Flowco Holdings Inc (FLOC) 2025 Q1 法說會逐字稿

Good morning, and welcome to Flowco Holdings, Inc., first-quarter fiscal 2025 results conference call. Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A.

早安，歡迎參加 Flowco Holdings, Inc. 2025 財年第一季業績電話會議。今天的電話會議正在錄音，我們預留了 1 小時的時間來準備好的發言和問答。

At this time, I'd like to turn the conference over to Andrew Leonpacher, Vice President, Finance, Corporate Development and Investor Relations at Flowco. Thank you. You may begin.

現在，我想將會議交給 Flowco 財務、企業發展和投資者關係副總裁 Andrew Leonpacher。謝謝。你可以開始了。

Good morning, everyone, and thanks for joining us for Flowco's first quarter results. Before we begin, we would like to remind you that this conference call may include forward-looking statements. These statements, which are subject to various risks, uncertainties and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties, assumptions are detailed in this morning's press release, as well as our filings with the SEC, which can be found on our website at ir.flowco-inc.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law.

大家早安，謝謝您參加 Flowco 第一季業績發表會。在開始之前，我們想提醒您，本次電話會議可能包含前瞻性陳述。這些聲明受各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些聲明有重大差異。這些風險、不確定性和假設已在今天早上的新聞稿以及我們提交給美國證券交易委員會 (SEC) 的文件中詳細說明，這些文件可在我們的網站 ir.flowco-inc.com 上查閱。除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。

During our call today, we will also reference certain non-GAAP financial information. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business.

在今天的電話會議中，我們還將參考某些非 GAAP 財務資訊。我們使用非公認會計準則衡量指標，因為我們相信它們更準確地反映我們業務的真實營運績效和基本結果。

The presentation of this non-GAAP financial information is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in this morning's press release and in our SEC filings. Joining me on the call today is our President and Chief Executive Officer, Joe Bob Edwards; and our Chief Financial Officer, Jon Byers.

此非 GAAP 財務資訊的呈現並非旨在單獨考慮，或作為根據 GAAP 編制和呈現的財務資訊的替代。在今天早上的新聞稿和我們提交給美國證券交易委員會 (SEC) 的文件中可以找到 GAAP 與非 GAAP 指標的對帳表。今天與我一起參加電話會議的還有我們的總裁兼執行長喬·鮑勃·愛德華茲 (Joe Bob Edwards) 和財務長喬恩·拜爾斯 (Jon Byers)。

Following our prepared remarks, we'll open the call for your questions.

在我們準備好發言之後，我們將開始回答您的問題。

With that, I'll turn the call over to Joe Bob.

說完這些，我會把電話轉給喬鮑伯。

Thank you, Andrew, and good morning, everyone. Before discussing our solid first quarter results, I want to take a moment to address the macro environment currently impacting our industry. Over the past several weeks, the United States upstream outlook has come under pressure from evolving tariff policies, OPEC+ commentary suggesting accelerated production and broader economic uncertainty. Given this backdrop, I want to take a few moments to reiterate what we talked about during our IPO roadshow and on our fourth quarter call several weeks ago, and that is Flowco's differentiated business model in the context of the broader oil services sector. First and foremost, Flowco's performance is driven by our customers' non-discretionary OpEx rather than their CapEx.

謝謝你，安德魯，大家早安。在討論我們穩健的第一季業績之前，我想花點時間談談當前影響我們行業的宏觀環境。過去幾週，美國上游前景受到不斷變化的關稅政策、OPEC+暗示生產加速以及更廣泛的經濟不確定性的壓力。有鑑於此背景，我想花點時間重申我們在幾週前的 IPO 巡迴展和第四季度電話會議上討論的內容，那就是 Flowco 在更廣泛的石油服務行業背景下的差異化商業模式。首先，Flowco 的表現是由我們客戶的非自由支配營運支出 (OPEX) 而非資本支出 (CAPEX) 所驅動的。

Our results are tied to absolute levels of oil and gas production in the United States, not the number of active drilling rigs or frac spreads. At current commodity price levels, many of our customers have announced plans to modestly reduce capital spending. However, most have reiterated or only slightly reduced their production expectations. In fact, despite these market concerns, the EIA recently projected that the United States crude oil production as a whole will average an all-time high of 13.4 million barrels per day in 2025, up from the 13.1 million barrels per day average in January of this year. While some have forecasted that domestic production growth may flatten or decline, we remain confident in the long-term strength of US shale and its pivotal role in satisfying global demand.

我們的結果與美國石油和天然氣產量的絕對水準有關，而不是與活躍鑽井平台的數量或壓裂範圍有關。在當前的商品價格水平下，我們的許多客戶已宣布適度削減資本支出的計劃。不過，大多數公司都重申或略微降低了產量預期。事實上，儘管市場存在這些擔憂，但美國能源資訊署 (EIA) 最近預測，2025 年美國原油產量整體將達到平均每天 1,340 萬桶的歷史新高，高於今年 1 月份的平均每天 1,310 萬桶。儘管有些人預測國內產量成長可能會趨於平穩或下降，但我們仍然對美國頁岩油的長期實力及其在滿足全球需求方面的關鍵作用充滿信心。

Industry consolidation, the maturity of shale development and strong operator balance sheets, all contribute to what we believe is a more stable and sustainable landscape than in cycles past. Flowco's strategic focus on production optimization and our integral role in the critical path of our customers' operations uniquely positions us to deliver value as we work alongside operators to drive greater performance through this dynamic market backdrop. Second, I want to remind everyone that all of the products we sell and rent are manufactured here in the United States. We use predominantly domestically sourced components and raw materials.

產業整合、頁岩開發的成熟以及營運商強勁的資產負債表，都促成了我們認為比過去的周期更加穩定和可持續的格局。Flowco 的策略重點是生產優化，我們在客戶營運的關鍵路徑中發揮著不可或缺的作用，這使我們能夠在與營運商合作以在這種動態的市場背景下實現更高績效的過程中創造價值。其次，我想提醒大家，我們銷售和出租的所有產品都是在美國製造的。我們主要使用國內採購的零件和原料。

We operate 6 manufacturing centers of excellence across Texas, Oklahoma and Louisiana. We've conducted a thorough review of our supply chain, including a detailed analysis of our vendors' upstream sourcing and we are confident that the tariff measures currently under consideration by the administration will have minimal impact on our financial results.

