Forum Energy Technologies Inc (FET) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Forum Energy Technologies first quarter 2026 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.

各位女士、先生，早安，歡迎參加 Forum Energy Technologies 2026 年第一季財報電話會議。我是 Daniel，將擔任今天會議的協調人。（接線員指示）本次電話會議將錄音以供重播，並將於公司網站提供。

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人關係總監 Rob Kukla。先生，請開始。

Thank you, Daniel. Good morning, everyone, and welcome to FET's first quarter 2026 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, which is available on our website.

謝謝你，Daniel。各位早安，歡迎參加 FET 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁兼執行長 Neal Lux，以及財務長 Lyle Williams。昨天我們已發布財報新聞稿，可於我們的網站查閱。

Today, 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. Finally, management's statements may include non-GAAP financial measures. For reconciliation of these measures, please refer to our earnings release and website.

今天我們將依據聯邦法規對前瞻性陳述的安全港保護。提醒各位聽眾，我們今天的發言將包含非歷史性資訊。這些發言應結合所有影響本公司業務的因素一併考量，包括 FET 的 Form 10-K 及其他向 SEC 提交的文件中所揭露者。最後，管理層的陳述可能包含非 GAAP 財務衡量指標。關於這些指標的調節，請參閱我們的財報新聞稿與網站。

During today's call, all statements related to EBITDA refer to adjusted EBITDA. And unless otherwise noted, all comparisons are first quarter 2026 to fourth quarter 2025. I will now turn the call over to Neal.

在今天的會議中，所有與 EBITDA 相關的陳述均指調整後 EBITDA。除非另有說明，所有比較皆為 2026 年第一季相較 2025 年第四季。現在我把電話交給 Neal。

Thank you, Rob, and good morning, everyone. Our first quarter results reinforced our confidence in the path we presented with FET 2030. Year-over-year, we increased revenue 8%, EBITDA 14% and net income 300%. The execution of our beat-to-market strategy drove these results. Impressively, we grew revenue per global rig 12% from a year ago and positioned our company for future gains with strong bookings.

謝謝你，Rob，各位早安。我們第一季的結果強化了我們對 FET 2030 所提出路徑的信心。以年對年來看，我們營收成長 8%、EBITDA 成長 14%，淨利成長 300%。這些成果來自我們「beat-to-market」策略的執行。值得一提的是，我們每座全球鑽機的營收較去年成長 12%，並透過強勁接單為公司未來成長奠定基礎。

Orders were up 10% year-over-year with a book-to-bill of 106%. We entered the year with our highest backlog in 11 years, and we grew that backlog again. Compared to the first quarter of last year, our backlog is up 44% Also, following the completion of our structural cost-saving initiatives, we are now a more efficient organization. These efforts have achieved $15 million of annualized savings.

訂單年對年成長 10%，出貨比（book-to-bill）為 106%。我們以 11 年來最高的在手訂單（backlog）進入今年，且又進一步增加。與去年第一季相比，我們的在手訂單成長 44%。此外，隨著我們完成結構性成本節省計畫，我們現在是一個更有效率的組織；這些努力已帶來每年約 1,500 萬美元的年化節省。

In addition, we continued our share repurchase program and strengthened the balance sheet by extending our credit facilities maturity to 2031. Overall, this was the kind of start we wanted to see, providing momentum into the second quarter and beyond. Looking ahead, our results should increase substantially, driven by market share gains, backlog conversion and cost savings.

另外，我們持續進行庫藏股回購計畫，並透過將信用額度到期日延長至 2031 年來強化資產負債表。整體而言，這正是我們希望看到的開局，為第二季及後續帶來動能。展望未來，在市占提升、在手訂單轉換以及成本節省的帶動下，我們的業績應會大幅提升。

We are forecasting second quarter EBITDA of between $24 million and $30 million, which at the midpoint is up 32% from a year ago. These results would deliver incremental margins of 51% with EBITDA margin approaching 13%. This sequential improvement is driven solely by the execution of our plan.

我們預估第二季 EBITDA 介於 2,400 萬至 3,000 萬美元之間，中位數較去年同期成長 32%。這樣的結果將帶來 51% 的增量毛利率（incremental margins），EBITDA 利潤率接近 13%。這項季對季改善完全來自我們計畫的執行。

Turning to the full year. We are raising the midpoint of our EBITDA guidance to $103 million, up 20% compared with 2025. Importantly, while we are seeing signs of increased activity, which is consistent with some analyst expectations, our forecast conservatively assumes a flat market. Should the market pick up, I would expect to see further upside to our forecast.

接著談全年。我們將 EBITDA 指引的中位數上調至 1.03 億美元，較 2025 年成長 20%。重要的是，雖然我們看到活動增加的跡象，這也符合部分分析師的預期，但我們的預測仍保守地假設市場持平。若市場回溫，我預期我們的預測仍有進一步上行空間。

During the first quarter, we continued gaining market share through innovation and new customer adoption. This is a key part of our strategy. So let me provide an update on a few products we have recently commercialized. First, Duracoil-95, coiled tubing for sour service environments is continuing to gain traction and is now active on three continents. This is an ideal product for Venezuela and the Middle East, especially if workover activity accelerates to bring production back online.

在第一季，我們持續透過創新與新客戶採用來提升市占，這是我們策略的關鍵部分。因此我想更新幾項近期商業化的產品。首先，Duracoil-95——適用於含硫（sour service）環境的連續油管——持續獲得市場動能，目前已在三大洲投入使用。這是委內瑞拉與中東的理想產品，特別是在修井（workover）活動加速、以恢復產量的情境下。

Another innovation I want to mention is Unity, our next-generation operating system for remote ROV operations. We recently had the opportunity to showcase this technology at a large international trade show. In a real-time demonstration, our customers were able to control an ROV positioned hundreds of miles away from a terminal in our booth. It was a powerful demonstration of Unity's capabilities and it ignited interest in our product.

另一項我想提到的創新是 Unity，我們用於遠端 ROV 作業的下一代作業系統。我們近期有機會在一場大型國際展會展示這項技術。在即時示範中，客戶能從我們攤位的終端機控制一台位於數百英里外的 ROV。這是對 Unity 能力的有力展示，也點燃了客戶對我們產品的興趣。

The next product I want to highlight is DuraLine, our manifold system for multi-well frac applications. Compared to our competition, DuraLine is significantly safer and more efficient. Also, it is a great example of technology developed for US shale applications that can be exported to international locations. In the first quarter, we received a significant order for multiple systems to be deployed in Argentina this year.

下一項我想強調的產品是 DuraLine，我們用於多井壓裂（multi-well frac）應用的歧管系統。相較競品，DuraLine 顯著更安全且更有效率。同時，這也是一個很好的例子：為美國頁岩應用開發的技術可以輸出到國際市場。第一季，我們收到一筆重要訂單，將於今年在阿根廷部署多套系統。

Another innovative area for FET is rig floor automation. We have developed patent-pending software for the FR120 iron roughneck that automates the drill pipe makeup and breakout process with the push of a button. Our solution dramatically simplifies rig floor operations, reduces nonproductive time and increases drilling efficiency by 30%. This software will be packaged with new iron roughnecks and sold as an upgrade to existing ones. I am very excited about this development.

FET 另一個創新領域是鑽台地面自動化（rig floor automation）。我們為 FR120 鐵鑽工（iron roughneck）開發了申請專利中的軟體，可透過按下一個按鈕自動完成鑽管上扣與卸扣（makeup and breakout）流程。我們的解決方案大幅簡化鑽台作業、降低非生產時間，並將鑽進效率提升 30%。此軟體將隨新鐵鑽工一併提供，並作為既有設備的升級方案銷售。我對這項進展感到非常振奮。

Shifting to the power generation and data center markets. We have seen increased interest in the cooling solutions offered by our global heat transfer product family. Based on customer feedback, we have developed a stationary power cooling solution. This new design gives us an opportunity to address a bigger part of the market. And since its introduction, we have developed a strong commercial funnel.

