Forum Energy Technologies Inc (FET) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Forum Energy Technologies third-quarter 2025 earnings conference call. My name is Daniel, and I will be your coordinator for today's call. (Operator Instructions) This conference call is being recorded for replay purposes and will be available on the company's website.

女士們、先生們，早安，歡迎參加 Forum Energy Technologies 2025 年第三季財報電話會議。我叫丹尼爾，我將擔任今天電話會議的協調員。（操作員說明）本次電話會議將被錄音，以便回放，錄音將在公司網站上提供。

I will now turn the conference over to Rob Kukla, Director of Investor Relations. Please proceed, sir.

現在我將把會議交給投資者關係總監羅伯·庫克拉。請繼續，先生。

Thank you, Daniel. Good morning, everyone, and welcome to FET's third-quarter 2025 earnings conference call. With me today are Neal Lux, our President and Chief Executive Officer; and Lyle Williams, our Chief Financial Officer. Yesterday, we issued our earnings release, and it is available on our website.

謝謝你，丹尼爾。各位早安，歡迎參加FET 2025年第三季財報電話會議。今天陪同我的是我們的總裁兼執行長尼爾·盧克斯，以及我們的財務長萊爾·威廉斯。昨天，我們發布了盈利報告，可以在我們的網站上查看。

We are relying on federal Safe Harbor protections for forward-looking statements. Listeners are cautioned that our remarks today will contain information other than historical information. These remarks should be considered in the context of all factors that affect our business, including those disclosed in FET's Form 10-K and other SEC filings.

我們依靠聯邦安全港條款對前瞻性陳述提供保護。聽眾朋友請注意，我們今天的演講內容將包含歷史訊息以外的訊息。這些評論應結合影響我們業務的所有因素來考慮，包括 FET 的 10-K 表格和其他提交給美國證券交易委員會的文件中披露的因素。

Finally, management's statements may include non-GAAP financial measures. For a reconciliation of these measures, please refer to our earnings release and website. During today's call, all statements related to EBITDA refer to adjusted EBITDA. And unless otherwise noted, all comparisons are third-quarter 2025 to second-quarter 2025.

最後，管理階層聲明可能包括非公認會計準則財務指標。有關這些措施的核對情況，請參閱我們的獲利報告和網站。在今天的電話會議中，所有與 EBITDA 相關的陳述均指調整後的 EBITDA。除非另有說明，所有比較均指 2025 年第三季與 2025 年第二季的比較。

I will now turn the call over to Neal.

現在我將把通話轉給尼爾。

Thank you, Rob, and good morning, everyone. Our team executed another solid quarter, demonstrating why FET is a great company and even better investment. We extended our track record of outperformance, delivered significant capital returns, and we believe FET remains an incredible value while poised for long-term growth.

謝謝你，羅布，大家早安。我們的團隊又完成了一個穩健的季度，證明了 FET 是一家優秀的公司，更是值得投資的優質企業。我們延續了以往優異的業績記錄，實現了可觀的資本回報，我們相信 FET 仍然具有極高的價值，並已做好長期成長的準備。

Over the past three years, we have outpaced the Russell 2000, our small-cap Index, in revenue and free cash flow growth. And with our third-quarter results, we continued this trend. Our Beat the Market strategy, which centers on new product development and targeted commercial efforts, drove strong bookings and meaningful backlog growth.

過去三年，我們在收入和自由現金流成長方面都超過了我們的小型股指數羅素 2000。第三季業績也延續了這一趨勢。我們以新產品開發和有針對性的商業活動為核心的「戰勝市場」策略，推動了強勁的預訂量和顯著的積壓訂單成長。

During the quarter, we captured several offshore and international awards. This success increased our backlog by 21%, its highest level since 2015. Our commercial teams are generating market share gains. They successfully pushed third-quarter revenue to the top end of our guidance. In addition, our operating teams are driving increased efficiency, higher utilization and structural cost reductions. This combination allowed us to exceed the top end of our EBITDA guidance.

本季度，我們獲得了多個海外和國際獎項。這一成功使我們的積壓訂單增加了 21%，達到 2015 年以來的最高水準。我們的銷售團隊正在不斷擴大市場佔有率。他們成功地將第三季營收推高至我們預期的上限。此外，我們的營運團隊正在努力提高效率、提升利用率並降低結構性成本。這一組合使我們超額完成了 EBITDA 預期目標。

FET's free cash flow performance is another area of strength. Year-to-date, we are up 21% and have achieved our ninth consecutive quarter of positive free cash flow. Over that period, our operations have generated almost $200 million in cash. Looking ahead to the fourth-quarter, we anticipate another good quarter of free cash flow. Therefore, we are once again raising our full year guidance to between $70 million and $80 million.

FET的自由現金流表現是其另一大優勢。今年迄今為止，我們成長了 21%，並實現了連續第九個季度正自由現金流。在此期間，我們的營運活動產生了近 2 億美元的現金。展望第四季度，我們預計自由現金流將再次表現良好。因此，我們再次將全年業績預期上調至 7,000 萬美元至 8,000 萬美元之間。

This free cash flow performance allows us to execute our capital returns framework through further net debt reductions and share repurchases. Last quarter, we discussed reducing net leverage to 1.3 times by year-end. I am pleased to report we are now at that level, one quarter ahead of schedule.

良好的自由現金流表現使我們能夠透過進一步減少淨債務和回購股票來執行我們的資本回報框架。上個季度，我們討論了在年底前將淨槓桿率降低至 1.3 倍。我很高興地報告，我們現在已經達到了這個目標，比原計劃提前了一個季度。

Also, in the third-quarter, we repurchased 5% of our shares outstanding, bringing the total for this year to 8% through September. We have seen a strong run in FET's stock performance. However, even after this remarkable gain, our free cash flow yield is around 20%, and share buybacks remain a compelling use of capital.

此外，在第三季度，我們回購了 5% 的流通股，使今年截至 9 月的總回購比例達到 8%。我們看到FET的股票表現強勁。然而，即使在獲得如此顯著的收益之後，我們的自由現金流收益率也只有 20% 左右，股票回購仍然是資本的有效利用方式。

In addition, we believe that FET's share outlook remains incredibly attractive, given our long-term forecast. The key driver there is our Beat the Market strategy. By competing in targeted markets, utilizing our competitive advantages, developing differentiated technologies and leveraging our global footprint, we continue to grow profitable market share. For the first nine months of 2025, our annualized revenue per rig is up 3% despite subdued market activity. And since the strategy's implementation in 2022, we have increased this metric by 20%.

此外，鑑於我們的長期預測，我們認為 FET 的股票前景仍然極具吸引力。關鍵驅動因素是我們的「戰勝市場」策略。透過在目標市場競爭，利用我們的競爭優勢，開發差異化技術，並利用我們的全球佈局，我們不斷擴大盈利的市場份額。2025 年前九個月，儘管市場活動低迷，但我們每台鑽機的年化收入仍成長了 3%。自 2022 年該策略實施以來，我們已將這項指標提高了 20%。

Last quarter, we outlined a refinement to the strategy by aggregating our addressable markets into two broad categories, leadership markets and growth markets. For our new investors, let me quickly summarize our discussion from last quarter's call. Our leadership markets are where FET solutions are fully adopted by the industry, where we have meaningful share, strong competitive positions and broad geographic reach.

