MRC Global Inc (MRC) 2025 Q1 法說會逐字稿

Greetings and welcome to MRC Global's first quarter 2025 earnings conference call. (Operator Instructions)

問候並歡迎參加 MRC Global 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to your host, Monica Broughton. Thank you. You may begin.

現在我想將會議交給主持人莫妮卡·布勞頓。謝謝。你可以開始了。

Thank you and good morning. Welcome to the MRC Global first quarter 2025 conference call and webcast. We appreciate you joining us on the call today. We have Rob Saltiel, President and CEO, and Kelly Youngblood, executive Vice President and CFO.

謝謝，早安。歡迎參加 MRC Global 2025 年第一季電話會議和網路廣播。感謝您今天參加我們的電話會議。我們的來賓有總裁兼執行長 Rob Saltiel 和執行副總裁兼財務長 Kelly Youngblood。

There will be a replay of today's call available by Webcast on our website, mrcglobal.com, as well as by phone until May 21, 2025, and the dial-in information is in yesterday's release. Please note that the information reported on this call speaks only as of today, May 7, 2025, and therefore you are advised that the information may no longer be accurate as of the time of replay.

今天的電話會議將透過我們的網站 mrcglobal.com 上的網路廣播和電話重播，直至 2025 年 5 月 21 日，撥入資訊可在昨天的發布中查閱。請注意，本次通話中報告的資訊僅截至今天（2025 年 5 月 7 日），因此請注意，該資訊在重播時可能不再準確。

In our call today, we will discuss various non-GAAP measures. You are encouraged to read our earnings release and securities filings to learn more about our use of these non-GAAP measures and to see a reconciliation of these measures to the related GAAP items, all of which can be found on our website.

在今天的電話會議中，我們將討論各種非公認會計準則衡量指標。我們鼓勵您閱讀我們的收益報告和證券文件，以了解有關我們對這些非 GAAP 指標的使用的更多信息，並查看這些指標與相關 GAAP 項目的對帳情況，所有這些都可以在我們的網站上找到。

Unless we specifically state otherwise referenced in this call to EBITDA refer to adjusted EBITDA. In addition, the comments made by the management of MRC Global during this call may contain forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements reflect the current views of the management of MRC Global.

除非我們特別說明，否則本次電話會議中提到的 EBITDA 均指調整後的 EBITDA。此外，MRC Global管理階層在本次電話會議中所作的評論可能包含美國聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述反映了 MRC Global 管理層的當前觀點。

However, actual results could differ materially from those expressed today. You are encouraged to read the company's SEC filings for a more in-depth review of the risk factors concerning these forward-looking statements.

然而，實際結果可能與今天表達的結果有重大差異。我們鼓勵您閱讀該公司的美國證券交易委員會 (SEC) 文件，以便更深入地了解與這些前瞻性陳述相關的風險因素。

As a result of the recent announcement related to the sale of our Canada business, the results of which have been reclassified to discontinued operations, our comments today will reflect revenue and profitability from operations continuing operations only unless otherwise stated.

由於我們最近宣佈出售加拿大業務，其業績已被重新歸類為停止運營，因此，除非另有說明，我們今天的評論將僅反映持續運營的收入和盈利能力。

And now I'd like to turn the call over to our CEO, Mr. Rob Saltiel.

現在我想將電話轉給我們的執行長 Rob Saltiel 先生。

Thank you, Monica. Good morning and welcome to everyone joining today's call. I will begin with an overview of the financial highlights and strategic accomplishments from our first quarter, followed by a summary of our first quarter results and an update on our growth initiatives.

謝謝你，莫妮卡。早安，歡迎大家參加今天的電話會議。我將首先概述我們第一季的財務亮點和策略成就，然後總結我們第一季的業績並更新我們的成長計劃。

I will then turn it over to Kelly to provide more detail on our results and outlook. We are off to an excellent start in 2025, and I'm very pleased with the strong improvement in our business that we experienced in the first quarter. We exceeded our expectations on all key financial metrics, and each of our three business sectors achieved sequential revenue growth of upper single digit percentages.

然後我將把話題交給凱利，讓他提供有關我們的結果和展望的更多細節。我們在 2025 年取得了良好的開端，我對我們在第一季度經歷的業務的強勁增長感到非常高興。我們在所有關鍵財務指標上都超出了預期，並且我們的三個業務部門都實現了連續個位數百分比的收入成長。

In addition, we are very encouraged by our growing backlog, which increased 8% sequentially in the first quarter to $603 million with growth across all sectors. Our backlog has continued to increase in the second quarter, led by our US segment, which has experienced backlog growth of 23% at the end of April compared to the beginning of the year.

此外，我們對不斷增長的積壓訂單感到非常鼓舞，第一季積壓訂單環比增長 8%，達到 6.03 億美元，所有部門均實現增長。我們的積壓訂單在第二季度持續增加，其中美國分部的積壓訂單量最大，與年初相比，4 月底美國分部的積壓訂單量增加了 23%。

This expanding backlog increases our confidence that we will achieve another quarter of strong sequential revenue improvement in the second quarter. Although each of our sectors is performing well, I'm especially optimistic about our gas utilities business, which is our largest market.

不斷擴大的積壓訂單增強了我們的信心，我們相信第二季我們將再次實現營收的強勁成長。儘管我們每個部門都表現良好，但我對我們的天然氣公用事業業務尤其樂觀，因為它是我們最大的市場。

After a couple of challenging years, this business is experiencing a significant resurgence, and through the end of April, we have seen a 26% increase in backlog. The pre-release of our first quarter financial results a few weeks ago has allowed us to begin execution of our previously announced $125 million share repurchase program.

經過幾年的艱難時期後，該業務正在經歷顯著的復甦，截至 4 月底，我們的積壓訂單量增加了 26%。幾週前我們預先發布的第一季財務業績使我們能夠開始執行先前宣布的 1.25 億美元股票回購計畫。

Returning cash to shareholders is an important benefit of owning our stock, and the repurchase program reflects confidence in our company's financial strength and our ability to generate substantial cash across the business cycle.

向股東返還現金是持有我們股票的一個重要好處，回購計畫反映了對我們公司財務實力和在整個商業週期中產生大量現金的能力的信心。

The share repurchase program is a key component of our three-pronged capital allocation strategy, along with maintaining a healthy balance sheet with a target net debt leverage ratio of 1.5 times or lower and investing in future growth opportunities. With our current net debt leverage ratio at 1.7 times and strong available liquidity of $570 million we are well positioned to execute on all three priorities this year.

股票回購計畫是我們三管齊下的資本配置策略的關鍵組成部分，同時保持健康的資產負債表（目標淨債務槓桿率為 1.5 倍或更低）並投資於未來的成長機會。我們目前的淨債務槓桿率為 1.7 倍，可用流動資金達 5.7 億美元，我們完全有能力在今年實現所有三個優先事項。

Turning now to our key first quarter financial highlights, revenue increased by 7% sequentially to $712 million with growth in each of our end market sectors led by gas utilities. We are expecting a recovery in several of our larger gas utility customers' activity levels with destocking in the rearview mirror. The diet sector also experienced solid increases driven by chemicals, mining and refining activity.

現在來看看我們第一季的主要財務亮點，營收季增 7%，達到 7.12 億美元，其中以天然氣公用事業為主導的每個終端市場領域均實現了成長。我們預計，隨著去庫存的結束，我們幾家較大的天然氣公用事業客戶的活動水準將會復甦。在化學品、採礦和煉油活動的推動下，飲食產業也經歷了穩定成長。

Finally, the PTI sector activity also picked up with solid gains in both the US and international segments. Adjusted gross profit margins continue to be strong at 21.5% in the first quarter, above our 21% target. We continue to focus on products and services where we can add the most value for our customers, which is exhibited through higher gross margins.

最後，PTI 領域的活動也開始回暖，美國和國際領域都實現了穩定成長。第一季調整後的毛利率持續保持強勁，達到 21.5%，高於我們的 21% 的目標。我們繼續專注於能夠為客戶增加最大價值的產品和服務，這透過更高的毛利率體現出來。

We delivered adjusted EBITDA $36 million or 5.1% of sales, a nice improvement over the fourth quarter. We expect quarterly adjusted EBITDA margin percentages to exceed 6% of sales in the second quarter as revenue improves sequentially.

