Core Laboratories Inc (CLB) 2025 Q1 法說會逐字稿

Good day, and welcome to the Core Laboratories First Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Core Laboratories 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I'd now like to hand the call to Larry Bruno, Chairman and CEO. Please go ahead.

現在我想把電話交給董事長兼執行長 Larry Bruno。請繼續。

Thanks, Andrea. Good morning in the Americas, good afternoon in Europe, Africa and the Middle East, and good evening in Asia Pacific. We'd like to welcome all of our shareholders, analysts and most importantly, our employees to Core Laboratories' first quarter 2025 earnings call.

謝謝，安德里亞。美洲各位朋友早安，歐洲、非洲和中東各位朋友下午好，亞太地區各位朋友晚上好。我們歡迎所有股東、分析師，最重要的是，我們的員工參加 Core Laboratories 2025 年第一季財報電話會議。

This morning, I'm joined by Chris Hill, Core's Chief Financial Officer; and Gwen Gresham, Core's Senior Vice President and Head of Investor Relations. The call will be divided into 6 segments.Gwen will start by making remarks regarding forward-looking statements. We'll then have some opening comments, including a high-level review of important factors in Core's Q1 performance.

今天上午，與我一起參加會議的還有 Core 財務長 Chris Hill 和 Core 高級副總裁兼投資者關係主管 Gwen Gresham。電話會議將分為 6 個部分。格溫將首先就前瞻性陳述發表評論。然後，我們將進行一些開場評論，包括對 Core 第一季業績的重要因素進行高層回顧。

In addition, we'll review Core's strategies and the 3 financial tenets that the company employs to build long-term shareholder value. Chris will then give a detailed financial overview and have additional comments regarding shareholder value. Following Chris, Gwen will provide some comments on the company's outlook and guidance.

此外，我們將回顧 Core 的策略以及公司為創造長期股東價值所採用的 3 項財務原則。然後，克里斯將提供詳細的財務概述並對股東價值提出補充評論。繼克里斯之後，格溫將對公司的前景和指導發表一些評論。

I'll then review Core's 2 operating segments, detailing our progress and discussing the continued successful introduction and deployment of Core Lab's technologies, as well as highlighting some of Core's operations and major projects worldwide. Then we'll open the phones for a Q&A session.

然後，我將回顧 Core 的兩個營運部門，詳細介紹我們的進展並討論 Core Lab 技術的持續成功引入和部署，同時重點介紹 Core 在全球的一些營運和主要專案。然後我們將打開電話進行問答環節。

I'll now turn the call over to Gwen for remarks on forward-looking statements.

我現在將電話轉給格溫，請她對前瞻性陳述發表評論。

Before we start the conference this morning, I'll mention that some of the statements we make during this call may include projections, estimates and other forward-looking information. This include any discussion of the company's business outlook.

在我們今天早上開始會議之前，我要提一下，我們在這次電話會議上所做的一些聲明可能包括預測、估計和其他前瞻性資訊。這包括對公司業務前景的任何討論。

These types of forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to materially differ from our forward-looking statements. These risks and uncertainties are discussed in our most recent annual report on Form 10-K as well as other reports and registration statements filed by us with the SEC.

這些類型的前瞻性陳述受到許多風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述有重大差異。這些風險和不確定性在我們最近的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他報告和註冊聲明中進行了討論。

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Our comments also include non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures is included in the press release announcing our first quarter results. Those non-GAAP measures can also be found on our website.

我們不承擔公開更新或修改任何前瞻性聲明的義務，無論其是否出現新資訊、未來事件或其他原因。我們的評論還包括非公認會計準則財務指標。在宣布我們第一季業績的新聞稿中，包含了與最直接可比較的 GAAP 財務指標的對帳。這些非公認會計準則指標也可在我們的網站上找到。

With that said, I'll pass the discussion back to Larry.

話雖如此，我會將討論交還給拉里。

Thanks, Gwen. Moving now to some high-level comments about our first quarter 2025 results. Core continued to execute its strategic plan of technology investments, targeted to both solve client problems and catalyze on Core's technical and geographic opportunities.

謝謝，格溫。現在來談談我們 2025 年第一季業績的一些高層評論。Core 繼續執行其技術投資策略計劃，旨在解決客戶問題並催化 Core 的技術和地理機會。

First quarter 2025 revenue was down 4% compared to Q4 of 2024. With operating income earnings per share also down sequentially. In addition to the normal seasonality that commonly yields a decline in client activity from Q4 to Q1, there were also headwinds in Q1 due to the ongoing geopolitical conflicts in Russia, Ukraine and the Middle East.

2025 年第一季的營收與 2024 年第四季相比下降了 4%。每股營業收入也較上季下降。除了正常的季節性因素導致客戶活動從第四季到第一季下降之外，由於俄羅斯、烏克蘭和中東持續的地緣政治衝突，第一季也面臨阻力。

These were compounded by expanded sanctions that were introduced in early January. These expanded sanctions impacted both Reservoir Description and Production Enhancement and created temporary operational inefficiencies.

1 月初開始實施的擴大製裁進一步加劇了這些問題。這些擴大的製裁影響了油藏描述和產量提高，並造成了暫時的營運效率低下。

Looking at Reservoir Description in more detail, revenue for the first quarter was down 7% compared to Q4 of 2024. As mentioned, this reflects both typical seasonal patterns and the impact of the enhanced sanctions that were announced in January.

更詳細地查看油藏描述，第一季的收入與 2024 年第四季相比下降了 7%。如上所述，這不僅反映了典型的季節性模式，也反映了 1 月宣布的加強制裁的影響。

The sanctions created uncertainty and volatility in commodity prices, which, in turn, impacted demand for the laboratory assay services we provide that are tied to the maritime transportation and trade of crude oil and derived products. We did see demand for these services pick up late in the quarter.

制裁造成了大宗商品價格的不確定性和波動性，進而影響了我們提供的與原油及衍生產品海上運輸和貿易相關的實驗室檢測服務的需求。我們確實看到本季末對這些服務的需求有所回升。

For the first quarter, ex-items, operating margins in Reservoir Description were 10%, down sequentially by 670 basis points. The loss of revenue tied to the geopolitical events created high decrementals, but Core's operational leadership quickly took steps to realign its cost structure, which helped mitigate the impact on the first quarter and should also help improve margins in future quarters. In Production Enhancement, first quarter revenue was flat compared to Q4 of 2024.

第一季度，除項目外，油藏描述業務的營業利潤率為 10%，環比下降 670 個基點。與地緣政治事件相關的收入損失造成了大幅下降，但核心的營運領導層迅速採取措施重新調整其成本結構，這有助於減輕對第一季的影響，也有助於提高未來幾季的利潤率。在生產增強方面，第一季的營收與 2024 年第四季相比持平。

Here again, newly imposed sanctions created headwinds in Q1 as planned product sales and deliveries to certain entities in Eastern Europe were derailed by these political decisions. Ex-items, first quarter 2025 operating margins in Production Enhancement were 8%, expanding by 450 basis points sequentially. The sequential improvement in margins was primarily driven by increased demand for high-margin diagnostic services in the US Diagnostic services saw greater demand in US land applications as well completions are becoming more complex.