我們在德州、俄克拉荷馬州和路易斯安那州經營 6 個卓越製造中心。我們對我們的供應鏈進行了徹底的審查，包括對我們的供應商上游採購的詳細分析，我們相信政府目前正在考慮的關稅措施對我們的財務表現的影響將微乎其微。

Moreover, our vertical integration and fully domestic supply chain give us a meaningful competitive advantage, enabling us to scale growth capital investments up or down with greater flexibility than many of our peers. Third, our two fastest-growing product lines; vapor recovery and high-pressure gas lift, continue to gain market share from legacy optimization and production methods such as electrical submersible pumps. This momentum continued through the first quarter, and we anticipate additional customer conversions throughout the remainder of 2025.

此外，我們的垂直整​​合和完全國內供應鏈為我們提供了顯著的競爭優勢，使我們能夠比許多同行更靈活地擴大或縮小成長資本投資。第三，我們成長最快的兩條產品線：蒸汽回收和高壓氣舉，繼續透過傳統優化和電動潛水泵等生產方法獲得市場份額。這一勢頭持續了整個第一季度，我們預計 2025 年剩餘時間內將有更多的客戶轉換。

As over 75% of the industry's ESPs are manufactured in China, we believe our competitive advantage with HPGL will only improve in an environment of heightened tariffs. In parallel, demand for vapor recovery units is becoming more ubiquitous as operators recognize the compelling economics of capturing and commercializing incremental natural gas.

由於業界超過 75% 的 ESP 都是在中國製造的，我們相信，在關稅提高的環境下，我們與 HPGL 的競爭優勢只會增強。同時，隨著營運商認識到捕獲和商業化增量天然氣的巨大經濟效益，對蒸汽回收裝置的需求也變得越來越普遍。

VRUs are a critical component of the production infrastructure that enables natural gas to reach high-growth end markets such as LNG export facilities and gas-fired power generation, both sectors with strong and durable long-term fundamentals. Fourth, we have a proven culture of innovation and a deeply customer-focused approach to problem solving, principles that remain constant regardless of commodity price movements. As we noted on our fourth quarter earnings call, we have successfully commercialized and are scaling our SurgeFlow product, which is part of our plunger lift solution.

VRU 是生產基礎設施的重要組成部分，它使天然氣能夠進入液化天然氣出口設施和燃氣發電等高成長終端市場，這兩個行業都具有強勁而持久的長期基本面。第四，我們擁有成熟的創新文化和以客戶為中心的問題解決方法，無論商品價格如何變動，這些原則始終不變。正如我們在第四季度財報電話會議上指出的那樣，我們已經成功商業化並正在擴大我們的 SurgeFlow 產品，它是我們柱塞舉升解決方案的一部分。

SurgeFlow is a piece of surface equipment installed as part of the wellhead assembly. It allows for a seamless conversion to plunger lift as a well matures, increasing efficiency and ultimately, profitability for our customers. In addition to SurgeFlow, our newly developed e-Grizzly High-Pressure Gas Lift solution allows customers to deploy high-pressure gas lift solutions across multiple wells while lowering both emissions and cost per barrel of oil.

SurgeFlow 是作為井口組件的一部分安裝的地面設備。隨著油井的成熟，它可以無縫轉換為柱塞舉升，從而提高效率並最終為我們的客戶提高盈利能力。除了 SurgeFlow 之外，我們新開發的 e-Grizzly 高壓氣舉解決方案還允許客戶在多個油井中部署高壓氣舉解決方案，同時降低每桶石油的排放和成本。

We are actively identifying new opportunities to apply our technology across the production landscape. And most notably, we continue to engage with midstream customers to expand the adoption of our VRU platform, which would further extend our reach and impact across the value chain.

我們正在積極尋找新機會將我們的技術應用於整個生產領域。最值得注意的是，我們繼續與中游客戶合作，擴大我們的 VRU 平台的採用，這將進一步擴大我們在整個價值鏈中的影響力。

Finally, we remain confident in our ability to grow in a flat production environment, while delivering best-in-class returns on capital employed, or ROCE, and strong free cash flow generation. In the current market backdrop, we anticipate more muted growth in our product sales businesses as customers defer purchases or become more conservative in their spending, particularly our downhole conventional gas lift product offering and in the sale of conventional gas lift compression packages. That said, our outlook for our rental businesses remains unchanged. These operations continue to benefit from increasing customer adoption and a contracted revenue model, providing a high degree of visibility. As a result, we are maintaining our investment in these divisions.

最後，我們仍然對自己在平穩的生產環境中實現成長的能力充滿信心，同時實現一流的資本使用回報率 (ROCE) 和強勁的自由現金流生成。在目前的市場背景下，我們預計我們的產品銷售業務成長將更加溫和，因為客戶推遲購買或在支出方面變得更加保守，特別是我們的井下常規氣舉產品和常規氣舉壓縮機組的銷售。儘管如此，我們對租賃業務的前景仍然沒有改變。這些業務繼續受益於日益增長的客戶採用率和合約收入模式，從而提供了高度的可見性。因此，我們將繼續對這些部門進行投資。

We've carefully reviewed our previously stated capital expenditure plans and anticipate only minor adjustments, reflecting the strength and resilience of our opportunity set, even amid evolving market conditions. We demonstrated the resiliency of our business in the first quarter, delivering growth in revenue, adjusted EBITDA and net income compared to the fourth quarter.

我們仔細審查了先前提出的資本支出計劃，預計只會進行微小調整，這反映了即使在不斷變化的市場條件下，我們的機會集的實力和彈性。我們在第一季展現了業務的彈性，與第四季度相比，營收、調整後 EBITDA 和淨收入均有所成長。

We generated approximately $15 million of free cash flow during the quarter and have reduced our debt balance to $176 million as of last Friday, all while investing $30 million in high-return opportunities that exceeded the ROCE benchmark we shared last quarter.

我們在本季產生了約 1500 萬美元的自由現金流，並且截至上週五，我們的債務餘額已減少至 1.76 億美元，同時我們投資了 3000 萬美元用於高回報機會，超過了我們上個季度的 ROCE 基準。

With that, I'll turn it over to Jon to provide more detail on our first quarter financial and operational performance. After his remarks, I'll close with a few thoughts before we open the line for Q&A.

接下來，我將把時間交給喬恩，讓他提供有關我們第一季財務和營運業績的更多細節。在他演講結束後，在我們開始問答環節之前，我將最後談幾點想法。

Jon?