我們實現了調整後的 EBITDA 3,600 萬美元，佔銷售額的 5.1%，比第四季度有了顯著改善。隨著營收連續成長，我們預計第二季調整後的 EBITDA 利潤率將超過銷售額的 6%。

We generated $21 million of operating cash flow from continuing operations for the first quarter, reflecting our focus on working capital management and good cost control. Our net working capital as a percentage of sales was a solid 11.7%, demonstrating our operational efficiency and disciplined inventory management.

我們第一季從持續經營業務中產生了 2,100 萬美元的經營現金流，這反映了我們對營運資本管理和良好成本控制的重視。我們的淨營運資本佔銷售額的百分比高達 11.7%，證明了我們的營運效率和嚴格的庫存管理。

As stated previously, our ability to generate strong operating cash flows across the business cycle has underpinned our confidence in exercising our share buyback program, and we are on target to generating $100 million or more in cash flow from operations in 2025.

如前所述，我們在整個商業週期中產生強勁經營現金流的能力增強了我們實施股票回購計畫的信心，我們的目標是到 2025 年從營運中產生 1 億美元或更多的現金流。

Now I will provide an update on some of the growth-related topics we addressed on our March earnings call. First, our gas utility specter is finally back on a growth trajectory. We are forecasting strong demand growth from several of our larger customers in 2025, and some of these customers have recently issued bullish updates to their longer-term spending plans.

現在，我將介紹我們在三月收益電話會議上討論的一些與成長相關的主題的最新情況。首先，我們的天然氣公用事業終於回到了成長軌道。我們預測 2025 年我們的幾家大客戶的需求將強勁增長，其中一些客戶最近對其長期支出計劃發布了樂觀的更新。

Our gas utilities backlog is the highest it has been in three quarters. Our customers continue to invest in safety and modernization projects, and they are benefiting from a resurgence in natural gas as a key fuel to support electrification and LNG export opportunities.

我們的天然氣公用事業積壓訂單量達到了三個季度以來的最高水準。我們的客戶持續投資於安全和現代化項目，並受益於天然氣作為支持電氣化和液化天然氣出口機會的關鍵燃料的復甦。

We remain optimistic about this and market sector regardless of the uncertain macroeconomic conditions. The products we supply to our gas utility customers are generally sourced from US suppliers, so we are in a strong position to mitigate the impact from the evolving tariff situation. In addition, we are making some nice inroads to new revenue sources with the pursuit of new gas utilities customers and the smart meter benefits of our new IMTEC Services joint venture.

無論宏觀經濟條件如何不確定，我們仍然對該市場領域持樂觀態度。我們提供給天然氣公用事業客戶的產品通常來自美國供應商，因此我們有能力減輕不斷變化的關稅狀況​​所帶來的影響。此外，透過尋求新的天然氣公用事業客戶以及新的 IMTEC 服務合資企業的智慧電錶優勢，我們正在開闢新的收入來源。

On our last call, we discussed the potential impact of tariffs on our business and the general benefits of an inflationary environment on our revenues and margins. It is clear that the current tariff situation brings significant uncertainty not just on product costs for our customers, but also what it could mean for potential demand destruction in the second half of the year.

在上次電話會議中，我們討論了關稅對我們業務的潛在影響以及通膨環境對我們的收入和利潤的整體好處。顯然，當前的關稅狀況​​不僅為客戶的商品成本帶來了很大的不確定性，而且可能對下半年的潛在需求造成破壞。

Our company is extremely adept at navigating global supply chain challenges for our customers, a skill we found during the COVID pandemic. Our supply chain team is spending significant time advising our customers in all three market sectors about tariff impacts and the benefits of sourcing from different countries and suppliers to minimize the negative impacts on our customers' product costs and availability.

我們公司非常擅長幫助客戶應對全球供應鏈挑戰，這是我們在新冠疫情期間發現的技能。我們的供應鏈團隊花費大量時間為所有三個市場領域的客戶提供有關關稅影響以及從不同國家和供應商採購的好處的建議，以盡量減少對客戶產品成本和可用性的負面影響。

It is important to note that over 60% of MRC Global's US product sales are sourced domestically, so we are generally much better positioned than our competitors to insulate our customers from negative tariff impacts.

值得注意的是，MRC Global 超過 60% 的美國產品銷售來自國內，因此我們通常比競爭對手更有能力保護客戶免受負面關稅影響。

Our China source products represent less than 15% of our total US product mix, and this clearly represents the biggest risk of major business disruptions due to tariffs. We are negotiating with our China-based suppliers to absorb a significant portion of this cost increase for the benefit of our customers, and we are working to migrate our China purchases to less tariff countries where possible.

我們的中國產品占我們美國產品總量的不到 15%，這顯然代表關稅造成重大業務中斷的最大風險。我們正在與中國供應商協商，以吸收這部分成本上漲的很大一部分，從而使我們的客戶受益，我們正在努力將我們的中國採購轉移到關稅較低的國家。

Tariffs remain a fluid situation, and we will continue to update our investors on future calls. We continue to expect a growing role for natural gas and associated investment in midstream infrastructure playing a bigger role in our US PTI sector sales.

關稅情況仍不穩定，我們將在未來的電話會議上繼續向投資者通報最新情況。我們繼續預期天然氣和相關中游基礎設施投資將在我們美國 PTI 產業銷售中發揮越來越大的作用。

While first quarter PTI revenue in the US was up 6% sequentially over the fourth quarter, all of this growth was concentrated in the midstream sub-sector, while upstream revenues remained generally flat. In addition, while US PTI backlog grew 28% in the first quarter, midstream outpaced upstream, and this has continued into the second quarter as well.

雖然美國第一季的 PTI 收入較第四季度環比增長了 6%，但所有增長都集中在中游子行業，而上游收入則基本持平。此外，雖然美國 PTI 積壓訂單在第一季成長了 28%，但中游的成長速度超過了上游，而這種趨勢也持續到了第二季。

We have been successful in landing significant orders for projects related to the gathering and transmission of natural gas with both existing and new customers. With WTI oil prices currently at multi-year lows, while natural gas prices have rallied off of 2024 levels, we expect that the US midstream sector will outpace upstream for a while longer.

我們已成功與現有客戶和新客戶簽訂了與天然氣收集和輸送相關的項目的大量訂單。由於 WTI 油價目前處於多年來的低點，而天然氣價格已從 2024 年的水平回升，我們預計美國中游產業將在一段時間內超過上游產業。

We also expect that the larger EMP players will play an increasingly significant role in US oil field activity as more price sensitive producers reduce activity levels in the second half of this year. And finally, our targeted growth initiatives continue to make increasing contributions to our 2025 revenues and are setting the table for revenue expansion in future years.

我們也預計，隨著更多對價格敏感的生產商在今年下半年減少活動水平，大型 EMP 參與者將在美國油田活動中發揮越來越重要的作用。最後，我們的目標成長計畫將繼續為我們 2025 年的收入做出越來越大的貢獻，並為未來幾年的營收成長奠定基礎。

We have spoken previously about our focus on growing our chemicals business, and this continues to be a bright spot for us. Our US chemicals backlog at the end of April 2025 is 32% higher than the same time last year, and we expect US chemicals revenue to be up high single digits over 2024.

我們之前曾談到我們專注於發展化學品業務，這對我們來說仍然是一個亮點。截至 2025 年 4 月底，我們的美國化學品積壓訂單比去年同期高出 32%，我們預計 2024 年美國化學品收入將實現高個位數成長。

Our expansion into data centers and mining applications is also gaining traction. We are negotiating master service agreements with targeted owners and subcontractors for PVF work in new data center cooling systems.

我們向資料中心和採礦應用領域的擴張也正在獲得動力。我們正在與目標業主和分包商就新資料中心冷卻系統中的 PVF 工作協商主服務協議。

Our bookings this year already exceed $10 million and we have tens of millions of dollars of opportunities under pursuit. Our mining sector initiative is also showing excellent growth potential with increased bidding for MRO and project activity as well as new customer acquisitions. We expect our mining business to grow at a compound annual rate of approximately 10% over the next 3 years to 5 years.

