Flowco Holdings Inc (FLOC) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 Flowco Holdings Inc. 2025 年第二季業績電話會議。今天的電話會議正在錄音，我們預留了一個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.

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。

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.

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. 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.

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。此非 GAAP 財務資訊的呈現並非旨在單獨考慮或取代根據 GAAP 編制和呈現的財務資訊。

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. Following our prepared remarks, we'll open the call for your questions. With that, I'll turn the call over to Joe Bob.

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)。在我們準備好發言之後，我們將開始回答您的問題。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.

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。

Given this backdrop, I want to take a few moments to reiterate what we talked about during our IPO road show 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' nondiscretionary OpEx rather than their CapEx.

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所討論的內容，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.

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。

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. Clearly, this is our second quarter call, not our first quarter call, so apologies about that, everyone.

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。顯然，這是我們第二季的電話會議，而不是第一季的電話會議，因此，對此，我們向各位表示歉意。

We're going to do this old-school way and we're going to go live. So Andrew, do you want to kick us off?

我們將採用這種老方法並開始直播。那麼安德魯，你想把我們踢出去嗎？

Yes. I think the statement I previously made about the first quarter -- the first quarter metrics and with regard to forward-looking statements and other metrics, just refer you back to our first quarter statements around -- forward-looking statements and non-GAAP reconciliations. We've posted our press release this morning and encourage you to review those risk statements that are stated in our first quarter and the end of the year. So Bob, over to you.

是的。我認為我之前就第一季所做的聲明——第一季指標以及關於前瞻性聲明和其他指標，請您回顧一下我們第一季的聲明——前瞻性聲明和非 GAAP 對帳。我們今天早上發布了新聞稿，並鼓勵您查看我們在第一季和年底發布的風險聲明。那麼鮑勃，就交給你了。

Great. Well, again, apologies, everyone, sorry for that snafu, but we're going to go through what we actually pre-reported yesterday, but we'll just do it in real time. So we will begin by walking you through our second quarter results and operational performance as well as our recent acquisition that we announced yesterday of HPGL and VRU assets from Archrock.

偉大的。好吧，再次向各位道歉，對於發生的混亂我們深感抱歉，但我們將仔細檢查昨天預先報告的內容，但我們會實時進行。因此，我們將首先向您介紹我們的第二季業績和營運表現，以及我們昨天宣布的從 Archrock 收購 HPGL 和 VRU 資產。

After that, Jon will provide a more detailed review of our financial performance, our balance sheet, including some impressive efforts, improving our working capital position. And then finally, we'll give you some thoughts on capital allocation. I'll then close by sharing our perspectives on the current market environment and how we see things shaping up for the third quarter and the remainder of the year. And then finally, we'll open the call to your questions.

之後，喬恩將對我們的財務表現、資產負債表進行更詳細的審查，包括一些令人印象深刻的努力，改善我們的營運資金狀況。最後，我們將向您提供一些有關資本配置的想法。最後，我將分享我們對當前市場環境的看法，以及我們對第三季和今年剩餘時間狀況的看法。最後，我們將開始回答大家的問題。

In the second quarter, Flowco delivered strong financial performance, generating adjusted EBITDA of $76.5 million, while expanding margins by 65 basis points quarter over quarter. We also generated approximately $46 million in free cash flow, underscoring our disciplined execution and progress in working capital efficiency across the organization. This performance was achieved despite the challenges we face in today's difficult macroeconomic environment, which I will touch on a bit later.

第二季度，Flowco 財務表現強勁，調整後 EBITDA 為 7,650 萬美元，利潤率較上季擴大 65 個基點。我們也產生了約 4,600 萬美元的自由現金流，凸顯了我們整個組織的嚴格執行和營運資本效率的進步。儘管我們在當今艱難的宏觀經濟環境中面臨挑戰，我們仍然取得了這樣的業績，稍後我將談到這一點。

Our improved EBITDA and margin performance was largely driven by strong sequential growth in our high-margin rental fleets, particularly within our high-pressure gas lift and vapor recovery businesses. Adoption of our HPGL solutions continues to grow as customers move away from legacy optimization methods and gain confidence in our technologies, which delivered greater uptime and accelerate production earlier in the well's life cycle.

我們的 EBITDA 和利潤率表現的提高主要得益於我們高利潤租賃車隊的強勁環比增長，尤其是我們的高壓氣舉和蒸汽回收業務。隨著客戶逐漸放棄傳統的最佳化方法並對我們的技術越來越有信心，我們的 HPGL 解決方案的採用率持續成長，這提供了更長的正常運作時間並在油井生命週期的早期加速了生產。

At the same time, demand for our VRU offerings remains strong, supported by our -- by favorable natural gas market dynamics, including rising LNG exports and increased gas-fired power generation. As operators place greater emphasis on generating cash flow in the current environment rather than growth, these technologies help enhance near-term returns and maximize the long-term value of existing assets.

同時，由於液化天然氣出口增加和燃氣發電量增加等有利的天然氣市場動態，我們的 VRU 產品需求仍然強勁。由於營運商更加重視在當前環境下產生現金流而不是成長，這些技術有助於提高短期回報並最大化現有資產的長期價值。

HPGL by improving recovery and operational efficiency and VRU by capturing and monetizing incremental natural gas that would otherwise be vented or flared. Both our HPGL and VRU solutions are supported by our US-based supply chain and vertically integrated manufacturing footprint, which have seen minimal impact from the recently enacted tariffs.

透過提高回收率和營運效率來實現 HPGL，透過捕獲和貨幣化原本會被排放或燃燒的增量天然氣來實現 VRU。我們的 HPGL 和 VRU 解決方案均由我們位於美國的供應鏈和垂直整合的製造足跡提供支持，這些足跡受到最近實施的關稅的影響極小。

This vertically integrated platform strengthens our ability to deliver reliably and cost effectively, while reducing exposure to current and potential tariffs that may affect competing technologies. Subsequent to the quarter and in support of accelerating growth in our high-margin rental fleets, we completed the acquisition of 155 HPGL and VRU systems from Archrock, which they originally acquired as part of their acquisition of TOPS in June of 2024.

