DNOW Inc (DNOW) 2025 Q2 法說會逐字稿

Good morning. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the DNOW second-quarter 2025 earnings conference call. (Operator Instructions)

早安.我叫珍妮，今天我將擔任你們的會議主持人。現在，我歡迎大家參加DNOW 2025年第二季財報電話會議。 （接線生指示）

Mr. Brad Wise, Vice President of Digital Strategy and Investor Relations, you may begin your conference.

數位策略和投資者關係副總裁布拉德懷斯先生，您可以開始您的會議了。

Thank you, Jeannie. Good morning, and welcome to DNOW's second quarter 2025 earnings conference call. We appreciate you joining us, and thank you for your interest in DNOW. With me today is David Cherechinski, President and Chief Executive Officer; and Mark Johnson, Senior Vice President and Chief Financial Officer.

謝謝，珍妮。早安，歡迎參加DNOW 2025年第二季財報電話會議。感謝您的參與，也感謝您對DNOW的關注。今天與我一起出席的是總裁兼執行長David Cherechinski和資深副總裁兼財務長Mark Johnson。

We operate under the DNOW brand, which is also our New York Stock Exchange ticker symbol. Please note that some of the statements we make during this call, including responses to your questions, may contain forecasts, projections and estimates, including, but not limited to, comments about our outlook for the company's business.

我們以 DNOW 品牌經營，這也是我們在紐約證券交易所的股票代號。請注意，我們在本次電話會議中所做的某些陳述（包括對您問題的回應）可能包含預測、預期和估計，包括但不限於對公司業務前景的評論。

These are forward-looking statements within the meanings of the US federal securities laws based on limited information as of today, August 6, 2025, which is subject to change. They are subject to risks and uncertainties, and actual results may differ materially.

這些前瞻性陳述符合美國聯邦證券法的定義，基於截至2025年8月6日的有限信息，可能會發生變化。前瞻性陳述受風險和不確定性影響，實際結果可能與預期有重大差異。

No one should assume these forward-looking statements remain valid later in the quarter or later in the year. We do not undertake any obligation to publicly update or revise any forward-looking statements for any reason.

任何人均不應假設這些前瞻性陳述在本季度末或本年度末仍然有效。我們不承擔因任何原因公開更新或修改任何前瞻性聲明的義務。

In addition, this conference call contains time-sensitive information that reflects management's best judgment at the time of the live call. I refer you to the latest Forms 10-K and 10-Q that DNOW has on file with the US Securities and Exchange Commission for a more detailed discussion of the major risk factors affecting our business.

此外，本次電話會議包含一些時效性訊息，這些資訊反映了管理階層在會議召開時的最佳判斷。我建議您參閱DNOW提交給美國證券交易委員會的最新10-K和10-Q表格，以便更詳細地了解影響我們業務的主要風險因素。

Further information as well as supplemental financial and operating information may be found within our earnings release on our website at ir.dnow.com or in our filings with the SEC. In an effort to maintain -- excuse me, in an effort to provide investors with additional information regarding our results, -- as determined by US GAAP, you'll note we disclose various non-GAAP financial measures in our earnings press releases and other public disclosures.

更多資訊以及補充財務和營運信息，請參閱我們網站 ir.dnow.com 上的收益報告或我們提交給美國證券交易委員會 (SEC) 的文件。為了維持—抱歉，為了向投資者提供有關我們業績的更多資訊—符合美國公認會計準則 (US GAAP)，您會注意到，我們在收益新聞稿和其他公開揭露中揭露了各種非公認會計準則 (non-GAAP) 財務指標。

These are non-GAAP financial measures. Earnings before interest, taxes, depreciation and amortization, or EBITDA, excluding other costs, EBITDA, excluding other costs as a percentage of revenue, net income attributable to DNOW Inc., excluding other costs, diluted earnings per share attributable to DNOW Inc. stockholders, excluding other costs and free cash flow.

這些是非公認會計準則 (GAAP) 財務指標。息稅折舊攤銷前利潤 (EBITDA)（不包括其他成本）、EBITDA（不包括其他成本佔收入的百分比）、歸屬於 DNOW Inc. 的淨利潤（不包括其他成本）、歸屬於 DNOW Inc. 股東的稀釋每股收益（不包括其他成本）以及自由現金流。

Please refer to a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure in the supplemental information available at the end of our earnings release.

請參閱我們收益報告末尾提供的補充資料中這些非 GAAP 財務指標與最可比較的 GAAP 財務指標的對帳表。

As of this morning, the Investor Relations section of our website contains a presentation covering our key results and takeaways for the second quarter 2025. A replay of today's call will be available on the site for the next 30 days.

截至今天上午，我們網站的「投資者關係」部分包含一份演示文稿，其中介紹了我們 2025 年第二季的主要業績和要點。今天電話會議的重播將在未來 30 天內在網站上提供。

Now let me turn the call over to Dave.

現在讓我把電話轉給戴夫。

Thank you, Brad, and good morning, everyone. We have quite a bit to cover from our second quarter results and achievements to the outlook for our business and some updates on the MRC Global transaction. I would like to start by acknowledging the continued solid execution by our team, driving an exceptional first half of the year despite macroeconomic headwinds. In recent growth years such as 2021 and 2022, US rigs and completions grew on a year-over-year basis, which created more opportunities for targeted growth.

謝謝布拉德，大家早安。我們有很多內容要分享，從第二季的業績和成就，到業務前景，以及MRC Global交易的一些最新進展。首先，我要感謝我們團隊持續穩健的執行力，儘管面臨宏觀經濟逆風，我們仍然取得了卓越的上半年業績。在2021年和2022年等近年來的成長年份，美國鑽井平台和完井量年增，這為實現目標成長創造了更多機會。

However, in this current softer market, achieving growth necessitates greater focus and a concerted effort to identify and execute on the prospects that meet our strategic and financial goals. Our relentless commitment to serving our customers and supplying them the best solutions and fit-for-purpose products from the top manufacturers are instrumental to our success. I am proud of our team's performance, and I'm thankful for their efforts and their desire to win the market.

然而，在當前市場疲軟的環境下，實現成長需要更加專注，並齊心協力地識別和執行符合我們策略和財務目標的前景。我們始終致力於服務客戶，並為他們提供來自頂級製造商的最佳解決方案和合適的產品，這對我們的成功至關重要。我為我們團隊的表現感到自豪，並感謝他們的努力和贏得市場的渴望。

The second quarter of 2025 represents the best second quarter EBITDA results in our public company history at $51 million. This achievement is a result of the steadfast execution by our team, where market activity has actually declined sequentially and year-over-year. And as I stated in our first quarter call, this is important to emphasize, given the misunderstood perception that upstream sector activity alone drives opportunities for DNOW.

2025年第二季度，EBITDA（息稅折舊攤提前利潤）達到了5,100萬美元，創下了我們上市公司歷史上的最佳業績。這項成就歸功於我們團隊的堅定執行，儘管市場活動實際上環比和同比均有所下降。正如我在第一季電話會議上所說，鑑於人們普遍認為只有上游產業的活動才能為DNOW帶來機遇，這一點值得強調。

Revenue for the second quarter was $628 million, up 5% from the first quarter and twice the midpoint of the sequential guidance we gave in May. Gross margins remained resilient at 22.9%, in line with our expectations and better than the full year 2024 average despite being challenged in a more price-sensitive environment. EBITDA for the quarter was $51 million, again, a second quarter company best, up 11% sequentially.