再次，新實施的製裁在第一季造成了阻力，因為這些政治決定打亂了計劃向東歐某些實體銷售和交付產品計劃。除專案外，2025 年第一季生產增強業務的營業利潤率為 8%，較上季擴大 450 個基點。利潤率的連續提高主要得益於美國對高利潤診斷服務的需求增加，美國土地應用對診斷服務的需求增加，而且完井也變得更加複雜。

The segment also benefited from some catch-up work in the Gulf of Mexico on well completions that were rescheduled following hurricane-related delays last summer. In addition, operational efficiencies and reduced expenses in product manufacturing are also starting to improve financial performance.

該部門還受益於墨西哥灣的一些完井補作業，這些作業在去年夏天因颶風造成的延誤後被重新安排。此外，產品製造過程中的營運效率和費用的減少也開始改善財務表現。

In line with our stated financial strategy after funding our dividend, Core continued to strengthen its balance sheet. During the first quarter, Core's net debt was reduced by approximately $5 million, and our leverage ratio remained at its lowest level in eight years. In addition to paying our quarterly dividend, Core Lab returned excess free cash to shareholders by repurchasing nearly 132,000 shares of company stock during the first quarter, a value of $2 million.

按照我們既定的財務策略，在支付股利後，Core 繼續加強其資產負債表。第一季度，Core 的淨債務減少了約 500 萬美元，我們的槓桿率保持在八年來的最低水準。除了支付季度股息外，Core Lab 還在第一季回購了近 132,000 股公司股票，價值 200 萬美元，向股東返還了多餘的自由現金。

We will continue to focus on reducing debt and strengthening our balance sheet while evaluating other opportunistic uses of free cash to improve shareholder value. As we look ahead, Core will continue to execute on its key strategic objectives by: one, introducing new product and service offerings in key geographic markets; two, maintaining a lean and focused organization; and three, maintaining our commitments to delevering the company and returning excess free cash to shareholders.

我們將繼續致力於減少債務和加強資產負債表，同時評估自由現金的其他機會用途，以提高股東價值。展望未來，Core 將繼續透過以下方式執行其關鍵策略目標：一、在主要地理市場推出新產品和服務；二、保持精簡和專注的組織；三、堅持降低公司槓桿率並向股東返還多餘自由現金的承諾。

Now to review Core Lab's strategies and the financial tenets that the company has used to build shareholder value over our 29-year history as a publicly traded company. The interest of our shareholders, clients and employees will always be well served by Core Lab's resilient culture, which relies on innovation, leveraging technology to solve problems and dedicated customer service. I'll talk more about some of our latest innovations in the operational review section of this call.

現在來回顧一下 Core Lab 的策略以及公司作為一家上市公司 29 年來用來創造股東價值的財務原則。Core Lab 堅韌的企業文化始終致力於滿足股東、客戶和員工的利益，這種文化依靠創新、利用技術解決問題和提供專門的客戶服務。我將在本次電話會議的營運審查部分詳細介紹我們的一些最新創新。

While we continue to pursue growth opportunities, the company will remain focused on its 3 long-standing, long-term financial tenets, those being to maximize free cash flow, maximize return on invested capital and returning excessive cash to our shareholders.

在我們繼續尋求成長機會的同時，公司將繼續專注於其三大長期財務原則，即最大化自由現金流、最大化投資資本回報率以及向股東返還多餘現金。

I'll now turn it over to Chris for the detailed financial review.

現在我將把它交給克里斯進行詳細的財務審查。

Thanks, Larry. Before we review the financial performance for the quarter, the guidance we gave on our last call and past calls specifically excluded the impact of any FX gains or losses, and assumed an effective tax rate of 25%. So accordingly, our discussion today excludes any foreign exchange gain or loss for current and prior periods.

謝謝，拉里。在我們審查本季的財務業績之前，我們在上次電話會議和過去的電話會議上給出的指導明確排除了任何外匯收益或損失的影響，並假設有效稅率為 25%。因此，我們今天的討論不包括當前和以前期間的任何外匯收益或損失。

Additionally, the financial results for the first quarter of 2025 includes a charge of $3.5 million for noncash stock compensation expense associated with future vesting of performance shares for certain employees who have reached eligible retirement age. We also recorded a cost of $3.4 million associated with employee severance and additional costs to exit certain facilities as we continue to optimize our global footprint.

此外，2025 年第一季的財務表現還包括 350 萬美元的非現金股票薪酬費用，與某些已達退休年齡的員工未來歸屬績效股票有關。隨著我們繼續優化全球佈局，我們還記錄了 340 萬美元的員工遣散費和退出某些設施的額外成本。

These items have also been excluded from the discussion of our financial results. So looking at the income statement. Revenue was $123.6 million in the first quarter, down 4% compared to the prior quarter, down 5% year-over-year. Core Lab will typically experience a seasonal decline in revenue from the fourth quarter to the first quarter of each year.

這些項目也被排除在我們的財務結果討論之外。因此，請查看損益表。第一季營收為1.236億美元，季減4%，年減5%。Core Lab 的營收通常會在每年第四季到第一季出現季節性下降。

However, as Larry mentioned, the first quarter of 2025 was also negatively impacted by the expanded sanctions announced in January, which I will discuss further in our overview of service revenue.However, the sequential decline in revenue was somewhat offset by growth in reservoir rock and fluid analytical programs in certain international regions and our completion diagnostic services also had strong growth in both the US and international markets.

然而，正如拉里所提到的，2025 年第一季也受到了 1 月宣布的擴大製裁的負面影響，我將在服務收入概述中進一步討論這一點。然而，收入的連續下降在一定程度上被某些國際地區儲層岩石和流體分析項目的成長所抵消，我們的完井診斷服務在美國和國際市場也實現了強勁成長。

Of this revenue, service revenue, which is more international, was $95.1 million for the quarter, down 1% sequentially and year-over-year. Our service revenue associated with crude assay services in some international regions continues to be impacted and disrupted due to the ongoing geopolitical conflicts and the associated sanctions that were expanded.

其中，國際化程度較高的服務收入本季為 9,510 萬美元，較上季和年比均下降 1%。由於持續的地緣政治衝突和擴大的相關制裁，我們在一些國際地區的原油化驗服務相關服務收入持續受到影響和中斷。

Once the expanded sanctions were announced in January, we saw a decrease in demand for crude assay services, which continued throughout February, but then improved somewhat as we exited the quarter.Strong growth in the US and certain international regions for well completion diagnostic services helped offset some of the seasonal decline we normally see in the first quarter and the negative impact caused by the expanded sanctions.

自從一月宣布擴大製裁以來，我們看到原油化驗服務需求下降，這種情況持續了整個二月份，但在本季結束時有所改善。美國和某些國際地區完井診斷服務的強勁成長幫助抵消了我們通常在第一季看到的一些季節性下滑以及擴大製裁造成的負面影響。

Product sales, which are more equally tied to North America and international activity were $28.5 million for the quarter, down 13% sequentially and down 14% year-over-year. Our international product sales are typically larger bulk orders and can vary from 1 quarter to another. Product sales were also impacted by the expanded sanctions as one large international order for $1.1 million scheduled for delivery in February had to be suspended.

產品銷售額與北美和國際業務的聯繫更為緊密，本季為 2,850 萬美元，季減 13%，年減 14%。我們的國際產品銷售通常為大宗訂單，每季的銷售量可能有所不同。制裁擴大也影響了產品銷售，因為原定於 2 月交付的一筆價值 110 萬美元的大型國際訂單不得不暫停。

Additionally, we had some large laboratory instrumentation sales that were originally scheduled to be delivered in the first quarter but were delayed into the second quarter. Sequentially, the lower international product sales were partially offset by a higher level of product sales in the US land market.