喬恩？

Thanks, Joe Bob. Before reviewing some of the key financial metrics and results for the first quarter, I'd like to provide a reminder on our historical financial information given the combination of Flowco, Flogistix and Estis in June of 2024. For clarity, note that any financial information presented prior to the June 20, 2024 business combination, such as the first quarter 2024 financials, reflects only the historical performance for Estis. Financial information in the first quarter of 2025 and the fourth quarter of 2024 reflects the financials for the consolidated entities. Turning now to our financials.

謝謝，喬·鮑勃。在回顧第一季的一些關鍵財務指標和結果之前，我想提醒一下我們在 2024 年 6 月合併 Flowco、Flogistix 和 Estis 後的歷史財務資訊。為了清楚起見，請注意，2024 年 6 月 20 日業務合併之前提供的任何財務資訊（例如 2024 年第一季財務數據）僅反映 Estis 的歷史業績。2025 年第一季和 2024 年第四季的財務資訊反映了合併實體的財務狀況。現在來談談我們的財務狀況。

First quarter performance was in line with our expectations, driven by strong execution across both our Production Solutions and Natural Gas Technologies business segments. We delivered adjusted net income of $32.8 million on revenue of $192 million. Revenue was up approximately 3.4%, while adjusted EBITDA was up 1.5% quarter-over-quarter.

第一季的業績符合我們的預期，這得益於我們生產解決方案和天然氣技術業務部門的強勁執行。我們的調整後淨收入為 3,280 萬美元，營收為 1.92 億美元。營收成長約 3.4%，調整後的 EBITDA 環比成長 1.5%。

Adjusted EBITDA margins were down slightly for reasons I'll elaborate on within each segment discussion. In our Production Solutions segment, first quarter revenue was $116 million, with adjusted segment EBITDA of $50.6 million, an increase of 2.3% and 1.3%, respectively, from the fourth quarter of 2024.

調整後的 EBITDA 利潤率略有下降，具體原因我將在各部分討論中詳細說明。在我們的生產解決方案部門，第一季營收為 1.16 億美元，調整後部門 EBITDA 為 5,060 萬美元，分別較 2024 年第四季成長 2.3% 和 1.3%。

Adjusted segment EBITDA margins decreased modestly over the quarter by 44 basis points. The increases in Production Solutions' revenue and adjusted EBITDA were the result of higher operating leverage, combined with a progressive shift in revenue mix towards our surface equipment rental business unit from downhole solutions.

調整後分部 EBITDA 利潤率本季小幅下降 44 個基點。生產解決方案部門的收入和調整後的 EBITDA 的成長是由於經營槓桿的提高，加上收入結構從井下解決方案逐步轉向地面設備租賃業務部門。

Adjusted segment EBITDA margin was down slightly quarter-over-quarter due to expenses credited to the Production Solutions segment in the fourth quarter related to the establishment of our corporate function. Absent these credits, adjusted segment EBITDA margin would have grown. In our Natural Gas Technologies segment, first quarter revenue increased 5.1% to $76.4 million compared with the fourth quarter 2024.

調整後部門 EBITDA 利潤率較上季略有下降，原因是第四季記入生產解決方案部門的費用與建立公司職能部門有關。如果沒有這些信貸，調整後的部門 EBITDA 利潤率將會成長。在我們的天然氣技術部門，第一季營收與 2024 年第四季相比成長 5.1%，達到 7,640 萬美元。

The increase in revenue is attributable to delayed Q4 natural gas system sales that shifted into the first quarter. Adjusted segment EBITDA also grew 3.1% to $28.7 million over the same period, while adjusted segment EBITDA margins decreased by 73 basis points due to a revenue mix shift towards natural gas systems from vapor recovery, a trend that we expect to reverse in the coming quarters.

收入的成長歸因於第四季度天然氣系統銷售的推遲，並轉移到第一季。調整後分部 EBITDA 在同一時期也成長了 3.1%，達到 2,870 萬美元，而調整後分部 EBITDA 利潤率下降了 73 個基點，原因是收入結構從蒸汽回收轉向天然氣系統，我們預計這一趨勢將在未來幾個季度逆轉。

Overall, consolidated first quarter adjusted EBITDA was $74.9 million, an increase of 1.5% from Q4 2024. Adjusted EBITDA margins decreased by approximately 73 basis points due to a change in mix at the segment level and an increase in costs associated with building out our public corporate functions.

總體而言，第一季合併調整後 EBITDA 為 7,490 萬美元，較 2024 年第四季成長 1.5%。由於分部層級的組合變化以及與建設公共公司職能相關的成本增加，調整後的 EBITDA 利潤率下降了約 73 個基點。

In the first quarter, the majority of our capital investment of $27.9 million was directed towards expanding our surface equipment and vapor recovery rental fleet, given the projected demand and attractive expected returns on capital employed.

在第一季度，考慮到預計的需求和有吸引力的預期資本回報率，我們的 2790 萬美元資本投資大部分用於擴大地面設備和蒸汽回收租賃車隊。

Our annualized adjusted ROCE for the first quarter was approximately 18%. As a reminder, our adjusted ROCE calculation excludes amortization and intangibles associated with the merger transaction of June 2024 as our legacy businesses were combined rather than acquired. For any future potential inorganic growth, we would not apply the same adjustment.

我們第一季的年化調整後 ROCE 約為 18%。提醒一下，我們的調整後 ROCE 計算不包括與 2024 年 6 月合併交易相關的攤銷和無形資產，因為我們的舊業務是合併而不是收購的。對於任何未來潛在的無機成長，我們不會套用相同的調整。

As Joe Bob mentioned, we anticipate only minor changes to the CapEx program we discussed in the fourth quarter. Our capital allocation decisions remain grounded in our capital return framework and are informed by real-time customer demand.

正如喬·鮑勃 (Joe Bob) 所提到的，我們預計第四季度討論的資本支出計劃只會有微小的變化。我們的資本配置決策仍然以我們的資本回報框架為基礎，並根據即時客戶需求做出。

Based on current analysis, we continue to expect incremental returns in excess of 20% on these investments. Looking ahead, we anticipate our capital investment in the rental fleet, coupled with potential muted growth in our sales business to drive a higher rental revenue mix and margin expansion in the second half of the year. Shifting briefly to corporate costs and reporting. As noted last quarter, we became a federal and state income taxpayer during the first quarter. For the portion of the quarter in which we were subject to corporate taxes, we incurred a blended effective tax rate of approximately 22%.