第二季營收為6.28億美元，較第一季成長5%，是5月我們給出的季減中位數的兩倍。毛利率保持強勁，達到22.9%，符合我們的預期，儘管在價格敏感度更高的環境下面臨挑戰，但仍高於2024年全年平均水平。本季息稅折舊攤提前利潤（EBITDA）為5,100萬美元，再次創下公司第二季最佳水平，季增11%。

EBITDA as a percentage of revenue was 8.1%, beating our second quarter target and demonstrating continued earnings strength. US activity drove strong sequential revenue gains, up 11%, driven by midstream strength with additional contribution from steady demand for our water management solutions. Our midstream business in the second quarter grew to approximately 27% of total DNOW revenue.

EBITDA佔營收的百分比為8.1%，超越了我們第二季的目標，並展現出持續的獲利強勁勢頭。美國業務推動營收季增強勁成長，成長11%，這得益於中游業務的強勁表現，以及市場對我們水管理解決方案的穩定需求。第二季度，我們的中游業務成長至佔DNOW總營收的約27%。

And over the prior six quarters, we have more than doubled our midstream revenue percentage contribution from the end of 2023, demonstrating our ability to diversify into and expand within this key strategic and growing sector. On the upstream production side, US operators remain disciplined, focused on balance sheet management and profitability rather than prioritizing production growth targets.

在過去六個季度中，我們的中游收入貢獻率較2023年底增長了一倍以上，彰顯了我們在這一關鍵的戰略性增長領域實現多元化發展的能力。在上游生產方面，美國業者依然保持紀律，專注於資產負債表管理和獲利能力，而非優先考慮產量成長目標。

This has resulted in customers maintaining a limited project backlog driven partially by market uncertainties and adopting a cautious approach to additional spending while seeking inventory preservation and asset expansion primarily through M&A. Most of our large public upstream customers have scheduled activity for this year at or close to maintenance production levels, which provides DNOW with a steady base of revenue and cash flow.

這導致客戶專案積壓量有限，部分原因是市場不確定性，且客戶對額外支出採取謹慎態度，同時主要透過併購來保全庫存和擴張資產。我們大多數大型上游公共客戶今年的計畫生產活動已達到或接近維護生產水平，這為DNOW提供了穩定的收入和現金流基礎。

During the quarter, our strength in managing the balance sheet and income statement yielded free cash flow of $41 million and afforded us the opportunity to continue repurchasing shares. Through the end of the second quarter and year-to-date, we have purchased $27 million in shares under our new program authorized earlier this year. Even still, we expanded our cash balance to $232 million and continue to carry no debt, enhancing our already solid financial position.

本季度，我們憑藉強大的資產負債表和損益表管理能力，實現了4,100萬美元的自由現金流，並為我們提供了繼續回購股票的機會。截至第二季末及年初至今，我們已根據今年稍早批准的新計畫回購了價值2,700萬美元的股票。即便如此，我們的現金餘額仍增加至2.32億美元，並且繼續保持零負債，進一步鞏固了我們本已穩固的財務狀況。

Before I move to our results on a regional basis, I wanted to share a brief update about our recently announced combination with MRC Global. Since the announcement, we've spoken with many employees, suppliers, customers and shareholders who have expressed excitement for what this opportunity means.

在介紹我們各區域業績之前，我想先簡單介紹一下我們最近宣布的與MRC Global的合併。自從宣布合併以來，我們與許多員工、供應商、客戶和股東進行了溝通，他們對這個機會的意義感到興奮。

We discussed our confidence in becoming even better able to serve a broader mix of customers in the construction and maintenance of essential energy process, production, transmission infrastructure, downstream processing and gas utilities activities.

我們討論了我們的信心，即能夠在基本能源流程、生產、輸送基礎設施、下游加工和天然氣公用事業活動的建設和維護方面為更廣泛的客戶提供更好的服務。

This combination will allow for enhanced opportunities in alternative energy, artificial intelligence infrastructure, electrification, LNG, mining and other industrial markets. These are areas with significant runways and bring additional opportunities to drive value creation.

此次合併將為替代能源、人工智慧基礎設施、電氣化、液化天然氣、採礦業和其他工業市場帶來更多機會。這些領域擁有巨大的發展潛力，並帶來更多推動價值創造的機會。

At the same time, integration planning is underway with joint MRC Global DNOW teams meeting with the initial work to set us on the path for what the combined company will ultimately become. As the team embarks on this collective effort, they will focus on several areas that will be critical once the transaction is completed, including bringing together our organizations and retaining key talent, offering products and services to one another's customers and working to realize the $70 million of annual cost synergies the company is expected to generate within three years following closing.

同時，整合規劃正在進行中，MRC Global DNOW 聯合團隊正在開會，進行初步工作，為合併後公司的未來發展規劃奠定基礎。隨著團隊著手進行這項共同努力，他們將專注於交易完成後至關重要的幾個領域，包括整合我們的組織架構並留住關鍵人才，為彼此的客戶提供產品和服務，以及努力實現公司預計在交易完成後三年內產生的每年 7000 萬美元的成本協同效應。

As a reminder, these cost synergies are expected to be derived from public company costs, corporate and IT systems and operational and supply chain efficiencies. The bedrock to the success of DNOW and MRC Global joining together is our expected substantial cash flow generation capabilities and robust balance sheet, providing a strong foundation for continued investment in organic and inorganic growth and driving shareholder value.

需要提醒的是，這些成本協同效應預計將源自於上市公司成本、企業和IT系統以及營運和供應鏈效率。 DNOW和MRC Global合併成功的基石是我們預期的強勁現金流產生能力和穩健的資產負債表，這為持續投資於有機和無機成長以及提升股東價值奠定了堅實的基礎。

Our supplier relationships have always been incredibly important to our success. Through this transaction, we expect to build upon those valued partnerships, serve our customers more holistically and grow the combined business. This opportunity to bring our two organizations together is thanks to the tremendous efforts of my DNOW colleagues and the MRC Global team.

我們與供應商的關係始終對我們的成功至關重要。透過此交易，我們期望在這些寶貴的合作夥伴關係的基礎上再接再厲，更全面地服務客戶，並發展合併後的業務。這次兩家公司合併的機會，要感謝我的DNOW同事和MRC Global團隊的巨大努力。

As the customary regulatory and shareholder approval processes proceed, I want to highlight that the final S-4 definitive proxy statement was filed yesterday, and DNOW and MRC Global each filed a premerger notification and report form under the HSR Act on August 1.

隨著常規監管和股東批准程序的進行，我想強調的是，最終的 S-4 最終代理聲明已於昨天提交，DNOW 和 MRC Global 分別於 8 月 1 日根據 HSR 法案提交了合併前通知和報告表。

We look forward to welcoming MRC Global and their valued team members in due course and bringing our organizations together to drive growth and value for our customers, partners and shareholders alike. We cannot wait to see all we will accomplish together.

我們期待MRC Global及其尊貴團隊成員的加入，並攜手並進，共同推動成長，為我們的客戶、合作夥伴和股東創造價值。我們迫不及待地想見證我們攜手共創的光輝。

Now I'll turn to some comments on our results by region. In the US, revenue was $528 million, up $54 million or 11% sequentially. Sequential growth was driven by Whitco supply and energy centers locations. We experienced strong sequential growth geared towards customer midstream project investments in the quarter, including a $5 million project pulled forward into 2Q that was previously scheduled for the third quarter.