此外，我們還有一些大型實驗室儀器銷售，原定於第一季交付，但被推遲到第二季。隨後，國際產品銷售額的下降被美國陸地市場產品銷售額的上升部分抵銷。

Moving on to cost of services, ex-items for the quarter, was approximately 77% of service revenue, up slightly from 76% in the prior quarter and flat compared to last year. Sequential increase is primarily due to absorption of fixed costs on lower revenue in the first quarter of 2025 compared to last quarter.

本季的服務成本（不包括項目）約佔服務收入的 77%，略高於上一季的 76%，與去年同期持平。連續成長主要是由於與上一季相比，2025 年第一季營收下降，吸收了固定成本。

For the remainder of 2025, we anticipate service revenue to grow with growth primarily coming from certain international markets. Cost of sales ex-items in the first quarter was 91% of revenue, up slightly compared to 90% last quarter and 93% last year.

在 2025 年剩餘時間內，我們預期服務收入將會成長，成長主要來自某些國際市場。第一季除專案外的銷售成本佔收入的 91%，與上一季的 90% 和去年的 93% 相比略有上升。

The sequential increase was due to higher absorption of fixed costs on lower revenue in the quarter, partially offset by reductions to our cost structure and improved manufacturing efficiencies. We anticipate improvement in the manufacturing absorption rate in future quarters in line with projected growth in product sales. G&A ex-items for the quarter was $10.1 million, a slight increase from $9.9 million in the prior quarter.

環比增長是由於本季度收入較低時吸收了較多的固定成本，但成本結構的降低和製造效率的提高部分抵消了這一增長。我們預計未來幾季製造業吸收率將隨著產品銷售額的預期成長而提高。本季的一般及行政開支（不包括項目）為 1,010 萬美元，較上一季的 990 萬美元略有增加。

For 2025, we expect G&A ex-items to be approximately $40 million to $42 million. Depreciation and amortization for the quarter was $3.7 million, flat compared to the last quarter. EBIT ex-items for the quarter was $11.8 million, which decreased compared to $15.7 million last quarter and yielding an EBIT margin of approximately 10%. Our EBIT for the quarter on a GAAP basis was $4.4 million. Interest expense of $2.6 million remained relatively flat compared to the prior quarter but has decreased from $3.4 million last year due to lower borrowings on the credit facility.

到 2025 年，我們預計一般及行政費用（不包括項目）約為 4,000 萬至 4,200 萬美元。本季折舊和攤銷為 370 萬美元，與上一季持平。本季息稅前利潤為 1,180 萬美元，較上一季的 1,570 萬美元下降，息稅前利潤率約為 10%。根據 GAAP 計算，本季我們的息稅前利潤為 440 萬美元。260 萬美元的利息支出與上一季相比保持相對平穩，但由於信貸額度借款減少，較去年的 340 萬美元有所下降。

Income tax expense at an effective tax rate of 25% and ex-items was $2.3 million for the quarter. On a GAAP basis, we recorded a tax expense of $1.7 million for the quarter. The first quarter tax expense includes approximately $1.4 million of discrete items, primarily associated with changes in estimates as we finalize the return for certain tax jurisdictions.

本季以 25% 有效稅率計算的所得稅費用（不包括項目）為 230 萬美元。根據 GAAP 計算，本季我們的稅金為 170 萬美元。第一季的稅費包括約 140 萬美元的單一項目，主要與我們最終確定某些稅收管轄區的申報表時估計的變化有關。

The effective tax rate will continue to be somewhat sensitive to the geographic mix of earnings across the globe and the impact of items discrete to each quarter. We continue to project the company's effective tax rate to be approximately 25%.

有效稅率將繼續對全球收益的地理分佈以及每季離散項目的影響保持一定敏感。我們繼續預測該公司的有效稅率約為25%。

Net income ex-items for the quarter was $6.7 million, a decrease from $10.4 million in the prior quarter and from $8.9 million in the first quarter of last year. On a GAAP basis, we had a net loss of $200,000 for the quarter. Earnings per diluted share ex-items was $0.14 for the quarter, a decrease from $0.22 in the prior quarter and $0.19 from last year. On a GAAP basis, we had a slight loss, which rounds to 0 on a per share basis. Turning to the balance sheet.

本季扣除項目的淨收入為 670 萬美元，低於上一季的 1,040 萬美元，也低於去年第一季的 890 萬美元。根據 GAAP 計算，本季我們的淨虧損為 20 萬美元。本季每股攤薄收益（不含項目）為 0.14 美元，低於上一季的 0.22 美元，低於去年同期的 0.19 美元。根據 GAAP 計算，我們出現了輕微虧損，以每股計算四捨五入為 0。轉向資產負債表。

Receivables were $117 million and increased approximately $5.3 million from prior quarter. Our DSOs for the first quarter were at 79 days, up from the 76 days last quarter. The increase was primarily driven by the timing of billings during the quarter, which started out slow and finished strong. We anticipate that our DSO will improve in future quarters. Inventory at March 31, 2025, was $59 million, slightly down from last quarter end and down approximately $11.7 million year-over-year.

應收帳款為 1.17 億美元，較上一季增加約 530 萬美元。我們第一季的 DSO 為 79 天，高於上一季的 76 天。這一增長主要受本季度帳單時間的影響，開始時緩慢，結束時強勁。我們預計未來幾季我們的 DSO 將會改善。截至 2025 年 3 月 31 日的庫存為 5,900 萬美元，較上一季末略有下降，年減約 1,170 萬美元。

Inventory turns for the quarter were at 1.8. And with continued focus, we anticipate inventory turns will gradually improve and inventory levels will continue to decline as we progress through the remainder of 2025. And now to the liability side of the balance sheet. Our long-term debt was $126 million at the end of the first quarter. And considering cash of $22.1 million, net debt was $103.9 million, which decreased $4.9 million from last quarter.

本季庫存週轉率為1.8。隨著我們持續關注，我們預計在2025年剩餘時間內，庫存週轉率將逐步改善，庫存水準將繼續下降。現在來看資產負債表的負債方。第一季末，我們的長期債務為 1.26 億美元。考慮到現金 2,210 萬美元，淨債務為 1.039 億美元，比上一季減少了 490 萬美元。

Our leverage ratio remained at 1.31 unchanged from last quarter end. The company will remain focused on executing its strategic business initiatives while also further reducing its leverage ratio. Our debt is currently comprised of our senior notes at $110 million and $16 million outstanding under our bank credit facility. Our credit facility has a borrowing capacity of $135 million, of which approximately $108 million was still available as of March 31, 2025. Looking at cash flow.

我們的槓桿率與上季末相比保持不變，為 1.31。該公司將繼續專注於執行其策略性業務計劃，同時進一步降低其槓桿率。我們目前的債務包括 1.1 億美元的優先票據和 1,600 萬美元的銀行信貸額度下的未償債務。我們的信貸額度為 1.35 億美元，截至 2025 年 3 月 31 日，其中仍有約 1.08 億美元可用。查看現金流。

For the first quarter of 2025, cash flow from operating activities was approximately $6.7 million and after paying $2.8 million of CapEx, our free cash flow for the quarter was $3.9 million. Cash from operations was impacted by an increase in working capital as accounts receivable grew by $5.3 million during the quarter.

