注於新能源領域的內部併購和一些小型技術投資，以及任何真正能夠補充我們現有技術領先地位的事物。

So as we think about horizon two and three between now and [2030], we will always look at places where we need to fill a gap in the portfolio and opportunities for strategic fits with our existing asset base.

因此，當我們思考從現在到 [2030 年] 的第二和第三個前景時，我們將始終尋找需要填補投資組合空白的地方以及與我們現有資產基礎進行戰略契合的機會。

So we're always on the lookout.

因此我們始終保持警惕。

But yes, it was acquired in 2024, and we will always have our eyes open for opportunities in 2025 and beyond.

但是，它確實是在 2024 年被收購的，我們將時刻關注 2025 年及以後的機會。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Another one for Nancy.

再來一個給南希。

You've maintained the 45% to 50% free cash conversion target for the year.

您今年的免費現金轉換目標維持在 45% 至 50%。

Can you just update us on the puts and takes on the conversion rate?

您能否向我們介紹一下轉換率的看跌和看漲情況？

Your margins are getting better.

你的利潤越來越好了。

I know you've had initiatives to improve the cash tax rate, and you've discussed R&D and new tech moderating over time.

我知道您已經採取了提高現金稅率的舉措，並且您已經討論了隨著時間的推移研發和新技術的緩和。

Are there offsets from a working capital perspective that kind of keeps a lid on the convert rate in '25?

從營運資本的角度來看，是否有抵銷措施，可以限制 25 年的轉換率？

So more color would be great.

因此，如果顏色更多一些就更好了。

Yes, sure.

是的，當然。

We're very pleased with our free cash performance.

我們對我們的免費現金表現非常滿意。

That's been a major target area for the entire company in 2024, and we're really pleased with that conversion rate of 49%.

這是整個公司 2024 年的主要目標領域，我們對 49% 的轉換率感到非常滿意。

So that's right in the range of the 45% to 50%.

所以這正好在 45% 到 50% 的範圍內。

A lot of that is just thinking about our free cash flow processes, our overall performance day to day.

我們很多時候只是考慮我們的自由現金流流程和我們日常的整體表現。

We're very confident in achieving that range again in 2025.

我們非常有信心在 2025 年再次實現這一目標。

And when I think about some of the big drivers for that, it's really around working capital efficiency.

當我思考其中的一些主要驅動因素時，我發現它實際上與營運資金效率有關。

We see so much work we can still do to tighten up our collections process, our inventory turns, and this is a really high priority area for the people inside Baker Hughes.

我們發現我們仍有許多工作要做，以完善我們的收款流程和庫存週轉率，而這對貝克休斯內部的人來說是一個非常優先的領域。

We've spent a lot of time thinking about how we can make every aspect more tight, more profitable, more efficient.

我們花了很多時間思考如何讓每個環節更加緊密、更有有利可圖、更有效率。

So this has been really fun to watch the organization over the past year, and we have much work to do in 2025.

所以，觀察這個組織在過去的一年裡的表現真的很有趣，我們在 2025 年還有很多工作要做。

So highly confident on that space.

所以對這個領域非常有信心。

The other piece is tax management.

另一部分是稅務管理。

So in 2024, we made some really good improvements in our tax rate.

因此，在 2024 年，我們對稅率做出了一些非常好的改善。

And in 2025, we're working to drive cash tax rate and our rate meaningfully lower and we've given guidance around that, and our book rate will come down as well.

到 2025 年，我們將努力降低現金稅率和我們的稅率，並且我們已經給出了相關指導，我們的帳面稅率也將下降。

So lots of effort in everything around our working capital and free cash flow.

因此，我們在營運資金和自由現金流方面付出了很多努力。

And then another driver is really structurally higher margins.

另一個驅動因素是結構性較高的利潤率。

And so that margin improvement is going to flow through and you're going to see overall free cash flow continue to move.

這樣，利潤率就會提高，你會看到整體自由現金流會繼續流動。

So we're very confident about -- through our path to consistently achieve 50% of free cash flow conversion as we really think going forward about working capital efficiency and the tax side.

因此，我們非常有信心——透過我們的道路持續實現 50% 的自由現金流轉換，因為我們真正考慮的是營運資本效率和稅收方面。

So lots of efforts made great progress in 2024, and there's more to come in 2025 for sure.

因此，許多努力在 2024 年取得了巨大進展，並且肯定還會有更多進展在 2025 年實現。

Kurt Hallead, Benchmark.

庫爾特·哈萊德 (Kurt Hallead)，基準。

Lorenzo, big picture, kind of question for you, right?

洛倫佐，從大局來看，這對你來說是一個問題，對嗎？

You've outlined a very compelling story for obviously the IET growth dynamics, not only through 2030, but it looks like it extends out beyond that, when you start to talk about your increased installed base and aftermarket services.

您為 IET 的成長動態概述了一個非常引人注目的故事，不僅是到 2030 年，而且當您開始談論增加的安裝基數和售後服務時，它似乎也延伸到了 2030 年之後。

So given the moderating growth rates in Oilfield Services, without putting a hard number around it, you happen to have a feeling here about whether or not the IET business could wind up being at least half, if not more, of your business mix as you get closer to 2030?

因此，考慮到油田服務業務的成長率正在放緩，雖然沒有給出一個確切的數字，但你恰好可以感覺到，隨著你更接近2030年？

Good to hear from you.

很高興收到你的來信。

And look, as we stated, our strategy is to continue to grow Baker Hughes in totality.

正如我們所說，我們的策略是繼續全面發展貝克休斯。

And from a percentage standpoint of the two segments over time, IET will grow as the market and the addressable market is considerable, and we've got the opportunity to continue to move into new spaces.

從這兩個部分的百分比來看，隨著時間的推移，IET 將隨著市場和潛在市場的擴大而成長，並且我們有機會繼續進入新的領域。

And the mix will change.

而且組合也會改變。

Again, we don't have any destination in mind, both of the business units are critically important and actually share a lot of the capabilities together and also customers together.

再說一次，我們沒有任何目標，兩個業務部門都至關重要，實際上共同共享許多能力，也共同共享客戶。

And so that's why we think we're in a unique opportunity and like the way in which the portfolio is structured to the point of overall mix, yes, you'll see the element of IET as we continue to grow from a percentage standpoint, be a larger portion of Baker Hughes.

因此，我們認為我們處於一個獨特的機會中，並且就像投資組合的結構一樣，從整體組合的角度來看，是的，隨著我們從百分比的角度繼續增長，你會看到 IET 的元素，成為貝克休斯更大的一部分。

Great.

偉大的。

I think we're coming to time.

我想我們是時候了。

Thank you.

謝謝。

That was our last question, and I would like to hand the conference back over to Lorenzo Simonelli, Chairman and Chief Executive Officer, for his concluding remarks.

這是我們的最後一個問題，我想將會議交還給董事長兼執行長 Lorenzo Simonelli，請他作總結發言。

Thank you very much, and thanks to everybody for joining us and taking the time on today's earnings call, and I look forward to speaking again with you all soon.

非常感謝，也感謝大家加入我們並抽出時間參加今天的財報電話會議，我期待很快能再次與大家交談。

Operator, you may close out the call.

接線員，您可以結束通話了。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝大家參加今天的會議。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接了。

Everyone, have a great day.

祝大家有個愉快的一天。