上個季度，我們透過將目標市場歸納為兩大類——領先市場和成長市場——來完善策略。對於我們的新投資者，讓我快速總結一下上個季度電話會議的討論內容。我們的領先市場是 FET 解決方案被業界全面採用的市場，我們在這些市場擁有可觀的市場份額、強大的競爭地位和廣泛的地域覆蓋範圍。

We estimate the size of our leadership markets to be $1.5 billion, with FET maintaining a 36% share. A few examples from our portfolio include Global Tubing, Quality Wireline, Variperm and Perry ROVs. FET derives about two-thirds of its revenue from the leadership markets, and we will continue to invest in product development to maintain and expand our position.

我們估計我們的領先市場規模為 15 億美元，其中 FET 保持 36% 的市場份額。我們的一些產品組合包括 Global Tubing、Quality Wireline、Variperm 和 Perry ROVs。FET約三分之二的收入來自領先市場，我們將繼續投資產品開發，以維持和擴大我們的地位。

The growth markets are about twice the size of our leadership markets, or roughly $3 billion. Here, our products and solutions are differentiated, proven and have fewer competitors. However, they may be in the early stages of industry adoption. They may have a narrower customer base, or they may be more geographically limited. As a result, our aggregate market share here is relatively low, around 8%.

成長型市場的規模大約是我們領先市場的兩倍，約 30 億美元。在這裡，我們的產品和解決方案具有差異化優勢，經過驗證，而且競爭對手較少。然而，它們可能還處於產業應用的早期階段。他們的客戶群可能較窄，或者業務範圍可能受到地理限制。因此，我們在這裡的總市場份額相對較低，約為 8%。

This creates an exciting opportunity to increase revenue rapidly through wider industry adoption, new customer acquisition and expanded global utilization. Let me provide a couple of examples and share some insights. One example is coiled line pipe, a product that saves operators' time and money. The market opportunity is immense and has very few direct competitors. However, broad customer adoption has been limited by our industry's conservative approach to new technology.

這為透過更廣泛的行業應用、獲取新客戶和擴大全球使用範圍來快速增加收入創造了令人興奮的機會。讓我舉幾個例子，分享一些見解。例如盤繞式輸油管，這種產品可以為操作人員節省時間和金錢。市場機會巨大，直接競爭對手很少。然而，由於我們行業對新技術採取保守態度，新技術的廣泛應用受到了限制。

Recently, our team's relentless commercial efforts have added a number of key accounts. Demand is expanding in the US, the Middle East and offshore. Sequentially, coiled line pipe revenue grew 28%. We expect this product to be a meaningful contributor to our long-term growth.

最近，我們團隊不懈的商業努力為公司贏得了一些重要客戶。美國、中東和海外市場的需求正在成長。盤管收入較上季成長 28%。我們期望這款產品能為我們的長期發展做出重要貢獻。

The second example I want to highlight is from our artificial lift product family, where demand is generally more stable because it is tied to existing production. Our technically differentiated products extend the life of downhole pumps, allowing more production at significantly lower cost. Execution of this value proposition has made us the market leader in the United States. The exciting part for FET is that the international market is more than four times larger than our home market. We are making headway there as our revenue has grown 12% since last year.

我想重點介紹的第二個例子來自我們的人工舉升產品系列，而該系列產品的需求通常比較穩定，因為它與現有生產掛鉤。我們技術上具有差異化的產品延長了井下泵的使用壽命，從而能夠以更低的成本實現更高的產量。正是對這價值主張的有效執行，使我們成為美國市場的領導者。對FET來說，令人興奮的是，國際市場比我們國內市場大四倍多。我們在這方面取得了進展，我們的收入比去年增長了 12%。

By leveraging our global footprint to address these markets efficiently, we have a significant opportunity to grow revenue. These are two of many products that compete in the growth markets. Our goal over time is to double our share from 8% to 16%, which would increase FET's revenue by $250 million in a flat market. However, our base case is not a flat market. We see the possibility of our addressable markets expanding by 50% or more over the next five years. Here's how we get there.

透過利用我們的全球佈局來有效地開拓這些市場，我們有很大的機會實現收入成長。這只是眾多在新興市場中競爭的產品中的兩種。我們的目標是逐步將市場份額從 8% 提高到 16%，這將使 FET 的收入在市場平穩的情況下增加 2.5 億美元。然而，我們的基本假設並非市場穩定。我們預計未來五年內，我們的潛在市場規模可能會擴大 50% 甚至更多。以下是我們實現目標的方法。

The two main drivers of energy demand are economic activity and demographics. By 2030, world GDP is forecasted to increase by nearly $30 trillion and the global population is expected to increase by 400 million. With this growth, it is reasonable to forecast an oil demand increase of at least 5 million barrels per day in that period. In addition, our industry will need to replace 30 million barrels of daily supply that will be lost to natural production declines.

能源需求的兩大主要驅動因素是經濟活動和人口結構。預計到 2030 年，世界 GDP 將增加近 30 兆美元，全球人口預計將增加 4 億。根據這一成長趨勢，可以合理預測，在此期間石油需求將增加至少每天 500 萬桶。此外，由於自然產量下降，我們產業還需要彌補每天 3,000 萬桶的供應量損失。

Finally, on top of that, demand for natural gas is forecasted to grow rapidly to power AI data centers and supply LNG exports. With this outlook, today's supply will not come close to meeting this level of demand. We believe that means significant investment is required.

最後，除此之外，預計天然氣需求將快速成長，以滿足人工智慧資料中心的能源需求和液化天然氣出口的需求。照此來看，目前的供應量遠遠無法滿足當前的需求水準。我們認為這意味著需要大量投資。

To meet these challenges, our customers need to be significantly more efficient, while adding a modest amount of new capacity. Under this scenario, FET's addressable markets would expand by more than 50%. This expansion, combined with our targeted market share gains, would organically double revenue in five years. And with our strong operating leverage and capital-light business model, our free cash flow would grow significantly.

為了因應這些挑戰，我們的客戶需要大幅提高效率，同時增加適量的新增產能。在這種情況下，FET 的潛在市場將擴大 50% 以上。此次擴張，加上我們預期的市佔率成長，將在五年內實現營收有機翻倍。憑藉我們強大的經營槓桿和輕資本的商業模式，我們的自由現金流將大幅成長。

By 2030, this would give us meaningful firepower to execute strategic investments, including accretive acquisitions and additional shareholder returns. We call this Plan FET 2030, and its execution is our North Star. Now, while we are excited about our long-term vision, we also remain focused on executing today. So to provide an update on our quarterly results and outlook, I am now going to turn the call over to Lyle.

