Flowco Holdings Inc. (FLOC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Flowco Holdings Inc.'s first quarter 2026 earnings 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. 2026 年第一季財報電話會議。今天的電話會議將進行錄音，我們已安排一小時用於管理層準備發言與問答。

At this time, I would like to turn the call over to Andrew Leonpacher, Vice President, Finance, Corporate Development, and Investor Relations at Flowco. Please go ahead.

此刻，我想把電話會議交給 Flowco 財務、企業發展與投資人關係副總裁 Andrew Leonpacher。請開始。

Good morning, everyone, and thanks for joining us to discuss 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.

各位早安，感謝各位參與我們討論 Flowco 第一季業績。在開始之前，我們提醒各位，本次電話會議可能包含前瞻性陳述。這些陳述受各種風險、不確定性與假設影響，可能導致我們的實際結果與這些陳述存在重大差異。

These risks, uncertainties and 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.

上述風險、不確定性與假設已在今早的新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中詳述，相關資料可於我們網站 ir.flowco-inc.com 查閱。除法律要求外，我們不承擔修訂或更新任何前瞻性陳述或資訊之義務。

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，我們也會提及某些非 GAAP 財務資訊。我們使用非 GAAP 指標，因為我們相信其能更準確反映本公司業務的真實營運表現與基本成果。呈列此等非 GAAP 財務資訊並非意圖使其被單獨考量，或作為依 GAAP 編製與呈列之財務資訊的替代。

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 are our President and Chief Executive Officer, Joe Bob Edwards; and our Chief Financial Officer, Jon Byers.

GAAP 與非 GAAP 指標之調節表可見於今早的新聞稿及我們的 SEC 申報文件。今天與我一同參與電話會議的還有：總裁兼執行長 Joe Bob Edwards，以及財務長 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.

在管理層準備發言結束後，我們將開放各位提問。接下來，我把電話會議交給 Joe Bob。

Thank you, Andrew. Good morning, everyone, and thank you for joining us today. I'll start today's call with a review of our first quarter performance and key operational highlights, followed by an update on how our recent acquisition of Valiant Artificial Lift Solutions is progressing after we closed the transaction in early March. Jon will then cover our financials, including segment performance and provide additional detail on capital allocation and on the balance sheet. I'll close with our perspective on the current market environment as well as our outlook for the next quarter.

謝謝你，Andrew。各位早安，感謝今天加入我們。我將先回顧第一季的表現與關鍵營運亮點，接著更新我們於 3 月初完成交易後，近期收購 Valiant Artificial Lift Solutions 的整合進展。之後 Jon 將說明財務表現，包括各事業部門績效，並就資本配置與資產負債表提供更多細節。最後，我將分享我們對當前市場環境的看法，以及對下一季的展望。

Flowco delivered a solid start to 2026 during the first quarter, generating adjusted EBITDA growth and consistent execution across both operating segments. We generated $85.5 million of adjusted EBITDA during the quarter, at the upper end of our guidance range. We sustained our industry-leading margins, driven by the strength of our rental platform and modest sequential improvement in gross margins quarter-over-quarter.

Flowco 在第一季為 2026 年帶來穩健開局，調整後 EBITDA 成長，且兩大營運事業部門皆持續穩定執行。本季我們創造 8,550 萬美元的調整後 EBITDA，位於我們財測區間的上緣。在租賃平台的強勁帶動下，我們維持業界領先的利潤率，且毛利率較前一季小幅改善。

During the first quarter, we generated $52 million of free cash flow, enabling us to reduce debt while continuing to return capital to shareholders through dividends and share repurchases. Pro forma for the Valiant transaction, we remain conservatively leveraged with ample liquidity to continue executing on our strategic priorities.

第一季我們創造 5,200 萬美元的自由現金流，使我們得以在持續透過股利與庫藏股回購回饋股東的同時，降低負債。以 Valiant 交易的備考基礎來看，我們仍維持審慎的槓桿水準，並具備充足流動性以持續推進策略重點。

Turning to operational performance. Our rental platform continued to build momentum during the quarter. Rental revenues increased approximately 9% sequentially, driven by steady demand across our surface equipment and vapor recovery rental solutions as well as our newly added ESP offering acquired with Valiant. Customers continue to adopt these technologies to maximize production and optimized returns across the life cycle of the well. Spending a moment on each.

接著談營運表現。我們的租賃平台在本季持續累積動能。租賃營收較前一季約成長 9%，主要受惠於地面設備與蒸氣回收租賃解決方案的穩健需求，以及隨 Valiant 併購新增的 ESP 產品。客戶持續採用這些技術，以在油井全生命週期中最大化產量並優化報酬。我將分別簡要說明。

Within surface equipment and in particular, high-pressure gas lift, we are seeing incremental demand in the early part of the year as operators increasingly deploy this technology to accelerate production in a constructive commodity price environment. Given its high uptime and ability to operate efficiently at elevated GORs, HPGL enables operators to bring on production earlier and sustain higher output, ultimately improving well-level economics.

在地面設備方面，特別是高壓氣舉（HPGL），我們在年初看到需求增量，因為在具建設性的商品價格環境下，營運商愈來愈多部署此技術以加速投產。由於其高開機率，且能在較高氣油比（GOR）下高效率運作，HPGL 使營運商能更早導入產量並維持較高產出，最終改善單井經濟效益。

Our vapor recovery units are becoming increasingly ubiquitous in pad development as operators use this capital-efficient solution to capture and monetize gas that would otherwise be vented or flared, thereby turning emissions into incremental revenue with minimal additional investment. Importantly, these captured vapors include not just methane.

我們的蒸氣回收裝置（VRU）在井場（pad）開發中愈發普及，營運商使用此具資本效率的解決方案，捕捉並變現原本會被排放或燃燒的天然氣，從而以極少的額外投資將排放轉化為增量收入。重要的是，這些被捕捉的蒸氣不僅包含甲烷。

But also the heavier hydrocarbons that are significantly more valuable, often resulting in gas stream values multiple times higher than dry gas, particularly in the current NGL pricing environment. As announced in March, we completed the acquisition of Valiant Artificial Lift Solutions, a leading pure-play provider of ESP systems with an established Permian Basin presence.