現在，我將按地區介紹我們的業績。在美國，營收為5.28億美元，季增5,400萬美元，增幅11%。環比成長主要得益於Whitco供應和能源中心的運作。本季度，我們實現了強勁的環比成長，這主要得益於客戶中游項目的投資，其中包括一個原定於第三季度實施的500萬美元項目，該項目已提前至第二季度實施。

We also saw sequential growth in US upstream as customers continue to pursue efficiencies driven by longer laterals, resulting in fewer drilling days, fewer drilling rigs and completions crews. However, production volumes are resilient and in some areas growing. We continue to adjust our model to the market environment, investing in areas of growing demand while pruning costs in areas of reduced activity in combination with increasing efficiencies to maximize profitability.

我們也看到美國上游業務環比成長，因為客戶持續追求更長的水平段所帶來的效率，導致鑽井天數、鑽機數量和完井隊伍數量減少。然而，產量保持韌性，部分地區的產量仍在增加。我們將繼續根據市場環境調整模式，在需求成長的地區進行投資，在活動減少的地區削減成本，並提高效率，以實現獲利能力最大化。

An emerging trend as operators focus on efficiencies is their need for larger centralized tank batteries and more specialized material. This type of shifts from smaller tank batteries to larger centralized tank batteries tends to favor DNOW due to our fabrication infrastructure and our inventory and service capabilities to service larger-sized projects like these centralized tank batteries.

隨著營運商注重效率，一個新興趨勢是需要更大的集中式儲槽組和更專業的材料。這種從小型儲罐組到大型集中式儲罐組的轉變對DNOW來說更為有利，因為我們擁有製造基礎設施以及為此類集中式儲罐組等大型項目提供服務的庫存和服務能力。

And as a reminder, DNOW is focused on providing products and supply chain solutions to customers to extract, produce, separate and move large volumes of fluids through pipe valves, fittings, infrastructure as our customers deliver production volumes to the market. In US Process Solutions, revenue was relatively flat sequentially.

需要提醒的是，DNOW專注於為客戶提供產品和供應鏈解決方案，透過管道閥門、配件和基礎設施提取、生產、分離和運輸大量流體，以滿足客戶向市場交付產量的需求。美國過程解決方案部門的收入環比持平。

We continue to see strength in FlexFlow water management solutions across a number of basins as produced water disposal services demand remains high for our leased water disposal and transfer assets. According to an industry US Water Solutions report, produced water volumes are projected to be up about 2% in 2025 and produced water recycling volumes handled by midstream infrastructure companies are projected to be up 13% for the year, presenting growth opportunities for DNOW Water Management solutions, which we are capturing.

由於我們租賃的水處理和輸送資產對採出水處理服務的需求依然旺盛，我們持續看到FlexFlow水管理解決方案在多個流域的強勁表現。根據美國水務解決方案產業的報告，預計2025年採出水量將成長約2%，中游基礎設施公司處理的採出水回收量預計當年將成長13%，這為DNOW水管理解決方案帶來了成長機遇，而我們正在抓住這些機會。

In Canada, revenue was $48 million for the quarter, down $14 million, primarily due to the seasonal breakup period each year where road access to oil and gas assets is restricted, reducing activity in the second quarter. When comparing the second quarter to prior years, this year's breakup impact on revenue was higher than average, impacted by additional macro impacts such as tariff uncertainty, the recent Canadian federal election, consolidating customer activity and nonrepeating project and turnaround work sequentially.

加拿大本季營收為4,800萬加元，下降1,400萬加元，主要原因是每年的季節性休整期，通往油氣資產的道路受到限制，導致第二季活動減少。與往年相比，今年第二季休整對收入的影響高於平均水平，這受到其他宏觀因素的影響，例如關稅不確定性、近期加拿大聯邦大選、客戶活動整合以及非重複項目和周轉工作。

We continue to look for organic opportunities for growth in Canada focused on end market diversification and energy evolution opportunities. For international, revenue was $52 million, sequentially lower by $11 million or 17%, in line with our May guided $10 million sequential decline due to nonrepeating first quarter project activity. Brownfield activity in the UK remained steady, while capital project investments are slow due to uncertainty regarding the renewal and approval of North Sea oil and gas leases.

我們繼續在加拿大尋找有機成長機會，並專注於終端市場多元化和能源轉型機會。國際業務方面，營收為5200萬加元，環比下降1100萬加元，降幅17%，與我們5月份預期的環比下降1000萬加元一致，原因是第一季專案活動非重複性。英國棕地計畫保持穩定，而資本項目投資因北海油氣租賃續約和審批的不確定性而放緩。

In Norway, activity was led by increasing oil production and demand for gas, coupled with opportunities for additional sales from customer investments in carbon capture, hydrogen and offshore wind. The acquisition of Natron International closed in the second quarter and expands DNOW's electrical products opportunities to participate more broadly in Singapore and in the Asia Pacific region.

在挪威，業務成長主要得益於石油產量和天然氣需求的成長，以及客戶在碳捕集、氫能和離岸風電領域的投資所帶來的額外銷售機會。對Natron International的收購已於第二季完成，這將擴大DNOW電氣產品在新加坡和亞太地區更廣泛的參與機會。

And now I'd like to make a few comments about several additional growth markets we continue to pursue. In the energy evolution arena, which includes activity primarily associated with carbon capture and storage, direct air capture and RNG-related projects, we experienced sequential growth driven from CCUS project activity and from direct air capture construction.

現在，我想就我們持續拓展的幾個其他成長市場發表一些評論。在能源發展領域，主要包括與碳捕獲和儲存、直接空氣捕獲以及可再生天然氣 (RNG) 相關項目的活動，我們經歷了由 CCUS 項目活動和直接空氣捕獲建設推動的連續增長。

In the rapidly expanding data center market, we provided valves to a general contractor for a newly constructed data center project where we expect to gain additional revenues in the third quarter. Quoting activity increased in the quarter in the LNG-related markets, indicating increased interest in pipe valves and biddings as construction firms work to win and execute projects tied to the continuing build-out of the LNG export market.

在快速擴張的資料中心市場，我們為一家新建資料中心專案的總承包商提供了閥門，預計該專案將在第三季帶來額外收入。本季液化天然氣相關市場的報價活動增加，顯示隨著建築公司努力贏得並執行與液化天然氣出口市場持續擴張相關的項目，市場對管道閥門和投標的興趣增加。

Looking ahead, we see interest in DNOW's products and services growing with several industrial adjacent markets and activity tied to geothermal, water, wastewater and mining investments. All are areas of interest for DNOW to provide our products and solutions while expanding and diversifying our business.

展望未來，我們預見市場對 DNOW 產品和服務的興趣日益增長，尤其是在多個工業相關市場，以及與地熱、水務、廢水處理和採礦投資相關的領域。 DNOW 將在所有這些領域提供產品和解決方案，同時擴展和多元化我們的業務。

Turning to capital allocation. Our core long-term priorities remain the same. We will balance accretive organic and inorganic growth with opportunistic share repurchases. Our decision to combine with MRC Global is directly in line with this approach and will enable us to capture compelling and diverse growth opportunities with our expanded and complementary portfolio of services and product offerings.