接著談發電與資料中心市場。我們看到客戶對我們全球熱交換產品系列所提供的冷卻解決方案興趣提升。根據客戶回饋，我們開發了固定式電力冷卻解決方案。這項新設計讓我們有機會切入更大範圍的市場；自推出以來，我們已建立強勁的商業機會管道。

These innovations are great examples of how our product pipeline is supporting both near-term share gains and the long-term ambitions of FET 2030. Shifting to the Middle East conflict and its impact. First and foremost, I am thankful all our employees in the region are safe. That is our primary concern. Also operationally, we have not suffered any facility damage.

這些創新是很好的例子，說明我們的產品管線如何同時支持短期市占提升與 FET 2030 的長期企圖。接著談中東衝突及其影響。首先也是最重要的，我很感謝我們在當地的所有員工都平安，這是我們最優先的關切。此外，在營運層面，我們的設施並未遭受任何損害。

We have experienced some disruptions that are having a slight impact on our business, particularly around logistics and freight costs. However, our teams did an excellent job finding creative solutions to these challenges, and we were able to increase revenue in the Middle East during the quarter.

我們確實遇到一些干擾，對業務造成輕微影響，特別是在物流與運費成本方面。不過，我們的團隊在尋找創新解決方案上表現出色，因此本季我們仍能在中東地區提升營收。

While uncertainty remains high, we are not forecasting any material negative impact from the conflict. For context, Middle East revenue is only 10% of our total, limiting the company's exposure. At the same time, this conflict is creating medium- to longer-term tailwinds for our industry. A significant portion of the world's oil and gas supply has been disrupted for 62 days and counting.

雖然不確定性仍高，但我們並未預測衝突將對我們造成任何重大負面影響。作為背景，中東營收僅占我們總營收的 10%，因此公司曝險有限。同時，這場衝突正在為本產業帶來中期至長期的順風因素。全球相當一部分的油氣供應已中斷，且已持續 62 天並仍在延續。

Even if oil shipments through the Strait of Hormuz resume quickly, global oil inventories will be meaningfully reduced. Barring a material downturn in global demand, we expect investment in oil and gas production to increase over time to replace depleted inventories and support energy security. Some analysts have suggested that our industry will experience a prolonged up cycle beginning later this year or early 2027.

即使經由荷姆茲海峽（Strait of Hormuz）的原油運輸迅速恢復，全球原油庫存仍將顯著下降。在全球需求未出現重大下滑的前提下，我們預期油氣生產投資將隨時間增加，以補充消耗的庫存並支持能源安全。一些分析師指出，本產業可能自今年稍晚或 2027 年初開始進入一段較長的上行循環。

This up cycle aligns with the growth market scenario of our FET 2030 vision. Under this scenario, our addressable markets grow at a rate of 9% annually, and we expand our market share to 22% by 2030. The combination of market expansion and share gains doubles revenue to $1.6 billion, quadruples EBITDA and nearly triples free cash flow in that time frame.

這段上行循環與我們 FET 2030 願景中的成長市場情境一致。在此情境下，我們的可服務市場（addressable markets）以每年 9% 的速度成長，而我們的市占在 2030 年擴大至 22%。市場擴張與市占提升的結合，將使營收倍增至 16 億美元、EBITDA 增至四倍，並在該期間內使自由現金流接近三倍。

This scenario underscores our strategy's long-term value creation potential, while our near-term focus remains on disciplined execution and cash flow generation. Now to provide more detail on our first quarter results and near-term financial outlook, I will turn the call over to Lyle.

此情境凸顯我們策略在長期創造價值的潛力；同時，我們短期仍聚焦於嚴謹執行與現金流創造。接下來，為了更詳細說明第一季結果與短期財務展望，我將把電話交給 Lyle。

Thank you, Neal. Good morning. I will begin with first quarter results and our guidance, then shift to a discussion of cash flow and our capital allocation strategy. First quarter revenue of $209 million came in near the top end of our guidance. Growth in offshore and international markets led the revenue increase of 3%, outpacing global rig count.

謝謝你，Neal。各位早安。我將先說明第一季結果與我們的指引，接著討論現金流以及資本配置策略。第一季營收 2.09 億美元，接近我們指引區間的上緣。離岸與國際市場的成長帶動營收增加 3%，增速超過全球鑽機數。

Our international revenue was up 7% with Canada, Europe and Latin America each delivering double-digit gains. This is the third consecutive quarter when international exceeded US revenue. And offshore revenue expanded 10%, driven by a 20% increase in our Subsea product line as the team begins to execute orders secured last year.

我們的國際營收成長 7%，其中加拿大、歐洲與拉丁美洲皆繳出雙位數成長。這是連續第三季國際營收超過美國營收。同時，離岸營收擴張 10%，主要由 Subsea 產品線成長 20% 所帶動，因團隊開始執行去年取得的訂單。

Adjusted EBITDA for the quarter was $23 million, in line with our guidance as cost savings benefits were largely offset by product mix. Adjusted net income of $6 million increased 11% on favorable income tax expense rate that benefited from geographic income mix. We grew backlog again in the first quarter, even after very strong bookings in 2025. Both segments posted a book-to-bill ratio greater than 100%.

本季調整後 EBITDA 為 2,300 萬美元，符合我們的指引，因為成本節省效益大致被產品組合所抵銷。調整後淨利為 600 萬美元，受惠於地理收入組合帶來的有利所得稅費用率，年增 11%。即使 2025 年訂單表現非常強勁，我們在第一季仍再次增加在手訂單（backlog）。兩個事業部的接單出貨比（book-to-bill）皆高於 100%。

We saw higher demand for capital equipment in the stimulation and intervention and the drilling product lines and increased demand for wireline cables. Valve orders increased nicely, bouncing back from tariff-related impacts throughout 2025. Let me continue with additional color on our segment results.

我們看到刺激與介入（stimulation and intervention）以及鑽井產品線的資本設備需求更高，且測井電纜（wireline cables）需求增加。閥門訂單明顯成長，從 2025 年全年關稅相關影響中反彈。接下來我將就各事業部表現補充更多細節。

Drilling and Completions revenue was $127 million, flat with the previous quarter. The Subsea product line increased 20% as we recognized revenue on ROVs and the rescue submarine project. The stimulation and intervention product line increased 7%, supported by power end and wireline cable demand. And to note, our quality wireline product family set a new record this quarter in revenue and in greaseless cable sales.

鑽井與完井（Drilling and Completions）營收為 1.27 億美元，與前一季持平。海底（Subsea）產品線成長 20%，因我們確認了 ROV 與救援潛艇專案的營收。刺激與介入產品線成長 7%，受動力端（power end）與測井電纜需求支撐。另值得一提的是，我們的高品質測井產品系列本季在營收與無油脂電纜（greaseless cable）銷售方面皆創下新紀錄。

Coiled tubing revenue was down 17%, coming off strong US sales last quarter and due to customer requested delivery pushouts into the second quarter. Despite flat revenue, segment EBITDA was up 6%, benefiting from cost savings and improved plant utilization related to our facility consolidations. Artificial lift and downhole revenue was $82 million, up 9% with increased sales volumes across all three product lines.

