Flotek Industries Inc (FTK) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Flotek Industries fourth quarter and full year 2024 earnings conference call. (Operator Instructions) Also note that the call is being recorded on Tuesday, March 11, 2025. And I would like to turn the conference over to Mike Kelly, Director of finance and Investor Relations. Please go ahead, sir.

女士們、先生們，早上好，歡迎參加 Flotek Industries 2024 年第四季和全年收益電話會議。（操作員指示）另請注意，該通話是在 2025 年 3 月 11 日星期二錄製的。我想將會議交給財務和投資者關係總監 Mike Kelly。先生，請繼續。

Thank you, and good morning, everyone. We appreciate your participation in Flotek’s fourth quarter and full year 2024 earnings conference call. Joining me on the call today are Ryan Ezell, Chief Executive Officer and Von Clemente, Chief Financial Officer. First, we will provide prepared remarks concerning our business operations and financial results for the fourth quarter and full year 2024. Following that, we will open up the call for any questions you have.

謝謝大家，早安。感謝您參加 Flotek 2024 年第四季和全年財報電話會議。今天與我一起參加電話會議的還有執行長 Ryan Ezell 和財務長 Von Clemente。首先，我們將就2024年第四季和全年的業務營運和財務業績提供準備好的評論。隨後，我們將開放電話會議，回答您的任何問題。

Flotek’s fourth quarter and full year 2024 financial and operating results press release was issued yesterday afternoon. We also posted an updated 2024 earnings presentation that we will be referencing on today’s call. These can all be found on the Investor Relations section of our website. In addition, today’s call is being webcast and a replay will be available on our website following the conclusion of this call. Please note that the comments made on today’s call regarding projections or expectations for future events are forward looking statements.

Flotek 第四季和 2024 年全年財務和經營業績新聞稿於昨天下午發布。我們也發布了更新後的 2024 年收益報告，我們將在今天的電話會議上參考該報告。這些都可以在我們網站的投資者關係部分找到。此外，今天的電話會議正在進行網路直播，會議結束後，我們將在我們的網站上提供重播。請注意，今天電話會議上關於未來事件的預測或預期的評論是前瞻性陳述。

Forward looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with SEC. Please refer to the reconciliations provided in the earnings press release and investor presentation as management will be discussing non-GAAP metrics on this call. With that, I will turn the call over to our CEO, Ryan Ezell.

前瞻性陳述受到許多風險和不確定性的影響，其中許多是我們無法控制的。這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。我們建議聽眾查看我們的收益報告以及我們向美國證券交易委員會提交的文件中討論的風險因素。請參閱收益新聞稿和投資者介紹中提供的對帳表，因為管理層將在本次電話會議上討論非 GAAP 指標。說完這些，我將把電話轉給我們的執行長 Ryan Ezell。

Thank you, Mike, and good morning. We appreciate everyone’s interest in Flotek and for joining us today as we discuss our fourth quarter and full year 2024 operational and financial results. The closing months of the year brought industry wide challenges, but the Flotek team remains steadfast on the execution of our corporate strategy, delivering the strongest quarter since 2017.

謝謝你，麥克，早安。我們感謝大家對 Flotek 的關注，並感謝大家今天加入我們討論 2024 年第四季和全年的營運和財務表現。今年最後幾個月為整個產業帶來了挑戰，但 Flotek 團隊堅定地執行我們的企業策略，實現了自 2017 年以來最強勁的季度業績。

I’m proud of the organization’s laser focus on elevating our performance to increase market share and profitability growth in both of our complementary business segments in the face of such market headwinds. We remain unwavering in our commitment to create value for shareholders through continuous improvement of our processes, market share expansion and innovative products and services and maintaining the trend of delivering strong results that outpaced the market as we head into 2025.

面對如此嚴峻的市場情勢，我為公司專注於提升業績，增加市場佔有率和互補業務部門的獲利成長而感到自豪。我們始終堅定不移地致力於透過不斷改進流程、擴大市場份額和創新產品和服務為股東創造價值，並在邁向 2025 年時保持超越市場的強勁業績趨勢。

With that, I’d like to turn to Slide five and touch on some key highlights for the quarter and the year that Bahn will discuss in detail in just a moment. With the backdrop of weaker North American oilfield service activity, Q4 2024 total revenues rose 20% versus Q4 of 2023. This is led by 21% jump in external customer revenue, highlighting our ability to execute and the continued progress we’ve made in capturing market share through the deployment of differentiated chemistry and data solutions.

接下來，我想翻到第五張投影片，談談本季和今年的一些關鍵亮點，Bahn 稍後將詳細討論。在北美油田服務活動疲軟的背景下，2024 年第四季總營收較 2023 年第四季成長 20%。這得益於外部客戶收入 21% 的成長，凸顯了我們的執行能力以及我們透過部署差異化化學和數據解決方案在佔領市場份額方面取得的持續進展。

This is quite an accomplishment when considering the fact that the active frac fleet counts declined over 25% from the peak of the first quarter of 2024. It’s also important to note that our Q4 external customer revenue was the highest in the last five years with our international chemistry business making its largest quarterly contribution in the last ten years.

考慮到活躍壓裂船隊數量較 2024 年第一季的峰值下降了 25% 以上，這是一個相當大的成就。值得注意的是，我們第四季的外部客戶收入是過去五年來最高的，其中我們的國際化學業務的季度貢獻是過去十年來最大的。

Our data analytics service revenue grew 124% versus Q4 2023 and 44% versus the full year of 2023. Additionally, we completed the development of three new products within our data analytics segment in the second half of 2024, which results in opening access to a future total addressable market of more than $500 million. These include our new Xpact, Xpact custody transfer units, Raman measurement devices and Veracal analyzers for flare monitoring.

我們的數據分析服務營收較 2023 年第四季成長 124%，較 2023 年全年成長 44%。此外，我們在 2024 年下半年完成了資料分析部門三款新產品的開發，這將開啟未來超過 5 億美元的潛在市場。其中包括我們的新型 Xpact、Xpact 保管轉移裝置、拉曼測量設備和用於火炬監測的 Veracal 分析儀。

In Q4 2024, net income was $4.4 million and adjusted EBITDA was $7 million up 111%, 78% respectively versus Q4 of 2023. Full year 2024 adjusted EBITDA reached $20.3 million up $18. (technical difficulty) from 2023 and being the highest since 2017. This exceeded our guidance of $18.5 million by 10%.

2024 年第四季，淨收入為 440 萬美元，調整後 EBITDA 為 700 萬美元，分別比 2023 年第四季成長 111% 和 78%。2024 年全年調整後 EBITDA 達到 2,030 萬美元，年增 18。 （技術難度）將從 2023 年開始，達到 2017 年以來的最高水準。這超出了我們 1,850 萬美元的預期 10%。

Flotek’s 2024 stock performance ranked in the top three out of all oilfield service stocks. Delivering on our commitment to enhancing shareholder value, we saw a 140% improvement in our stock price. And most importantly, all of these achievements were accomplished with zero lost time incidents in the field of operations.

Flotek 2024 年的股票表現在所有油田服務股票中排名前三。為了兌現我們提高股東價值的承諾，我們的股價上漲了 140%。最重要的是，所有這些成就都是在營運領域零損失工時事故的情況下實現的。

Now I’d like to take a moment to thank our employees for their hard work and commitment to safety and service quality in achieving these outstanding results. I continue to be excited about the future of Flotek as we expand our position as a technology leader, driving innovation and delivering differentiated chemistry and data solutions that are tailored to our customers’ needs.