2025 年第一季度，經營活動現金流約為 670 萬美元，在支付 280 萬美元的資本支出後，本季的自由現金流為 390 萬美元。由於本季應收帳款增加了 530 萬美元，營運現金受到營運資本增加的影響。

The growth in accounts receivable occurred in March, reflecting a higher level of sales as we exited the quarter. In February 2024, fire damaged one building on the campus of the company's Advanced Technology Center in Aberdeen, Scotland. Losses and damages caused by the fire are covered by Core Lab's insurance programs.

應收帳款的成長發生在三月份，反映出我們在本季結束時銷售水準有所提高。2024 年 2 月，火災損壞了該公司位於蘇格蘭阿伯丁的先進技術中心園區的一棟建築。火災造成的損失和損害由 Core Lab 的保險計劃承保。

The insurance proceeds, and the capital expenditures associated with replacing the equipment and restoring the building, are disclosed separately in the investing section of the cash flow statement. These items are not included in the calculation of free cash flow.

保險收益以及與更換設備和修復建築物相關的資本支出在現金流量表的投資部分單獨揭露。這些項目不包括在自由現金流的計算中。

As we indicated in our last call, we expect CapEx to modestly expand in 2025 compared to 2024, and we will continue to manage investment in working capital. Additionally, we expect CapEx to remain aligned with activity levels. And for the full year 2025, we expect capital expenditures to be in the range of $14 million to $16 million.

正如我們在上次電話會議中所指出的，我們預計 2025 年的資本支出將較 2024 年略有擴大，並且我們將繼續管理營運資本投資。此外，我們預計資本支出將與活動水準保持一致。到 2025 年全年，我們預計資本支出將在 1,400 萬美元至 1,600 萬美元之間。

The forecast for capital expenditures excludes the CapEx associated with rebuilding and replacing of the UK facility and equipment that was mentioned earlier as these will be covered by the company's insurance program. Core will continue its strict capital discipline and asset-light business model with capital expenditures primarily targeted at growth opportunities.

資本支出預測不包括前面提到的重建和更換英國設施和設備相關的資本支出，因為這些將由公司的保險計劃承保。Core 將繼續其嚴格的資本紀律和輕資產業務模式，資本支出主要用於成長機會。

Core Lab's operational leverage continues to provide the ability to grow revenue and profitability with minimal capital requirements. Capital expenditures have historically ranged from 2.5% to 4% of revenue even during periods of significant growth, that same level of laboratory infrastructure, intellectual property and leverage exists in the business today.

Core Lab 的營運槓桿持續提供以最低資本要求增加收入和獲利的能力。歷史上，即使在顯著成長時期，資本支出也佔收入的 2.5% 至 4%，而如今，企業中實驗室基礎設施、智慧財產權和槓桿率仍處於相同水準。

We believe evaluating a company's ability to generate free cash flow and free cash flow yield is an important metric for shareholders when comparing and projecting company's financial results particularly for those shareholders who utilize discounted cash flow models to assess valuations. I will now turn it over to Gwen for an update on our guidance and outlook.

我們認為，評估一家公司產生自由現金流和自由現金流收益率的能力是股東在比較和預測公司財務表現時的重要指標，特別是對於那些利用折現現金流模型來評估估值的股東而言。現在我將把話題交給葛溫，讓她介紹我們的指導和展望。

Thank you, Chris. Turning to our outlook. Recent tariffs announced by the US along with OPEC's decision to increase oil production, have resulted in a decline in crude oil prices. The uncertainty of demand for crude oil caused by ongoing trade negotiations, combined with the OPEC+ announcement of increased production quotas, has raised the likelihood of crude oil inventory levels will rise. We maintain our constructive long-term outlook on international upstream projects for the remainder of 2025 and beyond.

謝謝你，克里斯。轉向我們的展望。美國近期宣布的關稅以及石油輸出國組織決定增加石油產量，導致原油價格下跌。正在進行的貿易談判導致原油需求的不確定性，加上OPEC+宣布增加生產配額，增加了原油庫存水準上升的可能性。我們對 2025 年剩餘時間及以後的國際上游項目保持建設性的長期展望。

The IEA, EIA and OPEC+ continue to forecast growth in crude oil demand to be between 0.7 million and 1.3 million barrels per day for 2025. This demand is mainly driven by non-OECD countries in Asia, India, emerging markets in the Middle East, and Africa.

國際能源總署 (IEA)、美國能源資訊署 (EIA) 和歐佩克+繼續預測 2025 年原油需求成長率將在 70 萬桶/日至 130 萬桶/日之間。這項需求主要受到亞洲非經合組織國家、印度、中東新興市場和非洲的推動。

Outside the US large-scale international oil and gas projects are expected to be more resilient to the near-term volatility of crude oil prices. We see international project activity to be steady, with committed long-term upstream projects from the South Atlantic Margin, North and West Africa, Norway, the Middle East and certain areas of Asia Pacific. The company believes that activity levels associated with smaller-scale, short-cycle crude oil development projects will be more sensitive to the decrease and/or continued volatility of crude oil prices.

預計美國以外的大型國際石油和天然氣項目將更能抵禦原油價格的短期波動。我們看到國際計畫活動保持穩定，南大西洋邊緣、北非和西非、挪威、中東和亞太某些地區都承諾了長期上游計畫。該公司認為，規模較小、週期較短的原油開發項目的活動水準將對原油價格的下跌和/或持續波動更為敏感。

As such, changes in crude oil prices are anticipated to have greater impact on drilling and completion activity levels in the US onshore market. Turning to the recent tariff announcement. We believe the proposed tariffs will not apply to the vast majority of service revenue and product sales provided by the company. Our services account for over 75% of the company's total revenue and are currently not subject to tariffs.

因此，預計原油價格的變化將對美國陸上市場的鑽井和完井活動水準產生更大的影響。談到最近的關稅公告。我們認為，擬議的關稅將不適用於該公司提供的絕大多數服務收入和產品銷售。我們的服務占公司總收入的75％以上，目前不受關稅影響。

Core's product sales have been less than 25% of total revenue, and are primarily manufactured in the US Import tariffs would not apply to approximately 50% of these products as they are consumed in the US drilling and completion market. Products manufactured in the US and delivered to international clients may attract tariffs depending on the outcome of international trade negotiations.

Core 的產品銷售額不到總收入的 25%，並且主要在美國生產。由於這些產品在美國鑽井和完井市場消費，因此約 50% 的產品不適用進口關稅。根據國際貿易談判的結果，在美國生產並交付給國際客戶的產品可能會被徵收關稅。

And last, certain raw materials imported and used in the company's US manufacturing of products may attract import tariffs applied by the US The company is currently taking steps to mitigate the impact of potential tariffs. Now to our second quarter 2025 segment and company guidance. Reservoir Description's second quarter revenue is projected to range from $85 million to $89 million, representing a nice improvement of 5% to 10% growth and operating income of $11 million to $13 million.

最後，該公司在美國生產產品時進口和使用的某些原料可能會被徵收美國進口關稅。該公司目前正在採取措施減輕潛在關稅的影響。現在談談我們 2025 年第二季的細分市場和公司指引。Reservoir Description 公司第二季的營收預計在 8,500 萬美元至 8,900 萬美元之間，成長 5% 至 10%，營業收入預計在 1,100 萬美元至 1,300 萬美元之間。

Production Enhancement's second quarter revenue is estimated to range from $43 million to $45 million, and this represents low to mid-single-digit growth with operating income of $2 million to $2.6 million. In summary, our second quarter 2025 revenue is projected to range from $128 million to $134 million with operating income of $13.1 million to $15.7 million, yielding operating margins of approximately 11%. EPS for the second quarter of 2025 is expected to range from $0.17 to $0.21.