也包含價值顯著更高的較重烴類，往往使氣流價值達到乾氣的數倍，尤其在目前的 NGL（天然氣液）定價環境下更是如此。如同我們於 3 月宣布的，我們已完成收購 Valiant Artificial Lift Solutions，該公司為 ESP 系統的領先純粹型供應商，並在二疊紀盆地（Permian Basin）擁有既有布局。

This transaction expands our capabilities into the largest addressable segment of the artificial lift market, allowing us to offer ESPs where they are the optimal solution for a given well. Valiant performed slightly ahead of expectations in March and the integration is off to a very strong start. We are encouraged by the early alignment across the organization as we begin to identify incremental opportunities from the combination. Let me highlight two early examples.

此交易將我們的能力擴展至人工舉升市場中可服務規模最大的區隔，使我們能在特定油井以 ESP 作為最佳解決方案時提供 ESP。Valiant 在 3 月的表現略優於預期，整合也有非常強勁的開局。隨著我們開始辨識合併所帶來的增量機會，我們對組織內部的早期協同一致感到鼓舞。我舉兩個初步例子。

First, the Valiant team is now utilizing Flowco's in-house ESP cable installation capabilities, reducing reliance on third-party providers. Second, we are leveraging insights from ESPs on Valiant's well monitoring platform, Optimus, to better identify follow-on gas lift candidates as wells mature and become better suited for alternative forms of lift. Opportunities like these give me confidence in our ability to drive significant revenue synergies as we integrate Valiant's operations with ours.

第一，Valiant 團隊目前正使用 Flowco 內部的 ESP 電纜安裝能力，降低對第三方供應商的依賴。第二，我們正運用 Valiant 井況監測平台 Optimus 上的 ESP 洞見，更好地辨識後續氣舉的潛在井，因為隨著油井成熟，可能更適合採用其他舉升方式。這類機會讓我對我們在整合 Valiant 與我們的營運時，能夠推動顯著營收綜效充滿信心。

Across all three of these rental-oriented product lines, HPGL, VRU, and ESP, rental revenue is largely contracted and recurring in nature, supporting strong visibility and consistency in our financial profile. As a company, rental revenue represented nearly 60% of total revenue during the quarter. Shifting to product sales.

在這三條以租賃為導向的產品線——HPGL、VRU 與 ESP——租賃營收多為合約化且具經常性，支撐我們財務輪廓的高度可見度與一致性。以公司整體而言，本季租賃營收約占總營收近 60%。接著談產品銷售。

We delivered another solid quarter with sequential growth driven by performance within our downhole components offerings. Within Natural Gas Technologies, we saw consistent demand in vapor recovery sales as well as third-party sales and natural gas systems. Our sales-focused businesses remain a key contributor to free cash flow given their minimal incremental capital requirements quarter-over-quarter. Overall,

我們再度交出穩健的一季，受惠於井下零組件產品的表現，帶動營收較前一季成長。在天然氣技術（Natural Gas Technologies）方面，我們看到蒸氣回收銷售、第三方銷售以及天然氣系統的需求保持穩定。由於相較前一季所需的增量資本支出極少，我們以銷售為主的業務仍是自由現金流的重要貢獻來源。整體而言，

I'm very pleased with how the team executed during the first quarter. We delivered disciplined results, generated strong levels of free cash flow while returning capital to shareholders.

我對團隊在第一季的執行表現非常滿意。我們交出紀律性的成果，創造強勁的自由現金流，同時回饋股東資本。

And we successfully closed on the Valiant acquisition. We are very well positioned to build on this momentum as we move through 2026. And with that, I'll turn it over to Jon.

並且成功完成 Valiant 的收購案。隨著我們邁入 2026 年，我們已具備非常有利的定位，可在此動能基礎上持續推進。接下來，我把時間交給 Jon。

Thanks, Joe Bob. Turning to our financials. First quarter performance was at the higher end of our guidance range, driven by ongoing expansion in our high-margin rental business and one month of contribution from Valiant. Total revenue increased 6% sequentially to $209 million, primarily driven by growth within Production Solutions. Building on this revenue growth and supported by margins underpinned by our high-return rental model, adjusted EBITDA increased by $2 million quarter-over-quarter.

謝謝你，Joe Bob。接著談我們的財務表現。第一季表現落在我們指引區間的高端，主要受惠於我們高毛利租賃業務的持續擴張，以及 Valiant 貢獻了一個月的業績。總營收較前一季成長 6% 至 2.09 億美元，主要由 Production Solutions 的成長所帶動。在此營收成長基礎上，並在我們高報酬租賃模式所支撐的利潤率支持下，調整後 EBITDA 較前一季增加 200 萬美元。

As Joe Bob mentioned, we maintained our industry-leading margins in the quarter, achieving adjusted EBITDA margins of 40.8%, even while absorbing some incremental corporate costs in the quarter, which I'll touch on later. This performance reflects disciplined execution and strong operating leverage as customers continue to recognize the value of our differentiated solutions.

如同 Joe Bob 提到的，我們在本季維持了業界領先的利潤率，調整後 EBITDA 利潤率達 40.8%，即便本季吸收了一些額外的公司層級成本，我稍後會說明。此表現反映出我們嚴謹的執行力與強勁的營運槓桿，因為客戶持續認可我們差異化解決方案的價值。

In our Production Solutions segment, first quarter revenue increased 10% sequentially to $140 million, while adjusted segment EBITDA increased approximately 7% to $61 million, driven by growth in Surface Equipment and the contribution from the Valiant acquisition. Within the segment, Valiant is now reflected in downhole components as our ESP offering. Adjusted segment EBITDA margins decreased 125 basis points quarter-over-quarter, primarily driven by a revenue mix shift towards downhole components following the inclusion of Valiant.