現在，我想花點時間感謝我們的員工，感謝他們的辛勤工作以及對安全和服務品質的承諾，從而取得了這些出色的成績。隨著我們擴大技術領先地位、推動創新並提供根據客戶需求量身定制的差異化化學和數據解決方案，我對 Flotek 的未來充滿期待。

We strive to create solutions for future challenges that impact our industry, leveraging chemistry as the common value creation platform. Flotek will remain at the forefront of novel and multidisciplinary advancements as we bring new technologies to the market through the convergence of data and chemistry solutions.

我們致力於利用化學作為共同的價值創造平台，為影響我們行業的未來挑戰創造解決方案。Flotek 將繼續走在新穎和多學科進步的前沿，透過數據和化學解決方案的融合將新技術推向市場。

Flotek is creating unique products and services to expand our addressable market through the application of real time data and predictive chemical management that improves the ultimate recovery hydrocarbons from each asset while providing a level of transparency never achieved in Energy and Infrastructure segments. As we move into 2025, we’re excited about three of our upstream data analytics applications.

Flotek 正在創造獨特的產品和服務，透過應用即時數據和預測性化學品管理來擴大我們的潛在市場，從而提高每項資產的最終碳氫化合物回收率，同時提供能源和基礎設施領域前所未有的透明度。隨著我們邁入 2025 年，我們對三個上游資料分析應用程式感到興奮。

The first is our Veracal flare monitoring solution. In Q4 2024, we grew the number of Varecal units to 13 in rental service and sold an additional two units. These numbers exceeded the expectations provided on our call in October despite fourth quarter flare monitoring revenues being impacted by the delayed EPA update. The majority of flare application revenues to date continue to be through rental and service contracts, which imply a recurring revenue stream that generated over $1.3 million in the final five months of 2024.

首先是我們的 Veracal 火炬監測解決方案。2024 年第四季度，我們在租賃服務中將 Varecal 單位的數量增加到 13 台，並額外銷售了兩台。儘管第四季度火炬監測收入受到 EPA 更新延遲的影響，但這些數字仍然超出了我們 10 月電話會議上提出的預期。迄今為止，火炬應用收入的大部分仍然來自租賃和服務合同，這意味著在 2024 年最後五個月產生了超過 130 萬美元的經常性收入流。

The second is our Xpect custody transfer solution. Our upstream custody transfer use cases continue to expand in the field trials with a total of 14 committed units in the fourth quarter of 2024. This is 27% higher than what was discussed in last quarter’s earnings call. Our ability to monitor hydrocarbon quality and composition in real time with the measurements taken every five seconds will create an emerging market for Flotek in 2025.

第二個是我們的Xpect保管轉移解決方案。我們的上游保管轉移用例在現場試驗中繼續擴大，到 2024 年第四季共有 14 個承諾單位。這比上一季財報電話會議上討論的數字高出 27%。我們每五秒鐘進行一次測量，即時監測碳氫化合物的品質和成分，這將為 Flotek 在 2025 年創造一個新興市場。

This revolutionary application creates an elevated level of transparency and enterprise risk minimization for producing wells that’s never been achieved in the oil and gas industry to date.

這項革命性的應用為生產井創造了更高的透明度並最大限度地降低了企業風險，這是迄今為止石油和天然氣行業從未實現過的。

And the third is our Power Generation Solutions. In Q4 of 2024, we expanded to 15 active power generation units deployed with nine more already committed for 2025 delivery date. With 100% of these units committed to monthly subscriptions, these assets support our measure more strategy focused on data as a service revenue models.

第三是我們的發電解決方案。2024 年第四季度，我們部署的活躍發電機組數量擴大到 15 台，另有 9 台已承諾於 2025 年交付。由於這些單位 100% 都承諾按月訂閱，這些資產支持我們採取更專注於數據即服務收入模式的策略。

Our technology provides mobile power generation customers with unmatched real time gas quality and volume visibility, protecting high value equipment while displacing diesel and or CNG with lower cost field gas and simplifying the royalty payment process. Leveraging these unique technology provides significant opportunities to expand Flotek’s presence in the energy infrastructure space.

我們的技術為行動發電客戶提供無與倫比的即時氣體品質和體積可視性，保護高價值設備，同時用成本較低的現場氣體取代柴油和/或 CNG，並簡化特許權使用費支付流程。利用這些獨特的技術為擴大 Flotek 在能源基礎設施領域的影響力提供了重大機會。

And finally, we expect the continued expansion of our data as a service model with the launch of our next generation near infrared, Raman and AQS measurement systems unlocking significant upstream and downstream market opportunities to support further growth. As we look forward, the demand for oil and gas is expected to expand for the next decade with further requirements needed through 2045.

最後，隨著我們下一代近紅外線、拉曼和 AQS 測量系統的推出，我們預計數據即服務模式將繼續擴展，從而釋放重要的上游和下游市場機會，以支持進一步成長。展望未來，預計未來十年對石油和天然氣的需求將會擴大，到 2045 年將有進一步的需求。

For the first time in nearly two decades, the demand for electricity in the US is expected to climb 15% by 20230 with natural gas expected to provide the bulk of the incremental demand. We expect the overall expansion of the global economy to continue to create substantial demand for all forms of energy, which will increase service intensity within the targeted sectors.

預計到 20230 年，美國的電力需求將近二十年來首次成長 15%，其中天然氣預計將滿足大部分增量需求。我們預計，全球經濟的全面擴張將繼續對各種能源產生大量需求，這將增加目標產業的服務強度。

As we look at 2025 and although the first quarter has historically posed difficulties for revenue growth given customer operating schedule and weather slowdowns, we’re currently cautiously optimistic about sustaining our profitability momentum into the early months of 2025.

展望 2025 年，儘管由於客戶營運計畫和天氣因素的影響，第一季的營收成長歷來較為困難，但我們目前對在 2025 年初保持獲利勢頭持謹慎樂觀的態度。

We are confident that our expanding suite of services positions us to deliver unique and superior solutions to a variety of the industry’s most challenging problems, while maximizing our customers’ value chain. Now, I’ll turn the call over to Bond to provide key financial highlights.

我們相信，我們不斷擴展的服務套件使我們能夠為行業中各種最具挑戰性的問題提供獨特而卓越的解決方案，同時最大限度地提高客戶的價值鏈。現在，我將把電話轉給邦德，讓他提供主要的財務亮點。

Thanks, Ryan. Yesterday afternoon, we reported our strongest quarter since the fourth quarter of 2017. As shown on slide 5 of the presentation we posted yesterday, we increased revenue, net income, and adjusted EBITDA in every quarter during 2024. Last year was a remarkable year in terms of consistent growth and execution culminating with an outstanding fourth quarter, which included the following highlights. It was our highest quarterly adjusted EBITDA in seven years.

謝謝，瑞安。昨天下午，我們報告了自 2017 年第四季以來最強勁的季度業績。正如我們昨天發布的簡報第 5 張投影片所示，我們在 2024 年的每個季度都增加了收入、淨收入和調整後的 EBITDA。去年是持續成長和執行力非凡的一年，第四季更是表現出色，其中包括以下亮點。這是我們七年來最高的季度調整後 EBITDA。

It was the first quarter with over $50 million in revenue since the second quarter of 2023. Our external customer chemistry revenue increased 50% sequentially. International revenues during the fourth quarter increased nearly 300% sequentially and exceeded the total from the first nine months of the year. And finally, roughly two thirds of our data analytics revenue was derived from service contracts. As it relates to revenue, we inserted a new table into the press release to aid in quantifying components of revenue by segment.