到 2030 年，這將使我們擁有足夠的實力來執行策略性投資，包括增值收購和增加股東回報。我們稱此計劃為 FET 2030 計劃，其執行是我們的北極星。雖然我們對長遠願景感到興奮，但我們也始終專注於當下的執行。為了向大家報告我們的季度業績和展望，我現在將把電話交給萊爾。

Thank you, Neal. Good morning, everyone. FET delivered revenue of $196 million, approaching the top end of our guidance range as offshore and international revenue grew in the quarter. Revenue increases for our drilling and subsea product line drove offshore revenue to 22% of our total. And as Middle East and Canadian revenue each increased by over 10%, international revenue surpassed US sales.

謝謝你，尼爾。各位早安。FET 實現營收 1.96 億美元，接近我們預期範圍的上限，這主要得益於本季海外和國際營收的成長。鑽井和海底產品線的收入成長使海上業務收入佔總收入的 22%。中東和加拿大的收入均成長超過 10%，國際收入超過了美國銷售額。

US rig count declined by 5% in the quarter, and revenue from most of our product lines averaged a 5% decrease as well. One product line, however, was more impacted as their customers took a conservative position and pushed deliveries into the fourth-quarter. Overall, this led US revenue to decline 10%.

本季美國鑽井平台數量下降了 5%，我們大多數產品線的收入也平均下降了 5%。然而，有一條產品線受到的影響更大，因為其客戶採取了保守的態度，將交貨推遲到了第四季度。總體而言，這導緻美國收入下降了 10%。

As Neal highlighted, we had another great quarter of bookings. Our book-to-bill was 122%, showing the benefits of FET's diverse product offering. Both segments achieved greater than 100% book-to-bills at 129% and 112%, respectively. Booking strength for the Drilling and Completions segment was again led by subsea.

正如尼爾所強調的，我們迎來了一個預訂量非常可觀的季度。我們的訂單出貨比為 122%，這體現了 FET 多樣化產品供應的優勢。這兩個業務板塊的訂單出貨率分別達到了 129% 和 112%，均超過 100%。鑽井和完井業務板塊的訂單量再次由海底工程領跑。

The strong quoting activity we highlighted last quarter led to new orders for ROVs and pushed the book-to-bill ratio over 200%. In addition, drilling bookings increased by 45% as the team secured capital equipment orders for new-build land drilling rigs in the Middle East. Also, orders grew 24% in our stimulation and intervention product line with strong demand for many of our products.

我們在上個季度重點提到的強勁報價活動帶來了 ROV 的新訂單，並將訂單出貨比推高至 200% 以上。此外，由於團隊獲得了中東新建陸上鑽井平台的資本設備訂單，鑽井預訂量增加了 45%。此外，我們的刺激和介入產品線訂單成長了 24%，許多產品的需求強勁。

In the Artificial Lift and Downhole segment, a large Canadian customer ordered sand control products in support of an extended drilling program. Valves had its largest bookings in almost two years, and our process technologies product family achieved its second highest bookings quarter over the same time frame.

在人工舉升和井下作業領域，加拿大大型客戶訂購了防砂產品，以支援擴展鑽井計畫。閥門業務的訂單量創近兩年來新高，而我們的工藝技術產品系列在同一時期內的訂單量也創下第二高季度紀錄。

Our large backlog and higher revenue, combined with healthy incremental margins, helped us exceed our EBITDA expectations. Consolidated EBITDA was $23 million, up 13% and above the top end of our guidance. Margins improved by 150 basis points to nearly 12% due to favorable product mix, ongoing cost reductions and tariff mitigation efforts.

我們龐大的積壓訂單和更高的收入，加上健康的增量利潤，幫助我們超額完成了 EBITDA 預期。合併 EBITDA 為 2,300 萬美元，成長 13%，高於我們預期的上限。由於產品組合有利、成本持續降低以及關稅緩解措施，利潤率提高了 150 個基點，接近 12%。

Now, let me provide a bit more color on our segment results. Drilling and Completions segment revenue was flat for the quarter. Momentum continued for coiled line pipe as sales increased 28% with market share gains and revenue recognition on a Middle East project. The subsea product line was up 5% with revenue recognized for ROV projects. And strong sales of wireline products and heat transfer units drove an increase in our stimulation and intervention product line.

現在，讓我更詳細地介紹一下我們細分市場的結果。本季鑽井和完井業務部門的營收與上季持平。盤管銷售勢頭強勁，銷售成長 28%，市佔率提升，並確認了中東項目的收入。海底產品線成長 5%，其中 ROV 項目確認的收入為 5%。電纜作業產品和熱交換裝置的強勁銷售帶動了我們增產和乾預產品線的成長。

Offsetting these increases were lower sales for consumable items tied to softer market activity. Despite flat segment revenue, EBITDA was up 3%, driven by product mix and benefits from cost savings initiatives. Our Artificial Lift and Downhole segment revenue decreased 4%. Lower downhole casing hardware and processing equipment technology revenue was partially offset by increased sales volumes for valve and sand control products. Similar to the Drilling and Completions segment, EBITDA increased 2% despite lower revenue. Favorable product mix and cost savings drove the increase with margins improving 130 basis points.

抵銷這些成長的是，與市場活動疲軟相關的消費品銷售額下降。儘管業務部門收入持平，但 EBITDA 成長了 3%，這得益於產品組合和成本節約措施帶來的收益。我們的人工舉升和井下作業業務收入下降了 4%。井下套管五金和加工設備技術收入的下降被閥門和防砂產品銷售的成長部分抵消。與鑽井和完井業務板塊類似，儘管收入下降，但 EBITDA 仍成長了 2%。有利的產品組合和成本節約推動了利潤成長，利潤率提高了 130 個基點。

In the third-quarter, increased tariffs on steel imports and targeted tariffs on imports from India surprised the markets. Our teams evaluated pricing adjustments to counteract these policies. In addition to our strategy of passing along tariffs through pricing, we continue to leverage our global footprint to avoid tariffs altogether.

第三季度，提高鋼鐵進口關稅和對印度進口商品徵收定向關稅令市場感到驚訝。我們的團隊評估了價格調整方案，以應對這些政策。除了透過價格轉嫁關稅的策略外，我們還將繼續利用我們的全球佈局來完全避免關稅。

For example, early in the fourth-quarter, we leveraged our Saudi Arabia manufacturing facility to assemble and ship heat transfer units to a Latin American customer. This successful supply chain adjustment protects the competitiveness of these products in the global market.

例如，在第四季初，我們利用沙烏地阿拉伯的製造工廠組裝熱交換裝置並運送給拉丁美洲的客戶。這次成功的供應鏈調整保障了這些產品在全球市場的競爭力。

While our teams effectively mitigated negative tariff impacts this quarter, tariff rate volatility continues to be a challenge for our operations. To further counter tariff costs and in support of our solid operating results, we accelerated progress toward our $10 million structural cost reduction goal.

