DNOW Inc (DNOW) 2025 Q3 法說會逐字稿

Good morning. At this time, I would like to welcome everyone to the DNOW third-quarter 2025 earnings conference call. (Operator Instructions) Thank you. Mr. Brad Wise, Vice President of Digital Strategy and Investor Relations, you may begin your conference.

早安.在此，我謹代表 DNOW 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）謝謝。數位策略與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。

Well, good morning, and thank you, Van, and welcome to DNOW's third-quarter 2025 earnings conference call. We appreciate you joining us and thank you for your interest in DNOW. With me today is David Cherechinsky, President and Chief Executive Officer; and Mark Johnson, Senior Vice President and Chief Financial Officer.

早上好，謝謝Van，歡迎參加DNOW 2025年第三季財報電話會議。感謝您的加入，也感謝您對DNOW的關注。今天陪同我出席的有總裁兼執行長大衛·切雷欽斯基，以及資深副總裁兼財務長馬克·約翰遜。

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 the responses to your questions, may contain forecasts, projections and estimates, including, but not limited to, comments about our outlook for the company's business. These are forward-looking statements within the meaning of the US Federal Securities laws based on limited information as of today, November 5, 2025, which is subject to change. They are subject to risks and uncertainties, and actual results may differ materially.

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一些陳述，包括對您問題的回答，可能包含預測、展望和估計，包括但不限於對公司業務前景的評論。這些是根據截至 2025 年 11 月 5 日的有限信息，根據美國聯邦證券法所界定的前瞻性陳述，可能會發生變化。它們存在風險和不確定性，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 year. We do not undertake any obligation to publicly update or revise any forward-looking statements for any reason.

任何人都不應假定這些前瞻性陳述在今年稍後仍然有效。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. 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 provide investors with additional information regarding our results as determined by US.

此外，本次電話會議包含有時效性的信息，反映了管理層在電話會議進行時的最佳判斷。有關影響我們業務的主要風險因素的更詳細討論，請參閱 DNOW 向美國證券交易委員會提交的最新 10-K 表格和 10-Q 表格。更多資訊以及補充財務和營運資訊可在我們網站 ir.dnow.com 上的獲利公告或我們向美國證券交易委員會提交的文件中找到。為了向投資者提供有關我們根據美國確定的業績的更多資訊。

GAAP, you'll note that we disclose various non-GAAP financial measures in our earnings press releases and other public disclosures. These are non-GAAP financial measures and include earnings before interest, taxes, depreciation, 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. 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.

您會注意到，根據美國通用會計準則 (GAAP)，我們在獲利新聞稿和其他公開揭露文件中揭露了各種非美國通用會計準則 (non-GAAP) 財務指標。這些是非公認會計準則財務指標，包括息稅折舊攤提前利潤（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）和自由現金流。請參閱我們盈利報告末尾提供的補充信息，其中列出了每項非GAAP財務指標與其最接近的GAAP財務指標的調節表。

As of this morning, the Investor Relations section of our website contains a presentation covering our results and key takeaways for the third quarter of 2025. A replay of today's call will be available on the site for the next 30 days. Please note that the results presented today are for DNOW only and do not include any results from MRC Global, which remains a separate independent company until our merger transaction with them is completed.

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，其中涵蓋了我們 2025 年第三季的業績和主要結論。今天的電話會議錄音將在網站上保留30天。請注意，今天公佈的業績僅代表 DNOW，不包括 MRC Global 的任何業績，MRC Global 仍是一家獨立的公司，直到我們與他們的合併交易完成。

Now let me turn the call over to Dave.

現在我把電話交給戴夫。

Thank you, Brad, and good morning, everyone. I am impressed with the performance our DNOW team has delivered and confident 2025 will mark the fifth consecutive year of revenue growth despite three years of market softness. The third quarter delivered our strongest revenue since 4Q 2019, and we converted that revenue far more efficiently, producing greater than 7 times the EBITDA dollars achieved on a comparable revenue in that prior period. Our performance continues to be driven by a steadfast focus on customers, disciplined cost management and greater operational leverage while focusing our resources and our strengths where the customer sees value. The announced merger with MRC Global has yet to close, but we have received shareholder and regulatory approvals.

謝謝你，布拉德，大家早安。我對我們DNOW團隊的表現印象深刻，並相信儘管市場疲軟三年，2025年仍將是我們連續第五年實現營收成長。第三季實現了自 2019 年第四季以來最強勁的收入，我們更有效地轉換了這些收入，產生的 EBITDA 金額是上一時期可比收入的 7 倍以上。我們始終堅持以客戶為中心，嚴格控製成本，並不斷提高營運效率，同時將資源和優勢集中在客戶認為有價值的地方，從而持續取得優異的業績。雖然宣布的與 MRC Global 的合併尚未完成，但我們已獲得股東和監管機構的批准。

I'm excited about collaborating to build a stronger, more durable and more impressive future together.

我很高興能與大家合作，共同打造一個更強大、更持久、更令人矚目的未來。

Regarding our third quarter results, revenue for the third quarter grew in line with our guided forecast to $634 million and to a level we haven't seen since before 2020. In the third quarter, we delivered EBITDA of $51 million or 8% of revenue, reflecting continued earnings durability and a marked improvement year-over-year. Activity resulting in demand for our products and services remained healthy. Operators continue to prudently deploy capital with a keen focus on production volume economics and deployment of resources. As crude oil production, natural gas and produced water volume modestly grew, this requires infrastructure and together drove customer demand for our pipe, valves, fittings, pumps and fabricated process, automation, production and measurement equipment.

關於我們第三季的業績，第三季的營收按照我們預期成長至 6.34 億美元，達到了 2020 年以來的最高水準。第三季度，我們實現了 5,100 萬美元的 EBITDA，佔營收的 8%，這反映了獲利能力的持續穩定，並且與去年同期相比有了顯著改善。市場活動對我們的產品和服務需求仍然保持良好。營運商繼續謹慎地部署資本，重點關注產量經濟效益和資源部署。隨著原油產量、天然氣產量和采出水量的適度增長，這需要基礎設施，並共同推動了客戶對我們的管道、閥門、配件、泵浦以及製造的製程、自動化、生產和測量設備的需求。

In today's market, improved capital efficiency and customer consolidation has led to a period of operators optimizing their production portfolio and cautiously evaluating market growth opportunities. It's encouraging to see continued capital investment in the gathering and transmission midstream sectors, primarily driven by increased demand for power and LNG exports.

在當今市場，資本效率的提高和客戶的整合導致營運商們正在優化其生產組合，並謹慎地評估市場成長機會。令人鼓舞的是，在電力和液化天然氣出口需求增加的驅動下，集輸中游領域持續獲得資本投資。

A continued strength is this team's disciplined approach to working capital management. During the quarter, we improved our inventory turn rates and days sales outstanding, demonstrating efficient use of our balance sheet. When combined with earnings, we delivered $39 million in free cash flow for the third quarter, elevating our year-to-date free cash flow to $58 million, which we expect could approach $150 million for the full year 2025. Our overall achievements are representative of the strong focus by our teams to deliver a solutions-oriented approach to our customers' challenges.