這是自2023年第二季以來第一個收入超過5,000萬美元的季度。我們的外部客戶化學收入較上季成長了 50%。第四季國際營收季增近300%，超過今年前九個月的總營收。最後，我們大約三分之二的數據分析收入來自服務合約。由於與收入相關，我們在新聞稿中插入了一個新表格，以幫助量化各部分的收入組成部分。

For our chemistry revenue, we segregated into related party versus external customers. And for the data analytics segment, we separated product versus service revenues. During the quarter, we grew total chemistry revenues 18% versus 4Q 2023. As compared to the year ago quarter, we increased external customer chemistry revenue by 17% and related party chemistry revenue by 19%.

對於我們的化學收入，我們分為關聯方和外部客戶。對於資料分析部分，我們將產品收入與服務收入分開。本季度，我們的化學總收入與 2023 年第四季相比成長了 18%。與去年同期相比，我們的外部客戶化學收入增加了 17%，關聯方化學收入增加了 19%。

As Ryan mentioned, the fourth quarter for external chemistry was very strong as we posted a 50% increase versus the third quarter of 2024. For data analytics, we grew revenue 74% versus the fourth quarter of 2023, which included 124% increase in service revenue as compared to the year ago quarter.

正如 Ryan 所提到的，外部化學第四季表現非常強勁，與 2024 年第三季相比成長了 50%。在數據分析方面，我們的營收與 2023 年第四季相比成長了 74%，其中服務收入與去年同期相比成長了 124%。

Our fourth quarter 2024 service revenue of $1.6 million was the highest quarterly amount recorded since we acquired the business in 2020. Slide 10 of the presentation shows our success in growing service revenue over the last four years. For 2024, service revenue made up 46% of total data analytics revenue versus only 35% in 2023. Fourth quarter gross profit increased 35% sequentially representing a 600-basis point improvement as a percentage of revenue.

我們 2024 年第四季的服務收入為 160 萬美元，這是我們自 2020 年收購該業務以來所錄得的最高季度收入。簡報的第 10 張幻燈片展示了我們在過去四年中在增加服務收入方面的成功。預計 2024 年服務收入將佔數據分析總收入的 46%，而 2023 年這一比例僅為 35%。第四季毛利環比成長 35%，佔營收的百分比提高了 600 個基點。

Sequential margin improvement was driven by the significant jump in external customer chemistry revenues, a 67% sequential increase in data analytics service revenue and an increase attributable to the order shortfall penalty under our long-term supply agreement. As shown on slide 4, during 2024, gross profit margin totaled 21% handily beating 2023 gross margin of 13%.

利潤率的環比提高得益於外部客戶化學收入的大幅增長、數據分析服務收入的環比增長 67% 以及長期供應協議下訂單不足罰款的增加。如投影片 4 所示，2024 年的毛利率總計 21%，輕鬆超過 2023 年的 13% 的毛利率。

On the SG&A front, 2024 SG&A costs declined 11% or approximately $3 million compared to last year and SG&A was down 17% from 2023 when factoring in non-cash stock compensation costs. Fourth quarter SG&A was up sequentially due to higher bonus accrual as well as higher stock comp costs associated with our annual grant made in October, but we do expect quarterly SG&A to trend back down in the first quarter. Net income for 2024 totaled $10.5 million or $0.34 per diluted share.

在銷售、一般及行政費用方面，2024 年銷售、一般及行政費用較去年下降 11% 或約 300 萬美元，若計入非現金股票薪酬成本，則較 2023 年下降 17%。由於獎金提列增加以及 10 月份年度授予相關​​的股票補償成本增加，第四季度銷售、一般及行政費用環比上升，但我們預計第一季季度銷售、一般及行政費用將回落。2024 年淨收入總計 1,050 萬美元，即每股 0.34 美元。

During 2023, we reported a net loss of approximately $10 million or a net loss of $0.1 per share after backing out noncash gains that were realized during 2023. For the quarter, our earnings per share totaled $0.14 that’s a 75% increase from the third quarter of 2024. As shown on slide 6 in the presentation, during the fourth quarter, we continued our streak of up and to the right with respect to adjusted EBITDA. The fourth quarter represented the ninth consecutive quarter of improvement. Fourth quarter adjusted EBITDA was up 46% sequentially.

2023 年，我們報告淨虧損約 1,000 萬美元，扣除 2023 年實現的非現金收益後，每股淨虧損 0.1 美元。本季度，我們的每股盈餘總計 0.14 美元，比 2024 年第三季成長 75%。如簡報第 6 張投影片所示，在第四季度，我們的調整後 EBITDA 繼續呈上升趨勢。第四季已是連續第九個季度出現改善。第四季調整後的 EBITDA 環比成長 46%。

As Ryan mentioned, as it relates to our guidance on annual adjusted EBITDA, the $20.3 million we posted for 2024 easily exceeded the top end of our guidance range of $18.5 million. Regarding 2025 guidance consistent with our practice in 2024 and 2023, we expect to issue guidance in connection with our first quarter results.

正如 Ryan 所提到的，就我們對年度調整後 EBITDA 的指導而言，我們公佈的 2024 年 2030 萬美元輕鬆超過了我們 1850 萬美元的指導範圍上限。關於 2025 年的指引與我們 2024 年和 2023 年的做法一致，我們預計將發布與第一季業績相關的指引。

Touching on the balance sheet, at year end, we had $4.8 million drawn under our ABL. Currently, we have nothing drawn on our ABL. Our current year end debt to adjusted EBITDA totaled 0.2x versus year end 2023 of 5x. This significant improvement was driven by the over 1200% increase in adjusted EBITDA versus 2023.

談到資產負債表，截至年底，我們的資產負債表已提取 480 萬美元。目前，我們的 ABL 上還沒有任何繪製。我們目前年底的債務與調整後的 EBITDA 比率為 0.2 倍，而 2023 年底的債務與調整後的 EBITDA 比率為 5 倍。這一顯著改善是由於調整後的 EBITDA 與 2023 年相比增長了 1200% 以上。

In closing, we obviously set a very high bar with respect to our fourth quarter results. As we turn the focus to 2025, we look forward to continuing the operational and financial momentum we have established over the last several quarters. With that, I’ll turn the call back to Ryan for closing comments.

最後，我們顯然對第四季的業績設定了非常高的標準。當我們將目光轉向 2025 年時，我們期待延續過去幾季建立的營運和財務動能。說完這些，我將把電話轉回給 Ryan，請他發表最後評論。

Thanks, Von. Our 2024 results delivered significant profitability, product innovation and shareholder value. We are still in the early innings of Flotek’s transformation as we continue to grow and maximize return on investment for our customers and shareholders. There is no other company better positioned in our industry to provide the required technologies to address the unique challenges of the energy and infrastructure sectors. I’m proud of the progress we have made and I’m confident in our ability to execute going forward.

謝謝，馮。我們的 2024 年業績實現了顯著的獲利能力、產品創新和股東價值。我們仍處於 Flotek 轉型的初期，我們將繼續發展並最大限度地為我們的客戶和股東帶來投資回報。在我們的行業中，沒有其他公司能夠比我們更好地提供所需的技術來應對能源和基礎設施領域的獨特挑戰。我為我們所取得的進步感到自豪，並對我們未來的執行能力充滿信心。

And as I stated at the start of the call, there has never been a more exciting time to be part of Flotek. The management team and I are optimistic about the future growth potential in both our chemistry and data analytics segments. And we believe that Flotek represents a compelling investment opportunity for current and potential shareholders.

