Flotek Industries Inc (FTK) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Flotek Industries first quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, May 7, 2025. I would now like to turn the conference over to Michael Critelli, Director of Finance and Investor Relations.

女士們、先生們，早安，歡迎參加 Flotek Industries 2025 年第一季財報電話會議。（操作員指示）此通話於 2025 年 5 月 7 日星期三錄製。現在，我想將會議交給財務和投資者關係總監 Michael Critelli。

Thank you, and good morning. We're thrilled to have you with us for Flotek's first quarter 2025 earnings conference call. Today, I'm joined by Ryan Ezell, Chief Executive Officer; and Bond Clement, Chief Financial Officer. We will start with prepared remarks covering our business operations, financial performance and the acquisition announced on April 28, 2025. Following that, we will open up the floor for questions.

謝謝，早安。我們很高興您能參加 Flotek 2025 年第一季財報電話會議。今天，與我一起出席的還有執行長 Ryan Ezell 和財務長 Bond Clement。我們將首先發表準備好的評論，介紹我們的業務運營、財務業績以及 2025 年 4 月 28 日宣布的收購。接下來，我們將開始回答大家的提問。

Yesterday, we announced our first quarter 2025 results and updated earnings presentation, both of which are available on the Investor Relations section of our website. This call is being webcast with a replay available on our website shortly after its conclusion.

昨天，我們公佈了 2025 年第一季的業績和更新的收益報告，均可在我們網站的投資者關係部分查閱。本次電話會議正在進行網路直播，結束後不久即可在我們的網站上重播。

Please note that the comments made on today's call regarding projections or expectations for future events are forward-looking statements. 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.

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的陳述。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。

We advise listeners to review our earnings release and the risk factors discussed in our filings with the 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'll turn the call over to our CEO, Thank you.

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首席執行官，謝謝。

Thank you, Mike, and good morning. We appreciate everyone's interest in Flotek and for joining us today as we discuss our first quarter of 2025 operational and financial results. Despite the dynamic geopolitical and macroeconomic challenges that have injected uncertainty within the market, the Flotek team remains steadfast at the execution of our corporate strategy.

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 2025 年第一季的營運和財務業績。儘管動態的地緣政治和宏觀經濟挑戰為市場帶來了不確定性，但 Flotek 團隊仍然堅定地執行我們的企業策略。

This laser focus resulted in the delivery of the strongest quarter in a decade and our strategic expansion into real-time data monitoring and gas conditioning in the energy infrastructure sector. In the first quarter of 2025, Flotek continued its track record of increasing market share and profitability growth in both of our complementary business segments as we remain unwavering in our commitment to create value for our customers and shareholders through the convergence of innovative chemistry and data solutions.

這種高度集中的精力使我們實現了十年來最強勁的一個季度的業績，並使我們向能源基礎設施領域的即時數據監控和氣體調節進行了戰略擴展。2025 年第一季度，Flotek 繼續保持其在兩個互補業務部門中增加市場份額和盈利能力的記錄，因為我們始終堅定不移地致力於透過創新化學和數據解決方案的融合為我們的客戶和股東創造價值。

With that, I'd like to touch on some key highlights for the quarter that Bond will discuss later in the call. As part of our Measure More strategy in the Data Analytics segment, we acquired 30 real-time gas monitoring and dual fuel optimization assets. We also secured a $160 million multiyear contract poised to drive substantial earnings growth and free cash flow for the segment.

在此，我想談談邦德稍後將在電話會議中討論的本季的一些關鍵亮點。作為數據分析領域「更多測量」策略的一部分，我們收購了 30 個即時氣體監測和雙燃料優化資產。我們還獲得了一份價值 1.6 億美元的多年期合同，預計將推動該部門的盈利大幅增長和自由現金流。

First quarter 2025 results represented the fifth consecutive quarter of growth in revenue, gross profit, net income and adjusted EBITDA. Total revenue during the quarter rose 37% versus the first quarter of 2024, highlighted by an 88% increase in external chemistry revenue, which is our strongest quarter in the last five years and a 57% increase in Data Analytics revenue.

2025 年第一季的業績代表著營收、毛利、淨收入和調整後 EBITDA 連續第五季成長。本季總營收較 2024 年第一季成長 37%，其中外部化學收入成長 88%，這是我們過去五年來表現最強勁的一個季度，數據分析營收成長 57%。

Gross profit climbed 41% versus the first quarter of 2024 with first quarter 2025 gross profit margin rising to 23%. Net income and adjusted EBITDA were up 244% and 93%, respectively, versus the first quarter of 2024. Most importantly, all of these achievements were accomplished with zero lost time incidents in the field of operations.

毛利較 2024 年第一季成長 41%，2025 年第一季毛利率上升至 23%。與 2024 年第一季相比，淨收入和調整後 EBITDA 分別成長了 244% 和 93%。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。

I'd like to take a moment to thank our employees for all their hard work and commitment to safety and service quality in achieving these outstanding results. I remain excited about Flotek's future as we strengthen our position as a technology leader, spearheading innovation and delivering tailored chemistry and data solutions that meet our customers' specific needs.

我想藉此機會感謝我們的員工，感謝他們的辛勤工作以及對安全和服務品質的承諾，才取得了這些優異的成績。我對 Flotek 的未來充滿期待，因為我們將鞏固我們作為技術領導者的地位，引領創新並提供滿足客戶特定需求的客製化化學和數據解決方案。

We're committed to shaping the industry's future by leveraging chemistry as the common value creation platform. Now let's dive into the details referencing slide 5 of the earnings deck. Today, I want to spotlight the remarkable progress in our Data Analytics segment. We're particularly energized by three upstream technology applications: power generation, custody transfer and flare monitoring, all of which are fueling significant advancements for our organization.

我們致力於利用化學作為共同的價值創造平台來塑造產業的未來。現在讓我們深入了解收益簡報第 5 張投影片中的詳細資訊。今天，我想重點介紹一下我們在數據分析領域的顯著進展。我們對三種上游技術應用特別感興趣：發電、貿易交接和火炬監測，所有這些都為我們的組織帶來了重大進步。

The first is our transformative power generation solution, which has evolved from a novel analytical approach into a game changer for the energy infrastructure sector, which we call PWRTEK. What began as advanced analytics has grown into a comprehensive end-to-end fuel management platform, redefining performance standards and operations within the sector.

首先是我們的變革性發電解決方案，它從一種新穎的分析方法發展成為能源基礎設施領域的遊戲規則改變者，我們稱之為 PWRTEK。最初的高級分析已經發展成為一個全面的端到端燃料管理平台，重新定義了該行業的性能標準和營運。

Looking at slide 6. On April 8, 2025, we acquired 30 patented real-time gas monitoring and dual fuel optimization assets. This transaction instantly strengthens our presence across all US basins, adding turnkey capacity for fuel valuation, conditioning and distribution to support remote energy services, data center and grid power generation infrastructure.

看投影片 6。2025年4月8日，我們收購了30項專利即時氣體監測和雙燃料優化資產。這項交易立即加強了我們在美國所有盆地的影響力，增加了燃料估價、調節和分配的交鑰匙能力，以支持遠端能源服務、資料中心和電網發電基礎設施。

This acquisition also secures a six-year contract, anchoring over $160 million in recurring revenue backlog, generating over $20 million in annual operating income and boosting free cash flow. Importantly, this $160 million is just a starting point with additional revenue opportunities embedded in this contract.

此次收購還確保了一份為期六年的合同，為公司帶來超過 1.6 億美元的經常性收入積壓，產生超過 2000 萬美元的年營業收入並增加自由現金流。重要的是，這 1.6 億美元只是一個起點，這份合約中還蘊含著額外的收入機會。

Moving to slide 7. At the heart of PWRTEK is our Verax analyzer, which goes beyond data collection to deliver custody transfer grade measurements. It provides precise BTU and volume reporting for royalties, invoicing and performance guarantees.

移至幻燈片 7。PWRTEK 的核心是我們的 Verax 分析儀，它不僅可以收集數據，還可以提供保管轉移等級測量。它為特許權使用費、發票和履約保證提供精確的 BTU 和數量報告。

Complementing this, our patented ESD trailers actively remove liquids and contaminants, conditioning high-BTU hydrocarbon feeds to meet exact turbine or engine performance specifications. Because every site and grid conditions are unique, we've integrated Coriolis metering, automated CNG blending and seamless backup connections, allowing operators to switch fuels or go off grid with a single button resolving major constraints to the development of data center and grid power infrastructure.

除此之外，我們專利的 ESD 拖車可主動去除液體和污染物，調節高 BTU 碳氫化合物進料以滿足精確的渦輪機或引擎性能規格。由於每個站點和電網條件都是獨一無二的，我們整合了科氏計量、自動 CNG 混合和無縫備用連接，使操作員能夠透過一個按鈕切換燃料或脫離電網，解決了資料中心和電網電力基礎設施發展的主要限制因素。

But PWRTEK is about more than just technology. It's about control. Operators interact effortlessly through an on-trailer HMI or a unified web portal that is accessible on desktop, tablet or smartphone. Our cloud-based portal enables the monitoring of live BTU trends, H2S alerts, Coriolis flow meter readings and automated CNG blend controls combined with custom alarm thresholds that automatically isolate off-spec hydrocarbon feeds and protect high-value turbines or engines from catastrophic damage, thus minimizing downtime and operational risk while enhancing safety.

但 PWRTEK 不僅僅涉及技術。這是關於控制的問題。操作員可以透過拖車上的 HMI 或可在桌上型電腦、平板電腦或智慧型手機上存取的統一網路入口網站輕鬆互動。我們的基於雲端的入口網站能夠監控即時 BTU 趨勢、H2S 警報、科氏流量計讀數和自動 CNG 混合控制，並結合自訂警報閾值，自動隔離不合格的碳氫化合物進料並保護高價值渦輪機或引擎免受災難性損壞，從而最大限度地減少停機時間和運營風險，同時提高安全性。

All data flows securely through our patented edge-to-cloud pipeline, ensuring zero manual intervention, end-to-end encryption, full audit trails and compliant custody transfer record-keeping. Our expanded fleet is already making an impact, monitoring and managing over 50 million cubic feet of gas daily, transferring raw feedstock into optimized safe fuel for our customers.