雖然我們的團隊在本季有效地減輕了關稅帶來的負面影響，但關稅波動仍然是我們營運面臨的挑戰。為了進一步應對關稅成本，並支持我們穩健的經營業績，我們加快了實現 1,000 萬美元結構性成本削減目標的步伐。

As of the end of the third-quarter, we are close to achieving that original goal. Additionally, in the third-quarter, we made the strategic decision to consolidate four of our manufacturing plants into two. Combining facilities allows us to reduce overhead costs, improve direct labor and asset utilization, and enhance the efficiency of our operations. To achieve these consolidation benefits, we are discontinuing a few low-volume, low-margin products.

截至第三季末，我們已接近實現最初的目標。此外，在第三季度，我們做出了將四家製造工廠合併為兩家的策略決定。合併設施可以降低管理費用，提高直接人工和資產利用率，並提高營運效率。為了實現這些整合效益，我們將停產一些銷售量低、利潤低的產品。

Our results include $21 million of noncash inventory and other asset impairments and $1 million of cash charges for severance and relocation costs. By the second-quarter of 2026, we expect these facility consolidations to contribute over $5 million of additional annualized cost savings, taking our total structural savings to approximately $15 million, 50% more than our original goal. These efforts have supported our EBITDA this year and will provide additional tailwind going into 2026.

我們的業績包括 2,100 萬美元的非現金存貨和其他資產減值，以及 100 萬美元的遣散費和搬遷費現金支出。到 2026 年第二季度，我們預計這些設施整合將帶來超過 500 萬美元的額外年度成本節約，使我們的總結構性節約達到約 1500 萬美元，比我們最初的目標高出 50%。這些努力對我們今年的 EBITDA 起到了支撐作用，並將為 2026 年帶來更多利好因素。

Shifting to cash flow and shareholder returns. I am pleased to report that our $28 million of free cash flow, a 23% increase, enabled meaningful shareholder returns. Consolidated free cash flow benefited from increased EBITDA, reductions in net working capital and the sale-leaseback transaction. Our success in these areas enables us to confidently raise our full year 2025 guidance to between $70 million and $80 million. Also, with this continued free cash flow strength, we accelerated our share buyback program.

轉向現金流和股東回報。我很高興地報告，我們2800萬美元的自由現金流成長了23%，為股東帶來了可觀的回報。合併自由現金流受益於 EBITDA 增加、淨營運資本減少以及售後回租交易。我們在這些領域的成功使我們能夠自信地將 2025 年全年業績預期提高到 7,000 萬美元至 8,000 萬美元之間。此外，憑藉持續強勁的自由現金流，我們加快了股票回購計畫。

In the third-quarter, we repurchased 635,000 shares for $15 million, bringing the full year total to 966,000 shares, or 8% of the shares outstanding. Our expected fourth-quarter free cash flow supports continued execution of our capital returns framework, and we have already begun additional buybacks.

第三季度，我們以 1500 萬美元的價格回購了 635,000 股股票，使全年回購總數達到 966,000 股，佔流通股的 8%。我們預計第四季度自由現金流將支持我們繼續執行資本回報框架，我們已經開始進行額外的股票回購。

While executing our third-quarter repurchases, we reduced net debt by $12 million, or nearly 10%, to $114 million, resulting in a net leverage ratio of 1.3 times. Our liquidity position remains solid. We ended the quarter with $32 million of cash on hand and $86 million of availability under our revolving credit facility with total liquidity of $118 million.

在執行第三季回購計畫的同時，我們將淨債務減少了 1,200 萬美元，近 10%，至 1.14 億美元，淨槓桿率為 1.3 倍。我們的流動性狀況依然穩健。本季末，我們手頭現金為 3,200 萬美元，循環信貸額度下可用額度為 8,600 萬美元，總流動資金為 1.18 億美元。

Before turning to our financial guidance, let me provide a little more detail on our income tax expense and corporate items for modeling purposes. In the quarter, we increased the valuation allowance reserves we hold for the UK and recorded $5 million of additional income tax expense. Net of this charge, income tax in the quarter was roughly $5 million, slightly below the second-quarter. As our sourcing strategies shift income across jurisdictions, we expect our effective tax rate to shift as well.

在介紹我們的財務指導之前，讓我為了建模的目的，更詳細說明我們的所得稅支出和公司專案。本季度，我們增加了為英國持有的估值準備金儲備，並提列了 500 萬美元的額外所得稅支出。扣除這筆費用後，該季度所得稅約為 500 萬美元，略低於第二季。隨著我們的採購策略將收入轉移到不同的司法管轄區，我們預計我們的實際稅率也會隨之改變。

For example, for the fourth-quarter, we expect income tax expense of $2 million to $3 million. For the fourth-quarter, we estimate corporate costs and depreciation and amortization expense of around $8 million each and interest expense of $5 million.

例如，我們預計第四季所得稅支出為 200 萬至 300 萬美元。我們預計第四季公司成本和折舊攤提費用均為 800 萬美元左右，利息支出為 500 萬美元。

Now, turning to the market and our financial guidance for the remainder of the year. We are forecasting a gradual decline in activity through the fourth-quarter. However, at current commodity prices, our elevated backlog, continued market share gains and further cost savings should help keep our results relatively steady with the third-quarter. Therefore, for the fourth-quarter, we forecast revenue of $180 million to $200 million and EBITDA of $19 million to $23 million; and for the full year, revenue of $770 million to $790 million and EBITDA of $83 million to $87 million.

現在，讓我們來看看市場以及我們對今年剩餘時間的財務展望。我們預測第四季經濟活動將逐漸下降。然而，以目前的商品價格來看，我們較高的積壓訂單、持續的市場份額增長以及進一步的成本節約應該有助於使我們的業績在第三季度保持相對穩定。因此，我們預測第四季營收為 1.8 億美元至 2 億美元，EBITDA 為 1,900 萬美元至 2,300 萬美元；全年營收為 7.7 億美元至 7.9 億美元，EBITDA 為 8,300 萬美元至 8,700 萬美元。

Let me turn the call back to Neal for closing remarks. Neal?

讓我把電話轉回尼爾，請他做總結發言。尼爾？

Thank you, Lyle. To conclude, I want to first reiterate how proud I am of the team's execution. They delivered strong safety results, bookings, revenue, EBITDA and free cash flow. Their efforts and performance are also positioning FET to finish the year with momentum.

謝謝你，萊爾。最後，我想再次重申我對團隊執行力的自豪。他們在安全業績、預訂量、收入、EBITDA 和自由現金流方面都取得了優異的成績。他們的努力和表現也使FET能夠以強勁的勢頭結束今年的比賽。

Looking ahead to 2026, we've begun initial discussions with our customers about their plans for the year. It is too early to call a bottom in activity. However, with our strong backlog, planned market share gains and structural cost-saving efforts, we are well positioned for 2026.

展望 2026 年，我們已經開始與客戶就他們當年的計劃進行初步討論。現在斷言市場活動觸底還為時過早。然而，憑藉我們強大的訂單儲備、計劃中的市場份額增長和結構性的成本節約措施，我們已為 2026 年做好了充分準備。

More importantly, we must continue to focus on the long-term vision. With our Beat the Market strategy, we are striving to double revenue. The next five years have the potential to be truly special for FET and its investors. That is FET 2030.