根據目前的分析，我們繼續預計這些投資的增量回報將超過 20%。展望未來，我們預計對租賃車隊的資本投資，加上銷售業務的潛在溫和成長，將在下半年推動更高的租賃收入組合和利潤率擴大。簡要討論公司成本和報告。正如上個季度所指出的，我們在第一季成為了聯邦和州所得稅納稅人。對於我們需要繳納公司稅的季度部分，我們的混合有效稅率約為 22%。

When evaluating our tax expense and earnings per share, it's important to consider that we operated as a privately held limited liability company from January 1 through January 16, 2025, prior to our IPO. Turning to our balance sheet and liquidity. We ended the quarter in a strong financial position. As I mentioned on our Q4 call, we experienced a temporary increase in net working capital related to the integration of the business following the merger, a trend that we expect to continue in the second quarter. Even with the net working capital impacts in the first quarter, we generated $15 million of free cash flow, which we utilized to pay down the balance on our revolving credit facility.

在評估我們的稅費和每股盈餘時，重要的是要考慮到我們在 IPO 之前從 2025 年 1 月 1 日到 2025 年 1 月 16 日作為私人控股有限責任公司運作。轉向我們的資產負債表和流動性。我們以強勁的財務狀況結束了本季。正如我在第四季度電話會議上提到的，由於合併後的業務整合，我們的淨營運資本暫時增加，我們預計這一趨勢將在第二季度繼續下去。即使第一季的淨營運資本受到影響，我們仍然產生了 1500 萬美元的自由現金流，我們利用這筆錢償還了循環信貸額度的餘額。

As of May 9, 2025, borrowings on the revolving credit facility were $175.6 million, with a borrowing base of $723 million. We had availability under the revolving credit facility of $547.4 million. Finally, reflective of the Board's confidence in our resilient business model, combined with our healthy balance sheet and cash generation, Flowco declared an $0.08 per share dividend on May 2, payable May 28, reinforcing our commitment to return value to our shareholders while investing in our business.

截至 2025 年 5 月 9 日，循環信用額度的借款金額為 1.756 億美元，借款基數為 7.23 億美元。我們擁有 5.474 億美元的循環信貸額度。最後，董事會對我們富有彈性的商業模式充滿信心，再加上我們健康的資產負債表和現金產生能力，Flowco 於 5 月 2 日宣布派發每股 0.08 美元的股息，並於 5 月 28 日支付，這強化了我們在投資業務的同時為股東帶來回報的承諾。

In summary, we delivered another solid quarter, achieving our outlook, with EBITDA landing within our guidance range. Looking ahead, the growing demand for our solutions, our strategic focus and broad capabilities supporting production optimization position us well amid a more uncertain market backdrop.

總而言之，我們又度過了一個穩健的季度，實現了我們的預期，EBITDA 達到了我們的指導範圍。展望未來，對我們的解決方案不斷增長的需求、我們的戰略重點以及支持生產優化的廣泛能力使我們在更不確定的市場背景下處於有利地位。

While broader industry pressures persist, we remain confident in our ability to grow adjusted EBITDA by low double-digit percentages year-over-year within this flat production environment.

儘管整個行業仍面臨壓力，但我們仍然有信心，在這種平穩的生產環境下，我們能夠使調整後的 EBITDA 同比增長低兩位數百分比。

Back to you, Joe Bob.

回到你身邊，喬鮑伯。

Thanks, Jon. We are very proud of our first quarter performance, our first quarter as a public company. And in the face of heightened market uncertainty, we remain committed to solid execution and delivering on our growth objectives.

謝謝，喬恩。我們對第一季的業績感到非常自豪，這是我們作為上市公司的第一個季度。面對日益加劇的市場不確定性，我們依然致力於穩健執行並實現我們的成長目標。

Turning now to our thoughts for the remainder of 2025. As Jon mentioned, we expect continued increases in EBITDA and further improvement in EBITDA margins throughout the year as our ongoing capital investment in our rental businesses continues to shift revenue mix in that direction.

現在來談談我們對 2025 年剩餘時間的想法。正如喬恩所提到的，我們預計全年 EBITDA 將繼續成長，EBITDA 利潤率將進一步提高，因為我們對租賃業務的持續資本投資將繼續推動收入結構朝這一方向轉變。

Jon mentioned year-over-year EBITDA growth in the low double-digit percentage range, and I'm comfortable with that. However, more immediately, our second quarter guidance will reflect some of the uncertainty and market pressures we've discussed today, particularly around the sale of certain downhole components and surface compression packages.

喬恩提到，EBITDA 年成長率處於兩位數的低百分比範圍內，我對此感到滿意。然而，更直接的是，我們的第二季指引將反映我們今天討論的一些不確定性和市場壓力，特別是圍繞某些井下組件和地面壓縮包的銷售。

Therefore, we are maintaining the same guidance range as Q1, $74 million to $78 million of EBITDA for Q2 2025. We will remain disciplined in our capital deployment, while actively identifying opportunities to further optimize our business. I want to extend my sincere thanks to all Flowco employees for their persistence, hard work and unwavering commitment to supporting our customers.

因此，我們維持與第一季相同的指引範圍，即 2025 年第二季的 EBITDA 為 7,400 萬美元至 7,800 萬美元。我們將在資本配置方面保持紀律，同時積極尋找進一步優化業務的機會。我要向所有 Flowco 員工表示誠摯的感謝，感謝他們的堅持、辛勤工作以及對支持客戶的堅定承諾。

We've been through environments like this before, and we know how to execute through volatility. While we anticipate continued market fluctuations, our strategic positioning, differentiated solutions and exceptional team give us confidence in our ability to navigate today's challenges and continue delivering strong returns for our shareholders.

我們以前經歷過類似的環境，並且知道如何在波動中執行。雖然我們預計市場將持續波動，但我們的策略定位、差異化解決方案和卓越的團隊使我們有信心應對當今的挑戰並繼續為股東帶來豐厚的回報。

So with that, I'll turn it back over to the operator for Q&A.

因此，我將把問題交還給操作員進行問答。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Arun Jayaram, JP Morgan.

摩根大通的阿倫·賈亞拉姆（Arun Jayaram）。

Yeah. Joe Bob, I wanted to start with your thoughts on the competitive advantage of your domestically sourced -- largely domestically sourced supply chain and US manufacturing base. You highlighted how the bulk of ESPs are manufactured in China, obviously, with the tariff situation. I wonder if you could maybe elaborate on what this -- how this situation could benefit you disproportionately?