談到資本配置。我們的核心長期優先事項保持不變。我們將在增值性有機成長和無機成長與適時股票回購之間取得平衡。我們與MRC Global合併的決定正符合此策略，並將使我們能夠憑藉擴展且互補的服務和產品組合，抓住極具吸引力且多樣化的成長機會。

As is typical with transactions of this nature, we have suspended our share repurchase program until the close of the MRC Global transaction. Our near-term focus is on successfully completing the transaction with MRC Global and planning for the seamless integration of our two companies. In the meantime, we are pursuing potential bolt-on acquisitions in Process Solutions to better serve the needs of our customers.

與此類交易的慣例一樣，我們已暫停股票回購計劃，直至 MRC Global 交易完成。我們近期的重點是成功完成與 MRC Global 的交易，並規劃兩家公司的無縫整合。同時，我們正在尋求對 Process Solutions 進行潛在的補充性收購，以更好地滿足客戶的需求。

With that, let me hand it over to Mark.

說完這些，讓我把它交給馬克。

Thank you, Dave, and good morning, everyone. Total revenue for the second quarter of 2025 was $628 million, up 5% or $29 million from the first quarter of 2025 at the top end of our guide from our May call. EBITDA, excluding other costs or EBITDA for the second quarter was $51 million or 8.1% of revenue, up $5 million sequentially. The second quarter also marked the 13th consecutive quarter where DNOW has delivered EBITDA at or above the 6.9% level.

謝謝，戴夫，大家早安。 2025年第二季的總營收為6.28億美元，較我們5月份電話會議上預測的2025年第一季最高水準成長5%，即2,900萬美元。第二季的息稅折舊攤提前利潤（EBITDA）（不含其他成本）為5,100萬美元，佔營收的8.1%，季增500萬美元。第二季也是DNOW連續第13季實現EBITDA達到或超過6.9%的水準。

US revenue for the second quarter of 2025 totaled $528 million, an increase of $54 million or up 11% from the first quarter of 2025. Year-over-year, US revenue increased $16 million or up 3%. US energy centers contributed approximately 72% of total US revenue in the second quarter, and US Process Solutions contributed approximately 28%.

2025年第二季度，美國業務總營收為5.28億美元，較2025年第一季增加5,400萬美元，成長11%。與去年同期相比，美國業務收入增加1,600萬美元，增幅3%。美國能源中心在第二季貢獻了美國總收入的約72%，美國製程解決方案業務貢獻了約28%。

In Canada, for the second quarter, revenue totaled $48 million, a decrease of $14 million or 23% from the first quarter of 2025 as seasonality drove sequential revenue lower. Canada's revenue historically declines in the second quarter due to the seasonal breakup period where heavy equipment access to production areas is restricted.

加拿大第二季總營收為4,800萬加元，較2025年第一季減少1,400萬加元，降幅23%，原因是季節性因素導致營收季減。加拿大第二季的收入通常會下降，這是由於季節性間歇期重型設備進入生產區域受到限制。

International revenue for the second quarter of 2025 was $52 million, down $11 million or 17% sequentially, as expected based on the $15 million first quarter international projects we discussed last quarter, partially offset with increased project activity elsewhere. Overall, DNOW gross margins for the second quarter were 22.9%, down slightly sequentially and up 110 basis points when compared to the second quarter of 2024.

2025年第二季國際營收為5,200萬美元，季減1,100萬美元，降幅17%。這符合我們上季度討論的第一季1500萬美元國際項目的預期，但其他項目活動的增加部分抵消了這一影響。整體而言，DNOW第二季毛利率為22.9%，較上季略有下降，但與2024年第二季相比上升了110個基點。

Warehousing, selling and administrative, or WSA, for the quarter was $112 million, in line with our expectations from last quarter after considering the more than $3 million second quarter costs incurred related to the announced merger with MRC Global. We anticipate various other costs in future quarters as we move towards closing the transaction.

本季倉儲、銷售和管理費用（WSA）為1.12億美元，與我們上季度的預期一致，但考慮到第二季度與宣布的與MRC Global合併相關的300多萬美元成本。隨著交易接近完成，我們預計未來幾季還會出現其他各種成本。

In the second quarter, we reported $10 million of depreciation and amortization expense and total company operating profit was $32 million. The US generated $30 million of operating profit. Canada was breakeven in the quarter, and our International segment delivered $2 million in operating profit in the second quarter of 2025.

第二季度，我們報告的折舊和攤提費用為1,000萬美元，公司總營業利潤為3,200萬美元。美國業務實現了3000萬美元的營業利潤。加拿大業務在本季度實現了盈虧平衡，我們的國際部門在2025年第二季度實現了200萬美元的營業利潤。

Moving to income taxes. In the second quarter of 2025, DNOW's income tax expense was $7 million. And our effective tax rate as computed on the face of the income statement was 21.9%. The effective tax rate for the quarter was favorably impacted by tax benefits associated with vesting of stock awards during the quarter. We estimate our 2025 full year effective tax rate to be approximately 26% to 28%.

再來說說所得稅。 2025年第二季度，DNOW的所得稅支出為700萬美元。我們根據損益表計算的有效稅率為21.9%。本季的有效稅率受到本季股票獎勵歸屬相關稅收優惠的正面影響。我們預計2025年全年有效稅率約為26%至28%。

Net income attributable to DNOW Inc. for the second quarter was $25 million or $0.23 per fully diluted share. And on a non-GAAP basis, Q2 2025 net income attributable to DNOW Inc., excluding other costs, was $29 million or $0.27 per fully diluted share. Moving to the balance sheet. At the end of the second quarter, we had zero debt and a cash position of $232 million, an increase of $13 million from the first quarter.

第二季歸屬於DNOW Inc.的淨利為2,500萬美元，即每股完全稀釋後0.23美元。以非公認會計準則（Non-GAAP）計算，2025年第二季歸屬於DNOW Inc.的淨利（不包括其他成本）為2,900萬美元，即每股完全稀釋後0.27美元。再來看資產負債表。截至第二季末，我們的負債為零，現金餘額為2.32億美元，較第一季增加1,300萬美元。

We ended the quarter with total liquidity of $582 million, comprising our net cash position of $232 million plus $350 million in additional credit facility availability. Our existing $500 million revolving credit facility extends into December of 2026, providing DNOW with immediate access to capital under the facility.

本季末，我們的總流動資金為5.82億美元，包括2.32億美元的淨現金部位以及3.5億美元的額外可用信貸額度。我們現有的5億美元循環信貸額度有效期至2026年12月，DNOW可立即獲得該額度下的資金。

As previously announced, we have also secured additional commitments to expand our existing credit facility by $250 million at the close of the merger, further enhancing our liquidity and capital allocation flexibility. Accounts receivable was $440 million at the end of the second quarter, similar to the first quarter of 2025 levels. Days sales outstanding or DSO was 64 days at the end of the second quarter, a three-day improvement from the first.

正如先前宣布的，我們還獲得了額外的承諾，將在合併完成後將現有信貸額度增加2.5億美元，從而進一步增強我們的流動性和資本配置靈活性。第二季末的應收帳款為4.4億美元，與2025年第一季的水準持平。第二季末的應收帳款週轉天數（DSO）為64天，比第一季縮短了三天。

Inventory was $383 million at the end of the second quarter, down $2 million from the first quarter of 2025 with a strong annualized turn rate of 5.1 times, improving from our first quarter turn rate of 4.8 times. As we have outlined in the past, we take a strategic approach to intentionally invest in inventory that will support our customers as we proactively navigate the challenges posed by tariffs.

