Kirby Corp (KEX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Kirby Corporation 2025 third-quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加柯比公司2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Kurt Niemietz, Vice President of Investor Relations and Treasurer. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁兼財務主管庫爾特·尼米茨。請繼續。

Good morning, and thank you for joining the Kirby Corporation 2025 third quarter earnings call. With me today are David Grzebinski, Kirby's Chief Executive Officer; Raj Kumar, Kirby's Executive Vice President and Chief Financial Officer; and Christian O'Neil, Kirby's President and Chief Operating Officer.

早安，感謝各位參加柯比公司2025年第三季財報電話會議。今天與我在一起的有：柯比公司執行長大衛·格熱賓斯基；柯比公司執行副總裁兼財務長拉傑·庫馬爾；以及柯比公司總裁兼營運長克里斯蒂安·奧尼爾。

A slide presentation for today's conference call as well as the earnings release, which was issued earlier today can be found on our website. During this call, we may refer to certain non-GAAP or adjusted financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release.

今天電話會議的幻燈片簡報以及今天早些時候發布的收益報告都可以在我們的網站上找到。在本次電話會議中，我們可能會提及某些非公認會計準則或調整後的財務指標。我們的獲利新聞稿中包含了非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。

They're also available on our website in the Investor Relations section under Financials. As a reminder, statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events.

您也可以在我們的網站「投資者關係」欄位下的「財務資訊」部分找到這些資訊。再次提醒各位，本次電話會議有關未來的陳述均為前瞻性陳述。這些聲明反映了管理階層對未來事件的合理判斷。

Forward-looking statements involve risks and uncertainties, and our actual results could differ materially from those anticipated as a result of various factors. A list of these risk factors can be found in Kirby's latest Form 10-K and in our other filings made with the SEC from time to time.

前瞻性陳述涉及風險和不確定性，由於各種因素的影響，我們的實際結果可能與預期結果有重大差異。這些風險因素的清單可以在 Kirby 最新的 10-K 表格以及我們不時向美國證券交易委員會提交的其他文件中找到。

I will now turn the call over to David.

現在我將把通話轉給大衛。

Thank you, Kurt, and good morning, everyone. Earlier today, we announced third quarter earnings per share of $1.65, a 6% increase year-over-year. In the third quarter, we delivered steady results in total, driven by robust customer demand and power generation and disciplined operational execution across all our businesses.

謝謝你，庫爾特，大家早安。今天早些時候，我們公佈了第三季每股收益為 1.65 美元，年增 6%。第三季度，在強勁的客戶需求和發電量的推動下，以及我們所有業務部門嚴謹的營運執行，我們整體業績保持穩定。

With near-term headwinds in the inland market and softness in some parts of distribution and services, our teams demonstrated adaptability ensuring sick continuity and performance. These efforts underscore our ability to navigate challenging conditions while maintaining momentum. Overall, our combined businesses achieved another solid quarter, reinforcing the strength of our core businesses and positioning us well for sustained growth as the market conditions improve and normalize.

由於內陸市場近期面臨不利因素，且部分分銷和服務領域疲軟，我們的團隊展現出了極強的適應能力，確保了業務的持續性和業績。這些努力凸顯了我們在應對挑戰性環境的同時保持發展勢頭的能力。總體而言，我們合併後的業務又實現了穩健的季度業績，鞏固了我們核心業務的優勢，並為我們在市場狀況改善和正常化後實現持續增長奠定了良好的基礎。

In our inland marine transportation business, market conditions experienced near-term softness during the third quarter, primarily due to favorable seasonal weather, improved navigational conditions, a lighter feedstock mix for our refinery and chemical customers, and fewer barges ongoing maintenance across the industry.

在我們的內河海運業務中，第三季市場狀況出現短期疲軟，主要原因是季節性天氣有利、航行條件改善、煉油廠和化學客戶的原料組合較為輕盈，以及整個行業駁船的持續維護減少。

At the same time, petrochemical customer activity remained muted. These factors contributed to our barge utilization averaging in the mid-80% range. On the pricing front, we observed temporary weakness in the spot market. Spot market rates declined in the low to mid-single digits, both sequentially and year-over-year due to previously mentioned headwinds. Term contract renewals were flat when compared to the prior year.

同時，石化產業的客戶活動依然低迷。這些因素導致我們的駁船利用率平均達到 80% 左右。在價格方面，我們觀察到現貨市場出現暫時疲軟。受前述不利因素影響，現貨市場匯率較上月及年比均出現個位數低至中位數的下降。與上年相比，定期合約續約數量持平。

The combination of pricing softness in lower demand conditions led to operating margins in the high teens. In the fourth quarter, we are already seeing market conditions improve and expect this trend to continue. We also continue to see constraints in long-term barge construction, keeping new supply in check.

需求疲軟導致價格走軟，使得營業利潤率達到十幾個百分點。第四季度，我們已經看到市場狀況有所改善，預計這一趨勢將持續下去。我們也持續看到長期駁船建造方面的限制因素，從而抑制了新的供應。

Coastal Marine transportation fundamentals remained strong throughout the third quarter, with barge utilization consistently in the mid- to high-90% range, which is supported by steady customer demand and a limited supply of large capacity vessels. This favorable supply/demand dynamic continued to drive meaningful pricing gains with term contract renewals increasing in the mid-teens year-over-year underscoring both market strength and our leadership position.

第三季沿海海運基本面依然強勁，駁船利用率持續維持在 90% 以上，這得益於穩定的客戶需求和大容量船舶供應有限。這種有利的供需動態持續推動價格大幅上漲，長期合約續約價格年增十幾個百分點，凸顯了市場實力和我們的領先地位。

Our operations team executed exceptionally well, ensuring high service reliability. The combination of strong pricing, high utilization, and operational excellence was reflected in the financial performance with operating margins for Coastal around 20%.

我們的營運團隊執行得非常出色，確保了服務的高度可靠性。強勁的定價、高利用率和卓越的營運相結合，體現在財務業績上，Coastal 的營業利潤率約為 20%。

Turning to distribution and services. Our teams delivered another outstanding quarter, achieving solid year-over-year growth in both revenue and operating income with strong contributions across nearly all end markets.

轉向分銷和服務。我們的團隊又完成了一個出色的季度，在收入和營業利潤方面均實現了穩健的同比增長，幾乎所有終端市場都做出了強勁貢獻。

In power generation, revenues were up 56% year-over-year, driven by robust demand for data centers and prime power customers. Inbound order momentum continued further expanding our backlog and positioning us well for continued growth into 2026. We secured additional project wins for backup and behind-the-meter power applications, reinforcing our leadership in this space. Power generation has emerged as the leading contributor to growth in both revenue and operating income within the Distribution and Services segment.

在發電領域，受資料中心和主要電力客戶強勁需求的推動，營收年增 56%。訂單成長動能持續強勁，進一步擴大了我們的積壓訂單，為我們到 2026 年的持續成長奠定了良好的基礎。我們獲得了更多備用電源和表後電源應用項目，鞏固了我們在該領域的領先地位。在配電和服務部門中，發電已成為收入和營業利潤成長的主要貢獻者。

In our commercial and industrial market, revenues increased 4% year-over-year, reflecting steady marine repair activity and an ongoing recovery in on-highway service. This performance highlights both the durability of our customer relationships and the effectiveness of our service platform.

在我們的商業和工業市場，營收年增 4%，反映出船舶維修活動的穩定和公路服務的持續復甦。這項業績既體現了我們客戶關係的持久性，也反映了我們服務平台的有效性。

In oil and gas, operating income grew 5% year-over-year despite revenue declines driven by continued softness in conventional activity. This performance reflects strong execution, disciplined cost management, and sustained execution in e-frac equipment, which remains the bright spot in an otherwise challenging oil and gas market.

儘管受傳統活動持續疲軟的影響，石油和天然氣行業的收入有所下降，但營業收入較去年同期成長了 5%。這一業績反映了公司在電子壓裂設備方面強大的執行力、嚴格的成本控制和持續的執行力，這在充滿挑戰的石油和天然氣市場中仍然是一大亮點。

Overall, the segment continued to perform well, showcasing strength in power generation and our agility in responding to changing demand patterns with total segment operating income advancing 40% year-over-year. In addition, we remain focused on cost management, thereby enhancing operating margins, which reached 11% and for the quarter.

總體而言，該業務板塊繼續表現良好，展現了發電方面的實力以及我們應對不斷變化的需求模式的靈活性，該板塊的總營業收入同比增長 40%。此外，我們持續專注於成本管理，進而提高營業利潤率，本季營業利潤率達到 11%。

In summary, our third-quarter results reflected fair performance for inland and continued strength in coastal and power generation. In inland marine, we encountered some near-term headwinds due to demand and supply chains, while long-term supply remains constrained.