連續油管（coiled tubing）營收下滑 17%，主要是上一季美國銷售強勁的高基期，以及客戶要求將交付延後至第二季所致。儘管營收持平，該事業部 EBITDA 仍成長 6%，受惠於成本節省與因廠房整併帶來的產能利用率提升。人工舉升與井下（artificial lift and downhole）營收為 8,200 萬美元，因三條產品線銷量皆增加而成長 9%。

EBITDA was roughly flat, reflecting a combination of product mix, timing of incentive expense and lower absorption at one facility, which we expect to improve in the coming quarters. Consolidated free cash flow was $1 million, consistent with our guidance. As a reminder, our free cash flow is typically back half weighted. For example, roughly two-thirds of our free cash flow was generated in the second half of 2025. Despite the seasonally lower free cash flow, we still remained active on share buybacks.

EBITDA 大致持平，反映產品組合、獎勵費用認列時點，以及某一廠區吸收率較低等因素的綜合影響；我們預期未來幾季將改善。合併自由現金流為 100 萬美元，符合我們的指引。提醒一下，我們的自由現金流通常偏向下半年貢獻；例如，2025 年約三分之二的自由現金流是在下半年產生。儘管自由現金流季節性較低，我們仍持續進行庫藏股回購。

We repurchased almost 93,000 shares for approximately $5 million under our share repurchase authorization. These purchases averaged $49 per share, about 20% lower than our stock price at yesterday's close. In addition, we paid $9 million for withholding taxes associated with our stock-based compensation program, avoiding the issuance of roughly 180,000 shares and ultimately benefiting our shareholders.

我們在股份回購授權下回購近 93,000 股，金額約 500 萬美元。這些回購的平均價格為每股 49 美元，約比昨日收盤價低 20%。此外，我們支付了 900 萬美元，用於與股票基礎薪酬計畫相關的預扣稅款，避免發行約 180,000 股，最終使股東受益。

These payments, along with transaction costs associated with the credit facility amendment resulted in a modest and temporary increase in net debt. We ended the quarter with net debt of $121 million, with a net leverage ratio still at a comfortable level of under 1.4x. While this is higher than where we ended last year, we expect net leverage to decline to under 1x by the end of the year.

上述付款，加上與信貸額度修訂相關的交易成本，導致淨負債出現小幅且暫時性的增加。本季末淨負債為 1.21 億美元，淨槓桿比率仍維持在 1.4 倍以下的舒適水準。雖然這高於去年年底的水準，但我們預期到年底淨槓桿將降至 1 倍以下。

Liquidity of $91 million remains strong with $54 million available under our revolving credit facility. During the quarter, we extended our credit facility maturity to February 2031 with improved pricing and greater letters of credit capacity. This amendment, combined with our strong balance sheet provides significant flexibility for FET to fund strategic initiatives, including long-term debt retirement, organic growth and acquisitions.

流動性 9,100 萬美元仍然強勁，其中循環信貸額度尚可動用 5,400 萬美元。本季我們將信貸額度到期日延長至 2031 年 2 月，並取得更佳的定價與更高的信用狀（letters of credit）額度容量。此項修訂結合我們強健的資產負債表，為 FET 提供相當大的彈性，以資助策略性計畫，包括長期債務償還、內生成長與併購。

Now turning to our guidance. For the second quarter, as Neal mentioned earlier, our results should increase substantially, driven primarily by backlog conversion, cost savings and market share gains. We are forecasting revenue between $200 million and $225 million and EBITDA between $24 million to $30 million, which at the midpoints are up 6% and 32% from a year ago. Adjusted net income expected for the second quarter is between $6 million and $11 million.

接著談我們的指引。第二季如 Neal 先前提到，我們的業績應會大幅提升，主要由在手訂單轉換（backlog conversion）、成本節省與市占提升所帶動。我們預估營收介於 2.00 億至 2.25 億美元，EBITDA 介於 2,400 萬至 3,000 萬美元；以區間中點計，分別較去年同期成長 6% 與 32%。第二季調整後淨利預期介於 600 萬至 1,100 萬美元。

Our free cash flow -- sorry, our full year guidance issued in February assumed relative flat market activity compared to the back half of 2025. Now with strong first quarter results and increased expectations for the second quarter, we are raising the bottom end of our EBITDA guidance range from $90 million to $95 million. We are maintaining our revenue guidance of $800 million to $880 million.

我們的自由現金流——抱歉，我們在 2 月發布的全年指引，假設市場活動相較於 2025 年下半年大致持平。如今第一季表現強勁，且對第二季的預期提高，我們將 EBITDA 指引區間下緣由 9,000 萬美元上調至 9,500 萬美元。我們維持營收指引 8.00 億至 8.80 億美元不變。

And for adjusted net income, we are guiding between $21 million and $38 million. In addition, we reaffirm our full year free cash flow guidance of $55 million to $75 million as we remain confident in our ability to convert approximately 65% of EBITDA into free cash flow.

至於調整後淨利，我們的指引為 2,100 萬至 3,800 萬美元。此外，我們重申全年自由現金流指引 5,500 萬至 7,500 萬美元，因我們仍有信心可將約 65% 的 EBITDA 轉換為自由現金流。

Let me conclude with our capital allocation expectations. As we discussed last quarter, our balance sheet is in great shape. We consider any further net leverage reduction as dry powder for incremental strategic investments, including acquisitions and share repurchases. With our M&A framework, we seek to acquire companies with differentiated products competing in targeted markets at valuations that would be accretive to FET per share metrics. And we compare these acquisitions with repurchasing FET shares.

最後我以資本配置展望作結。如同上季所討論，我們的資產負債表狀況非常良好。我們將任何進一步降低淨槓桿視為可用的「乾火藥」，用於額外的策略性投資，包括併購與股份回購。依據我們的併購（M&A）框架，我們尋求收購具差異化產品、在目標市場競爭，且估值能對 FET 每股指標具增益（accretive）的公司。同時，我們也會將這些併購機會與回購 FET 股票進行比較。

This year, our bonds allow total repurchases of around $30 million as long as our net leverage remains below 1.5x. We believe FET remains a compelling investment. With that, I'll turn the call back to Neal for closing remarks.

今年，只要我們的淨槓桿維持在 1.5 倍以下，我們的債券條款允許總回購金額約 3,000 萬美元。我們相信 FET 仍是一項具吸引力的投資。接下來我把電話交回 Neal 做結語。

Thank you, Lyle. Over the last few years, we have implemented a strategy to make FET a better and stronger company. We are gaining share through commercial excellence and innovation. We are leveraging our global footprint, delivering our solutions to customers around the world. We are creating significant value for our shareholders, and we have been successful despite market headwinds.

謝謝你，Lyle。過去幾年，我們已執行一項策略，使 FET 成為更好、更強的公司。我們透過商業卓越與創新持續提升市占。我們運用全球布局，將解決方案交付給世界各地的客戶。我們為股東創造了顯著價值，並且即使面對市場逆風仍取得成功。

Now we may be closer to finally having a market tailwind that can supercharge our efforts going forward. Thank you for joining us today. Daniel, please take the first question.

現在，我們可能更接近終於迎來能在未來強力推動我們努力的市場順風。感謝各位今天加入。Daniel，請開始第一個問題。

(Operator Instructions)

（接線員指示）

Jeff Robertson, Water Tower Research.

Jeff Robertson，Water Tower Research。

Neal, with respect to the Unity ROV system and the trade show, are you seeing demand for that product outside of traditional energy? And then secondly, if we think about Unity and the cooling systems you all have, are there orders for those systems that are within -- that are in the backlog? Or are you working on that?

Neal，關於 Unity ROV 系統以及這次展會，你們是否看到該產品在傳統能源以外的需求？第二，如果我們把 Unity 和你們的冷卻系統一起看，這些系統是否已有訂單納入在手訂單（backlog）？還是你們正在推進中？

Yes. Good question. So starting with Unity first, Jeff. It's still a fairly new system. We're gathering more and more field data as well as understanding how much it benefits our customers.