所有資料都安全地透過我們專利的邊緣到雲端管道傳輸，確保零人工幹預、端對端加密、完整的審計追蹤和合規的保管轉移記錄保存。我們擴大後的車隊已經發揮了作用，每天監測和管理超過 5000 萬立方英尺的天然氣，將原料轉化為為客戶優化的安全燃料。

Building on success, we're developing a smart filtration skid, which is a minimal footprint unit that integrates custody transfer analyzers to remove liquids, monitor BTU and emissions and auto divert out of spec gas. Capturing just 10% of the roughly 500 North American infill gas engines could drive 50-plus skid rentals, generating an additional $10 million to $14 million in annual revenue at 70% to 80% gross margins, all backed by robust precision measurement data.

在成功的基礎上，我們正在開發一種智慧過濾裝置，它是一種佔地面積最小的裝置，整合了保管轉移分析儀，可去除液體、監測 BTU 和排放量，並自動轉移不符合規格的氣體。僅佔北美約 500 台填充燃氣發動機中的 10%，就能推動 50 多個滑橇租賃，每年額外產生 1000 萬至 1400 萬美元的收入，毛利率達到 70% 至 80%，所有這些都有強大的精密測量數據支持。

Finally, our over 30 Data Analytics patents combined with five new patents from this acquisition, position Flotek as a leader across the natural gas value chain. When considering our capabilities for advanced fuel blending, zero emissions analytics, custody transfer grade flow cell measurements, wireless ESP actuation and secure edge-to-cloud data transmission, we deliver unmatched monitoring, control and safety for field gas operations.

最後，我們擁有的 30 多項數據分析專利與此收購獲得的 5 項新專利相結合，使 Flotek 成為整個天然氣價值鏈的領導者。考慮到我們在先進燃料混合、零排放分析、保管轉移級流動池測量、無線 ESP 驅動和安全的邊緣到雲端資料傳輸方面的能力，我們為現場天然氣作業提供了無與倫比的監控、控制和安全。

Now let's transition to slide 8 where we'll dive into our second upstream application, custody transfer. Since January of 2025, a leading E&P partner has been piloting this solution in multiple US basins and the results so far are encouraging.

現在讓我們轉到投影片 8，我們將深入探討第二個上游應用，即保管轉移。自 2025 年 1 月以來，一家領先的 E&P 合作夥伴已在美國多個盆地試行該解決方案，迄今為止的結果令人鼓舞。

At a single pilot site, we have pinpointed an annual customer opportunity of up to $3.5 million of savings, highlighting the significant value this solution creates. Considering the potential scale of this E&P operator, the enterprise value creation at this level is driving further applications with eight custody transfer pilot locations set to transition to recurring DAS revenue in the second quarter of 2025 and more conversions planned throughout the year.

在一個試點站點，我們已發現客戶每年可節省高達 350 萬美元，凸顯了該解決方案所創造的巨大價值。考慮到這家 E&P 營運商的潛在規模，這一級別的企業價值創造正在推動進一步的應用，其中八個保管轉移試點地點將在 2025 年第二季度過渡到經常性 DAS 收入，並且計劃全年進行更多轉換。

Additionally, we are actively pursuing opportunities with domestic operators and targeted NOCs in the Middle East. By monitoring hydrocarbon quality and composition in real time and taking measurements every five seconds, we're positioned to unlock a new market for Flotek in 2025. This groundbreaking application sets a new standard in the oil and gas industry, delivering unprecedented transparency and minimizing enterprise risk for producing wells like never before.

此外，我們正在積極尋求與中東國內營運商和目標國家石油公司合作的機會。透過即時監測碳氫化合物的品質和成分並每五秒進行一次測量，我們預計在 2025 年為 Flotek 開闢一個新市場。這項突破性的應用為石油和天然氣產業樹立了新標準，提供了前所未有的透明度，並最大限度地降低了生產井的企業風險。

Let's move to our third upstream application, the VeraCal flare monitoring solution. In the first quarter of 2025, we saw an uptick in demand following the EPA's regulatory updates released in late December of 2024. Starting in mid-February, customer interest accelerated. And by March, VeraCal sales gained momentum.

讓我們轉到第三個上游應用程序，VeraCal 火炬監測解決方案。2025 年第一季度，隨著美國環保署於 2024 年 12 月下旬發布監管更新，我們看到需求上升。從二月中旬開始，顧客的興趣日益濃厚。到三月，VeraCal 的銷售量開始成長。

We're thrilled about the growth potential in flare monitoring as we partner with operators and flare developers to develop value that goes beyond compliance, unlocking new efficiencies and environmental benefits for our clients.

我們對火炬監測的成長潛力感到非常興奮，因為我們與營運商和火炬開發商合作開發超越合規性的價值，為我們的客戶釋放新的效率和環境效益。

It's obvious that the strategy to grow our Data Analytics segment is gaining traction. But what is most important is what it means for our stakeholders and investors. First, our DAS driven strategy ensures predictable recurring revenue and cash flow, delivering stability and long-term value.

顯然，擴大數據分析部門的策略正在獲得支持。但最重要的是它對我們的利害關係人和投資者意味著什麼。首先，我們的 DAS 驅動策略可確保可預測的經常性收入和現金流，從而實現穩定性和長期價值。

Second, our proprietary technologies and superior measurement accuracy establish a high barrier to entry, securing client loyalty and supporting our value-based service model. And third, long-term high-margin subscriptions position Flotek for sustained growth and margin expansion, driving significant shareholder value over time.

其次，我們的專有技術和卓越的測量精度建立了較高的進入門檻，確保了客戶忠誠度並支持我們基於價值的服務模式。第三，長期高利潤的訂閱使 Flotek 能夠實現持續成長和利潤率擴張，從而隨著時間的推移推動股東價值的顯著提升。

Now looking over the next decade, global energy demands are projected to expand with sustained requirements through 2045 despite the ongoing market volatility and uncertainty in the near-term. For the first time in nearly two decades, US electricity consumption is expected to surge by 15% by 2030 with natural gas poised to fulfill most of this additional need.

展望未來十年，儘管短期內市場持續波動和不確定性，但預計全球能源需求將持續成長，且需求將持續到2045年。預計到 2030 年，美國電力消耗將近二十年來首次激增 15%，而天然氣將滿足大部分額外需求。

We foresee continued global economic growth, fueling a strong appetite for all energy sources, heightening service intensity across this entire sector. And lastly, our Chemistry Technologies segment continues to deliver robust quarter-over-quarter growth driven by the differentiation of our prescriptive chemistry management services and our expanding presence in the UAE, Saudi Arabia and Argentina, as shown on slide 13.

我們預見全球經濟將持續成長，刺激對所有能源的強勁需求，進而提高整個產業的服務強度。最後，我們的化學技術部門繼續實現強勁的環比成長，這得益於我們規範化學管理服務的差異化以及我們在阿聯酋、沙烏地阿拉伯和阿根廷的業務不斷擴大，如幻燈片 13 所示。

Making an even deeper observation, slide 14 validates the strong performance of the segment as revenue and profitability grew despite the historical trend of the first quarter being sequentially weaker than Q4 and overall market consolidation.

進行更深入的觀察，幻燈片 14 證實了該部門的強勁表現，儘管第一季的歷史趨勢比第四季度弱且整體市場整合，但收入和盈利能力仍然增長。

It should be noted that the anticipated downward pressure on oil prices in the second half of 2025 prompted operators to accelerate first half completion activity, taking advantage of the higher prices, and in turn, increasing PCM adoption or enhancing asset value in the first half of the year.

值得注意的是，預計2025年下半年油價將面臨下行壓力，這將促使業者加快上半年的完井活動，利用更高的油價，進而增加PCM的採用率或提高上半年的資產價值。

It's evident that our chemistry team has executed our strategy flawlessly, steadily capturing market share, while creating value for customers. While Q2 schedules remain strong, uncertainties around activity levels in the second half of 2025 persist due to macro factors that could affect the completion chemistry market.

顯然，我們的化學團隊完美地執行了我們的策略，穩步佔領市場份額，同時為客戶創造價值。儘管第二季的計畫依然強勁，但由於可能影響完井化學市場的宏觀因素，2025 年下半年的活動水準仍存在不確定性。

However, we remain focused on defining these challenges, delivering differentiated chemistry and data services to provide our customers with industry-leading returns on their investment.

然而，我們仍然專注於定義這些挑戰，提供差異化的化學和數據服務，為我們的客戶提供業界領先的投資回報。

We are confident that our expanding suite of services positions us to deliver superior solutions to a variety of the industry's most challenging problems, while maximizing our customer 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卓越的解決方案，同時最大限度地提高我們的客戶價值鏈。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 another quarter of exceptionally strong results that builds upon the financial momentum that began in the fourth quarter of 2022, as shown on slide 12 in the presentation. On a sequential basis, we increased revenue 9%, net income 21% and adjusted EBITDA by 11%.

謝謝，瑞安。昨天下午，我們報告了另一個季度異常強勁的業績，這得益於 2022 年第四季度開始的財務勢頭，如演示文稿中的第 12 張幻燈片所示。與上一季相比，我們的營收成長了 9%，淨收入成長了 21%，調整後 EBITDA 成長了 11%。

As Ryan mentioned, first quarter 2025 marked the fifth consecutive quarter that we grew revenue, net income and adjusted EBITDA. Before getting into the quarterly results, I wanted to touch briefly on a few details with respect to last week's announced Data Analytics transaction.