團隊持續的優勢在於其嚴謹的營運資金管理方法。本季度，我們的庫存週轉率和應收帳款週轉天數均有所提高，顯示我們有效地利用了資產負債表。加上獲利，我們第三季實現了 3,900 萬美元的自由現金流，使今年迄今的自由現金流達到 5,800 萬美元，我們預計到 2025 年全年，這一數字可能會接近 1.5 億美元。我們所取得的整體成就體現了我們團隊始終致力於以解決方案為導向，並應對客戶面臨的挑戰。

Now to some comments on our results by region. In the US, revenue was $527 million, lower by $1 million sequentially despite a 5% sequential contraction in US rig count and a 6% decline in US completions in the third quarter. Our US

現在來談談我們按地區劃分的調查結果。在美國，儘管第三季美國鑽井平台數量較上季下降 5%，完井數量較上季下降 6%，但營收仍為 5.27 億美元，季減 100 萬美元。我們的美國

Energy Centers business increased in the Permian and in the Northeast, combined with steady activity in the Northwest and Southeast.

Energy Centers 在二疊紀盆地和東北地區的業務有所成長，同時在西北部和東南部地區也維持著穩定的業務活動。

Operator improvements in drilling efficiency, combined with the incorporation of digital tools and AI are extending the economic life of existing acreage. As a result, we remain in a period of industry optimization and experts believe rig counts are at or below levels needed to maintain current US onshore production. In the Haynesville, demand for our products improved, primarily tied to the new construction of tank batteries, gathering lines, storage and distribution of natural gas linked to increased demand for power generation and LNG exports.

操作員鑽井效率的提高，加上數位化工具和人工智慧的應用，延長了現有油田的經濟壽命。因此，我們仍處於產業優化階段，專家認為鑽井平台數量處於或低於維持目前美國陸上石油產量所需的水準。在海恩斯維爾，對我們產品的需求有所改善，這主要與新建儲罐組、集氣管線、天然氣儲存和分銷設施有關，而這些設施又與發電需求和液化天然氣出口需求的增長有關。

DNOW is positioned well to capture revenue and market share from these opportunities. Operators remain focused on leveraging drilling and completions efficiencies, driving the need for more -- for larger, more centralized tank batteries with specialized equipment. This shift tends to favor DNOW due to our fabrication capacity, inventory and service capabilities.

DNOW 已做好充分準備，能夠從這些機會中獲得收入和市場份額。營運商仍專注於提高鑽井和完井效率，從而推動了對更大、更集中的儲罐組以及專用設備的需求。由於我們的製造能力、庫存和服務能力，這種轉變往往對 DNOW 有利。

The midstream sector is active with customers allocating capital to gathering, transmission and takeaway projects to meet the growing downstream demand. During the quarter, the midstream sector accounted for 24% of overall DNOW revenue. Midstream activity was strong and held steady with demand for pipe, valves and fittings supporting several capital projects. One project consisted of a new 400-mile 42-inch pipeline and corresponding lateral to connect the processing plant project, which provides more flexibility for the operator to deliver natural gas to premier markets and trading hubs and its ability to support power plant and data center growth.

中游產業十分活躍，客戶正將資金投入集輸、輸送和外運項目中，以滿足不斷增長的下游需求。本季度，中游產業佔 DNOW 總收入的 24%。中游業務活動強勁且穩定，對管道、閥門和配件的需求為多個資本項目提供了支援。其中一個項目包括一條新的 400 英里長、42 英寸直徑的管道和相應的支線，用於連接加工廠項目，這將為運營商提供更大的靈活性，使其能夠向主要市場和交易中心輸送天然氣，並支持發電廠和數據中心的增長。

Moving to US Process Solutions. Demand for aftermarket pump services remained strong and has grown on a year-over-year basis. We remain focused on expanding our pump and service revenue to additional downstream markets winning orders with numerous chemical processing companies along the Gulf Coast. For our water management business in Flex Flow and Trojan, rental activity remained steady with strong performance in the US

遷移至美國流程解決方案公司。售後泵浦服務需求依然強勁，且逐年成長。我們將繼續專注於擴大泵浦和服務收入，拓展下游市場，並贏得墨西哥灣沿岸眾多化工加工公司的訂單。在Flex Flow和Trojan這兩個水管理業務方面，租賃業務保持穩定，在美國市場表現強勁。

and Canada. We see increased demand for higher horsepower rental pumping units where operators are requesting larger assets to move greater volumes of produced water. Our Flex Flow engineering teams are working on retrofitting several existing H-pump units to take advantage of the shift in customer preference. We have secured orders for several H-pump rental units targeting the growing CO2 sequestration space. As more operators look to expand enhanced oil recovery applications as well as fund future CCUS projects, we believe there will be prospects to rent and sell these pumps.

以及加拿大。我們看到，隨著營運商要求使用更大的設備來輸送更多的採出水，對更高馬力租賃泵浦機組的需求不斷增長。我們的 Flex Flow 工程團隊正在對幾個現有的 H 型幫浦裝置進行改造，以適應客戶偏好的轉變。我們已經獲得了多筆 H 型幫浦租賃設備的訂單，目標是不斷成長的二氧化碳封存領域。隨著越來越多的業者尋求擴大提高石油採收率的應用範圍，並為未來的碳捕集、利用與封存 (CCUS) 項目提供資金，我們相信這些泵將有租賃和銷售的前景。

Since acquiring EcoVapor in December of 2022, we have expanded our product offering to drive increased market opportunities for our gas treating technology. I'm delighted to highlight the great work our product development team has done over the past year to unlock several opportunities. First, during the quarter, we shipped a O2E 2000 unit to a landfill gas operator. The E2000 is a much higher capacity unit designed to treat larger volumes of landfill gas by removing oxygen, allowing the treated gas to be moved to the midstream market for sale.

自 2022 年 12 月收購 EcoVapor 以來，我們擴大了產品供應範圍，以推動我們的氣體處理技術獲得更多市場機會。我很高興地向大家介紹我們產品開發團隊在過去一年中所做的出色工作，他們為創造多個機會做出了巨大貢獻。首先，在本季度，我們向一家垃圾掩埋氣體運營商交付了一台 O2E 2000 設備。E2000 是一款容量更大的裝置，旨在透過去除氧氣來處理更大體積的垃圾掩埋氣，使處理後的氣體能夠輸送到中游市場進行銷售。

Second, several of our customers have requested a combined gas treating and liquids removal process unit to handle larger volumes of saturated gas. In response, we developed the DryOxo and delivered our first unit to an RNG customer in the quarter. The DryOxo product is suitable for many RNG applications from small dairies and swine farms to large landfills, unlocking revenue growth for EcoVapor. And finally, we designed and shipped several new Oxygen Sentinel units, which enable operators to treat gas with higher H2S concentrations found in natural gas applications.

其次，我們的一些客戶要求配備氣體處理和液體去除聯合製程裝置，以處理更大體積的飽和氣體。為此，我們開發了 DryOxo，並在本季向一家 RNG 客戶交付了第一台設備。DryOxo 產品適用於從小型乳牛場和養豬場到大型垃圾掩埋場等多種 RNG 應用，為 EcoVapor 帶來收入成長。最後，我們設計並交付了幾台新的氧氣哨兵裝置，使操作人員能夠處理天然氣應用中發現的 H2S 濃度較高的氣體。

In Canada, revenue was $53 million for the quarter, up $5 million or 10% sequentially, in line with our guide. Activity increased from the second quarter breakup period. Third quarter Canada rig count compared to the same period in 2024 was 15% lower year-over-year. As such, we are optimizing our footprint to improve our cost structure. Despite lower activity on a year-over-year basis, we see opportunities for several top operators and EPCs to drive future growth.