Production Enhancement 第二季的營收預計在 4,300 萬美元至 4,500 萬美元之間，這代表低至中等個位數的成長，營業收入預計在 200 萬美元至 260 萬美元之間。總而言之，我們預計 2025 年第二季的營收將在 1.28 億美元至 1.34 億美元之間，營業收入將在 1,310 萬美元至 1,570 萬美元之間，營業利潤率約為 11%。預計 2025 年第二季每股收益將在 0.17 美元至 0.21 美元之間。

The company's second quarter 2025 guidance is based on projections for underlying operations and excludes gains and losses in foreign exchange. Although the first quarter of 2025 includes discrete items, which decreased the effective tax rate, the company projects the effective tax rate to be approximately 25% for 2025.Our second quarter guidance also assumes an effective tax rate of 25%.

該公司 2025 年第二季的業績指引是基於對基礎營運的預測，不包括外匯損益。儘管 2025 年第一季包含單一項目，從而降低了有效稅率，但該公司預計 2025 年的有效稅率約為 25%。我們的第二季指引也假設有效稅率為 25%。

With that, I'll turn it back over to Larry.

說完這些，我將把麥克風交還給拉里。

Thanks, Gwen. First, I'd like to thank our global team of employees for providing innovative solutions, integrity and superior service to our clients. The team's collective dedication to servicing our clients is the foundation of Core Lab's success.

謝謝，格溫。首先，我要感謝我們的全球員工團隊為我們的客戶提供創新的解決方案、誠信和優質的服務。團隊共同致力於為客戶提供服務是 Core Lab 成功的基礎。

Looking at the macro, even after assessing current and near-term economic conditions, IEA, EIA and OPEC, all project that there will be growth in global crude oil demand in 2025. The current estimates show growth in demand of between 0.7 million and 1.3 million barrels per day for 2025 with similar additional growth projected for 2026.

從宏觀角度來看，即使在評估了當前和近期的經濟狀況之後，IEA、EIA和OPEC都預測2025年全球原油需求將會成長。目前的估計顯示，2025 年石油需求將增加 70 萬至 130 萬桶/日，預計 2026 年的需求量也將有類似的成長。

As Gwen mentioned, this growth is driven mainly by strong non-OECD demand. In addition to the forecasted growth in demand, new production will need to be brought online to account for the natural decline from existing producing fields.

正如格溫所說，這一成長主要受到非經合組織國家強勁需求的推動。除了預測的需求成長外，還需要投入新的產量來彌補現有產油田產量的自然下降。

Combined, these factors will require continued investment in the development of onshore and offshore crude oil fields. Furthermore, the EIA forecast for US oil production remains at 13.5 million barrels per day for 2025, up slightly from 13.2 million barrels per day in 2024.

綜合這些因素，將需要對陸上和海上原油田的開發進行持續投資。此外，EIA對2025年美國石油產量的預測仍為每天1,350萬桶，略高於2024年的每天1,320萬桶。

Beyond that, very little growth is forecast between 2025 and 2026. Excluding the COVID period, these forecasts for nominal year-over-year production growth would represent the smallest annual adds to US oil production since 2018. US tight oil production has been by far the largest component of non-OPEC production growth since 2010.

除此之外，預計 2025 年至 2026 年間的成長將非常小。除新冠疫情期間外，這些名目年產量成長預測將代表美國石油產量自 2018 年以來最小的年度增幅。自 2010 年以來，美國緻密油產量一直是非 OPEC 國家產量成長的最大組成部分。

Continued growth in global oil demand combined with slowing year-over-year US oil production growth supports the thesis that future crude oil demand will be largely met from international, conventional offshore discoveries and developments, all trends that bode well for increasing demand for the Reservoir Description services that we provide through our global lab network. We project this international cycle will play out for the next several years, and perhaps longer as growth in US oil production peaks. Production Enhancement in addition to its exposure to the US

全球石油需求持續成長，加上美國石油產量成長放緩，支持了這樣的觀點：未來的原油需求將主要由國際常規海上發現和開發來滿足，所有趨勢都預示著我們透過全球實驗室網路提供的油藏描述服務的需求將不斷增加。我們預計這一國際週期將持續幾年，並且隨著美國石油產量達到峰值，這一周期可能會持續更長時間。除在美國的影響力外，也提高了產量

land market also has expanding opportunities across international markets, such as with unconventional plays in the Middle East and emerging onshore and offshore conventional plays in a number of regions. Core Lab also continues to expand its portfolio of innovative offerings for perforating applications, plug-in abandonment operations and completion diagnostics for our growing global client base.

陸地市場在國際市場上也擁有不斷擴大的機會，例如中東的非常規油氣資源以及許多地區新興的陸上和海上常規油氣資源。Core Lab 也持續為我們不斷成長的全球客戶群擴展其用於射孔應用、插件廢棄作業和完井診斷的創新產品組合。

Now let's review the first quarter performance of our two business segments. Turning first to Reservoir Description. For the first quarter of 2025, revenue came in at $80.9 million, down 7% compared to Q4 of 2024.

現在讓我們來回顧一下我們兩個業務部門第一季的業績。首先討論油藏描述。2025 年第一季的營收為 8,090 萬美元，與 2024 年第四季相比下降 7%。

For Q1, operating income for Reservoir Description ex-items was $7.8 million, down from $14.1 million in Q4, but still yielding operating margins of 10%. While continued demand for Reservoir Description lab services remained strong in several regions across our global network, the ongoing international geopolitical conflicts and recently expanded sanctions negatively impacted the demand for laboratory services tied to the trade and transportation of crude oil and derived products.

第一季度，油藏描述項目以外的營業收入為 780 萬美元，低於第四季的 1,410 萬美元，但營業利潤率仍為 10%。儘管我們全球網路的多個地區對油藏描述實驗室服務的需求持續強勁，但持續的國際地緣政治衝突和最近擴大的製裁對與原油及衍生產品貿易和運輸相關的實驗室服務需求產生了負面影響。

These political headwinds were on top of the typical seasonal declines that typically occur in client activity from Q4 to Q1. Now for some operational highlights from Reservoir Description. Core sees emerging opportunities across Africa for its Reservoir Description laboratory services.

這些政治逆風加上第四季至第一季客戶活動通常出現的典型季節性下滑。現在介紹油藏描述的一些操作亮點。Core 看到了非洲各地油藏描述實驗室服務的新興機會。

These opportunities include project work on new onshore and offshore exploration targets as well as workover projects on mature fields. In addition, there are growth opportunities for laboratory assay work on crude oil and derived products across a region poised for significant growth in hydrocarbon demand. In Q1, Core Laboratories reinforce its role as a key partner in Libya's upstream sector, demonstrating its commitment through strategic collaboration and innovation.

這些機會包括新的陸上和海上勘探目標的專案工作以及成熟油田的修井專案。此外，在碳氫化合物需求即將大幅成長的地區，原油和衍生產品的實驗室分析工作也存在成長機會。第一季度，Core Laboratories 鞏固了其作為利比亞上游產業重要合作夥伴的地位，並透過策略合作和創新展示了其承諾。

With political and operational stability emerging in Libya, the country is now ready to utilize its vast resources to meet its ambitious hydrocarbon production growth targets. In the first quarter of 2025, Core Lab specialists from both Reservoir Description and Production Enhancement hosted a technical topical workshop for the Libyan market.