這個垂直整合的平台增強了我們可靠且經濟高效地交付的能力，同時減少了可能影響競爭技術的當前和潛在關稅的風險。本季之後，為了支持我們高利潤租賃車隊的加速成長，我們完成了從 Archrock 收購 155 套 HPGL 和 VRU 系統的交易，這些系統最初是 Archrock 在 2024 年 6 月收購 TOPS 時收購的。

100% of these systems are electric drive, and the large majority are HPGL units supported by contracts with new and existing blue-chip customers in the Permian Basin. We are actively integrating these systems into our fleet and look forward to a seamless transition of operations delivered through our existing field service network. This transaction marks our first acquisition post IPO and reflects our disciplined approach to M&A, targeting production optimization opportunities at attractive valuations that align with our long-term strategy.

這些系統 100% 都是電力驅動，絕大多數是 HPGL 裝置，由與二疊紀盆地新舊藍籌客戶簽訂的合約提供支援。我們正在積極將這些系統整合到我們的車隊中，並期待透過我們現有的現場服務網路實現營運的無縫過渡。此次交易是我們首次公開發行 (IPO) 後的首次收購，體現了我們對併購的嚴謹態度，以符合我們長期策略的誘人估值瞄準生產優化機會。

Overall, I am very pleased with our operational and financial performance in the second quarter. Despite a challenging macroeconomic environment, we again delivered top quartile returns on capital employed, while expanding margins and driving strong free cash flow generation. This performance underscores the clear differentiation of our business and reinforces the resilience of our strategic positioning as a market leader exclusively focused on production optimization.

整體而言，我對第二季的營運和財務表現非常滿意。儘管宏觀經濟環境充滿挑戰，我們再次實現了最高四分位的資本使用回報率，同時擴大了利潤率並推動了強勁的自由現金流產生。這項績效凸顯了我們業務的明顯差異化，並增強了我們作為專注於生產優化的市場領導者的策略定位的彈性。

With that, I'm going to turn it over to Jon to provide more detail on the second quarter.

接下來，我將把時間交給喬恩，讓他提供有關第二季度的更多細節。

Thanks, Joe Bob. Before reviewing some of the key financial metrics and results for the second 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 June 20, 2024, business combination, such as the second quarter 2024 financials reflects only the historical performance for Estis.

謝謝，喬·鮑勃。在回顧第二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 年第二季財務數據）僅反映 Estis 的歷史業績。

Financial information for the first and second quarters of 2025 reflects the financials for the consolidated entities. Turning now to our financials. Second quarter performance was in line with our expectations, driven by strong execution across segments and bolstered, as Joe Bob mentioned, by the returns we're realizing in our rental fleet investments.

2025 年第一季和第二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。第二季的業績符合我們的預期，這得益於各個部門的強勁執行，正如喬·鮑勃 (Joe Bob) 所提到的，得益於我們在租賃車隊投資中實現的回報。

In fact, our quarterly rental revenues exceeded $100 million in the second quarter for the first time ever. We delivered adjusted net income of $33 million on revenues of $193.2 million, revenue grew minimally, while adjusted EBITDA was up 2.1% quarter over quarter as higher-margin rental revenue increased our profitability, even with the decrease in product sales revenue.

事實上，我們第二季的季度租賃收入首次超過 1 億美元。我們實現了調整後的淨收入 3300 萬美元，營收為 1.932 億美元，收入增長甚微，而調整後的 EBITDA 環比增長 2.1%，因為利潤率更高的租賃收入提高了我們的盈利能力，即使產品銷售收入有所下降。

Adjusted EBITDA margins were up 65 basis points as rental revenue represented an increased portion of our revenue mix. In our Production Solutions segment, second quarter revenue was $128 million, with adjusted segment EBITDA of $53 million an increase of 10.6% and 5.4%, respectively, from the first quarter of 2025.

調整後的 EBITDA 利潤率上升了 65 個基點，因為租賃收入在我們的收入結構中所佔的比例增加了。在我們的生產解決方案部門，第二季營收為 1.28 億美元，調整後的部門 EBITDA 為 5,300 萬美元，分別較 2025 年第一季成長 10.6% 和 5.4%。

Adjusted segment EBITDA margins decreased quarter over quarter by 202 basis points. The increases in Production Solutions revenue and adjusted EBITDA were the result of growth and higher operating leverage in our surface equipment rental business unit and strong sales in the Downhole Components. Adjusted segment EBITDA margin was down quarter over quarter due to increased sales in our lower margin Downhole Components business unit.

調整後部門 EBITDA 利潤率季減 202 個基點。生產解決方案收入和調整後 EBITDA 的成長是由於我們的地面設備租賃業務部門的成長和更高的營運槓桿以及井下組件的強勁銷售。由於利潤率較低的井下組件業務部門銷售額增加，調整後部門 EBITDA 利潤率較上季下降。

In our Natural Gas Technologies segment, second quarter revenue decreased 14.9% to $65 million compared with the first quarter, while adjusted EBITDA decreased 4.4% over the same period. The decrease in revenue and adjusted EBITDA are attributable to a decrease in natural gas system sales in the quarter. Adjusted segment EBITDA margins increased by 463 basis points due to favorable revenue mix shift towards vapor recovery from natural gas systems.