在我們的 Production Solutions 事業部門，第一季營收較前一季成長 10% 至 1.40 億美元，而調整後部門 EBITDA 約成長 7% 至 6,100 萬美元，主要由 Surface Equipment 的成長以及收購 Valiant 的貢獻所帶動。在該部門內，Valiant 現已納入井下元件（downhole components），作為我們的 ESP 產品提供。調整後部門 EBITDA 利潤率較前一季下降 125 個基點，主要因納入 Valiant 後，營收組合轉向井下元件所致。

In our Natural Gas Technologies segment, first quarter revenue was consistent with the prior quarter at $69 million, while adjusted segment EBITDA was also in line at approximately $30 million. The segment benefited from growth in vapor recovery rental revenue and increased sale of natural gas systems, which were offset by a modest decline in vapor recovery unit system sales quarter-over-quarter. Turning to corporate costs.

在我們的 Natural Gas Technologies 事業部門，第一季營收與前一季持平，為 6,900 萬美元，而調整後部門 EBITDA 亦大致持平，約為 3,000 萬美元。該部門受惠於蒸氣回收（vapor recovery）租賃營收成長，以及天然氣系統銷售增加，但被蒸氣回收裝置系統銷售較前一季小幅下滑所抵銷。接著談公司層級成本。

First quarter corporate expenses increased to $5.6 million from approximately $4 million in the prior quarter. This increase was driven by incremental filing and legal expenses associated with our S-3 filing on February 4, 2026, and subsequent secondary offering.

第一季公司費用由前一季約 400 萬美元增加至 560 萬美元。此增加主要來自我們於 2026 年 2 月 4 日提交 S-3 文件，以及後續次級發行所產生的額外申報與法律費用。

Costs we do not expect to recur on a regular basis. Looking to the remainder of 2026, we expect corporate expenses to normalize to approximately $5 million per quarter. Overall, consolidated first quarter adjusted EBITDA was $85.5 million, reflecting continued execution and the resilience of our operating model.

這些成本我們預期不會經常性重複發生。展望 2026 年剩餘期間，我們預期公司費用將回歸正常水準，約每季 500 萬美元。整體而言，合併第一季調整後 EBITDA 為 8,550 萬美元，反映我們持續的執行力以及營運模式的韌性。

In the first quarter, we invested $26 million of growth capital, primarily to expand our rental fleet across surface equipment and vapor recovery and our annualized adjusted return on capital employed for the quarter was approximately 18%. Looking to the remainder of 2026, our capital outlook is unchanged from last quarter, supporting meaningful free cash flow generation.

第一季我們投入 2,600 萬美元的成長資本，主要用於擴充我們在地面設備與蒸氣回收的租賃機隊，而本季年化調整後投入資本報酬率約為 18%。展望 2026 年剩餘期間，我們的資本展望與上季一致，將支持可觀的自由現金流產生。

We will continue to pace investment alongside customer activity, focusing on high-return opportunities. With a six-month lead time on our equipment, combined with our vertically integrated manufacturing model, we retain meaningful flexibility to adjust capital deployment as conditions evolve in the current market backdrop. On March 2, we closed the acquisition of Valiant Artificial Lift Solutions for approximately $200 million in total net consideration.

我們將持續依客戶活動節奏安排投資，聚焦於高報酬機會。由於我們設備交期為六個月，加上垂直整合的製造模式，我們仍保有相當的彈性，可隨著當前市場環境的變化調整資本投放。3 月 2 日，我們完成收購 Valiant Artificial Lift Solutions，總淨對價約 2 億美元。

Integration is progressing well with teams working closely across the organization to align operations, systems and commercial activities. Looking to the remainder of the year, we remain confident in Valiant's ability to generate approximately $52 million of adjusted EBITDA for the full year 2026, consistent with the expectations we previously outlined.

整合進展順利，各團隊在組織內緊密合作，以對齊營運、系統與商業活動。展望今年剩餘期間，我們仍有信心 Valiant 在 2026 全年可貢獻約 5,200 萬美元的調整後 EBITDA，與我們先前所說明的預期一致。

As integration progresses, our focus is on executing a disciplined plan to capture incremental revenue opportunities. And we have the capacity and flexibility to support additional activity as those opportunities develop. Turning to our balance sheet, liquidity, and capital allocation. We ended the quarter in a strong financial position and have continued to build on that momentum. As of May 1, 2026, we had $333 million of borrowings outstanding under our credit facility.

隨著整合推進，我們的重點在於執行一項嚴謹的計畫，以掌握額外的營收機會。而隨著這些機會發展，我們也具備能力與彈性來支援更多活動。接著談我們的資產負債表、流動性與資本配置。本季結束時，我們的財務狀況依然強健，並持續累積這股動能。截至 2026 年 5 月 1 日，我們在授信額度項下的借款餘額為 3.33 億美元。

With a borrowing base of $722 million, this represents approximately $388 million of available capacity. On a pro forma basis for the Valiant transaction, leverage remains at a conservative level below one times. Our balance sheet strength and cash flow profile provide flexibility for both reinvestment and shareholder returns. During the quarter, we utilized $16.5 million of cash flow to repurchase 780,000 shares in connection with the secondary offering by selling shareholders. As a related note, our average daily trading volume has more than doubled year-to-date following the secondary offering.

在借款基礎（borrowing base）為 7.22 億美元的情況下，這代表約 3.88 億美元的可用額度。以 Valiant 交易的備考（pro forma）基礎計算，槓桿水準仍保守，低於 1 倍。我們強健的資產負債表與現金流特性，為再投資與股東回饋提供彈性。本季我們運用 1,650 萬美元現金流，配合出售股東的次級發行回購 78 萬股。另外一點，我們的日均成交量在次級發行後，今年迄今已增加逾一倍。

And with our increased public ownership, we have emerged from controlled company status. Shifting to the dividend. On May 1, our Board of Directors unanimously approved a 12.5% increase to our cash dividend, raising the first quarter dividend to $0.09 per share. This decision reflects our confidence in our growing and sustainable free cash flow profile, which enables us to execute on our long-term growth plans while also returning capital to shareholders. In conclusion, we delivered a strong quarter with results at the high end of our adjusted EBITDA range.