正如我在通話開始時所說的那樣，現在是加入 Flotek 最激動人心的時刻。我和管理團隊對化學和數據分析領域未來的成長潛力持樂觀態度。我們相信，Flotek 對現有和潛在股東來說是一個極具吸引力的投資機會。

We appreciate the continued support of all of our stakeholders and we hope that you share our excitement regarding the future of Flotek and we look forward to reporting further progress. Operator, we are now ready to take questions.

我們感謝所有利害關係人的持續支持，我們希望您與我們分享對 Flotek 未來的興奮，我們期待報告進一步的進展。接線員，我們現在可以回答問題了。

Thank you, sir. (Operator Instructions) Jeff Kramp, Alliance Global Partners.

謝謝您，先生。（操作員指示） Jeff Kramp，Alliance Global Partners。

Ryan, you mentioned international was a big contributor to the strong revenue in Q4. Was curious to kind of dig into that a bit more if you could, I guess, share what you think drove that inflection because I know that’s been a big area of focus and investment for you guys. And also just curious a sense of materiality there like can you share how much revenue was international in Q4 or any other metrics would be helpful? Thanks.

瑞安，您提到國際市場是第四季強勁收入的重要貢獻者。我很好奇，想進一步深入探討這個問題，如果你可以分享一下你認為是什麼導致了這種轉變，因為我知道這是你們關注和投資的一個重點領域。並且只是好奇那裡的實質性，例如您能否分享第四季度的國際收入是多少，或任何其他有幫助的指標？謝謝。

Yes. So I’ll kind of talk a little bit around the strategy component there and then I’ll let Von comment on the numbers and how they hit, right? So but basically, you’re dead-on spot. We’ve been working for a number of months on expanding and stabilizing our international business because as you start to see fluctuations in North American market having international presence really helps add stability there under the wings to keep us running in a profitable manner.

是的。所以我會稍微談論那裡的戰略部分，然後我會讓馮評論一下這些數字以及它們的效果，對嗎？所以，基本上，你的答案完全正確。幾個月來，我們一直致力於擴大和穩定我們的國際業務，因為正如你所看到的，北美市場開始出現波動，擁有國際影響力確實有助於增加市場的穩定性，讓我們能夠以盈利的方式運作。

The big turns there are that growth of what we had mentioned is we have only one of two slickwater fracturing systems approved in Saudi Arabia. We made some significant sales in that part and we’re seeing those continue into 2025. We also turned the curve and we look at some of the conventional asset stimulation and support work that we’re doing for ADNOC in UAE and additional business in Oman. But the big driving factor was in UAE and Saudi with the level of work that’s going on there on the fracturing side.

我們提到的重大轉變是，我們在沙烏地阿拉伯只批准了兩種滑溜水壓裂系統中的一種。我們在該領域取得了一些可觀的銷售業績，預計這一勢頭將持續到 2025 年。我們也扭轉了局面，並研究了我們為阿聯酋阿布達比國家石油公司以及阿曼的其他業務所做的一些常規資產刺激和支援工作。但最大的驅動因素是阿聯酋和沙烏地阿拉伯在壓裂方面的工作水準。

So Jeff, in terms of the numbers, international chemistry was about $4.5 million in the fourth quarter. For the year, we did about $9.2 million with about [7.4] of that in The UAE like Ryan mentioned. So overall, international revenues were up about 20%, 2024 versus 2023.

傑夫，從數字上看，第四季國際化學業務的收入約為 450 萬美元。正如 Ryan 所提到的，今年我們的收入約為 920 萬美元，其中約 740 萬美元來自阿聯酋。因此整體而言，2024 年的國際營收將比 2023 年成長約 20%。

Great. That’s really helpful. As a follow-up staying on the international side, is it fair to assume these are a bit higher margins? I guess I’m just kind of inferring that based on the performance in Q4. Wondering to the extent that the international side outpaces the growth of the company, does that bias margins higher or how should we think about that?

偉大的。這真的很有幫助。作為國際方面的後續行動，是否可以假設這些利潤率會更高一些？我想我只是根據第四季的表現來推斷這一點。想知道國際業務的成長速度是否超過了公司本身的成長速度，這是否會導致利潤率更高，或者我們應該如何看待這一點？

So I would think that definitely when you look at the conventional cementing sales and the conventional asset stimulation jobs, those are what we consider to be value add technologies and they represent high margins. We do sell in The Saudi though there is one component of the friction reducers that I would say in comparison to North America friction reducing margins, they’re actually pretty good, but not anything of real significance because as you know friction reducers are often moved as a commodity. So the majority of that strong margins comes from the specialty products that move along with those different programs.

因此，我認為，當你看傳統的固井銷售和傳統的資產刺激工作時，這些都是我們認為的增值技術，它們代表著高利潤。我們確實在沙烏地阿拉伯銷售減摩劑，儘管我認為與北美減摩劑的利潤率相比，減摩劑的某個成分實際上相當不錯，但沒有什麼真正重要的意義，因為如你所知，減摩劑經常作為商品運輸。因此，大部分的利潤來自於與不同項目同步發展的特色產品。

Okay, great. And my follow-up with respect to EPA regulations and rules and some of those changes and uncertainty there, can you update us on what you guys are hearing from customers or how the business development funnel is looking? I mean, it still looks like there’s still pretty good adoption and you guys have a lot of different products and services you’re rolling out, but how are operators or customers responding to some of the dynamics there?

好的，太好了。關於 EPA 法規和規則以及其中的一些變化和不確定性，請問您能否向我們介紹您從客戶那裡聽到的情況，或者業務發展管道的進展情況？我的意思是，看起來採用率仍然相當高，而且你們推出了許多不同的產品和服務，但營運商或客戶對其中的一些動態有何反應？

It’s been interesting because there’s no doubt when you look at government regulated activity, there’s been a few the response in the original regulations that rolled out in May of 2024 delayed almost until like December 20, right, for their comment period.

這很有趣，因為當你觀察政府監管活動時，毫無疑問，2024 年 5 月推出的原始法規中的一些回應幾乎被推遲到 12 月 20 日，對吧，這是他們的評論期。

And so that slowed some of the activity. But I will tell you some of the major players that’s committed to the flare monitoring have continued to grow and expand into multiple basins, right. And that’s where you’re seeing this service uptick and the continued growth. We’re adding an additional five Veracal units already in the quarter into the current fleet of what we’ve got doing call off monitoring.

因此，這減緩了一些活動。但我會告訴你，一些致力於火炬監測的主要參與者已經繼續發展並擴展到多個盆地，對吧。這就是您所看到的服務上升和持續成長的地方。本季度，我們將在現有機組中增加另外五台 Veracal 機組，用於停止監控。

And we suspect that when you look at Quad O B and Quad O C that those will probably stay around in terms of fare monitoring. You did see a rollback by Congress around the methane tax, which doesn’t necessarily impact directly to the player monitoring, but it does lower some of the bureaucracy around potential penalties to the operators.