在加拿大，本季營收為 5,300 萬美元，季增 500 萬美元或 10%，符合我們的預期。自第二季末期以來，業務活動增加。第三季加拿大鑽井平台數量與 2024 年同期相比下降了 15%。因此，我們正在優化佈局，以改善成本結構。儘管與去年同期相比業務量有所下降，但我們看到一些頂級營運商和EPC公司有機會推動未來的成長。

For international, revenue was $54 million, sequentially up by $2 million or 4%. During the quarter, we saw growth in the Middle East and Singapore. Singapore activity in the fabrication yards remained strong, driven by high demand for FPSO conversions for Brazil, West Africa and Guyana alongside LNG module fabrication aligned with the global emphasis on energy security.

國際業務收入為 5,400 萬美元，季增 200 萬美元，增幅為 4%。本季度，我們在中東和新加坡市場均實現了成長。受巴西、西非和圭亞那對 FPSO 改裝的高需求以及與全球對能源安全的重視相一致的 LNG 模組製造需求的推動，新加坡的製造廠活動仍然強勁。

Moving to digital. I'd like to share an example of how we are using digital technology to provide real-time information for our customers to provide better planning, improving on-time deliveries and yield higher fill rates from inventory to help improve inventory turn rates and customer satisfaction. For one of our larger customers, our DigitalNOW analytics team built a solution that provides real-time data and visibility to their demand for pipe in comparison to DNOW's on-hand and on-order inventory. This digital tool has enabled better planning and communication to fulfill customer pipe demand, resulting in a more efficient supply chain.

向數位化轉型。我想分享一個例子，說明我們如何利用數位技術為客戶提供即時信息，從而更好地進行規劃，提高準時交付率，提高庫存滿足率，進而幫助提高庫存週轉率和客戶滿意度。對於我們的一位大客戶，我們的 DigitalNOW 分析團隊建立了一個解決方案，該方案可提供即時數據和可見性，以便了解他們對管道的需求與 DNOW 的現有庫存和在途庫存進行比較。此數位化工具能夠更好地進行規劃和溝通，以滿足客戶的管道需求，從而實現更有效率的供應鏈。

Turning to capital allocation. Our long-term priorities remain unchanged. We will invest in organic growth in additional market sectors to help drive diversification of revenue, coupled with inorganic opportunities that drive accretive results where we are the national natural operator. A key area of interest for us is acquisitions, primarily in Process Solutions to further build out our service and product offering to better serve the needs of our customers.

接下來討論資本配置。我們的長期優先事項保持不變。我們將投資於其他市場領域的有機成長，以幫助推動收入多元化，同時抓住非有機成長機會，在我們作為全國領先營運商的領域實現業績成長。我們重點關注的領域是收購，主要是流程解決方案領域的收購，以進一步擴展我們的服務和產品，以更好地滿足客戶的需求。

With that, let me hand it over to Mark.

那麼，就讓我把麥克風交給馬克。

Thank you, Dave, and good morning, everyone.

謝謝你，戴夫，大家早安。

Total revenue for the third quarter of 2025 was $634 million, up 1% or up $6 million from the second quarter of 2025 and marks the highest revenue quarter in almost six years. EBITDA, excluding other costs or EBITDA for the third quarter was $51 million or 8% of revenue, marking the 14th consecutive quarter where DNOW has delivered approximately 7% EBITDA or better. Another notable improvement in performance can be seen when we compare the period starting when we became a stand-alone public company in the second half of 2014 through the end of 2019. That five-plus year period delivered accumulated EBITDA performance of less than 1% of revenue. And now comparing this to the period after our transformation years of 2020 and 2021, we've averaged 7.8% EBITDA as a percent of revenue, which clearly speaks to solid execution of our strategy to improve profitability and grow earnings.

2025 年第三季總營收為 6.34 億美元，比 2025 年第二季成長 1% 或 600 萬美元，創下近六年來的最高季營收紀錄。第三季不計其他成本的 EBITDA 為 5,100 萬美元，佔營收的 8%，這是 DNOW 連續第 14 季實現約 7% 或更高的 EBITDA。另一個顯著的業績提升可以從我們自 2014 年下半年成為獨立上市公司到 2019 年底這段期間看出。五年多的時間裡，累計 EBITDA 業績佔營收的比例不到 1%。現在，與 2020 年和 2021 年轉型期之後的時期相比，我們平均 EBITDA 佔收入的百分比為 7.8%，這清楚地表明我們提高盈利能力和增加收入的策略得到了有效執行。

US revenue for the third quarter of 2025 totaled $527 million, effectively flat sequentially and an increase of $45 million or 9% from last year. US Energy Centers contributed approximately 73% of total US revenue in the third quarter, and US

2025 年第三季美國營收總計 5.27 億美元，與上一季基本持平，較上年同期成長 4,500 萬美元，增幅為 9%。美國能源中心在第三季貢獻了約73%的美國總收入，而美國

Process Solutions contributed approximately 27%. In Canada, for the third quarter, revenue totaled $53 million, an increase of $5 million or 10% sequentially. The international revenue of $54 million for the third quarter was up $2 million or 4% sequentially. Overall, DNOW gross margins for the third quarter were 22.9%, flat sequentially and up 60 basis points compared to the third quarter of 2024. Now warehousing, selling and administrative or WSA for the quarter was $112 million, unchanged from the second quarter.

流程解決方案貢獻了約 27%。在加拿大，第三季營收總計 5,300 萬美元，比上一季增加了 500 萬美元，增幅達 10%。第三季國際營收為 5,400 萬美元，季增 200 萬美元，增幅為 4%。總體而言，DNOW 第三季的毛利率為 22.9%，與上一季持平，比 2024 年第三季成長了 60 個基點。本季倉儲、銷售和管理（WSA）費用為 1.12 億美元，與第二季持平。

We anticipate various other merger transaction costs in the future quarters.

我們預計未來幾季還會出現其他各種併購交易成本。

In the third quarter, we reported $11 million of depreciation and amortization expense and total company operating profit was $33 million, led by our US segment that generated $28 million with the balance derived from our Canada and International segments, generating $2 million and $3 million, respectively.

第三季度，我們報告了 1,100 萬美元的折舊和攤銷費用，公司總營業利潤為 3,300 萬美元，其中美國業務貢獻了 2,800 萬美元，其餘部分來自加拿大和國際業務，分別貢獻了 200 萬美元和 300 萬美元。

Now moving to income taxes. In the third 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%. We estimate our 2025 full year effective tax rate to be approximately 26% to 27%. Net income attributable to DNOW Inc. for the third quarter was $25 million or $0.23 per fully diluted share. And on a non-GAAP basis, Q3 2025 net income attributable to DNOW Inc., excluding other costs, was $28 million or $0.26 per fully diluted share.

接下來我們來談談所得稅。2025 年第三季度，DNOW 的所得稅支出為 700 萬美元。根據損益表計算，我們的實際稅率為 21.9%。我們預計 2025 年全年實際稅率約為 26% 至 27%。DNOW 公司第三季淨利為 2,500 萬美元，即每股完全稀釋收益 0.23 美元。以非GAAP準則計算，2025年第三季歸屬於DNOW公司的淨利（不包括其他成本）為2,800萬美元，即每股完全稀釋收益0.26美元。

Moving to the balance sheet. At the end of the third quarter, we had 0 debt and an improved cash position of $266 million, an increase of $34 million sequentially. We ended the quarter with total liquidity of $629 million, comprising our net cash position of $266 million plus $363 million in additional credit facility availability.