正如 Ryan 所提到的，2025 年第一季是我們的營收、淨收入和調整後 EBITDA 連續第五個季度成長。在了解季度業績之前，我想先簡單談談上週宣布的數據分析交易的一些細節。

Part of the consideration for the transactions included utilizing a portion of the 2024 and 2025 chemistry supply agreement shortfall payments. Utilizing shortfall amounts against the purchase price does not impact our revenues or profitability in any way as we are electing to use the shortfall payments to purchase assets versus collecting the cash.

交易對價的一部分包括利用 2024 年和 2025 年化學供應協議差額付款的一部分。利用差額支付購買價格不會以任何方式影響我們的收入或獲利能力，因為我們選擇使用差額付款來購買資產而不是收取現金。

We do expect to utilize future shortfall amounts to quickly pay down the $40 million note that we took on in connection with the transactions as there are no prepayment penalties to do so. Again, no impact to revenues or net income utilizing shortfall amounts to pay down debt. We fully expect to see our leverage ratio move well below 1 times by the first quarter of 2026 through the combination of debt repayment and growth in adjusted EBITDA.

我們確實希望利用未來的短缺金額來快速償還與交易相關的 4000 萬美元票據，因為這樣做沒有提前還款罰金。同樣，利用差額償還債務不會對收入或淨收入產生影響。我們完全預計，透過債務償還和調整後 EBITDA 的成長，到 2026 年第一季度，我們的槓桿率將遠低於 1 倍。

For reference, the midpoint of our 2025 guidance implies 80% growth in adjusted EBITDA in 2025. To put some context around the impact of the transaction, we noted in last week's release that we expected the contract to generate segment operating income in 2026 that exceeds the total company's 2024 adjusted EBITDA of $20.3 million.

作為參考，我們 2025 年指引的中點意味著 2025 年調整後的 EBITDA 將成長 80%。為了說明該交易的影響，我們在上週的新聞稿中指出，我們預計該合約將在 2026 年產生分部營業收入，超過公司 2024 年調整後的 EBITDA 總額 2030 萬美元。

So assuming the contract contributes an equivalent amount of cash flow in 2026, this transaction would effectively increase adjusted EBITDA by at least 100% with only 20% share dilution, clearly, a very accretive transaction for the company. Even though 8 of the 30 acquired assets are not currently generating fixed fee recurring revenue, we do expect to clearly see the impact of the transaction on our financials beginning in the second quarter.

因此，假設該合約在 2026 年貢獻了等量的現金流，那麼這筆交易將有效地使調整後的 EBITDA 增加至少 100%，而股份稀釋僅為 20%，這顯然對公司來說是一筆非常增值的交易。儘管 30 項收購資產中有 8 項目前尚未產生固定費用經常性收入，但我們確實預計從第二季開始將清楚地看到該交易對我們財務的影響。

As the assets under construction come online throughout the year, we expect to see continued quarterly improvements in Data Analytics revenues and profitability.

隨著在建資產全年上線，我們預計數據分析收入和獲利能力將持續逐季改善。

As shown on slide 9, with all 30 assets in service during 2026, fixed fee revenue is expected to exceed $27 million. Moving quickly through the quarter results. Revenue growth was led by an 88% increase in external chemistry versus the year ago quarter. International revenues totaled $3.8 million during the quarter, a roughly 250% increase from the $1.1 million in the year ago quarter. In total, chemistry revenue grew 36% versus the year ago quarter.

如投影片 9 所示，如果 2026 年所有 30 項資產都投入使用，則預計固定費用收入將超過 2,700 萬美元。快速瀏覽季度業績。與去年同期相比，外部化學產品銷售額成長了 88%，帶動了營收的成長。本季國際營收總計 380 萬美元，較去年同期的 110 萬美元成長約 250%。總體而言，化學收入較去年同期成長了 36%。

For Data Analytics, we grew revenue 57% versus the first quarter of last year. Revenues during the quarter were skewed more heavily to product sales, but we also grew service revenues by 30% as compared to a year ago. As shown on slide 9, with the PWRtek transaction, we expect to see a big jump in recurring revenues throughout the remainder of the year as the new mobile power generation contract is expected to provide more revenue in 2025 than the entire Data Analytics segment reported in 2024.

對於數據分析，我們的營收與去年第一季相比成長了 57%。本季的收入主要來自產品銷售，但與去年同期相比，我們的服務收入也成長了 30%。如投影片 9 所示，隨著 PWRtek 交易的完成，我們預計今年剩餘時間的經常性收入將大幅成長，因為新的行動發電合約預計在 2025 年提供的收入將超過 2024 年整個數據分析部門報告的收入。

On the SG&A front, as we indicated in our year-end call, SG&A costs during the first quarter declined sequentially. SG&A as a percentage of revenue decreased to 11% in the first quarter of this year versus 13% in the fourth quarter.

在銷售、一般及行政費用方面，正如我們在年終電話會議上指出的那樣，第一季的銷售、一般及行政費用環比下降。今年第一季度，銷售、一般及行政費用佔收入的百分比從第四季度的 13% 下降至 11%。

Net income for the quarter totaled $5.4 million or $0.17 per share. Our earnings per share in the first quarter represented 50% of the total earnings per share for all of last year. Looking at slide 12. During the first quarter, we continued our strength with respect to adjusted EBITDA. The first quarter represented the 10th consecutive quarter of improvement.

本季淨收入總計 540 萬美元，即每股 0.17 美元。我們第一季的每股收益佔去年全年每股收益的50%。看投影片 12。第一季度，我們的調整後 EBITDA 繼續保持強勁勢頭。第一季已是連續第十個季度出現改善。

Our first quarter 2025 adjusted EBITDA was nearly 100% higher than the year ago quarter. Yesterday, we also provided our 2025 guidance on revenue and adjusted EBITDA, which we have highlighted on slide 12. As a result of the strong start in 2025, combined with the impact of the Power Generation acquisition, we are guiding for continued growth in 2025 on both metrics.

我們 2025 年第一季的調整後 EBITDA 比去年同期高出近 100%。昨天，我們也提供了 2025 年收入和調整後 EBITDA 的指導，我們已在第 12 張幻燈片中重點介紹了這一點。由於 2025 年的強勁開局，加上發電收購的影響，我們預計 2025 年這兩個指標都將持續成長。

The midpoint of our revenue and adjusted EBITDA guidance indicates 2025 growth of 12% and 80%, respectively, as compared to last year. Impressively, using the midpoint of both metrics implies a 17% adjusted EBITDA margin as compared to only 11% in 2024, demonstrating the positive margin impact that the Power Generation transaction is expected to provide.

我們的收入和調整後的 EBITDA 指引的中點表明，與去年相比，2025 年分別成長 12% 和 80%。令人印象深刻的是，使用這兩個指標的中點意味著調整後的 EBITDA 利潤率為 17%，而 2024 年僅為 11%，這表明發電交易預計將帶來正面的利潤影響。

It's worth noting that our guidance does reflect a conservative outlook for the second half of the year as it relates to our chemistry business given the recent commentary from multiple E&P operators on CapEx reductions due to the uncertainty regarding oil prices and the impact of tariffs on the cost of pipe and tubulars.

值得注意的是，鑑於近期多家 E&P 業者因油價不確定性以及關稅對管道和管材成本的影響而削減資本支出，我們的指引確實反映了對下半年化學業務的保守展望。

Touching on the balance sheet. At March 31, we had nothing drawn under our ABL. We did collect $15 million in cash related to the 2024 chemistry shortfall penalty during March and paid off the ABL. In closing, we're excited about the continued growth in our base chemistry and Data Analytics segments and we look forward to realizing the very positive effects of the Power Generation contract is expected to provide over the next several years in terms of very high-margin revenue.

談及資產負債表。截至 3 月 31 日，我們的 ABL 下尚未提取任何款項。我們確實在 3 月收取了與 2024 年化學短缺罰款相關的 1500 萬美元現金，並償還了 ABL。最後，我們對基礎化學和數據分析部門的持續成長感到非常興奮，我們期待實現發電合約在未來幾年內在高利潤收入方面帶來的非常積極的影響。

I'll now turn the call back over to Ryan for closing remarks.

現在我將把電話轉回給瑞安，請他做最後發言。

Thanks, Bond. The first quarter of 2025 results build upon our now multiyear track record of consistently posting improved financials. Looking at slide 10, and as I said at the end of last year, I remain convinced we are still in the early innings of Flotek's transformation as we continue to grow and maximize returns for our customers and shareholders across the entire value chain of the energy landscape.

謝謝，邦德。2025 年第一季的業績建立在我們多年來持續改善財務狀況的記錄之上。看看第 10 張投影片，正如我在去年年底所說的那樣，我仍然相信我們仍處於 Flotek 轉型的早期階段，因為我們將繼續發展並在整個能源領域價值鏈中為客戶和股東實現回報最大化。

Our transformative and strategic entry into energy infrastructure sector is expected to provide a significant increase in high-margin Data Analytics revenue and cash flow for years to come. Through the growth of our upstream applications, we believe the Data Analytics segment is poised to contribute over half of the company's profitability in 2026.

我們對能源基礎設施領域的變革性和策略性進入預計將在未來幾年帶來高利潤數據分析收入和現金流的大幅成長。透過上游應用的成長，我們相信數據分析部門將在 2026 年為公司貢獻一半以上的獲利能力。

We have now secured long-term contracts for both our chemistry and Data Analytics segments, which should provide confidence in Flotek's ability to deliver consistent revenue and profitability, helping to mitigate the impact of commodity price volatility in the near-term on our business.

我們現在已經獲得了化學和數據分析部門的長期合同，這應該會讓我們對 Flotek 實現穩定收入和盈利的能力充滿信心，有助於減輕短期內大宗商品價格波動對我們業務的影響。

No other company in our industry is better positioned to deliver the cutting-edge technologies needed to tackle unique challenges of the energy and infrastructure sectors. I'm incredibly proud of our progress and confident in our team's ability to execute moving forward. Given the growth potential for our chemistry and Data Analytics segments, we see Flotek as a compelling investment opportunity.