在我們的天然氣技術部門，第二季營收與第一季相比下降 14.9% 至 6,500 萬美元，而調整後的 EBITDA 同期下降了 4.4%。收入和調整後 EBITDA 的下降歸因於本季天然氣系統銷售額的下降。由於收入結構向天然氣系統蒸汽回收的有利轉變，調整後部門 EBITDA 利潤率增加了 463 個基點。

With regards to the midstream opportunities we've highlighted in prior quarters within our Natural Gas Technologies segment. We successfully executed a few sales of smaller vapor recovery and designed to capture emissions in midstream operations. We continue to engage in constructive discussions with large midstream operators and remain optimistic about the growing adoption of vapor recovery solutions in this vertical.

關於我們在前幾個季度強調的天然氣技術領域的中游機會。我們成功完成了一些小型蒸汽回收的銷售，旨在捕獲中游作業中的排放。我們繼續與大型中游業者進行建設性討論，並對該垂直領域蒸汽回收解決方案的日益普及保持樂觀。

Overall, consolidated second quarter adjusted EBITDA was $76.5 million an increase of 2.1% from the first quarter of 2025. Our top quartile EBITDA margins and sequential growth illustrates the sustained demand for our differentiated solutions and the ongoing focus on efficiency throughout our organization. In the second quarter, the majority of our $35.8 million capital investment was focused on expanding our surface equipment and vapor recovery fleet driven by sustained demand and attractive expected returns on capital employed.

整體而言，第二季合併調整後 EBITDA 為 7,650 萬美元，較 2025 年第一季成長 2.1%。我們最高四分位的 EBITDA 利潤率和連續成長表明了對我們差異化解決方案的持續需求以及整個組織對效率的持續關注。在第二季度，我們 3,580 萬美元的資本投資大部分集中在擴大地面設備和蒸汽回收設備，這受到持續的需求和有吸引力的預期資本回報率的推動。

Our annualized adjusted return on capital employed for the quarter was approximately 18%. Based on the quarter outlook, we anticipate only minor adjustments to the organic capital expenditure program discussed last quarter for the remainder of 2025, but we're monitoring the market outlook for CapEx investments that will impact 2026. Subsequent to the quarter, as Joe Bob mentioned, we invested approximately $71 million in cash drawn from our revolving credit facility to acquire 155 HPGL and VRU systems from Archrock.

本季我們的年化調整後資本使用報酬率約為 18%。根據季度展望，我們預計上個季度討論的 2025 年剩餘時間內的有機資本支出計劃僅會進行微小調整，但我們正在監測將影響 2026 年的資本支出投資的市場前景。在本季之後，正如喬鮑伯 (Joe Bob) 所提到的，我們投資了從循環信貸額度中提取的約 7,100 萬美元現金，從 Archrock 購買了 155 套 HPGL 和 VRU 系統。

We executed this transaction at an attractive valuation and it's expected to be immediately accretive to both free cash flow per share and earnings per share. We're actively integrating these assets and anticipate realizing a full quarter of benefit from them in the fourth quarter of this year. We expect to lower our 2026 capital expenditures as a result of this transaction.

我們以有吸引力的估值執行了這筆交易，預計它將立即增加每股自由現金流和每股盈餘。我們正在積極整合這些資產，預計今年第四季將實現整整一個季​​度的收益。我們預計此次交易將降低 2026 年的資本支出。

We will continue to invest in growth, while maintaining capital discipline, targeting high-return opportunities aligned with our capital return framework. For our organic growth opportunities, our typical investment lead time is approximately six months. These shorter-cycle investments, combined with our vertically integrated manufacturing platform provide the flexibility to scale capital deployment up or down as we respond to potential shifts in customer demand and market conditions.

我們將繼續投資於成長，同時保持資本紀律，瞄準符合我們的資本回報框架的高回報機會。對於我們的有機成長機會，我們的典型投資準備時間約為六個月。這些週期較​​短的投資，加上我們垂直整合的製造平台，使我們能夠靈活地擴大或縮小資本部署，以應對客戶需求和市場條件的潛在變化。

Turning briefly to corporate costs. In the second quarter, we reported $4.3 million of corporate expenses in line with the $4.4 million of costs in the first quarter. We anticipate a slight increase in corporate costs in the second half of the year as we complete the build-out of our public corporate function.

簡要談談公司成本。我們報告的第二季公司支出為 430 萬美元，與第一季的 440 萬美元成本持平。隨著我們完成公共企業職能的建設，我們預計下半年企業成本將略有增加。

Subsequent to the quarter, on July 4, the one big beautiful bill was signed into law. We're continuing to assess the potential impacts of this legislation, but we anticipate that we will benefit from the restoration of 100% bonus depreciation for certain fixed assets.

本季之後，7月4日，一項重大法案被簽署成為法律。我們正在繼續評估這項立法的潛在影響，但我們預計我們將受益於某些固定資產 100% 獎金折舊的恢復。

Separately, following the expiration of the IPO lockup period on July 23, 2025, we entered into an amendment with our two largest shareholders, GEC and White Deer to revise the prior requirement that the company filed a shelf registration statement within 180 days of the IPO. While GEC and White Deer retain the right to request such filing in the future the company does not currently have a shelf registration statement on file.

另外，在2025年7月23日IPO鎖定期結束後，我們與兩大股東GEC和白鹿達成了一項修正案，修改了先前要求公司在IPO後180天內提交擱置註冊聲明的要求。儘管 GEC 和 White Deer 保留未來要求提交此類文件的權利，但該公司目前尚未備案擱置註冊聲明。

Turning to our balance sheet and liquidity. We ended the quarter in a strong financial position using free cash flow generated during the period to reduce outstanding borrowings under our revolving credit facility. As of August 1, 2025, total borrowing on the facility stood at $226.6 million, including approximately $71 million drawn related to the Archrock acquisition.