總而言之，我們第三季的業績反映了內陸業務表現尚可，而沿海業務和發電業務則繼續保持強勁勢頭。在內河航運方面，由於需求和供應鏈的原因，我們遇到了一些短期不利因素，而長期供應仍然受到限制。

In coastal, market conditions remain favorable, enabling us to maintain strong utilization levels and secure significant rate improvements on term contract renewals. In distribution and services, robust demand for power generation, particularly from data centers and industrial customers allowed the segment to deliver solid financial performance. We expect positive trends to continue into the fourth quarter, partially offsetting the normal seasonal slowdown.

在沿海地區，市場條件仍然有利，使我們能夠保持較高的利用率，並在定期合約續約時獲得顯著的價格改善。在配電和服務領域，對發電的強勁需求，特別是來自資料中心和工業客戶的需求，使得該業務板塊取得了穩健的財務表現。我們預計積極的發展趨勢將持續到第四季度，部分抵消正常的季節性放緩。

I'll talk more about our outlook later, but now I'll turn the call over to Raj to discuss the third-quarter segment results and the balance sheet in more detail.

稍後我會更詳細地談談我們的展望，但現在我將把電話交給 Raj，讓他更詳細地討論第三季度各部門業績和資產負債表。

Thank you, David, and good morning, everyone. In the third quarter of 2025, Marine Transportation segment revenues were $485 million and operating income was $89 million with an operating margin of 18.3%.

謝謝你，大衛，大家早安。2025 年第三季度，海運業務部門營收為 4.85 億美元，營業收入為 8,900 萬美元，營業利潤率為 18.3%。

Total marine revenues, inland and coastal together decreased $1.2 million compared to the third quarter of 2024, and operating income decreased $11 million or 11%. Sequentially, compared to the second quarter of 2025, total marine revenues decreased 1.5% and operating income decreased $0.11.

與 2024 年第三季相比，內陸和沿海航運總收入減少了 120 萬美元，營業收入減少了 1,100 萬美元，降幅達 11%。與 2025 年第二季相比，總海洋收入季減 1.5%，營業收入較上季下降 0.11 美元。

As David mentioned, live feedstocks, good weather, fewer lock delays and less barge maintenance in the industry, exerted some downward pressure on utilization and spot market pricing. These effects were partially mitigated by strong execution and continued effective cost management.

正如大衛所提到的，活飼料供應充足、天氣良好、船閘延誤減少以及行業內駁船維護減少，對利用率和現貨市場價格造成了一定的下行壓力。強而有力的執行和持續有效的成本控制在一定程度上緩解了這些影響。

Looking at the inland business in more detail. The inland business contributed approximately 80% of segment revenue. Average barge utilization was in the mid-80% range for the quarter, which was down from the utilization seen in the second quarter of 2025.

更詳細地了解一下內陸業務。內陸業務貢獻了該業務部門約 80% 的收入。本季駁船平均利用率在 80% 左右，低於 2025 年第二季的使用率。

Long-term inland marine transportation contracts or those contracts with a term of one year or longer contributed approximately 70% of revenue with 57% from time charters and 43% from contracts of freight. Spot market rates experienced sequential and year-over-year declines in the low- to mid-single-digit range, reflecting the impact of market conditions.

長期內河海運合約或期限為一年或更長的合約貢獻了約 70% 的收入，其中 57% 來自定期租船，43% 來自貨運合約。現貨市場價格較上月及年比均出現個位數低至中位數的下降，反映出市場狀況的影響。

Term contracts renewed in the quarter at rates consistent with prior year levels. Inland revenues declined 3% compared to the third quarter of 2024, primarily reflecting lower utilization and a moderating spot pricing, which offset the benefits of improved weather conditions. Sequentially, revenues decreased 4% versus the second quarter of 2025.

本季續約的定期合約價格與去年同期水準一致。與 2024 年第三季相比，內陸運輸收入下降了 3%，主要反映出利用率下降和現貨價格趨於溫和，抵消了天氣條件改善的好處。與 2025 年第二季相比，營收季減 4%。

Now moving to the coastal business. Total revenues increased 13% year-over-year and increased 11% sequentially due to the combined impact of pricing and fewer planned shipyards in the quarter. Overall, Coastal had an operating margin around 20% due to improved pricing and continuing efforts to leverage costs.

現在轉向沿海業務。受定價和本季計劃建造的船廠數量減少的綜合影響，總收入同比增長 13%，環比增長 11%。總體而言，由於價格上漲和持續降低成本的努力，Coastal 的營業利潤率約為 20%。

The coastal business represented approximately 20% of revenues for the Marine Transportation segment. Average coastal dark utilization was in the mid- to high-90% range, which is in line with the third quarter of 2024.

沿海業務約佔海洋運輸部門收入的 20%。沿海地區暗網平均利用率在 90% 到 90% 之間，與 2024 年第三季的情況相符。

During the quarter, the percentage of coastal revenue under term contracts was approximately 100% of which approximately 100% were time charters. Renewals of term contracts on average higher year-over-year in the mid-teens range.

本季度，沿海地區定期合約收入佔比約為 100%，其中定期租船收入佔比約為 100%。定期合約續約數量平均比去年同期增加十幾個百分點。

With respect to our tank barge fleet for both the inland and coastal businesses, we have provided a reconciliation of the changes in the third quarter as well as projections for 2025. This is included in our earnings call presentation posted on our website.

就我們內陸和沿海業務的油輪駁船船隊而言，我們已經提供了第三季的變化核對錶以及 2025 年的預測。這部分內容已包含在我們網站上發布的財報電話會議簡報中。

At the end of the third quarter, the inland fleet had 1,105 barges, representing 24.5 million barrels of capacity. We expect to close 2025 with a similar fleet size and capacity at 105 inland barges, representing 24.5 million barrels of capacity. Coastal Marine is expected to remain unchanged for the year.

第三季末，內河航運船隊擁有1,105艘駁船，運力達2,450萬桶。我們預計到 2025 年底，船隊規模和運能將與之前類似，擁有 105 艘內河駁船，運力為 2,450 萬桶。預計沿海海洋業務將全年保持不變。

Now I'll review the performance of the Distribution & Services segment. Revenues for the third quarter of 2025 were $386 million, with operating income of $43 million and an operating margin of 11%. Compared to the third quarter of 2024, the Distribution & Services segment revenue increased by $41 million or 12% with operating income increasing by $12 million or 40%. When compared to the second quarter of 2025, revenues increased by $23 million or 6% and operating income increased by $7 million or 21%.

現在我將回顧一下分銷和服務部門的表現。2025 年第三季營收為 3.86 億美元，營業收入為 4,300 萬美元，營業利益率為 11%。與 2024 年第三季相比，分銷和服務部門的收入增加了 4,100 萬美元，增幅為 12%；營業收入增加了 1,200 萬美元，增幅為 40%。與 2025 年第二季相比，收入增加了 2,300 萬美元，增幅為 6%；營業收入增加了 700 萬美元，增幅為 21%。

In power generation, revenues increased 56% year-over-year, while operating income increased 96% year-over-year driven by demand for backup and prime power as well as behind-the-meter power applications. Our orders from data centers and other industrial customers for power generation and backup power installation continues to show strong growth. This has contributed to a very healthy backlog of power generation projects.

在發電領域，營收年增 56%，營業收入年增 96%，這主要得益於備用電源和主電源以及表後電源應用的需求成長。來自資料中心和其他工業客戶的發電和備用電源安裝訂單持續保持強勁成長。這導致了大量發電項目積壓。

Compared to the second quarter of 2025, power generation revenues increased by 24%, and operating income increased by 87%. Operating margins for power generation were in the low double digits. Power generation represented 45% of total segment revenues.

與 2025 年第二季相比，發電收入成長了 24%，營業收入成長了 87%。發電業務的營運利潤率處於兩位數低點。發電業務佔該業務部門總收入的 45%。

On the commercial and industrial side, activity levels in marine repair remained consistent while we saw a modest recovery in our on-highway business. As a result, commercial and industrial revenues were up 4% year-over-year and operating income increased 12% year-over-year, driven by favorable product mix and ongoing cost savings initiatives.

在商業和工業方面，船舶維修業務的活動水準保持穩定，而我們的公路業務則出現了小幅復甦。因此，在有利的產品組合和持續的成本節約措施的推動下，商業和工業收入較去年同期成長 4%，營業收入較去年同期成長 12%。

Commercial and industrial made up 44% of segment revenues, with operating margins in the high single-digit range. Compared to the second quarter of 2025, commercial and industrial revenues decreased by 3%, with steady activity in marine repair and some improvement in our on-highway business. Operating income was down 13% over the same period, driven by unfavorable product mix.