隨著我們的公開持股比例提高，我們已不再屬於受控公司（controlled company）身分。接著談股利。5 月 1 日，我們董事會一致通過將現金股利提高 12.5%，使第一季股利提升至每股 0.09 美元。此決策反映我們對自由現金流持續成長且可持續的信心，使我們得以推動長期成長計畫，同時也將資本回饋給股東。總結而言，我們交出強勁的一季，結果落在我們調整後 EBITDA 區間的高端。

We've entered 2026 with a durable earnings foundation and strong cash flow generation, supported by our positioning within production optimization and a constructive market environment. Back to you, Joe Bob.

我們以穩健的獲利基礎與強勁的現金流產生能力進入 2026 年，並受惠於我們在產量最佳化（production optimization）領域的定位以及建設性的市場環境。交還給你，Joe Bob。

Thanks, Jon. Let's turn now to the market outlook. Recent geopolitical and military developments in the Middle East have heightened the world's focus on energy security and have reinforced the need for reliable, diversified sources of supply to satisfy energy demand. With the Strait of Hormuz closed and the US Navy blockading Iranian oil exports, industry experts estimate that approximately 10% of global crude oil supply and 20% of global LNG supply is effectively offline.

謝謝你，Jon。現在我們來談市場展望。近期中東地緣政治與軍事情勢的發展，使全球更加關注能源安全，並強化了對可靠且多元供應來源以滿足能源需求的必要性。在荷莫茲海峽（Strait of Hormuz）關閉、且美國海軍封鎖伊朗原油出口的情況下，產業專家估計約有全球 10% 的原油供應與 20% 的全球 LNG 供應實質上處於停擺狀態。

Emergency inventories are being depleted at a rapid rate. Approximately 60 days into this conflict, industry sources estimate that up to 15% of strategic petroleum reserves globally have been consumed to satisfy this supply disruption. And the longer this conflict endures, the tighter the supply chains that rely on this supply will become.

緊急庫存正以極快速度被消耗。在這場衝突進入約 60 天之際，產業消息來源估計，為因應此供應中斷，全球戰略石油儲備（strategic petroleum reserves）中多達 15% 已被動用。而這場衝突持續越久，依賴該供應的供應鏈將變得越緊繃。

Of course, we are all hoping for a swift conclusion to the current situation. But whatever the new normal looks like on the other side of this conflict, we believe the world will increasingly look to North America to produce the most reliable and secure energy to drive economic activity.

當然，我們都希望目前情勢能迅速落幕。但無論衝突結束後的新常態會是什麼樣子，我們相信全球將愈來愈倚重北美來生產最可靠、最安全的能源，以推動經濟活動。

So with that backdrop, what are we hearing from our customers? As others have reported, we are not seeing material activity increases as of yet. Rather, those with access to short-cycle opportunities to increase production, thereby taking advantage of today's improved pricing environment are selectively pursuing high-return investments. More broadly, though, our customers are increasingly focused on existing production. How do I optimize what I'm currently operating?

在這樣的背景下，我們從客戶那裡聽到什麼？如同其他人所報告的，我們目前尚未看到實質的活動增加。相反地，那些能取得短週期機會以提高產量、從而把握當前改善的價格環境的客戶，正選擇性地進行高報酬投資。更廣泛而言，我們的客戶正愈來愈聚焦於既有產量。我該如何最佳化我目前正在營運的資產？

How do I improve recovery factors? How can I manage my artificial lift system more efficiently to drive more production? Flowco's product and service offerings sit at the epicenter of these conversations. And I would expect us to contribute meaningfully to our customer success over the coming quarters. Against this backdrop, we are forecasting another quarter of profitable growth in the second quarter of 2026 with adjusted EBITDA expected to be in the range of $93 million to $97 million.

我該如何提高採收率？我該如何更有效率地管理我的人工舉升系統，以帶動更多產量？Flowco 的產品與服務供應正處於這些對話的核心。我也預期我們在未來幾個季度將能對客戶的成功做出實質貢獻。在此背景下，我們預測 2026 年第二季將再度實現獲利性成長，調整後 EBITDA 預計落在 9,300 萬至 9,700 萬美元區間。

We will benefit from a full quarter of contribution from Valiant. And we anticipate continued growth across our surface equipment and vapor recovery rental businesses. We remain focused on building our position as a leading provider of production optimization solutions for our customers. The addition of Valiant significantly strengthens our platform. Throughout the balance of 2026, we expect to identify additional revenue synergy opportunities as we integrate our commercial efforts.

我們將受惠於 Valiant 全季度的貢獻。同時，我們預期地面設備與蒸氣回收租賃業務將持續成長。我們仍專注於鞏固我們作為客戶生產最佳化解決方案領先供應商的地位。Valiant 的加入顯著強化了我們的平台。在 2026 年剩餘期間，隨著我們整合商務推進工作，我們預期將辨識出更多營收協同機會。

And of course, we will continue to look for creative and accretive ways to round out our product portfolio as we strive to deliver on our aim to offer our customers the right solution in each well every time. With that, I'll turn it back to the operator for Q&A.

當然，我們也將持續尋找具創意且具增益性的方式來完善產品組合，努力實現我們的目標：每一口井、每一次都能為客戶提供正確的解決方案。接下來我把時間交回主持人進行問答。

(Operator Instructions)

(主持人指示)

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

Hey, good morning, guys. So I totally appreciate you're not necessarily seeing material activity increases as of yet. But obviously, we've had a lot of news flow over the last couple of days, players like Diamondback given the green light, Conoco adding another rig.

各位早安。我完全理解你們目前未必看到活動量有實質增加。但很明顯，過去幾天新聞很多，像 Diamondback 已獲得開綠燈、Conoco 也新增了一座鑽機。

So maybe just if you can help us understand the opportunity set as we work through the year, that call on short-cycle barrels, your ability to optimize production for your big customers. So how do you think about that when you're looking out, especially when we're hearing some of these larger E&Ps, the publics coming back to work along with the privates?