我們今年的訂單已經超過 1000 萬美元，我們正在爭取數千萬美元的機會。我們的採礦業計劃也顯示出良好的成長潛力，MRO 和專案活動的競標增加以及新客戶的獲得。我們預計未來3至5年我們的採礦業務將以約10%的年複合成長率成長。

In summary, first quarter results were very strong to start 2025, and we are very optimistic about the second quarter as well. We have seen our total US backlog continue to rise into the second quarter with a 23% increase through the end of April compared to year end and with all three business sectors increasing double-digit percentages.

總而言之，2025 年第一季的業績非常強勁，我們對第二季也非常樂觀。我們看到，我們在美國的總積壓訂單在第二季度繼續上升，截至 4 月底與去年年底相比增長了 23%，並且所有三個業務部門都實現了兩位數的百分比增長。

Along with increased intake levels and near-term project deliveries, this positive momentum underpins our confidence in our second quarter revenue growth projections. We currently expect second quarter revenue to improve by a high single to low double-digit percentage as compared to the first quarter.

隨著吸納量增加和近期專案交付，這一正面動能增強了我們對第二季營收成長預測的信心。我們目前預計第二季的營收將比第一季成長高個位數至低兩位數百分比。

We recognize that medium term macroeconomic conditions remain uncertain, but so far, we have not seen significant changes in our customer behaviors or buying patterns. We will continue to monitor the situation closely as we advise our customers on how they can best navigate these market disruptions and uncertainties.

我們認識到中期宏觀經濟條件仍然不確定，但到目前為止，我們還沒有看到客戶行為或購買模式發生重大變化。我們將繼續密切關注局勢，並為客戶提供建議，幫助他們更好地應對市場混亂和不確定性。

Although the second half of 2025 may represent more risk due to these uncertainties, we do not have sufficient evidence to alter our previous annual guidance. We will update our guidance as necessary in future quarters when there is greater clarity regarding the tariff situation and its impact on MRC Global's business.

儘管由於這些不確定性，2025 年下半年可能意味著更多風險，但我們沒有足夠的證據來改變我們先前的年度指引。當關稅情況及其對 MRC Global 業務的影響更加明朗時，我們將在未來幾季根據需要更新我們的指導。

In the meantime, our strong balance sheet, robust, free cash flow, and ample liquidity should allow us to manage headwinds and respond quickly as new opportunities or threats emerge.

同時，我們強大的資產負債表、強勁的自由現金流和充足的流動性使我們能夠應對逆風，並在出現新的機會或威脅時迅速做出反應。

And with that, I will now hand it over to Kelly.

現在我將把發言權交給凱利。

Thanks, Rob, and good morning, everyone. My comments today will primarily be focused on sequential results comparing the first quarter of 2025 to the fourth quarter of 2024 unless otherwise stated. Also, as mentioned by Monica, our Canada results are reflected in discontinued operations, so unless stated otherwise, my comments will be referring to the company's financial results from continuing operations.

謝謝，羅布，大家早安。除非另有說明，我今天的評論將主要集中在比較 2025 年第一季與 2024 年第四季的連續結果。此外，正如莫妮卡所說，我們的加拿大業績反映在已終止經營的業務中，因此，除非另有說明，否則我的評論將指的是公司持續經營的財務業績。

Starting with revenue, we achieved sales of $712 million in the first quarter, representing a 7% sequential increase from Q4 2024 and down 8% compared to the same quarter a year ago. From a sector perspective, gas utilities were $273 million in the first quarter, a $20 million or 8% increase driven by customers returning to normalized buying patterns as they prepare for the construction season.

從營收開始，我們在第一季實現了 7.12 億美元的銷售額，比 2024 年第四季環比成長 7%，比去年同期下降 8%。從產業角度來看，第一季天然氣公用事業收入為 2.73 億美元，成長 2,000 萬美元或 8%，原因是客戶為施工季節做準備，恢復了正常的購買模式。

And specific customers increasing their 2025 capital budgets. The diet sector first quarter revenue was 220 million, an increase of $12 million or 6% due to chemical project deliveries, mining activity, and refinery turnarounds.

特定客戶正在增加 2025 年資本預算。飲食部門第一季收入為 2.2 億美元，由於化學項目交付、採礦活動和煉油廠週轉而增加 1,200 萬美元或 6%。

PTI sector revenue for the first quarter was $219 million an increase of $16 million or 8% due to several US midstream customer natural gas pipeline projects, as well as multiple upstream projects in the North Sea. In the US, the more favorable regulatory environment and the increase in natural gas demand is contributing to the increase in pipeline project activity.

PTI 部門第一季營收為 2.19 億美元，增加 1,600 萬美元或 8%，這得益於幾個美國中游客戶天然氣管道項目以及北海的多個上游項目。在美國，更有利的監管環境和天然氣需求的增加促進了管道項目活動的增加。

From a geographic segment perspective, US revenue was $591 million in the first quarter, a $49 million or 9% increase, and all in market sectors improved, led by the gas utility sector with a $21 million increase, followed by the diet sector which increased $19 million and the PTI sector which increased $9 million.

從地理區域來看，第一季美國營收為 5.91 億美元，成長 4,900 萬美元或 9%，所有市場領域均有所改善，其中天然氣公用事業領域成長最多，為 2,100 萬美元，其次是飲食領域成長 1,900 萬美元，PTI 領域成長 900 萬美元。

International revenue was $121 million in the first quarter, down $1 million or 1% as the increase in PTI sector revenue was offset by reduced diet sector revenue primarily due to the timing of project deliveries. The outlook for the international segment remains positive, with expectations for solid revenue growth in 2025, which will be the fourth year in a row of increased revenues.

第一季國際收入為 1.21 億美元，下降 100 萬美元或 1%，因為 PTI 部門收入的成長被飲食部門收入的減少所抵消，這主要是由於專案交付時間的安排。國際業務前景依然樂觀，預計 2025 年營收將穩健成長，這將是營收連續第四年成長。

Now turning to margins, adjusted gross profit for the first quarter was $153 million or 21.5% compared to $146 million or 22% in the fourth quarter of 2024. The variance in margin percentage is due to geographic and product mix.

現在談到利潤率，第一季調整後的毛利為 1.53 億美元，即 21.5%，而 2024 年第四季為 1.46 億美元，即 22%。利潤率的差異是由於地理和產品組合造成的。

Reported SG&A for the first quarter was $124 million or 17.4% of sales as compared to $123 million or 18.5% in the fourth quarter. Adjusted SG&A for the first quarter was $121 million slightly higher than the fourth quarter's $119 million reflecting the typical increase of employee-related cost at the beginning of the year.

第一季報告的銷售、一般及行政費用為 1.24 億美元，佔銷售額的 17.4%，而第四季為 1.23 億美元，佔銷售額的 18.5%。第一季調整後的銷售、一般及行政費用為 1.21 億美元，略高於第四季的 1.19 億美元，反映了年初員工相關成本的典型成長。

Adjusted EBITDA for the first quarter was $36 million or 5.1% of sales, an improvement over the fourth quarter results of $32 million and 4.8% as a result of operating leverage on higher revenue.

第一季調整後的 EBITDA 為 3,600 萬美元，佔銷售額的 5.1%，較第四季的 3,200 萬美元和 4.8% 有所改善，這得益於收入增加帶來的經營槓桿作用。

Interest expense was $9 million in the first quarter of 2025 compared to $7 million in the prior quarter. Tax expense in the first quarter was $1 million with an effective tax rate of 11% as compared to $4 million of expense in the fourth quarter.

2025 年第一季的利息支出為 900 萬美元，而上一季為 700 萬美元。第一季的稅費為 100 萬美元，有效稅率為 11%，而第四季的稅費為 400 萬美元。

For the first quarter, net income from continuing operations was $8 million or $0.09 per diluted share as compared to a net loss from continuing operations of $1 million or a negative of $0.14 per diluted share in the fourth quarter of 2024.