商業和工業業務佔該業務部門收入的 44%，營業利潤率在個位數高點。與 2025 年第二季相比，商業和工業收入下降了 3%，其中船舶維修業務保持穩定，公路業務有所改善。受產品組合不利影響，同期營業收入下降了 13%。

In the oil and gas market, we continue to experience softness in conventional frac-related equipment as lower rig counts, temper demand for new engine transmissions and parts throughout the quarter. This decline in conventional activity was partially offset by revenue from e-frac equipment, which remains a bright spot in the segment.

在石油和天然氣市場，由於鑽機數量減少，本季對新型引擎變速箱和零件的需求持續疲軟，傳統壓裂相關設備的需求也隨之下降。傳統活動的下滑被來自電子壓裂設備的收入部分抵消，電子壓裂設備仍然是該領域的亮點。

As a result of this mixed demand environment, revenues declined 38% year-over-year and were down 9% sequentially. Importantly, despite the revenue decline, we achieved strong profitability gains with operating income increasing 5% year over year and flat sequentially.

由於需求環境喜憂參半，營收年減 38%，季減 9%。重要的是，儘管收入下降，但我們實現了強勁的獲利成長，營業收入年增 5%，環比持平。

These results were driven by revenue in our e-frac business and the benefits of disciplined cost management initiatives. During the quarter, oil and gas represented 11% of total segment revenue, and the business delivered operating margins in the low double digits.

這些績效主要得益於我們電子壓裂業務的收入成長以及嚴格的成本管理措施所帶來的效益。本季度，石油和天然氣業務佔該部門總收入的 11%，營業利潤率達到兩位數低點。

Now I'll turn to the balance sheet. As of September 30, 2025, we had $47 million of cash with total debt of around $1.05 billion our debt-to-cap ratio improved to 23.8% and our net debt to EBITDA was at 1.3 times.

現在我來看資產負債表。截至 2025 年 9 月 30 日，我們有 4,700 萬美元現金，總負債約 10.5 億美元，負債資本比率改善至 23.8%，淨負債與 EBITDA 的比率為 1.3 倍。

During the quarter, we had net cash flow from operating activities of $227 million. While year-to-date, we had working capital build of approximately $200 million, driven by underlying growth in the business in advance of projects, especially in the power generation space. We started to see some of this unwind in the third quarter as free cash flow improved to $160 million for the quarter.

本季度，我們經營活動產生的淨現金流為 2.27 億美元。今年迄今為止，我們的營運資金累積約 2 億美元，這主要得益於計畫啟動前業務的潛在成長，尤其是在發電領域。第三季度，這種情況開始有所緩解，自由現金流改善至 1.6 億美元。

We expect to unwind more of this working capital during the fourth quarter and into next year. We used cash flow and cash on hand to fund $67 million of capital expenditure, primarily related to maintenance of equipment.

我們預計在第四季和明年逐步釋放更多營運資金。我們利用現金流和現有現金為 6,700 萬美元的資本支出提供資金，主要用於設備維護。

During the third quarter, we also used $120 million to repurchase stock at an average price of $91, with an additional $40 million in repurchases since the end of the quarter. As of September 30, 2025, we had total available liquidity of approximately $380 million.

第三季度，我們也以平均每股 91 美元的價格斥資 1.2 億美元回購股票，自該季度末以來又追加了 4,000 萬美元的回購。截至 2025 年 9 月 30 日，我們擁有約 3.8 億美元的可用流動資金。

We remain on track to generate cash flow from operations of $620 million to $720 million on higher revenues and EBITDA for 2025. We still see some supply constraints posing some headwinds on to managing working capital in the near term. Having said that, we expect to unwind this working capital as orders shipped in the fourth quarter and into 2026.

我們仍有望在 2025 年實現 6.2 億美元至 7.2 億美元的經營現金流，這得益於更高的收入和 EBITDA。我們仍然看到一些供應限制在短期內對營運資金管理構成一些不利因素。也就是說，我們預計隨著訂單在第四季和 2026 年的交付，我們將逐步減少這部分營運資金。

With respect to CapEx, we expect capital spending to range between $260 million and $290 million for the year. approximately $180 million to $210 million of CapEx is associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements. Up to approximately $80 million is associated with growth capital spending in both of our business.

就資本支出而言，我們預計全年資本支出將在2.6億美元至2.9億美元之間。其中約1.8億美元至2.1億美元將用於船舶維護和現有內陸及沿海船舶設備及設施的改善。我們兩家公司的成長資本支出總額約為 8,000 萬美元。

As always, we are committed to a balanced capital allocation approach. We will use this cash flow to opportunistically return capital to shareholders and continue to pursue long-term value-creating investment and acquisition opportunities.

我們一如既往地致力於均衡的資本配置方式。我們將利用這筆現金流，擇機向股東返還資本，並繼續尋求創造長期價值的投資和收購機會。

I will now turn the call over to David to discuss the remainder of our outlook for the fourth quarter.

現在我將把電話交給大衛，讓他討論我們對第四季剩餘部分的展望。

Thank you, Raj. We've delivered strong performance through the first three quarters of 2025, and 2025 will be a record earnings year for Kirby. As global economic and geopolitical conditions continue to evolve, we remain vigilant in assessing potential volume impacts and are committed to proactive strategies that mitigate risks, safe guard performance, and position us for long-term growth.

謝謝你，拉傑。我們在 2025 年前三個季度取得了強勁的業績，2025 年將是 Kirby 創紀錄的盈利之年。隨著全球經濟和地緣政治情勢的不斷變化，我們將保持警惕，評估潛在的銷售影響，並致力於採取積極主動的策略來降低風險、保障業績，並為長期成長做好準備。

Importantly, despite near-term challenges in the inland market, we remain confident the inland barge cycle still has years to go, given the supply constraints. Our structural advantages in marine and growing backlog in power generation provide meaningful upside potential.

重要的是，儘管內河市場近期面臨挑戰，但考慮到供應限制，我們仍然相信內河駁船運輸週期還有數年時間。我們在海洋領域的結構性優勢以及在發電領域不斷增長的訂單積壓，為我們提供了巨大的成長潛力。

With our strong balance sheet and robust free cash flow, we are well positioned to pursue strategic investments whether through targeted capital projects, selective acquisitions, or returning capital to shareholders. This financial strength provides us with the flexibility to manage near-term uncertainty while remaining focused on creating long-term value.

憑藉我們強勁的資產負債表和穩健的自由現金流，我們完全有能力進行策略性投資，無論是透過有針對性的資本項目、選擇性收購，或是向股東返還資本。這種財務實力使我們能夠靈活應對短期不確定性，同時專注於創造長期價值。

In the inland marine, we anticipate market conditions to remain stable with some early signs of improvement evident so far in the fourth quarter. Barge utilization has improved entering the fourth quarter and is now running in the high 80% range. Seasonal weather factors could work to further reduce barge availability across the industry what should support higher barge utilization for the full quarter.

在內陸水險領域，我們預計市場狀況將保持穩定，第四季至今已出現一些改善的早期跡象。進入第四季後，駁船利用率有所提高，目前已達 80% 以上。季節性天氣因素可能會進一步降低整個行業的駁船可用性，但這應該會支持整個季度駁船利用率的提高。

Our team is closely monitoring for any softness in demand for refined products and chemicals and we'll continue to adapt to shifting market dynamics. But for now, markets appear stable. While term contract rates are expected to continue improving over the long term, driven by the slow pace of new build activity and tight vessel availability, spot market pricing could continue to face modest pressure in the near term if demand softness reemerges.

我們的團隊正在密切關注精煉產品和化學品需求的任何疲軟跡象，並將繼續適應不斷變化的市場動態。但就目前而言，市場似乎保持穩定。儘管受新船建造活動緩慢和船舶供應緊張的影響，長期合約運價預計將繼續改善，但如果需求疲軟再次出現，現貨市場價格在短期內可能仍將面臨輕微壓力。

However, thus far in the fourth quarter, we have seen a meaningful improvement in demand. Our team continues to exercise cost discipline in response to shifting market conditions, which has helped us preserve operating margins despite volatility. At the same time, we are selectively holding certain costs steady in anticipation of a robust market recovery, ensuring we remain well positioned to scale efficiently as demand improves.

然而，第四季至今，我們已經看到需求出現了顯著改善。面對不斷變化的市場環境，我們的團隊持續採取成本控制措施，這幫助我們在市場波動的情況下維持了營運利潤率。同時，我們選擇性地維持某些成本穩定，以期市場強勁復甦，確保我們能夠隨著需求的改善而有效率地擴大規模。

Overall, inland revenues and margins are expected to improve modestly from the third-quarter levels that is assuming tighter barge availability holds in the fourth quarter.

總體而言，假設第四季駁船供應更加緊張，預計內陸運輸收入和利潤率將比第三季水準略有改善。

In coastal, market conditions remain robust, underpinned by limited large capacity vessel availability across the industry. This constrained supply side environment continues to drive pricing momentum and is supporting higher term contract prices. Steady customer demand is expected to continue through the rest of the year with our barge utilization in the mid- to high-90% range.