是的。好問題。Jeff，我先從 Unity 談起。這仍是一套相當新的系統。我們正在蒐集越來越多的現場數據，也在了解它能為客戶帶來多大效益。

So that's early stages there. I do think it would have an application outside oil and gas for control of an ROV. But yes, so I think the interest is high. And so we do have a number of Unity systems already in the backlog that will continue to add to what we've already delivered. And again, I think as we build that field experience, I think we'll then look at other applications outside oil and gas. And again, I think defense would be a great application for it as well.

所以目前仍在早期階段。我確實認為它在油氣以外也可能有用於 ROV 控制的應用。不過是的，我認為市場興趣很高。我們的在手訂單中已經有多套 Unity 系統，將持續增加我們已交付的數量。同樣地，我認為隨著我們累積現場經驗，之後會再看油氣以外的其他應用。而且我也認為國防會是很好的應用領域。

On our cooling systems, we didn't mention in the call, but we had -- we formally had a -- we do have a cooling system that's mobile for data centers that we call Powertron. The system I mentioned in the script is a new design that's actually a permanent, so it's not mobile. So this is brand new, one that we are quoting actively, and we are, again, building up a nice opportunity queue. So we don't have orders for that system yet, but I think all indications are we have a great product and would expect that going forward.

至於我們的冷卻系統，我們在電話會議中沒有提到，但我們確實有一套可移動式、用於資料中心的冷卻系統，稱為 Powertron。我在講稿中提到的那套系統是全新設計，實際上是固定式的，不是移動式。因此這是全新的產品，我們正在積極報價，也正在建立一個不錯的機會管線（opportunity queue）。目前我們還沒有該系統的訂單，但各項跡象顯示我們有很棒的產品，並預期未來會有進展。

Can you comment, Neal or Lyle, on what the margin profile looks like in the backlog?

Neal 或 Lyle，你們能否評論一下在手訂單（backlog）的毛利率／利潤率輪廓大概如何？

I think, again, let me start with the new products and innovations. I think generally, our innovative products have higher margins than our standard overall margin, again, I think the innovations we develop, we're addressing specific customer needs. And so we're able to get more value out of that. And I think as we talked about our backlog coming into the year, about 11% was new innovations or new products that we developed recently. So I would think overall, our average margin would be on higher because of that.

我想，讓我先從新產品與創新談起。一般而言，我們的創新產品毛利率高於我們的整體標準毛利率；因為我們開發的創新是針對特定客戶需求，因此能創造更高價值。正如我們談到的，今年初的在手訂單中，約 11% 來自我們近期開發的新創新或新產品。因此我認為整體平均毛利率會因為這點而更高。

Yes. Jeff, maybe a little color to add to that. Last year, we booked a large amount of orders for subsea. Their book-to-bill was basically off the charts in a combination of defense and traditional oil and gas, ROVs and the rescue submarine. Typically, we see our subsea business with slightly lower contribution margins.

是的。Jeff，我再補充一些背景。去年我們在海底（subsea）業務上取得大量訂單，其接單出貨比幾乎高得驚人，涵蓋國防與傳統油氣領域，包括 ROV 與救援潛艇。通常我們看到海底業務的貢獻毛利率略低一些。

There's a lot of pass-through material and electronics, et cetera, that go through on those subsea orders that tends to pull the average margin down. So I'd say the subsea portion of that backlog, which is meaningful, is a little bit lower. But as Neal mentioned, our other products we're putting through are coming in at higher margins.

那些海底訂單中有很多屬於轉售（pass-through）的材料與電子元件等，這些通常會把平均毛利率拉低。所以我會說，那筆在手訂單中海底業務的部分（占比不小）毛利率會稍微低一些。但如 Neal 提到的，我們正在交付的其他產品毛利率更高。

And if I can have one more. With respect to the Middle East and like Qatar's LNG that's -- part of it has gone offline, are there conversations underway with customers in the Middle East that would increase demand for FET's business as the oil producers and gas producers maybe look to diversify their production capacity and maybe put a bigger emphasis on developing your own natural gas for internal consumption?

如果我可以再問一個。關於中東，以及像卡達的 LNG（液化天然氣）—其中一部分已經停產，是否正在與中東客戶進行討論，可能會提高對 FET 業務的需求？因為石油與天然氣生產商也許會想要分散其產能，並可能更強調開發自有天然氣以供內需？

Yes. I think it's maybe early on that rebuilding discussion, Jeff. We're still staying close with our customers. I think as we mentioned, we are seeing -- we did increase revenue in the Middle East during the quarter. One area that we didn't cover specifically was Venezuela.

是的，Jeff，我認為現在談重建的討論可能還算早。我們仍然與客戶保持密切聯繫。如我們提到的，我們確實看到——本季在中東的營收有所增加。另外有一個我們沒有特別談到的地區是委內瑞拉。

So we are seeing an increase there in demand, especially for our short-cycle activity base like coiled tubing, wireline, things like that. So I think as we maybe get farther from the conflict, I think there will absolutely be an opportunity in the Middle East. But I think interestingly, we are finding some nice opportunities already in Venezuela.

所以我們看到那裡的需求正在增加，特別是針對我們短週期的作業基礎，例如連續油管（coiled tubing）、測井電纜（wireline）之類。我想，隨著我們逐漸遠離衝突，未來在中東絕對會有機會。但有趣的是，我們已經在委內瑞拉找到一些不錯的機會。

Steve Ferazani, Sidoti.

Steve Ferazani，Sidoti。

Neal, Lyle. Neal, in terms of the guidance raise this early in the year, obviously, you wouldn't do it without confidence. Just trying to get a better sense of the components that led you to that decision. You covered it a little bit. But to me, the surprise here was the strength in orders given the fact that we haven't seen a pickup in North America yet, given the conflict in the Middle East, given you would assume a lot more uncertainty on that -- on behalf of customers.

Neal、Lyle。Neal，就在年初這麼早就上調指引，顯然你們不會在沒有信心的情況下這麼做。我想更清楚了解促使你們做出這個決定的組成因素。你剛剛有稍微提到。但對我來說，意外的是訂單的強勁，因為我們還沒看到北美回溫，再加上中東衝突，你會以為客戶端會有更多不確定性。

Were you surprised by that -- we're certainly surprised by the strength in the order book for Q1. Was that the major contributor? Were there other factors in the guidance raise?

你們對此感到意外嗎——我們當然對第一季訂單簿的強勁感到意外。這是主要貢獻因素嗎？上調指引還有其他因素嗎？

Yes. I think having a book-to-bill over 100% does give you a lot of confidence when you look out a quarter for sure. So I think that helped. Some of the orders that we booked, I mentioned in the call of DuraLine for Argentina, that's one we've worked on for a long time and got to the finish line in Q1. So that helped increase.

是的。我認為訂單出貨比（book-to-bill）超過 100%，在展望下一季時確實會帶來很大的信心，所以這點有幫助。我們拿到的一些訂單——我在電話會議中提到阿根廷的 DuraLine，那是一個我們投入很久、並在第一季走到最後一哩路的案子，所以也帶動了成長。

Another area where we're seeing some great strength is in Canada with our Variperm product line. They're delivering great results. I think the -- with oil prices up, I think that's an area where we're going to see more and more investment. So that's been a big part of it. So I think Variperm being strong as well as some of our more -- (inaudible) backlog coming into the quarter, I think, gave us a lot of confidence in increasing that.