轉向我們的資產負債表和流動性。我們在本季結束時財務狀況良好，並利用本期間產生的自由現金流來減少循環信貸額度下的未償還借款。截至 2025 年 8 月 1 日，該設施的總借款額為 2.266 億美元，其中包括與 Archrock 收購相關的約 7,100 萬美元。

With a borrowing base of $723 million, we had about $497 million of availability under the facility. On August 1, Flowco declared its second consecutive quarterly dividend of $0.08 per share payable on August 29. This action reflects the Board's continued confidence in the strength of our business model and the overall health of our balance sheet. It also highlights our balanced capital allocation strategy, returning capital to shareholders, while continuing to invest in disciplined high-return growth.

我們的借款基礎為 7.23 億美元，其中該貸款可用金額約為 4.97 億美元。8 月 1 日，Flowco 宣布連續第二季派發每股 0.08 美元的股息，將於 8 月 29 日支付。此舉反映出董事會對我們的商業模式實力和資產負債表整體健康狀況的持續信心。它也強調了我們平衡的資本配置策略，將資本返還給股東，同時繼續投資於有紀律的高回報成長。

In summary, we delivered another solid quarter, meeting our outlook with adjusted EBITDA within our guidance range. We executed effectively despite the challenging upstream market environment that negatively impacted product sales a trend we anticipate will continue into the third quarter.

總而言之，我們又完成了一個穩健的季度，調整後的 EBITDA 符合我們的預期，處於指導範圍內。儘管上游市場環境嚴峻，對產品銷售產生了負面影響，我們仍有效執行，我們預計這一趨勢將持續到第三季。

Joe Bob will share additional insights on our market outlook shortly. Looking ahead, our emphasis on production optimization, combined with the resilience of our solutions and strong customer relationships, positions us well to navigate a more uncertain operating environment.

喬鮑伯 (Joe Bob) 將很快分享更多關於我們市場前景的見解。展望未來，我們專注於生產優化，加上我們解決方案的彈性和牢固的客戶關係，使我們能夠很好地應對更不確定的營運環境。

Back to you, Joe Bob.

回到你身邊，喬鮑伯。

Thanks, Jon. Turning now to our view of the upstream market and expectations for the remainder of 2025. As we noted during our first quarter call, evolving tariff policy increased oil supplies from OPEC+ and broader macroeconomic uncertainty have continued to weigh on commodity prices as well as North American production outlook more broadly.

謝謝，喬恩。現在來談談我們對上游市場的看法以及對 2025 年剩餘時間的預期。正如我們在第一季電話會議上指出的那樣，不斷變化的關稅政策增加了 OPEC+ 的石油供應，而且更廣泛的宏觀經濟不確定性繼續對大宗商品價格以及北美生產前景造成壓力。

And these headwinds have persisted and in some areas have worsened. Leading to lower activity levels across our North American customer base as operators respond to a more uncertain outlook. While our business is not directly tied to rig count or completion activity, the sustained moderation exhibited by our customers over the last several months is beginning to impact production trends more broadly.

這些不利因素持續存在，在某些地區甚至惡化。由於營運商對更不確定的前景做出反應，導致我們北美客戶群的活動水準下降。雖然我們的業務與鑽機數量或完井活動沒有直接關係，但過去幾個月我們的客戶表現出的持續放緩開始對生產趨勢產生更廣泛的影響。

The EIA has recently revised its outlook for US crude oil production downward, now we're expecting production to be flat in 2026 versus 2025. Furthermore, cost cutting and reorganization efforts have slowed our customers' decision-making, impacting the pace of spending, even in the areas of production optimization. We remain well positioned as our production-oriented solutions are OpEx oriented, nondiscretionary services to help our customers maintain cash flow.

美國能源資訊署 (EIA) 最近下調了對美國原油產量的預期，目前我們預計 2026 年的產量將與 2025 年持平。此外，削減成本和重組努力減緩了客戶的決策速度，影響了支出速度，甚至在生產優化領域也是如此。我們仍然處於有利地位，因為我們以生產為導向的解決方案是營運支出的非自由支配服務，可幫助我們的客戶維持現金流。

That said, the current market environment has modestly tempered our near-term growth expectations for the second half of the year. In particular, we now anticipate a sequential decline in product sales in the third quarter. Most notably in the sale of vapor recovery units and conventional gas lift compression packages. Downhole component sales are also expected to be flat to slightly down.

儘管如此，當前的市場環境略微降低了我們對今年下半年短期成長的預期。特別是，我們現在預計第三季產品銷售額將環比下降。最引人注目的是蒸汽回收裝置和傳統氣舉壓縮機組的銷售。預計井下零件銷售也將持平或略有下降。

Importantly, we continue to benefit from the strength of our high-margin rental fleet, which delivers visible free cash flow and helps to offset softness in these equipment sales. Given the current market environment, we're taking proactive steps to further optimize our operations. During the second quarter, we consolidated a portion of our manufacturing capacity within our Natural Gas Technologies segment. A decision which will reduce overhead and drive improvements in working capital efficiency.

重要的是，我們繼續受益於高利潤租賃車隊的實力，這帶來了可見的自由現金流，並有助於抵消這些設備銷售的疲軟。鑑於當前的市場環境，我們正在採取積極措施進一步優化我們的營運。在第二季度，我們整合了天然氣技術部門的部分製造能力。這項決定將減少管理費用並提高營運資金效率。

We will continue to evaluate additional opportunities to streamline our operations, while maintaining our commitments to service quality. So what does all this mean in terms of guidance? We think adjusted EBITDA for the third quarter will be somewhere in the range of $72 million to $76 million. This range accounts for the current market uncertainty the near-term weakness in equipment sales that I described earlier as well as two months contribution of the recently acquired assets from Archrock.