在沿海地區，市場狀況依然強勁，這主要得益於整個產業大容量船舶供應有限。供應受限的環境持續推動價格上漲，並支撐長期合約價格走高。預計今年剩餘時間裡，客戶需求將保持穩定，我們的駁船利用率將達到 90% 以上。

With our coastal fleet fully committed under term contracts, we expect to offset any seasonal weather-related impacts and maintain both revenues and margin in line with the third-quarter levels. In our Distribution & Services segment, our outlook reflects strength in expanding markets, supported by our team's disciplined execution and focus on growth opportunities.

由於我們的沿海船隊已全部簽訂長期合同，我們預計能夠抵消任何季節性天氣相關影響，並將收入和利潤率維持在與第三季度水平一致的水平。在我們的分銷和服務部門，我們的前景反映了不斷擴張的市場實力，這得益於我們團隊嚴謹的執行力和對成長機會的關注。

Power generation continues to be a key driver, fueled by strong sales and order activity from data centers and industrial customers. In commercial and industrial, demand for marine repair remains steady. The on-highway service and repair market has shown a modest recovery and is expected to continue its gradual improvement into 2026.

發電業務仍然是主要驅動力，這得益於資料中心和工業客戶的強勁銷售和訂單活動。在商業和工業領域，對船舶維修的需求保持穩定。公路服務和維修市場已呈現溫和復甦的態勢，預計到 2026 年將繼續逐步改善。

In oil and gas, we anticipate revenues to decline in the low to mid-double-digit range, driven by the ongoing transition from conventional frac to eFrac technologies, and continued capital discipline among the oil and gas customers.

在石油和天然氣領域，我們預計收入將出現兩位數低至中等幅度的下降，這主要是由於傳統壓裂技術向電子壓裂技術的持續轉型，以及石油和天然氣客戶持續的資本紀律。

Despite the revenue headwinds, profitability has improved, supported by disciplined cost management and increased eFrac deliveries. Overall, we now expect total D&S segment revenues to grow in the mid-single-digit range for the full year, with operating margins in the high single digit.

儘管收入面臨不利因素，但在嚴格的成本管理和增加的 eFrac 交付量的支持下，盈利能力有所提高。整體而言，我們現在預計全年D&S部門的總收入將達到中等個位數成長，營業利潤率將達到高個位數。

To conclude, we delivered solid performance through the first three quarters of 2025, and we maintain a steady outlook for the remainder of the year. Our balance sheet remains strong, and we expect to generate significant free cash flow in the fourth quarter.

總之，我們在 2025 年前三個季度取得了穩健的業績，我們對今年剩餘時間的業績保持穩定展望。我們的資產負債表依然穩健，預計第四季將產生可觀的自由現金流。

In the absence of acquisitions, we plan to continue allocating the majority of that free cash flow towards share repurchases. With favorable market fundamentals in place, we expect our businesses to deliver solid and improving financial results for the next several years.

如果沒有收購計劃，我們計劃繼續將大部分自由現金流用於股票回購。在良好的市場基本面支撐下，我們預計未來幾年公司業務將取得穩健且不斷改善的財務表現。

We remain confident in the strength of our core businesses and the effectiveness of our long-term strategy. We are committed to capitalizing on our growth opportunities and driving sustainable shareholder value.

我們對核心業務的實力和長期策略的有效性仍然充滿信心。我們致力於掌握成長機遇，為股東創造永續價值。

Operator, this concludes our prepared remarks. We are now ready to take questions.

操作員，我們準備好的發言到此結束。現在我們可以開始回答問題了。

Thank you. (Operator Instructions) Jon Chappell, Evercore ISI.

謝謝。（操作說明）Jon Chappell，Evercore ISI。

David, I want to start with Power Gen. It's still relatively new to the business and to see the type of growth that you put up in the third quarter is pretty eye-catching. So just help us understand, is this going to be a lumpy business going forward?

大衛，我想先從發電開始。對於這個行業來說，它還相對較新，但看到你們在第三季度取得的成長，確實令人矚目。所以請您幫我們理解一下，這未來會是個充滿波折的產業嗎？

I mean, obviously, I'm not asking you to underwrite 56% revenue or 96% operating income rate of change going forward. But are there going to be quarters where there's big lumpiness associated with contract wins? Or at the point now where the backlog starts to transition to revenue and you're going to see at least directionally a continued ramp in this business, both from the top line and the EBIT contribution.

我的意思是，很顯然，我並不是要求你承擔未來 56% 的營收成長率或 96% 的營業利潤成長率。但是，是否會有一些季度出現與合約中標相關的較大波動？或者，現在積壓訂單開始轉化為收入，你會看到這項業務至少在方向上持續成長，無論是營收或息稅前利潤。

Yeah, there will be some lumpiness, but it won't be as bad as it has been. You know this, John. We get different delivery schedules from different OEMs in terms of engine supply. And so that can make deliveries a little bit lumpy. But to your point, the backlog is, well, frankly, it's a record backlog right now. I think it's up in mid-teens year-over-year and sequentially, by the way.

是的，會有些凹凸不平，但不會像之前那麼嚴重了。約翰，你知道的。我們從不同的汽車製造商那裡得到的引擎供應時間表各不相同。因此，這可能會導致貨物交付時出現一些斷斷續續的情況。但正如你所說，積壓的工作量，坦白說，現在已經創下歷史新高了。我認為，與去年同期和環比相比，這一數字都增加了十幾個百分點。

So it will be smoother, but there will still be some quarter-to-quarter fluctuation. Keep looking at the full year versus the full year last year, and you'll see it continue to grow. The pace of orders we're seeing is really robust. We're getting orders from all of our customers, whether they're behind the meter or power modules. It's been very encouraging. We like what we're seeing.

因此，情況會更加平穩，但季度之間仍會有一些波動。持續觀察全年數據與去年全年數據的對比，你會發現它仍在持續成長。我們看到的訂單成長速度非常強勁。我們收到了所有客戶的訂單，無論他們是電錶用戶還是電源模組用戶。這非常令人鼓舞。我們很喜歡我們所看到的。

Okay. Great. And then to turn to inland, I know we don't like to focus too much on the short term, especially given your commentary that there's several years to go in the cycle. But can you help us just understand what's gotten a little bit better in the fourth quarter. I mean, the weather is not there yet, but it should be coming. It looks like Venezuelan imports are really kind of spiking and I think crude slate was part of the reason that you got down to the mid-80s.

好的。偉大的。然後轉向內陸地區，我知道我們不太喜歡過度關注短期，尤其是考慮到你所說的周期還有好幾年才結束。但您能否幫我們了解一下，第四季有哪些方面有所改善？我的意思是，現在天氣還沒到那個程度，但應該快了。看起來委內瑞拉的進口量確實大幅上升，我認為原油板岩是導致油價跌至 80 多美元的部分原因。

But just any other comments from the chemical customers, line of sight on how we could potentially either maintain these high 80s utilizations or even get to the 90s as you maybe get a little bit of help from mother nature.

但化工客戶還有其他意見嗎？我們能否展望一下，在自然母親的幫助下，我們有可能如何維持 80% 以上的利用率，甚至達到 90% 以上？

Yeah. Look, you've heard us say the third quarter was a confluence of a number of things. One, great weather, as you point out, very few lock delays, the refiners cracking, although the refiners are very busy, they're cracking a very light feedstock. And then there's a rent arbitage that gets them to directly export a lot of refined products. So -- and then the chemicals, as you know, have been a bit weak.

是的。你們也聽我們說過，第三季是多種因素共同作用的結果。第一，正如你所指出的，天氣很好，鎖閉延誤很少，煉油廠正在裂解原油，雖然煉油廠非常繁忙，但他們正在裂解的是非常輕質的原料。此外，還有租金套利機制，使他們能夠直接出口大量精煉產品。所以——而且，如你所知，這些化學物質的效力有點弱。

So all of that plus less maintenance in the industry put a damper on the third quarter. I would tell you right now look, we got our first cold front here today in Houston. The refiners are definitely trying to get more heavy feedstocks. So that's very positive. We are seeing a little strength in chemicals come back strength is probably too strong of a word.

因此，所有這些因素，再加上產業維護成本的降低，都對第三季業績造成了抑制。我現在就可以告訴你，休士頓今天迎來了第一股冷空氣。煉油廠肯定在努力獲取更多的重質原料。這是個非常好的兆頭。我們看到化學品市場出現了一些復甦跡象，但「復甦」這個詞可能用得太重了。

If things go well in China, it could actually get robust, which would be very meaningful for us. But you probably saw one of the major customers announced earnings today, and they had a pretty good chemical results. So that could come back. We are seeing utility come up.