第一季度，持續經營淨收入為 800 萬美元，即每股攤薄收益 0.09 美元，而 2024 年第四季持續經營淨虧損為 100 萬美元，即每股攤薄收益為負 0.14 美元。

Adjusted net income from continuing operations was $12 million and $0.04 million for the first quarter of 2025 and the fourth quarter of 2024 respectively. Our capital expenditures were $9 million for the first quarter above historical averages due to our ERP implementation.

2025 年第一季和 2024 年第四季的調整後持續經營淨收入分別為 1,200 萬美元和 4 萬美元。由於實施了 ERP，我們第一季的資本支出為 900 萬美元，高於歷史平均值。

Our working capital management remains strong with networking capital this quarter at 11.7% of sales. This efficiency contributed to operating cash flows from continuing operations of $21 million in the first quarter.

我們的營運資本管理依然強勁，本季網路資本佔銷售額的 11.7%。這一效率為第一季持續經營業務帶來的經營現金流貢獻了 2,100 萬美元。

Moving to liquidity and capital structure, our balance sheet remains healthy with ample liquidity of $570 million including $507 million of availability on our ABL and $63 million of cash at the end of the first quarter. Our leverage ratio based on net debt of $308 million was 1.7 times and our total debt balance was $371 million.

談到流動性和資本結構，我們的資產負債表依然健康，擁有 5.7 億美元的充足流動性，其中包括第一季末 5.07 億美元的 ABL 可用資金和 6,300 萬美元的現金。我們的淨債務為 3.08 億美元，槓桿率為 1.7 倍，總債務餘額為 3.71 億美元。

We continue to target a leverage ratio of 1.5 times while also executing our share buyback program. Now I'll cover our outlook. Customer activity levels exceeded our expectations in the first quarter, and based on current backlog trends, we believe we are also on track for a strong second quarter as well.

我們繼續將槓桿率定為 1.5 倍，同時執行股票回購計畫。現在我將介紹我們的展望。第一季的客戶活動水準超出了我們的預期，根據目前的積壓趨勢，我們相信第二季也將保持強勁成長。

As mentioned by Rob, we are not seeing signs of contraction in any part of our business at this point. However, we recognize there is macroeconomic uncertainty overshadowing the second half. Currently we are not inclined to make any changes to our previous full year 2025 guidance that is projecting year on year growth of low to high single digit percentages.

正如 Rob 所提到的，目前我們還沒有看到業務任何部分出現萎縮的跡象。然而，我們認識到下半年仍存在宏觀經濟不確定性。目前，我們不傾向於對先前 2025 年的全年指引做出任何更改，該指引預計將年比成長率達到低至高個位數百分比。

This outlook may be adjusted if we begin to see any significant negative effects resulting from tariffs, lower oil prices, or a potential recession, which are unknown at this time. We will update our guidance as necessary in future quarters when there is greater clarity. We are fortunate to have aspects of our business which are resilient in periods of turbulence, and the diversification we have in our sector mix should also help reduce volatility.

如果我們開始看到關稅、油價下跌或潛在的經濟衰退帶來的任何重大負面影響（目前尚不清楚），這種前景可能會進行調整。當情況更加明朗時，我們將在未來幾季根據需要更新我們的指導。我們很幸運，我們的業務在動盪時期具有韌性，我們行業組合的多樣化也有助於降低波動性。

For example, our gas utility sector is expected to be the most resilient business this year because because of having no significant exposure related to tariffs or low commodity prices. The budgets for these customers are typically more resistant to changing macroeconomic conditions.

例如，我們的天然氣公用事業部門預計將成為今年最具彈性的業務，因為它沒有與關稅或低商品價格相關的重大風險。這些客戶的預算通常更能抵禦宏觀經濟條件的變化。

The year-to-date increase in backlog for this sector is up 26% as of the end of April. Therefore, we continue to expect 2025 annual revenue to be up mid-single digits or potentially higher in 2025 over 2024.

截至 4 月底，該產業年初至今的積壓訂單量已成長 26%。因此，我們繼續預期 2025 年的年收入將比 2024 年成長中等個位數，甚至可能更高。

The diet sector is reasonably resilient as well but could experience some slower growth should projects be delayed. However, with a year-to-date backlog increase of 16% at the end of April, this business is off to a strong start this year.

飲食業也具有相當強的彈性，但如果項目推遲，其成長可能會有所放緩。然而，截至 4 月底，年初至今的積壓訂單量增加了 16%，顯示該業務今年開局強勁。

The PTI sector results are more sensitive to lower commodity prices and could experience some restraint in the US should the macroeconomic conditions result in reduced demand. We believe this sector of our business has the most risk at this point due to lower oil price expectations.

PTI 產業的表現對大宗商品價格下跌更為敏感，如果宏觀經濟條件導致需求減少，該產業的表現可能會在美國受到一些限制。我們認為，由於油價預期下降，我們業務的這一領域目前面臨的風險最大。

However, we are fortunate with our customer mix in the sector, and it is more heavily levered towards IOC and large public companies that typically maintain higher activity levels than their smaller competitors in this environment. The year-to-date backlog for this sector is up 7% as of April 30.

然而，我們很幸運，我們在該領域擁有客戶結構，並且更依賴國際石油公司和大型上市公司，這些公司在這種環境下通常比規模較小的競爭對手保持更高的活動水平。截至 4 月 30 日，該行業年初至今的積壓訂單增加了 7%。

Specific to the second quarter, our guidance is unchanged from our earnings pre-release. We expect revenue to be up high single to low double digits compared sequentially to the first quarter supported by a strong backlog position.

具體到第二季度，我們的預期與獲利預發佈時相比沒有變化。我們預計，在強勁的積壓訂單的支持下，與第一季相比，營收將環比成長高個位數至低兩位數。

We are also targeting the following key metrics for 2025. We continue to target operating cash flow of at least $100 million, maintaining our strong cash generation profile. If the market was to contract in the second half of the year, we could generate even more cash and exceed this target.

我們也設定了 2025 年以下關鍵指標的目標。我們繼續將經營現金流目標定為至少 1 億美元，維持強勁的現金產生能力。如果下半年市場萎縮，我們可以產生更多的現金並超越這個目標。

Regarding cadence of cash flow for the upcoming quarters this year may look a little different. In the first quarter we generated solid cash flow, which is not always the case, and in the second quarter we expect to use cash as we plan to pull forward payments to our suppliers from the third quarter into the second to assist with our ERP go live transition that is expected to occur in the third quarter.

今年未來幾季的現金流節奏可能會有所不同。在第一季度，我們產生了穩定的現金流，但情況並不總是如此，在第二季度，我們預計將使用現金，因為我們計劃將對供應商的付款從第三季度提前到第二季度，以協助我們預計將在第三季度進行的 ERP 上線過渡。

The third and fourth quarters are expected to return to positive cash generation. Our adjusted gross margins is projected to average approximately 21% or higher. Capital expenditures are expected to be approximately $45 million for the year elevated from our normal levels due to our ERP implementation.

預計第三季和第四季將恢復正現金流。我們的調整後毛利率預計平均約為 21% 或更高。由於我們實施了 ERP，預計今年的資本支出將比正常水準高出約 4,500 萬美元。

And moving into 2026, we expect our annual CapEx to return to a more historical run rate of approximately $15 million. We are on budget and on schedule with the ERP project and are very excited about the benefits it is expected to yield.

進入 2026 年，我們預計年度資本支出將恢復到歷史最高水平，約 1500 萬美元。我們的 ERP 專案按預算和計劃進行，並且對它預期產生的效益感到非常興奮。

Finally, we remain committed to achieving our target net debt leverage ratio of 1.5 times. Our disciplined approach to balance sheet management combined with our strong cash flow generation have enabled us to begin executing on our $125 million share repurchase program while also maintaining ample financial flexibility for future growth opportunities.

最後，我們仍致力於實現1.5倍的目標淨負債槓桿率。我們嚴謹的資產負債表管理方法加上強勁的現金流量產生使我們能夠開始執行 1.25 億美元的股票回購計劃，同時為未來的成長機會保持充足的財務靈活性。

And with that, I'll turn it back over to Rob.