接下來查看資產負債表。第三季末，我們零負債，現金狀況改善至 2.66 億美元，季增 3,400 萬美元。本季末，我們的總流動資金為 6.29 億美元，其中包括 2.66 億美元的淨現金部位以及 3.63 億美元的額外信貸額度。

Accounts receivable was $429 million at the end of the third quarter with -- days sales outstanding or DSO of 62 days, a two-day improvement from the second quarter. Inventory was $377 million at the end of the third quarter, down $6 million from the second quarter of 2025, with a strong annualized turn rate of 5.2 times and a record high since 4Q 2021. Accounts payable was $305 million at the end of the third quarter, a decrease of $13 million from the second quarter. And for the third quarter of 2025, working capital, excluding cash as a percentage of annualized third quarter revenue was 15.6%.

第三季末應收帳款為 4.29 億美元，應收帳款週轉天數 (DSO) 為 62 天，比第二季改善了兩天。第三季末庫存為 3.77 億美元，比 2025 年第二季減少了 600 萬美元，年化週轉率強勁，達到 5.2 次，創下 2021 年第四季以來的最高紀錄。第三季末應付帳款為 3.05 億美元，比第二季減少了 1,300 萬美元。2025 年第三季度，不包括現金在內的營運資本佔第三季年化收入的百分比為 15.6%。

In the third quarter of 2025, we generated $43 million of cash from operating activities and invested $4 million of capital expenditures to support growth initiatives, primarily in Process Solutions and midstream areas. Year-to-date, share repurchases were unchanged from the second quarter at $27 million. And since our inaugural buyback program began, we have repurchased over 8.7 million shares of common stock, returning capital to shareholders.

2025 年第三季度，我們從營運活動中產生了 4,300 萬美元的現金，並投資了 400 萬美元的資本支出以支持成長計劃，主要集中在製程解決方案和中游領域。今年迄今為止，股票回購額與第二季持平，為 2,700 萬美元。自我們首次股票回購計畫啟動以來，我們已回購超過 870 萬股普通股，將資本回饋給股東。

Over the last 12 months, we've completed acquisitions totaling $122 million, generated $177 million in free cash flow, which represents an EBITDA to free cash flow conversion of over 90%, while returning $32 million to our shareholders through share repurchases and increasing our cash balance by $5 million. Our commitment to growing the company through a combination of organic initiatives and M&A remains a key 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，產生了 1.77 億美元的自由現金流，EBITDA 與自由現金流的轉換率超過 90%，同時透過股票回購向股東返還了 3,200 萬美元，並將現金餘額增加了 500 萬美元。我們致力於透過內部成長和併購相結合的方式發展公司，這仍然是我們的首要任務。

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

那麼，現在讓我把電話轉回給戴夫。

Thank you, Mark. Before I get to the outlook for the fourth quarter, I'd like to make some additional comments on the announced merger with MRC Global. We see the combined company bringing together unparalleled access to industry-leading energy, gas utility and industrial products, service and solutions from both companies to serve a broader and more diversified mix of customers. This combination enhances DNOW's earnings durability, cash flow, financial position and ability to capitalize on growth across a broad range of attractive sectors. We expect the transaction to generate $70 million of annual cost synergies within three years following the closing through public company costs, corporate and IT systems and operational and supply chain efficiencies.

謝謝你，馬克。在展望第四季之前，我想就已宣布的與 MRC Global 的合併做一些補充說明。我們看到，合併後的公司將匯集兩家公司在能源、天然氣公用事業和工業產品、服務和解決方案方面無與倫比的優勢，從而服務更廣泛、更多元化的客戶群。這種組合增強了 DNOW 的獲利穩定性、現金流、財務狀況以及在廣泛的、有吸引力的行業中把握成長機會的能力。我們預計，交易完成後三年內，將透過降低上市公司成本、提高企業和 IT 系統效率以及提升營運和供應鏈效率，每年產生 7,000 萬美元的成本協同效應。

Combined with synergy realization, we project a solid free cash flow business and we will pursue deleveraging, having previously noted a target of a net cash position by the end of the first full year post close, timing subject to change based on future M&A.

結合協同效應的實現，我們預期業務將實現穩健的自由現金流，並將繼續努力降低槓桿率。先前我們曾指出，目標是在交易完成後的第一個完整財年結束時實現淨現金頭寸，但具體時間可能會根據未來的併購情況而有所調整。

Recently, we publicly announced our future leadership team comprised of respected leaders from both companies who collectively possess deep industry knowledge, bringing with them serious tenure, meaning they've endured and learned from the rigors in our industry and know how to avoid pitfalls and seize opportunities in our business. Their experience, expertise and proven track records in talent management, their deep respect for fellow team members and a strong focus on the customer will enable us to grow in the energy, gas utility and industrial sectors. Our integration teams have been hard at work to determine how to best bring our two companies together, including how to harness the combined company talent to position us for success as we move forward.

最近，我們公開宣布了未來的領導團隊，該團隊由兩家公司備受尊敬的領導者組成，他們共同擁有深厚的行業知識和豐富的經驗，這意味著他們已經經歷了我們行業的種種考驗並從中學習，並且知道如何避免陷阱並抓住我們業務中的機會。他們在人才管理方面的經驗、專業知識和良好業績記錄，他們對團隊成員的尊重以及對​​客戶的高度重視，將使我們能夠在能源、天然氣公用事業和工業領域發展壯大。我們的整合團隊一直在努力研究如何最好地將兩家公司合併，包括如何利用合併後的公司人才，使我們在未來的發展中取得成功。

Capitalizing on the deep supplier and customer affection, we will retain the MRC Global brand in multiple sectors to include gas utility, downstream and will be a strong additional brand in our international segment. While there remains work ahead, I am confident that as we progress, our customers and suppliers will recognize DNOW for providing an expanded range of products, comprehensive solutions and greater value to support the efficiency of their operations.

憑藉供應商和客戶的深厚感情，我們將在多個領域保留 MRC Global 品牌，包括天然氣公用事業、下游業務，並將成為我們國際業務中一個強大的附加品牌。雖然前方還有許多工作要做，但我相信，隨著我們不斷進步，我們的客戶和供應商將會認可 DNOW 提供的更廣泛的產品、全面的解決方案和更大的價值，從而支持他們提高營運效率。

Now I'd like to switch to our outlook for the fourth quarter. In the US and Canada, we expect typical fourth quarter seasonality. Therefore, we expect a seasonal decrease in revenue sequentially. Internationally, we expect activity to be relatively flat sequentially.

現在我想談談我們對第四季的展望。在美國和加拿大，我們預計第四季會出現典型的季節性波動。因此，我們預計收入將出現季節性環比下降。國際方面，我們預期經濟活動將環比保持相對穩定。

And we expect DNOW's fourth quarter revenue compared to the fourth quarter of 2024 to be up in the mid-single-digit percentage range, but down sequentially seasonally. We expect full year 2025 EBITDA could approach 8% of revenues, and our 2025 full year free cash flow could approach $150 million.