在我們的產業中，沒有其他公司比我們更有能力提供解決能源和基礎設施領域獨特挑戰所需的尖端技術。我對我們的進步感到無比自豪，並對我們團隊未來的執行能力充滿信心。鑑於我們的化學和數據分析部門的成長潛力，我們認為 Flotek 是一個引人注目的投資機會。

Thank you for your continued support, and we're eager to share our vision for Flotek's future and looking forward to updating you on our progress in the quarters ahead.

感謝您一直以來的支持，我們渴望分享我們對 Flotek 未來的願景，並期待在未來幾季向您通報我們的進展。

Operator, we're ready to open the floor for questions.

接線員，我們準備好開始回答問題了。

(Operator Instructions)

（操作員指示）

Donald Crist, Johnson Rice.

唐納德·克里斯特、約翰遜·賴斯。

Good morning, Ryan and Bond. Hopefully, you'all are doing well this morning. Doing well. I wanted to start on the PWRTEK side, obviously, a very good transformational acquisition for you all. But -- and it's going to obviously increase EBITDA and revenues as we kind of move forward into '26. But I was curious as to kind of third-party demand on this side. I mean, obviously, all those trailers are working with ProFrac today. And once they're all delivered in kind of early '26, just curious as to how fast you can expand that to third-parties and take over construction of that -- of those trailers moving forward?

早安，瑞安和邦德。希望大家今天早上都一切順利。做得很好。我想從 PWRTEK 方面開始，顯然，這對你們所有人來說都是非常好的轉型收購。但是 — — 隨著我們進入 26 年，它顯然會增加 EBITDA 和收入。但我對這方面的第三方需求感到好奇。我的意思是，顯然，今天所有這些拖車都在與 ProFrac 合作。一旦它們在 26 年初全部交付，我只是好奇你能多快將其擴展到第三方並接管這些拖車的建造？

Yeah, Don, that's a great question. And in reality, what is probably the basis of some of the most exciting things that we have going on here at Flotek is that we've been testing the Verax on, I would say, almost 10 external or additional customers besides where we have the long-term contract now and getting great results.

是的，唐，這是一個很好的問題。事實上，我們在 Flotek 開展的一些最令人興奮的事情的基礎可能是，我們已經對 Verax 進行了測試，我想說，除了我們現在簽訂的長期合約之外，我們還對近 10 個外部或其他客戶進行了測試，並獲得了出色的結果。

And what most of them have been telling us is they still don't have that full end-to-end solution, even though we're able to monitor the gas for them on their current things they're trying to test now. So what this offers for us to go back to them and say, hey, you've been waiting to start Verax to monitor the gas quality, now we have the full solution. So we expect some pretty rapid uptake.

他們中的大多數人告訴我們，他們仍然沒有完整的端到端解決方案，儘管我們能夠在他們現在嘗試測試的當前產品上監控氣體。因此，這為我們提供了反饋，並告訴他們，嘿，您一直在等待啟動 Verax 來監測氣體質量，現在我們有了完整的解決方案。因此我們預計其成長速度會相當快。

We're looking at what kind of going forward, we may discuss a little bit further in future calls on what we'll be spending on CapEx to build additional units because I can tell you that we put in excess of 15 additional Verax units out to customers in the last quarter and testing gas quality for remote power operations. So we expect some solid opportunities there going forward.

我們正在研究未來的發展方向，我們可能會在未來的電話會議中進一步討論我們將在資本支出上花費多少來建造額外的裝置，因為我可以告訴你，我們在上個季度向客戶推出了超過 15 個額外的 Verax 裝置，並測試遠程電力運營的天然氣質量。因此，我們預計未來將會有一些穩固的機會。

It seems like a very good opportunity for you all. And I wanted to shift over to the custody transfer. Obviously, that's a very big market for the Verax sensors and eight pilot locations are converting over. Just curious as to customer demand and how many other pilot locations you have going right now? And where you think, from a sensor count, you could get to maybe by the end of the year as kind of those pilot locations transfer over to monthly revenue and it grows from here?

這對你們所有人來說似乎都是一個非常好的機會。我想轉到保管權轉移。顯然，這對 Verax 感測器來說是一個非常大的市場，目前已有八個試點地點正在進行轉換。只是好奇客戶的需求以及您現在有多少其他試點地點？而您認為，從感測器數量來看，到今年年底，隨著這些試點地點轉移到月收入並從這裡開始成長，您是否可以實現這一目標？

Yeah, I would say that we mentioned around -- we have the eight units that only with that one single E&P operator right now that are converting essentially in this month into revenue streams. They have an additional, I want to say, 14 verified putting into a basis now. Five of those are on location. The other 11, we're finally validating where the install sites are.

是的，我想說的是，我們提到過——我們有八個單位，目前只有一個 E&P 運營商，這些單位基本上在這個月轉化為收入來源。我想說，他們現在有另外 14 個已驗證的投入基礎。其中五個是在現場。其餘 11 個，我們最終驗證了安裝站點的位置。

We've got probably up to 10 additional customers that we're moving those forward to. And as a matter of fact, our team, including Tom Redlinger is in the Middle East right now validating where we are on the pilot locations in two additional countries there in UAE and Saudi.

我們可能還有多達 10 位額外客戶正在接受我們的服務。事實上，包括湯姆雷德林格 (Tom Redlinger) 在內的我們的團隊目前正在中東驗證我們在阿聯酋和沙烏地阿拉伯另外兩個國家的試點地點的情況。

So we do -- I expect the UAE contracts to come online by mid-year, on a conservative side, maybe sooner. And I really believe that as we're reporting more and more of this, the people start to understand the enterprise value that this is creating, this thing you're going to see a rapid uptick. I do believe we started looking at from the capital investment side around -- this is driven by our new generation measurement unit, the XSPCT unit, which is the third generation.

所以我們這樣做——我預計阿聯酋的合約將在年中上線，保守一點說，也許更早。我真的相信，隨著我們報道越來越多這樣的事情，人們開始理解這正在創造的企業價值，你會看到這件事的快速上升。我確實相信我們開始從資本投資方面進行研究——這是由我們的新一代測量單位 XSPCT 單位（第三代）推動的。

We've advanced building those at our facility in Austin to meet this demand. But I do think we're going to continue to see that probably growing in a much sharper than linear fashion in the back half of the year. So it's probably overall, Don, I know we talked about the power generation side have such an immediate impact and will continue to be when you look at the energy growth.

為了滿足這項需求，我們在奧斯汀的工廠提前建造了這些產品。但我確實認為，我們將繼續看到這種成長趨勢在今年下半年以比線性方式更快的速度成長。所以總的來說，唐，我知道我們談論的發電方面有如此直接的影響，而且當你看到能源成長時，這種影響還會繼續存在。

But I do believe that still all in all, when you look at enterprise value and the market size for custody transfer, it still continues to be the longer to grow, but it's still the biggest market that we'll get in the upstream Data Analytics part of the business.

但我確實相信，總的來說，當你看看企業價值和保管轉移的市場規模時，它仍然需要更長的時間才能成長，但它仍然是我們在業務上游資料分析部分獲得的最大市場。

I totally agree with you. And if I could sneak in one more. On the external chemistry, you had a huge uplift in international sales. Just curious, that's obviously much more stable than the US market as we kind of ebb and flow here in this environment.

我完全同意你的看法。如果我能再偷偷溜進去一次。在外部化學方面，你們的國際銷售額有了巨大的提升。只是好奇，這顯然比美國市場穩定得多，因為我們在這種環境下有起有落。

But just curious as to where you think that international market can go in the coming years? Obviously, you have some pretty big customers over there and I don't know kind of how many you're with today versus what you think you can get to in the future?

但我只是好奇，您認為未來幾年國際市場會走向何方？顯然，你們在那裡有一些相當大的客戶，我不知道你們現在有多少客戶，以及你們認為未來可以有多少客戶？

So I would say, we -- when you look at the international spread, a big majority of our revenue is obviously focused in the Middle East, particularly in Oman, Arab Emirates and Saudi with the consistent NOC customers you see there with ADNOC, Aramco, NESR, Halliburton, the general trends that we use there. I do think -- and I can get Bond to comment on the percentage numbers, but we will see a material increase year-on-year in international revenue and I think it's going to be relatively stable.

所以我想說，當你看國際分佈時，我們的大部分收入顯然集中在中東，特別是阿曼、阿拉伯聯合酋長國和沙特，那裡有穩定的國家石油公司 (NOC) 客戶，如阿布扎比國家石油公司 (ADNOC)、阿美石油公司 (Aramco)、NESR 和哈里伯頓 (Halliburton)，這是我們在那裡使用的總體趨勢。我確實認為——我可以讓邦德對百分比數字發表評論，但我們會看到國際收入同比大幅增長，而且我認為它將相對穩定。

You've seen where Saudi Arabia is adding additional frac fleets and the growth there with -- we've got approved slickwater system and the mega tender that's been coming out at ADNOC will be released in the back part of this year.

您已經看到沙烏地阿拉伯正在增加壓裂船隊，並且那裡的成長——我們已經獲得了批准的滑水系統，而阿布達比國家石油公司 (ADNOC) 推出的大型招標將於今年下半年發布。

And we are the preferred chemistry supplier and approved technically for the majority of a lot of the specialty chemicals on the traditional acid and carbonate type simulation solutions. And so I think we're going to see just that consistent, steady, profitable growth in the Middle East over the next couple of years is what we believe.

我們是傳統酸和碳酸鹽類模擬解決方案中大多數特種化學品的首選化學品供應商，並在技術上獲得認可。因此，我認為，我們將在未來幾年看到中東地區持續、穩定、獲利的成長。

And the Latin American business is interesting because most of it is around Argentina, around our entry with our completion chemistries. And we're monitoring that. Our big thing there is to make sure that we ensure payment cash flow for that market. But I think it's a great opportunity. Leon and his team are doing a phenomenal job of pursuing that work, what I think is an effective cash flow manner for how we're going to grow our business.