說完這些，我會把話題還給 Rob。

Thanks, Kelly. As we conclude today's call, I want to emphasize our strong start to 2025 and our confidence in the future. We've returned to growth in both revenue and backlog across all three market sectors, and we've launched our $125 million dollars share repurchase program.

謝謝，凱利。在今天的電話會議結束時，我想強調我們對 2025 年的強勁開局以及對未來的信心。我們在所有三個市場領域的收入和積壓訂單都恢復了成長，並且啟動了 1.25 億美元的股票回購計畫。

Our financial position remains solid with ample liquidity and excellent working capital efficiency. We are generating healthy cash flow with $21 million from continuing operations in the first quarter, and we are on track to deliver over $100 million for the full year.

我們的財務狀況依然穩健，流動性充足，營運資金效率極佳。我們第一季的持續經營活動產生了健康的現金流，達 2,100 萬美元，全年可望實現超過 1 億美元的現金流。

Looking ahead, we expect growth opportunities across all our sectors driven by improving fundamentals for gas utilities, several promising growth initiatives in our diet sector, and a strong US natural gas midstream outlook and our advantage positioning with large customers in the PTI space.

展望未來，我們預計所有部門都將迎來成長機會，這得益於天然氣公用事業基本面的改善、飲食部門的幾項有希望的成長舉措、強勁的美國天然氣中游前景以及我們在 PTI 領域與大客戶的優勢地位。

Our capital allocation strategy remains balanced and disciplined. We are committed to our target leverage ratio of 1.5 times while returning cash to shareholders and investing in growing our business.

我們的資本配置策略保持平衡和嚴謹。我們致力於實現 1.5 倍的目標槓桿率，同時向股東返還現金並投資於業務成長。

And with that, we will now take your questions, operator.

接線員，我們現在將回答您的問題。

(Operator Instructions)

（操作員指示）

Our first question comes from Nathan Jones with Stifel. Please proceed with your question.

我們的第一個問題來自 Stifel 的 Nathan Jones。請繼續您的問題。

Hey, good morning. This is Adam Farley on for Nathan.

嘿，早安。亞當法利 (Adam Farley) 代替內森 (Nathan)。

Good morning.

早安.

Hey, good morning. I wanted to start on the tariff discussion, maybe just at a higher level, how is inflation tracking in the business today?

嘿，早安。我想從關稅問題開始討論，也許只是從更高的層面來說，今天的通貨膨脹情況如何？

You know what product areas are seeing the most tariff related price increases from suppliers, and there may be any expectation on how gross margins will read through this year.

您知道哪些產品領域的供應商受到關稅相關價格上漲的影響最大，並且可能對今年的毛利率有何預期。

Yeah, I think it's fair to say that the tariff situation is highly dynamic and still evolving. I think most people are aware that there are tariffs right now on steel and aluminum products coming from anywhere outside the US and then elsewhere we've got 10% tariffs on all products from other nations other than China, where we have over 100% tariff today.

是的，我認為可以公平地說，關稅情況高度動態並且仍在不斷發展中。我想大多數人都知道，目前美國對來自美國以外任何地方的鋼鐵和鋁產品都徵收關稅，而除中國以外，我們對來自其他國家的所有產品徵收 10% 的關稅，而目前中國徵收的關稅超過 100%。

So, the biggest impacts we're seeing currently are importing, steel products, typically pipes, fittings and flanges, and then anything that comes from China. And one of the things that we need to do as a responsible supplier to our customers is work with them. To try to navigate through issues related to cost and availability.

因此，我們目前看到的最大影響是進口鋼鐵產品，通常是管道、配件和法蘭，以及任何來自中國的產品。作為對客戶負責的供應商，我們需要做的事情之一就是與客戶合作。嘗試解決與成本和可用性相關的問題。

And as I mentioned in the prepared comments, this is something that our supply chain team is really expert at. We had to do a lot of supply chain management during the COVID pandemic. And here what we're doing is really a couple of different things.

正如我在準備好的評論中提到的那樣，這是我們的供應鏈團隊真正擅長的事情。在新冠疫情期間，我們必須進行大量的供應鏈管理。這裡我們實際上做的是幾件不同的事情。

One is, first of all, we are pushing back where we can on any increases related to the tariffs. Obviously with our business basically returning EBITDA margins are $0.05 or $0.06 on every dollar, we can't assume the cost of these tariffs. We've got to work with our suppliers and our customers to mitigate the impact on our business.

首先，我們正在盡力推遲任何與關稅相關的增加。顯然，由於我們的業務基本上每美元的 EBITDA 利潤率為 0.05 美元或 0.06 美元，我們無法承擔這些關稅的成本。我們必須與我們的供應商和客戶合作，以減輕對我們業務的影響。

But clearly, we want to do everything we can to help our customers get through this period of difficulty and because of our buying power, because of our ability to source from different suppliers and different nations in some cases where we have an opportunity to do that, we're doing everything we can to mitigate that impact.

但顯然，我們希望盡一切努力幫助我們的客戶度過這段困難時期，並且由於我們的購買力，由於我們有能力從不同的供應商和不同的國家採購，在某些情況下，當我們有機會這樣做時，我們正在盡一切努力減輕這種影響。

And so that's been a big focus of our team, and we will continue to be a focus of our team as this situation evolves. In terms of what it's actually doing in terms of our pricing right now, I would tell you that most of the tariff impacts are going to be seen in future quarters, right. So, it takes a quarter or two for these impacts to really be seen.

因此，這一直是我們團隊關注的重點，隨著情況的發展，我們將繼續成為我們團隊關注的重點。就目前它對我們定價的實際影響而言，我想告訴你，大部分關稅影響將會在未來幾季顯現出來，對吧。因此，需要一兩個季度的時間才能真正看到這些影響。

But ultimately, as we've talked about before, we do sell a lot of our products on a cost-plus basis. Clearly, the tariff is a price increase. It's the cost of the product that's paid for by the importer of record and then, passed through to us to some degree. So, if we have increases due to tariffs, we've got to work on passing those through and obviously that could create an opportunity for some increased margin dollars for us.

但最終，正如我們之前所討論的，我們確實以成本加成的方式銷售許多產品。顯然，關稅就是漲價。這是由記錄進口商支付的產品成本，然後在一定程度上轉嫁給我們。因此，如果關稅導致成本增加，我們就必須努力將其轉嫁出去，顯然這能為我們創造增加利潤的機會。

But as I said before, our focus is really on maintaining customer relations, making sure our customers are managing through this, and you know that we don't run into issues of cost or availability down the road.

但正如我之前所說，我們的重點實際上是維護客戶關係，確保我們的客戶能夠順利管理，並且您知道我們不會在未來遇到成本或可用性問題。

Okay, that's really helpful color. Maybe on inventory, it looks like inventory stepped up a little bit in the first quarter. Did you maybe stock strategically a little bit of additional inventory, get ahead of tariffs or, maybe just visibility on your backlog, any color on inventory this year?

好的，這顏色確實很有幫助。也許就庫存而言，第一季庫存似乎略有增加。您是否策略性地儲備了一些額外的庫存，提前應對關稅，或者只是了解積壓庫存，今年的庫存情況如何？

Yeah, I will tell you that we leaned in a bit on this, expecting that some tariffs were coming at the same time, the first quarter is typically when we do increase our inventory to prepare for the rest of the year.

是的，我會告訴你，我們對此做了一些準備，預計一些關稅會同時到來，第一季通常是我們增加庫存為今年剩餘時間做準備的時候。

So, our supply chain team, I think, did a good job of making sure that we had ample inventory, but of course we don't want to get too far over our skis knowing that this tariff situation is volatile and dynamic.

因此，我認為我們的供應鏈團隊在確保我們擁有充足的庫存方面做得很好，但當然，我們不想做得太過分，因為我們知道這種關稅情況是不穩定和動態的。

It seems to be changing with some regular frequency, but we did lean in on that. I think that does give us an advantaged inventory position as we work our way through this. So yes, that was something that we had had some foresight on, and we did lean in a bit on that in the first quarter.