我們預計 DNOW 第四季的營收與 2024 年第四季相比將成長個位數百分比，但按季節環比來看將下降。我們預計 2025 年全年 EBITDA 可能接近收入的 8%，2025 年全年自由現金流可能接近 1.5 億美元。

In closing, I'd like to thank our DNOW team for their stellar performance. In a year that has had its share of macro challenges, including a continuation of customer consolidations, geopolitical uncertainty tied to tariffs and OPEC+ policy shifts impacting our industry, we are excited about how well we have navigated and grown our business. We ended the quarter adding to an already stellar balance sheet with $266 million in cash and 0 debt. We will continue to focus on what sets DNOW apart, our team members, our culture and proven track record of improving business unit performance, prioritizing customer service, innovation and supply chain management, combined with a solutions-oriented approach that delivers value for our customers and suppliers while maintaining a balance sheet, which provides a solid foundation for continued growth. We believe 2025 will represent our fifth consecutive year of growth and are forecasting our best full year earnings ever as a public company in terms of total EBITDA results.

最後，我要感謝 DNOW 團隊的出色表現。在過去一年中，我們面臨著許多宏觀挑戰，包括客戶持續整合、與關稅相關的地緣政治不確定性以及歐佩克+政策轉變對我們行業的影響，但我們對公司業務的順利發展和增長感到非常興奮。本季末，我們本已十分出色的資產負債表又添新成員，現金餘額達 2.66 億美元，且無任何債務。我們將繼續專注於DNOW的獨特優勢，包括我們的團隊成員、我們的文化以及在提升業務部門績效方面取得的卓越成就，優先考慮客戶服務、創新和供應鏈管理，並採取以解決方案為導向的方法，為我們的客戶和供應商創造價值，同時保持良好的資產負債表，為持續增長奠定堅實的基礎。我們相信 2025 年將是我們連續第五年實現成長，並預測我們將迎來作為上市公司以來最佳的全年收益（以 EBITDA 總收益計）。

I would like to thank all the women and men of DNOW for their continued hard work and dedication to our pursuit of excellence.

我要感謝DNOW的所有男女員工，感謝他們為追求卓越所付出的持續努力和奉獻。

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

接下來，我們開始接受提問。

(Operator Instructions)

（操作說明）

Nathan Jones, Stifel.

內森瓊斯，斯蒂費爾。

This is Adam Farley on for Nathan. Starting on MRC, with another quarter to explore the merger, have you gained any new insight into the opportunities to drive additional cost synergies or maybe give you more confidence in achieving your cost synergy target?

這裡是亞當法利替內森報道。從 MRC 開始，再過一個季度就可以探索合併事宜，您是否對推動額外成本綜效的機會有了新的認識，或者是否有信心實現成本綜效目標？

Well, our focus -- really since we announced the proposed merger in June, late June, our immediate priorities are around connecting our sales teams to grow the business once we come together. Our integration teams have been focused on itemizing those things that can enable us to achieve the $70 million in synergy savings. We've asked them to identify how much is available, what the timing would be and they're pursuing that $70 million target. That number, we don't have a change for that number. We're focused on delivering that.

嗯，自從我們在6月下旬宣布擬議合併以來，我們的重點——實際上，我們眼下的首要任務是連接我們的銷售團隊，以便在合併後發展業務。我們的整合團隊一直致力於列出能夠幫助我們實現 7000 萬美元協同效應節省的各項措施。我們已經要求他們確定有多少資金可用，時間安排如何，他們正在努力實現 7000 萬美元的目標。那個號碼，我們沒有零錢找零。我們正專注於實現這一目標。

But the immediate priorities, and I really want our employees to hear this, is we want to retain the top talent in our company on both sides to be a better distributor, to the suppliers we support and a better supplier to our customers. Our focus is on growing the business while we achieve those savings. And by retaining the top talent and having a singular focus on our customer, we can maximize our performance at the top line and the bottom line in that regard, whether we get there through $70 million in savings or more.

但眼下的首要任務，也是我真心希望我們的員工能聽到的，是我們要留住公司裡最優秀的人才，以便更好地服務於我們支持的供應商，並更好地服務於我們的客戶。我們的目標是在實現成本節約的同時，發展業務。透過留住頂尖人才並始終以客戶為中心，我們可以最大限度地提高收入和利潤，無論我們是透過節省 7,000 萬美元還是更多來實現這一目標。

Okay. Fair enough. Maybe following up on that last point. What do you think are going to be the most difficult parts of the integration? How do you manage the risk?

好的。很公平。或許可以就最後一點做進一步的探討。你認為整合過程中最困難的部分是什麼？您如何管理風險？

And do you think you have all the systems and processes in place to limit disruption during the integration and really focus on growth here?

您認為貴公司是否已建立所有必要的系統和流程，以最大限度地減少整合過程中的干擾，並真正專注於成長？

I think that the opportunity is to sell the story to our fellow team members about the future for the company. By doing so, we can keep them engaged in the future, focused on the future. We'll be a company better able to address the wide array of challenges our customers face. We'll be better able to do that. And we need the top talent in the industry to stay with us on a go-forward basis.

我認為機會在於向我們的團隊成員講述公司的未來發展願景。這樣做可以讓他們在未來保持參與度，專注於未來。我們將成為一家更有能力應對客戶面臨的各種挑戰的公司。我們將能更好地做到這一點。我們需要業內頂尖人才繼續與我們一起發展。

The biggest challenge is to motivate, promote the future, get folks engaged. And we'll do that the moment we close, we'll be on the ground in key locations, promoting the story and the future and the promise of these two great companies coming together.

最大的挑戰在於激勵人們，宣傳未來，讓人們參與其中。交易完成後，我們將立即採取行動，在關鍵地點宣傳這兩家偉大公司合併的故事、未來和前景。

The challenge is to then leverage that enthusiasm, grow our relationships with customers, avoid the spotty revenue leakage, which we will experience and then we'll get it back as we prove to the customers we're better as a combined company, and then we'll provide a platform for growth. Our sales teams can work together on revenue synergies and the possibilities of selling from locations that they didn't have access to before for product lines we didn't support within DNOW or MRC didn't support and sell those to their current customers. So I think the opportunity is for growth and the vehicle and to avoid the risk is to keep our top talent engaged and focused on the future.

接下來的挑戰是如何利用這種熱情，發展與客戶的關係，避免出現零星的收入流失（我們肯定會遇到這種情況，但我們會透過向客戶證明合併後的公司會更好來彌補損失），然後我們會為成長提供平台。我們的銷售團隊可以共同努力，實現收入綜效，並探索從他們以前無法進入的地區銷售產品的可能性，這些產品線是我們在 DNOW 或 MRC 中不支援的，然後我們可以將這些產品銷售給他們現有的客戶。所以我認為，機會在於發展，而規避風險的關鍵在於保持我們頂尖人才的積極性和對未來的專注。

(Operator Instructions)

（操作說明）

Jeff Robertson, Water Tower Research.

Jeff Robertson，水塔研究公司。

Dave, it sounds like from your comments with respect to US revenue that you continue to gain share with your E&P operator customers. Is there still a lot of room for that as you look into 2026?

Dave，從你對美國收入的評論來看，你似乎在不斷擴大與油氣勘探開發營運商客戶的市場份額。展望2026年，這方面還有很大的發展空間嗎？

Well, I think as the two companies come together, we can grow that in a combined sense better than we can separately. We talked a little bit about this. Adam asked about it a bit ago about savings as we come together, we will have resources -- we'll have some overlap resources, which we can deploy more efficiently to grow business with our existing customers and prospective customers. So I think that's going to be one of our top opportunities is to take advantage of where we see some crossover primarily in upstream to be -- to become a more powerful, more beneficial supporter for our customers, prove that to them and win that business, take that market share in the combined sense. So that's a big focus for us, Jeff.