另一個我們看到非常強勁的領域是在加拿大的 Variperm 產品線，表現非常好。我認為——在油價上升的情況下，那會是投資愈來愈多的區域，所以這是很大的一部分。因此我想 Variperm 的強勁，再加上我們一些較——（聽不清）在手訂單在本季的挹注，讓我們對上調指引更有信心。

Again, we're not assuming yet an increase in activity. We're kind of keeping our assumptions. But I do have to say we are getting initial, let's call it, indications of some increase in activity. It's uneven so far. So I don't want to call it a trend. But if it does -- if activity does increase, I think we will be aggressive in following it up.

再說一次，我們目前還沒有把活動量增加納入假設，我們大致維持原先的假設。但我必須說，我們確實收到一些初步的、可以說是活動量增加的跡象；目前還不均衡，所以我不想稱之為趨勢。但如果——如果活動量真的增加，我們會積極跟進。

And then in terms of the strength in Q1, it sounds like you were also impacted by some delivery pushouts given the higher 2Q guidance, fair to assume those deliveries were either completed or will be for sure, completed in 2Q?

那麼就第一季的強勁而言，聽起來你們也受到一些交付延後的影響，因而第二季指引較高；可以合理假設那些交付不是已經完成，就是一定會在第二季完成嗎？

Yes, yes. I think we're specifically talking about coiled tubing, which we had customers a little unsure at the end of the quarter and just waited. But that is actually an area where we're seeing customers now kind of accelerate. So that's one of the initial indications that we've received.

是的，是的。我想我們特別指的是連續油管（coiled tubing），在季末時客戶有點不確定，所以就先等等。但那其實也是我們現在看到客戶開始加速的一個領域，所以這是我們收到的初步訊號之一。

Have we seen the full benefit of your cost reductions now with the plant consolidation? Or can we expect more to contribute to margins as the year goes on?

你們現在是否已經完全反映工廠整併帶來的成本削減效益？還是隨著年度推進，還會有更多對毛利率的貢獻？

I think that the Q2 guidance fully assumes all of our cost reductions, where I think we still had some being taken care of in Q1. And we also had some -- just operationally, when you consolidate facilities, you always have some challenges there. But going forward in Q2, we feel really, really good about the cost savings and our ability to execute there.

我認為第二季指引已經完全納入我們所有的成本削減；第一季時我們仍有一些在處理中。另外在營運上，當你整併廠區時，總會遇到一些挑戰。但展望第二季，我們對成本節省以及執行能力感覺非常、非常好。

And Lyle, I do have to circle around on operating cash flow. Clearly, Q1 is always the lowest, and you had pointed it out going into this quarter. That being said, operating cash flow was lower than the previous two years. When I'm looking through the numbers, it looks like it's a timing issue with receivables collection as the delta between the last two years. Is that fair?

Lyle，我也想回到營運現金流。很明顯第一季通常是最低的，你在進入本季前也有指出。不過，營運現金流比前兩年都低。我在看數字時，似乎與前兩年的差異主要是應收帳款回收時點的問題。這樣理解合理嗎？

And it's reasonable to think it's more timing than anything, and there's no reason to think you're not still on track for full year cash flow.

而且可以合理認為這更多是時點因素，沒有理由認為你們無法達成全年現金流目標。

Yes, Steve, the way I would answer is, first, the seasonality is driven by incentive comp payments and property tax payments that go out in Q1. So that's the big drag on -- from a working capital perspective. Think of that as really timing. And then quarter-to-quarter, we'll see pretty good movements in DSOs, for example, and those can go swing up and down based on projects, project timing for our bigger projects and kind of just what's happening with shipments and when those flow in.

是的，Steve，我會這樣回答：首先，季節性主要是由第一季支付的獎酬（incentive comp）以及不動產稅款所驅動，所以這是從營運資金角度來看最大的拖累。把它視為時點因素即可。然後就季度之間而言，例如 DSO（應收帳款週轉天數）會有相當幅度的變動，會因為專案、較大型專案的時程，以及出貨狀況與入帳時間而上下波動。

So we did see a little bump up in DSOs in the first quarter. But again, we think that will unwind in the second and third quarters. So yes, maybe a little bit of movement in receivables and payables, but really the big driver for Q1 are those annual payments that we make every year. But we feel like we are on track absolutely for the full year, Steve.

所以第一季我們確實看到 DSO 稍微上升。但同樣地，我們認為這會在第二、第三季回落。所以是的，應收與應付可能有一些變動，但第一季最大的驅動因素是我們每年都會支付的那些年度款項。不過我們覺得全年絕對仍在軌道上，Steve。

And in terms of the use of it, any change to your buyback strategy?

那在資金運用方面，你們的庫藏股回購策略有任何改變嗎？

Yes. No, we like the buyback plan. We highlighted that about $5 million back this year. Total capacity for the year would be about $30 million. Just like we talked on last quarter's call, we do expect that to be back-end weighted.

是的。沒有，我們喜歡這個回購計畫。我們提到今年已回購約 500 萬美元。全年總額度大約是 3,000 萬美元。就像我們在上季電話會議談到的，我們預期回購會偏向下半年。

We want to keep that somewhat in line with how our free cash flow flows in. So we've got a little bit of time on how that plays out. But definitely feel like with our free cash flow yield as high as it is, over 10%, it definitely is an attractive investment for us to consider.

我們希望讓回購節奏與自由現金流的流入相對一致。所以我們還有一些時間觀察實際進展。但我們確實認為，以我們目前超過 10% 的自由現金流殖利率來看，這絕對是我們值得考慮的具吸引力投資。

Dan Pickering, Pickering Energy Partners.

Dan Pickering，Pickering Energy Partners。

I think, Lyle, you mentioned or maybe it was Neal, I can't remember. You talked about FET 2030 and you threw out some numbers. I just want to confirm what I heard. I think I heard doubling of revenues to $1.6 billion and EBITDA, I think, was quadrupling. So that's, call it, $400 million.

我想，Lyle，你提到——或可能是 Neal，我記不太清楚。你們談到 FET 2030，並拋出一些數字。我只是想確認我聽到的內容。我想我聽到的是營收翻倍到 16 億美元，而 EBITDA 我想是變成四倍，也就是大約 4 億美元。

I just want to confirm that. It kind of implies an EBITDA margin of about 25%. I was hoping you could just kind of give us some perspective. I realize that is aspirational, it's forward-looking, et cetera. But how do you think in there around pricing improvements? And can you put that 25% margin level in context with prior sort of strong cycle periods?

我想確認一下。這似乎意味著 EBITDA 利潤率大約 25%。我希望你們能提供一些觀點。我知道那是願景目標、前瞻性等等。但你們如何看待其中的價格改善？另外，這個 25% 的利潤率水準，若放在過去景氣強勁週期的背景下，應該如何理解？

Yes, Dan. So I think those numbers are based compared to 2025. So we were, just call it, around $85 million of EBITDA in 2025, but -- revenue to $1.6 billion. So we see that really as two drivers there, market gain -- market growth, excuse me, and share gains driving the revenue. And then with our operating leverage, we see, let's call it, 30% incremental margins on that revenue increase.

是的，Dan。所以我想那些數字是相對於 2025 年來比較的。也就是說，2025 年我們的 EBITDA 大約是 8,500 萬美元，而——營收到 16 億美元。我們認為主要有兩個驅動因素：市場成長——抱歉，是市場增長，以及市占提升來帶動營收。然後憑藉我們的營運槓桿，我們預期在這段營收增量上，增量利潤率大約是 30%。

So I think that's where we get the increase in overall margin. So I think if you play it out to that period, let's call it around 20% EBITDA margins once we have that kind of revenue growth on our fixed -- kind of the fixed cost that we have here.