第二季末庫存為3.83億美元，較2025年第一季減少200萬美元，年化週轉率強勁，達5.1倍，較第一季4.8倍有所改善。正如我們過去所概述的，我們採取策略性方法，有意投資庫存，以支持我們的客戶，同時我們積極應對關稅帶來的挑戰。

Accounts payable was $318 million at the end of the second quarter, a decrease of $11 million from the first quarter. And for the second quarter of 2025, working capital, excluding cash as a percentage of annualized second quarter revenue improved to 15.6%. In the second quarter of 2025, we generated $45 million of cash from operating activities and invested $4 million for capital expenditures to support growth, primarily in our US Process Solutions business.

截至第二季末，應付帳款為3.18億美元，較第一季減少1,100萬美元。 2025年第二季度，營運資本（不含現金）佔第二季年化收入的百分比提升至15.6%。 2025年第二季度，我們從經營活動中獲得了4500萬美元的現金，並投資了400萬美元用於資本支出，以支持成長，主要用於我們的美國製程解決方案業務。

Under our new share repurchase program that commenced in January, we repurchased $19 million in the second quarter, bringing the cumulative repurchases under our share repurchase program to $27 million year-to-date through June 30, 2025.

根據我們於 1 月開始實施的新股票回購計劃，我們在第二季回購了 1,900 萬美元，截至 2025 年 6 月 30 日，我們股票回購計劃下的累計回購額已達到 2,700 萬美元。

Now over the last 12 months, we've completed acquisitions totaling $122 million, -- we've generated $210 million in free cash flow and have converted over 100% of our EBITDA to free cash flow while returning $39 million to our shareholders through share repurchases and increasing our cash balances by $35 million. Our commitment to growing the company through a combination of organic initiatives and M&A remains a key priority. We continue to be debt-free, have no interest payments while keeping cash flow generation a top priority.

在過去的12個月裡，我們完成了總額達1.22億美元的收購，創造了2.1億美元的自由現金流，並將超過100%的EBITDA轉化為自由現金流，同時透過股票回購向股東返還了3,900萬美元，現金餘額也增加了3,500萬美元。我們致力於透過有機成長和併購相結合的方式來推動公司發展，這仍然是我們的首要任務。我們繼續保持零負債，無需支付利息，同時將創造現金流作為首要任務。

And with that, let me turn the call back to Dave.

說完這些，讓我把電話轉回給戴夫。

Thank you, Mark. Now switching to our outlook for the third quarter. In the US, second quarter revenue was higher than expected due to 3Q forecasted projects pulling forward into 2Q. As such, we expect US third quarter revenue to be relatively flat compared to the second quarter as we continue to face sector headwinds impacted by midstream project timing and offset by continued progress in our energy evolution and industrial adjacent market penetration.

謝謝，馬克。現在談談我們對第三季的展望。在美國，由於第三季預測的項目提前至第二季度，第二季度的收入高於預期。因此，我們預計美國第三季的營收將與第二季相比持平，因為我們繼續面臨產業逆風，這些逆風受中游項目時間安排的影響，但能源轉型和工業相關市場滲透的持續進展將抵消這些影響。

In Canada, we expect to see a seasonal increase in revenue sequentially coming out of the second quarter breakup. However, we anticipate continued softness in the Canada market, impacted by US trade negotiations, tariff uncertainty and political posturing impacting customer investments.

在加拿大，我們預計第二季營收將環比出現季節性成長。然而，受美國貿易談判、關稅不確定性以及政治姿態對客戶投資的影響，我們預期加拿大市場將持續疲軟。

Internationally, we expect sequential top line growth due to increases in project activity. Taken all together, we expect DNOW's third quarter sequential revenues to increase in the low single-digits percentage range from the second quarter. We expect third quarter EBITDA to approach 8% of revenues.

在國際市場，我們預計由於專案活動的增加，公司營收將實現環比成長。綜合來看，我們預期DNOW第三季營收季減將較第二季達到低個位數百分比成長。我們預計第三季EBITDA將接近營收的8%。

We reaffirm our view that full year 2025 revenues will be flat to up in the high single-digit percentage range from 2024 levels and full year 2025 EBITDA could approach 8% of revenue. We are also reaffirming our target of free cash flow in 2025 of $150 million. In closing, I'd like to again recognize and thank our DNOW team for their unyielding focus in serving our customers and the continued execution of our strategy.

我們重申我們的觀點，即2025年全年營收將與2024年持平或實現高個位數百分比成長，2025年全年EBITDA可能接近營收的8%。我們也重申2025年自由現金流目標1.5億美元。最後，我想再次感謝DNOW團隊對客戶服務的不懈專注以及對我們策略的持續執行。

Their efforts have enabled solid results for the quarter, posting revenues at the top end of our second quarter projections and delivering record-setting second quarter EBITDA. Moving forward, we remain focused on advancing our strategy and planning for the close of our transaction to combine with MRC Global.

他們的努力使本季取得了穩健的業績，收入達到了我們第二季預測的最高水平，EBITDA也創下了歷史新高。展望未來，我們將繼續專注於推進策略，並規劃與MRC Global的合併交易。

This is a transformative milestone in the strategic advancement of DNOW, and we are all eager to bring together our teams and pursue growth through an expanded suite of products and services, all to serve a diverse and growing customer base.

這是 DNOW 策略發展的一個變革里程碑，我們都渴望團結我們的團隊，透過擴展的產品和服務來追求成長，以服務多元化和不斷增長的客戶群。

With that, let's open the call for questions.

現在，讓我們開始提問。

(Operator Instructions)

（操作員指示）

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

Hey, good morning. This is Adam Farley on for Nathan.

大家早安。我是 Adam Farley，為您播報 Nathan 的節目。

Hi, Adam.

你好，亞當。

Good morning, Adam.

早安，亞當。

Good morning, maybe starting first with the merger with MRC. Thinking about thinking through the work, what are the most difficult parts of the integration likely to be? How do you manage the risk? And how do you keep your employees focused during this period?

早安，不妨先從與MRC的合併說起。仔細思考這項工作，整合過程中最困難的部分可能是什麼？您如何管理風險？在此期間，您如何讓員工保持專注？

Well, our orientation, Adam, is around bringing the notion to our employees that this flat out is going to make DNOW and MRC Global combined a better company. We've done transformational combinations in our history. And the first cardinal rule is we're going to focus on the customer post close like we are today. It's all about the customer. We're going to align our teams early in the process.

亞當，我們的定位是讓員工相信，這次合併將使DNOW和MRC Global成為一家更好的公司。我們歷史上也經歷過轉型性合併。首要原則是，我們將像今天一樣，專注於客戶關係的建立。一切以客戶為中心。我們將在早期就協調好我們的團隊。

everyone focused on external matters, that is managing the supply chain, working very closely with our -- the manufacturers we support, becoming better distributors to the manufacturers we support, focusing on our customers and being a better supplier to them with a broader array of products and solutions with more locations closer to them with a broader array of inventory and simply just a much a company much better able to satisfy customer requirements as they evolve, especially in this consolidation experience we're seeing with our top customers.