拉丁美洲的業務很有趣，因為大部分業務都在阿根廷，圍繞著我們的完井化學品進入市場。我們正在監控這一點。我們的首要任務是確保該市場的支付現金流。但我認為這是一個很好的機會。Leon 和他的團隊在進行這項工作方面做得非常出色，我認為這是我們發展業務的有效現金流方式。

I appreciate it all color. I'll turn it back to the operator. Thanks, guys.

我很欣賞這一切的顏色。我會將其轉回給接線生。謝謝大家。

Jeff Grampp, Northland Capital Markets.

傑夫‧格蘭普 (Jeff Grampp)，北國資本市場 (Northland Capital Markets)。

Morning guys. I want to circle back on PWRtek here. Can you touch a little bit on the competitive environment? What are the main incumbents that are kind of servicing this industry, if there are any? And then I wanted to confirm, in your prepared remarks, I think you mentioned a 500-unit kind of TAM in North America. I just want to make sure I understood.

大家早安。我想在這裡重新討論一下 PWRtek。能稍微談談競爭環境嗎？如果有的話，為該行業提供服務的主要現任者有哪些？然後我想確認一下，在您準備好的演講中，我認為您提到了北美 500 個單位的 TAM。我只是想確保我理解了。

Is that kind of specific to the oil and gas market? Is that a broader definition of the industry? Just to make sure I kind of understand the market opportunity you guys see over the next couple of years.

這是針對石油和天然氣市場而言的嗎？這是該行業的更廣泛的定義嗎？只是為了確保我了解你們在未來幾年看到的市場機會。

Yeah, So I'm going to try to -- and you've talked to me many times, I'm going to try not to fall into my technology definition of all these gaps, right? But you've got a lot to kind of unpack in that question. So looking at the initial assets that we have driven by our proprietary Verax measurement technologies that we just acquired, they are 100% active differentiating turnkey operations.

是的，所以我會嘗試——你已經跟我談過很多次了，我會嘗試不陷入我對所有這些差距的技術定義中，對嗎？但這個問題還有很多內容需要解答。因此，看看我們剛剛收購的專有 Verax 測量技術所驅動的初始資產，它們是 100% 主動的差異化交鑰匙營運。

We're not only detecting out-of-spec field gas, but also safely conditioning it and optimizing the fuel flow to whether you're looking at a turbine, dual fuel engine or whatever you've got in operation. So it doesn't matter if you're looking at energy oilfield services, if you're looking at the -- solving the constraint of why data centers haven't grown from field gas because of need to be able to control and monitor the volume and create a valuation of how to pay the entities.

我們不僅檢測不合格的現場氣體，而且還對其進行安全調節並優化燃料流量，無論您是在查看渦輪機、雙燃料引擎還是您正在運行的任何設備。因此，如果您正在研究能源油田服務，或者您正在研究——解決資料中心未能從油田天然氣中發展的限制因素，因為需要能夠控制和監控氣量，並對如何向實體付款進行估值。

It solves all these problems, even on the grid power support, whether you're going remote or not. When we look at some of the other assets that we're looking at -- and there's nothing really to compete with these things. It's the full turnkey solution. What does exist right now is something similar to what we were talking about where we were looking at our smart filtration skids.

它解決了所有這些問題，甚至在電網電力支援方面，無論您是否要去遠端。當我們審視我們正在考慮的其他一些資產時，我們發現沒有什麼可以與這些資產競爭。這是完整的交鑰匙解決方案。目前存在的東西與我們之前談論的智慧過濾裝置類似。

There are current, what we call, knockout filtration units out there that can detect big volumes of liquids or they use almost like a JT skid and that they use a pressure drop to drop out some of the heavier hydrocarbons and try to stabilize the BTU, but they can't real-time monitor it, they can't condition it. They're almost just like just a heavy-duty filter.

目前，我們所說的分離過濾裝置可以檢測大量的液體，或者它們使用幾乎像 JT 滑橇一樣的設備，它們利用壓力下降來分離出一些較重的碳氫化合物，並試圖穩定 BTU，但它們無法即時監控，也無法調節。它們幾乎就像重型過濾器一樣。

And so even our smart filtration skids will be an advancement compared to them differentiated. So our high-level ESDs and Veraxes, there's nothing really to compete with them. They are differentiated premium priced technologies for any application.

因此，與差異化產品相比，我們的智慧過濾裝置也將是進步。因此，我們的高級 ESD 和 Veraxes 確實沒有什麼可以與它們競爭。它們是適用於任何應用的差異化高價技術。

The -- if we look at the smart skids, we were targeting most of those will be oilfield locations because you need a smaller footprint to get a location and it's that first backup to knock out something that could damage whether you're looking at a genset or turbine or engine, whereas the other units like ESD can operate anywhere.

如果我們看一下智慧滑橇，我們瞄準的大多數位置都是油田位置，因為你需要較小的佔地面積來獲得一個位置，它是第一個備份，可以消除可能造成損壞的東西，無論你是在看發電機組、渦輪機還是發動機，而其他裝置如 ESD 可以在任何地方運行。

And it's a much, much, much larger market for those than just oilfield services. Does that gives the clarity you're looking for?

而且，這些市場的規模比油田服務市場大得多。這是否提供了您所尋求的清晰度？

That's perfect, Ryan. And is that kind of what that 500-unit number represents with respect to kind of the --

太完美了，瑞安。那麼 500 個單位的數字代表什麼呢？--

That market is more, yeah, the 500 unit is mostly just domestic oil and gas, like when you're looking at rig power or frac power only, not counting -- it doesn't address industrialized grid power support, AI data center support or any of those like what the ESDs can do. In other words, it's a much larger market when you pull all of it together.

那個市場更多，是的，500 個單位主要只是國內石油和天然氣，就像當你只看鑽機動力或壓裂動力時一樣，不算 - 它沒有解決工業化電網電力支持、人工智能數據中心支持或任何像 ESD 可以做的事情。換句話說，當你把所有因素綜合起來時，這是一個更大的市場。

Yeah, definitely understood. Okay, great. And then I wanted to circle back, Ryan, you kind of wrapped up the prepared remarks on slide 10, which I thought was a really cool slide and kind of laying out the longer term opportunity. I'm curious, I know this doesn't all happen overnight, but what do you see, Ryan, as kind of the next one or two steps we get the PWRtek assets closed and integrated?

嗯，完全明白。好的，太好了。然後我想回到正題，瑞安，你在第 10 張投影片上總結了準備好的發言，我認為這是一張非常酷的幻燈片，它闡述了長期機會。我很好奇，我知道這不是一朝一夕就能實現的，但是 Ryan，您認為我們接下來的一兩個步驟是什麼，以關閉和整合 PWRtek 資產？

What's kind of next for Flotek in that schematic in terms of other, I guess, kind of end markets or opportunities you guys are excited about?

就其他終端市場或你們感興趣的機會而言，Flotek 下一步的計劃是什麼？

I talk in general terms, I'm always about executing these small steps as part of our -- that multi-phase strategy that we talk about. slide 10 references the overall view of the runway that Flotek is on. So there's no doubt we're going to make a hard impact where you see PWRTEK notating around data center power, grid power and we call energy services, oilfield service power generation.

我一般性地講，我總是把執行這些小步驟當作我們談論的多階段策略的一部分。投影片 10 指的是 Flotek 所在跑道的整體視圖。因此，毫無疑問，我們將產生重大影響，你會看到 PWRTEK 圍繞著資料中心電力、電網電力以及我們所說的能源服務、油田服務發電進行標註。

The next step for us that we really see focusing is upgrading more of our real-time instrumentation along this value chain from coming out from chain of custody. When we can do that, you essentially have a company that can design your completion from the chemistry side, monitor the chemicals going downhole.

我們真正關注的下一步是升級這條價值鏈上的更多即時儀器，使其脫離監管鏈。當我們能夠做到這一點時，您實際上就擁有了一家可以從化學角度設計完井方案、監測井下化學物質的公司。

Once the well comes online, we leave an XSPCT unit, monitors the quality of production coming out and the additional assets that we'll put to look at the aqueous-based monitoring gives us the ability to run production chemistry in real-time, which opens up a $6 billion market just on the domestic side alone with a differentiated service offering.

一旦油井上線，我們就會留下一個 XSPCT 裝置，監測生產質量，我們將投入額外的資產來觀察水基監測，這使我們能夠實時運行生產化學，僅在國內，這就能通過提供差異化的服務開闢一個價值 60 億美元的市場。

So you'll start to see us start just filling the gaps along here. But I think our real-time monitoring based out of custody transfer and moving in the production chemistry direction will be the next big phase that we move into. Because holistically, Jeff, what the long-term strategy of us is, we're creating an industrialized chemical and data company that can manage the entire energy landscape if you need to monitor anything related using chemistry as a platform.

因此，您將開始看到我們開始填補這裡的空白。但我認為，基於保管轉移的即時監控和向生產化學方向的發展將是我們進入的下一個重要階段。因為從整體上看，傑夫，我們的長期策略是，我們正在創建一家工業化的化學和數據公司，如果你需要使用化學作為平台來監控任何相關事物，那麼它可以管理整個能源模式。

And so we think that makes it a massively valued investment opportunity for the market. And more importantly, you can see the impact that it is having on an addressable TAM for us, right? And that where we started out, when we put the strategy in place, we had about a $2 billion TAM.

因此我們認為這對市場來說是一個極具價值的投資機會。更重要的是，您可以看到它對我們可尋址 TAM 的影響，對嗎？而當我們開始實施策略時，我們的 TAM 約為 20 億美元。

It's opened up to more than $13 billion and that's just talking domestically, not talking about what we may be able to do internationally. What's most exciting about it is, all of this growth we're talking about would take place if they stopped drilling today and we didn't complete any more wells because all the stuff is on the effects and energy support landscape. And so that's really exciting for the long-term investment in Flotek.