它似乎以某種規律的頻率發生變化，但我們確實傾向於這一點。我認為，在我們解決這個問題的過程中，這確實為我們提供了有利的庫存地位。是的，這是我們之前就有預見的事情，而且我們在第一季確實在這方面有所傾斜。

Okay, and then shifting gears a little bit to gas utilities, sounds like there's solid momentum there, more defensive, market versus, the traditional energy sector. Maybe, do you have any updates on, opportunities to gain additional market share or wallet share with some of your larger customers this year?

好的，然後稍微轉向天然氣公用事業，聽起來那裡勢頭強勁，與傳統能源行業相比，市場更具防禦性。也許，您是否有任何最新消息，今年您是否有機會從一些較大的客戶那裡獲得更多的市場份額或錢包份額？

Yeah, I'll say a couple of things about gas utilities. First of all, we are really excited to return to growth on our gas utilities business. This has been a consistent growth engine for this company for many years, really until the last couple of years, and as we've talked about before, coming out of the pandemic, we were, our customers were holding extra inventory.

是的，我想說幾句有關瓦斯公用事業的事情。首先，我們非常高興我們的天然氣公用事業業務恢復成長。多年來，這一直是該公司持續成長的引擎，直到最近幾年，正如我們之前談到的，走出疫情後，我們的客戶都持有額外的庫存。

Some of the fabricators were holding extra inventory and we had extra inventory. So we had to go through this destocking period which now we can finally declare is fully behind us. So we're we're really excited about the fact that this business has now returned to growth.

一些製造商持有多餘的庫存，我們也有多餘的庫存。因此，我們必須經歷這個去庫存時期，現在我們終於可以宣布，這個時期已經完全過去了。因此，我們對這項業務現已恢復成長感到非常興奮。

We do have growth opportunities in terms of market share in the sense that there are gas utilities that we don't currently serve and or if we serve them, maybe we don't serve them in all regions in which they operate. At the same time, we've got opportunities to increase our wallet share.

就市場佔有率而言，我們確實有成長機會，因為有些天然氣公用事業公司我們目前還沒有提供服務，或者如果我們為他們提供服務，也許我們並沒有為他們經營的所有地區提供服務。同時，我們也有機會增加我們的錢包份額。

We've talked a lot on our last earnings call about our IMTEC Services joint venture where we're actually going to be providing a very valuable service to help smart meter applications for our customers and clearly this.

我們在上次收益電話會議上談論了很多關於我們的 IMTEC 服務合資企業的事情，我們實際上將提供一項非常有價值的服務，幫助我們的客戶實現智慧電錶應用，這一點很明顯。

Opens up an opportunity for us to do more meter business with our customers, which currently we only do with a handful of our customers, but obviously there's a significant revenue opportunity if we could take over more of that meter business. And then there are a few other services that we're looking at in accordance with the IMTEC Services venture as well.

這為我們與客戶開展更多電錶業務提供了機會，目前我們僅與少數客戶開展此類業務，但如果我們能夠接手更多電錶業務，顯然將帶來巨大的收入機會。此外，我們也正在根據 IMTEC 服務項目考慮其他一些服務。

So, we really like our growth prospects in gas utilities, we, we're excited that we're back to growth. We're also excited that the gas utility space is largely insulated from the tariff impacts, so that helps our customers focus on their business and worry less about cost and availability. So a good story all around on gas utilities.

因此，我們真的很看好天然氣公用事業的成長前景，我們很高興我們恢復了成長。我們也很高興看到天然氣公用事業領域基本上不受關稅的影響，這有助於我們的客戶專注於他們的業務，而不用擔心成本和可用性。這是一個有關天然氣公用事業的好故事。

Hey Adam, I'll just add as well, when you look at the backlog growth, we talked about an 8% growth for the full company in Q1. Gas utilities was in line with that at 8%, but April, as of the end of April, if you look at the year-to-date improvement that we've experienced in gas utilities compared to March, it's 17%, 17% improvement. So really, when you look at the full year-to-date, it's 26%.

嘿，亞當，我還要補充一點，當你查看積壓訂單成長時，我們談到了第一季整個公司 8% 的成長率。天然氣公用事業的成長速度與此一致，為 8%，但 4 月份，截至 4 月底，如果您查看今年迄今為止天然氣公用事業與 3 月份相比所經歷的改善情況，則增長了 17%，即 17%。因此，實際上，當你看今年迄今為止的全年數據時，這個數字是 26%。

Since the beginning of the year, with 17% of that just occurring, between March and April, and so that gives us, tremendous confidence, for the for the coming quarters, not just Q2, and as Rob said, since that business is more insulated, we don't think there's going to be much pressure, if any, we think it's really back to. The normal kind of keger growth rates that we had historically in that part of our business.

自今年年初以來，其中 17% 的成長發生在 3 月至 4 月之間，這給了我們對未來幾個季度（不僅僅是第二季度）的巨大信心，正如 Rob 所說，由於該業務更加獨立，我們認為不會有太大壓力，如果有的話，我們認為它真的會恢復。這是我們業務該部分歷史上正常的凱格啤酒增長率。

And this is typically when we would build backlog because, there's a construction season associated with the projects that our gas utilities put in place and to really see that pick up in backlog here in the early spring really sets us up nicely for summer and autumn construction which will, which is supportive of our expectation of nice growth in gas utilities this year.

這通常是我們積壓訂單的時候，因為我們的天然氣公用事業項目有一個施工季節，而早春積壓訂單的增加確實為夏季和秋季的建設做好了準備，這將支持我們對今年天然氣公用事業良好增長的預期。

That's great to hear. Thank you for taking my questions.

聽到這個消息真是太好了。感謝您回答我的問題。

You're welcome. Thank you.

不客氣。謝謝。

Our next question comes from Charles Minervino with Susquehanna Financial Group. Please proceed with your question.

我們的下一個問題來自 Susquehanna Financial Group 的 Charles Minervino。請繼續您的問題。

Hi, good morning.

嗨，早安。

Good morning Charles.

早上好，查爾斯。

Just one more on that gas utility side, I think you mentioned that maybe it's a seasonal issue, but was curious, that 19 I think it was a 19% or so increase in backlog in April, versus the one the first quarter.

關於天然氣公用事業方面，我再問一個問題，我想您提到過，這可能是一個季節性問題，但很好奇，我認為 4 月份積壓訂單量與第一季相比增加了 19% 左右。

I was kind of curious if that was. Like you said, maybe it's a seasonal construction related issue or I didn't know if it was more political or tariff or macro or what, but we just kind of curious if you kind of think if you could touch on that a little bit more and then also do you see backlog continuing to grow even with the growth in the revenues and gas utilities as well kind of as we look through the rest of the quarter.

我有點好奇是否確實如此。就像你說的，也許這是一個季節性建設相關的問題，或者我不知道這是否更多的是政治、關稅或宏觀因素，或者什麼，但我們只是有點好奇，你是否認為你可以稍微談一下這個問題，然後你是否認為即使收入和天然氣公用事業有所增長，積壓訂單仍會繼續增長，就像我們回顧本季度的剩餘時間一樣。

Yeah, I think we pretty much hit this one in the sense that you know this is typically when you would be building backlog associated with the construction season. Again, the gas utilities are much less exposed than our other sectors to potential tariff impacts, so I don't really think the pickup there and backlog is related to the tariffs per se.

是的，我認為我們基本上已經達到了這個目標，因為您知道這通常是與施工季節相關的積壓時間。再說一次，天然氣公用事業受潛在關稅影響的程度遠低於我們的其他產業，因此我並不認為那裡的回升和積壓與關稅本身有關。

I will also say though that we've talked. Many times, than we did in today's call as well about the build out of natural gas infrastructure, so the opportunity for gas utilities, some of whom have got transmission assets as well as distribution assets to increase their transmission assets.

不過我還要說的是我們已經談過了。很多時候，我們在今天的電話會議上也談到了天然氣基礎設施的建設，因此這對天然氣公用事業公司來說是一個機會，其中一些公司擁有輸電資產和配電資產，可以增加他們的輸電資產。

That's certainly been part of building up the backlog as well, we've seen a really nice pick up in our work with midstream companies and the gas utilities that are in that space are picking up as well.