我們將繼續評估簡化營運的更多機會，同時保持對服務品質的承諾。那麼從指導角度來說這一切又意味著什麼呢？我們認為第三季的調整後 EBITDA 將在 7,200 萬美元至 7,600 萬美元之間。這個範圍解釋了當前市場的不確定性、我之前描述的設備銷售的近期疲軟以及最近從 Archrock 收購的資產的兩個月貢獻。

Speaking more broadly about the back half of the year and our full year expectations, we anticipate a better Q4, finishing the year close to the EBITDA growth range communicated on the first quarter call. During the fourth quarter, we will benefit from a full quarter of earnings contribution from the Archrock assets as well as some equipment sales that are expected to occur before the end of the year.

更廣泛地談論下半年和全年預期，我們預計第四季度表現會更好，全年業績將接近第一季度電話會議上傳達的 EBITDA 增長範圍。在第四季度，我們將受益於 Archrock 資產整整一個季​​度的獲利貢獻以及預計在年底前實現的一些設備銷售。

We believe our performance in 2025 and particularly our sector-leading growth and ability to generate attractive returns on capital in such a challenging market reflects the resilience of our production-focused business and the market share capture story for HPGL and VRU.

我們相信，我們在 2025 年的業績，特別是我們行業領先的增長以及在如此充滿挑戰的市場中產生可觀的資本回報的能力，反映了我們以生產為中心的業務的韌性以及 HPGL 和 VRU 的市場份額佔領故事。

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。

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作員指示）摩根大通的 Arun Jayaram。

I was wondering, if you could provide maybe some additional details and color around the acquisition from Archrock. Is this a deal that improves, call it, the competitive dynamics of the HPGL, VRU kind of segments? And just maybe just general thoughts on (technical difficulty) in the back half of the year, you mentioned two months is in your outlook for 3Q and obviously, a full quarter contribution in 4Q?

我想知道您是否可以提供一些有關從 Archrock 收購的更多細節和資訊。這筆交易是否會改善 HPGL、VRU 類細分市場的競爭態勢？也許只是對下半年（技術難度）的一般想法，您提到對第三季度的預測是兩個月，顯然對第四季度的貢獻是整個季度？

Yes. Arun, thanks for the question. Good to hear from you. So as you know, this is a technique that we pioneered. We invented the high-pressure gas lift technique six, seven years ago and we maintain the market leader in this space.

是的。阿倫，謝謝你的提問。很高興收到你的來信。如您所知，這是我們開創的一項技術。六、七年前，我們發明了高壓氣舉技術，並一直保持該領域的市場領先地位。

Archrock ended up with these assets, as I said, through their acquisition of TOPS last year. And it took them some time to figure out that these assets require different operating characteristics and different customer service intensity.

正如我所說，Archrock 去年透過收購 TOPS 獲得了這些資產。他們花了一些時間才弄清楚這些資產需要不同的營運特性和不同的客戶服務強度。

And so through a series of discussions, we ultimately, I think, arrived at a very good outcome, which is a consolidation of those assets into our fleet. The electrification theme is a very positive one. 100% of these assets are electric, which is great. We're picking up some new customers, some customers that we've been working on, both converting to the method as well as using us for quite some time, so that's positive.

因此，透過一系列討論，我認為我們最終達成了一個非常好的結果，將這些資產整合到我們的船隊中。電氣化主題非常積極。這些資產 100％ 都是電動的，這很好。我們正在吸引一些新客戶，一些我們一直在合作的客戶，他們既轉換了方法，也使用我們很長一段時間了，所以這是積極的。

And we're filling in more market share with existing clients as well. Very importantly, we're getting some idle units. There were a handful of units that were not deployed, but built and ready to go. So that's good. That helps us with some available capacity to satisfy some existing customer demand. And given kind of what's going on in the market, we obviously saw this competitive acquisition coming. So we have moderated our forward capital spend appropriately.

我們也正在透過現有客戶來擴大市場份額。非常重要的是，我們得到了一些閒置單位。有少數部隊尚未部署，但已建成並準備出發。這很好。這有助於我們利用一些可用產能來滿足一些現有客戶的需求。考慮到市場目前的狀況，我們顯然預見了這種競爭性收購的到來。因此，我們適當調整了未來資本支出。

So as Jon mentioned, this is going to really pull forward CapEx from '26, which is a good thing. And I think absent any rebound in the market condition, will likely temper 2026 capital ambition for us. So all in all, a good deal. We think about value on this transaction really in a couple of different pieces. Obviously, you've got contracted assets with immediately generating free cash flow, the minute you buy them.

正如喬恩所提到的，這將真正推動 26 年以來的資本支出，這是一件好事。我認為，如果市場狀況沒有任何反彈，我們 2026 年的資本雄心可能會受到抑制。總而言之，這是一筆好交易。我們實際上從幾個不同的角度來考慮這筆交易的價值。顯然，您購買的資產一旦簽訂合約就會立即產生自由現金流。

So we allocate some purchase price allocation to the value of the existing contracts. And then obviously, we know what it costs to build these things because we have a lot of them in our fleet. So it's a good deal. It's immediately accretive, as we said, what do you think, Jon, kind of low single-digit earnings accretion kind of thing?

因此，我們將一些購買價格分配分配給現有合約的價值。顯然，我們知道建造這些東西的成本是多少，因為我們的艦隊中有很多這樣的船。所以這是一筆好交易。正如我們所說，它會立即增值，喬恩，您覺得怎麼樣，這是一種低個位數的收益增值嗎？

Yes, that's right.

是的，沒錯。

Yes. And I think some room to grow in '26 with the deployment of the idle units that we acquired.

是的。我認為，隨著我們收購的閒置單位的部署，26 年還有一定的成長空間。

Great. And maybe my follow-up, Joe Bob, I was wondering if you could highlight some of the thoughts around midstream and your entry with some of the smaller vapor recovery units and potential to grow with this midstream customer base kind of over time?