我們懷疑，當您查看 Quad O B 和 Quad O C 時，它們可能會在票價監控方面繼續存在。你確實看到國會在甲烷稅方面有所回滾，這並不一定會直接影響到參與者監控，但它確實降低了對運營商的潛在處罰的一些官僚主義。

But as of right now, there’s still a good bit of growth room we think on the continued monitoring of new wells and some of the prior existing what we call assisted wells for the flare monitoring going forward. And a lot of the big, I would say, EPA operators are putting us into their sustainability programs irrespective of what the EPA may make any other distant final decisions on that.

但截至目前，我們認為，對新井和一些先前存在的輔助井的持續監測對於未來的火炬監測仍有很大的成長空間。我想說，許多大型 EPA 業者都將我們納入他們的永續發展計劃，而不管 EPA 對此做出的任何其他遙遠的最終決定。

Yes, I agree. That makes a lot of sense, Ron. I appreciate those details. So I’ll let someone else hop in. Thanks.

是的，我同意。這很有道理，榮恩。我很欣賞這些細節。所以我會讓其他人加入。謝謝。

Donald Christ, Johnson Rice.

唐納德·克里斯特、約翰遜·賴斯。

Given the international exposure on the chemicals and the growth there, are you expecting a pullback like we did last year in the first quarter? I know it was a little bit lumpy. Do you think those the Saudi approval for the slickwater fracs actually smooths that out some or do you still think it pulls back a little bit in the first quarter just from normal seasonality?

鑑於化學品的國際影響力及其成長，您是否預計會出現像去年第一季那樣的回檔？我知道它有點凹凸不平。您是否認為沙烏地阿拉伯批准的滑水壓裂實際上會在一定程度上緩解這個問題？或者您仍然認為第一季的油價會因正常的季節性因素而略有回落？

I think that there’s no doubt that the assistance from the international business will help smooth out that lumpiness in Q1. There’s no doubt about that. I still think we do see with some of our bigger customers there in North America specific, there’s still a little bit of seasonality that we see January and February, but we have started to see that activity pick up.

我認為毫無疑問國際業務的援助將有助於緩解第一季的不平衡。毫無疑問。我仍然認為，我們確實看到，對於我們在北美的一些較大的客戶來說，一月和二月仍然有一點季節性，但我們已經開始看到這種活動回升。

But in comparison to past Q1s, I think we’re going to see that smooth out a little bit this year as well we kind of mentioned to our optimism about it. We’re already in March and we feel like that’s going to be a little bit better performance relative to our past Q1s.

但與過去的第一季相比，我認為今年我們也會看到這種情況有所緩和，我們對此也持樂觀態度。現在已經進入三月，我們感覺今年的表現會比過去第一季更好。

Okay. That’s really good color. And on the data analytics side, I mean, obviously, you got a lot of different products that are highlighted in the presentation. Would it be possible for you to kind of walkthrough I mean we know the Veracals are for flares, but can you talk about the other two and kind of what their end use is primary end use is?

好的。這顏色真好看。在數據分析方面，我的意思是，顯然，您在演示中重點介紹了許多不同的產品。您能否為我們簡單介紹一下？我的意思是，我們知道 Veracals 是用於照明彈的，但您能否談談另外兩種以及它們的最終用途是什麼？主要的最終用途是什麼？

Sure. So the first one, let’s talk about the Xpect especially transfer solution. So the Xpect unit is a third generation of our near infrared monitoring technology that serve two purposes as far as one is, it significantly brought down manufacturing costs that allowed us to put a unit that we could deploy at thousands of different well locations in The US. And it makes it cost effective for full time monitoring year-round of these flows where we look at the custody transfer solutions, we look at composition of BTU quality 24 hours a day.

當然。首先，讓我們來談談 Xpect 特別傳輸解決方案。因此，Xpect 裝置是我們近紅外線監測技術的第三代產品，它有兩個用途，其一是它顯著降低了製造成本，使我們能夠將一個裝置部署在美國數千個不同的井位。這使得對這些流量進行全年全程監控具有成本效益，我們可以查看保管轉移解決方案，每天 24 小時查看 BTU 品質的組成。

That has we had talked about in Q3 about maybe having 11 sites running. In Q4, we actually exceeded that and got up to 14 and that’s continuing to grow in Q1. So it’s a very exciting piece. And what you see there is traditionally speaking when a well is flowing, they’re taking one composite sample every six to nine months and then the operator and resource owner is compensated based on that net heating value and or BTU content or composition of breakdown.

我們在第三季曾討論過可能有 11 個站點在運作。在第四季度，我們實際上超過了這個數字，達到了 14 個，並且在第一季繼續成長。所以這是一件非常令人興奮的作品。傳統上，當油井噴油時，他們每六到九個月採集一次複合樣本，然後根據淨熱值和/或 BTU 含量或分解成分向操作員和資源所有者進行補償。

And what we see when we monitor and we’re taking a measurement every five seconds, you’re seeing consistent fluctuations throughout the day on the BTU values as well as the hydrocarbon composition, which could potentially leave money on the table either for the person who’s buying and or the person who’s receiving benefits, right?

當我們進行監測並每五秒進行一次測量時，我們會看到 BTU 值以及碳氫化合物成分全天都在持續波動，這可能會讓購買者或受益者損失金錢，對嗎？

And so when you look at hundreds of thousands of wells, this is a massive opportunity here for Flotek in the future and it offers up a level of transparency that has never been seen inside of the, I’ll say, the crude and gas trading markets in terms of gas quality. And it’s also a big driver that translates into what we do into the power generation as well because when we have units that are located whether it be in an expect unit or a Varex unit at Power Gen locations, they’re doing the same thing. We’re monitoring net heating value or BTU quality.

因此，當你看到數十萬口油井時，這對 Flotek 來說是一個巨大的未來機遇，它提供了原油和天然氣交易市場在天然氣品質方面前所未有的透明度。而且它也是我們在發電領域所做工作的一大驅動力，因為當我們在發電廠放置設備時，無論是預期設備還是 Varex 設備，它們都在做同樣的事情。我們正在監測淨熱值或 BTU 品質。

One, to look at fuel consumption and to protect the engines from over rev and the fires. And then two, it allows for proper pay on the resource owners from the commingling aspects when you bring gas together at these sites.

一是關注燃料消耗，防止引擎轉速過高起火。其次，當你在這些地點將天然氣匯集在一起時，它可以從混合方面向資源所有者支付適當的費用。

And so these are phenomenal opportunities when you start to see the requirements for mobile power gen and the protection of those, whether you’re running AI data centers, you’re looking at infrastructure on the industrial side, you’re looking at rig power, you’re looking at frac power, gas compression or whichever. It’s a really large market. And those are some of the target areas for the new technologies.

因此，當您開始看到行動發電的需求及其保護時，這些都是絕佳的機會，無論您是在運行人工智慧資料中心，還是在關注工業方面的基礎設施，還是在關注鑽機動力、壓裂動力、氣體壓縮或其他任何方面。這是一個非常大的市場。這些就是新技術的一些目標領域。

The final one I’ll mention is our new Raman technology where we have an exclusive agreement to bring Bruker’s Raman technology to the field. We actually have three of those in the field running now.

最後我要提到的是我們的新型拉曼技術，我們與布魯克簽訂了獨家協議，將拉曼技術推廣到該領域。實際上，目前我們已有三個這樣的專案正在運作。

We look for some continued sales for those in Q1. And they do a lot of things similar to what our original Varex unit does in the, I would say, midstream to downstream component. We look at vapor pressure monitoring, flash point detection, refined fuels, and things of that nature.