如果中國市場發展順利，它可能會變得非常強勁，這對我們來說意義重大。但你可能已經看到我們一家主要客戶今天公佈了財報，他們的化工業績相當不錯。所以這種情況可能會再次發生。我們看到公用事業價格上漲。

I don't know, Christian, what utility is doing? Give them a little more color.

克里斯蒂安，我不知道公用事業公司在做什麼？為它們增添一些色彩。

So we definitely bottomed out in Q3, but today, we sit comfortably at 87.6% utility in the inland fleet. So we definitely see positive momentum positive activity in the markets, the crude slate, the heavy crude is on the way. Our chemical customers, although still in austerity mode and under the rest sound a little more optimistic.

因此，我們在第三季確實觸底反彈，但如今，我們的內陸車隊利用率已穩定在 87.6%。因此，我們確實看到了積極的市場動能和活躍的市場活動，原油產品，尤其是重質原油即將上市。我們的化學客戶雖然仍處於緊縮狀態，而且情況比其他客戶略顯樂觀。

And I think we're all waited with bated breadth is what happens this week with the executive branches negotiations. So some positive bobs on the horizon, feeling certainly better than we did in Q3.

我想我們都屏息以待，關注本週行政部門談判的進展。所以前景有一些積極的跡象，感覺肯定比第三季好多了。

Reed Seay, Stephens.

里德·西伊，史蒂芬斯。

Certainly encouraging to hear some positivity coming on the horizon. Also to focus on the near term -- can you give us an update on how spot rates are trending in October, maybe sequentially from September and on a year-over-year basis? I think last quarter also, you had noted that the spread between SPY and contract was still maybe in like a 10% range. If you could give an update on what the gap between spot and contractors on the inland side as well?

聽到一些正面的消息，確實令人鼓舞。另外，就近期而言－您能否為我們更新一下10月份即期匯率的走勢，最好能提供一下與9月份相比的環比數據以及同比數據？我認為上個季度你也提到過，SPY 和合約之間的價差可能仍然在 10% 左右。您能否也更新一下內陸地區現貨供應商和承包商之間的價格差距？

Yeah, for sure. You saw in our -- or heard in our prepared remarks, spot pricing was down 4% to 5% in the third quarter. Term contracts were flat. As Christian said, we bottomed in terms of utility, things are firming up now. We may see a little spot price pressure in the fourth quarter, but it's starting to firm up. And of course, we've got the fourth quarter renewals, which are important on the term side. We're pretty constructive. Christian could give you some numbers on new builds.

是的，當然。正如您在我們事先準備好的發言稿中看到或聽到的那樣，第三季現貨價格下降了 4% 至 5%。定期合約價格持平。正如克里斯蒂安所說，就實用性而言，我們已經觸底反彈，現在情況正在好轉。第四季現貨價格可能會面臨一些壓力，但價格正在開始穩定下來。當然，我們還有第四季的續約，這對合約期限來說非常重要。我們相當有建設性。克里斯蒂安可以提供一些關於新建房屋的數據。

But the market is very constructive right now. And we feel pretty good about where kind of the direction that pricing should take in the next few quarters. So Christian, do you want to add anything on the new builds and the other comments?

但目前市場情勢非常樂觀。我們對未來幾季的價格走勢方向感覺相當樂觀。克里斯蒂安，你對新版本和其他評論還有什麼要補充的嗎？

Yeah, David. Thanks for the question. Yes, I think we do see some positive momentum in spot pricing as we get into the fourth quarter here. The first cold fronts here, we feel like we're going to get some momentum. We had a bellwether major term contract for new recently at a slightly positive increase. And so we're feeling good. It might be a mixed bag as we go into the fourth quarter.

是的，大衛。謝謝你的提問。是的，我認為隨著我們進入第四季度，現貨價格確實出現了一些積極的成長勢頭。第一波冷鋒過後，我們感覺天氣會開始好轉。我們最近簽訂了一份具有風向標意義的大型長期合同，新合約價格略有上漲。所以我們感覺很好。進入第四節，情況可能會喜憂參半。

But the really important thing is that the total construct for the industry is extremely positive still. In our numbers, we think there's 50 barges delivered this year and an order book of only about 30 next year. And it's a little subjective and hard to get to the exact numbers, but we think more than 50 barges have retired.

但真正重要的是，整個產業的整體結構仍然非常積極。根據我們的統計，我們認為今年將交付 50 艘駁船，而明年的訂單量只有大約 30 艘。雖然這有點主觀，也很難得到確切的數字，但我們認為有超過 50 艘駁船已經退役。

So the supply to in balance remains very positive, very constructive. The long-term outlook, very positive, very constructive. So I think the industry is still in a really, really good spot for the long run in a good cycle.

因此，供需平衡狀況仍然非常積極，非常具有建設性。長期前景非常樂觀，極具建設性。所以我認為，從長遠來看，這個行業仍然處於一個良好的周期中，發展勢頭非常強勁。

Yeah. And just to cap it off, Reed, spot pricing is still above of term pricing.

是的。最後補充一點，Reed，現貨價格仍高於遠期價格。

Got it. I want to ask about the guidance that you all talked to last quarter with earnings. I think you said the low end was still achievable if you had the softness that you were seeing in July continue through the rest of the year. We have definitely seen it continue in 3Q and maybe some improvement here in 4Q would be great. Apologies if I missed it, but I didn't see any update on your guidance or your ability to hit the low end of that? I just wanted to get --

知道了。我想問一下你們上個季度在獲利方面做出的預期。我認為你說過，如果7月出現的這種疲軟態勢能夠持續到年底，那麼低端目標仍然可以實現。我們已經明顯看到這種情況在第三季延續，如果第四季能有所改善就太好了。如果我錯過了什麼，請見諒，但我沒有看到關於您指導或您能否達到該指標下限的任何更新資訊？我只是想得到--

We'll be around the low end. Yeah, no real change. we didn't update it because there was no real change. We -- with the spot pricing coming down. we will be in that low end of the range.

我們的價格會比較低。是的，沒有實質的變化。我們沒有更新，因為確實沒有實質的變化。隨著現貨價格下降，我們的價格將處於價格區間的低端。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So you said that utilization today is 87.6%. Do you have some sense of -- or can you say where it troughed in Q3? And then just bigger picture. I'm a little confused, right? You mentioned in the press release, conditions are stable, but you also said demand is improving meaningfully.

所以你說今天的利用率是 87.6%。您對第三季的情況有什麼了解嗎？或者您能說說它在第三季度跌至谷底的位置嗎？然後，從更宏觀的角度來看。我有點糊塗了，對吧？您在新聞稿中提到，目前情況穩定，但您也表示需求正在顯著改善。

And then just on the last question, you said at spot pricing, we're very constructive and we're also saying it could be down sequentially. So I'm just a little confused at the messaging are things stable? Are they getting better? Are they getting worse? Just I'm hearing a little bit of both. I'm just not really sure what's going on.

然後，關於最後一個問題，您提到現貨定價方面，我們持非常建設性的態度，我們也認為它可能會環比下降。所以我有點困惑，目前的狀況穩定嗎？他們的情況有好轉嗎？情況是否正在惡化？我感覺兩種說法都有一點。我不太清楚到底發生了什麼事。

Yeah, Scott, let me take a shot at framing that for you. So to answer your initial question, the market troughed at 80% in Q3, and we are at 87.6% today. So we are seeing an improvement in utilization. Certain of our specialty fleets are fully utilized today. So there is positive momentum month-over-month, quarter-over-quarter when it comes to utility.

是的，史考特，讓我試著幫你解釋。所以回答你最初的問題，市場在第三季觸底跌至 80%，而我們今天處於 87.6%。因此，我們看到利用率有所提高。我們部分特種車隊目前已全部投入使用。因此，公用事業領域呈現出逐月、逐季的正向成長動能。

And we're starting to see that get some of that pricing power, but we're very cautious about how optimistic we are about that. It is in a positive direction. It is moving in a positive direction. Utility is moving in a positive direction, but there's things beyond our control that we still -- the macro, the chemical market and some of the things that we're trying to navigate.

我們開始看到他們獲得了一些定價權，但我們對此持非常謹慎的態度。這是朝著正面方向發展。情況正朝著正面的方向發展。公用事業正朝著正面的方向發展，但有些事情是我們無法控制的，例如宏觀經濟、化學市場以及我們正在努力應對的一些問題。

And so if spot price moving higher or lower? Because I guess I've heard -- both.

那麼，現貨價格上漲還是下跌呢？因為我猜我兩種都聽過。

Spot pricing has moved higher since it troughed out in the '80s in Q3. Spot pricing has moved higher -- as I sit here today.