偉大的。也許是我的後續問題，喬·鮑勃，我想知道您是否可以強調一些關於中游的想法以及您對一些較小的蒸汽回收裝置的進入以及隨著時間的推移這種中游客戶群的增長潛力？

Yes. We've been making progress with I'd say half a dozen to a dozen customers in the midstream space, Arun. And these are the large guys that would be household names that could potentially deploy hundreds of these systems through their nationwide networks.

是的。阿倫，我們與中游領域的六到十幾位客戶的合作一直在取得進展。這些大公司都是家喻戶曉的人物，他們有可能透過全國網路部署數百個這樣的系統。

We're at the early stages of this. We have sold, I think, cumulatively less than 50, but it's on the order of a few dozen units far more than a trial basis, this is much more of customers deploying systems to get comfortable with the way that they operate to get comfortable with the operating efficiencies that we claim as we sell these units to them.

我們正處於這一進程的早期階段。我認為，我們累積銷售的數量不到 50 台，但數量大約是幾十台，遠遠超過試用數量，更多的是客戶部署系統以適應他們的操作方式，以適應我們在向他們銷售這些設備時所聲稱的運營效率。

And we've been led to believe that, that was the first step toward a much larger demand profile coming our way. Now we'll see. We've been working on this for a few quarters now and again, well beyond trial phase. But it could be something that is pretty exciting to talk about in the coming quarters.

我們一直相信，這是我們邁向更大需求的第一步。現在我們來看看。我們已經為此工作了幾個季度，遠遠超出了試驗階段。但這可能是未來幾季值得談論的一件令人興奮的事情。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

Just on the reduction in Permian spending during the quarter. It looks to us like the activity declines have been broad-based across E&Ps. But wondering how you're viewing it in terms of public versus private, Delaware versus Midland and -- but what that means for Flowco customers and the overall market share?

僅關於本季二疊紀支出的減少。在我們看來，勘探與生產業的活動普遍出現下滑。但想知道您如何從公共與私人、特拉華與米德蘭的角度看待這個問題——但這對 Flowco 的客戶和整體市場份額意味著什麼？

Yes, Philip, thanks for the question. Private's -- you know this, right? Privates definitely respond more aggressively than publics, whether it's private equity owned or family-owned, family office-owned private company. So you're seeing rig count declines, frac spread declines from privates much more aggressively.

是的，菲利普，謝謝你的提問。私人的——你知道這個，對吧？私人企業的反應肯定比上市公司更積極，無論是私募股權公司還是家族企業、家族辦公室擁有的私人企業。因此，您會看到鑽孔機數量下降，私人企業的壓裂價差下降幅度也更大。

The consolidation that has taken place in the Permian has moderated the response from the publics. And you're seeing customers that are taking a much more long-term view to field development. The very largest super majors are in the case of one very, very large company, they're still growing, right? They're still anticipating and doubling of production over the next five years or so.

二疊紀盆地的整合緩和了公眾的反應。而且您會看到客戶對油田開發抱持更長遠的眼光。最大的超級巨頭是一家非常非常大的公司，它們仍在成長，對嗎？他們仍預計未來五年左右產量將翻倍。

But it's definitely having an impact. You just see it in the production data. We're flattening out, projecting to stay roughly flat in 2026 based on latest estimates. And as I said in our prepared remarks, it's starting to show up in demand for services even in our wheelhouse.

但它確實正在產生影響。您只會在生產數據中看到它。我們正在趨於平穩，根據最新估計，預計到 2026 年將基本保持穩定。正如我在準備好的演講中所說的那樣，即使在我們的駕駛室內，對服務的需求也開始顯現出來。

Now that being said, without our services and without the maintenance of existing production, their production declines rapidly, right? So we feel like we're better off than most in places like the Permian to help maintain and grow production when customers want it. So in a challenging market, we feel like we're in pretty good shape.

那麼這麼說來，沒有我們的服務，沒有現有生產的維持，他們的產量就會迅速下降，對嗎？因此，我們覺得，在二疊紀等地，我們比大多數地方的大多數地方更有能力在客戶需要時幫助維持和增加產量。因此，在充滿挑戰的市場中，我們感覺自己的狀況相當良好。

Great. And then you mentioned the moderating growth capital in 2026, since given market conditions and the Archrock acquisition. Can you remind us how you view maintenance CapEx? And then as far as the growth capital component, is there any good way to think about that in terms of sensitivity to overall production growth outlooks or as a percent of sales?

偉大的。然後您提到，考慮到市場狀況和 Archrock 收購，2026 年的成長資本將會放緩。您能否提醒我們您如何看待維護資本支出？那麼就成長資本部分而言，是否有好的方法來從對整體生產成長前景的敏感度或銷售額的百分比來考慮這一點？

Look, the good news is, and Jon will give you a little bit more of a nuanced answer, but the good news is we don't have to make decisions on that right now. We've got -- we control our own destiny with our vertically integrated supply chain or vertically integrated manufacturing capability as well as domestic supply chains. Lead times for critical components are about six months out.

聽著，好消息是，喬恩會給你一個更細緻的答案，但好消息是我們現在不必就此做出決定。我們擁有－透過垂直整合的供應鏈或垂直整合的製造能力以及國內供應鏈，我們可以掌握自己的命運。關鍵部件的交付週期約為六個月。

So we obviously keep an eye on that. But based on where we are today, we just think that next year is going to be less growth CapEx compared to this year. The last several years, we've spent pretty consistently $100 million to $150 million of growth CapEx to grow our business. The Archrock acquisition helps offset some of that expected growth in '26 unless the market gets a lot better. We just anticipate a more moderate spending level next year.

因此我們顯然會密切關注這一點。但根據我們目前的狀況，我們認為明年的資本支出成長將比今年減少。過去幾年，我們持續投入 1 億至 1.5 億美元的成長資本支出來發展我們的業務。除非市場狀況大幅好轉，否則 Archrock 的收購將有助於抵消 26 年預期的部分成長。我們只是預計明年的支出水準會更加溫和。

Yes, I agree. I think we had indicated around $110 million of growth capital this year. I think we'll come inside that, particularly with the Archrock acquisition. And then as we get into Q4, we'll start to make kind of more long-term decisions on 2026 capital spend.