是的。喬·鮑勃，我想先了解您對國內採購（主要是國內採購的供應鏈和美國製造基地）的競爭優勢的看法。您強調了大部分 ESP 都是在中國製造的，顯然這與關稅情況有關。我想知道您是否可以詳細說明一下這種情況如何為您帶來不成比例的好處？

Happy to do it, Arun, and thanks for the question. Hope you're doing well. So yeah, look, the ESP landscape is very mature, right? And the competitors in that market sector have really anchored their production capability in China. High-pressure gas lift, as you know, is a process that we pioneered several years ago using gas compression capability as an alternative.

很高興能做到這一點，阿倫，謝謝你的提問。希望你一切都好。所以，是的，你看，ESP領域已經非常成熟了，對吧？該市場領域的競爭對手確實已將其生產能力集中在中國。如您所知，高壓氣舉是我們幾年前率先採用氣體壓縮能力作為替代方法的製程。

The gas compression expertise really exists and is able to be delivered through the unique way that we package the system, as well as the reliance on a critical supplier. And that critical supplier, aerial compression is based in the United States. They manufacture all of their compression units in Ohio. We have a very close relationship with them, consider them a critical vendor. They consider us to be a top customer.

氣體壓縮專業知識確實存在，並且能夠透過我們封裝系統的獨特方式以及對關鍵供應商的依賴來提供。而該關鍵供應商 Aerial Compression 的總部位於美國。他們在俄亥俄州生產所有壓縮機組。我們與他們的關係非常密切，視他們為重要的供應商。他們認為我們是頂級客戶。

We visited their facilities last year and have a great dialogue with them on their supply chains, where do they cast their products, where their foundries. And so we're confident in what we've said, which is our domestic supply chain, we think, is a competitive advantage. Once we get to critical components, we bring them into our manufacturing facilities split between Texas and Oklahoma, package them up, send them out on location and put them in our rental fleet.

我們去年參觀了他們的工廠，並就他們的供應鏈、他們在哪裡鑄造產品、他們的鑄造廠在哪裡等問題與他們進行了深入的對話。因此，我們對我們所說的話充滿信心，我們認為我們的國內供應鏈是一種競爭優勢。一旦我們獲得關鍵零件，我們就會將它們運送到位於德克薩斯州和俄克拉荷馬州的製造工廠，進行包裝，將它們發送到現場並放入我們的租賃車隊中。

So it's a very straightforward supply chain compared to what we compete against. Even before the tariff situation came into play, Arun, we felt that we had a very clear operational advantage against an ESP in certain well conditions.

因此，與我們的競爭對手相比，這是一個非常簡單的供應鏈。阿倫，甚至在關稅情況發揮作用之前，我們就覺得在某些井況下，我們比 ESP 具有非常明顯的營運優勢。

Reminder, like I said last quarter, this is not a tool for every brand-new horizontal well. It works in about 1/3 to 1/2 of the new high-volume liquids wells that are brought online. But where it fits, it's a better tool. And I think the increased tariff pressures that are put upon the competing technology are additional tailwind for us.

提醒一下，就像我上個季度所說的那樣，這並不是適用於每個全新水平井的工具。它適用於大約 1/3 到 1/2 的投入使用的新的高產量液體井。但如果使用得當，它就會成為更好的工具。我認為競爭技術面臨的關稅壓力的增加對我們來說是額外的順風。

Great. And then my follow-up, I was wondering if you could maybe help us understand what you view as the current mix between product sales and rental revenue? And just maybe if you could elaborate on Jon's comments about low double-digit growth year-over-year. Obviously, a lot of uncertainty in the marketplace, but that would imply, call it, a little bit of a higher second half EBITDA running range in the, call it, the low $80 million or high-70s. So, I just wanted if you could talk through what perhaps improves in the second half of the year based on your modeling?

偉大的。然後我的後續問題是，我想知道您是否可以幫助我們了解您認為的當前產品銷售和租賃收入之間的組合？也許您可以詳細說明喬恩關於同比低兩位數增長的評論。顯然，市場上存在著許多不確定性，但這意味著下半年 EBITDA 的運作範圍會略高一些，大概在 8,000 萬美元出頭或 70 萬美元出頭。所以，我只是想知道您是否可以根據您的模型談談下半年可能會出現哪些改進？

Jon can give you some numbers, but at a high level, Arun, we continue to invest in our rental business, mainly our high-pressure gas lift offering as well as more vapor recovery units. As you know, those come in at a higher margin than the product sales businesses that we offer to the market.

喬恩可以給你一些數字，但從高層次來看，阿倫，我們將繼續投資於我們的租賃業務，主要是我們的高壓氣舉產品以及更多的蒸汽回收裝置。如您所知，這些業務的利潤率比我們向市場提供的產品銷售業務要高。

So from a rental -- from a business mix standpoint, more rentals as a percentage of total will result in a higher EBITDA margin. I think we're comfortable telegraphing a nice growth trajectory in a relatively flat market given that incremental investment. And I don't think you're far off in terms of what you're thinking on a quarterly basis.

因此，從租賃－從業務組合的角度來看，租賃佔總數的百分比越高，EBITDA 利潤率就越高。我認為，考慮到增量投資，我們可以輕鬆地在相對穩定的市場中傳達出良好的成長軌跡。我認為，就季度來看，你的想法並不算錯。

Yeah, Joe Bob, I agree. I think with the more moderate outlook in our downhole components and natural gas systems business units within the 2 segments, we expect the trend that we've seen between rental and sales to kind of accelerate. So, you go back a couple of years, sales to rentals was probably 60-40. We've achieved about kind of a 50-50 split now, and we expect that to -- based on our continued investment in the fleet, we expect that to move up into the kind of low to mid-50s by year-end.

是的，喬·鮑勃，我同意。我認為，由於我們的井下組件和天然氣系統業務部門在這兩個領域的前景更加溫和，我們預計租賃和銷售之間的趨勢將會加速。因此，回顧幾年前，銷售額與租賃額的比例大概是 60% 比 40%。我們現在已經實現了 50-50 的比例，我們預計 - 基於我們對船隊的持續投資，我們預計到年底這一比例將上升到 50% 左右。

Great, that's a lot of help. Thanks. Bye.

太好了，這很有幫助。謝謝。再見。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning. Just wanted to kind of revisit your HPGL adoption outlook. You talked about 75% of ESP being manufactured in China. That might help the conversations with E&Ps a little bit. But have you seen any incremental wins with certain customers? Or should we still think about it as being characterized as just increasing your wallet share with your current customers?