所以也許請你們協助我們理解今年推進過程中的機會集合：對短週期桶數的需求、以及你們為大型客戶最佳化產量的能力。當你們展望未來時，尤其我們聽到一些較大型的 E&P（上市公司）以及民營業者都開始回到現場作業，你們會如何看待這件事？

Yes, Derek, certainly, you've nailed it. Some of the larger and more nimble companies are starting to get -- to increase activity. And those are green shoots for us. As you know, our production-oriented business will follow incremental rig activity, incremental frac spread deployment. Companies that are accessing their DUC inventory to turn wells in line more aggressively to take advantage of this environment.

是的，Derek，確實，你說得很到位。一些規模較大且更靈活的公司正開始提高活動量。這對我們而言是正向的早期訊號。如你所知，我們以生產為導向的業務會跟隨鑽機活動的增量、以及壓裂隊（frac spread）部署的增量。一些公司正在動用其 DUC 庫存，更積極地讓油井投產，以把握目前的環境。

All that is beneficial for us. So when we say we're not seeing material activity increases as of yet, we're certainly seeing the early days of what we think is sustained higher activity, which will drive business for us. I think it's a back half of the year kind of phenomenon for us and shaping up for a very strong 2027.

這些對我們都有利。因此，當我們說目前尚未看到活動量有實質增加時，我們確實正在看到我們認為可持續的較高活動量的早期階段，這將帶動我們的業務。我認為對我們而言這更像是下半年才會顯現的現象，並且正朝著 2027 年非常強勁的態勢發展。

That's helpful. And then maybe switching to VRUs. I mean, very interesting comments as far as how the VRU side can also benefit from more of this call on short cycle just given the elevated commodity price, especially NGL versus dry gas. Anything to read into as far as more rentals for VRUs versus more sales? I think that was one of your initial investment thesis where you wanted more of the rental market to pick up versus sales. But is this just an in-quarter phenomenon?

這很有幫助。接著也許轉到 VRU。你們提到 VRU 端也能受惠於短週期需求，考量到商品價格偏高，尤其是 NGL 相對於乾氣，這些評論很有意思。在 VRU 方面，是否能解讀為租賃會多於銷售？我記得你們最初的投資論點之一，是希望租賃市場的成長能高於銷售。但這只是單一季度的現象嗎？

Is this just more idiosyncratic to this quarter? How should we think about VRU, the rental versus sales mix as we move through the remainder of the year and into '27?

這是否只是本季較為特殊的情況？在今年剩餘時間以及進入 2027 年時，我們應如何看待 VRU 的租賃與銷售組合？

Yes. Listen, on VRU, we are listening to our customers' preferences and through commercial activities on our end. We are incentivizing them to rent more than they buy. But look, certain customers like to have these assets as a permanent installation in their production infrastructure. So if customers would like to buy them and rely on our aftermarket and our technology to help run them as an owned asset on their balance sheet, we'll certainly go that way as well.

是的。聽著，關於 VRU，我們會傾聽客戶的偏好，並透過我們端的商務活動來推動。我們會激勵客戶以租賃多於購買。但你看，有些客戶喜歡把這些資產作為其生產基礎設施中的永久性安裝。因此，如果客戶希望購買，並依賴我們的售後服務與技術來協助其以資產負債表上的自有資產方式運行，我們當然也會朝那個方向配合。

But we do see incremental demand for more rental units. Customers like the ability to size down the units over time as the pad matures. And so as you know, we've got every size of VRU imaginable. So we can work with customers along the way with rental terms that incentivize them to size these units down over time. But yes, we're seeing incremental rental demand from customers.

不過，我們確實看到對更多租賃機組的增量需求。客戶喜歡隨著井場（pad）成熟，能夠逐步縮小機組規格的彈性。如你所知，我們擁有各種想得到的 VRU 規格尺寸。因此，我們可以在合作過程中，透過租賃條款來激勵客戶隨時間逐步縮小這些機組。但沒錯，我們正看到客戶對租賃的增量需求。

I think you'll see that reflected in our CapEx estimates for the rest of the year.

我想你會在我們今年剩餘時間的資本支出（CapEx）預估中看到這點反映。

Got it. Very helpful. Appreciate the color. I'll turn it back.

了解。非常有幫助。感謝補充說明。我把時間交回去。

Thanks, Derek.

謝謝你，Derek。

Arun Jayaram, JPMorgan.

Arun Jayaram，JPMorgan。

Yeah. Good morning, gentlemen. Joe, I was wondering if you could and Jon could maybe characterize kind of the growth opportunities you see over the balance of the year in natural gas technologies and perhaps compare and contrast that to what you're seeing on the Production Solutions side.

是的。各位早安。Joe，我想請問你以及 Jon 是否可以概述一下，你們在今年剩餘期間於天然氣技術方面看到的成長機會，並且或許與你們在 Production Solutions 端看到的情況做個比較與對照？

Yes, Arun, thanks for the question. I'll start in reverse order on the Production Solutions side. With the acquisition of Valiant, we now are having much more constructive conversations with customers around the right lift solution for the early stage of a well's life as newly completed wells get turned online. There are really only two choices that an oil company has. You can produce that well with a high-pressure gas lift system or with an ESP.

是的，Arun，謝謝你的問題。我先從 Production Solutions 端、以相反順序開始談。隨著收購 Valiant，我們現在能與客戶就油井生命週期早期階段的正確舉升解決方案，進行更具建設性的對話，特別是新完井的油井開始上線投產時。對於石油公司而言，基本上只有兩種選擇。你可以用高壓氣舉系統來生產該口井，或是使用 ESP（電潛泵）。

And we've got both. So I would anticipate to the extent CapEx may be biased to the upside in this environment, I would anticipate those dollars flowing into our highest return investment opportunities, which are high-pressure gas lift and ESP. So I think that's going to be the priority for us is to look for ways to deploy incremental capital there. On the NGT side, mainly our vapor recovery offering, it's steadier. As I just said in Derek's question, we are incentivizing customers to rent more than to buy.