我認為，兩家公司合併後，我們可以共同發展，比各自獨立發展更有效率。我們稍微談了一下這件事。Adam 剛剛問過我們關於節省開支的問題，當我們聚在一起時，我們將擁有資源——我們將有一些重疊的資源，我們可以更有效地利用這些資源來發展與現有客戶和潛在客戶的業務。所以我認為，我們最重要的機會之一就是利用我們在上游領域看到的一些交叉點，成為我們客戶更強大、更有益的支持者，向他們證明這一點，贏得業務，並在綜合意義上奪取市場份額。所以，傑夫，這是我們關注的重點。

And you called out Flex Flow and EcoVapor and then highlighted the midstream growth opportunity. Can you provide any visibility as you think about that into 2026 and what impacts those types of opportunities have on D&O's margins?

你提到了 Flex Flow 和 EcoVapor，然後重點介紹了中游領域的成長機會。您能否就 2026 年的發展前景提供一些見解，以及這些機會會對董監事責任險的利潤率產生哪些影響？

Brad, do you want to speak to Flex Flow and Trojan.

布拉德，你想和 Flex Flow 和 Trojan 談談嗎？

Yes, Jeff, thank you for the question. With regard to Flex Flow and Trojan, they make up our water management solutions group, which is primarily focused on the upstream produced water infrastructure. And as you know, year-over-year barrels grew in the US And so especially in areas of the Permian, there's increasingly a number of barrels of produced water per barrel of oil, requiring assets to be able to transfer that water and then pump those at off-site locations, usually miles away to a permitted SWD location. So that presents opportunities for DNOW to provide water management solutions.

是的，傑夫，謝謝你的提問。至於 Flex Flow 和 Trojan，它們構成了我們的水資源管理解決方案集團，該集團主要專注於上游生產水基礎設施。如您所知，美國的石油產量逐年增加。因此，尤其是在二疊紀盆地，每桶石油產生的產出水數量越來越多，這要求相關設施能夠轉移這些水，然後將其泵送到場外地點，通常是幾英里之外的許可污水處理廠。因此，這為DNOW提供水資源管理解決方案提供了機會。

We package that also with an automation package that came with the Trojan acquisition.

我們還將其與 Trojan 收購時附帶的自動化軟體包一起打包在一起。

So our solutions offering is kind of growing as those produced water barrels are growing. Now in prior calls, I think we've called out opportunities where we've been able to leverage those solutions from the upstream into different market sectors. Dave talked a little bit about CO2 and CCUS projects. And as those ramp up, -- we've successfully deployed some of our Flex Flow H-pump rental units into CO2 applications. We've also got additional Flex Flow units at some refining locations, so kind of in the downstream firewater service locations.

隨著水桶產量的成長，我們的解決方案也不斷發展壯大。在先前的電話會議中，我認為我們已經指出了一些機會，在這些機會中，我們能夠利用上游的解決方案進入不同的市場領域。戴夫簡單談了二氧化碳和碳捕獲、利用與封存（CCUS）計畫。隨著這些設備的增產，我們已經成功地將一些 Flex Flow H 型幫浦租賃設備部署到 CO2 應用中。我們也在一些煉油廠配備了額外的 Flex Flow 裝置，也就是下游消防用水供應點。

We've deployed some Trojan assets into agricultural processing. So there certainly is opportunities to leverage our knowledge and our asset base from that upstream into additional sectors.

我們已將一些木馬程序部署到農產品加工環節。因此，我們完全有機會利用我們在上游累積的知識和資產基礎，拓展到其他領域。

As far as 2026, still early to kind of forecast that, but our plans are to continue to evaluate the business to grow, to invest organically in those assets to grow our fleet and footprint. And certainly, there's more opportunities not only in the US, but Canada and international.

至於 2026 年，現在預測還為時過早，但我們的計劃是繼續評估業務成長，並對這些資產進行有機投資，以擴大我們的車隊和業務範圍。當然，不僅在美國，在加拿大和國際上也有更多的機會。

Brad, Dave highlighted the DigitalNOW and some of the things you're doing with your -- to integrate your customers with supply chain solutions. Does the MRC Global customer base offer margin accretive opportunities to extend that platform and bring them -- or to bring some of their customers onto that platform?

Brad，Dave重點介紹了DigitalNOW以及你們正在做的一些事情——將你們的客戶與供應鏈解決方案整合起來。MRC Global 的客戶群是否能提供增加利潤的機會，從而擴展該平台並吸引他們——或者將他們的一些客戶引入該平台？

Yes, I think so. I'll start and maybe Dave or Mark might have a comment. But as far as understanding MRC Global's technology, I think it's early for us, but we're during this period before the completion of the merger or kind of having a better understanding. But if you review their release this morning, they talked about the ERP deployment and -- the ERP certainly offers long-term benefits to the company going forward. It's a state-of-the-art system that really lends itself to improved inventory management and visibility, order processing efficiency, supply chain optimization, improved financial control, customer service enhancement and then certainly more data-driven solutions.

是的，我也這麼認為。我先來，也許戴夫或馬克會有一些看法。但就了解 MRC Global 的技術而言，我認為對我們來說還為時過早，因為我們正處於合併完成之前或對技術有更好了解的階段。但如果你回顧他們今天早上發布的公告，他們談到了 ERP 的部署——ERP 無疑會為公司未來的發展帶來長期的益處。這是一個最先進的系統，它真正有助於提高庫存管理和可見度、訂單處理效率、供應鏈優化、財務控制、客戶服務提升，當然還有更多數據驅動的解決方案。

So I think collectively, we're really excited about that investment and the future of what that ERP system could do to the combined company. Within DNOW, we operate on SAP. We've got our technology stack as well. We've invested and deployed solutions through our DigitalNOW initiative. And so we're excited about the future as we bring these companies together and really kind of put together a digital strategy going forward that allows us to better serve our customers and differentiate DNOW in the marketplace versus our competitors.

所以我覺得大家對這項投資以及該 ERP 系統未來能為合併後的公司帶來的益處都感到非常興奮。在DNOW內部，我們使用SAP系統。我們也已經有了自己的技術堆疊。我們已透過 DigitalNOW 計劃投資並部署了解決方案。因此，我們對未來感到興奮，因為我們將這些公司聚集在一起，真正制定了一個面向未來的數位化策略，使我們能夠更好地服務客戶，並在市場上使 DNOW 與競爭對手區分開來。

And Mark, if I can ask one question. I think you said for the full year 2026, the effective tax rate would be 26% to 27% compared to 21.9% in the third quarter. Does that imply that there's an increase in the effective rate in the fourth quarter?

馬克，我可以問你一個問題嗎？我想您說過，2026 年全年的實際稅率將達到 26% 至 27%，而第三季的實際稅率為 21.9%。這是否意味著第四季實際利率有所上升？

Yes. That range is for 2025. And you're right, yes, we expect some discrete items in the fourth quarter having a little higher tax burden. So that tax rate is probably is in line with kind of where we've estimated it over the last several quarters for the full year.

是的。此範圍適用於 2025 年。你說得對，我們預期第四季某些特定項目的稅負會略高一些。所以，這個稅率可能與我們過去幾季對全年稅率的估計基本上一致。

Van, this is Dave.