嘿，早安。只是想重新審視一下您對 HPG​​L 採用的前景。您剛才提到 75% 的 ESP 在中國製造。這可能對與 E&P 的對話有一點幫助。但您是否看到某些客戶的增量勝利？或者我們仍然應該認為它只是增加現有客戶的錢包份額？

Maybe just some updated thoughts just around the adoption of HPGL so far?

也許只是迄今為止有關採用 HPGL 的一些最新想法？

Derek, yeah, happy to lean into that a little bit. There's definitely increased market chatter around high-pressure gas lift. I think it's a combination of our IPO and the volume of conversations that we've had with industry participants as well as with the investor base about the technique. And the tariffs have only heightened that market chatter.

德里克，是的，我很高興能稍微傾向於這一點。市場上有關高壓氣舉的討論肯定越來越多。我認為這是我們的 IPO 以及我們與行業參與者以及投資者群體就該技術進行的大量對話的結合。而關稅只會加劇市場動盪。

We've had a few specific customer conversations that are encouraging, let's call it, broader market adoption or broader program adoption across acreage that's being developed compared to previously where they were hedging their bets a bit or still on a slower adoption curve, a wait-and-see attitude.

我們與一些特定的客戶進行了交談，這些交談令人鼓舞，我們稱之為更廣泛的市場採用或更廣泛的項目採用，與以前相比，他們有些猶豫不決或仍然處於較慢的採用曲線上，採取觀望態度。

I think more folks are leaning into it. Rising GORs help, obviously, and longer laterals, which produce higher IPs help. So, there are a lot of structural reasons even before you start talking about tariffs that are helping with increased adoption.

我認為越來越多的人傾向於這樣做。顯然，提高 GOR 有幫助，而產生更高 IP 的更長的水平井也有幫助。因此，在開始談論有助於增加採用率的關稅之前，就有很多結構性原因。

I think any sort of tariff noise in the market, and we're late in the reporting cycle, but several have already indicated that they ordered a lot of equipment ahead of a potential tariff impact. Others are trying to actively diversify away from China, their supply chains.

我認為市場上有任何類型的關稅噪音，而且我們處於報告週期的後期，但已有數家公司表示，他們在潛在關稅影響之前訂購了大量設備。其他國家則積極嘗試擺脫對中國的依賴，實現供應鏈多元化。

That's just going to create more disruption, I think, in the market as they try to respond to just an uncertain environment. So, we're going to continue to lean into it and think that the balance of 2025 should produce some incremental customer wins.

我認為，當他們試圖應對不確定的環境時，這只會為市場帶來更多混亂。因此，我們將繼續致力於此，並認為 2025 年的平衡應該會帶來一些增量的客戶勝利。

Got it. That's helpful. Maybe just something on shareholder returns. Great to see the $0.08 dividend that you guys recently announced. Maybe just taking a step back, how do you foresee growing your shareholder returns, whether it's a steady dividend growth, layer in a buyback at some point?

知道了。這很有幫助。也許只是一些關於股東回報的事情。很高興看到你們最近宣布的 0.08 美元股息。也許只是退一步，您如何預見股東回報的成長，無論是穩定的股息成長，還是在某個時候進行回購？

Maybe just your overall thoughts as you look out over the next few years, how you see shareholder returns progress through the cycle?

也許只是您對未來幾年的整體想法，您如何看待股東回報在整個週期中的發展？

Great question. We had an extensive discussion about this at our most recent Board Meeting, and it follows up, Derek, as you know, the framework that we debated and outlined during our IPO. We are a returns-driven management team. The culture of returns really is embedded within the entire organization. We are incentivized to produce returns for shareholders.

好問題。我們在最近的董事會會議上就此進行了廣泛的討論，德里克，如你所知，這是我們在 IPO 期間討論和概述的框架的後續內容。我們是一個以回報為導向的管理團隊。回報文化確實已融入整個組織。我們有動力為股東創造回報。

And our North Star is our ROCE roadmap, right? So, Jon quoted an 18% ROCE for Q1. That's slightly below our 20% ROCE that we raised money around at our IPO. We're going to continue to make decisions that impact returns on capital employed. So, that's the shareholder return that we are producing with the asset base that we have.

我們的北極星就是我們的 ROCE 路線圖，對嗎？因此，Jon 給出的第一季 ROCE 為 18%。這略低於我們在 IPO 時籌集資金時所獲得的 20% 的 ROCE。我們將繼續做出影響資本使用回報的決策。這就是我們利用現有資產基礎所創造的股東回報。

We think if we can grow and continue to make investments in the business that are accretive to that level, we think that will produce a premium valuation and a positive outcome for shareholders. In terms of return of capital to shareholders, this dividend is a good first step. Obviously, we think a share buyback could make sense in the future. With a very limited float, we want to be careful with how much we lean into reducing that public float. But it's certainly in the tool bag, and we will continue to think about it going forward.

我們認為，如果我們能夠發展並繼續對業務進行增值投資，那麼我們認為這將產生溢價估值並為股東帶來正面的結果。從向股東返還資本的角度來看，此次股利是一個好的開始。顯然，我們認為未來股票回購是有意義的。由於流通股數量非常有限，我們要謹慎考慮減少民眾流通股的力道。但它肯定在工具包中，我們將繼續考慮它。

But we think this nice first dividend is a commitment to shareholders that we made on the roadshow that we are following through with. We certainly think it's defensible through cycles. We believe our financial position today, our liquidity today can support it. So, we're happy to get it out there and hope that the market appreciates it.

但我們認為，這筆豐厚的首次股利是我們在路演中對股東的承諾，我們正在履行這項承諾。我們當然認為它是可以透過週期來防禦的。我們相信我們今天的財務狀況、我們今天的流動性可以支持它。因此，我們很高興推出它並希望市場能夠欣賞它。

Thanks, Joe Bob. Appreciate the comments. I'll turn it back.

謝謝，喬·鮑勃。感謝您的評論。我會把它轉回去。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

Thanks. Good morning, guys. You mentioned a higher rental versus product mix in the second half. And just as we think about the margin side for rentals, what are the main pushes and pulls here as we think about how that will evolve over the course of the year?

謝謝。大家早安。您提到下半年租金與產品組合的比例較高。當我們考慮租賃的利潤時，我們思考今年的租金將如何發展，主要的推動因素和拉力因素是什麼？

Yeah. I think the driver is going to be pricing power, which we're -- we focus on that. We're pushing that as much as we can, but there's obviously limits with which we can do it. Overall, we don't have -- as we look at our forecast, we haven't really modelled a significant difference in margins relative to where we are in the rental business. So, right in that 70% range is what we're thinking about.