自從第三季觸底以來，現貨價格已經走高。就在我今天坐在這裡的時候，現貨價格已經上漲了。

Okay. I understand. And then I guess we got some like directional color on the power gen backlog. I know most companies that have this are disclosing a backlog, I think it would be helpful. Like can you give us some sense of what -- how big that backlog is in Power Gen and maybe where it was last quarter, just so we have some sense of --

好的。我明白。然後我想，我們在發電積壓問題上得到了一些方向性的指示。我知道大多數有這種需求的公司都會揭露積壓訂單，我認為這會很有幫助。能否大致介紹一下電力生產領域的積壓訂單量，以及上個季度的積壓情況，以便我們了解情況？--

Yeah. Sequentially, we're up mid-teens year-over-year up mid-teens as well. Look, it's at a record we just don't want to get into the quarterly backlog game, but it's between $0.5 billion and $1 billion range, and it continues to grow. So we're pretty constructive and excited about what's going on in the power gen space.

是的。從年比來看，我們成長了十幾個百分點。你看，訂單量已經創下歷史新高，我們不想討論季度積壓訂單的具體數額，但積壓金額在 5 億美元到 10 億美元之間，而且還在持續增長。所以我們對發電領域正在發生的事情持相當積極和興奮的態度。

The behind the meter growth is becoming more meaningful. Obviously, the power nodes that are being desired out there continue to grow. We have some low-power node stuff, but we're working on some high-power node offerings as well, and it's getting a lot of traction. I mean, you read the news every day on the demand for power driven by AI. It's not abating.

表後成長正變得越來越有意義。顯然，人們對高功率節點的需求仍在持續成長。我們有一些低功耗節點產品，但我們也在研發一些高功率節點產品，而這些產品獲得了極大的關注。我的意思是，你每天都能看到關於人工智慧驅動的電力需求的報導。情況並沒有好轉。

Our customers range from data centers to behind the meter bridging power to industrial usage. So it's been good. We will consider in the future, maybe disclosing backlog and our book-to-bill. But book-to-bill is well over 1.

我們的客戶涵蓋資料中心、用戶側橋接電源以及工業應用等領域。所以一切都很好。未來我們會考慮揭露積壓訂單和訂單出貨比。但訂單出貨比遠高於 1。

And Scott, if I can add, a lot of the things that we're doing in terms of execution with regards to power generation, all the lean the lean manufacturing that we've done, you're starting to see the results of that play out in terms of the margins and how we're performing.

史考特，如果我可以補充一點，我們在發電方面的執行工作，以及我們所做的所有精實生產工作，你已經開始看到這些工作在利潤率和我們的業績方面取得成效。

Ken Hoexter, BofA.

Ken Hoexter，美國銀行。

David, if I look at results, right, you got $77 million or give or take, I guess, maybe it's my forecast for next quarter on inland 20 coastwise 40. I mean, you're almost half the business is now away from inland. So maybe a little more outlook on that power gen stability. I know you were talking about the fluctuations before. Is there less concern about ability to get equipment? Are you now -- maybe the supplier -- is this one customer driving this?

大衛，如果我看一下結果，對吧，你大概有 7700 萬美元，或者上下浮動，我想，這可能是我對下個季度內陸 20 和沿海 40 的預測。我的意思是，你們公司現在幾乎一半的業務都轉移到內陸地區了。所以或許應該對發電穩定性再做更多展望。我知道你之前說過價格波動的問題。對能否獲得設備方面的擔憂是否較少？現在，您——或者供應商——是不是這個客戶在推動這件事？

You mentioned a couple of different customers, but is it -- we've heard of one large customer that's been sizably ordering from you. Maybe just delve into the power gen given the the importance now to the company and the speed at which we're watching it grow.

您提到了幾位不同的客戶，但是—我們聽說有一位大客戶一直在大量向您訂購產品。鑑於發電業務對公司的重要性以及我們觀察到其發展速度，或許應該深入研究發電業務。

Yeah. Well, first, let me -- your first comment, inland is still a powerhouse in terms of earnings. And you'll see that it's not going away and it's going to grow. And as I said in my prepared remarks, we see years left on the inland cycle. If anything, this little third-quarter malaise, if you will, is going to extend the inland cycle and generating huge free cash flow from the inland cycle, which is obviously very beneficial to the company.

是的。首先，讓我說說你的第一個評論，內陸地區在盈利方面仍然是一個強勁的市場。你會發現它不僅不會消失，還會發展壯大。正如我在準備好的演講稿中所說，我們認為內陸週期還有很長一段時間。如果說第三季的這種小低迷狀態有什麼影響的話，那就是它將延長內陸地區的銷售週期，並從內陸地區銷售週期中產生巨大的自由現金流，這顯然對公司非常有利。

But to your other part of your question, the pipeline is huge in terms of power gen. And we used to have just a handful of customers, and I would tell you that the customer portfolio just continues to grow. We're doing more and more with the co-locator data centers.

但對於你問題的另一部分，就發電而言，這條輸油管規模龐大。我們以前只有寥寥幾個客戶，而現在我們的客戶群一直在持續成長。我們越來越多地使用託管資料中心。

And unfortunately, we're on NDAs on a lot of these, so we can't even mention the customer names. And then you've got some of the hyperscalers -- the hyperscalers like to go direct with the engine suppliers and -- but they still need some of our help.

很遺憾，我們很多專案都簽了保密協議，所以我們甚至不能提及客戶的名字。然後還有一些超大規模資料中心營運商——超大規模資料中心營運商喜歡直接與引擎供應商合作——但他們仍然需要我們的一些幫助。

And so look, the portfolio is growing. It looks pretty robust. We're continuing to invest in it. Obviously, we have some capabilities around service, which many people don't have. The engine suppliers, they can go direct, but they don't have the service offerings that we do. So that's a big plus for us.

你看，投資組合正在成長。它看起來很結實。我們將繼續加大對它的投入。顯然，我們在服務方面具備一些很多人不具備的能力。發動機供應商可以直接聯繫我們，但他們沒有我們提供的售後服務。所以這對我們來說是個很大的優勢。

It will be lumpy because of the engine supply from the OEMs. They're trying to balance their load. They're -- I don't want to say sold out, but they're producing as fast as they can and those sales are happening. So we're -- we still have to manage that supply chain with the OEMs.

由於原始設備製造商 (OEM) 的引擎供應問題，產品會有所波動。他們正在努力平衡各自的工作量。我不想說已經售罄，但他們正在全力生產，而且銷售也在進行中。所以我們——我們仍然需要與原始設備製造商 (OEM) 一起管理這條供應鏈。

So should we look for like sequential growth in that mid-teens if that's the order book growth? Or is it lumpy still --

如果訂單簿成長率達到十幾個百分點，我們是否應該期待它能持續成長？或者它仍然凹凸不平？--

It's still lumpy. I would say you're going to see that mid-teens on average for the full year kind of grow. Maybe it could get up into the 20%, but it will be between 10% and 20% on a full year basis growth. It will be quarterly lumpy based on deliveries. I mean take a 60-megawatt type order, that's a lot of engines. We've got to get all those engines in delivered from one of the OEMs and then package it and get it out.

它仍然凹凸不平。我認為你會看到十幾歲中期的孩子在一整年裡平均都會有所成長。或許能達到 20%，但全年成長率會在 10% 到 20% 之間。會根據交付情況按季度發放，金額會有較大波動。我的意思是，以 60 兆瓦的訂單為例，那需要很多引擎。我們必須從一家原始設備製造商那裡把所有這些引擎運進來，然後進行包裝並運出去。

So it can be lumpy based on when we receive the engines. And then Ken, just remember that power gen not just generators. One of the great things is in our e-frac business, we did a bunch of micro grids and that included what we call PDUs, power distribution units. When these customers need to gather all that power that's being generated, they have to handle the power. We have a very robust offering in power distribution and the software that controls it.

所以交貨時間可能會因我們收到引擎的時間而有所波動。還有，肯，記得是發電廠，不只是發電機。在我們的電動壓裂業務中，我們做了很多微電網項目，其中包括我們稱為 PDU（配電單元）的設備，這是我們取得的一大成就。當這些客戶需要收集所有產生的電力時，他們必須處理這些電力。我們在配電及其控制軟體方面擁有非常強大的產品組合。

And so that is really helping us in our offering. Managing the Harmonic for example, of a bunch of natural gas recips running together and load balancing, that takes some sophisticated software and equipment in -- so it's not just the engines and the generation, the engine power, if you will. It's the whole ecosystem. And unfortunately, we've developed that over the last decade with e-frac, and -- it's a natural extension into this power gen ecosystem.

所以這確實對我們提供的產品和服務有幫助。例如，管理多個天然氣往復式發電機同時運行並進行負載平衡的諧波，需要一些複雜的軟體和設備——所以不僅僅是引擎和發電，也不僅僅是引擎功率。這是整個生態系。不幸的是，在過去的十年裡，我們透過電子壓裂技術發展了這項技術，而且——這是向發電生態系統的自然延伸。

So if I could switch -- it's helpful to understand the breakdown. So if I looking at inland, I think you mentioned contract rates flat. I think that's the first time since maybe 2021 that we've seen that backdrop. And I guess maybe increasing concern as we move into the fourth quarter, given you renewed so much in the fourth quarter.