是的，我同意。我認為我們今年的成長資本約為 1.1 億美元。我認為我們會進入這個領域，特別是收購 Archrock 之後。然後，隨著進入第四季度，我們將開始對 2026 年的資本支出做出更長期的決策。

But I do expect it would come down relative to the numbers Joe Bob was talking about. On maintenance capital, we've run in that $20 million range. As our fleet grows, we expect that to grow a little bit, but not significantly. So I think somewhere slightly north of $20 million is what we'd see in 2026.

但我確實預計它會根據喬鮑勃談論的數字而下降。在維護資本方面，我們的支出已達到 2,000 萬美元左右。隨著我們船隊的擴大，我們預計其數量會略有增長，但不會大幅增長。所以我認為到 2026 年我們將看到略高於 2000 萬美元的數字。

(Operator Instructions) Derek Podhaizer, Piper Sandler.

（操作員指示） Derek Podhaizer、Piper Sandler。

I wanted to ask a question about rentals. It was up 5% quarter over quarter. Maybe if you could just pull that apart for us a little bit. Is this a sign of accelerated adoption you're seeing from HPGL, just taking over the legacy ESPs just given a lot of the tariff-related weaknesses that we've heard from some of the providers over the last few weeks.

我想問一下關於租賃的問題。與上一季相比成長了 5%。也許你可以為我們稍微解釋一下這一點。這是您從 HPGL 看到的加速採用的跡象嗎？只是接管了傳統的 ESP，考慮到過去幾週我們從一些提供者那裡聽到的許多與關稅相關的弱點。

And with now rentals representing 53% of the company, how can we -- how should we start thinking about where this could trend for the remainder of the year and as we start thinking about 2026?

現在租賃業務占公司總收入的 53%，我們該如何開始思考今年剩餘時間的趨勢以及 2026 年的趨勢？

Derek, thanks for the question. The rental increase has been pretty consistent over the last several years, and you've nailed it. It has to do with market adoption of HPGL displacing legacy production techniques, most notably ESPs. As well as VRU is becoming standard equipment on, in particular, large Permian pads that get brought online.

德里克，謝謝你的提問。過去幾年裡，租金一直保持穩定成長，您已經把握住了這個機會。這與市場採用 HPGL 取代傳統生產技術（尤其是 ESP）有關。VRU 也正在成為標準設備，尤其是那些投入使用的大型二疊紀油田的標準設備。

So you'll see a continued increase in rental revenue as a percentage of total Flowco revenue. Certainly, as our product sales businesses are reasonably flat, right? So just from a mix standpoint, you'll see rental revenues trending higher, you'll see our overall EBITDA margins continue to grind higher, and our return metrics hopefully improving as we invest more growth capital and higher returning assets.

因此，您會看到租金收入佔 Flowco 總收入的百分比持續增加。當然，因為我們的產品銷售業務相當平穩，對嗎？因此，僅從組合角度來看，您會看到租金收入呈上升趨勢，您會看到我們的整體 EBITDA 利潤率繼續走高，並且隨著我們投入更多的成長資本和更高回報的資產，我們的回報指標有望得到改善。

So that's how we think about it. We think that growth story, that market adoption story is very much intact and is healthy even in this challenging market. So that's, I think, evidenced by the fact that we had the confidence to buy $71 million worth of equipment from Archrock. So we're going to continue to talk about the virtues of HPGL and VRU and continue to invest as the market dictates.

這就是我們的想法。我們認為，即使在這個充滿挑戰的市場中，成長故事、市場採用故事仍然完好無損、健康。所以，我認為，我們有信心從 Archrock 購買價值 7,100 萬美元的設備就證明了這一點。因此，我們將繼續討論 HPGL 和 VRU 的優點，並根據市場需求繼續進行投資。

That's helpful. I guess, just on the acquisition, I know you already answered questions on it. But maybe help us understand the remaining competitive landscape there. I mean, it was my understanding is during the IPO road show, there was not that many players in HPGL and you have a commanding market share position.

這很有幫助。我想，就收購而言，我知道您已經回答了相關問題。但也許可以幫助我們了解那裡剩餘的競爭格局。我的意思是，據我了解，在 IPO 路演期間，HPGL 的參與者並不多，而你們佔據主導的市場份額。

Obviously, you just grew that with this acquisition. But -- can you give us any sense as far as the remaining landscape out there and then how you're viewing that and where market share could ultimately grow for HPGL?

顯然，透過這次收購，你們的業務得到了成長。但是——您能否向我們介紹剩餘的前景，然後您如何看待它，以及 HPGL 的市場份額最終會在哪些方面增長？

Market is pretty small when you get right down to it, Derek. We have a commanding market position, but if you think about, who we compete with, it's not just a handful of players that are also offering high-pressure gas lift. It's the vast, big market for ESPs, right? So it's still $1 billion, $1.5 billion market even in today's environment.

德瑞克，如果你深入研究的話，你會發現市場相當小。我們擁有主導的市場地位，但如果你想想，我們的競爭對手不僅僅是少數幾家也提供高壓的公司。對 ESP 來說這是一個巨大的市場，對嗎？因此，即使在今天的環境下，它仍然是一個價值 10 億美元、15 億美元的市場。

And our penetration is higher than it was at IPO, but it's still not anywhere close to fully saturated. So we really view our competitors as the inferior technology. And so we will continue to install the virtues of the method. I know that's not really the answer to the question you asked, but that's how we think about it.