範，這位是戴夫。

Dave, please go ahead, sir.

戴夫，請您繼續，先生。

If we don't have a question or queued up, I want to hit a couple of additional topics before we break.

如果沒有問題或待辦事項，我想在休息之前再討論幾個其他話題。

Okay. I think Nathan Jones has a follow-up question.

好的。我認為內森瓊斯還有一個後續問題。

Maybe we can talk about gross margins, came in strong again, up 60 basis points year-over-year. Maybe some color on how price cost is tracking in the business, maybe your expectations for product line inflation for the balance of '25 and into 2026.

或許我們可以談談毛利率，它再次表現強勁，比去年同期成長 60 個基點。或許可以談談價格成本在業務中的走勢，以及您對 2025 年剩餘時間和 2026 年產品線通膨的預期。

I'll take a crack at that, Adam. Our focus has always been on maximizing gross margins. We provide a lot of services to our customers. We try to gain reciprocation, provide the kind of value that drives greater margins. And we focus on higher-margin product lines, higher-margin services, et cetera.

我來試試，亞當。我們一直專注於實現毛利率最大化。我們為客戶提供多種服務。我們努力獲得互惠，提供能帶來更高利潤的價值。我們專注於利潤率較高的產品線、利潤率較高的服務等等。

The companies we buy tend to have gross margins, sometimes much better gross margins than our core business. So that's a focus for us. That's enabled us for us to see significant legacy improvement in gross margins over the years and to sustain markets -- margins in a low inflation environment.

我們收購的公司往往毛利率較高，有時甚至比我們的核心業務毛利率高得多。所以這是我們關注的重點。這使得我們能夠在多年來實現毛利率的顯著提升，並在低通膨環境下維持市場利潤率。

I think we are in an inflationary environment. Lead times for a while were extending and helped gross margins. Tariffs have helped pricing or have helped increase resale prices. And we try to navigate that real well to drive improved gross margins over time, although we're in a pretty competitive environment right now, I'd call it hypercompetitive. A lot of bidding.

我認為我們正處於通貨膨脹的環境中。一段時間內，交貨週期延長，這有助於提高毛利率。關稅對定價起了一定作用，或者說提高了轉售價格。我們努力妥善應對這種情況，以期隨著時間的推移提高毛利率，儘管我們現在所處的環境競爭非常激烈，我甚至稱之為超級競爭。競價激烈。

We've got strong competition out there who focus on price, sometimes as the weapon to feed a more service-oriented company. And we're still doing very well in that space.

我們面臨著強大的競爭對手，他們專注於價格，有時甚至以此作為支撐一家更注重服務的公司的武器。我們在這個領域仍然做得非常好。

So that's going to be our continued focus into 2026. It's going to really depend on end market growth. We expect LNG and midstream and other components of our business to grow, we'll focus on growing gross margins there. And then we'll have to be a little bit more tactical about how we maximize gross margins in the more flatter sectors, which we'll talk about on our next call.

所以，這將是我們2026年將繼續關注的重點。這很大程度取決於終端市場的成長。我們預計液化天然氣、中游業務以及其他業務部門將會成長，我們將專注於提高這些業務的毛利率。然後，我們需要在如何最大限度地提高相對平坦行業的毛利率方面採取更具策略性的方法，我們將在下次電話會議上討論這個問題。

Okay. That's helpful. And then Brad hit on this a little bit earlier, but can you provide an update on your growth opportunities in adjacent industrial markets? And maybe remind us what your exposure is to data centers and maybe the opportunity set there to go after the opportunities that require cable pumps and PVF for cooling in data centers?

好的。那很有幫助。布拉德之前也提到過這一點，您能否介紹一下您在鄰近工業市場的成長機會？或許您還能提醒我們，您在資料中心領域有哪些經驗，以及有哪些機會可以讓我們抓住那些需要電纜幫浦和PVF用於資料中心冷卻的商機？

Yes, Adam, I'll start and maybe Dave or Mark or have a follow-up comment. But as we've talked about in the last couple of earnings calls, we've really made an intentional effort to grow our midstream business. This quarter and the third quarter amounted to 24% overall DNOW revenue, largely aided by our acquisition of Whitco. And we're seeing continued investment in midstream.

是的，亞當，我先開始，戴夫或馬克可能還有後續評論。但正如我們在最近幾次財報電話會議上所談到的，我們已經真正有意識地努力發展我們的中游業務。本季和第三季佔 DNOW 總營收的 24%，主要得益於我們對 Whitco 的收購。我們看到中游領域的投資仍在持續。

A lot of it's on the natural gas side, right, of course, tied to increased export flows of LNG and then power gen, the ability to generate power, whether on the grid or off the grid and temporary power seems to be a pretty hot commodity in the investor side right now, obviously leading to the growth in data centers and the demand for power that's needed there.

當然，很多因素都與天然氣有關，對吧？這與液化天然氣出口量的增加以及發電有關。無論是併網發電還是離網發電，臨時電力似乎都是目前投資者非常青睞的商品，這顯然導致了資料中心的成長以及資料中心對電力需求的增加。

For DNOW, on the data center side, if you think about the feed gas going into permanent power locations, natural gas-fired turbines to generate power, that's a sweet spot for us, providing pipe valves and fittings and fabricated equipment. Dave highlighted a success story we had there in the midstream sector with a customer that is kind of in the Southwest in the Texas area, growing their opportunities to be able to provide more natural gas for power gen for to feed data centers. And then internationally, we have opportunities with MacLean Electrical on the cable side.

對於 DNOW 而言，在資料中心方面，如果您考慮輸送到永久發電場所的原料氣，以及用於發電的天然氣渦輪機，那麼對我們來說，這是一個絕佳的切入點，我們可以提供管道閥門、配件和製造設備。戴夫重點介紹了我們在中游領域的一個成功案例，我們與一位位於德克薩斯州西南部的客戶合作，拓展了他們的機會，使其能夠提供更多的天然氣用於發電，為數據中心供電。在國際上，我們在電纜方面與 MacLean Electrical 有合作機會。

Coming back to the US within the data center four walls, they tend to be more industrial PVF product lines. We've been successful in selling valves in some of the data centers that have been built through general contractors. We're anxious to see how successful MRC Global has been in that area. I think combined, that could be a real sweet spot for the combined company.

回到美國，在資料中心內部，它們往往是更偏向工業用途的PVF產品線。我們已成功向一些透過總承包商建造的資料中心銷售閥門。我們很想看看MRC Global在該領域取得了多大的成功。我認為，如果兩者結合起來，對於合併後的公司來說，這將是一個絕佳的機會。

And then really on the cooling side, I mentioned the PVF on the cooling side, but also with our US Process Solutions business, being able to offer pumps, the cool, the servers within the data center lends us -- lends certainly growth opportunities. But if we look at outside of upstream, we really got some bright spots in midstream for growth. I think we feel like that's a growth area for 2026 as well.

然後，在冷卻方面，我提到了 PVF 在冷卻方面的應用，但我們的美國製程解決方案業務也能夠提供泵浦、冷卻器和資料中心內的伺服器，這無疑為我們帶來了成長機會。但如果我們把目光投向上游以外的領域，就會發現中游領域確實有一些成長的亮點。我認為我們覺得這在 2026 年也是一個成長領域。

RNG, we talked about the three products that our product development group within our EcoVapor business has developed to really seize opportunities in the RNG side, which is landfill gas and swine farm dairy farm. And then also tied to the data center growth, we think dry gas areas in the future may see an increase in rig count, whether that's Haynesville, whether it's Marcellus. We're seeing data centers grow in investments in the Northeast with traditional stranded takeaway assets in the Northeast, I think being able to find a home for that gas in the Northeast out of the Marcellus to data centers, I think that's certainly a growth opportunity for us in the future. So we're excited about all those prospects.