我們期待第一季的銷售能夠持續。他們所做的很多事情與我們原來的 Varex 部門在中游到下游組件中所做的事情類似。我們研究蒸汽壓力監測、閃點檢測、精煉燃料以及諸如此類的東西。

And they can actually see certain points, depending on levels of aromatics, different pieces you see, they offer some unique advantages. And it just is part of our complete measure more strategy to add weapons into our arsenal to continue to grow this data as a service business.

他們實際上可以看到某些點，根據芳香劑的含量，您看到的不同部分，它們提供了一些獨特的優勢。這只是我們完整策略的一部分，將武器添加到我們的武器庫中，以繼續發展數據即服務業務。

There’s a lot of color and I appreciate all that. One final one for me. I mean obviously you have 14 of these units committed to pilot locations. What is the general term of those pilot programs? And do you expect I mean, obviously, it’s dependent on results of the pilot program, but when do you think that more broad acceptance of this could happen? I mean, is that a three-month pilot program or six month or a year? Just curious on that.

有很多顏色，我很欣賞這一切。對我來說這是最後一個。我的意思是，顯然你們有 14 個這樣的單位致力於試點地點。這些試點計畫的總稱是什麼？您是否期望？我的意思是，這顯然取決於試點計畫的結果，但您認為什麼時候才能得到更廣泛的接受？我的意思是，這是一個為期三個月、六個月還是一年的試點計畫？只是對此感到好奇。

So most of them, what we have is, we’ve been the biggest pilot program we have is spread out, Don, over three particular basins, one in Mexico, One in Texas, and one up in the North of near the DJ And Powder River. And so what we do there is we install the units. We will go walk there as we do the install in the units, and we’ve allowed them to have a 45 day monitoring period to see how the equipment works, see the data that the value is going to provide.

所以其中大部分，我們所擁有的是，我們最大的試點項目，唐，分佈在三個特定的盆地，一個在墨西哥，一個在德克薩斯，一個在靠近 DJ 和 Powder 河的北部。我們所做的就是安裝這些設備。我們將在設備安裝過程中步行前往那裡，並給他們 45 天的監控期，以了解設備的運作情況，查看價值將提供的數據。

And at the end of the 45 days, they kick into a multiple year type service revenue contract where they pay a monthly rental rate for the data and the service of having the unit there. And so those some of the units, I’d say the first installation, which was the first four or five will come on live for generating revenue at the very end of this quarter and then another four and then another four because there’ll be in there being 20 total in that big pilot program.

45 天結束後，他們將簽訂多年期服務收入合同，按月支付數據和設備服務的租金。因此，我想說，第一批安裝的設備，也就是前四五個設備，將在本季度末投入使用，產生收入，然後再安裝四個，再安裝四個，因為這個大型試點項目總共會有 20 個設備。

And so they’ll actually start we’ll actually start to generate revenue in this segment in the second quarter of 2025.

因此，他們實際上將在 2025 年第二季開始在這一領域創造收入。

I appreciate the color. I’ll turn it back.

我很欣賞這個顏色。我會把它轉回去。

Yes.

是的。

Gerry Sweeney, ROTH Capital.

羅仕資本（ROTH Capital）的格里·斯威​​尼（Gerry Sweeney）。

So I apologize, I’m balancing a couple of things here. So this was asked or touched upon, I apologize in advance. But just want to stay on the data analytics side. Obviously, you’re rolling it out, the subscription side is great, but maybe what are some of the key milestones we should keep an eye on for this year as you rolled out maybe development, maybe what you’re targeting longer term for units in the field, etcetera?

所以我很抱歉，我在這裡平衡一些事情。因此，對於詢問或提及的這個問題，我提前表示歉意。但只想停留在數據分析方面。顯然，您正在推出它，訂閱方面很棒，但是也許您應該關註今年的一些關鍵里程碑，因為您推出了開發，也許您對該領域單位的長期目標是什麼，等等？

I don’t we’re always conservative, Jerry. You’ve got no so period on the guys we give on that. I’m sorry,

我不認為我們總是保守的，傑瑞。你對我們給予的那些傢伙沒有時間了。抱歉，

I had to ask.

我不得不問。

In terms of but when I look at it in generalities, in terms of operation, you look at we were running 13, 14 full rental flare units in Q4. We’ve got an additional five built into the fleet. So we’re going to continue to make probably double digit increases in those as we go out for the flare monitoring. We, -- I do believe that we’re going to start to see a solid access to that or should I say acceptance of that by the market and the growth there, just because it’s being a regulatory body.

但當我從總體上看，從營運角度看，我們第四季度運行了 13、14 個全租賃火炬裝置。我們的艦隊中又增加了五艘。因此，當我們進行耀斑監測時，我們將繼續實現兩位數的成長。我們——我確實相信，我們將開始看到對此的穩固訪問，或者我應該說市場對此的接受以及那裡的增長，僅僅因為它是一個監管機構。

I think that as we get past these larger use cases with custody transfer and we’re able to put some of the data out for fully on these large scale value add projects for custody transfer, we will start to see that start to accelerate in the back half of the year.

我認為，隨著我們逐漸掌握保管轉移的更大使用案例，並能夠將這些大規模保管轉移增值項目的部分數據完全發佈出來，我們將開始看到這一進程在下半年開始加速。

And those are hard to put a number on because those projects come 25 to 30 units at a time, right, in terms of big deployment because there’s so many wells. And so we’re a little cautious on that number yet because you could miss the mark plus or minus, but we do think we’re going to see consistent movement there. And then we talked about we’re going to be adding an additional, at minimum 9 to 10 power gen uses in solution.

這些數量很難確定，因為這些項目每次都會有 25 到 30 個單位，就大規模部署而言，因為油井太多了。因此，我們對這個數字仍持謹慎態度，因為你可能會錯過正負值，但我們確實認為我們會看到持續的變化。然後我們討論我們將在解決方案中增加至少 9 到 10 個額外的發電用途。

That business is really exciting and starting to take off because we’re not only diversifying the customer base, but also the way we do the applications where they’re seeing compression, frac power, we’re looking at electricity for grid support, I mean, gas monitoring going to AI data centers, you see a lot of those coming to Texas. So there’s a lot of unique opportunities there.

這項業務確實令人興奮，而且開始起飛，因為我們不僅在實現客戶群的多樣化，而且我們在應用方面也採取了多樣化的方式，他們可以看到壓縮、壓裂動力，我們正在尋找用於電網支援的電力，我的意思是，氣體監測進入人工智慧數據中心，你會看到很多這樣的數據中心來到德克薩斯州。所以那裡有很多獨特的機會。

And I think we’re going to continue to probably add a little bit more color in numbers around those when we get to the Q1 numbers when we put some guidance out.

我認為，當我們發布第一季數據並製定一些指導意見時，我們可能會繼續對這些數字進行一些補充。

Yes, that’s fair. That’s actually a good detail. And I apologize, I didn’t mean to necessarily put you on the spot there.

是的，這很公平。這實際上是一個很好的細節。我很抱歉，我並不是故意要讓你為難。

Yes, it’s all right.

是的，沒關係。

Bond will yell at me later. Natural gas demand feels as though it’s picking up, I’d love to talk into next year LNG exports. You did mention international on the chemistry side, but just curious maybe looking a little bit out onto the playing field for this year, next year in North America or US Land. What are you thinking on that front? And how beneficial to chemistry prescriptive chemistry would that be if natural gas stays elevated and drilling picks up?