這當然也是積壓訂單的一部分，我們看到與中游公司的合作有了很好的發展，而且該領域的天然氣公用事業公司也在不斷進步。

So, it's really a combination of those things, but look, it really does set us up nicely for a nice pick up in revenue for gas utilities this year, and you know we'll continue to look for that backlog to build really through this quarter and set us up nicely for the rest of the year.

所以，這實際上是這些因素的綜合作用，但是你看，這確實為我們今年天然氣公用事業收入的良好增長奠定了良好的基礎，而且你知道，我們將繼續尋找積壓訂單，以便真正在本季度建立起來，並為今年剩餘時間做好準備。

Does the gas utilities business carry higher margins or does that incremental work there carry kind of margin accretion along with it or is it more the volumes will kind of carry that carry that higher?

天然氣公用事業業務的利潤率是否更高，或者那裡的增量工作是否會帶來利潤率的成長，或者是更多的業務量會帶來更高的利潤率？

Yeah, we, I think we've talked about this before, but I would say on a gross margin basis it's probably at or slightly lower than what we do across the rest of the company.

是的，我想我們之前已經討論過這個問題，但我想說，從毛利率來看，它可能與公司其他部門的毛利率持平或略低。

But because of the scale benefits and the fact that we've got, very high volume of a more limited number of SKUs on a net margin basis, it probably comes out ahead of the rest of the business. So that kind of gives you a little sense of how that comes out relative to gross and net margins.

但由於規模效益，以及我們在淨利潤基礎上擁有非常大數量的 SKU 數量，它可能會領先於其他業務。這樣您就可以稍微了解一下毛利率和淨利率之間的關係。

Gotcha. And then just one last one for me, the diet sector, I think you mentioned a 16% backlog increase if I if I caught that correctly. I know there's a lot of different end markets going on there, so I was just wondering if you could talk a little bit about kind of a little below the surface there downstream versus energy transition like where you're seeing kind of some of the strength or weakness there.

明白了。然後對我來說最後一個問題，飲食領域，如果我沒理解錯的話，我記得你提到了積壓訂單增加了 16%。我知道那裡有很多不同的終端市場，所以我想知道您是否可以稍微談談下游能源轉型方面的情況，例如您在那裡看到的一些優勢或劣勢。

Yeah, you're right about the 16%, and that's a backlog increase from end of April to the beginning of the year, and I would say that pick up is primarily in the refining and chemical space. We're not really seeing as much in energy transition certainly in the US.

是的，您說的對，16% 是積壓訂單的增加，這是從 4 月底到年初的增加，我想說，這種增長主要發生在煉油和化學領域。我們在美國確實沒有看到太多的能源轉型。

Most of our energy transition business now is in international, but it's really a nice pickup and refining turnaround activity that we're getting ready for and at the same time, we've talked a lot about our chemicals initiative really growing our market share there.

目前，我們的大部分能源轉型業務都在國際上，但這確實是一個很好的回升，我們正在為扭轉局面而做準備，同時，我們已經討論了很多關於我們的化學品計劃如何真正增加我們在那裡的市場份額。

We've picked up new customers. There's some significant projects in the chemical space that we're involved in. And those have really been driving a lot of that growth in the diet backlog. And then the other thing I won't talk about is mining. Mining is an area where we continue to put emphasis.

我們已獲得了新客戶。我們參與了化學領域的一些重要項目。這些確實推動了飲食積壓的成長。我不想談論的另一件事是挖礦。採礦業是我們持續重視的領域。

We've got dedicated products and a dedicated sales and marketing effort for the mining business here in the western United States. We know that mining is going to be a growth area with the focus on strategic minerals and self-sufficiency, so that's a big part of what we're doing in the diet space backlog growth as well.

我們為美國西部的採礦業提供專用產品和專門的銷售和行銷工作。我們知道，採礦業將成為一個成長領域，重點是策略性礦產和自給自足，因此這也是我們在飲食領域積壓成長方面所做工作的很大一部分。

Thank you.

謝謝。

You're welcome.

不客氣。

Our next question comes from Chris Dankert with Loop Capital Markets. Please proceed with your question.

我們的下一個問題來自 Loop Capital Markets 的 Chris Dankert。請繼續您的問題。

Hey, morning guys. Thanks for taking the questions. I guess first off, maybe first off just call it a tangential question to the tariffs, I guess, given that there is a bit more pricing support here on line pipes specifically, are we in a position to start seeing some recovery in margins for that that product group?

嘿，大家早安。感謝您回答這些問題。我想首先，也許首先只是將其稱為與關稅相關的切線問題，我想，鑑於這裡對管道的具體定價支持有所增加，我們是否可以開始看到該產品組的利潤率有所回升？

Yeah, I think the line pipe situation is also evolving quite a bit in the sense that, we saw steel prices come back up and now they really seem to have stabilized and of course a lot of steel, of course, is imported into the US and now we've got the, we've got significant tariffs on that.

是的，我認為管道的情況也在發生很大變化，我們看到鋼鐵價格回升，現在似乎真的穩定下來了，當然，很多鋼鐵都進口到美國，現在我們對此徵收了高額關稅。

As we talked about in an earlier call, we did lean in on some inventory builds earlier in the year, so we feel like our pipe inventory was in a good shape to start the year. So, we do have some opportunities, I think, to sell some of that pipe at some reasonably healthy margins.

正如我們在之前的電話會議中談到的那樣，我們確實在今年早些時候建立了一些庫存，因此我們覺得我們的管道庫存在年初處於良好狀態。因此，我認為我們確實有機會以相當不錯的利潤率出售部分管道。

I think the question going forward is, what tariffs stick and how does the overall demand for line pipe go from here, but I would say that generally speaking, we could see some margin strength just coming out of the strategic buys that we made coming into the year and that will probably manifest itself in future quarters.

我認為未來的問題是，關稅將保持不變，以及管道的整體需求將如何變化，但我想說，總體而言，我們可以看到，今年的策略採購將帶來一定的利潤成長，這可能會在未來幾季體現出來。

Got it. Glad to hear that sounds like a constructive setup for you guys on that front. And then I guess my second question. I mean, obviously we've seen, oil prices come off quite a bit here.

知道了。很高興聽到這對你們來說是一個建設性的安排。然後我想我的第二個問題。我的意思是，顯然我們已經看到，這裡的油價已經下跌了不少。

Your customers don't react that quickly, but maybe just what's the tone from some of your upstream customers in the US and kind of how they're thinking about investment given the current backdrop.

您的客戶反應可能不是那麼快，但也許您想知道美國一些上游客戶的態度如何，以及在當前背景下他們對投資有何看法。

Well, look, I think we all have to acknowledge that, WTI oil is at multi-year lows right now, and dipping below $60 a barrel is clearly going to have some impact on activity in the US oil field. I think we've seen recently some of the larger independents focused on the Permian announced CapEx cuts for this year.

嗯，我想我們都必須承認，WTI 原油價格目前處於多年來的最低點，跌破每桶 60 美元顯然會對美國油田的活動產生一定影響。我認為我們最近看到一些關註二疊紀盆地的大型獨立公司宣布削減今年的資本支出。

We always want to remind our investors that MRC Global is particularly levered to larger players. These are the large publicly traded companies, some of whom are integrated in nature, and some of whom we've got strategic deals with. So, everybody is going to have some reaction to these lower oil prices in terms of activity on the margin.

我們始終想提醒我們的投資者，MRC Global 對大型企業的槓桿率特別高。這些都是大型上市公司，其中一些本質上是綜合性的，還有一些我們已經達成了戰略協議。因此，每個人都會對油價下跌做出一些反應，採取邊際行動。

I would say that our customer base is more resilient, thinks about it more as a manufacturing rather than opportunistic production. In terms of how they set their budgets and adjust their activity, but there's no question that lower oil prices and the potential for them to potentially go even lower is going to have an impact on activity.

我想說的是，我們的客戶群更有彈性，更多地將其視為製造業而不是機會主義生產。就他們如何制定預算和調整活動而言，毫無疑問，油價下跌以及油價進一步下跌的可能性將對活動產生影響。

I would tell you that we are not seeing anything from our customers that's indicating that they're going to be either reducing budgets or activity in any significant way, but I think that this is a situation that's evolving as well, and as we talked about the impact of tariffs, potentially what it could do to the overall economic activity in the US and potentially the world, we'll have to see what that impact does to the US oil field.