它開放的金額已超過 130 億美元，而且這還只是在國內，還沒有談到我們在國際上可以做的事情。最令人興奮的是，如果他們今天停止鑽探並且我們不再完成任何油井，我們所談論的所有這些增長都會發生，因為所有這些都與效果和能源支援前景有關。因此，這對 Flotek 的長期投資來說確實令人興奮。

That's really helpful, Ryan. I appreciate all those details, and thank you guys for the time.

這真的很有幫助，瑞安。我感謝所有這些細節，也感謝你們付出的時間。

Gerry Sweeney, ROTH Capital.

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

Good morning, Ryan Bond. Thanks for taking my call. I want to start with Data Analytics and then like everybody else we'll shift over the power market. But on Data Analytics, obviously, one of the core areas you've been working on, and you spoke a lot about custody transfer, just sounds as though there's a little bit of a longer sales cycle there.

早安，瑞安邦德。謝謝您接聽我的電話。我想從數據分析開始，然後像其他人一樣，我們將轉向電力市場。但在數據分析方面，顯然這是您一直致力於的核心領域之一，而且您多次談到保管轉移，聽起來好像那裡的銷售週期有點長。

Just curious what can open up that market a little bit? Is that getting a couple of maybe anchor investors and proof of concept or any thoughts on that front?

只是好奇什麼可以稍微打開這個市場？這是否會吸引一些基石投資者並進行概念驗證，或者在這方面有什麼想法？

So I think technically -- and if you know I have been talking about this for over a year, you've seen us steadily pull forward. We feel that's going to be the impact from custody transfer. At a point in time, I would say, at the beginning of 2024, we had not completed building the XSPCT unit into full production yet. And now that we've gotten there and we've actually built, proven the unit, we're starting to see this opportunity in custody transfer significantly accelerate.

所以我認為從技術上講——如果你知道我已經談論這個問題一年多了，你就會看到我們正在穩步前進。我們認為這將是保管權轉移的影響。我想說，在 2024 年初的某個時間點，我們還沒有完成 XSPCT 裝置的全面生產。現在我們已經到達那裡，並且已經實際建造和驗證了這個裝置，我們開始看到保管轉移的這個機會顯著加速。

We mentioned in Q2 of last year that we were targeting trying to get five to eight pilot sites. We're now at over 20 and those eight are converting to full-time DAS revenue. And this is, like you're talking to me, this is that proving use case by a large proven E&P operator that we think is going to drive significant impact.

我們在去年第二季提到，我們的目標是建立五到八個試點站點。現在我們已經有 20 多個了，其中 8 個正在轉化為全職 DAS 收入。就像您跟我所說的那樣，這是一個大型成熟的 E&P 運營商證明的用例，我們認為它將產生重大影響。

We do believe that our international pieces will have secured by mid-year is going to drive impact in terms of use case understanding. And right now, I think the biggest hurdles we kind of crossed is that, number one, they wanted to ensure that -- honestly, they -- we're seeing such a monumental variance in most of these sites that we test.

我們確實相信，我們的國際產品將在年中之前得到保障，並將對用例理解產生影響。而現在，我認為我們面臨的最大障礙是，首先，他們想確保——老實說，他們——我們在測試的大多數網站中都看到瞭如此巨大的差異。

These operators sometimes are like skeptical and that they bring GCs out the location to test. We've always tested within 1% or less variance from a GC. And right then, the operators were just taken back. And then while you've got -- we're getting a measurement from a unit that's as accurate as our GC, we're getting it every five seconds. And there's a trust build there.

這些操作員有時會持懷疑態度，並且會將 GC 帶出現場進行測試。我們始終按照與 GC 相差 1% 或更小的變異數進行測試。就在這時，操作員被帶了回去。然後，當你得到——我們從與我們的 GC 一樣精確的單位獲得測量值時，我們每五秒鐘獲取一次。在那裡建立了信任。

And then they're starting to realize we're seeing this potential on one site and we have thousands of these. What you have is transition from a localized basin operation to complete enterprise value for the whole company. And so we do believe those will really start to accelerate.

然後他們開始意識到我們在一個網站上看到了這種潛力，而且我們擁有數千個這樣的網站。您所做的就是從局部盆地營運轉變為整個公司的完整企業價值。因此我們確實相信這些將會真正開始加速。

The biggest risk still for us is helping them understand it's easy selling these on new wells, like almost every one of these applications are on new well. The ones where they're still hesitant is putting it on old producing wells because there's still some potential concern on opening the back door liability on someone being underpaid.

對我們來說，最大的風險仍然是幫助他們理解在新井上銷售這些產品很容易，就像幾乎所有這些應用程式都是在新井上銷售的一樣。他們仍然猶豫不決的是是否將其應用於舊的生產井，因為他們仍然擔心有人因為工資過低而承擔後門責任。

And that's probably the most inertia that we have right now. And I do believe as you see it on more of these new construction wells that we're going to be pulled into settling disputes that are upcoming because most of the work on the old wells we're doing right now are settling disputes.

這或許就是我們目前最大的惰性。我確實相信，正如你在越來越多的新建油井中看到的那樣，我們將被捲入即將發生的爭端的解決中，因為我們現在對舊油井進行的大部分工作都是為了解決爭端。

And it works out pretty well because we're the unbiased view on that between the operator and resource owner or the end-use buyer. So -- but all in all, though, I do believe it's just -- there's just too much enterprise value, Gerry, for the whole oil and gas industry to provide this low transparency for it not to grow and move forward.

而且效果很好，因為我們在營運商和資源所有者或最終買家之間持有公正的看法。所以 — — 但總而言之，我確實相信 — — 整個石油和天然氣行業的企業價值太高了，格里，如果透明度太低，就無法發展和進步。

I mean, Warren Buffett even commented on this years ago, sooner or later, you see such measurement level of automation that it removes all the snake hole measurement out of it, right? It will be completely understood data. And we want to be the tip of the spear of innovation side doing that. So I think that we're going to start seeing this thing really get critical mass sooner than later, honestly.

我的意思是，沃倫·巴菲特幾年前就對此發表過評論，遲早你會看到這種自動化測量水平，它會消除所有的蛇洞測量，對嗎？這將是完全理解的數據。我們希望成為創新的先鋒。所以老實說，我認為我們很快就會看到這個東西真正達到臨界質量。

Got it. And on the power gen side, a lot of information has been thrown out there. I apologize if this was sort of asked writing, thinking, crossing the finger at the same time. But now that you have the assets -- and this may not be solidified, which I understand, but what is the growth strategy or growth assets going forward this year into next year? I mean, do you need to add salespeople? How do we think about how the opportunity not only develops, but you sort of build the scaffolding around it?

知道了。在發電方面，已經有大量資訊被揭露。如果這個問題是在寫作、思考和祈禱的同時提出的，我深感抱歉。但現在你有了資產——這可能不會鞏固，我理解，但今年到明年的成長策略或成長資產是什麼？我的意思是，您需要增加銷售人員嗎？我們如何看待機會不僅發展，而且還圍繞它構建支架？

Yeah, that's another solid question in terms of -- we look at it very much similar when you look at the PWRTEK component, very similar to what we've done with our chemistry business. We want to create a push-pull mechanism. In that, there are some of the larger entities that have enterprise value around selling field gas for the data center components or selling field gas or grid power, et cetera, that we work directly with, provide these assets for the total turnkey solution, no matter what it's doing.

是的，這是另一個實質的問題——當您查看 PWRTEK 組件時，我們對它的看法非常相似，與我們在化學業務中所做的非常相似。我們希望創建一種推拉機制。其中，有一些較大的實體具有企業價值，包括銷售用於資料中心組件的現場氣體或銷售現場氣體或電網電力等，我們直接與這些實體合作，為整個交鑰匙解決方案提供這些資產，無論它在做什麼。

There's also some channel partners, for lack of a better term, that we'll work with that are on site doing particularly in the energy services side that we will provide the technology to as part of their service to sell to pumping companies or people who are providing mobile turbines or things of that nature.

還有一些通路合作夥伴，由於缺乏更好的術語，我們將與他們合作，他們在現場特別是在能源服務方面進行工作，我們將向他們提供技術作為服務的一部分，以銷售給抽水公司或提供移動渦輪機或類似性質產品的人員。

So we want to work with both, right? We want to be partners with people who are doing a lot of field services where we provide the patented technology on a service or DAS service type mechanism. And then there will be some of these E&P operators who have large installed projects, particularly focused on we can solve a lot of the problems from what they've seen in the past around data center support or grid power by inconsistency of gas, how to pay people, how to value and all those, we can solve those problems and we'll work with the E&P guys direct.

所以我們想與兩者合作，對嗎？我們希望與從事大量現場服務的人們成為合作夥伴，我們在服務或 DAS 服務類型機制上提供專利技術。然後，一些擁有大型安裝專案的 E&P 營運商將特別關注我們可以解決他們過去遇到的許多問題，這些問題涉及資料中心支援或電網電力因天然氣不一致而產生的問題、如何支付工資、如何估價等等，我們可以解決這些問題，我們將直接與 E&P 人員合作。

So depending on what the customer is, we have a little bit of a hybrid business model that we hope creates the push-pull mechanism. This works the same way -- on the chemistry side is we work with E&P operators to get a better reservoir in terms of how it produces.

因此，根據客戶情況，我們採用了混合業務模式，希望能夠創建推拉機制。其工作原理相同——在化學方面，我們與 E&P 運營商合作以獲得更好的儲層生產方式。

We work with the pumping companies to get effective output from their pumping equipment with how we look at friction reducers, service quality, tank configuration, real-time monitoring, things like that. So we're going to create a very similar, I would say, ecosystem on the power gen side of the business. We've already started adding sales force on the power gen side.