每個人都專注於外部事務，即管理供應鏈，與我們支持的製造商密切合作，成為我們支持的製造商的更好的分銷商，關注我們的客戶，並成為他們的更好的供應商，提供更廣泛的產品和解決方案，在更靠近客戶的地點提供更廣泛的庫存，並且公司能夠更好地滿足客戶不斷變化的需求，特別是在我們與頂級客戶一起看到的整合經驗中。

So the focus is on how do we grow the business going forward. That's the focus. Having done this before, you really have to -- the focus must be an external one and it must be focused on the supply chain and our customers and getting everyone pumped about the future. We've got a high-caliber team that's focused on the integration, and we can talk more about that in a bit.

所以，我們的重點是如何在未來發展業務。這才是重點。之前做過類似的事情，所以必須——重點必須放在外部，必須專注於供應鏈和客戶，讓每個人都對未來充滿信心。我們有一個專注於整合的高素質團隊，我們稍後可以詳細討論這個問題。

That's good color. Dave, maybe thinking about '25 guidance, is it safe to assume the year is heading towards maybe the top half of the current guidance? And do you have any color on if customers are telling you anything about possible budget exhaustion in the fourth quarter? Just any detail on the back half.

答案很明確。戴夫，也許你考慮的是2025年的業績指引，那麼是否可以安全地假設今年的業績可能會達到目前指引的上半部？如果客戶告訴你第四季可能出現預算耗盡的情況，你有什麼線索嗎？關於下半部分，你能提供一些細節嗎？

Yes. In the answer to the first part of your question, I wouldn't bias the guide towards the top end. I think it's safer to be in the middle of that range. We've got an exciting second half of the year planned out, but we'll see some of our customers with budget exhaustion, most notably in the fourth quarter, and that's factored in there. In terms of -- what was the second part of your question? I'm sorry, Adam.

是的。在回答你問題的第一部分時，我不會把指導價偏向高端。我認為處於這個範圍的中間位置更安全。我們已經為令人興奮的下半年做好了計劃，但我們會看到一些客戶的預算耗盡，尤其是在第四季度，這已經考慮到了。至於──你問題的第二部分是什麼？抱歉，亞當。

Yes. What are your assumptions around fourth quarter seasonality and budget exhaustion?

是的。您對第四季的季節性和預算枯竭有何假設？

Yes. I think it's going to be in line with what we normally experience. There's nothing to say it would be more pronounced. I think it will be pretty much consistent in that 5% range we've experienced over the last several years. I think that's probably a good bet for the fourth quarter.

是的。我認為它會與我們通常經歷的情況一致。沒有什麼可以說它會更明顯。我認為它會與我們過去幾年經歷的5%左右的水平基本一致。我認為這對第四季度來說可能是一個不錯的預測。

Okay, thanks for taking my questions. I'll hop back in queue.

好的，謝謝你回答我的問題。我這就回到隊列。

You're welcome. Thanks, Adam.

不客氣。謝謝，亞當。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究公司。

Thank you. Good morning, Dave, in your comments with respect to the MRC combination, you said you've had some discussions with vendors and customers. And I know the $70 million of estimated cost synergies is mostly related to corporate costs. Are you seeing opportunities at this early stage that you can drive some synergies with vendors and with customers that ultimately add to those costs and accretion over time?

謝謝。早安，戴夫，在您關於MRC合併的評論中，您提到您已經與供應商和客戶進行了一些討論。我知道預計7000萬美元的成本綜效主要與企業成本有關。在目前的早期階段，您是否看到了與供應商和客戶產生協同效應的機會，而這些協同效應最終會隨著時間的推移增加這些成本並累積起來？

Yes. We spent a good deal of time on estimating those synergies. And I'm not going to raise the number. It's going to take a lot of work to get there. We've just kicked off a joint MRC Global DNOW team with high-caliber talent from both organizations.

是的。我們花了大量時間來評估這些協同效應。我不會透露具體數字。要實現這一目標還需要付出很多努力。我們剛剛啟動了一支由雙方高素質人才組成的MRC Global DNOW聯合團隊。

both groups having deep understanding of the respective organizations and the focus is on people and talent and growth. Tomorrow, once we close the deal, we want to be focused on growing our business and being a better distributor to our customers, like I said.

兩家集團對各自的組織都有著深刻的理解，並且專注於人才、人才和業務成長。正如我之前所說，一旦交易完成，我們希望專注於業務成長，成為更好的經銷商，更好地服務客戶。

So my focus is on growth and the promise of what this combination can mean really not from combining locations is certainly not considering how that will transpire as we go through this integration process. So the focus remains on growth and the promise of the combination rather than focusing on field consolidations where we're going to realize most of the benefits from the complementary nature of each of the firms.

因此，我的重點是成長，以及此次合併的真正意義，而不是合併地點，當然也不會考慮在整合過程中如何實現這一點。因此，我們的重點仍然是成長和合併帶來的前景，而不是專注於業務領域的整合，因為在業務領域的整合中，我們將從兩家公司的互補性中獲得最大的收益。

As you look at the combined company, Dave, are you seeing or do you expect that with less exposure to upstream than DNOW stand-alone has, do you see that as an increased visibility in the future earnings power of the company as you're less tied to the drilling and completion capital cycles?

戴夫，當您審視合併後的公司時，您是否看到或預計合併後的公司對上游業務的敞口會比 DNOW 獨立公司要小，您是否認為這會提高公司未來盈利能力的可見性，因為您不再那麼依賴鑽井和完井資本週期？

Well, it certainly will make the combined company less focused on upstream in particular. But we still see that as an important part of our business. We want to grow our position in upstream. But I think the diversification is the real opportunity here.

嗯，這肯定會使合併後的公司不再特別關注上游業務。但我們仍然認為上游業務是我們業務的重要組成部分。我們希望提升我們在上游業務的地位。但我認為多元化才是真正的機會。

MRC has built very strong end markets where we play such a small role. We can use our complementary locations, sales teams, non-crossover customer access to grow both sides of the businesses. So I think the real opportunity there is to rely on cross-selling to grow the company.

MRC 已經建立了非常強大的終端市場，而我們在這方面的影響力卻很小。我們可以利用互補的地理位置、銷售團隊以及非交叉客戶管道，共同發展雙方的業務。所以我認為真正的機會在於依賴交叉銷售來推動公司發展。

And then lastly, do you anticipate a lot of that coming from electrification in terms of AI and just other build-out of the grid? I think that's part of the strength of MRC was exposure to the gas utilities and products markets.

最後，您是否預期其中很大一部分來自人工智慧等電氣化以及電網的其他建設？我認為這是MRC的優勢之一，即涉足天然氣公用事業和產品市場。

Yes. Brad, do you want to hit that a little bit?

是的。布萊德，你想再說一下嗎？

Yeah, good morning, Jeff. Yes, I think Dave in his prepared remarks, identified a number of growing industrial markets, electrification, of course, as we've seen many of the OFS sector as well as other providers work to move away from fossil fuels on the electrification side. Of course, AI data centers is a very exciting space.