更重要的是，我們必須繼續著眼於長遠願景。透過我們的「戰勝市場」策略，我們力求實現營收翻倍。未來五年對於 FET 及其投資者來說，有可能成為真正特殊的五年。那是 FET 2030。

Thank you for joining us today. Daniel, please take the first question.

感謝您今天蒞臨。丹尼爾，請回答第一個問題。

(Operator Instructions)

（操作說明）

Joshua Jayne, Daniel Energy Partners. Daniel Pickering, Pickering Energy Partners.

Joshua Jayne，Daniel Energy Partners。Daniel Pickering，Pickering Energy Partners。

Can you hear me?

你聽得到我嗎？

Yes. Thanks, Dan.

是的。謝謝你，丹。

Great. Just checking to make sure the system is working here. A couple of questions. I mean, bookings is obviously quite strong. Neal or Lyle, can you talk a little bit about -- I'm just wondering, have you changed your incentive system for your sales guys?

偉大的。只是確認一下系統是否運作正常。幾個問題。我的意思是，預訂情況顯然非常強勁。Neal 或 Lyle，你們能稍微談談嗎——我只是好奇，你們是否改變了銷售人員的激勵制度？

Are you tackling things in a different way? I mean, bookings have obviously accelerated, and the world looks a little bit worse. And so you're doing something right. I'm just wondering if there's a redesign of the way you're attacking things or if it's just all the efforts finally resulted in a bunch of orders.

你處理事情的方式有所不同嗎？我的意思是，預訂量顯然已經加速成長，而世界局勢看起來卻有點糟糕。所以你做對了。我只是想知道你們的工作方式是否有改變，還是說所有的努力最終都換來了一堆訂單。

Yes. We -- Dan, we've looked at our markets, our sales process. This has been an ongoing -- something we've been working on for many years. And I think we're starting to really see the fruits of that. It goes back to our Beat the Market strategy, looking at the markets we're playing in and really having the right products and then having the teams go after it.

是的。我們——丹，我們已經審視了我們的市場和銷售流程。這件事一直在進行中——我們已經為此努力了很多年。我認為我們開始真正看到這些努力的成果了。這要追溯到我們的「戰勝市場」策略，也就是審視我們所處的市場，真正擁有合適的產品，然後讓團隊去爭取。

So I do want to say the subsea bookings, which have been really strong, that is part of a -- a structural part of the cycle that we're a part of. And so, that's been good. But our teams really are aligned with that Beat the Market strategy and are focused on generating sales.

所以我想說的是，海底油氣訂單一直非常強勁，這是我們所處週期結構的一部分。所以，這方面還不錯。但我們的團隊確實與「戰勝市場」策略保持一致，並專注於創造銷售。

Okay. And as we look at that backlog, you're showing strong margins because of the reasons you talked about, Lyle. But how do we think about margins in the backlog, better than what we print in 2025, the same? Are you seeing any improvement in margins on the new orders?

好的。正如你剛才提到的，萊爾，從積壓訂單的情況來看，你們的利潤率非常高。但是，我們如何看待積壓訂單中的利潤率，使其比我們在 2025 年印刷的訂單更好，還是保持不變？新訂單的利潤率有改善嗎？

Great question, Dan, there. I think one of the biggest factors that we need to look ahead to is going to be mix in our bookings. So, as Neal mentioned, subsea has been a big driver of those backlogs. And traditionally for us, contribution margin from subsea is a little bit lower than our average on the basis of the volume of pass-through items that we have in that business. So technology is good, but there's more pass-through there.

丹，你問得好。我認為我們需要展望未來的最大因素之一是預訂組合的多元化。正如尼爾所提到的，海底工程是造成這些積壓訂單的主要原因。傳統上，由於我們在該業務中涉及的轉嫁項目數量較多，海底業務的貢獻毛利率通常比我們的平均水平略低。所以科技固然是好事，但其中也存在更多不足之處。

So, that would put a little bit of downward pressure of mix with subsea being a higher piece of our revenue next year. That being said, we -- the team has done a great job this year with these cost savings initiatives that we've seen a lot of that cost this year, but there's more to come that will benefit us going into 2026.

因此，明年海底業務在我們收入中所佔比例較高，這將對我們的收入結構帶來一些下行壓力。話雖如此，我們——團隊今年在這些成本節約舉措方面做得非常出色，我們今年已經看到了很多成本節約措施，但還有更多措施即將出台，這將使我們在 2026 年受益。

Okay. Second question would be the discussion around the facility consolidation. Kind of a big picture question. You're obviously talking about targeting substantial revenue growth. If we're going to fewer facilities, I mean, how do you think about the revenue-generating potential of your manufacturing base?

好的。第二個問題是關於設施整合的討論。這是一個比較宏觀的問題。顯然，你指的是要實現大幅的收入成長。如果我們減少生產設施，我的意思是，您如何看待您的製造基地的創收潛力？

So if we're going to run $800 million in revenues this year, what can your manufacturing capacity do? Is it $1 billion? Is it $1.2 billion? Is it $900 million? How much utilization are we really looking at now versus the future?

所以，如果我們今年的營收目標是 8 億美元，你們的生產能力可以做到什麼程度？是10億美元嗎？是12億美元嗎？是9億美元嗎？我們現在實際的利用率與未來相比如何？

Yes. So I think we still have a substantial roofline and footprint, Dan, that we can add people and material to grow revenue. I think over the last few years, we've talked about having the capacity to increase our revenue 50%. That still remains in place today. So with the -- even with the consolidation, we still have plenty of space to expand and pull product through. So I'm not worried about that growth with these consolidations.

是的。所以我認為我們仍然擁有相當大的屋頂面積和占地面積，丹，我們可以增加人員和材料來增加收入。我認為在過去幾年裡，我們一直在討論如何將收入提高 50%。這種情況至今仍然有效。所以，即使經過整合，我們仍然有足夠的空間進行擴張和產品推廣。所以我並不擔心這些合併會影響成長。

I think it's going to make us much more efficient in the near term. And I think there's benefits on the cost side, but also benefits for the customer, right? We're going to have better deliveries, be on time and just having that right structure in place. So we're looking forward to it. I think it's the right decision to make, and the timing here allowed us to do it and position for 2026.

我認為這將在短期內大大提高我們的效率。我認為這在成本方面有好處，對客戶來說也有好處，對吧？我們將提高交付效率，確保準時交付，並建立正確的組織架構。所以我們很期待。我認為這是一個正確的決定，而且時機也允許我們這樣做，並為 2026 年做好準備。

Final question. Lyle, given the constraints that you have on share repurchase and leverage levels, et cetera, what's our capacity to repurchase shares over the next couple of quarters, given where the balance sheet is today?