我們與泵送公司合作，透過觀察減摩器、服務品質、油箱配置、即時監控等方式，從他們的泵送設備中獲得有效的輸出。因此，我想說，我們將在發電業務方面創造一個非常相似的生態系統。我們已經開始增加發電方面的銷售人員。

Got it. Would it be fair to say on the PWRTEK side, you enable some of the gas providers or equipment providers the ability to sell to the data centers. You provide that certainty of quality of gas and uptime, et cetera?

知道了。從 PWRTEK 角度來說，您是否允許一些天然氣供應商或設備供應商向資料中心銷售產品？您能保證天然氣的品質和正常運作時間等等嗎？

Yeah, a lot, When you look at a lot of these data centers, you look at what they're going to do here in Texas, right, or even just electricity demand in Texas to grow. You've got this gas strained in these remote locations that comes to gathering sites. And so one of -- two of the big problems that they've had is, number one, when you look at just the pure quality gas, they can't necessarily handle the liquids or they can't handle the BTU fluctuations or anything of that nature to basically optimize the fuel, to optimize BTU so that you get the maximum life out of the power gen devices, right? Our technology uniquely solves that.

是的，很多，當你看到這些資料中心時，你會想它們將在德克薩斯州做什麼，對吧，甚至只是德克薩斯州的電力需求增長。這些偏遠地區的天然氣被輸送到收集點。因此，他們面臨的兩個大問題之一是，第一，當你只考慮純質量氣體時，他們不一定能處理液體，也不能處理 BTU 波動或任何類似性質的問題，以從根本上優化燃料，優化 BTU，從而最大限度地延長發電設備的使用壽命，對嗎？我們的技術以獨特的方式解決了這個問題。

But more importantly is, even if they could do that, which they haven't been able to successfully, even if they could do that, they can't meter and value the quality of all the different gases that are co-mingling coming in, whereas our Verax and our XSPCT sensors can go out and measure each line so that we know the volume composition and the quality of gas that's all flowing to the combined point for the data center.

但更重要的是，即使他們可以做到這一點（儘管他們還沒有成功做到），即使他們可以做到這一點，他們也無法計量和評估混合進入的所有不同氣體的質量，而我們的 Verax 和 XSPCT 感測器可以出去測量每條線路，以便我們了解流向資料中心混合點的所有氣體的體積成分和質量。

And so we can actually give the actual royalty payments accurately to all the people who are supplying gas, which is always problematic too. And so this really unlocks a lot of the past constraints of really making this successful. And not to mention is that it has a backup capacity where if you get a bad point of field gas, we can automatically actuate off your smartphone, close it and make it run off compressed natural gas that you can have an emergency tank while you fix the field line. So it just offers a unique solution that's just not currently out there and it really does some amazing things.

因此，我們實際上可以準確地向所有供應天然氣的人支付實際的使用費，這也始終是個問題。因此，這確實解決了過去許多限制其成功的因素。更不用說它具有備用容量，如果您的現場氣體出現問題，我們可以自動關閉您的智慧型手機，並使其使用壓縮天然氣，這樣您就可以在修復現場線路時擁有一個應急罐。因此，它提供了一種目前尚不存在的獨特解決方案，並且確實發揮了一些令人驚訝的作用。

That's super helpful, and I appreciate that tutorial, so I'll jump back in line.

這非常有幫助，我很欣賞這個教程，所以我會重新加入。

Gowshi Sriharan, SRI Singular Research.

Gowshi Sriharan，SRI 奇異研究。

Hey, thanks, Bond. Can you hear me.

嘿，謝謝，龐德。你聽得到我嗎。

Good morning. Yes, we got you.

早安.是的，我們找到你了。

Given the growth in the international markets, how are you seeing whether the impact on tariffs will have any -- you wouldn't need any external partners or investment in local suppliers?

鑑於國際市場的成長，您如何看待關稅是否會產生影響—您不需要任何外部合作夥伴或對當地供應商的投資？

Yeah, so it's a good question. And technically speaking, when you look at the way we've been constructing Flotek to be able to manage cycles and changes in commodity pricing and geopolitical environments is that most of the chemicals that we're supplying to international markets, we are buying manufactured in country or from partners over there to one, improve our in-country manufacturing, whether we're looking at IKTVA and the other localized country sourcing that we see in the UAE.

是的，這是個好問題。從技術角度來說，當你看到我們建構 Flotek 的方式能夠管理商品定價和地緣政治環境的周期和變化時，你會發現我們向國際市場供應的大多數化學品都是在國內購買或從那裡的合作夥伴處購買，以改善我們的國內製造，無論我們是在考慮 IKTVA 還是在阿聯酋看到的其他本地化國家採購。

So we're definitely doing that in terms of just what's required for table stakes to operate in those countries. But more importantly, we're running consistent inflationary and price changing impacts based on what we see with tariffs, what countries we buy and some of this little bit of shift we're seeing.

因此，我們肯定會根據在這些國家開展業務所需的條件來這樣做。但更重要的是，根據我們所看到的關稅、我們所購買的國家以及我們所看到的一些細微轉變，我們正在經歷持續的通膨和價格變化影響。

There's no doubt, though, we've seen -- we are experiencing some there -- I should say the industry is experiencing some supply chain disruption. I do believe that we're positioned in a place to outperform a lot of our competitors in that because -- the team here at Flotek comes with a massive amount of experience in the background.

毫無疑問，我們已經看到——我們正在經歷一些——我應該說這個行業正在經歷一些供應鏈中斷。我確實相信，我們有能力超越許多競爭對手，因為 Flotek 的團隊擁有豐富的經驗。

We've kind of done a lot of this before and we were really preparing for this potential shift that we're seeing right now. So -- but there is no doubt, it still causes a little bit of headaches. It still causes a little bit of timing problems.

我們之前已經做了很多這樣的事，我們正在為現在看到的這種潛在轉變做準備。所以——但毫無疑問，它仍然會引起一些麻煩。它仍然會造成一些時間問題。

But I think we've taken some really strong steps to put guardrails in place so that we get maximum benefit from in-country manufacturing, blending and how we source the material depending on where we are on the global brand operations.

但我認為我們已經採取了一些非常有力的措施來建立護欄，以便我們從國內製造、混合以及根據我們在全球品牌運營中所處的位置採購材料的方式中獲得最大利益。

And I think you've alluded in the past that there's been some bureaucratic hurdles, especially in the Middle East. As we move forward, and I think you've kind of become a proven commodity, does the margins and the lead times get shorter as we move into FY26?

我認為您過去曾提到過存在一些官僚障礙，尤其是在中東。隨著我們不斷前進，我認為你已經成為一種經過驗證的商品，進入 26 財年，利潤率和交貨時間是否會變得更短？

I think that anybody that's out in our international markets knows that you're dealing with particularly the countries in the Middle East, there's constant pressure on the commoditization of the systems and the margins. However, as one of the unique things that we do on the chemistry side is we're constantly evolving our product mix and how we address those.

我認為，任何踏足國際市場的人都知道，我們與中東國家打交道時，系統和利潤的商品化始終面臨壓力。然而，我們在化學方面所做的獨特事情之一是，我們不斷改進我們的產品組合以及我們解決這些問題的方法。

But I do -- but you are correct is that as you establish maturity with these operators, there is an expectation of your nimbleness and ability to shorten lead times. And we've actually been working with some local partners there to create that critical footprint for us as our revenue is growing in those areas.

但我確實如此——但您說得對，當您與這些運營商建立成熟度時，人們期望您能夠靈活並縮短交貨時間。事實上，隨著我們在這些地區的收入不斷增長，我們一直在與當地的一些合作夥伴合作，為我們創造關鍵的足跡。

And I think that as we continue to grow, we'll look at making -- we created our local entities in the UAE. And what we're doing there, laboratory-wise, storage-wise, team-wise, I do believe as you start to see business for us grow in Saudi that eventually we'll have to convert to potential local entity there, different pieces. But there's no doubt on our planning phase out looking and what we're doing on a budgeting aspect. We have those scenarios built in. So we're able to execute.

我認為，隨著我們的不斷發展，我們將考慮在阿聯酋建立本地實體。我們在那裡所做的工作，從實驗室角度、儲存角度、團隊角度來看，我相信，隨著您開始看到我們在沙烏地阿拉伯的業務成長，最終我們將不得不轉變為那裡的潛在本地實體，包括不同的部分。但毫無疑問，我們的規劃階段和預算正在做的事情。我們已經內建了這些場景。因此我們能夠執行。

It's just a matter of timing for that side.

對那一方來說這只是時間問題。

Josh Jayne, Daniel Energy Partners.

喬許·傑恩（Josh Jayne），丹尼爾能源合作夥伴。

Thanks. Good morning. First question, just going back to the power gen side. I was hoping you could talk about the transaction a bit more. Obviously, the EBITDA and the accretion and the backlog, they all make sense. But Ryan, could you speak a little bit to why these specifically were the right assets and why this was the right time today to get into that business?

謝謝。早安.第一個問題，回到發電方面。我希望您能多談談這筆交易。顯然，EBITDA、增值和積壓都是有意義的。但是瑞安，您能否稍微解釋為什麼這些是合適的資產，以及為什麼現在是進入該業務的最佳時機？

So there's a couple of things there. I'm going to go all the way back to, one, when we first agreed to bring in ProFrac as a specific partner with us and we signed a long-term supply agreement. We talked a lot about the potential advantages of having a large partner like what they are in terms of there was an alignment with a technology advanced company focused on that handshake between total cost of ownership, environmental stewardship and technology, right?

這裡存在一些事情。我要回顧一下，當我們第一次同意引入 ProFrac 作為我們的特定合作夥伴並簽署了長期供應協議時。我們談了很多關於擁有像他們這樣的大型合作夥伴的潛在優勢，即與一家技術先進的公司結盟，專注於總擁有成本、環境管理和技術之間的協調，對嗎？

There's a similar DNA pattern that we see with an operator like ProFrac in terms of the amount of Tier 4 dual fuel electric fleets, the direction they were wanting to go with their operations.