是的，早安，傑夫。是的，我認為戴夫在他準備好的發言中提到了一些正在增長的工業市場，當然也包括電氣化，因為我們已經看到許多油田服務（OFS）行業以及其他供應商在電氣化方面努力擺脫化石燃料。當然，人工智慧資料中心是一個非常令人興奮的領域。

I think the combination of our companies going forward would just bring more capabilities around that area. I know we highlighted a successful win selling some valves to data center project. I think the prior quarter, we highlighted winning feed gas pipe valves and fittings on a feed gas line to a power plant that's feeding a data center.

我認為未來我們兩家公司的合併將為該領域帶來更多能力。我知道我們重點介紹了一個成功贏得資料中心閥門專案的專案。我記得上一季度，我們重點介紹了為資料中心供電的發電廠的進氣管閥門和配件。

So we're starting to see more and more opportunities in our quotations and our business development efforts, really focusing on those growing end markets that we identified. Certainly, midstream had tremendous growth there, approximating 27% of DNOW revenue this quarter. And then as you look further downstream with opportunities with LNG export, we're seeing opportunities there.

因此，我們在報價和業務拓展方面開始看到越來越多的機會，真正專注於我們已識別的那些不斷成長的終端市場。當然，中游業務成長迅猛，本季約佔DNOW營收的27%。而當我們進一步關注下游領域，液化天然氣出口的機會時，我們也看到了機會。

We're seeing, as I mentioned, opportunities with data center, data center construction. And then the power generation side on that, too, and what that means for the future of natural gas demand as some analysts are projecting natural gas operating rigs to grow potentially here second half, certainly into 2026. So that certainly helps us on the upstream side as well. So we're excited about the future and what these -- what the combination of these two companies can bring to many of these diversified industrial markets.

正如我所提到的，我們看到了資料中心和資料中心建置方面的機會。此外，發電方面也是如此，這對未來的天然氣需求意味著什麼？一些分析師預測，下半年，尤其是到2026年，天然氣鑽井數量可能會增加。這無疑也有助於我們在上游業務的發展。因此，我們對未來充滿期待，也對這兩家公司的合併能為眾多多元化工業市場帶來什麼充滿期待。

(Operator Instructions)

（操作員指示）

Blake McLean, Daniel Energy Partners.

布萊克·麥克萊恩，丹尼爾能源合作夥伴。

Hey, good morning, all.

嘿，大家早安。

Good morning.

早安.

Hey, I appreciate all the color this morning. And I appreciate really that last series of questions and answers around kind of the total end market portfolio and the opportunities and threats there. Maybe just like expanding on that a little bit, how do you think about how the mix of NewCo sort of evolves over the next one, two, three years as it relates to those sort of total end market -- that portfolio of total end markets?

嘿，我很感謝今天早上的精彩內容。我也很欣賞最後一系列關於整個終端市場組合及其機會和威脅的問答。或許我可以稍微擴展一下，您認為未來一兩年、三年內，NewCo 的業務組合將如何演變？它與整個終端市場——整個終端市場的組合——的關係如何？

Well, thank you for the question. Yes, I think in our previous merger call announcement, we talked about what combinedCo end market would look like from an upstream, roughly about $5.3 billion in revenue, about 41% of that upstream, about 21% of that midstream, about 17% gas utilities -- or 21% gas utilities and the balance downstream industrial.

嗯，謝謝你的提問。是的，我記得在我們之前的合併電話會議公告中，我們討論過合併後公司的上游終端市場是什麼樣子的，大概是53億美元的收入，其中上游約佔41%，中游約佔21%，天然氣公用事業約佔17%，或者說21%是天然氣公用事業，其餘的是下游工業。

So we're excited about certainly increased diversification there, I think, to offset some of the cyclicality in the upstream market, certainly that we're accustomed to over the many years here at DNOW. I would say moving forward, many of those Industrial markets are projected to grow with various degrees of CAGRs.

因此，我們對該領域的多元化提升感到非常興奮，我認為這將抵消上游市場的部分週期性影響，而DNOW多年來已經習慣了這種影響。展望未來，許多工業市場預計將以不同程度的複合年增長率成長。

Certainly, the gas utilities sector, I believe, is increasingly going through modernization and replacement as population grows and demand increases there. AI, the demand for more gigawatts tied to AI development and data center construction, that's an exciting area, I think, for NewCo, really with the exposure that both companies have traditionally had and are gaining because it's a new growth area, both on the power gen side, on the general contractor side with the construction, with the operators and some of these hyperscalers like Meta, Microsoft and others, we're starting to see more activity and build relationships there and then also continued build-out of midstream infrastructure to really satisfy that, call it, [5 9s] of reliability for power demand for those data centers.

當然，我相信，隨著人口成長和需求增加，天然氣公用事業部門正在經歷日益現代化和更新換代的過程。人工智慧，以及與人工智慧開發和資料中心建設相關的對更多千兆瓦電力的需求，我認為對於 NewCo 來說是一個令人興奮的領域。考慮到兩家公司傳統上都擁有的曝光度，並且由於這是一個新的成長領域，因此正在增加。無論是在發電方面，還是在總承包商方面，在與營運商以及像 Meta、微軟等一些超大規模企業合作方面，我們都開始看到他們在這方面開展更多活動並建立合作關係。此外，中游基礎設施也在持續建設，以真正滿足這些資料中心電力需求的 [5 9] 可靠性要求。

And then really exciting is LNG. We commented on a couple of wins there. We've seen our backlog tied to LNG continually increase here quarter-over-quarter. We hope to get some of those across the finish line over the next four to six quarters here. They are long-cycle projects as US and Western Canadian companies look to expand their export liquefaction terminals and to be able to capture demand from Europe and Asia to help feed those markets on a global LNG basis.

真正令人興奮的是液化天然氣（LNG）。我們之前提到過一些專案的成功。我們看到與液化天然氣相關的積壓訂單逐季增加。我們希望在未來四到六個季度內完成其中一些項目。這些專案週期較長，因為美國和加拿大西部的公司希望擴大其出口液化終端，並能夠滿足歐洲和亞洲的需求，從而幫助滿足全球液化天然氣市場的需求。

So those are some of the exciting opportunities we have looking forward. And I think NewCo and its combination with our combined sales force, our success prior success with customers and our supplier relationships can present an exciting opportunity going forward in the market.

以上就是我們期待的一些令人興奮的機會。我認為，NewCo及其與我們合併後的銷售團隊、我們先前在客戶方面取得的成功以及與供應商的關係的結合，將為未來的市場帶來令人興奮的機會。

Okay, appreciate that color. I mean we would agree that the growth profile in a lot of those places just feels different, right? One more, just kind of maybe quick follow-up. Could you talk a little bit about impact from tariffs in the back half of the year and how you guys are sort of thinking about that and navigating those challenges in this environment?

好的，感謝你用這種顏色來形容。我的意思是，我們都會同意，很多地方的成長情況感覺不一樣，對吧？還有一個問題，可能只是快速的跟進。您能否談談今年下半年關稅的影響，以及您是如何看待這個問題的，以及如何在這種環境下應對這些挑戰的？

Yes, I'll take that one. So we've seen some positive impact from tariffs from a product cost perspective. So we've seen product costs go up a little bit. We've seen that from tariffs. We've also seen it from general inflation, which we began to experience before the tariff impacts. We're seeing most of our sales growth coming through volume, not price. So about 80% of our sales growth has come from selling more products versus the increase in price. So we haven't really seen much price impact from the tariffs quite yet.