隨著利比亞政治和營運趨於穩定，該國現已準備好利用其豐富的資源來實現其雄心勃勃的碳氫化合物產量成長目標。2025年第一季度，核心實驗室的油藏描述和生產增強專家為利比亞市場舉辦了技術專題研討會。

This event provided cross-disciplinary insights and solutions to the geotechnical challenges faced by the Libyan operators. Discussions with the Libya National Oil Company and the Petroleum Research Center as well as various operators highlighted Core Lab's ability to offer tailored solutions to support Libya's production growth targets.

本次活動為利比亞業者面臨的岩土工程挑戰提供了跨學科的見解和解決方案。與利比亞國家石油公司、石油研究中心以及各業者的討論凸顯了 Core Lab 提供客製化解決方案以支持利比亞產量成長目標的能力。

Through the numerous joint industry and proprietary projects that Core Lab has led over the years, the company has developed detailed knowledge of Libya's onshore and offshore sedimentary basins and hydrocarbon-bearing formations. Core is well positioned to leverage this knowledge and engage with clients as new opportunities unfold. Reservoir Description will help clients reduce subsurface uncertainty, establish critical parameters for reservoir models and assess formation damage.

透過多年來 Core Lab 主導的眾多聯合產業和專有項目，該公司對利比亞陸上和海上沉積盆地和含碳氫化合物地層有了詳細的了解。隨著新機會的出現，Core 完全有能力利用這些知識並與客戶互動。油藏描述將幫助客戶減少地下不確定性，建立油藏模型的關鍵參數並評估地層損害。

Core's Production Enhancement products and services will address operational challenges from legacy production in mature fields, optimizing future completion strategies and help in the development of enhanced oil recovery and waterflood programs.

Core 的生產增強產品和服務將解決成熟油田遺留生產帶來的營運挑戰，優化未來的完井策略，並有助於提高採收率和注水計畫的發展。

Moving now to Production Enhancement, where Core Lab's technologies continue to help our clients optimize their well completions and improve production. Revenue for Production Enhancement for Q1 came in at $42.7 million, flat compared to Q4 and down 6% year-over-year. First quarter operating income for Production Enhancement, ex-items was $3.4 million, yielding operating margins of 8%.

現在轉向生產增強，Core Lab 的技術將繼續幫助我們的客戶優化他們的完井並提高產量。第一季生產增強業務的營收為 4,270 萬美元，與第四季持平，年減 6%。第一季生產增強業務的營業收入（不含項目）為 340 萬美元，營業利益率為 8%。

While product sales were negatively impacted by recently enhanced sanctions that prohibited transactions with certain designated entities in Eastern Europe, there was increased demand for completion diagnostic services as complex US

雖然產品銷售受到最近加強的製裁的負面影響，這些制裁禁止與東歐某些指定實體進行交易，但由於美國市場複雜，對完井診斷服務的需求增加

land completion designs like trimul fracs have become more common. Furthermore, Gulf of Mexico completion diagnostics on offshore projects that were delayed by hurricanes last summer were conducted in Q1. Now for some operational highlights for Production Enhancement at the start of Q1, an international operating company approached Core Laboratories Production Enhancement team with an urgent request for assistance on a unique and very challenging well abandonment program.

像三重壓裂這樣的陸地完井設計已經變得越來越普遍。此外，去年夏天因颶風延誤的墨西哥灣海上工程完工診斷已於第一季進行。現在來看看第一季初步生產增強專案的一些營運亮點，一家國際營運公司聯繫了 Core Laboratories 生產增強團隊，緊急請求協助完成一項獨特且極具挑戰性的油井廢棄計劃。

The program required the use of Core's proprietary HERO-HardRock PerFRAC charges, the company's industry-leading deep penetration technology. On this project, due to collapsed tubing, there were no options available to deploy a plug and abandonment strategy into the existing wellbore.

該專案需要使用 Core 專有的 HERO-HardRock PerFRAC 炸藥，這是該公司業界領先的深度穿透技術。在這個專案中，由於油管塌陷，無法在現有井筒中部署封鎖和廢棄策略。

The operator chose a method in which a parallel well had to be drilled in close proximity to the target well, allowing perforations from the new parallel well to penetrate through the intervening strata and into the problematic target well. This approach needed to ensure that the PerFRAC system could successfully create long-reach perf tunnels from the new well into the casing and inter tubing of the target well.

操作員選擇了一種方法，即在靠近目標井的地方鑽一個平行井，這樣新平行井的穿孔就可以穿透中間的地層並進入有問題的目標井。這種方法需要確保 PerFRAC 系統能夠成功地從新井創建長距離射孔隧道到目標井的套管和內油管。

Utilizing Core's state-of-the-art ROC Lab test facility, a series of tests were designed to evaluate the selected perforating system under simulated downhole stress conditions. This allowed the operator allowed the customer to determine how closely the two wellbores needed to be spaced in order to guarantee that the perforating system would penetrate through all of the pipe, cement and rock barriers with sufficient hole size to allow for cement placement.

利用 Core 最先進的 ROC 實驗室測試設施，設計了一系列測試來評估模擬井下應力條件下所選的射孔系統。這使得操作員能夠讓客戶確定兩個井眼之間的間距，以確保射孔系統能夠穿透所有管道、水泥和岩石屏障，並且孔徑足夠大，以便放置水泥。

Under extremely tight time constraints, the Production Enhancement team was able to design and conduct the testing program, mobilized all of the hardware to the international rig location and successfully carry out the job in the first quarter of 2025.

在極其緊迫的時間限制下，生產增強團隊能夠設計並執行測試程序，將所有硬體調動到國際鑽井平台位置，並於 2025 年第一季成功完成工作。

Positive feedback from the operator confirmed the abandonment program succeeded and met all of the operational and regulatory requirements. Also in Production Enhancement recently, the US Bureau of Safety and Environmental Enforcement officially endorsed Core's SPECTRASTIM tracers to identify top of cement in multiple casing strings as confirmed by logging well drilling technologies.

來自營運商的積極回饋證實廢棄計劃取得了成功，並滿足了所有的營運和監管要求。同樣在最近的生產增強項目中，美國安全與環境執法局正式認可了 Core 的 SPECTRASTIM 示踪劑，用於識別多個套管柱中的水泥頂部，這已由測井鑽井技術證實。

Tracing the top of cement using SPECTRASTIM tracers has significant advantages over other approved methods such as cement bond logging, including a cost savings of approximately $400,000 per casing string. In the first quarter of 2025, top of cement was confirmed by Core's SPECTRASTIM tracers in a record 6 cemented casing strings on a Gulf of Mexico well.

使用 SPECTRASTIM 示踪劑追蹤水泥頂部與其他認可方法（例如水泥膠結測井）相比具有顯著優勢，包括每個套管串可節省約 400,000 美元的成本。2025 年第一季度，Core 的 SPECTRASTIM 示踪劑在墨西哥灣油井中創紀錄地確認了 6 個水泥套管柱中的水泥頂部。

In the process, the operator saved over $2 million compared with the traditional cement bond log alternative. Core is working to expand this service in other offshore regions. That concludes our operational review. We appreciate your participation.