就 Tier 4 雙燃料電動車隊的數量以及他們希望運營的方向而言，我們在 ProFrac 等運營商身上看到了類似的 DNA 模式。

And so this goes back almost two years, some of the initial discussions I had with the leadership team there. We provided Veraxes for pilot testing on developing this field testing and operating this equipment and overall development and intellectual property development around it because we were looking at -- we recognized that these were going to be really big potential solutions, most of it to reduce emissions and environmental footprint because the first time we tested the equipment on location or the first big site we did, we prevented 1.2 million gallons of diesel from being burned.

這可以追溯到近兩年前，當時我與那裡的領導團隊進行了一些初步討論。我們為 Veraxes 提供了試點測試，以開發該現場測試和操作該設備以及圍繞它進行整體開發和知識產權開發，因為我們正在研究 - 我們認識到這些將是非常大的潛在解決方案，其中大部分是為了減少排放和環境足跡，因為我們第一次在現場或第一個大型站點測試設備時，我們防止了 120 萬加侖柴油的燃燒。

And it was all driven towards that direction. And now you've seen the electrification demands and all things come to the United States where we're seeing globally, you see the transmission and distribution line degradation and age that there's going to be a significant need to help balance this out. It was a natural transition.

一切都朝著這個方向發展。現在你已經看到了電氣化需求，所有的事情都來到了美國，我們在全球範圍內看到，你看到輸電和配電線路的退化和老化，需要有很大的必要來幫助平衡這一點。這是一個自然的過渡。

And for us, it was because the driver of the success of the equipment is around the technology, the automation, integration, the Viper software, different pieces. So it made natural sense for us to discuss with ProFrac acquiring field-proven differentiated patented technology to bring over into our stable and grow it out into other points of the business because there's a lot of other operators like ProFrac that need this equipment. And I think we have relationships with those operators to grow it.

對我們來說，這是因為設備成功的驅動力在於技術、自動化、整合、Viper 軟體等不同部分。因此，我們與 ProFrac 討論收購經過現場驗證的差異化專利技術，將其納入我們的穩定業務，並將其擴展到其他業務領域，這是很自然的事情，因為有很多像 ProFrac 這樣的其他運營商都需要這種設備。我認為我們與這些運營商建立了合作關係，可以實現成長。

We also sell chemicals to some of the E&P users that can apply these technologies to provide natural gas to data centers or grid power operations, et cetera. So -- and when you look at even last year, you look at -- our stock performed really well on the growth in our data and chemistry businesses combined.

我們也向一些 E&P 用戶出售化學品，這些用戶可以應用這些技術為資料中心或電網電力運營等提供天然氣。所以——當你回顧去年時，你會發現——我們的股票表現非常好，這要歸功於我們數據和化學業務的全面成長。

But the stocks that outperformed us made transitions in supporting almost an industrialization pivot to supplying grid support. And it was a natural step for us, and I think the timing works well. Despite a little bit of near-term volatility we're seeing in commodity pricing, this shift is to give us a weight or filling that volatility, right, to make it more stable, to make it more predictable and drive data-driven EBITDA.

但表現優於我們的股票幾乎從支持工業化轉向提供電網支援。這對我們來說是自然而然的一步，我認為時機很好。儘管我們看到大宗商品價格在短期內出現了一些波動，但這種轉變會給我們帶來壓力或填補這種波動，使其更加穩定，更加可預測，並推動數據驅動的 EBITDA。

So I hope that kind of gives a little color about why these bigger assets, because they're differentiated, they're patented, they're driven by decisions, they're driven by our data management. And so we were very familiar and it was easier piece for us than necessarily doing that all organically because we had a great partner to work with on the development side.

所以我希望這可以稍微解釋為什麼這些更大的資產，因為它們是差異化的，它們是專利的，它們是由決策驅動的，它們是由我們的數據管理所驅動的。因此，我們非常熟悉，這對我們來說比必須有機地完成所有事情更容易，因為我們在開發方面有一位很棒的合作夥伴。

No, for sure. That's very helpful. And then the last question that I have is just when we think about -- I think you've talked in the past about being able to change things at an organization when you had a larger budget. And throughout your time at Flotek, it's been sort of on a shoestring budget, minimal cash flow. And then with the results that you're projecting and the free cash flow you're seeing, you're going to definitely have more of an opportunity to grow that way.

不，肯定不是。這非常有幫助。我的最後一個問題是，當我們思考時——我想您過去曾談到，當你有更大的預算時，能夠改變一個組織的一些事情。在您任職 Flotek 期間，公司的預算一直非常緊張，現金流也很少。然後，根據您預測的結果和看到的自由現金流，您肯定會有更多的機會實現成長。

Could you just talk through with all the balls in the air, the importance of building out the bench across the different subsectors? And just how you're thinking about Flotek over the next couple of years as a full organization and just your strategy and how to execute on all of the different things that you guys have going on, that would be great?

您能否全面地談談在不同次產業建立替補陣容的重要性？您如何看待未來幾年 Flotek 作為一個完整的組織的發展，以及您的策略和如何執行您正在進行的所有不同的事情，這很好嗎？

No, I think -- and I'll let Bond comment on some of these parts, so I don't get too far out of my skis. But in my opinion, our whole point was we want to get to a point to where the first thing was the past couple of years, stabilize the business, execute on what we told the market we're going to do, grow chemistry, enhance our data business and then get to where we start generating free cash flow. That's a big part. Now we're getting in a stabilized position to do that.

不，我想——我會讓邦德對其中一些部分發表評論，這樣我就不會走得太遠。但在我看來，我們的重點是，我們希望達到過去幾年第一件事，即穩定業務，執行我們告訴市場我們要做的事情，發展化學，增強我們的數據業務，然後開始產生自由現金流。這是很重要的一環。現在我們已處於穩定狀態，可以這樣做了。

We have definitely a series of ranked in importance and financial impact investments in CapEx and growth that we'll be focusing on to even accelerate that cash flow more. So we will definitely be making -- I would say, in this year, we're going to spend more CapEx than we had probably in the last three years combined.

我們肯定會在資本支出和成長方面進行一系列按重要性和財務影響排名的投資，我們將重點放在這些投資，以進一步加速現金流。所以我們肯定會——我想說，今年我們的資本支出可能比過去三年的總和還要多。

And then in '26 that will continue to move as we build more ESDs, more smart filtration, build more XSPCT units because there's no doubt that those businesses are going to grow. But in the grand scheme of things, building these monitoring units are significantly cheaper than buying big turbines. So I think we're staying in the wheelhouse of where we're significantly differentiated and we'll try to maintain a clear balance sheet because we still don't want to build up a significant amount of leverage on the business.

然後在 26 年，隨著我們建造更多的 ESD、更多的智慧過濾器、建造更多的 XSPCT 裝置，這一趨勢將繼續發展，因為毫無疑問這些業務將會成長。但從總體來看，建造這些監測裝置比購買大型渦輪機便宜得多。因此，我認為我們將繼續保持在具有顯著差異化的領域，並努力保持清晰的資產負債表，因為我們仍然不想在業務上建立大量的槓桿。

That's just the way we've always looked at it from not only the Board, but also internally. And Bond, I don't know if you want to.

我們不但從董事會角度，而且從內部角度，一直都是這麼看待這個問題的。邦德，我不知道你是否願意。

I mean, that's sort of the beauty of the way we structured the transaction where we're able to utilize these shortfall penalties that, as you guys know, accrue every month, but they only settle annually. So we use the shortfall penalty as part of the initial consideration from a cash perspective, but also in terms of paying down the debt. And so what we've effectively done is we've traded -- accrued revenue over a 12-month period for monthly recurring realized revenue to the tune of about over $2 million a month.

我的意思是，這就是我們建構交易方式的美妙之處，我們可以利用這些不足罰款，正如你們所知，這些罰款每個月都會累積，但每年只會結算一次。因此，我們從現金角度將差額罰款作為初步考慮的一部分，同時也作為償還債務的一部分。因此，我們實際上所做的就是將 12 個月內的累積收入轉換為每月經常性實現收入，每月約為 200 多萬美元。

So it's going to give us a lot of dry powder to continue to invest in the business and utilize free cash flow to continue to grow out other parts of the business.

因此，它將為我們提供大量的資金來繼續投資業務並利用自由現金流來繼續發展業務的其他部分。

And the great thing is, all these assets, we build them based on demand. We've got relatively fast turnarounds. XSPCT and its ROIs are usually less than four months. And most of these skids at market rates were payoff periods in less than a year. And so I think it's a great spot for us to be in right now to grow this business.

最棒的是，所有這些資產都是我們根據需求建構的。我們的周轉速度相對較快。XSPCT 及其 ROI 通常少於四個月。而大多數以市場利率計算的貸款的回報期都在一年以內。所以我認為現在對我們來說是一個發展業務的好時機。

Appreciate all the information. Thanks you all. Congrats.

感謝所有的資訊。謝謝大家。恭喜。

Yeah, thanks.

是的，謝謝。

There are no further questions at this time. I will now turn the call over to Ryan Ezell for closing remarks.

目前沒有其他問題。現在我將把電話交給 Ryan Ezell 來做結束語。

Yeah. I want to thank everyone again for joining us as we were able to convey, one, our performance in the first quarter 2025, our recent acquisition and our confidence in the future and the vision here at Flotek. We'll be participating in the Louisiana Energy Conference on May 27 through 29 at the Four Seasons New Orleans. So please secure your spot and you can connect with us there. Other than that, thank you for joining us today.

是的。我想再次感謝大家的加入，讓我們能夠傳達我們在 2025 年第一季的業績、我們最近的收購以及我們對未來的信心和 Flotek 的願景。我們將於 5 月 27 日至 29 日參加在新奧爾良四季酒店舉行的路易斯安那能源會議。因此請確保您的位置，然後您可以在那裡與我們聯繫。除此之外，感謝您今天加入我們。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。