我們的滲透率比首次公開募股時高，但遠未達到完全飽和。所以我們確實認為我們的競爭對手的技術較差。因此，我們將繼續發揮該方法的優點。我知道這不是您所提問題的真正答案，但我們就是這麼認為的。

And if I could just squeeze one more in. It seems like you can seamlessly integrate these assets. Is any capital required to fold them in and integrate into your fleet?

如果我能再擠進一個就好了。看起來您可以無縫整合這些資產。將它們納入你們的艦隊需要資金嗎？

No. The beauty of really our market position in the Permian is these are as close to seamless plug-and-play as you can get I think we hired a grand total of three people associated with these new assets. So it's very efficient in the integration.

不。我們在二疊紀市場地位的真正優勢在於，這些資產盡可能接近無縫即插即用，我想我們總共僱用了三名與這些新資產相關的人員。因此它的整合效率非常高。

David Smith, Pickering Energy Partners.

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

Most of the acquisition ones have been hit. So I just wanted to circle back and double check, if I got the Q3 guidance correctly, for a range of 72% to 76%. And sorry, if I missed it, but I wanted to ask if you could help with just some broad guardrails around the moving items, but particularly especially excluding the acquisition announced yesterday. Should we think about rental as being roughly flat sequentially with more of the impact on lower product sales and maybe a little bit higher corporate cost?

大多數收購都受到了打擊。所以我只是想回過頭再檢查一下，看看我是否正確地獲得了第三季的指導，範圍是 72% 到 76%。抱歉，如果我錯過了，但我想問您是否可以幫助對移動項目進行一些廣泛的護欄，特別是排除昨天宣布的收購。我們是否應該認為租金環比基本持平，但產品銷售下降和企業成本可能略有上升的影響更大？

Yes, Dave, thanks for the question. Listen, rental will continue to go to bleed higher as a percentage of our revenue as well as on a quarter-over-quarter basis, I anticipate it being up somewhat in Q3 as opposed to Q2. What's really happening is a couple of things, right? And I said it, but let's just drill in on it a little bit.

是的，戴夫，謝謝你的提問。聽著，租金占我們收入的比例將繼續下降，而且按季度計算，我預計第三季的租金收入將比第二季有所上升。真正發生的是幾件事，對吧？我已經說過了，但讓我們稍微深入探討一下。

Our product sales are made up of a couple of different things, right? It's the sale of packages that we build in our manufacturing facility for VRU or compressor packages, right? And so those are weak in Q3. And this is a backlog business. We've got a lot of visibility. We know the delivery schedules. And as we look at Q3, that business is going to be off sequentially, as I said, okay?

我們的產品銷售由幾個不同的部分組成，對嗎？這是我們在製造工廠中為 VRU 或壓縮機組製造的套件的銷售，對嗎？因此，這些在第三季表現較弱。這是一項積壓業務。我們的知名度很高。我們知道交貨時間表。當我們展望第三季時，正如我所說，該業務將連續下滑，好嗎？

So -- now what does that mean, right? That's among our lowest profit margin business. It's also a business that we are deemphasizing over time in favor of focusing more on our rental fleet. So that's a line item that's just going to be down quarter over quarter, somewhere in the order of 10%.

那麼——這到底是什麼意思呢？這是我們利潤率最低的業務之一。隨著時間的推移，我們正在逐漸減少對這項業務的重視，轉而將更多的精力放在我們的租賃車隊上。因此，這是一個季度環比下降的項目，下降幅度約為 10%。

The larger sales item in our GAAP financials is the sale of downhole products, namely gas lift valves, mandrels, plunger lift systems. That's -- we just anticipate that to be reasonably flat in the quarter, okay? So more broadly, sales of downhole components flattish sales of packaged equipment to third parties, which are in backlog today, down, okay?

我們的 GAAP 財務報表中較大的銷售項目是井下產品的銷售，即氣舉閥、心軸、柱塞舉升系統。那是——我們只是預期本季會相當平穩，好嗎？因此，從更廣泛的角度來看，井下方零件的銷售額與第三方成套設備的銷售額持平，而第三方成套設備的銷售額目前處於積壓狀態，下降了，好嗎？

Now again, the backlog business, we're looking into Q4, it looks better in Q4. So we think it's transitory somewhat. We think that when you look at growth rates on a year-over-year basis from '24 to '25, again, I want to make sure everybody has their numbers right on '24 in particular.

現在，我們再次關注積壓業務，我們正在研究第四季度，第四季度的情況看起來會更好。所以我們認為這只是暫時的。我們認為，當你查看 2024 年至 2025 年的同比增長率時，我再次想確保每個人對 2024 年的數字都正確無誤。

Our '24 financials are not fully burdened for the full cost of being a public company. And when you make that adjustment and you look at where we're going this year versus last year, we're still confident in that previous guide from last quarter of roughly low double-digit growth year over year, okay? So I just want to make sure we're talking about the same comparisons. So that's kind of where we see it in Q3, more broadly into the end of Q4, Dave, and hopefully, that's clear.

我們的 24 年財務狀況並未完全承擔作為上市公司的全部成本。當你做出調整並對比今年與去年的走勢時，我們仍然對上一季的預測充滿信心，即同比增速大致保持在兩位數左右，對嗎？所以我只是想確保我們談論的是相同的比較。這就是我們在第三季看到的情況，更廣泛地說是在第四季末，戴夫，希望這是清楚的。

Thank you. We have reached the end of the question-and-answer session. I'll now turn the call back over to the management for closing remarks.

謝謝。問答環節已結束。現在我將把電話轉回給管理階層，請他們作最後發言。

Excellent. Well, thank you, everyone. I hope you appreciated this live performance and look forward to following up with you in the coming weeks. I hope everybody is enjoying summer, and we'll talk to you soon. Thanks.

出色的。好的，謝謝大家。我希望您喜歡這場現場表演，並期待在接下來的幾週內與您繼續合作。我希望大家都能享受夏天，​​我們很快就會和你們聊天。謝謝。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。