是的。我認為驅動因素是定價權，我們正關注這一點。我們正在盡最大努力推動這項進程，但顯然我們的能力是有限的。總體而言，當我們查看我們的預測時，我們並沒有真正模擬出相對於我們在租賃業務中所處位置的利潤率的顯著差異。所以，我們考慮的就是這個 70% 的範圍。

Okay. Great. And one of the benefits of HPGL is mechanical availability. Just with producers closer to maintenance production, does reliability become a greater focus in the discussions? And also just how much more important is the high upfront cost for ESPs as producers look to manage cash flow?

好的。偉大的。HPGL 的優勢之一是機械可用性。隨著生產商越來越接近維護生產，可靠性是否會成為討論的重點？而且，當生產商尋求管理現金流時，ESP的高前期成本到底有多重要？

Yeah. Phillip, those are two key selling points. When commodity price fluctuations happen like they have, when CapEx budgets get trimmed as they are, there is a higher level of focus from our customer base on their existing production. And oil production is the mother's milk of an oil company, right? So, they've got production forecast and profit targets that they have to meet.

是的。菲利普，這是兩個關鍵的賣點。當商品價格出現波動時，當資本支出預算被削減時，我們的客戶群會更加關注他們現有的生產。而石油生產就是石油公司的母乳，對嗎？因此，他們有必須滿足的生產預測和利潤目標。

And so the mechanical availability that we offer relative to the competing technique is not lost on them. And as you point out correctly, the high upfront capital costs as well as the ongoing maintenance cost of pump change-outs that happen over time as wells mature.

因此，他們不會忽視我們相對於競爭技術所提供的機械可用性。正如您正確指出的那樣，隨著油井的成熟，前期資本成本高昂，而更換泵浦的持續維護成本也隨之增加。

So, we feel like we're in a good spot with HPGL, and that's, as I mentioned earlier, leading to increased customer adoption as well as more programmatic rollout of the technique across a broader series of locations.

因此，我們覺得 HPGL 處於一個很好的位置，正如我之前提到的，這將導致客戶採用率的提高以及該技術在更廣泛的地點更有計劃地推出。

Great. thanks guys.

太好了，謝謝大家。

(Operator Instructions)

（操作員指示）

Lloyd Byrne, Jefferies.

勞埃德·伯恩（Lloyd Byrne），傑富瑞（Jefferies）。

Thank you. Morning, fellas. Can you just comment on VRU growth? And I know you talked a little bit about LNG, but just how that trajectory can be different than high-pressure gas lift?

謝謝。早安，夥計們。能評論一下 VRU 的成長情況嗎？我知道您談到了一點關於液化天然氣的事情，但是這種軌跡與高壓氣舉有何不同？

Thanks, Lloyd. Good to hear from you. Yes, high-pressure gas -- or excuse me, vapor recovery adoption is increasing. And let's talk about why that was leading up to our IPO and what has changed in the last, say, six months. This is a great way for -- the deployment of vapor recovery systems are a great way for operators to eliminate fugitive methane emissions.

謝謝，勞埃德。很高興收到你的來信。是的，高壓氣體——或者對不起，蒸汽回收的採用正在增加。讓我們來談談為什麼這促成了我們的首次公開募股，以及在過去六個月裡發生了哪些變化。這對於—部署蒸汽回收系統對於操作員消除逸散性甲烷排放是一種很好的方法。

Obviously, that has an environmental benefit. But what it also does is it allows operators to capture high BTU vapors. These are not just methane molecules but also include natural gas liquids that tend to trade at a higher price. So the growth in VRU up through today has largely been economics driven around that methane capture. Now, we've lived through the last couple of years, a period of depressed natural gas prices.

顯然，這具有環境效益。但它也能幫助操作員捕捉高 BTU 蒸汽。這些不僅僅是甲烷分子，還包括往往以更高價格交易的天然氣液體。因此，迄今為止 VRU 的成長很大程度上是由甲烷捕獲的經濟所驅動的。現在，我們經歷了過去幾年天然氣價格低迷的時期。

Sometimes in the field, gas prices have approached 0. We have grown VRU adoption through that natural gas backdrop. What has changed in the last, call it, 6 months to 12 months is the dramatically improved outlook for natural gas demand in the United States, whether it's LNG exports or it's incremental natural gas demand from gas-fired power generation, we think the outlook for VRU today and more broadly, natural gas infrastructure today is as bright as it's been in quite some time.

有時在現場，天然氣價格已經接近0。我們在天然氣背景下擴大了 VRU 的採用。在過去的 6 個月到 12 個月中發生的變化是美國天然氣需求前景的大幅改善，無論是液化天然氣出口還是燃氣發電帶來的天然氣需求增量，我們認為當今 VRU 以及更廣泛的天然氣基礎設施的前景與相當長一段時間以來一樣光明。

So, we're having incremental discussions with customers, not just upstream, our traditional customer base, but in the midstream around VRU adoption as a way to drive incremental profitability. And we think any new build-out of gas infrastructure or industrial facilities that utilize gas to either produce power or to export, or to make something in the petrochemical process is just more tailwind for VRU.

因此，我們正在與客戶進行漸進式討論，不僅是上游的客戶（我們的傳統客戶群），而且還有中游的客戶，圍繞 VRU 的採用，以此來推動增量盈利。我們認為，任何新建的天然氣基礎設施或工業設施，利用天然氣發電或出口，或在石化過程中製造某種東西，都會為 VRU 帶來更多順風。

That's great. And just as a follow-up on some of your comments on the gas lift. Can you just talk about Grizzly and then maybe a little bit of SurgeFlow and a little bit more details there on how those are being received?

那太棒了。這只是您關於氣舉的一些評論的後續。您能否先談一談 Grizzly，然後再談一談 SurgeFlow，並詳細介紹一下它們的接收情況？

Our e-Grizzly product line is an electric high-pressure gas lift system specifically configured to inject gas at a high pressure into multiple wellbores at the same time. That differs from our legacy offering, which is known as an e-Wolf, okay? Now the E in each of those products denotes the fact that it is electric drive compression, okay?

我們的 e-Grizzly 產品線是一種電動高壓氣舉系統，專門配置用於同時將高壓氣體注入多個井眼。這與我們之前推出的 e-Wolf 產品不同，對吧？現在，每個產品中的 E 都表示它是電力驅動壓縮，好嗎？

We have those same products, same names just without the E that are powered by natural gas-fired gas compression, okay? So as operators electrify their production infrastructure and as they try to reduce their cost per BOE, 1 compressor to drive 2 wells, obviously, is economies of scale instead of having 1 high-pressure gas lift unit for 1 wellbore.