而我們兩者都有。因此，我預期在此環境下，若資本支出（CapEx）可能偏向上行，我預期這些資金會流向我們報酬率最高的投資機會，也就是高壓氣舉與 ESP。所以我認為我們的優先事項，將是尋找在那裡部署增量資本的方法。在 NGT 端，主要是我們的蒸氣回收產品，表現較為穩健。如我剛才在回答 Derek 的問題時所說，我們正激勵客戶以租賃多於購買。

And so yes, we'll see incremental demand there, but it's going to be a little steadier, a little later stage. But yes, we're very pleased with the market backdrop setting up for an incremental investment from us throughout the balance of the year.

因此，是的，我們會看到那裡的增量需求，但會更穩健一些、也更偏後期階段。不過，是的，我們對市場背景感到非常滿意，這正為我們在今年剩餘期間進行增量投資做好鋪陳。

Great. And my follow-up is just your thoughts on scaling your business opportunities within the Valiant assets, ESPs. Jon, you guys reiterated your outlook for, call it, $52 million of annualized EBITDA from there. But Joe Bob did mention that things were trending perhaps a little bit better than you expected in March.

很好。我的追問是，你們對於在 Valiant 資產、也就是 ESP 方面擴大業務機會的看法。Jon，你們重申了那邊的展望，約為年化 5,200 萬美元的 EBITDA。但 Joe Bob 確實提到，情況在 3 月時的趨勢可能比你們預期的還要好一些。

But just wanted to talk about the scale because you did mention on the last call that the supply chain is a little bit longer than what you're seeing on the HPGL side. And maybe just an updated thought on CapEx because I think last quarter, you highlighted $115 million of CapEx for the full year.

不過我只是想談一下規模，因為你在上一次電話會議中確實提到，供應鏈比你在 HPGL 這邊看到的要稍微長一些。另外也想請你更新一下對資本支出（CapEx）的看法，因為我記得上季你提到全年 CapEx 為 1.15 億美元。

But I don't think you gave us an estimate on CapEx related to Valiant.

但我不認為你有給我們與 Valiant 相關的 CapEx 估計。

That's right. That $115 million did not include Valiant. For Valiant, we're expecting around $20 million to $25 million in incremental CapEx over the 10 months that we'll own it in the course of the year.

沒錯。那 1.15 億美元不包含 Valiant。就 Valiant 而言，我們預期在今年我們持有它的 10 個月期間，將增加約 2,000 萬到 2,500 萬美元的增量 CapEx。

And Jon, just thoughts on scaling that business.

Jon，另外想聽聽你對擴大那項業務規模的看法。

Yes. Arun, look, we are very optimistic. And I tried to convey this in our prepared remarks. This is a revenue synergy story. We're seeing some very early, very positive indications that we're going to be able to grow that business with customer overlap.

是的。Arun，你看，我們非常樂觀。我也試著在我們的準備稿中傳達這點。這是一個營收協同的故事。我們已經看到一些非常早期、非常正面的跡象，顯示我們能透過客戶重疊來成長那項業務。

And I'll highlight really two key areas there. Valiant's customer base consists of about 30 to 35 customers, Flowco's customer base more broadly consists of over 300 customers. In high-pressure gas lift alone, we work for over 65 individual oil companies.

我想特別強調兩個關鍵面向。Valiant 的客戶基礎大約是 30 到 35 家客戶，而 Flowco 更廣泛的客戶基礎則超過 300 家。僅在高壓氣舉（high-pressure gas lift）方面，我們就為超過 65 家不同的石油公司提供服務。

So you can understand the playbook when we say we're going to approach key accounts with a truly agnostic offering, whereas before, we were trying to convince customers for every one of their newly drilled and completed wells to use a high-pressure gas lift system. Now we can go in and actually be more thoughtful about the right solution for that well.

所以你可以理解我們所說的作戰手冊：我們將以真正中立（agnostic）的方案去切入關鍵客戶；而在過去，我們是試圖說服客戶，讓他們每一口新鑽完並完井的井都使用高壓氣舉系統。現在我們可以進去，對那口井的正確解決方案做更周全的判斷。

So that's sort of point one. And then point 2, it can't be emphasized enough. After you have a high-pressure gas lift system or now an ESP in a well for a period of time, call it, anywhere from one to three years, that well has to be handed over to another form of lift.

這是第一點。第二點也再怎麼強調都不為過。當一口井使用高壓氣舉系統，或現在使用 ESP 一段時間後——大概一到三年——那口井就必須交接到另一種舉升方式。

And now that we have the ESP data that we're collecting every day in our proprietary digital technology that we can monitor remotely well conditions with each of the ESPs that we have in the well. We can get ahead of well handovers, failures that occur when a well gets out of spec for an ESP production.

而現在我們每天都在我們自有的數位技術中收集 ESP 數據，並且可以遠端監控每一套井內 ESP 的井況。我們就能提前掌握井的交接時點，以及當井況偏離 ESP 產能規格時可能發生的故障。

So we can be in a customer's office proactively with a gas lift solution or a plunger lift solution before a well goes down, before that customer goes out for bid on the well for the next phase. So that's a synergy opportunity that I think very few can have. And we're unlocking with the Valiant acquisition and our disciplined integration efforts.

因此，在井停產之前、在客戶針對下一階段對該井進行招標之前，我們就能主動到客戶辦公室提出氣舉方案或柱塞舉升（plunger lift）方案。所以我認為這是一個很少有人能擁有的協同機會。而我們正透過收購 Valiant 以及嚴謹的整合工作，把這個機會釋放出來。

Great. Thanks, gentlemen.

很好。謝謝各位。

Phillip Jungwirth, BMO Capital Markets.

BMO Capital Markets 的 Phillip Jungwirth。

Thanks. Good morning. When you talk about rounding out the product portfolio, could this at all involve going deeper into ESPs just given how large a market it is? Or are we more talking about unrelated production optimization areas that you're not currently in? And just the creative comment, was that meant to imply that you could look at avenues beyond just normal M&A?

謝謝。早安。當你談到補齊產品組合時，鑑於 ESP 市場規模很大，這是否可能包含更深入布局 ESP？還是說你們更多是在談目前尚未涉足、與之不直接相關的產量優化領域？另外關於你提到的「更有創意」的評論，是否意指你們可能會考慮不僅限於一般併購（M&A）的其他途徑？

Phil, yes. We're -- we have a very active M&A pipeline, as you would expect. And I would hope that we can have the stars aligned on incremental M&A throughout the balance of this year and heading into 2027. We're in most every form of artificial lift. We are missing a couple of specific products that we've been pretty candid.