所以如果我能轉換一下——了解故障原因會很有幫助。所以如果我看內陸地區的話，我想你有提到合約價格是固定的。我想這大概是自 2021 年以來我們第一次看到這樣的背景。而且，考慮到你們在第四季度進行瞭如此多的更新，我猜想隨著我們進入第四季度，人們的擔憂可能會增加。

So I want to follow up on Scott's question here, where you're talking about up flat down and the state of that Petroca market. What's going to lead this? Is it -- if the weather has been fine, as you mentioned at John, is it now increasing flows, increasing demand from chems? Is it the market? Maybe just give a little bit more color on what gets that and what's the status of the fleet, your fleet? Is it flat? Is it going to increase?

所以我想就 Scott 提出的問題做個後續討論，你剛才談到了漲跌以及 Petroca 市場的狀況。什麼因素會導致這種情況發生？如果天氣一直很好，正如約翰所說的那樣，那麼現在是否意味著化學物質的流量和需求正在增加？是市場因素嗎？或許可以更詳細地說明哪些艦隊獲得了這些資源，以及艦隊（尤其是你們的艦隊）的現況如何？它是平的嗎？還會增加嗎？

Thanks, Kim. Let me take a shot at that. I guess the overarching theme here is the market has stabilized going into Q4. We do have a slate of renewals ahead of us. If utility can stay up in that high 80%, 90% range. We'll just have to see how everything goes, but there's a positive opportunity there and some momentum there. As far as what the drivers are, the chemical market is a huge driver for us.

謝謝你，金。讓我來嘗試一下。我認為這裡的主要主題是，市場在進入第四季後已經趨於穩定。我們接下來還有一系列續約工作要做。如果能保持在 80%、90% 的高點。我們只能拭目以待，看看事情會如何發展，但那裡確實存在著一個積極的機會和一些動力。至於驅動因素，化工市場對我們來說是一個巨大的驅動因素。

The -- our customer base there has really slogged through some tough times. The macro markets around chemicals need to improve, and there's some optimism that they will start to improve, and they have troughed as well.

我們在那裡的客戶群確實經歷了一段艱難時期。化學產業的宏觀市場需要改善，人們樂觀地認為它們將開始改善，而且它們也已經觸底。

So that, coupled with the crude slate changing and heavying up again, getting more heavy feeds will absolutely be net positive. How that exactly plays out, we're in the middle of those negotiations. We're in the middle of the fourth quarter [maylay].

因此，再加上原油板岩的變化和再次變重，獲得更多重質原料絕對會帶來淨收益。至於最終結果如何，我們目前正處於談判之中。現在正處於第四節中期。[maylay]。

In the early innings, we've got some wins. Hard to say exactly, but the macro is around the overall health of the chemical market. And again, refiners are very busy. That's a very good thing. They've just been running a very light crude slate, which doesn't throw off as many byproducts that we tend to feed on. So there's some positive optimism there for us, and we'll just have to see how it plays out here.

比賽初期，我們取得了一些勝利。很難說清楚，但宏觀層面取決於化工市場的整體健康。煉油廠再次變得非常忙碌。那是一件非常好的事。他們一直開採的是一種非常輕質的粗板岩，這種板岩不會產生那麼多我們賴以生存的副產品。所以這對我們來說是有一些積極樂觀的跡象，我們只需要看看事情會如何發展。

I wish I could give you the definitive answer, but the macro things we don't control, we watch very closely, but there is positive momentum around utility going into these negotiations. The market has stabilized.

我希望我能給你一個確切的答案，但是對於我們無法控制的宏觀因素，我們會密切關注，不過目前來看，公用事業行業在這些談判中呈現出積極的勢頭。市場已趨於穩定。

Great. And your fleet expectations?

偉大的。您對車隊有何期望？

Our fleet is in great shape, the best shape (multiple speakers)

我們的船隊狀況極佳，處於最佳狀態。（多位發言者）

No. I mean -- I'm not staying stable at number of barges, Are we holding -- are you on --

不。我的意思是──駁船的數量我不太確定，我們還能撐住嗎──你懂嗎？--

We're running about 1,100 some-odd barges today, and our fleet is at a very stable place. We're through the eye of the maintenance bubble and in a good spot.

我們目前運營著大約 1100 多艘駁船，船隊狀況非常穩定。我們已經度過了維護成本最高的時期，現在處境不錯。

Greg Wasikowski, Webber Research & Advisory.

Greg Wasikowski，Webber Research & Advisory。

So David, you mentioned the term book renewals on the inland side a couple of times. I think this is something that you've given us in the past. So I was wondering if you could remind us that the general percentage of your inland term book that does roll over in Q4, maybe versus Q3 or the rest of the year if you're able to?

大衛，你之前幾次提到內陸地區的定期租約續約問題。我認為這是你過去曾經給我們的。所以我想請您提醒一下，您國內的定期貸款業務在第四季度結轉的總體百分比是多少？如果可以的話，最好能和第三季或今年的其他季度的數據比較？

Yeah. Generally, it's around 40% of the term contract portfolio. right? So remember, we've got 30% of our book is spot, which means it's under a year. The 70% is over a year -- or a year or longer. Most of it is a year -- of that 70%, about 40% renews in the fourth quarter towards the end of the fourth quarter, actually. And then sometimes what happens is those renewals will get pushed a week or two and may end up in the first quarter. But it is very fourth-quarter heavy. And I would say a good number is around 40%.

是的。一般來說，這大約佔定期合約組合的40%，對吧？所以請記住，我們30%的書籍是現貨，這意味著還有不到一年的時間。70% 指的是一年或更長。大部分合約為期一年——其中 70% 的合同，實際上約有 40% 會在第四季末續約。有時，續約會被推遲一到兩週，最終可能會排到第一季。但第四季的業績非常突出。我認為比較合理的數字是 40% 左右。

Okay. Great. That's very helpful context. Okay. And then on data centers, I have a two-parter if you don't mind. Can you remind us what the revenue cycle is like for that business from timing from order and backlog to actual delivery and revenue recognition? I know it probably varies, but just generally some color there would be good.

好的。偉大的。這些資訊很有幫助。好的。關於資料中心，我還有兩部分要講，如果您不介意的話。能否請您介紹一下該企業的收入週期，包括從訂單和積壓訂單到實際交付和收入確認的時間表？我知道這可能因情況而異，但一般來說，那裡加點顏色會比較好。

And then second part of that is -- what is your capacity to participate in chunkier year orders for larger projects and thinking maybe of the more gigawatt scale variety. Does Kirby have operational limits there for larger orders? Or is it more of an OEM supply limitation?

其次，你們是否有能力參與規模更大的年度訂單，例如更大規模的項目，例如千兆瓦級的項目？Kirby公司在處理大訂單方面是否有營運限制？或者這更多是原始設備製造商（OEM）的供貨限制？

Let me break it down a little bit. It could -- just the first part of the question, it could be one to two years depending on the engine supply, these are 2.5 megawatt to 3.5 megawatt type increments on the engine side. And depending on the delivery time from the OEMs, it could be a year or longer, could stretch to two years depending on the backlog and the complexity.

讓我稍微解釋一下。有可能——僅就問題的第一部分而言，可能需要一到兩年時間，具體取決於引擎供應情況，這些引擎的增量為 2.5 兆瓦到 3.5 兆瓦。根據原始設備製造商的交貨時間，可能需要一年或更長時間，根據積壓訂單和複雜程度，甚至可能長達兩年。

We -- on your second part of your question, the bigger ones, I alluded to it in one of the questions, we are working on higher power node offering right now, not at liberty to discuss much of it. But the natural gas recip engines in the diesel engines are in that 2.5 megawatt stuff. We are working on stuff that could be up in the 15 to 20-megawatt range per offering.

關於您問題的第二部分，也就是更複雜的部分，我在一個問題中提到過，我們目前正在研究更高功率的節點產品，但目前不方便透露太多細節。但是，柴油引擎中的天然氣往復式引擎屬於 2.5 兆瓦等級。我們正在研發的產品，每個產品的功率可能達到 15 至 20 兆瓦。

I can't go into much more detail, but higher power nodes, power density, if you will, can get us to play in that bigger leak. And as you can tell, we have quite a bit of capability on the power side from our eFrac experience. So in the future, you'll hear us talk about it, but it's not ready for prime time.