所以我認為這就是我們整體毛利率提升的來源。所以我認為如果把它推演到那個期間，一旦我們在這裡既有的固定成本基礎上實現那樣的營收成長，我們的 EBITDA 利潤率大約可達到 20% 左右。

So I think we have a good platform. And also, as we look at it, if you look at our revenue per rig in the US, we're around $700,000 per rig annually. Internationally, it's closer to $300,000. So the ability for us to export the technology, whether it's DuraLine Manifold, our Multilift Solution, ESP life extenders or protectors going into the Middle East, we see that as our great opportunity. So if we could have international revenue per rig -- international rig get closer to the US, that $1.6 billion target is aspirational, but it feels like a great target for us to achieve.

所以我認為我們有一個很好的平台。另外，從我們的角度來看，如果你看我們在美國每座鑽機的營收，我們每年大約是每座鑽機 70 萬美元。國際市場則更接近 30 萬美元。因此，我們把技術輸出出去的能力——不論是 DuraLine Manifold、我們的 Multilift Solution、ESP 壽命延長器或保護器進入中東——我們都視為很大的機會。所以如果我們能讓國際市場每座鑽機的營收——讓國際鑽機的水準更接近美國，那個 16 億美元的目標雖然是具企圖心的，但感覺是一個我們很有機會達成的好目標。

Okay. Neal, you mentioned Venezuela. Is -- are you seeing -- what are you seeing in Venezuela? Is it inquiries about what you could do if companies go in there? Are you seeing companies that are already there asking for more stuff?

好的。Neal，你提到委內瑞拉。你們——你們在委內瑞拉看到什麼？是一些詢問，想了解如果公司進去你們能做什麼？還是你們看到已經在那裡的公司在要求更多產品？

Is this a Q2 revenue impact? Is it later in the year into '27 revenue impact?

這會對第二季營收有影響嗎？還是會在今年稍晚、一路到 2027 年才對營收產生影響？

It's both. So we are receiving orders and delivering material for customers who are already in country, looking for our products so they can get back to work. And then we're also early stages looking at maybe more infrastructure type sales, again, call it coil line pipe, things like that, potentially valves going into Venezuela to help rebuild that infrastructure. I think that would be a longer term. But historically, before, let's call it, maybe 2007, I got to get my memory going, it's been a while.

兩者都有。所以我們正在接單，並為已經在當地的客戶交付材料；他們在找我們的產品，好讓他們能恢復作業。同時，我們也在早期階段評估一些可能更偏基礎建設型的銷售——例如連續油管（coil line pipe）之類的東西，還有可能是閥門進入委內瑞拉，以協助重建那套基礎設施。我認為那會是比較長期的。但歷史上，在之前——大概 2007 年以前吧，我得喚起一下記憶，已經有一段時間了。

Venezuela was a great market for a lot of our products. I think getting back in there, opening that market again creates a lot of opportunity for us.

委內瑞拉曾經是我們許多產品的一個很好的市場。我認為重新回到那裡、再次打開那個市場，會為我們創造很多機會。

And then you talked about Argentina and the DuraLine order that you've been working on for a while. Is that to -- is that going in with a pressure pumper that has equipment there already? Or is it new capacity, new equipment moving in that you're going along with?

然後你談到阿根廷，以及你們已經推進一段時間的 DuraLine 訂單。那是——是要搭配一個已經在當地有設備的壓裂服務商一起進去嗎？還是有新的產能、新的設備進場，而你們是跟著一起進去？

I'm not positive if the pumps are in country yet or not, but I believe that's an additional fleets that are being added to get the work done. Yes.

我不確定那些泵是否已經在當地，但我相信那是為了完成工作而新增的車隊（fleets）。是的。

Yes, that's a market we see a lot of opportunity. Last question for me as we bring it back to generally in the US, can you talk a little bit about sort of pricing behavior? When we see your results in Q1 and you're talking about Q2, is there really -- is that a flat pricing environment that you're discussing? Are we seeing any upward bias anywhere? Or is it kind of a steady market right now?

是的，那是一個我們看到很多機會的市場。我最後一個問題是把話題拉回美國整體，你能談談定價行為嗎？當我們看到你們第一季的結果、你們在談第二季時，這——你們所描述的是一個價格持平的環境嗎？我們有看到任何上行偏向嗎？還是目前就是一個相對穩定的市場？

I'd say it's steady right now, Dan. We're getting interest. We're hearing the phones ringing, the inquiries are coming. We've had a few customers asked to maybe receive material earlier than they had originally planned. But it's not a, let's call it, a boom yet.

我會說目前是穩定的，Dan。我們確實看到興趣，我們聽到電話在響、詢問在進來。我們也有少數客戶要求可能比原先計畫更早收貨。但這還不能說是——我們稱之為——景氣大爆發。

So I don't see a pricing impact here in Q2 necessarily other than we have passed on any freight increases if there's a diesel surcharge or any other sort of -- in the past, we've passed on tariffs, for example.

所以我不認為第二季一定會有定價影響，除了如果有柴油附加費或其他類似的運費上漲，我們已經把這些增加轉嫁出去。過去例如關稅，我們也有轉嫁。

So if there's cost pressures like that, we'll push those through. But let's call it real pricing increase, we haven't approached that yet. So I think we have some capacity. I think some of our competitors have some capacity, at least initially. But as we go longer in the cycle, that's absolutely something we'll be looking for.

所以如果有那類成本壓力，我們會把它們轉嫁出去。但如果說是真正的價格上調，我們還沒有走到那一步。所以我認為我們有一些產能，我想我們的一些競爭對手至少在初期也有一些產能。但隨著景氣循環走得更久，那絕對會是我們會尋求的方向。

John Daniel, Daniel Energy Partners.

John Daniel，Daniel Energy Partners。

First question is with the GHT product line. Can you speak to what you're seeing from the sort of the North American frac companies replacement orders and inquiries?

第一個問題是關於 GHT 產品線。你能談談你們從北美壓裂公司那邊看到的替換訂單與詢問情況嗎？

Yes. We have seen an uptick here in inquiries. I would say nothing -- not a trend yet, John, but something that we're monitoring. I still think it's higher. We're still seeing more demand right now for our data center cooling opportunities than we are for frac.

可以。我們確實看到詢問量有所增加。我會說還——還不是一個趨勢，John，但這是我們正在監測的。我仍然認為目前我們在資料中心冷卻機會上的需求，仍高於壓裂（frac）。

That said, even going into the year, we were a little bit surprised with a few capital orders on the drilling side, even on the pressure pumping side, where customers are -- we're pulling the trigger even before this price increase. So I'm kind of cautiously optimistic that as we get further in the cycle and activity picks up, I think you know just as you know better than most, how old some of that equipment is out in the field that we could have an opportunity to add some new capital there for our customers.

話雖如此，即便在今年一開始，我們也對鑽井端、甚至壓裂服務端的一些資本性訂單感到有點意外，客戶在——甚至在這次漲價之前——就已經拍板。我對此是審慎樂觀的：隨著景氣循環往後走、活動回升，我想你跟我一樣、甚至比大多數人更清楚，現場有些設備有多老舊；我們可能有機會為客戶新增一些新的資本設備。

And then my follow-up and not to get too technical, but on the DuraLine, it was characterized as more efficient. Can you elaborate on what makes it more efficient?

接著我的追問，可能不要太技術性，但關於 DuraLine，它被形容為更有效率。你能說明一下是什麼讓它更有效率嗎？

Yes. It's our DuraLine connection. So we're able to rig up and rig down significantly faster. We also utilize high-pressure hoses and cranes to move those hoses. So if you need to pull out a pump, you can do that in much faster time than you could with a traditional manifold.