我們有相同的產品，相同的名稱，只是沒有 E，它們由天然氣燃燒氣體壓縮提供動力，好嗎？因此，當營運商對其生產基礎設施進行電氣化，並試圖降低每桶油當量的成本時，使用 1 台壓縮機驅動 2 口井顯然比使用 1 台高壓氣舉裝置驅動 1 個井眼具有規模經濟效益。

So, certain operators are leaning into that. It really depends on how they're configuring their production infrastructure, their pads. So it's not for every customer. You have to really get ahead of the well pad design for this to make sense, and you have to have power to the well pad for this to be economic, okay? But it is something that we're noticing increased adoption of.

因此，某些運營商傾向於這樣做。這實際上取決於他們如何配置他們的生產基礎設施和墊子。所以它不適合每個顧客。你必須真正領先於井場設計才能使其有意義，並且你必須為井場提供電力才能使其具有經濟性，好嗎？但我們注意到它的採用率正在不斷提高。

Completely separately on the SurgeFlow side, as I said in my prepared remarks, SurgeFlow itself is a piece of wellhead infrastructure that is installed with the broader wellhead assembly. And it allows for the wellhead to be installed at the initial completion of the well, a first type of production method to be utilized.

正如我在準備好的發言中所說，SurgeFlow 方面完全獨立，SurgeFlow 本身是與更廣泛的井口組件一起安裝的井口基礎設施的一部分。它允許在井初次完井時安裝井口，這是第一種可利用的生產方法。

And then over time, it allows for a more seamless transition to plunger lift without incremental maintenance expenditure in the field compared to the way that plunger lift changeover or rod lift changeover is done today, okay? So it's an efficiency offering to our customers. And once our specific bit of hardware is demonstrated to customers, it's like a light bulb goes off.

然後隨著時間的推移，與今天的柱塞舉升轉換或桿式舉升轉換方式相比，它可以更無縫地過渡到柱塞舉升，而無需增加現場維護費用，好嗎？因此，這為我們的客戶提供了高效率的服務。一旦我們向客戶展示了特定的硬件，就像燈泡熄滅了一樣。

They completely understand why this is a better way of configuring this part of a wellhead assembly. And it's just driving a conversation around plunger lift more broadly. So, we're seeing some very nice uptake, some orders at scale from some very large operators. So, we look forward to sharing more about that as 2025 progresses.

他們完全理解為什麼這是配置井口組件這一部分的更好方法。這只是引發了有關柱塞升力更廣泛的討論。因此，我們看到了一些非常好的接受度，一些來自非常大的運營商的大規模訂單。因此，我們期待在 2025 年到來之際分享更多相關資訊。

Great, thank you.

太好了，謝謝。

David Smith, Pickering Energy Partners.

大衛史密斯 (David Smith)，Pickering Energy Partners。

Hey, good morning and thank you for taking my questions. So Bob, Regarding the relatively unchanged growth CapEx outlook for this year, I wanted to ask if the expected mix between the segments for growth CapEx is also relatively unchanged?

嘿，早上好，感謝您回答我的問題。那麼鮑勃，關於今年資本支出成長前景相對不變，我想問一下，各部門之間資本支出成長的預期組合是否也相對不變？

David, that's correct. Joe Bob referenced some minor tweaks, but we're generally looking at -- if you take the 2 segments, it's kind of a 60-40 split in revenue. We're generally looking at the same allocation, kind of maybe plus or minus 5% relative to where we were at the beginning of the year.

大衛，沒錯。喬·鮑勃提到了一些小調整，但我們總體上看——如果把這兩個部分考慮進去，那麼收入分成就是 60-40。我們通常會考慮相同的分配，相對於年初的水平，可能會增加或減少 5%。

Okay. I appreciate that. And is it fair to think that the growth CapEx outlook is heavily supported by client conversations? And if so, can you speak to whether those clients are keeping their activity plans relatively unchanged, whether you're seeing growing share with that client base or perhaps this is meeting new demand with new clients?

好的。我很感激。是否可以認為，資本支出成長前景在很大程度上受到客戶對話的支持？如果是這樣，您能否談談這些客戶的活動計劃是否保持相對不變，您是否看到該客戶群的份額不斷增長，或者這是否滿足了新客戶的新需求？

Yeah, David, it's a little bit of all of the above. Again, with the production focus, the conversations that we're having with clients are not nearly as stressful as you would expect those that are more drilling or completions oriented.

是的，大衛，以上這些都有一點。再次，由於以生產為重點，我們與客戶進行的對話並不像您想像的那些以鑽井或完井為導向的對話那樣緊張。

So, you really kind of have to look through to each of our specific product lines. But within VRU and within high-pressure gas lift, the two fastest-growing product lines that we have, conversations with customers, I would say, are consistent with what we saw last quarter, if anything, a little bit better. And it has to do with what we talked about.

因此，您確實必須仔細查看我們每條特定的產品線。但在 VRU 和高壓氣舉領域，我們成長最快的兩條產品線，與客戶的對話，我想說，與我們上個季度看到的情況一致，如果有的話，會更好一些。這和我們所談論的內容有關。

The tariff noise that is in the market around the competing technique for HPGL as well as just the incremental natural gas fundamentals or more positive natural gas fundamentals that are driving adoption on VRU. So, I would hate to characterize things as overly rosy with our customers in this kind of current market backdrop, but things feel pretty good.

市場上圍繞 HPGL 競爭技術的關稅噪音以及推動 VRU 採用的增量天然氣基本面或更積極的天然氣基本面。因此，在當前這種市場背景下，我不願意將客戶的情況描述得過於樂觀，但情況感覺相當不錯。

Really appreciate the color. I'll turn it back.

真的很欣賞這個顏色。我會把它轉回去。

(Operator Instructions)

（操作員指示）

It appears that there are no further questions at this time.

目前似乎沒有其他問題。

I would now like to turn the floor back over to Joe Bob Edwards for closing comments.

現在我想把發言權交還給喬·鮑勃·愛德華茲 (Joe Bob Edwards) 來做最後評論。

Well, thank you, everyone, for tuning in and reach out if you have any questions. Look forward to seeing you next quarter. Thank you.

好吧，謝謝大家的收聽，如果您有任何問題，請與我們聯繫。期待下個季度與您相見。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。