在此過程中，與傳統的水泥黏結木材替代品相比，營運商節省了 200 多萬美元。Core 正在努力將這項服務擴展到其他離岸地區。我們的營運審查到此結束。感謝您的參與。

And Andrea will now open the call for questions.

安德里亞現在開始回答問題。

(Operator Instructions)

（操作員指示）

Stephen Gengaro from Stifel.

來自 Stifel 的 Stephen Gengaro。

Thanks. Good morning. So thanks for all the details. Can we start with Production Enhancement. The first quarter margin was pretty strong off the fourth quarter. But despite modest what seems to be modest revenue growth, you're guiding margin down 200 or 300 basis points. Can you just kind of talk about what's going on in the margin front with PE?

謝謝。早安.感謝您提供的所有詳細資訊。我們可以從提高生產效率開始嗎？第一季的利潤率比第四季高出不少。但是，儘管收入成長看似溫和，但您卻將利潤率預期下調了 200 或 300 個基點。您能否簡單談談 PE 在保證金方面的情況？

Sure, Stephen. So this is Chris. We had improvement in both segments in the margins coming off of Q4, but the product sales are down and the diagnostic services, which have a higher margin are up in Q1. And so I think you heard Larry and I both mentioned that some of the projects in the Gulf of Mexico were impacted by the storms that came through there in Q3 last year. Those got postponed to Q1, and those came through, and we're not forecasting that level of in the Gulf of Mexico for Q2.

當然，史蒂芬。這就是克里斯。自第四季度以來，我們兩個部門的利潤率均有所提高，但產品銷售額下降，而利潤率較高的診斷服務在第一季有所上升。所以我想你聽到拉里和我都提到過，墨西哥灣的一些項目受到了去年第三季風暴的影響。這些都被推遲到了第一季度，並且已經實現了，我們預測第二季度墨西哥灣的洪水不會達到這個水平。

So diagnostic services are kind of coming down and product sales are increasing in Q2. So it's a different mix when you look at Q1 versus Q2.

因此，診斷服務在第二季度有所下降，而產品銷售額則有所增加。因此，當你比較 Q1 和 Q2 時，你會發現它們呈現出不同的組合。

Okay. Great. And then the other just question when you're sort of thinking about the back half of the year, and I know that the number of moving pieces is greater than usual. But is there any way to think about sort of your expectations for margin progression in the back half of the year? And if even we thought about like an environment where activity or the business was flattish from the second quarter, are there levers to pull on the margin side, or would we be pretty stable from the 2Q levels without much growth?

好的。偉大的。然後，當您考慮下半年時，另一個問題是，我知道變動的件數比平常要多。但是，有沒有辦法考慮一下您對下半年利潤率成長的期望？如果我們考慮一下第二季度活動或業務持平的環境，是否有槓桿來拉動利潤率，或者我們是否會在第二季度的水平上保持穩定而沒有太大的增長？

Yeah, So I think it's fair to say, Stephen, that Q1 looks like it's in the rearview mirror for us with the weight of those sanctions that kind of just dropped on us in January. And when that happens, it kind of froze the trading activity and the demand for the assay work just sort of comes to a halt temporarily.

是的，所以我認為可以公平地說，史蒂芬，由於 1 月份對我們施加的製裁的壓力，第一季對我們來說似乎已經成為過去。當這種情況發生時，它會凍結交易活動，對化驗工作的需求也會暫時停止。

Nobody wants to get caught on the wrong side of a trade there while there's so much volatility in the market. As mentioned earlier in the comments, we did see things start to open up and trading get back to normal and the associated demand for those assay services pick up late in the quarter.

當市場波動如此之大時，沒有人願意在交易中陷入錯誤。正如先前評論中提到的那樣，我們確實看到事情開始好轉，交易恢復正常，並且對這些檢測服務的相關需求在本季度末有所回升。

So I don't think there's we're going to see any retrenchment back to what we saw in Q1. And I think from Q2 forward, I think there's opportunity for growth in margins over what we're projecting for Q2. So I think Q3 and Q4, looking at the moment, looking better for us than Q2.

因此，我認為我們不會看到像第一季那樣的緊縮。我認為從第二季開始，利潤率有機會超過我們對第二季的預測。因此我認為，從目前的情況來看，Q3 和 Q4 對我們來說比 Q2 好。

Right. The only thing I would add there, too, is we have put some cost reduction plans in place, which we've kind of recognized most of the cost for that in Q1. Some of those were implemented in Q1. Some of those will take more effect in Q2. And actually, some additional ones are scheduled kind of for Q3.

正確的。我唯一想補充的是，我們已經制定了一些成本削減計劃，並且我們已經在第一季確認了其中的大部分成本。其中一些已在第一季實施。其中一些將在第二季度發揮更大作用。實際上，一些額外的計劃已安排在第三季進行。

So I think we'll see some margin improvement from that as well.

所以我認為我們也會看到利潤率提高。

One quick follow-up is maybe not so quick. But the peers in the space are sort of centering around US activity down 10% to 15% this year and maybe international flat to down modestly. A, do you think that's a reasonable starting point? And b, how do you think you perform relative to those expectations?

一次快速的跟進可能不會那麼快。但今年該領域的同業都集中在美國，美國的活動下降了 10% 至 15%，而國際活動可能持平或略有下降。A，您認為這是一個合理的起點嗎？b，您認為您的表現相對於這些期望如何？

So I think as our view on US land is flat or soft compared to last year, but maybe up from what we saw in Q1 somewhat. I think we're seeing some nice penetration on the diagnostic side with completions being as becoming as complicated as they are. We also think that there's some room with the changes that we've been making on the product side to see some better returns improved product sales with higher margins on that. So that's things are unfolding there.

因此，我認為我們對美國土地的看法與去年相比持平或疲軟，但可能比我們在第一季看到的有所上升。我認為我們在診斷方面看到了一些很好的滲透，並且完成工作變得越來越複雜。我們也認為，我們在產品方面所做的改變還有空間，可以獲得更好的回報，提高產品銷量，並獲得更高的利潤率。這就是那裡正在發生的事情。

So I think maybe we're a little more optimistic about how the back of the year plays out for us in terms of penetration into US land than, say, pressure pumpers and some of the other folks.

因此，我認為，與壓力泵製造商和其他一些公司相比，我們對今年稍後在美國土地上的滲透情況可能更為樂觀。

Yeah, I think as far as activity goes, though, it definitely softened at the end of last year, let's say, the second half. And as we're looking at it, we think it's going to be kind of more in line with the second half of last year so.

是的，我認為就活動而言，去年年底，也就是下半年，活動肯定有所減弱。從我們的觀察來看，我們認為它將與去年下半年的情況更加一致。

And then I think on our international, we've got some opportunities on the international side. And if you got the sway with the people that drop in sanctions and tariffs, make those calls for us, Steve. And hopefully, we have some hardware made in the boxes ready to ship and all of a sudden told, no, it can't go.

然後我認為在國際方面，我們在國際方面有一些機會。如果你能影響那些希望取消制裁和關稅的人，那就為我們呼籲吧，史蒂夫。並且希望我們有一些已做好的硬體準備發貨，但突然被告知，不行，不能發貨。

Yeah, it's a tough environment, yeah, okay, no, that's helpful call. Thank You.

是的，這是一個艱難的環境，是的，好的，不，這是一個有幫助的呼籲。謝謝。

Okay, thanks

好的，謝謝

Thanks, appreciate it.