Phil，是的。我們——如你所預期——有一條非常活躍的併購管線。我也希望在今年剩餘時間以及邁向 2027 年期間，能在增量併購上天時地利人和。我們幾乎涵蓋各種人工舉升形式。我們確實還缺少幾個特定產品，這點我們也一直相當坦率。

We'd love to add to the portfolio. And there are some complementary services that go along with artificial lift that we evaluate similarly. What are adjacent to the lift systems that we are selling to our clients? What else does the customer procure as they think about the optimum lift solution for a well? So yes, we're evaluating how to enter these adjacencies, both organically and inorganically.

我們很希望把它們納入產品組合。另外也有一些與人工舉升相輔相成的服務，我們也以類似方式評估。哪些是與我們賣給客戶的舉升系統相鄰的領域？當客戶思考一口井的最佳舉升方案時，還會採購哪些東西？所以是的，我們正在評估如何以有機與非有機方式進入這些相鄰領域。

Obviously, the easiest way is to buy a business that is already in those markets that comes with a group of people and a management team and a built-in book of business from clients. But we certainly are not afraid of standing something up from scratch. So we're going to continue to listen to our customers of what they are looking to us to do for them and try to add value as we look at our M&A pipeline and our organic efforts as well.

顯然，最容易的方式是收購一家已在那些市場中的企業，並同時取得一群人才、管理團隊，以及來自客戶的既有業務量。但我們也絕不害怕從零開始建立一個事業。因此，我們會持續傾聽客戶希望我們為他們做什麼，並在檢視併購管線與有機投入時，努力創造價值。

Okay, great. And then Flowco was never really impacted by tariffs, but I believe Valiant was as an ESP provider. Just curious what's the ability to recoup any past payments here? And if so, what's that process look like?

好的，很棒。另外，Flowco 其實從未真正受到關稅影響，但我相信 Valiant 作為 ESP 供應商曾受到影響。想請教你們追回過去已支付款項的能力如何？如果可以，流程大概是什麼樣子？

Yes. There is an opportunity to recoup the tariffs. That's a process that's underway. The portal, I believe, is open. And so we're in the process of trying to recoup those tariffs.

是的。確實有機會追回關稅。這個流程正在進行中。我相信申請入口（portal）已經開放。因此我們正在嘗試追回那些關稅。

Some of those may end up going back to customers. We'll see. But right now, the process is still a little bit murky. So time will tell on that.

其中一部分可能最後會回饋給客戶。我們再看看。但目前流程仍有些不明朗。所以還要看後續發展。

Keith Beckmann, Pickering Energy Partners.

Pickering Energy Partners 的 Keith Beckmann。

Hey, thanks for taking my questions, guys.

嘿，謝謝你們回答我的問題，各位。

Hey, Keith.

嘿，Keith。

I wanted to ask, you kind of talked about the rental nature of high-pressure gas lift, VRU, and ESP. I mean, obviously, ESP and high-pressure gas lift go on the wells for a little while. I wanted to get a sense of maybe is there a typical or average contract term length for kind of each of those three between high-pressure gas lift, VRU, and ESP? Just trying to get a better sense on how the contract terms work there for the rentals.

我想問一下，你們有談到高壓氣舉、VRU 和 ESP 的租賃性質。我的意思是，顯然 ESP 和高壓氣舉會在井上使用一段時間。我想了解一下，在高壓氣舉、VRU 與 ESP 這三者之間，各自是否有典型或平均的合約期限？只是想更清楚了解這些租賃的合約條款是怎麼運作的。

Yes, Keith, it's all over the map, candidly. Customers on each of those have their own objectives they're trying to solve and it's complicated. So there's not a one size fits all. On the high-pressure gas lift product line, some customers are shorter term in nature. Some are multi-years.

是的，Keith，坦白說差異非常大。每一類產品的客戶都有各自想解決的目標，而且情況很複雜。所以沒有一體適用的標準。在高壓氣舉產品線方面，有些客戶偏短期。有些則是多年期。

On the VRU, it's a shorter term by intent. We want to work with customers on the sizing down project that I described earlier. So a shorter-term contract is desired there. But we've done some extensive analytics, as you would expect. And the average time on location for a given VRU extends well beyond what the contract term is.

就 VRU 而言，這本來就是刻意設定為較短的合約期限。我們希望與客戶就我先前提到的縮小規模專案合作。因此那裡會希望採用較短期的合約。不過我們也做了相當深入的分析，這也符合你的預期。而某一套 VRU 在現場的平均使用時間，實際上遠遠超過合約期限。

And then for ESPs, look, it's even more complicated. Some customers prefer to own their fleet of ESPs. They view it as a CapEx item. Some prefer to rent and some prefer a hybrid model where they rent the surface drive unit that helps power the ESP and they buy the downhole. So hard to give you a one-size-fits-all answer. It's a pretty dynamic commercial model.

至於 ESP，坦白說就更複雜了。有些客戶偏好擁有自己的 ESP 設備隊。他們把它視為資本支出（CapEx）項目。有些客戶偏好租賃，也有些偏好混合模式：他們租用用來驅動 ESP 的地面驅動單元，但井下部分則自行購買。所以很難給你一個放諸四海皆準的答案。這是一個相當動態的商業模式。

No, that's really helpful. I appreciate it. Then my second question I wanted to ask was just around the really strong free cash flow quarter. How should we kind of be thinking about free cash flow conversion for EBITDA through the rest of the year, obviously, as potentially increased CapEx with things getting stronger here in the back half of the year?

不，這真的很有幫助。謝謝你。那我第二個問題想問的是，關於本季非常強勁的自由現金流。在今年剩餘時間裡，尤其是下半年景氣可能轉強、資本支出（CapEx）可能增加的情況下，我們應該如何看待 EBITDA 轉換為自由現金流的比率？

That's right. I think with $25 million of -- or $26 million of CapEx in the quarter, you can do the math and see that we expect to ramp into Q2 and Q3. So obviously, that's going to have an impact on free cash flow. Second, even though we added Valiant, that added about $50 million of working capital, the underlying kind of pre-Valiant business actually had a reduction in working capital that we don't think is sustainable into Q2.