RNG，我們討論了我們 EcoVapor 業務的產品開發團隊開發的三種產品，旨在真正抓住 RNG 領域的機遇，即垃圾掩埋氣和養豬場乳牛場。此外，我們認為，隨著資料中心的成長，未來乾氣地區的鑽井平台數量可能會增加，無論是海恩斯維爾還是馬塞勒斯。我們看到東北地區的資料中心投資不斷成長，而東北地區也存在傳統的擱淺天然氣資產。我認為，能夠為東北地區的馬塞勒斯頁岩氣找到合適的去處，將其輸送到資料中心，這無疑是我們未來的一個成長機會。所以我們對所有這些前景都感到興奮。

And let's not forget about Energy Evolution and CCUS, those are projects coming down the future for us. And then, of course, we know MRC Global is very big in gas utilities. We're excited about gas utilities future and what growth that might be able to provide for us in the future as our companies come together.

我們也不能忘記能源演進和碳捕獲、利用與封存（CCUS），這些都是我們未來要面對的項目。當然，我們也知道 MRC Global 在天然氣公用事業領域規模非常大。我們對天然氣公用事業的未來以及兩家公司合併後未來可能為我們帶來的成長感到興奮。

There are no further questions. Mr. David Cherechinsky, you may now proceed with your remarks. Thank you.

沒有其他問題了。大衛·切雷欽斯基先生，您現在可以開始發言了。謝謝。

Okay. So there's a few things I wanted to cover. I expected them to come up on the call if they didn't, and I've been getting some off-line questions about them. So I'm going to address them. Number one, we just got the green light from the regulatory bodies that our merger has been cleared from those bodies.

好的。所以我想談幾件事。如果他們沒有在電話會議上提到，我希望他們能提到，而且我也收到了一些關於他們的線下詢問。所以我要回應他們。第一，我們剛剛獲得了監管機構的批准，我們的合併案已經獲得這些機構的批准。

We're working on finishing off customary closing conditions. Our teams are working to get closed as soon as possible, and it's possible to be closed in the coming days. So we're very excited about that.

我們正在完成一些慣例性的交割條件。我們的團隊正在努力盡快完成關閉工作，未來幾天內就有可能關閉。我們對此感到非常興奮。

MRC Global just released their earnings this morning. I do want to make some comments on it, a little awkward on a DNOW earnings call. We are two separate companies, but we're close enough to the finish line that I'll take some small liberties here. MRC Global implemented an ERP system across a large distribution network of at least 130 locations by my count. MRC Global's business, like DNOW's is a high transaction volume, low dollar value business, and with that, an ERP implementation is a complicated exercise.

MRC Global今天早上剛發布了財報。我想就此發表一些看法，在DNOW財報電話會議上說這些話有點尷尬。我們是兩家獨立的公司，但距離終點線已經很近了，所以我在這裡可以稍微靈活一些。據我統計，MRC Global 在至少 130 個地點的龐大分銷網絡中實施了 ERP 系統。MRC Global 的業務與 DNOW 的業務一樣，都是交易量大、金額低的業務，因此，實施 ERP 系統是一項複雜的工作。

MRC characterized their issues with implementing the ERP as an isolated onetime event. We see it as a moment in time and recoverable. DNOW implemented SAP in a similar context after making two large acquisitions, and we experienced something very similar, and we recovered, and it seems MRC is already on the path to recovery.

MRC 將他們在實施 ERP 時遇到的問題描述為孤立的一次性事件。我們認為這只是歷史長河中的一個瞬間，是可以彌補的。DNOW 在進行兩次大型收購後，在類似的背景下實施了 SAP，我們也經歷了非常類似的情況，我們恢復了過來，而 MRC 似乎也走上了復甦之路。

I encourage folks to read the MRC Global earnings release on the third quarter 2025 results. They did a real nice job explaining what happened with the language like experienced significant challenges that adversely affected their results. Financial and operating performance improved dramatically by the end of the third quarter and more normalized performance continued through the month of October. So very encouraging words. They anticipate to grow in the mid- to high single digits going into the fourth quarter where they normally decline like we do.

我鼓勵大家閱讀 MRC Global 發布的 2025 年第三季業績報告。他們很好地解釋了語言方面出現的問題，例如遇到了重大挑戰，這些問題對他們的結果產生了不利影響。到第三季末，財務和營運業績大幅改善，並且在整個十月份業績都保持了較為正常的水平。真是令人鼓舞的話語。他們預計進入第四季時，成長率將達到個位數中高段，而通常情況下，第四季他們的成長率會像我們一樣下降。

That's a very nice encouraging sentiment in their earnings release.

這是他們在財報中表達的一個非常令人鼓舞的觀點。

So I'm encouraged by where MRC Global is. They will get past this. We experienced a similar issue and recovered. And I want to add this, MRC Global is a 100-year-old successful enterprise. They're smart business people.

我對MRC Global的發展現狀感到鼓舞。他們會渡過難關的。我們也遇到類似的問題，後來解決了。我還要補充一點，MRC Global 是一家擁有百年歷史的成功企業。他們都是精明的商人。

And finally, they just implemented a world-class ERP. The opportunity is where I see this as an opportunity. They're now on a truly modern enterprise-wide system, linking all of their US businesses. This will help them be more efficient, assess inventory requirements, allow for more fluid movement of inventory across the large network, help with pricing and price optimization to win more business and help with pricing to improve margins as well.

最後，他們也實施了一套世界一流的ERP系統。我認為這是一個機會。他們現在使用的是真正現代化的企業級系統，將他們在美國的所有業務連接起來。這將有助於他們提高效率，評估庫存需求，使庫存能夠在龐大的網路中更流暢地流動，幫助定價和價格優化以贏得更多業務，並幫助透過定價來提高利潤率。

So MRC Global has done the heavy lifting, and we're very excited about having kind of gone through this cauldron and coming out a much better company going forward.

所以 MRC Global 已經完成了大部分工作，我們非常高興能夠經歷這場磨難，並成為一家未來發展得更好的公司。

So I wanted to make those comments. I'm excited about our imminent coming together with another great company, and I'm excited that they've gotten the pain behind them. Anyway, I'll close with that. Brad, do you want to close this out?

所以我才想發表這些評論。我很高興我們即將與另一家優秀的公司合併，也很高興他們已經克服了困難時期。總之，我就說到這裡吧。布萊德，你想結束這個話題嗎？

Sure. And thank you, Dave. Appreciate the additional comments, and thank you, everybody, for joining us today and your interest in DNOW. We look forward to discussing our fourth quarter and full year 2025 results on our next earnings call in February of 2026. Hope everybody has a wonderful Wednesday.

當然。謝謝你，戴夫。感謝大家的補充意見，也感謝各位今天加入我們，對DNOW有興趣。我們期待在 2026 年 2 月的下一次財報電話會議上討論 2025 年第四季和全年業績。祝大家週三愉快！

And with that, we'll turn it back to the operator to conclude the call.

至此，我們將把通話轉回給接線生，由他/她結束通話。

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。