可以。這是我們的 DuraLine 連接方式。因此我們能夠在組裝（rig up）與拆卸（rig down）上顯著加快速度。我們也使用高壓軟管，並用吊車來移動這些軟管。所以如果你需要把一台泵抽出來，你可以用比傳統歧管（manifold）快得多的時間完成。

So it's something that we're seeing a lot of interest from the pressure pumpers there who -- large ones who want to be best-in-class. And so we're seeing good take-up there.

所以我們看到壓裂服務商那邊——那些想做到同級最佳（best-in-class）的大型業者——對此很有興趣。因此我們看到不錯的採用率。

And once you sell those systems, what type of consumables are going along with it? What's the repeat revenue opportunity, if you will?

那一旦你賣出這些系統，會搭配哪些耗材？也就是說，重複性營收的機會是什麼？

Yes. The whole system, obviously, is a pretty big order initially. But we'll -- whether it's check valves, hose replacements, different types of bearings, different types of iron that we would also add. So I think that would be some of the pull-through with that. So I think, let's call it, 80-20 on capital versus recurring there.

是的。整套系統一開始顯然是一筆相當大的訂單。但後續不論是止回閥、軟管更換、不同類型的軸承、不同類型的鐵件（iron）我們也會追加。我認為這些就是隨附帶動（pull-through）的部分。所以我認為大概可以說是資本性與經常性之間 80/20 的結構。

And a final question. I don't know how many like the bearings and valves and fittings and all that is sourced from international markets. But assuming some of it is, do you see any potential supply constraints as an eventual Middle East rebuild comes? Like could you -- supply that you might have thought you could get gets diverted to a higher-priced market, if you will? Is that a risk?

最後一個問題。我不確定像軸承、閥門、接頭等這些有多少是從國際市場採購。但假設其中一部分是，你是否看到任何潛在的供應限制，當中東重建最終到來時？例如你原本以為能取得的供應，可能被轉向到價格更高的市場——如果這樣說——這會是一個風險嗎？

Yes. We haven't seen anything like that. I feel -- we feel good about our supply chain, but it's obviously something we'll watch, John.

是的。我們還沒有看到那樣的情況。我們——我們對供應鏈感到有信心，但這顯然是我們會持續關注的事情，John。

(inaudible)

（聽不清）

Good quarter again. And maybe just -- I think last time we talked oil prices were probably in the mid-60s and now you see, obviously, what's happened in the last few months and obviously, a lot of headline volatility there as well.

本季表現再次不錯。也許——我想上次我們談的時候油價大概在 60 多美元的中段，而現在你也看到，顯然過去幾個月發生了什麼，而且新聞標題的波動也很大。

When you think about kind of the 2030 plan you presented and I mean, from a physical perspective, an oil market that is likely to lose really over 1 billion barrels of supply, I mean when you think about kind of the base case you've presented in that plan has been like a no growth scenario and then the 2030 growth scenario. Can you just provide a little bit more context as to kind of your confidence in outcomes kind of given we probably need to build a lot of supply back into the market at some point here?

當你思考你們提出的 2030 計畫時——從實體供需的角度來看，石油市場很可能會流失超過 10 億桶的供應——當你看你們在該計畫中提出的基本情境（base case）像是零成長情境，以及 2030 的成長情境時，你能否再提供一些背景，談談在我們可能需要在某個時間點把大量供應重新建回市場的前提下，你們對結果的信心程度？

Yes. I think with the -- as we look at it, and I think I agree with you, Eric, the idea that we're going to take 1 billion barrels of oil out of inventory. That has to be replaced. And I think countries around the world, I think they're going to have to ask themselves how much inventory should they have. I would imagine it's going to be more than what they had coming into the conflict.

是的。我認為就——從我們的觀察來看，而且我也同意你的看法，Eric：我們要從庫存中抽掉 10 億桶石油，這些必須被補回來。我認為全球各國都必須問自己，他們應該持有多少庫存。我想像那會比衝突發生前他們所持有的還要多。

So I think that is even more demand on oil production. So that fits really well with our growth scenario. And again, we think that as the buildup comes both on oil and again, data centers is still out there, natural gas demand, I think, is still going to grow. I think that biases up towards our growth outlook, where we could double revenue because we're going to have our markets growing, and we're going to be taking share. And again, we listed off a number of key innovations that's really driving growth.

所以我認為這會對石油產量帶來更大的需求。這與我們的成長情境非常契合。而且再說一次，我們認為隨著油氣的增產建置到來——同時資料中心仍然存在、天然氣需求我認為也仍會成長——我認為這會讓我們的成長展望更偏上行：我們有機會把營收翻倍，因為我們的市場會成長，而我們也會取得市占。再者，我們也列出多項關鍵創新，正是推動成長的動力。

And you add on to it the need to rebuild and refill, I think that's a great opportunity for us.

再加上重建與補充庫存的需求，我認為這對我們而言是個很好的機會。

Agreed. And then maybe just in that context of kind of headline volatility, obviously, the commodity volatility has been high. I mean your own equity volatility is relatively high, too. I mean, pretty good results today, equity market reaction is what it is for whatever reason.

同意。而且在這種頭條波動的背景下，顯然大宗商品的波動一直很高。我的意思是，你們自家股票的波動也相對較高。我的意思是，今天的結果相當不錯，股市的反應就是它本來的樣子，無論出於什麼原因。

But in the context of your capital returns, when you look at volatility as an opportunity to buy more of what you already own and you know very well and a potential to kind of accelerate the growth plan given what's happened in the broader market.

但就你們的資本回饋而言，當你把波動視為一個機會去買進更多你已經持有、而且非常了解的資產，並且在更廣泛市場所發生的事情之下，有可能某種程度加速成長計畫。

I mean does that change how you think about buybacks versus acquisitions? What's more attractive? I mean the organic opportunity is obviously massive if it even plays out close to the 2030 growth scenario.

我的意思是，這會改變你對庫藏股回購相對於併購的看法嗎？哪個更具吸引力？我的意思是，如果有機會接近 2030 年的成長情境，內生成長的機會顯然非常巨大。

And then maybe the last part of that would be just from an M&A market perspective, obviously, this volatility is quite high. I'm just curious what your thoughts are on potential targets. Maybe if you could cover kind of the size of target again? And then I would presume the bid-ask spread has kind of widened here, but I'm just kind of curious as to kind of organic growth opportunity, how you allocate capital and then the M&A market. So that would be helpful.

然後也許最後一部分是，從併購市場的角度來看，顯然這種波動相當高。我只是好奇你對潛在標的的看法。也許你可以再談一下標的規模？然後我想買賣價差在這裡可能已經擴大了，但我只是想了解，在內生成長機會之下，你如何配置資本，以及併購市場的情況。所以如果能說明一下會很有幫助。

Right. Maybe I'll start and then hand it to Lyle. Think about -- our free cash flow yield is still around 10%, right? So I think there's -- it's higher than our peers, and it's higher than the average small cap. So I think we still are a great value there, especially with our growth outlook.

好的。也許我先開始，然後交給 Lyle。想想看——我們的自由現金流殖利率仍在 10% 左右，對吧？所以我認為——它高於同業，也高於小型股的平均水準。因此我認為我們在這方面仍然很有價值，尤其是以我們的成長展望來看。

As we think about acquisitions, we have a criteria that's very -- that we hold to that they got to be differentiated products, got to have a few competitors, got to have great financial metrics, and we want something that would be accretive, right? We want to be able to grow free cash flow per share. I think that's really important. So we kind of have all that together. That said, Lyle and his team have developed a really interesting pipeline and something we continue to look at.