是的，我同意。從產品成本的角度來看，關稅確實帶來了一些正面影響。產品成本略有上漲，這在關稅方面已經有所體現。此外，在關稅影響之前，我們就開始經歷普遍的通貨膨脹，這也帶來了影響。我們的銷售額成長主要來自銷量，而非價格。因此，約80%的銷售成長來自於產品銷售的成長，而非價格的上漲。因此，我們目前還沒有看到關稅對價格產生太大的影響。

And then there's been a kind of a governor on margin impacts due to tariffs because there's hyper-intensive competition out there, especially as we're in kind of a slower market in some of the end markets. But one thing I want to say about that is despite the tariffs, despite supply chain uncertainty, despite some political events that complicate managing the supply chain, we expect, and our forecast suggests this will be our fifth consecutive year of growth in an environment where the market has contracted three consecutive years.

此外，由於競爭異常激烈，尤其是在我們處於一些終端市場成長放緩的情況下，關稅對利潤率的影響也受到了一定程度的抑制。我想說的是，儘管存在關稅、供應鏈不確定性以及一些政治事件使供應鏈管理變得複雜，但我們預計，並且我們的預測表明，在市場連續三年萎縮的環境下，今年將是我們的連續第五年實現增長。

So we're making gains in energy evolution in the adjacent markets where we've been pursuing growth. We're able to fill some of those market activity declines by expanding our focus often with the same customers that we're doing upstream and midstream business with. So we're growing our business organically. We're making smart acquisitions. We're integrating those businesses smartly.

因此，我們在能源發展領域，以及我們一直追求成長的鄰近市場，都取得了進展。我們能夠透過擴大關注點，將業務重點放在與上游和中游業務相同的客戶身上，來彌補部分市場活動的下滑。因此，我們正在有機地發展業務。我們正在進行明智的收購，並巧妙地整合這些業務。

And we want to grow all the end markets in the stand-alone DNOW and in NewCo. We want to grow our business, and we've been very successful at doing so. We talked about the second quarter having the highest EBITDA second quarter in our history. That's something to say after three years of market decline.

我們希望在獨立的DNOW和NewCo的所有終端市場都實現成長。我們希望發展我們的業務，而且我們在這方面做得非常成功。我們談到了第二季的EBITDA（息稅折舊攤提前利潤）創下了歷史新高。在經歷了三年的市場下滑之後，這值得稱讚。

So we're excited about where we are. We're excited about how the strengths of the product offerings are so complementary in this merger. We'll have more locations with access to more customers with a better array of products and services customers. So we start off strong. We have two lean organizations who are focused on the customer. Our -- our cultures are similar, and we see coming together as a real opportunity.

我們對目前的狀況感到興奮。我們很高興看到，在這次合併中，雙方的產品優勢能夠如此互補。我們將擁有更多業務地點，能夠接觸到更多客戶，並提供更優質的產品和服務。因此，我們擁有一個強勁的開端。我們擁有兩個精實的組織，都專注於客戶。我們的文化相似，我們認為合併是一個真正的機會。

Both organizations see that. So we're very excited about where we're at, how we've been able to weather slower times and produce record earnings and reliably generate free cash flow. I just want to mention one statistic. At the end of 2023, we had $299 million in cash. 18 months later, we have $232 million in cash. In that time frame, we spent $357 million on M&A and share repurchases. So we're an active growing organization.

兩家公司都看到了這一點。因此，我們對目前的狀況感到非常興奮，也非常欣慰我們能夠安然度過經濟低迷時期，創造創紀錄的盈利，並可靠地產生自由現金流。我只想提一個數據。截至2023年底，我們擁有2.99億美元現金。 18個月後，我們擁有2.32億美元現金。在此期間，我們在併購和股票回購上花費了3.57億美元。因此，我們是一家積極成長的公司。

And we're going to be even more so as we combine together with MRC Global. So we're excited about where we're at. We want to grow all our end markets. We generate cash and can grow inorganically and organically, and we're excited about that. Tariffs, as they settle, can be a very positive impact to growth going forward. We just haven't seen much of it yet. Gross margins remain strong, my final comment to your question or I kind of deviate a little bit in the answer, but very excited about where we're at, McLean. Thanks.

與MRC Global合併後，我們的成長動能將更加強勁。我們對目前的狀況感到興奮。我們希望所有終端市場都能成長。我們能夠創造現金，並能夠實現有機成長和無機成長，我們對此感到興奮。關稅最終確定後，將對未來的成長產生非常積極的影響。只是我們目前還沒有看到太多這樣的影響。毛利率依然強勁。關於你的問題，我的最後一個評論，或者說我的回答可能有點偏題，但我對目前的狀況感到非常興奮，McLean。謝謝。

Yeah, thanks very much, great color.

是的，非常感謝，顏色很棒。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究公司。

Thanks, Dave, just as a follow-up in the DNOW second quarter, I think you said that's the highest adjusted EBITDA, I think maybe since being a public company. But the EBITDA margin was 8.1%, which is the best it's been since the first quarter of 2023. And I know that was above expectations. Were there some things in the quarter that drove that outperformance?

謝謝，戴夫，關於DNOW第二季的後續問題，我想您之前說過，這是公司調整後EBITDA最高的，我想這可能是公司上市以來的最高水準。 EBITDA利潤率為8.1%，這是自2023年第一季以來的最高水準。我知道這超出了預期。本季有什麼因素推動了這種優異表現嗎？

Well, I think the biggest driver was growth in midstream. And we've talked about this with you, Jeff, and on these public calls before. midstream business tends to have lower gross margins because the order sizes tend to be much larger, but the cost to service that activity is lower as well. In fact, you can see midstream activity with greater fall-through at the earnings line.

嗯，我認為最大的驅動力是中游業務的成長。傑夫，我們之前和你討論過這個問題，也在一些公開電話會議上討論過。中游業務的毛利率通常較低，因為訂單規模往往較大，但服務該業務的成本也較低。事實上，你可以看到中游業務在獲利方面的跌幅更大。

So I think the biggest driver in improved earnings and for us able to have our best second quarter EBITDA and above 8% EBITDA performance in the quarter was largely driven by growth in midstream, and we're very excited about midstream for the second half of the year or for third quarter for sure, and then we'll see some tailing off in the fourth quarter like we discussed.

因此，我認為獲利成長的最大驅動力，以及我們能夠在第二季度實現最佳 EBITDA 和本季度 8% 以上的 EBITDA 業績，很大程度上得益於中游業務的增長，我們對下半年或第三季度的中游業務感到非常興奮，然後我們將在第四季度看到一些增長放緩，正如我們所討論的那樣。

Thank you for the color.

謝謝你的顏色。

Thank you.

謝謝。

Thank you for your questions. That concludes the question-and-answer session of today's call. Mr. Brad Wise, I turn the call back over to you for final remarks.

謝謝大家的提問。今天的電話會議問答環節到此結束。布拉德懷斯先生，我把電話轉回給您，請您做最後的發言。

Well, thank you, everyone, for joining us today and your interest in DNOW. We look forward to discussing our third quarter 2025 results on our next earnings conference call in November. Hope everyone has a wonderful Wednesday. And with that, we'll turn it back to the operator to conclude the call.

好的，感謝大家今天的參與以及對DNOW的關注。我們期待在11月的下一次財報電話會議上討論我們2025年第三季的業績。祝大家週三愉快。現在，請接線員結束本次通話。

Thank you for joining today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線了。