謝謝，感激不盡。

Sean Mitchell of Daniel Energy Partners.

丹尼爾能源合作夥伴公司的肖恩·米切爾。

Good morning, guys. Thanks for taking the question. I'm going to kind of stay on the same theme that Stephen was kind of digging into your crystal ball a little bit. Last quarter, you talked about Mexico being a place that may not look so great on a go-forward basis. And now we're actually seeing that from a lot of your peers in the oilfield service market. Mexico everyone's taking guidance down there pretty hard. Is there any area else in the international market?

大家早安。感謝您回答這個問題。我將繼續討論史蒂芬對水晶球進行一些探究的主題。上個季度，您談到墨西哥在未來的發展前景可能不太好。現在我們實際上從油田服務市場的許多同行那裡看到了這一點。墨西哥的每個人都非常嚴格地接受指導。國際市場還有其他領域嗎？

I mean we've already talked to US Is there any other areas in the international market you guys see maybe trouble in the future? I mean you talked a little bit about new client engagements in the Middle East and Africa and maybe expand on that a little bit. Is that kind of back half of '25 stuff or with those new clients, or is that kind of later in '26, '27?

我的意思是我們已經和美國談過了，你們認為國際市場上還有哪些領域未來可能會出現麻煩？我的意思是，您談到了中東和非洲的新客戶合作，也許可以稍微詳細地闡述一下。這是 25 年後半段的事還是與那些新客戶有關，或是 26 年、27 年後期的事？

Yeah. So first thing on Mexico. Just to be clear, we got out. And I'm not saying we have any special omnipotence there, but it just was a challenging market for us. And I think maybe it turns out we were the patterns that we saw maybe are starting to hit on some other folks, and they're having to deal with some of that.

是的。首先要說的是墨西哥。只是為了清楚起見，我們出去了。我並不是說我們在那裡擁有任何特殊的無所不能的能力，但這對我們來說是一個充滿挑戰的市場。我認為，也許我們發現的模式可能開始影響其他人，而他們必須處理其中的一些問題。

And so that's Mexico doesn't necessarily apply to us. We'll sell products and services into there, but we're going to have to do that if they come to us out of the US I think internationally, it looks pretty good for us in the Middle East. I think Africa is a long-term play for us. I do think we'll see some progress there in the back half of 2025, but I think it's a multiyear growth cycle for us on Reservoir Description in particular.

所以墨西哥的情況不一定適用於我們。我們會在那裡銷售產品和服務，但如果他們的產品和服務來自美國以外的地方，我們就必須這樣做，我認為從國際上看，中東對我們來說是相當不錯的。我認為非洲對我們來說是一個長期目標。我確實認為我們會在 2025 年下半年看到一些進展，但我認為對我們來說這是一個多年的成長週期，特別是在油藏描述方面。

And then I think the production enhancement opportunities there will probably grow a little bit later. I think one of the things we're hearing from our operational guys, and so I went through the Asia Pac region early in the quarter earlier in the quarter, mid-quarter and got a lot of confirmation about project work that we're seeing. I think that was mentioned in the release there. So Australia looks real good. Indonesia looks good for us.

然後我認為那裡的產量提升機會可能會在稍後有所增長。我認為我們從營運人員那裡聽到的一件事，所以我在本季度初、本季度中期走訪了亞太地區，並得到了很多關於我們正在看到的專案工作的確認。我認為那份新聞稿中已經提到過。所以澳洲看起來確實不錯。印尼對我們來說看起來不錯。

Malaysia looks a little bit soft. One other area that I'd say we're kind of keeping an eye on here is it seems a pretty inhospitable environment in Colombia right now. The again, political decisions there are affecting our clients' plans and behaviors, and we're not going to be immune to the slowdown in activity. It looks like Ecuador may be moving in the right direction with the political decisions that the people down there have made. And so I think maybe there's some chance for some rebound there.

馬來西亞看起來有點軟弱。我想說我們正在關注的另一個領域是哥倫比亞目前的環境似乎相當惡劣。再一次，那裡的政治決策影響著我們客戶的計畫和行為，我們也無法免受活動放緩的影響。看起來，厄瓜多爾人民所做的政治決定可能正朝著正確的方向前進。因此我認為也許存在一些反彈的機會。

And in the Middle East, we see it strong for us still this year. I'm actually headed over next week. I'll go through Middle East around and meet with operators in NOCs in a handful of countries. All conversations so far are full steam ahead and steady as we go on the projects that they've committed to us. Sean, just one other one.

我們認為今年中東地區情勢依然強勁。我實際上下週就要過去。我將前往中東地區，與幾個國家的國家石油公司的營運商會面。到目前為止，隨著我們推進他們委託給我們的項目，所有對話都在全速、穩定地進行。肖恩，還有另外一個。

We're still optimistic about Brazil. I know there's going to be challenges there. I always view Brazil as sort of not a straight-line linear opportunity, but I think it's going to be a place where we're going to see, I'll call it, gradual improvement in our penetration of that market over time. Okay. I think it's a pretty busy day for earnings calls.

我們仍然對巴西持樂觀態度。我知道那裡將會面臨挑戰。我一直認為巴西並不是一個直線性的機遇，但我認為隨著時間的推移，我們將會看到，我稱之為，我們在該市場的滲透率將逐漸提高。好的。我認為今天是召開收益電話會議相當忙碌的一天。

So if there are no other questions, we'll wrap up here. In summary, Core's operational leadership continues to position the company for improving client activity levels in the coming quarters. We have never been better operationally or technologically positioned to help our global client base optimize their reservoirs and to address their evolving needs.

如果沒有其他問題，我們的討論就到此結束。總而言之，Core 的營運領導力將繼續幫助公司在未來幾季提高客戶活動水準。我們在營運或技術上處於前所未有的有利地位，可以幫助我們的全球客戶群優化他們的油藏並滿足他們不斷變化的需求。

We remain uniquely focused and are the most technologically advanced client-focused reservoir optimization company in the oilfield service sector. The company will remain focused on maximizing free cash and returns on invested capital.

我們始終專注於獨特的領域，是油田服務領域技術最先進的、以客戶為中心的油藏優化公司。該公司將繼續致力於最大化自由現金和投資資本回報。

In addition to our quarterly dividends, we'll bring value to our shareholders via growth opportunities, driven by both the introduction of problem-solving technologies and new market penetration. In the near term, Core will continue to use free cash to strengthen its balance sheet, while always investing in growth opportunities and evaluating various methods to increase shareholder value, including returning excess free cash to our shareholders.

除了季度股息外，我們還將透過引入解決問題的技術和新市場滲透來推動成長機會，為股東帶來價值。短期內，Core 將繼續利用自由現金來加強其資產負債表，同時始終投資於成長機會並評估各種方法來增加股東價值，包括將多餘的自由現金回饋給股東。

So in closing, we thank and appreciate all of our shareholders and the analysts that cover Core Lab, the executive management team and the Board of Core Laboratories give a special thanks to our worldwide employees that have made these results possible. We're proud to be associated with our continuing achievements. So thanks for spending time with us, and we look forward to the next update.

最後，我們感謝並讚賞所有股東和負責 Core Lab 的分析師、執行管理團隊和 Core Laboratories 董事會，並特別感謝我們全球的員工，是他們使得這些成果成為可能。我們為不斷取得的成就感到自豪。感謝您花時間與我們在一起，我們期待下一次更新。

Goodbye for now.

暫時再見。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。