在考慮併購時，我們有一套非常——我們嚴格遵守的標準：必須是具差異化的產品、競爭者要少、財務指標要很優秀，而且我們希望它是具增益性的（accretive），對吧？我們希望能夠提升每股自由現金流。我認為這非常重要。所以我們把這些條件綜合起來。話雖如此，Lyle 和他的團隊建立了一個非常有意思的案源管線，我們也會持續評估。

And there's opportunities out there, but we're going to be incredibly selective, especially with our free cash flow yield.

市場上確實有機會，但我們會非常挑剔，尤其是在我們自由現金流殖利率這麼高的情況下。

Eric, thanks for the question. The thing I would add to Neal's comments because they were spot on is because of the breadth of our product portfolio, it gives us, we've said it before, a lot of shots on goal around what kinds of products we could add that would be strategically beneficial to our business. But in every case, the criteria is the same. We want businesses that have differentiated technology that compete in targeted markets and that we could acquire as something that is going to be accretive to our per share metrics.

Eric，謝謝你的問題。我想補充 Neal 的評論，因為他說得非常到位：由於我們產品組合的廣度，這讓我們——我們以前也說過——在可以加入哪些產品、並能在策略上對我們業務有利這件事上，有很多「射門機會」。但每一個案子的標準都一樣：我們要的是擁有差異化技術、在特定市場競爭的企業，而且我們能以併購方式取得，並且能對我們的每股指標帶來增益。

So we can be conservative and we can be -- we can take our time because we do have a good alternative investment in our own shares that we could buy. So definitely an interesting market out there, a lot of opportunities to look at. But as you mentioned, we've got a compelling base case if we can't find something that is even more compelling.

因此我們可以保守一些，也可以——我們可以慢慢來，因為我們確實有一個很好的替代投資選項：買回自家股票。所以外面確實是個有趣的市場，有很多機會可以看。但如你所提到的，如果我們找不到更具吸引力的標的，我們本身的基本情境也已經很有說服力。

And then maybe just valuations. Obviously, I think the Variperm deal was done, I mean, under 4x EBITDA and at a really impressive free cash flow multiple. I mean what does the market look like today? I think from a trailing perspective, when -- if we would have maybe had this conversation in February, it goes, well, but activity has continued to come down, oil commodity prices are so-so, that feels like you're almost bottom ticking the market.

然後也許談談估值。顯然，我認為 Variperm 這筆交易完成時——我的意思是——EBITDA 倍數不到 4 倍，而且自由現金流倍數也非常亮眼。那麼今天的市場看起來如何？我想從回溯的角度來看，如果——如果我們在二月聊這個，可能會說，嗯，但活動量持續下滑，油價與大宗商品價格普普通通，感覺你幾乎是在市場底部抄底。

And then in the context where we sit today on a go-forward basis, it feels like you need more activity. It's kind of hard to judge how much ultimately, but it feels like the need is there. The extent can be debated, I suppose. But just like seller expectations in today versus maybe a quarter ago would be just interesting to hear.

而在我們今天所處的位置、從前瞻角度來看，感覺你需要更多活動量。最終需要多少其實很難判斷，但感覺需求是存在的。程度可以討論，我想。但我很想聽聽，賣方在今天的期待值相較於可能一季前，是什麼樣的變化。

Yes. I think you're right. And if you look at public company valuations, multiples have increased year-to-date, pretty meaningfully, ours included. And what you would expect, just as you mentioned, is sellers to try to take advantage of that with their own expectations. I think that being said, we've seen deals getting done still in the range of where we acquired Variperm.

是的。我想你說得對。如果你看上市公司的估值，今年以來倍數已經相當明顯地上升，我們也包括在內。而你會預期——就像你提到的——賣方會試圖利用這點來提高他們自己的期待。話雖如此，我們仍看到成交的交易大致落在我們收購 Variperm 時的區間。

So our expectation is that those deals values haven't changed a lot meaningfully in the last 90 days. And as you mentioned, volatility in valuations around public company equities can be pretty high. So we'll be appropriately conservative in any moves that we make there, making sure that we're very accretive to our story.

因此我們的預期是，這些交易的價值在過去 90 天並沒有出現很有意義的變化。而且如你所說，上市公司股權估值的波動可能相當大。所以我們在那方面的任何動作都會保持適度保守，確保對我們的投資故事是非常具增益性的。

Yes. So basically, all things equal, if something gets done it's significantly accretive. And then the last point would be like what is the target? I mean Variperm was a very large acquisition that kind of transformed the business and really kind of set you up for where you are now. I mean -- but that was a pretty large transaction.

是的。所以基本上，在其他條件相同下，如果能成交，那就會是顯著具增益性的。然後最後一點是，標的規模會是什麼？我的意思是，Variperm 是一筆非常大的收購，某種程度改變了公司，並且真的讓你們奠定了現在的位置。我的意思是——但那是一筆相當大的交易。

I mean what is the general range you guys have been thinking about if you can get something for the right price that kind of looks like another home run like Variperm was?

我的意思是，如果能用合適的價格拿到一個看起來像 Variperm 那樣的「全壘打」交易，你們一般在思考的規模區間大概是什麼？

Yes. As I mentioned, we do have a lot of shots on goal, and that means the dispersion of what those could look like is pretty broad as well. Key things that we're going to do financially is keep our balance sheet very strong. So we're not going to risk the balance sheet by doing some bigger deal that stretches us out. That's not in our playbook.

是的。如我提到的，我們確實有很多射門機會，這也意味著這些機會可能呈現的樣貌分布範圍也相當廣。我們在財務上要做的關鍵事情，是維持資產負債表非常強健。因此我們不會為了做一筆更大的交易而讓資產負債表承受風險、把自己拉得太緊。這不在我們的作法裡。

Obviously, we've talked about our stock being a very good value. So I think that puts kind of some brackets around the size of deal we might do, but they are pretty broad as far as what we're seeing that are interesting. And it's just a matter if we bring something across the line, what might that be.

顯然，我們也談過我們的股票是非常好的價值。因此我認為這會在某種程度上為我們可能進行的交易規模設下一些界線，但就我們目前看到的有趣機會而言，範圍仍然相當廣。接下來就看我們是否能把某個案子推進到成交，那會是什麼。

And then last one, but seller type. Is that kind of like the Variperm deal where privately held companies? Or are there carve-outs from other publics? Or I mean, what does that generally look like?

然後最後一個問題，賣方類型呢？是像 Variperm 那樣的私人持有公司？還是從其他上市公司切割出來的資產（carve-out）？我的意思是，一般來說會是什麼樣子？

We're kind of seeing it all. There are quite a few private equity held businesses that are long in the tooth in portfolios that are out there. That data is available. Also, we've seen some smaller deals that are owned by families that are looking at how do they plan for the next generation and estate planning kind of questions. So we've seen a broad mix.

我們幾乎什麼都看得到。有不少由私募股權持有的企業，在投資組合裡已經持有很久、接近退出時點；這些資料是公開可得的。另外，我們也看到一些較小的交易，屬於家族持有，正在思考如何為下一代做規劃，以及遺產／資產傳承規劃之類的問題。所以我們看到的組合相當多元。

And over our history of FET, we've participated in a lot of different kinds of deals. So definitely an interesting time right now.

而且在 FET 的歷史上，我們參與過很多不同類型的交易。所以現在確實是一個很有意思的時點。

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

我這邊目前顯示沒有其他問題。現在我想把時間交回給 Neal Lux 做結語。

Thank you for your support and participation on today's call, and we look forward to our next meeting in July to discuss FET's second quarter 2026 results. Thank you.

感謝各位對今天電話會議的支持與參與，我們期待在七月的下一次會議中，討論 FET 2026 年第二季的業績結果。謝謝。

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。感謝各位參與。您現在可以掛線。