我不能透露更多細節，但是更高的功率節點，或者說更高的功率密度，可以讓我們參與更大的洩漏。正如你所看到的，憑藉我們在 eFrac 方面的經驗，我們在電力方面擁有相當強大的能力。所以將來你們會聽到我們談論這件事，但它還沒有準備好正式推出。

Okay. Got it. And just timing on revenue recognition, maybe more of a question for Raj, but does that happen closer to the end of the cycle with delivery? Or do you --

好的。知道了。至於收入確認的時間，這可能更應該問 Raj，但這是否發生在交付週期的末尾附近？或者你呢？--

We don't generally use POC. It's pretty much as shipped. And that's why that contributes to the lumpiness. Don't get me going on why I don't like accountants, but --

我們一般不使用POC。它基本上和出廠時一樣。這就是造成表面凹凸不平的原因。別讓我細說我為什麼不喜歡會計師，但是…--

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

First, I'd just like to follow up on Ken's question about the fleet. Has the pocket of softness we're seeing in inland raised more strategic opportunities? Just thinking some operators might have less robust balance sheet or the too small of a pocket.

首先，我想就肯提出的關於艦隊的問題做個後續說明。我們目前在內陸地區看到的這片經濟薄弱地帶是否帶來了更多戰略機會？只是在想，有些業者的資產負債表可能不太穩健，或是資金太少。

Short answer is a little bit. Yes, there are some people that maybe don't have a strong balance sheet. But look, it's still a pretty good time in the inland market right now. I mean we're at high-teens margins. And the other industry may be a little lower than us in margin, but it's still a pretty good market.

簡而言之，有一點點。是的，有些人可能財務狀況並不穩健。但是，你看，現在內陸市場仍然是個相當不錯的時機。我的意思是，我們的利潤率已經接近百分之十幾了。另一個行業的利潤率可能比我們略低，但仍然是一個相當不錯的市場。

The cash flow profile of most of our competitors is probably pretty good. That said, these little dips and changes make them reevaluate whether now is a good time to sell. So on the margin, maybe it's a positive towards acquisitions. Gosh, I wish it was a nice easy formula, but the acquisitions are hard to predict. I would tell you that we are more than ready to do one in -- or two if they show the way forward on it. It's just hard to predict. I wish I had a better answer for you.

我們大多數競爭對手的現金流狀況可能都相當不錯。也就是說，這些小幅波動和變化會讓他們重新評估現在是否是出售的好時機。所以從邊緣來看，這或許對收購有利。哎，我希望這是一個簡單易行的公式，但收購很難預測。我可以告訴你，我們已經做好充分準備，如果他們能指明前進的方向，我們完全可以完成一項——或者兩項。很難預測。我真希望我能給你一個更好的答案。

Between Christian and I, we talk to basically everybody in the industry and know what opportunities are out there, and we're always looking -- everybody knows that Kirby is willing to transact. So we'll just have to see how it goes.

我和克里斯蒂安幾乎和業內所有人都有聯繫，知道有哪些機會，我們一直在尋找機會——大家都知道柯比願意進行交易。所以，我們只能拭目以待了。

No, that's helpful. And then on the coastal side, that business has really progressed over the last couple of years. Given it's a longer cycle business, do you think the coastal market is sensitive to the crude slate, similar to what we're seeing in inland?

不，這很有幫助。而在沿海地區，近幾年來，那裡的生意確實有了長足的進步。鑑於這是一個週期較長的產業，您認為海岸市場對原油板岩的敏感度是否與內陸市場的情況類似？

Not as much. No, not as much. The coastwise business is more concentrated in terms of capacity sizes. In the inland side, we have 10,000 barrel barges and 30,000 barrel barges and there's 4,000 of them. And the coastwise ATB market, there's probably less than 200 units. So it's a little more concentrated, a little more stable when there's no new capacity coming in.

沒那麼多。不，沒那麼多。沿海地區的業務在產能規模上更加集中。內陸一側，我們有載重1萬桶的駁船和載重3萬桶的駁船，總共有4000艘。而沿海地區的 ATB 市場，可能不到 200 套。所以，在沒有新增產能的情況下，它的濃度會更高一些，穩定性也會更高一些。

And Christian can share with you, but we are unaware of any new capacity coming in -- and if some was to come in, I don't know, how long would it take?

克里斯蒂安可以和你們分享，但我們目前還不清楚是否有新的產能投入使用——如果有的話，我也不知道需要多長時間才能投入使用？

Yeah, at least two, three years for any meaningful new build capacity to hit the market. So the coastal cycle is in a great spot, extremely tight vessel supply -- the shipyard capacity is constrained right now. There's a lot of those bigger shipyards that can build the offshore units are highly focused on some governmental projects as the US desire to grow our shipping presence globally continues, and you see momentum in the shipyards there.

是的，至少需要兩到三年時間，才能有有意義的新產能進入市場。因此，沿海航運業目前處於有利地位，船舶供應極為緊張——造船廠的產能目前受到限制。許多能夠建造海上裝置的大型造船廠高度專注於一些政府項目，因為美國希望繼續擴大其在全球航運領域的影響力，你可以看到這些造船廠的發展勢頭。

So yeah, coastal is in a great spot. Those big assets that are in our customers' portfolios, they're going to keep those utilized, and it remains that way today.

是的，沿海地區地理位置優越。客戶投資組合中的那些大型資產，他們會繼續利用這些資產，今天的情況依然如此。

(Operator Instructions) Bascome Majors.

（操作員說明）巴斯科姆少校。

David, a follow-up on the last question on M&A. It sounds like this sort of blip in demand and spot pricing hasn't really adjusted seller expectations in any meaningful way. But when you look back at prior cycles and when you've had real opportunities. If this does go in the direction you don't hope it does cyclically and that gets worse and not better, how long of a downturn has really opened up sellers' eyes to the opportunity to perhaps look at partnering with Kirby?

David，關於併購的最後一個問題，我還有一個後續問題。聽起來，這種需求和現貨價格的波動並沒有真正從任何意義上調整賣家的預期。但當你回顧之前的週期，以及你曾經擁有的真正機會。如果這種情況真的朝著你不希望的方向發展，並且週期性地惡化而不是好轉，那麼持續的低迷期究竟要多久才能真正讓賣家意識到與柯比合作的機會呢？

And is it cash flow stress? Or is it just a peak market and fear of what might be below that's really been that catalyst? Thank you.

這是現金流壓力嗎？或者，這只是市場達到頂峰，以及人們對市場下方可能出現的情況的擔憂，而這才是真正的催化劑？謝謝。

Yeah, it's actually been both. Sometimes it's cash flow. And we've got a few where in prior cycles, they were close to bankruptcy or close to insolvency and we've stepped in. In the other cases, it's the cycles doing okay. I'm not selling at the bottom. Let me go ahead and transact instead of waiting for the next real big problem.

是的，實際上兩者都是。有時是現金流問題。還有一些公司在前幾個經濟週期中瀕臨破產或瀕臨資不抵債，我們介入了。在其他情況下，循環運作正常。我不會在底部拋售。與其等待下一個真正的大問題，不如讓我先交易。

So it's a little of both. We bought them on both ends of that spectrum. So it's just on the seller. I would just tell you, our balance sheet is the best it's ever been. I think our debt-to-EBITDA is 1.2 times, 1.3 times. As Raj said, our free cash flow is really strong. I mean this quarter, we should be north of $200 million of free cash flow. As you've seen in the absence of acquisitions, we've been repurchasing shares. I think we've repurchased 1.3 million shares in the third quarter.

所以兩者兼而有之。我們在這兩個極端都買了一些。所以這完全是賣家的責任。我只想告訴你，我們的資產負債表是史上最好的。我認為我們的債務與 EBITDA 比率是 1.2 倍，1.3 倍。正如拉傑所說，我們的自由現金流非常強勁。我的意思是，本季我們的自由現金流應該會超過 2 億美元。正如你所看到的，在沒有進行收購的情況下，我們一直在回購股票。我認為我們在第三季回購了130萬股股票。

And so far in the fourth quarter, we've repurchased over 400,000 shares. So we're buying a good barge company by buying back our shares. We'd be happy though to buy a competitor and consolidate a bit. But we'll be patient. And we've got the balance sheet to do whatever we need to do when the opportunity arises.

截至目前，第四季我們已經回購了超過 40 萬股股票。所以，我們透過回購股份，收購了一家優秀的駁船公司。不過，我們很樂意收購競爭對手，進行一些整合。但我們會耐心等待。我們擁有足夠的資產負債表，可以在機會出現時做任何我們需要做的事情。

This concludes the question-and-answer session. I would now like to turn it back to Kurt for closing remarks.

問答環節到此結束。現在我想把時間交還給庫爾特，讓他做總結發言。

Thank you, operator, and thank you, everyone, for joining us today. As always, feel free to reach out to me throughout the day for any follow-up questions.

謝謝接線員，也謝謝各位今天收看我們的節目。如有任何後續問題，歡迎隨時與我聯絡。

All right. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

好的。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。