沒錯。我想以本季 2,500 萬美元——或 2,600 萬美元的資本支出（CapEx）來看，你可以自己算一下，會看到我們預期在第二季與第三季會逐步拉升。所以很明顯，這會對自由現金流造成影響。第二，即使我們併入了 Valiant，這帶來了約 5,000 萬美元的營運資金增加，但在不含 Valiant 的既有業務層面，營運資金其實是下降的，而我們認為這種情況不太可能延續到第二季。

We'll see some of that come back. So I think we would expect to see free cash flow moderate a little bit in Q2.

我們會看到其中一部分回升。所以我想我們預期第二季自由現金流會稍微降溫一些。

Perfect. Really appreciate it. I'll turn it back, guys.

太好了。非常感謝。我把時間交還給各位。

John Daniel, Daniel Energy Partners.

John Daniel，Daniel Energy Partners。

Good morning, Joe and John. Thanks for letting me ask a question. As the market begins to inflect here, can you guys just speak to how that impacts your pricing strategies over the next several quarters?

早安，Joe 和 John。謝謝讓我提問。隨著市場在此開始出現拐點，你們能否談談這會如何影響你們未來幾季的定價策略？

Yes. Good question, John. Listen, we've -- being in the production phase, we're not subject to the big swings in utilization and the supply-demand imbalances that come with businesses that are levered to drilling and completion like rigs or frac spreads, right? So we don't suffer the pricing decreases on the way down. And we don't get the benefit as much on pricing increases on the way up.

可以。好問題，John。聽著，我們——由於我們處於生產階段，我們不會像那些與鑽井與完井高度連動的業務（例如鑽機或壓裂車隊）那樣，受到利用率大幅波動以及供需失衡的影響，對吧？所以在景氣下行時，我們不會承受那種價格下滑。而在景氣上行時，我們也不會那麼明顯地受惠於價格上漲。

It's much, much more stable. So we would anticipate pricing to be pretty consistent with where we've been. We will, of course, look for ways to drive price where we can, where we can still be constructive with our customer base. But I wouldn't say that pricing on any particular one of our products is going to be a particular driver for the back half of this year.

整體要穩定得多。因此我們預期定價會大致維持在我們一直以來的水準。當然，我們會尋找可行的方式在可推動之處推動價格，同時仍能與客戶群保持建設性的合作關係。但我不會說，今年下半年我們任何一項產品的定價會成為特別主要的驅動因素。

Fair enough. And then going back to the growth opportunities from an organic perspective. If you were to feed some money to some guys to go start up something new, Joe Bob, like how much grace period will you give them to get it going? Like what's an expectation for time?

了解。再回到有機成長的機會。如果你要撥一些資金給一些人去啟動一個新項目，Joe Bob，你會給他們多長的寬限期讓它運轉起來？對時間的期待大概是什麼？

Yes, it's a good question. Within a business of our size and given the focus that we have and the discipline we have around free cash flow generation, John, the answer is very little. We want something to be immediately accretive to both earnings, free cash flow and returns. So if we don't see an immediate path to something earning its keep, we're likely not even going to hit the go button.

是的，這是個好問題。以我們這樣的公司規模，加上我們對自由現金流產生的重視與紀律，John，答案是：非常短。我們希望它能立刻對獲利、自由現金流以及報酬率都有增益。所以如果我們看不到一條能立即讓它自給自足、創造價值的路徑，我們很可能連啟動鍵都不會按下去。

That's all I got. Thanks for having me.

我就這些。謝謝讓我參與。

(Operator Instructions)

（接線員指示）

Jeff LeBlanc, TPH.

Jeff LeBlanc，TPH。

You referenced the increased interest in artificial lift. But can you talk about regional trends and how prominent outside of the Permian?

你提到對人工舉升的興趣增加。但你能談談各地區的趨勢，以及在二疊紀盆地（Permian）以外的普及程度嗎？

Yes, Jeff, you're a little faint on your question. I think you were asking about regional trends on specific lift techniques across the US onshore, not just the Permian. Is that right?

好的，Jeff，你的問題聲音有點小。我想你是在問，美國陸上各地區在特定舉升技術上的區域趨勢，而不只是二疊紀盆地。是這樣嗎？

Well, more broadly, just the inflection in demand and activity outside of the Permian specifically.

嗯，更廣泛地說，就是二疊紀盆地以外，需求與活動的拐點情況。

Got it. So look, I think you'll see it in some of the oilier basins, okay, the Bakken, South Texas, parts of the DJ. But everything is dwarfed by the Permian, as you know. It produces half of the barrels that come out of the US It's where most of the short-cycle inventory is located.

了解。所以你看，我認為你會在一些含油比重較高的盆地看到，例如巴肯（Bakken）、南德州、以及 DJ 盆地的部分地區。但如你所知，一切都被二疊紀盆地的規模比下去了。它產出美國一半的原油產量，而且大多數短週期庫存都集中在那裡。

So I think you'll see the vast bulk of activity increases there. But the other basins, I think, will -- they'll be there as well. But I think most of what we are seeing is going to be bound for Texas and New Mexico.

所以我認為絕大部分的活動增量會出現在那裡。但其他盆地我想也會——也會有所表現。不過我認為我們目前看到的大多數活動，將會流向德州與新墨西哥州。

Thank you very much for the (inaudible). I'll hand the call back to the operator.

非常感謝你的（聽不清）。我把電話交回給接線員。

And there are no further questions at this time. I will turn the call back over to Joe Bob Edwards, CEO, for closing remarks.

目前沒有其他問題。我將把電話交回給執行長 Joe Bob Edwards 作結語。

Thank you all for tuning in, and we'll talk to you in 90 days.

感謝各位收聽，我們 90 天後再聊。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

各位女士先生，今天的電話會議到此結束。您現在可以掛線。謝謝。