邦德稍後會對我大喊大叫。天然氣需求似乎正在回升，我很樂意談論明年的液化天然氣出口。您確實提到了化學方面的國際化，但只是好奇，也許可以稍微看一下今年、明年在北美或美國的競爭環境。您對此有何看法？如果天然氣價格持續上漲且鑽探活動增加，這對化學規範化學會有多大益處？

We've talked a lot about this last year that we were seeing a lot of the frac activity leave or migrate away from these gas heavy basins. What I can tell you is that our unique partnership with Profrac works very well in a majority of the gas basins. And particularly you look at the Haynesville, their proximity of materials and operations, everything works very well.

去年我們多次討論過這個問題，我們看到很多壓裂活動離開或遷移出了這些富含天然氣的盆地。我可以告訴你們的是，我們與 Profrac 的獨特合作關係在大多數天然氣盆地中都非常有效。特別是你看看海恩斯維爾，他們的材料和操作都很接近，一切都運作得很好。

And traditionally, we see a great uptick in revenue per fleet in the Haynesville just due to higher pressures and temperatures you see on the frac and the complex systems that they run. So I think as we mentioned earlier, we’re a great hedge in our chemistry technologies in a strong natural gas environment.

傳統上，我們看到海恩斯維爾每支車隊的收入大幅上升，這只是因為壓裂過程中的壓力和溫度更高，以及它們運作的複雜系統。所以我認為，正如我們之前提到的，在強大的天然氣環境中，我們的化學技術具有很好的對沖作用。

You also look at what all our measurement technologies can do when producing natural gas, the LNG exports and everything like that. I think this plays into the wheelhouse and the value chain of what Flotek can add in these gas basins and when you start moving in pipeline and doing liquid natural gas exports.

您還可以看看我們的所有測量技術在生產天然氣、液化天然氣出口以及諸如此類的事情中能發揮什麼作用。我認為這會對 Flotek 在這些天然氣盆地中所能增加的價值以及當您開始鋪設管道並進行液化天然氣出口時所產生的影響產生影響。

And these markets where you’ve seen the consolidation and you’re looking at the return on invested capital, this is the wheelhouse and the strength of what Flotek does and putting its proprietary technologies, providing transparency and performance operations whether they’re chemistry or data analytics. And I think this plays well into our long-term strategy.

在這些市場中，您已經看到了整合，並且正在關注投資資本的回報，這是 Flotek 的駕駛室和優勢所在，它運用其專有技術，提供透明度和性能操作，無論是化學還是數據分析。我認為這對我們的長期策略很有幫助。

Got it. I appreciate it. And thanks for all the color. I really do appreciate it. Thank you.

知道了。我很感激。感謝所有的色彩。我真的很感激。謝謝。

Yes. Thanks,

是的。謝謝，

Josh Jain, Daniel Energy Partners.

喬許·賈恩（Josh Jain），丹尼爾能源合作夥伴。

I wanted to follow-up on that last question quickly. You talked about revenue per fleet being higher in some of the grassy areas. So would that mean that in the chemistry business that margins would be higher in the event that we saw a lot more spending go towards gas directed activity over the course of 2025 and 2026 versus just oily areas?

我想快速跟進最後一個問題。您談到在某些草地區域每支車隊的收入較高。那麼，這是否意味著，如果我們看到 2025 年和 2026 年期間用於天然氣導向活動的支出比僅用於石油領域的支出多得多，那麼化學行業的利潤率會更高？

So that’s a unique question and that there’s two things that we consider. One is, when you look at, let’s say for instance, the Haynesville, there’s more advanced technology just due to temperature and pressure and whether you’re running a hybrid cross link system combined with slickwater and the different additives you need to stabilize that well from scale control etcetera.

這是一個獨特的問題，我們考慮兩件事。一是，例如，當您觀察海恩斯維爾時，您會發現由於溫度和壓力而採用的更先進的技術，以及是否運行結合了滑溜水和不同添加劑的混合交聯繫統，您需要透過控制水垢等來穩定油井。

And traditionally speaking, the higher end technologies that’s required in there are usually what we call value add technologies, right. And so most of the way we look at margins is all just based on product mix and not total revenue. And so but no doubt in a lot of these gas areas we typically run a different or a better surfactant choices.

傳統上來說，其中所需的高端技術通常就是我們所說的增值技術，對吧。因此，我們看待利潤率的方式大多只是基於產品組合而不是總收入。但毫無疑問，在許多這樣的天然氣區域中，我們通常會選擇不同的或更好的界面活性劑。

We run better scale and different, I would say, value add items which helps out our product mix usually a little bit to the better margin side than a less complex system that we would use in West Texas which traditionally will be slickwater driven with a little bio side. But it because it definitely plays into our higher end technology performance standards.

我們經營規模更大，而且我想說，我們經營的是不同的增值產品，這有助於我們的產品組合，通常比我們在西德克薩斯州使用的不太複雜的系統更有利於提高利潤率，而西德克薩斯州傳統上採用滑水驅動，並帶有一點生物方面。但因為它確實符合我們更高階的技術性能標準。

Okay, thanks. And then just on the oil side, there’s obviously been a lot of volatility to start this year from the commodity price. Maybe you could just speak to in North America, what you’re seeing from your customer budget standpoint? Do you think that budgets potentially could change based on how oil has been acting this year? Or do you think budgets are pretty much locked for the year? Maybe just a comment on that in North America outlook?

好的，謝謝。就石油方面而言，今年年初大宗商品價格顯然出現了許多波動。也許您可以談談北美的情況，從客戶預算的角度來看，您看到了什麼？您是否認為預算可能會根據今年的石油走勢而改變？還是您認為今年的預算基本上已經確定了？也許只是對北美前景的評論？

And this is always a little bit of a look into a really smoky crystal ball for us, right, being on the services side here is that all in all when you look at the potential impact the macro level, what we’re going to see from OPEC plus some of the larger, I would say, deepwater operations in Guyana, some of the base operations you’re seeing out in the North Sea, they’re going to be providing incremental supply into a market that’s probably not accepting it as fast as what we would like to see.

對我們來說，這就像透過一顆模糊的水晶球看世界，站在服務業的角度，總而言之，當你看到宏觀層面的潛在影響時，我們將看到歐佩克以及一些規模更大的企業，比如圭亞那的深水作業，以及你在北海看到的一些基礎作業，它們將向市場提供增量供應，而市場接受它的速度可能不如我們希望看到的那樣快。

So I think we’re going to see a little bit of a glut that’s going to put downward pressure on the liquid hydrocarbons. On the opposite side of that, I do think that the potential for LNG exports, what we’re going to see on the Power Gen side of business stuff is really going to create a relatively bullish natural gas market in the back half of the year rolling in 2026.

所以我認為我們將會看到一點供應過剩，這將對液態碳氫化合物造成下行壓力。另一方面，我確實認為液化天然氣出口的潛力，以及我們將在發電業務方面看到的情況，將在 2026 年下半年創造一個相對看漲的天然氣市場。

So hopefully that will kind of help to balance each other out. I do think that the level of diversification that we put into our revenue streams on the chemistry side with international, our ability to operate in gas basins and our stabilization in the liquid components will add some insulation for us combined with our large supply agreement with our largest customer. And then you couple up with the data analytics business, I think that puts us in a position to continue to perform in 2025 overall.