最後一個問題。Lyle，考慮到你們在股票回購和槓桿水平等方面的限制，鑑於目前的資產負債表狀況，我們在未來幾季回購股票的能力如何？

Great question there, Dan. And maybe just to remind everyone of the context there, our share purchase capability is really limited by two factors, one of them being our net leverage of 1.5 times, and we're below that level now. So we're in good shape. The other being the amount of free cash flow we generated in the last fiscal year. So that's really our cap.

丹，你問得好。也許是為了提醒大家注意一下背景，我們的股票購買能力實際上受到兩個因素的限制，其中之一是我們的淨槓桿率為 1.5 倍，而我們現在已經低於這個水平。所以我們情況良好。另一個指標是我們上個財政年度產生的自由現金流金額。所以，這真的是我們的極限了。

That puts about $36 million worth of total buyback capacity. And if we look at what we've repurchased through the end of the third-quarter, it's about $21 million worth of repurchases. That would leave us another $15 million or so of capacity that we could use here in the third-quarter -- I'm sorry, in the fourth-quarter. And as mentioned on the call, we've done some of that already here in the month of October. So we've got quite a bit of dry powder left in the ability to buy back shares.

這意味著總回購能力約為 3,600 萬美元。如果我們看一下截至第三季末我們回購的股票，回購金額約為 2,100 萬美元。這樣一來，我們就能在第三季——抱歉，是第四季——再剩下大約 1500 萬美元的產能。正如電話會議上提到的，我們在十月已經做了一些這樣的工作。因此，我們還有相當多的資金可以用來回購股票。

And Lyle, what does -- how does that look in '26 then? Does that reset? Or is it $15 million until we get to the end of '26?

萊爾，那麼到了 2026 年，情況會是如何呢？這樣會重置嗎？或者說，到 2026 年底，我們能拿到 1,500 萬美元嗎？

Great. Thanks, Dan. It does reset every year. So the 2026 number will be roughly, call it, half of our 2025 free cash flow number. As we just said, we've raised that volume again. So we'll have a lot of dry power going into 2026.

偉大的。謝謝你，丹。它每年都會重置。因此，2026 年的數字大約會是我們 2025 年自由現金流數字的一半。正如我們剛才所說，我們再次提高了音量。因此，到 2026 年，我們將擁有大量的乾電。

So call it kind of $40 million-ish or something like that?

所以大概是4000萬美元左右吧？

Yes.

是的。

Joshua Jayne, Daniel Energy Partners.

Joshua Jayne，Daniel Energy Partners。

Okay. I don't know what happened. Sorry about that. So first question for me, just given the diversified nature of your business, could you speak to where you think we are in the cycle in each geography? And I'll sort of break them down into US land, international and offshore. And based on where you think we are in each of those geographies, sort of how does that (technical difficulty) about the spending moving forward in the next 12 to 24 months, allocating resources and capital? Maybe just as the first question.

好的。我不知道發生了什麼事。抱歉。鑑於貴公司業務的多元化性質，我的第一個問題是，您能否談談您認為我們目前在每個地區的周期中所處的階段？我會將它們大致分為美國陸地、國際和離岸三類。根據您對我們在每個地區的現狀的判斷，您認為這（技術難題）會如何影響未來 12 至 24 個月的支出、資源和資本的分配？或許就作為第一個問題吧。

Yes. I think we're always looking for -- at our markets individually, rather. I hate to categorize it by geography necessarily. So going back to our Beat the Market strategy, we have our leadership markets and our growth markets. I think there's opportunities in each regardless of the geography.

是的。我認為我們一直在尋找——更確切地說，是尋找我們各個市場上的機會。我並不想非要以地理位置分類。所以回到我們的「戰勝市場」策略，我們有領先市場和成長市場。我認為無論地理位置如何，每個地方都有機遇。

I think we mentioned a few examples on the call where we do see ability to grow quickly is to take successful products that we've had in the United States and export those around the world. The example we mentioned was artificial lift. We've also seen that in our stimulation and intervention product line, where we've shipped our products to shale development in Argentina, in the Middle East.

我認為我們在電話會議上提到了一些例子，在這些例子中，我們看到快速成長的能力在於將我們在美國成功的產品出口到世界各地。我們提到的例子是人工舉升。我們在增產和乾預產品線中也看到了這一點，我們已將產品運往阿根廷和中東的頁岩油氣開發項目。

Again, we're well positioned in each region. So I think we closed with some comments that I think it's still too early to call a bottom. We're talking with our customers. But looking ahead to next year, we feel pretty good with the backlog we have, with the plans we have in place to have some -- to have a good year and really set ourselves up for the longer term. Again, the five-year vision for us is to double our revenue organically.

我們再次強調，我們在每個地區都佔據了有利地位。所以我覺得我們最後總結的一些觀點是，現在斷言底部還為時過早。我們正在與客戶溝通。但展望明年，我們對目前的訂單積壓情況以及我們制定的計劃都感到非常滿意——希望明年能取得好成績，並為長遠發展做好充分準備。再次強調，我們五年內的目標是實現收入有機成長，翻倍。

And when -- I think you mentioned coiled line pipe on the call. So that was a product, for example, I think, grew 28% quarter-over-quarter. When I hear about growth like that, is that a business that you think heading into 2026 could roughly double as an example?

還有──我想你在電話裡提到了盤繞式輸油管。例如，我認為，某個產品的季度較上季成長了 28%。當我聽到這樣的成長時，您認為這樣的企業到 2026 年還能大致作為一個例子嗎？

I think, over time, for sure. In 2026, I think that would be a pretty good -- a pretty big leap. It goes back to awards and timing. But our goal for our growth products, the growth markets that we have, yes, in five years, we do want it to double. If we can do it sooner, great.

我認為，隨著時間的推移，肯定會的。我認為到 2026 年，那將是一個相當大的飛躍。這要追溯到獎項和時機。但是，對於我們的成長型產品和成長型市場，我們的目標是，在五年內，我們確實希望它們翻倍。如果能早點完成，那就太好了。

And I think coiled line pipe has had some great wins. The team has done well. But I hate to tell them they got to double within one year. But I think they have the opportunity to have some nice growth for sure.

我認為盤管已經取得了一些巨大的成功。球隊表現出色。但我很不情願告訴他們，他們的目標必須在一年內翻倍。但我認為他們肯定有機會取得不錯的成長。

And then, last question, maybe just to give you the floor on. As you're constantly introducing new products to the market, I mean, is there anything else just when we think about on the new product side heading into '26 that you're especially excited about that ultimately help E&Ps become more efficient?

最後一個問題，或許只是想讓大家暢所欲言。鑑於你們不斷向市場推出新產品，我的意思是，展望 2026 年的新產品，還有什麼讓你特別興奮，最終能夠幫助油氣勘探開發公司提高效率的嗎？

What are the things that you're thinking about introducing in '26 that could really drive some of this growth you're seeing sort of even if the market doesn't improve much going forward? Maybe talk about some of those products.