我想告訴你，我們沒有看到客戶有任何跡象表明他們將大幅削減預算或活動，但我認為這種情況也在不斷發展，正如我們談到關稅的影響時所說，它可能對美國乃至全世界的整體經濟活動產生什麼影響，我們必須看看這種影響對美國油田會造成什麼影響。

So, there are potentially some headwinds going forward. I think we're as insulated as anybody given our customer base and the arrangements that we have with our customers.

因此，未來可能會遇到一些阻力。我認為，考慮到我們的客戶群以及我們與客戶達成的協議，我們與其他人一樣不受任何影響。

That that's really great color and I guess not to put too fine a point on it, but it sounds like you feel comfortable, any kind of, incremental slowdown would be contemplated in the current guidance range for the year here.

這確實是一個很好的顏色，我想不要對此進行太過強調，但聽起來你感覺很舒服，任何類型的漸進式放緩都會在目前的年度指導範圍內考慮。

Yeah, I think that's right. And I'll also point out because I've focused on oil, but if you look at the natural gas pricing is pretty healthy, and I think everybody understands, as we talked about before, that natural gas role in electrification as a transition fuel is going to continue to increase. And so, a lot of what we're seeing in the PTI space now is really midstream related, we used to break out upstream and midstream.

是的，我認為是這樣。我還要指出的是，因為我一直關注石油，但如果你看看天然氣價格，你會發現它相當健康，而且我認為每個人都明白，正如我們之前談到的，天然氣作為過渡燃料在電氣化中的作用將會繼續增加。因此，我們現在在 PTI 領域看到的許多東西實際上都與中游有關，我們過去常常突破上游和中游。

And it got to the point where the midstream was small enough that we really combined them into PTI. I will tell you that almost half of our revenues have, in the quarter have really come through midstream opportunities and going forward, about half of our backlog is in the midstream space as well versus just upstream.

當中游規模變得足夠小的時候，我們才真正將它們合併到 PTI 中。我要告訴你們，本季我們幾乎一半的收入都來自中游機會，而且展望未來，我們大約一半的積壓訂單也來自中游領域，而不僅僅是上游。

So, there is some resilience in PTI when you look at the natural gas component, the midstream component of that. It's really the upstream component that's most at risk and as I mentioned, we're well insulated there.

因此，當您查看天然氣部分，即其中游部分時，PTI 具有一定的彈性。事實上，最危險的是上游組件，正如我所提到的，我們在那裡採取了良好的保護措施。

Again, great, thanks so much for your time, guys.

再次感謝大家抽出時間。

(Operator Instructions)

（操作員指示）

Our next question comes from Blake McLean with Daniel Energy Partners. Please proceed with your question.

我們的下一個問題來自 Daniel Energy Partners 的 Blake McLean。請繼續您的問題。

Hey, good morning, all.

嘿，大家早安。

Hey morning Blake.

嘿，早上好，布萊克。

I wanted to touch on the PTI business internationally. So, revenues were up, strong in Q1, and I was hoping you could just maybe talk a bit about the runway there, how you're thinking about growth this year and going forward and maybe walk through some of the specific regions or opportunities that that might be useful color.

我想談談國際上的 PTI 業務。因此，第一季的營收成長強勁，我希望您能談談那裡的發展情況，您如何看待今年和未來的成長，並介紹一些可能有用的特定區域或機會。

Yeah, look, we are projecting growth in our PTI space this year internationally. Keep in mind international, most of the work we do is project related and so a lot of the revenues that we'll see in 2025 are based on projects that we secured last year, and you know we talked a little bit about this in our prepared commentary.

是的，我們預計今年我們的 PTI 領域在國際上將會成長。請記住，在國際上，我們所做的大部分工作都與項目有關，因此我們在 2025 年看到的許多收入都基於我們去年獲得的項目，你知道我們在準備好的評論中談到了這一點。

But think about the North Sea, the Norwegian Sea, Europe generally, what's happening there in terms of our involvement with customers who are either doing life extensions on existing platforms or incremental development of hydrocarbons in response to the energy balance disruption that's taken place since the Russian-Ukraine war took place.

但想想北海、挪威海和整個歐洲，就我們與客戶的合作而言，那裡正在發生什麼，他們要么在現有平台上進行壽命延長，要么在為應對自俄羅斯-烏克蘭戰爭爆發以來的能源平衡破壞而逐步開發碳氫化合物。

So, you know we feel good about the growth internationally in PTI. Again, that's almost entirely upstream. There's really not a huge midstream component to that, but having this solid backlog, really gives us confidence that we're going to see, some healthy growth in in PTI this year over where we were in 2024.

所以，您知道我們對 PTI 在國際上的成長感到滿意。再次強調，這幾乎完全是上游。這其中確實沒有很大的中游成分，但擁有如此穩固的積壓訂單確實讓我們有信心，我們將看到今年的 PTI 比 2024 年實現健康成長。

Got it. Thanks for that. And then you elaborated a little bit on the op opportunity set around mining, maybe just talk a little bit about the data center opportunities set and how we should think about that and how you guys think about that?

知道了。謝謝。然後，您詳細闡述了圍繞採礦的操作機會集，也許可以稍微談談資料中心機會集以及我們應該如何看待它以及您如何看待它？

Yeah, look, we're really excited about data centers. I think everybody knows that there's tremendous demand for data centers themselves, and when you look at the opportunities for pipes, valves, and fittings as part of the cooling systems as well as some of the transmission and transportation and natural gas for the power generation part of this.

是的，看，我們對資料中心真的很興奮。我想每個人都知道資料中心本身有著巨大的需求，當你看到管道、閥門和配件作為冷卻系統的一部分以及傳輸和運輸以及天然氣用於發電的一部分的機會時。

This can be a real exciting development for MRC Global. As we talked about before, it's relatively early days for us in this space. We've been in it for a little over six months. We're over, 10+ million dollars in terms of actual commitments at this point, and we have tens of millions of dollars of opportunities under bid or discussion.

對於 MRC Global 來說，這可能是一個真正令人興奮的發展。正如我們之前談到的，我們在這個領域還處於相對早期的階段。我們已經在這裡生活了六個多月了。目前，我們的實際承諾金額已超過 1000 萬美元，並且我們還有數千萬美元的投標或討論機會。

And it is a project-related business. We're working with with fabricators, general contractor, general contractors, EPCs. There's a whole, if you will, ecosystem of Players involved in this business, we're putting master service agreements in place with a number of these groups so that we're positioned to bid and win on future jobs.

而且是專案相關的業務。我們正在與製造商、總承包商、總承包商、EPC 合作。如果你願意的話，可以稱其為一個完整的生態系統，由眾多參與者組成，我們正在與其中一些團體簽訂主服務協議，以便我們能夠競標並贏得未來的工作。

This could be a really big business for us, but like a lot of project business. We don't want to call it before we've actually got it in place. Like I said, we've crossed the $10 million threshold in a short period of time. We've got a lot under discussion and bid right now, but this could easily be, a $50 million or $100 million business if the right projects go our way.

這對我們來說可能是一門大生意，但就像許多專案生意一樣。我們不想在它真正到位之前就打電話。正如我所說，我們在短時間內就突破了 1000 萬美元的門檻。我們目前正在討論和競標很多項目，但如果項目進展順利，這很容易成為一項價值 5000 萬美元或 1 億美元的業務。

Excellent. Okay, thank you guys very much for the time this morning.

出色的。好的，非常感謝你們今天早上抽出時間。

You're welcome.

不客氣。

We have reached the end of the question and answer session. I would now like to turn the call over to Monica Bratton for closing comments.

問答環節已經結束。現在我想將電話轉給莫妮卡·布拉頓 (Monica Bratton) 來做最後發言。

Thank you for joining us today and for your interest in MRC Global. We look forward to having you join us for our second quarter conference call later this year. Have a great day. Thanks.

感謝您今天加入我們並關注 MRC Global。我們期待您參加今年稍後的第二季電話會議。祝你有美好的一天。謝謝。

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

今天的會議到此結束。現在您可以斷開線路，感謝您的參與。