所以希望這將有助於相互平衡。我確實認為，我們在化學方面與國際收入來源的多樣化程度、我們在天然氣盆地的營運能力以及我們在液體成分方面的穩定性，加上我們與最大客戶簽訂的大型供應協議，將為我們提供一些保障。然後，再加上數據分析業務，我認為這將使我們在 2025 年繼續保持良好的表現。

Okay. Thank you. And maybe just one more follow-up from my last question. Could you speak to again the growth from the external customer base, even if you strip out international given what’s happened throughout North America from a rig count and frac crew perspective has been pretty significant on a year-over-year basis just looking at what the company has done.

好的。謝謝。也許這只是我上一個問題的後續問題。您能否再次談談外部客戶群的成長情況，即使您剔除國際客戶，考慮到整個北美地區從鑽機數量和壓裂人員的角度來看，僅從公司所做的事情來看，外部客戶群的增長與去年同期相比也相當顯著。

Could you speak to why you’ve been so successful for the customers who aren’t using your chemistry technology today, where the opportunities are? And maybe just speak to the total addressable market like how much opportunity there is still for that business to grow in North America would be great? Thanks.

您能否向那些目前尚未使用您的化學技術的客戶解釋一下，為什麼您們取得瞭如此大的成功？機會在哪裡？也許只需談論整個可尋址市場，例如該業務在北美還有多少成長機會就好了？謝謝。

Yes. So when you it’s interesting, we’ve seen a little bit of a transition on how we look at the market. We used to always just track it to potentially to the number of frac fleets, but now we started adding some dimensions to it through some of the databases that we linked inside of our AI monitoring systems around total footage drill, total footage completed, service intensity of the current fleets to where we’re getting a due and where say these 200 free fleets are completing what 250 did 18 months ago, right?

是的。所以有趣的是，我們看到了我們看待市場的方式發生了一些轉變。我們過去總是只追蹤壓裂車隊的潛在數量，但現在我們開始透過一些資料庫為其添加一些維度，這些資料庫是我們與人工智慧監控系統連接在一起的，包括總鑽進長度、總完成長度、當前車隊的服務強度，以及我們應得的服務強度，比如說這 200 個免費車隊正在完成 18 個月前 250 個車隊所做的事情，對嗎？

So we’re trying to get a little bit better feel on that. But when you look at our ability to perform, I think what it comes into is the longer sales cycle it took us to get into what we call the prescriptive chemistry management and then moving into the predictive chemistry management that we’re doing to where we’re not only able to prescribe the best chemistry that minimizes formation damage and enhances the producibility of that well in the first 24 months comparison to the peer groups.

因此，我們正在嘗試對此有更好的了解。但是，當你審視我們的執行能力時，我認為我們需要更長的銷售週期才能進入所謂的規範化學管理，然後轉向我們正在進行的預測化學管理，在這種情況下，我們不僅能夠規定最佳化學方法，最大限度地減少地層損害，而且與同行相比，在前 24 個月內提高油井的生產力。

When you really compare that to our total cost of ownership, environmental cost of ownership and well improvements, we deliver significant ROI and we’ve done enough projects now where this has really taken hold with a big piece of the customer base. There’s no doubt the transactional nature of North American business is always going to put some commoditization pricing pressure.

當您真正將其與我們的總擁有成本、環境擁有成本和井改進進行比較時，我們提供了可觀的投資回報率，並且我們現在已經完成了足夠多的項目，這些項目已經真正在很大一部分客戶群中紮根。毫無疑問，北美商業的交易性質總是會對商品化定價造成一些壓力。

Our economy of scale has also allowed us to compete in some of those areas, but we always keep our mind on we want to be a part of that value-add business. And I think that our focus at doing that and its growth in the market share has helped contribute to the improvement in well performance here in North America over the past two years because at 22 everybody is saying all these wells are just going to start to decline in reality.

我們的規模經濟也使我們能夠在某些領域參與競爭，但我們始終牢記，我們希望成為增值業務的一部分。我認為，我們對此的關注以及市場份額的增長有助於過去兩年北美油井性能的提高，因為實際上，22 歲時每個人都說所有這些油井都將開始衰退。

They’ve outperformed in the past two years and I think it has something to do with our customized interactive nature that we have with the customer base at looking at microfluidics, looking at sharing all the 20,000 wells we’ve completed below and having real transparent conversations with our customers deliver the best wells we possibly can.

他們在過去兩年中表現出色，我認為這與我們與客戶群的客製化互動性質有關，我們研究微流體，研究分享我們在下面完成的所有 20,000 口井，並與客戶進行真正透明的對話，以提供我們可能最好的井。

And I think that’s really worked well in North America land. I think that’s going to continue as you’re seeing this consolidation as the capital discipline stayed there and they want maximum return on these investments. And that’s right in the wheelhouse of what we do here at Flotek.

我認為這在北美地區確實很有效。我認為這種情況將會持續下去，因為你會看到這種整合，因為資本紀律保持不變，而且他們希望從這些投資中獲得最大回報。而這正是我們 Flotek 所做的事情。

Thank you. I’ll turn it back.

謝謝。我會把它轉回去。

Donald Christ.

唐納德·克里斯特。

Thanks for letting me back in. Bond, just one for you. Should we expect working capital to unwind in the first quarter like it did last year? And secondarily, as you build out the data analytics, what kind of CapEx do you think that’s going to require? I mean, I would assume that it’s not big dollars, but you are going to be spending more in 2025 than you did in 2024 on the data analytics side, right?

謝謝你讓我回來。龐德，只給你一個。我們是否應該預期第一季營運資金會像去年一樣減少？其次，當您建立數據分析時，您認為這將需要什麼樣的資本支出？我的意思是，我認為這不算什麼大數目，但你在 2025 年在數據分析方面的支出將比 2024 年更多，對嗎？

Yes. So, excuse me, on the first one, yes, we do expect a tailwind, if you will, from working capital. As you know, we’ve got the shortfall payment that accrues throughout the year and it relieves itself, if you will, in the first quarter. So you’d expect a pretty significant reduction in AR in 1Q as we settle that OSP. As it relates to data analytics, yes, I think this year we will spend more than we have in the past.

是的。所以，對不起，關於第一個問題，是的，我們確實預期營運資金將帶來順風。如您所知，我們已經獲得了全年累積的差額付款，如果您願意的話，它將在第一季自行緩解。因此，當我們確定 OSP 後，您預計第一季的應收帳款將大幅減少。就數據分析而言，是的，我認為今年我們花費的資金將比過去更多。

It’s not a huge amount of money when you factor in the fact that we’re going to collect this OSP and we’ll have capital to build out that inventory. Now I don’t want to give you a specific number, but I would expect our CapEx to be higher than it has been historically in 2025.

如果考慮到我們要收取這筆 OSP，而我們有資金來擴充庫存，那麼這筆錢就不算多。現在我不想給你一個具體的數字，但我預計我們的資本支出在 2025 年會高於歷史水準。

All right. I appreciate it. I’ll turn it back. Thanks.

好的。我很感激。我會把它轉回去。謝謝。

Thank you. And at this time, I would like to turn the call back over to Mr. Esselt. Please go ahead, sir.

謝謝。現在，我想把電話轉回給埃塞爾特先生。先生，請繼續。

Yes. So wrapping up today, we want to thank everyone for the time and we look forward to continuing to execute the corporate strategy here at Flotek and we’ll talk to you on the next call. Thank you again for joining us today.

是的。今天結束時，我們要感謝大家的時間，我們期待繼續在 Flotek 執行公司策略，我們將在下次電話會議中與您交談。再次感謝您今天加入我們。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們請求您斷開線路。