即使市場未來沒有太大改善，您認為在 2026 年推出哪些措施能夠真正推動您目前看到的成長？或許可以談談其中的一些產品。

Yes. We have a really good pipeline now of new product development we're pushing through. Exciting area for us is, again, in the artificial lift to take the success we've had with protecting downhole ESP pumps and expand that to other artificial lift applications like rod lift. So we've got good progress there. Another one is our -- for subsea is our Unity operating system for ROVs.

是的。我們現在擁有非常完善的新產品開發流程，正在全力進行中。對我們來說，令人興奮的領域再次是人工舉升，我們將把在保護井下電潛泵方面取得的成功擴展到其他人工舉升應用，如桿式舉升。所以我們在這方面取得了不錯的進展。另一個是我們的——用於水下機器人的 Unity 作業系統。

We've introduced that in 2025. We're expanding delivery. Again, with a lot of the new bookings we've had with ROVs and subsea, we have the Unity system on there. So that's exciting. And then, on the power side, we provide a key heat transfer unit for many of the mobile power units that are being deployed, both in the US and hopefully internationally here shortly.

我們計劃在 2025 年推出這項計劃。我們正在擴大配送範圍。同樣，在我們最近收到的許多 ROV 和水下作業的新訂單中，我們都採用了 Unity 系統。那真是令人興奮。在動力方面，我們為許多正在美國部署的移動動力裝置提供關鍵的熱交換裝置，希望在不久的將來也能在國際上部署。

Jeff Robertson, Water Tower Research.

Jeff Robertson，水塔研究公司。

Neal, if we think about the growth markets, you talked about coiled line pipe and some of the downhole pump products that FET supplies. Does a period of lower oil prices increase adoption of some of those technologies by customers? Or is it more just industry trends as people -- as companies or countries around the world move toward more unconventional resource development?

Neal，如果我們考慮成長型市場，你提到了盤管和FET供應的一些井下泵產品。油價走低是否會促進消費者對某些技術的採用？或者，這更多是行業趨勢，因為世界各地的人們——公司或國家——都在朝著非常規資源開發的方向發展？

Yes. I think the -- in a tighter market with, let's call it, more challenging oil price, products like that, where we can save operators' time and money, you get a very solid look. So I think that's open door. And then, by having that door open, it's allowed us to really show off really the technical capability. I think a good expectation, again, with lower oil prices is, service companies are going to have to be more efficient as well and do more with less and increase the service intensity.

是的。我認為，在市場供應更緊張、油價更具挑戰性的環境下，像這樣的產品可以幫助營運商節省時間和金錢，從而獲得非常可靠的市場前景。所以我認為這是個敞開的大門。然後，隨著這扇門的敞開，我們得以真正展示我們的技術能力。我認為，隨著油價走低，一個合理的期望是，服務公司也將不得不提高效率，用更少的資源做更多的事，並提高服務強度。

And again, that's where we see our consumable products -- while rigs may not be going up a lot, they're going to be working harder and longer, same with frac crews. And I think we're going to see more consumable usage that way.

再次強調，這就是我們消耗品需求成長的地方——雖然鑽井平台可能不會大幅上漲，但它們的工作強度和工作時間將會大大增加，壓裂作業人員也是如此。我認為我們會看到更多可消耗品以這種方式使用。

Do you have -- can you just remind me what the capacity at your Dayton pipe facility is? And when you talk about growing share in coiled tubing and coiled line pipe, how much you can accommodate before you would have to consider any kind of capital investment?

請問您可否告知我一下貴公司位於代頓的管線工廠的產能？當您談到不斷擴大連續油管和連續管線的市場份額時，在考慮任何形式的資本投資之前，您能容納多少份額？

We've never really had that capacity outlined. But I can tell you from having been there since the building was constructed, we could put a lot more pipe through that facility. Again, it's going to extra shifts, utilizing mills -- both mills more efficiently. So I see the bottleneck for growth there is our commercial teams and getting the bookings. So once we get the bookings, I think we have a good runway to push more revenue through that facility.

我們從未真正明確過這方面的能力。但我可以告訴你，我從這棟建築建成之初就一直在那裡，我們可以在這個設施裡鋪設更多的管道。同樣，這將增加輪班，更有效地利用工廠——兩家工廠都將更有效率地運作。所以我認為成長的瓶頸在於我們的商業團隊以及如何獲得預訂。所以一旦我們獲得預訂，我認為我們就有很好的發展空間，透過該設施創造更多收入。

And then, as you think about the 2030 goals, does the growth in -- or does the goal to double revenue in growth markets, does that just -- is that just traditional oil and gas? Or do you see opportunities for any of your product lines or the flexibility to make any acquisitions that could expose FET to any kind of adjacent markets?

那麼，在思考 2030 年的目標時，成長──或者說在成長型市場實現營收翻倍的目標，是否僅僅是指傳統的石油和天然氣產業？或者，您是否看到貴公司任何產品線的機會，或者是否有靈活性進行任何收購，從而使 FET 進入任何類型的相鄰市場？

Yes. I think oil and gas will be a big part of that. The other adjacent market would be defense. We talked about our rescue submarine booking. We see a good, let's call it, opportunity pipeline there to add on. We're also selling our remote-operated vehicles to defense contractors and really to the navies around the world. So I think that's another opportunity. So I think oil and gas, organic, as well as defense.

是的。我認為石油和天然氣將在其中扮演重要角色。另一個相鄰的市場是國防。我們討論了救援潛水艇的預訂事宜。我們看到那裡有很好的機會管道可以拓展。我們也向國防承包商和世界各地的海軍出售我們的遙控車輛。所以我認為這又是一次機會。所以我認為石油和天然氣、有機產品以及國防都很重要。

And our teams are always looking for new markets that we can expand our addressable ones. So part of our goal, right, is to double our revenue in the markets we participate. If we can identify new ones that are adjacent, where we have a differentiated offering, where customers value the products and solutions that we deliver, that would be another way to expand our addressable markets, and we are constantly looking for that.

我們的團隊一直在尋找可以拓展我們目標市場的新市場。所以，我們的部分目標，對吧，就是在我們參與的市場中實現收入翻倍。如果我們能找到與我們現有市場相鄰的新市場，在這些市場中，我們提供差異化的產品和服務，客戶也重視我們提供的產品和解決方案，這將是拓展我們目標市場的另一種途徑，而我們也一直在尋找這樣的市場。

(Operator Instructions)

（操作說明）

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

Appreciate all the detail on the call. You introduced sort of how you're thinking about 2026. I think it's fair to ask, given the sort of consensus developing around the potential for sub-$50 WTI in the first part of the year, how well you're positioned for that and how you can offset what that could do on pressure at least on US consumables?

感謝您在通話中提供的所有細節。你大致介紹了你對 2026 年的看法。鑑於目前普遍認為今年上半年 WTI 原油價格可能跌破 50 美元，我認為有必要問問，你們為此做好了哪些準備，以及你們如何抵消這種情況可能對美國消費品市場造成的壓力？

Yes. Again, in the call, we said it was probably a little too early to talk about 2026. If we do get a low oil price, one of the things that we're looking at is, does production in the US roll over? And as we -- as I'm sure you've read and you kind of look around the industry, it appears that most operators are trying to hold production at least flat year-over-year.

是的。在電話會議中，我們再次表示，現在談論 2026 年可能還為時過早。如果油價真的走低，我們關注的問題之一是，美國的石油產量是否會下降？正如我們——我相信你們也已經讀到過，並且對這個行業有所了解，大多數運營商似乎都在努力使產量至少與上年持平。

And so, I think that would be a higher level of production than maybe we're modeling going into that. But overall, I think it's -- we're going to stay close to our customers. We think even in a sub -- prices go below where they are today, those get into the 50s, there's going to have to be more efficiency. And so, we're going to put ourselves as we're going to be the enabler of that efficiency. And so, we're well positioned for that, and that's part of our strategy.

所以，我認為這將是一個比我們目前設想的更高的生產水準。但總的來說，我認為——我們會與客戶保持緊密聯繫。我們認為，即使在次級潛艇中——價格低於目前的水平，例如降到 50 美元左右，也需要提高效率。因此，我們將把自己定位為提高效率的推動者。因此，我們在這方面做好了充分準備，這也是我們策略的一部分。

Okay. And when we think about this multiyear high on backlog, timing of conversion, I know a lot of this is percentage of completion. How much of that backlog is multiyear? And how much of that do you think you work through over the next five quarters?

好的。當我們思考多年來積壓訂單數量居高不下的情況以及轉換時間時，我知道這很大程度上取決於完成百分比。積壓的訂單中有多少是多年訂單？你認為在接下來的五個季度裡，你能完成多少工作？

Yes, Steve, that's a really good question. And typically, when we think about our backlog over time, that backlog is going to typically run out in two or three quarters. I think now, with a bigger backlog build that we have in subsea, that's where we're going to see that run all the way into 2027.

是的，史蒂夫，這真是個好問題。通常情況下，當我們考慮一段時間內的積壓訂單時，這些訂單通常會在兩到三個季度內完成。我認為，鑑於我們在海底領域積壓的訂單更多，這種情況可能會持續到 2027 年。

So the rescue submarine we announced last quarter, for example, we will recognize a decent amount of revenue on that in 2026, but we won't deliver that until late 2027. So we'll have revenue running all the way through there. But the bulk of our backlog probably bleeds out in 2026 with some subsea lasting all the way into '27.

例如，我們在上個季度宣布的救援潛艇，我們將在 2026 年確認相當可觀的收入，但要到 2027 年底才能交付。所以我們會一直有收入來源。但我們的大部分積壓訂單可能會在 2026 年完成，一些海底項目甚至會持續到 2027 年。

Perfect. That's helpful. The uptick on both valves and sand control products, the sequential improvement, I know there's two different dynamics going in there. Can you walk through what you're seeing on the valve side? I know there was some destocking going on related to tariffs. Are we seeing that easing now? Are we getting through the destocking? And then, on the sand control products, what you're seeing in Canada?

完美的。那很有幫助。閥門和防砂產品銷售雙雙成長，銷量穩定提升，我知道這裡面有兩種不同的動態因素在起作用。可以詳細描述一下你從閥門那邊看到的情況嗎？我知道當時有一些與關稅相關的去庫存活動。現在這種情況有緩解的跡象嗎？我們是否順利完成了去庫存階段？那麼，關於沙土控制產品，您在加拿大看到了什麼？

Steve, the valves, I think you hit the nail on the head. We talked for the last two quarters about what we call the buyers' strike as buyers, with the uncertainty in what tariffs were going to do, basically pulled the pin on ordering patterns. So we have seen some needed increases there for our distribution customers who needed to restock some shelves. My comments about tariff rate volatility continue to be there. And despite the recent news about maybe lowering tariffs on Chinese imports, where that would most affect valves, we definitely see that volatility continue.

史蒂夫，關於閥門，我覺得你說得太對了。過去兩個季度，我們一直在討論所謂的“買家罷工”，因為買家對關稅的影響感到不確定，基本上停止了訂購。因此，我們看到一些分銷客戶的庫存增加，他們需要補充貨架上的商品。我之前關於關稅波動性的評論依然有效。儘管最近有消息稱可能會降低對中國進口商品的關稅（這將對閥門產生最大影響），但我們肯定會看到市場波動繼續存在。

So we're keeping our eyes close on the valves business, but it was nice to see the increase there.

所以我們會密切關注閥門業務，但很高興看到該業務有所成長。

Yes. And Steve, I think in Canada, I believe it was maybe our first or second-quarter call, we thought the back half would be stronger based on some of the customer discussions we've had. So I think that's really been part of the activity or the growth in Canada as we've had that. And our team has been really successful on maintaining and getting key bookings up there as well.

是的。史蒂夫，我想在加拿大，可能是在第一季或第二季的電話會議上，根據我們與一些客戶的討論，我們認為下半年的業績會更好。所以我認為這確實是加拿大經濟活動或成長的一部分，因為我們一直都有這樣的發展。我們的團隊在維持和提升關鍵預訂量方面也取得了巨大的成功。

And if I could get one more in because I heard you mention maybe once or even twice the potential in the -- serving the rod lift market. Have you served that market before? Would that be a new addressable market?

如果我能再補充一點，因為我聽到你提到過一兩次——服務於桿式升降機市場的潛力。你之前服務過這個市場嗎？那會是一個新的潛在市場嗎？

That's a really new market. We've had, let's call it, some sales into that market, Steve. So it's not completely from scratch. So we're already into it. But we're doubling down our efforts and expanding with our products. We've talked about in the earlier calls, we have a really neat piece of -- really neat product called Pump Saver Plus. It helps really in a very similar way that we have for ESPs.

那是一個非常新的市場。史蒂夫，我們已經在這個市場取得了一些銷售表現。所以它並非完全從零開始。所以我們已經開始行動了。但我們正在加倍努力，並擴大產品範圍。我們在之前的電話會議中談過，我們有一個非常棒的產品，叫做 Pump Saver Plus。它確實能起到ESP非常相似的作用。

It prevents rod pumps from getting destroyed through -- breaking down, excuse me, through sand and gas management. So we think the product has a lot of legs. We've refined it, and we're working really closely with both operators and rod lift pump companies to really get that product out in the market.

它能防止桿式泵因沙子和氣體處理而損壞——抱歉，是因沙子和氣體處理而發生故障。所以我們認為這款產品很有發展前景。我們已經對其進行了改進，並且正在與運營商和桿式提升泵公司密切合作，以真正將該產品推向市場。

I'm showing no further questions at this time. I would now like to turn it back to Neal Lux for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給尼爾·盧克斯，請他作總結發言。

Thank you, Daniel, and thank you for your support and participation on today's call. We look forward to our next call in February to discuss FET's fourth-quarter and full year 2025 results.

謝謝你，丹尼爾，也謝謝你今天在電話會議上的支持和參與。我們期待在二月的下一次電話會議上討論 FET 2025 年第四季和全年業績。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。